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NEW YORK--(BUSINESS WIRE)--Feb. 12, 2014--
Fourth Quarter Results
Fourth quarter 2013 operating earnings included the following items:
Premiums, fees & other revenues* were
Book value, excluding accumulated other comprehensive income (AOCI)*, was
Full Year Results
For the full year 2013,
FOURTH QUARTER & FULL YEAR 2013 SUMMARY
*Information regarding the non-GAAP financial measures included in this news release and the reconciliation of the non-GAAP financial measures to GAAP measures is provided in the Non-GAAP and Other Financial Disclosures discussion below, as well as in the tables that accompany this release and/or the Fourth Quarter 2013 Financial Supplement.
“We are very pleased with our results for the fourth quarter and full year,” said
All comparisons of the results for the fourth quarter 2013 in the business discussions that follow are with the fourth quarter of 2012, unless otherwise noted. All comparisons on a constant currency basis are calculated using the average foreign currency exchange rates for the current period and are applied to the prior period.
Total operating earnings for the
Operating earnings for Retail were
Group, Voluntary & Worksite Benefits
Operating earnings for Group, Voluntary & Worksite Benefits were
Corporate Benefit Funding
Operating earnings for Corporate Benefit Funding were
Operating earnings for
Operating earnings for
Operating earnings for EMEA were
Net investment income was
Investment portfolio net losses were
Increases in interest rates, changes in foreign currencies and the impact of MetLife’s credit spreads during the quarter contributed to derivative net losses of
CORPORATE & OTHER
Corporate & Other had an operating loss of
The conference call will be available for replay via telephone and the Internet beginning at
Non-GAAP and Other Financial Disclosures
Any references in this news release (except in this section and in the tables that accompany this release) to net income (loss), net income (loss) per share, operating earnings, operating earnings per share, book value per share, book value per share, excluding AOCI, premiums, fees and other revenues, and operating return on equity, should be read as net income (loss) available to
Operating earnings is the measure of segment profit or loss that
Operating earnings is defined as operating revenues less operating expenses, both net of income tax. Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends.
Operating revenues and operating expenses exclude results of discontinued operations and other businesses that have been or will be sold or exited by
The following additional adjustments are made to GAAP revenues, in the line items indicated, in calculating operating revenues:
The following additional adjustments are made to GAAP expenses, in the line items indicated, in calculating operating expenses:
Operating earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
Operating return on
Operating expense ratio is calculated by dividing operating expenses (other expenses, net of capitalization of DAC) by operating premiums, fees and other revenues.
Statistical sales information for life insurance is calculated by
This news release 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. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” and other words and terms of similar meaning in connection with a discussion of future operating or financial 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.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of
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