Q1 Snap: Good underlying beat
MET delivered a good beat on an underlying basis with normalised EPS 6% above our forecast, although the beat was largely driven by MET Holdings. The operating divisions were again mixed with strength in P&C, Retirement and Holdings only partly offset by weakness in Group Benefits and LatAm. Corporate was also weaker than expected but this is less of a concern. MET did not mention long-term care in the press release but this will undoubtedly be by a topic on the call. MET addressed its LTC business in the 4Q presentation and appears to be very well reserved. With a normalised ROE of 12.8% in 1Q18 and the stock trading on 0.9x, we believe that MET currently offers very good value.MetLife, through its subsidiaries and affiliates, provides insurance, annuities, employee benefits and asset management. The company's segments include: United States; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. In the United States, the company provides a variety of insurance and financial services products, including life, dental, disability, property and casualty, guaranteed interest, stable value and annuities to both individuals and groups. Outside the United States, the company provides life, medical, dental, credit and other accident and health insurance, as well as annuities, endowment and retirement and savings products to both individuals and groups.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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