大都會人壽保險 (MET) 2022 Q4 法說會逐字稿

Hello, and thank you for joining as I discuss MetLife's results for the fourth quarter and full year of 2022. Across our well-diversified portfolio of businesses, fundamentals were solid as underwriting strengthened, higher interest rates supported core spreads, and we continue to drive a disciplined approach to expenses. All of this contributed to offsetting the impact of lower private equity returns and underscores the resilience and consistent execution of our Next Horizon strategy.

您好，感謝您參加我討論大都會人壽2022 年第四季度和全年的業績。在我們多元化的業務組合中，隨著承保加強，基本面保持穩固，更高的利率支撐了核心利差，我們將繼續推動嚴格的開支方法。所有這些都有助於抵消私募股權回報率下降的影響，並強調了我們的 Next Horizo​​n 策略的彈性和持續執行。

For the full year, net income was $2.4 billion, down 63% from $6.4 billion in 2021. Full year adjusted earnings were $5.5 billion, down 30% from $8 billion in 2021. Here are a few additional highlights from the full year. Our underwriting margins continue to improve as we believe COVID becomes endemic. We saw solid growth across most businesses. Our direct expense ratio was below our annual target, and we delivered a full year adjusted return on equity in line with our 12% to 14% target.

全年淨利潤為 24 億美元，比 2021 年的 64 億美元下降 63%。全年調整後收益為 55 億美元，比 2021 年的 80 億美元下降 30%。以下是全年的一些其他亮點。隨著我們相信新冠疫情將成為流行病，我們的承保利潤率將持續提高。我們看到大多數企業都實現了穩健成長。我們的直接費用率低於年度目標，全年調整後股本回報率符合 12% 至 14% 的目標。

Now turning to fourth quarter results. Fourth quarter net income was $1.3 billion compared to $1.2 billion in the fourth quarter of 2021, primarily driven by net investment and net derivative gains. Adjusted earnings were $1.2 billion, down 33% from the prior year period. The year-over-year decline was driven by variable investment income, partially offset by favorable underwriting margins. On a per share basis, adjusted earnings were $1.55, down 29% from the prior year period.

現在轉向第四季業績。第四季淨利為 13 億美元，而 2021 年第四季為 12 億美元，主要由淨投資和淨衍生性商品收益推動。調整後收益為 12 億美元，比去年同期下降 33%。同比下降是由可變投資收入推動的，但部分被有利的承保利潤所抵消。以每股計算，調整後收益為 1.55 美元，比去年同期下降 29%。

Now let's turn to our business segments, starting with the U.S. business. Group Benefits adjusted earnings were $400 million, up significantly from the prior year period, primarily driven by favorable underwriting and volume growth. While sales were down compared to record sales in 2021, the business produced strong top line growth in premiums, fees and other revenues, including continued momentum in voluntary products.

現在讓我們轉向我們的業務部門，首先是美國業務。集團福利調整後收益為 4 億美元，較上年同期大幅成長，主要得益於良好的承保和銷售成長。儘管銷售額與 2021 年創紀錄的銷售額相比有所下降，但該業務在保費、費用和其他收入方面實現了強勁的頂線增長，包括自願產品的持續增長勢頭。

Retirement and Income Solutions adjusted earnings were $371 million, down 40%, largely driven by lower variable investment income. Sales were up 23% for the full year, primarily driven by pension risk transfers, stable value and structured settlement products.

退休和收入解決方案調整後收益為 3.71 億美元，下降 40%，主要是由於可變投資收入下降。全年銷售額成長 23%，主要受到退休金風險轉移、穩定價值和結構性結算產品的推動。

In Asia, adjusted earnings were down 63% on a reported basis and down 62% on a constant currency basis. The primary driver was lower variable investment income. Asia sales were up 12% on a constant currency basis, primarily driven by Japan.

在亞洲，調整後收益按報告基準下降 63%，以固定匯率計算下降 62%。主要驅動因素是可變投資收入下降。以固定匯率計算，亞洲銷售額成長了 12%，這主要是由日本推動的。

In Latin America, adjusted earnings were $181 million, up 45% on a reported basis and up 51% on a constant currency basis. The primary drivers were favorable underwriting and volume growth. Top line growth was strong with adjusted PFOs of 20% and sales up 22% on a constant currency basis.

在拉丁美洲，調整後收益為 1.81 億美元，按報告計算成長 45%，以固定匯率計算成長 51%。主要驅動因素是良好的承保和銷售成長。營收成長強勁，調整後的 PFO 為 20%，以固定匯率計算銷售額成長 22%。

In EMEA, adjusted earnings were up 67% on a reported basis and up 112% on a constant currency basis, primarily driven by favorable underwriting. EMEA sales were up 13% on a constant currency basis, primarily driven by growth across the region.

在歐洲、中東和非洲地區，調整後收益按報告基礎計算增長了 67%，按固定匯率計算增長了 112%，這主要是受到有利承保的推動。歐洲、中東和非洲地區的銷售額以固定匯率計算成長了 13%，這主要是由該地區的成長所推動的。

And finally, in MetLife Holdings, adjusted earnings were down 57%, largely driven by lower variable investment income. Further details regarding the performance of our business segments can be found in our earnings release dated February 1.

最後，大都會人壽控股公司的調整後收益下降了 57%，這主要是由於可變投資收入下降。有關我們業務部門業績的更多詳細信息，請參閱我們 2 月 1 日發布的收益報告。

Here are some key enterprise metrics. MetLife's adjusted return on equity was 11.3% for the fourth quarter of 2022 and 12.3% for the full year. Book value per common share was $56.34.

以下是一些關鍵的企業指標。大都會人壽 2022 年第四季調整後股本報酬率為 11.3%，全年調整後股本報酬率為 12.3%。每股普通股帳面價值為 56.34 美元。

Turning to cash and capital management. Cash and liquid assets at the holding companies amounted to $5.4 billion at the end of 2022, above our target cash buffer of $3 billion to $4 billion. In the fourth quarter, we bought back approximately $600 million of common shares and paid approximately $400 million in common stock dividends. And for the full year, we deployed approximately $5 billion in common stock dividends and share repurchases.

轉向現金和資本管理。截至 2022 年底，控股公司的現金和流動資產達 54 億美元，高於我們 30 億至 40 億美元現金緩衝的目標。第四季度，我們回購了約 6 億美元的普通股，並支付了約 4 億美元的普通股股息。全年，我們部署了約 50 億美元的普通股股息和股票回購。

In summary, underlying fundamentals remain strong with good volume growth, underwriting margins and expense discipline. We are well capitalized and continue to generate sustainable free cash flow. As we begin 2023, we remain focused on consistent execution and creating value for all of our stakeholders.

總之，基本面仍然強勁，銷售成長良好，承保利潤率和費用紀律良好。我們資本充足，並持續產生可持續的自由現金流。 2023 年伊始，我們將繼續專注於一致執行並為所有利害關係人創造價值。

Thank you for watching.

感謝您的觀看。