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Assessing MetLife’s Assets and Liabilities


Dec. 15 2017, Updated 10:30 a.m. ET

Total assets

Whereas MetLife’s (MET) total assets fell to $720.5 billion at the end of 3Q17 from $898.7 billion at the end of 4Q16, its total investments rose to $445.7 billion from $420.9 billion, mainly due to higher sales of fixed maturity securities.

Between the end of 4Q16 and 3Q17, MetLife’s accrued investment income rose from $3.3 billion to $3.6 billion, and its separate account assets fell from $203.3 billion to $195.5 billion. While MetLife has a last-12-month EV[1.enterprise value]-to-revenue ratio of 1.1x, peers (XLF) Reinsurance Group of America (RGA), CNO Financial Group (CNO), and Arch Capital Group (ACGL) have ratios of 1.0x, 1.7x, and 3.2x, respectively.

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Total liabilities, excluding equity

MetLife’s total liabilities excluding equity stood at $663.5 billion at the end of 3Q17, compared with $831.2 billion at the end of 4Q16. Its future policy benefits rose from $166.7 billion to $176.0 billion. Between the end of 4Q16 and 3Q17, MetLife’s policyholder account balances rose to $182.5 billion from $173.1 billion, and its short-term debt fell to $214 million from $242 million.


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