Q4 snap: result should placate investors
MET's normalised EPS was 4% above our forecast with some good divisional results, although the beat was largely driven by Corporate & Other. The operating divisions were very mixed with real strength in P&C and Group Benefits largely offset by weakness in Retirement and LatAm. MET Holdings was also quite weak but this is less of a concern. MET's share price has suffered in the wake of the announcement regarding group annuity reserves and also because of the market pull-back. In our view, this result should settle some of those nerves, particularly given the small but notable tick-up in the average spread (ex VII), which bodes well for future investment income given the recent rise in interest rates.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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