MetLife IncMET
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Q2 adjusted EPS beat estimates and revenue missed, but shares rose on strong earnings and underwriting.
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MetLife IncMetLife reported second quarter adjusted earnings of approximately $1.6 billion, or $2.43 per share, beating analyst estimates of $2.29, while revenue of $19.08 billion missed expectations of $19.5 billion. CEO Michel Khalaf attributed the broad-based earnings growth to strong underwriting across all segments, increased international sales, and disciplined expense controls under the company's New Frontier strategy. During the earnings call, analysts pressed management on inorganic growth, mortality experience outside Group Life, the pension risk transfer market outlook, potential Latin American M&A, and private equity allocations. CFO John McCallion explained that the gradual reduction in private equity allocations is due to higher interest rates, with distributions expected to outpace new investments over time. MetLife shares rose notably after the announcement, with the company's market capitalization at $61.51 billion.
MetLife IncQ2 adjusted EPS beat estimates and revenue missed, but shares rose on strong earnings and underwriting.