Company Quick10K Filing
Metropolitan Life Insurance
Price-0.00 EPS9
Shares494 P/E-0
MCap-0 P/FCF-0
Net Debt-8,986 EBIT4,960
TEV-8,986 TEV/EBIT-2
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-12
10-K 2019-12-31 Filed 2020-03-09
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-19
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-20
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-24
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-05-12
10-K 2015-12-31 Filed 2016-03-25
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-12
10-Q 2015-03-31 Filed 2015-05-13
10-K 2014-12-31 Filed 2015-03-27
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-08-13
10-Q 2014-03-31 Filed 2014-05-15
10-K 2013-12-31 Filed 2014-03-28
10-Q 2013-09-30 Filed 2013-11-13
8-K 2018-02-13

MLIC 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 mlic-2020331xex311.htm
EX-31.2 mlic-2020331xex312.htm
EX-32.1 mlic-2020331xex321.htm
EX-32.2 mlic-2020331xex322.htm

Metropolitan Life Insurance Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
4753802851909502012201420172020
Assets, Equity
151296302012201420172020
Rev, G Profit, Net Income
4.42.60.9-0.9-2.6-4.42012201420172020
Ops, Inv, Fin

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ______________________________________
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
Commission file number: 000-55029
 ________________________________________
Metropolitan Life Insurance Company
(Exact name of registrant as specified in its charter)
 
New York
 
13-5581829
 
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
200 Park Avenue,
New York,
NY
 
10166-0188
 
(Address of principal executive offices)
 
(Zip Code)
(212) 578-9500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
None
N/A
N/A
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes    No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 
At May 12, 2020, 494,466,664 shares of the registrant’s common stock, $0.01 par value per share, were outstanding, all of which were owned directly by MetLife, Inc.
REDUCED DISCLOSURE FORMAT
The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is, therefore, filing this Form 10-Q with the reduced disclosure format.
 
 



Table of Contents
 
 
Page
 
Item 1.
Financial Statements (Unaudited) (at March 31, 2020 and December 31, 2019 and for the Three Months Ended March 31, 2020 and 2019)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
Item 4.
 
 
 
 
Item 1.
Item 1A.
Item 6. 
 
 
 



As used in this Form 10-Q, “MLIC,” the “Company,” “we,” “our” and “us” refer to Metropolitan Life Insurance Company, a New York corporation incorporated in 1868, and its subsidiaries. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”).
Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10‑Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. They use words and terms such as “anticipate,” “assume,” “become,” “believe,” “can,” “continue,” “could,” “emerging,” “estimate,” “evolve,” “expect,” “forecast,” “future,” “if,” “intend,” “may,” “plan,” “possible,” “potential,” “probable,” “project,” “remain,” “risk,” “scheduled,” “target,” “ultimate,” “vary,” “when,” “will,” “would” and other words and terms of similar meaning, in each of their forms of speech, or that are tied to future periods in connection with a discussion of future performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.
Many factors will be important in determining the results of Metropolitan Life Insurance Company, its subsidiaries and affiliates. Forward-looking statements are based on our assumptions and current expectations, which may be inaccurate, and on the current economic environment, which may change. These statements are not guarantees of future performance. They involve a number of risks and uncertainties that are difficult to predict. Results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in Metropolitan Life Insurance Company’s filings with the U.S. Securities and Exchange Commission. These factors include: (1) the course of the COVID-19 pandemic, and responses to it, which may also precipitate or exacerbate the remaining risks; (2) difficult economic conditions, including risks relating to interest rates, credit spreads, equity, real estate, obligors and counterparties, derivatives, and terrorism and security; (3) adverse global capital and credit market conditions, which may affect our ability to meet liquidity needs and access capital, including through credit facilities; (4) downgrades in our claims paying ability, financial strength or credit ratings; (5) availability and effectiveness of reinsurance, hedging or indemnification arrangements; (6) the impact on us of changes to and implementation of the wide variety of laws and regulations to which we are subject; (7) regulatory, legislative or tax changes relating to our operations that may affect the cost of, or demand for, our products or services; (8) adverse results or other consequences from litigation, arbitration or regulatory investigations; (9) investment losses, defaults and volatility; (10) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; (11) differences between actual claims experience and underwriting and reserving assumptions; (12) the impact of technological changes on our businesses; (13) catastrophe losses; (14) a deterioration in the experience of the closed block established in connection with the reorganization of Metropolitan Life Insurance Company; (15) changes in assumptions related to deferred policy acquisition costs, deferred sales inducements or value of business acquired; (16) exposure to losses related to guarantees in certain products; (17) ineffectiveness of risk management policies and procedures or models; (18) a failure in MetLife’s cybersecurity systems or other information security systems or MetLife’s disaster recovery plans; (19) any failure to protect the confidentiality of client information; (20) changes in accounting standards; (21) MetLife associates taking excessive risks; (22) difficulties in or complications from marketing and distributing products through our distribution channels; (23) difficulties, unforeseen liabilities, asset impairments, or rating agency actions arising from business acquisitions and dispositions, joint ventures, or other legal entity reorganizations; and (24) other risks and uncertainties described from time to time in Metropolitan Life Insurance Company’s filings with the U.S. Securities and Exchange Commission.
Metropolitan Life Insurance Company does not undertake any obligation to publicly correct or update any forward-looking statement if Metropolitan Life Insurance Company later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures Metropolitan Life Insurance Company makes on related subjects in reports to the U.S. Securities and Exchange Commission.
Note Regarding Reliance on Statements in Our Contracts
See “Exhibits — Note Regarding Reliance on Statements in Our Contracts” for information regarding agreements included as exhibits to this Quarterly Report on Form 10-Q.

