MetLife, Inc.'s (MET) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 5, 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 First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Instructions will be given at that time. As a reminder, this conference is being recorded. Before we get started, I refer you to the cautionary note about the forward-looking statements in yesterday’s earnings release and to risk factors discussed in MetLife’s SEC filings.

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

John Hall - Global Head, IR

Thank you, Operator. Good morning, everyone. We appreciate you joining us for MetLife’s first quarter 2022 earnings call. Before we begin, I would 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 addressed 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 features disclosures, GAAP reconciliations and other information, which you should also review.

After prepared remarks, we will have a Q&A session. In light of the busy morning, Q&A will last no later than the top of the hour. In fairness to all, please limit yourself to one question and one follow-up.

With that, over to Michel.

Michel Khalaf - President and CEO

Thank you, John, and good morning, everyone. MetLife delivered strong financial results in the first quarter of 2022, with the rise in geopolitical uncertainty and the pandemic that has not fully loosened its grip. These results demonstrate the strength and resiliency of our underlying businesses. MetLife’s purpose of always with you building a more confident future is ringing true with our customers now more than ever.

Starting with our financial results, we reported first quarter 2022 adjusted earnings of $1.7 billion or $2.08 per share, which was well above consensus expectations. The primary driver was strong variable investment income, partly offset by continued elevated COVID-19 claims, mostly in the U.S. Trends in our business point to continued momentum despite the many global dislocations.