Nov 04, 2020 / NTS GMT
John Dennis McCallion - MetLife, Inc. - Executive VP & CFO
Hello, and thank you for joining me today. I'm pleased to be speaking with you from MetLife's headquarters in New York City, where I'll discuss our results for the third quarter of 2020.
MetLife delivered a strong third quarter, driven by variable investment income, balanced underwriting and expense discipline.
Third quarter net income was $633 million compared to net income of $2.2 billion in the third quarter of 2019. The decline is primarily a result of mark-to-market losses on derivatives that hedge our liabilities.
On a year-to-date basis, net income was $5.1 billion compared to net income of $5.2 billion a year ago. Adjusted earnings were $1.6 billion, up 33%, and up 35% on a constant currency basis. On a per share basis, adjusted earnings were $1.73, up 36% from the prior year period.
During the third quarter, MetLife conducted its annual global review of actual assumptions underlying the estimate of certain insurance assets and liabilities. Actual assumption review reduced net income by $301 million,
Q3 2020 MetLife Inc Financial Update Video Transcript
Jan 23, 2024
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