MetLife, Inc. (MET) Q1 2023 Earnings Call Transcript

MetLife, Inc. (NYSE:MET) Q1 2023 Earnings Conference Call May 4, 2023 9:00 AM ET

Company Participants

John Hall - Head of IR

Michel Khalaf - President & CEO

John McCallion - EVP & CFO

Steven Goulart - EVP & Chief Investment Officer

Eric Clurfain - Regional President, Latin America

Ramy Tadros - President, U.S. Business

Lyndon Oliver - Regional President, Asia

Conference Call Participants

Tom Gallagher - Evercore

Erik Bass - Autonomous Research

Tracy Benguigui - Barclays

Ryan Krueger - KBW

John Barnidge - Piper Sandler

Suneet Kamath - Jefferies

Elyse Greenspan - Wells Fargo

Alexander Scott - Goldman Sachs

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the MetLife First Quarter 2023 Earnings Release 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 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. Pardon me. This is the AT&T operator, we have no sound.

John Hall

[Technical Difficulty] slides that features, disclosures, GAAP reconciliations and other information, which you should also similarly review.

I would like to point out, this is the initial quarter we are reporting our financial results based on the new long duration targeted improvements accounting standard. Please note that prior comparative periods have been recast to conform with LDTI. As usual, after prepared remarks, We will have a Q&A session. In light of the very busy morning, Q&A will end promptly just before the top of the hour. And fairness to everyone, please limit yourself to one question and one follow-up.

With that, over to Michel.

Michel Khalaf

Thank you, John, and good morning, everyone. Throughout MetLife's 155 year history, with risk management at our foundation, we have emerged from times of uncertainty in a stronger position and I expect now to be no different. We remain focused on managing risks across economic cycles and controlling the things we can control to deliver for our shareholders and our other stakeholders.

Last night, we reported quarterly adjusted earnings of $1.2 billion or $1.52 per share, which compares to $1.7 billion or $2.04 per share a year ago. The quarter's results illustrate MetLife's resilience and underscore our continued strong business momentum and our ability to execute across what we control. We posted strong sales numbers representing responsible growth for most of our key businesses and markets, including Group Benefits, Asia and Latin America.