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MetLife has announced its first-quarter earnings, reporting a year-over-year spike in net income.
MetLife reported net income of $1.2 billion for the first quarter, compared to $867 million in the first quarter of 2017. Net income on a per-share basis was $1.19, compared to $0.79 in the same quarter last year.
The company reported adjusted earnings of $1.4 billion, or $1.36 per share, compared to adjusted earnings of $1.3 billion, or $1.20 per share, in Q1 of 2017. Book value of $52.49 per share was down 14% from March 31, 2017;s book value of $61.14 per share, due primarily to the separation of Brighthouse Financial and its subsidiaries, MetLife reported. Book value excluding accumulated and other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA) was $43.36 per share, down 15% from Q1 of 2017’s $50.75 per share, again due primarily to the separation of Brighthouse.
“MetLife had a very good first quarter, driven by favorable underwriting, volume growth, and the effects of tax reform,” said Steven A. Kandarian, chairman, president and CEO of MetLife. “The narrowing gap between MetLife’s net income and adjusted earnings demonstrates the company’s progress toward less market sensitivity. We were also pleased to announce a 5% increase in our common stock dividend last week, underscoring our financial strength and continued commitment to return capital to our shareholders.”