2


Part I — Financial Information
Item 1. Financial Statements
Metropolitan Life Insurance Company
(A Wholly-Owned Subsidiary of MetLife, Inc.)
Interim Condensed Consolidated Balance Sheets
March 31, 2020 and December 31, 2019 (Unaudited)
(In millions, except share and per share data)
 
 
March 31, 2020
 
December 31, 2019
Assets
 
 
 
 
Investments:
 
 
 
 
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $159,542 and $154,397, respectively; allowance for credit loss of $50 and $0, respectively)
 
$
170,882

 
$
169,564

Mortgage loans (net of allowance for credit loss of $417 and $289, respectively; includes $198 and $210, respectively, relating to variable interest entities; includes $180 and $188, respectively, under the fair value option and $0 and $59, respectively, of mortgage loans held-for-sale)
 
66,041

 
65,549

Policy loans
 
6,103

 
6,100

Real estate and real estate joint ventures (includes $1,410 and $1,378, respectively, relating to variable interest entities; and $144 and $127, respectively, under the fair value option)
 
6,859

 
6,659

Other limited partnership interests
 
5,242

 
4,954

Short-term investments at estimated fair value
 
4,274

 
1,883

Other invested assets (includes $1,050 and $1,085, respectively, of leveraged and direct financing leases and $95 and $94, respectively, relating to variable interest entities)
 
24,230

 
16,979

Total investments
 
283,631

 
271,688

Cash and cash equivalents, principally at estimated fair value (includes $11 and $5, respectively, relating to variable interest entities)
 
14,372

 
8,927

Accrued investment income (includes $1 and $1, respectively, relating to variable interest entities)
 
2,359

 
1,987

Premiums, reinsurance and other receivables (includes $2 and $3, respectively, relating to variable interest entities)
 
23,384

 
22,435

Deferred policy acquisition costs and value of business acquired
 
3,395

 
3,453

Other assets (includes $2 and $2, respectively, relating to variable interest entities)
 
4,432

 
4,460

Separate account assets
 
111,541

 
117,867

Total assets
 
$
443,114

 
$
430,817

Liabilities and Equity
 
 
 
 
Liabilities
 
 
 
 
Future policy benefits
 
$
127,741

 
$
128,304

Policyholder account balances
 
95,116

 
91,708

Other policy-related balances
 
7,755

 
7,732

Policyholder dividends payable
 
495

 
495

Policyholder dividend obligation
 
1,677

 
2,020

Payables for collateral under securities loaned and other transactions
 
27,883

 
20,365

Short-term debt
 
127

 
128

Long-term debt (includes $5 and $5, respectively, at estimated fair value, relating to variable interest entities)
 
