Feb 01, 2023 / NTS GMT
John Dennis McCallion - MetLife, Inc. - Executive VP & CFO
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.
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.
Now turning to fourth quarter results. Fourth quarter net
Q4 2022 MetLife Inc Pre Recorded Earnings Call Transcript
Jan 23, 2024
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