MetLife, Inc. (NYSE:MET) Q3 2016 Earnings Conference Call - Final Transcript
Nov 03, 2016 • 08:00 am ET
Ladies and gentlemen, thank you for standing by, and welcome to the MetLife Third Quarter 2016 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Instructions will be given at that time. As a reminder, this conference is being recorded. Before we get started, I would like to read the following statement on behalf of MetLife.
Except with respect to historical information, statements made in this conference call constitute forward-looking statements within the meaning of the federal securities laws including statements relating to trends in the company's operations and financial results, and the business and the products of the company and its subsidiaries.
MetLife's actual results may differ materially from the results anticipated in the forward-looking statements as a result of risks and uncertainties including those described from time to time in MetLife's filings with the U.S. Securities and Exchange Commission, including in the Risk Factors sections of those filings. MetLife specifically disclaims any obligation to update or revise any forward-looking statement whether as a result of new information, future developments, or otherwise.
With that, I would like to turn the call over to John Hall, Head of Investor Relations.
John A. Hall
Thank you, Greg. Good morning, everyone, and welcome to MetLife's third quarter 2016 earnings call. I'm John Hall, MetLife's Head of Investor Relations. On this call, we will be discussing certain financial measures not based on generally accepted accounting principles, so-called non-GAAP measures. Reconciliations of these non-GAAP measures and related definitions to the most directly comparable GAAP measures may be found on the Investor Relations portion of metlife.com, in our earnings release, and our quarterly financial supplements. A reconciliation of forward-looking financial information to the most directly comparable GAAP measures is not accessible because MetLife believes it's not possible to provide a reliable forecast of net investment and net derivative gains and losses, which can fluctuate from period to period and may have a significant impact on GAAP net income.
Now, joining me this morning on the call are Steve Kandarian, Chairman, President and Chief Executive Officer; and John Hele, Chief Financial Officer. Also here with us today to participate in the discussions are other members of senior management. After prepared remarks, we will have a Q&A session. In fairness to all participants, please limit yourself to one question and one follow-up.
And finally, given the busy insurance earnings calendar this morning, we will end the call promptly at the top of the hour.
With that, I'd like to turn the call over to Steve.
Steven Albert Kandarian
Thank you, John, and good morning, everyone. Last night, we reported third quarter operating earnings per share of $1.28. The quarter was characterized by a rebound in variable investment income and solid expense control. Adjusting for notable items, operating earnings were $1.53 per share, which compares to $1.36 per share on the same basis in the prior-year period. Two actions account for most of the notable items -- the re-segmentation of our business and