Q2 snap: excellent operating result
MET delivered a very good beat on an underlying basis with normalised EPS 9% above our forecast thanks to operating strength across the majority of the divisions. The only two divisions that were slightly weaker than our expectations were P&C (higher cats) and LatAm (impacted by FX and weaker economic growth). The most impressive aspect of the result was the normalised ROE of 12.7% in 2Q18 (+4.1pp YoY) and the stock is still trading trading on 0.95x FY19 BVPS. However, no doubt the focus will be on PRU's $1.5bn LTC reserve strengthening. MET addressed its LTC business in the 4Q presentation (and on the Q1 call) and it appears to be very well reserved. But no doubt this will be the main topic today. Unfortunately, MET's annual LTC review is in Q3.Metlifecare and its subsidiaries are engaged in providing accommodation and care of the aged through the ownership and management of a retirement village which includes nursing homes, geriatric hospitals, apartments and villas. In addition, Co. provides a number of ancillary and support services ranging from domestic services, such as household cleaning and meals preparation, through to the provision of specialist home nursing care.
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.
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