MetLife, Inc. (MET) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

August 4, 2022 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the MetLife Second Quarter 2022 Earnings Release Conference Call. As a reminder, this conference is being recorded. Before we get started, I refer you to the cautionary note about forward-looking statements in yesterday's earnings release and to the risk factors discussed in MetLife's SEC filings.

With that, I will now turn the call over to John Hall, Global Head of Investor Relations.

John Hall - SVP & Head, IR

Thank you, operator. Good morning, everyone. We appreciate you joining us for MetLife's Second Quarter 2022 Earnings Call. Before we begin, I'd point you to the information on non-GAAP measures on the Investor Relations portion of metlife.com, in our earnings release and in our quarterly financial supplements, which you should review.

On the call this morning are Michel Khalaf, President and Chief Executive Officer; and John McCallion, Chief Financial Officer. Also participating in the discussion are other members of senior management. Last night, we released a set of supplemental slides, which address the quarter. They are available on our website. John McCallion will speak to those supplemental slides in his prepared remarks if you wish to follow along.

An appendix to these slides feature incremental disclosures, GAAP reconciliations and other information which you should also review. After prepared remarks, we will have a Q&A session, which will end no later than the top of the hour. In fairness to all, please limit yourself to one question and one follow-up. Now over to Michel.

Michel Khalaf - CEO, President & Director

Thank you, John, and good morning, everyone. Over time, I have referred to our Next Horizon strategy as being all weather designed to guide MetLife through a variety of economic environments. And the environment has shifted with equity markets falling from historic highs, interest rates trending up from historic lows, further strengthening of the dollar and the odds of a U.S. recession on the rise.

The resilience of Next Horizon, combined with our clarity of purpose, positioned MetLife to meet these challenges in the second quarter of 2022. While certain things may be outside our control, we continue to execute with urgency across those things we do control. Let's turn to some numbers. MetLife reported strong financial results for the second quarter. Adjusted earnings were $1.6 billion or $2 per share compared to $2.37 per share a year ago. Excluding one notable item, adjusted earnings were $1.90 per share.