MetLife reports Q1 adjusted EPS $1.52, consensus $1.83

Reports Q1 revenue $15.39B, consensus $16.87B. Net investment income was $4.6 billion, up 8 percent from the first quarter of 2022, driven by increases in the estimated fair value of certain securities which do not qualify as separate accounts under GAAP. Adjusted net investment income was $4.6 billion, down 8 percent from the prior-year period, largely driven by lower variable investment income. Net investment losses were $684 million, primarily driven by the opportunistic repositioning of fixed maturity securities in Japan and the strengthening of mortgage loan allowance for credit loss in the quarter, reflecting the current environment. Net derivative losses amounted to $90 million, or $71 million after tax during the quarter, driven by a strengthening of equity markets. Commenting on the company’s results, MetLife President and CEO Michel Khalaf said: "While 2023 is shaping up to be another year of uncertainty, the successful actions we’ve taken to focus, simplify and differentiate our business are reflected in this quarter’s strong underlying business fundamentals. We remain focused on managing risk across economic cycles and controlling what we can to deliver for our shareholders and our stakeholders."