1,626

 
1,548

Current income tax payable
 
413

 
388

Deferred income tax liability
 
2,598

 
1,568

Other liabilities
 
29,219

 
26,082

Separate account liabilities
 
111,541

 
117,867

Total liabilities
 
406,191

 
398,205

Contingencies, Commitments and Guarantees (Note 12)
 

 

Equity
 
 
 
 
Metropolitan Life Insurance Company stockholder’s equity:
 
 
 
 
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 494,466,664 shares issued and outstanding
 
5

 
5

Additional paid-in capital
 
12,456

 
12,455

Retained earnings
 
12,986

 
9,943

Accumulated other comprehensive income (loss) ("AOCI")
 
11,291

 
10,025

Total Metropolitan Life Insurance Company stockholder’s equity
 
36,738

 
32,428

Noncontrolling interests
 
185

 
184

Total equity
 
36,923

 
32,612

Total liabilities and equity
 
$
443,114

 
$
430,817

See accompanying notes to the interim condensed consolidated financial statements.

3


Metropolitan Life Insurance Company
(A Wholly-Owned Subsidiary of MetLife, Inc.)
Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
For the Three Months Ended March 31, 2020 and 2019 (Unaudited)
(In millions)
 
 
Three Months
Ended
March 31,
 
 
2020
 
2019
Revenues
 
 
 
 
Premiums
 
$
5,248

 
$
5,052

Universal life and investment-type product policy fees
 
528

 
503

Net investment income
 
2,644

 
2,645

Other revenues
 
373

 
401

Net investment gains (losses)
 
(182
)
 
(54
)
Net derivative gains (losses)
 
3,555

 
(310
)
Total revenues
 
12,166

 
8,237

Expenses
 
 
 
 
Policyholder benefits and claims
 
5,679

 
5,662

Interest credited to policyholder account balances
 
611

 
662

Policyholder dividends
 
248

 
257

Other expenses
 
1,291

 
1,148

Total expenses
 
7,829

 
7,729

Income (loss) before provision for income tax
 
4,337

 
508

Provision for income tax expense (benefit)
 
790

 

Net income (loss)
 
3,547

 
508

Less: Net income (loss) attributable to noncontrolling interests
 
(2
)
 
1

Net income (loss) attributable to Metropolitan Life Insurance Company
 
$
3,549

 
$
507

Comprehensive income (loss)
 
$
4,813

 
$
3,446

Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax
 
(2
)
 
1

Comprehensive income (loss) attributable to Metropolitan Life Insurance Company
 
$
4,815

 
$
3,445

See accompanying notes to the interim condensed consolidated financial statements.


4


Metropolitan Life Insurance Company
(A Wholly-Owned Subsidiary of MetLife, Inc.)
Interim Condensed Consolidated Statements of Equity
For the Three Months Ended March 31, 2020 and 2019 (Unaudited)
(In millions)
 
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Metropolitan Life
Insurance Company
Stockholder’s Equity
 
Noncontrolling
Interests
 
Total
Equity
Balance at December 31, 2019
 
$
5

 
$
12,455

 
$
9,943

 
$
10,025

 
$
32,428

 
$
184

 
$
32,612

Cumulative effects of changes in accounting principles, net of income tax (Note 1)
 
 
 
 
 
(113
)
 
 
 
(113
)
 
 
 
(113
)
Balance at January 1, 2020
 
5

 
12,455

 
9,830

 
10,025

 
32,315

 
184

 
32,499

Capital contributions from MetLife, Inc.
 
 
 
1

 

 
 
 
1

 
 
 
1

Dividends to MetLife, Inc.
 
 
 
 
 
(393
)
 
 
 
(393
)
 
 
 
(393
)
Change in equity of noncontrolling interests
 
 
 
 
 

 
 
 

 
3

 
3

Net income (loss)
 
 
 
 
 
3,549

 
 
 
3,549

 
(2
)
 
3,547

Other comprehensive income (loss), net of income tax
 
 
 
 
 

 
1,266

 
1,266

 
 
 
1,266

Balance at March 31, 2020
 
$
5