MetLife, Inc. (NYSE:MET) Q3 2018 Earnings Conference Call - Preliminary Transcript

Nov 02, 2018 • 09:00 am ET


MetLife, Inc. (NYSE:MET) Q3 2018 Earnings Conference Call - Preliminary Transcript


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Welcome to the MetLife's Third Quarter 2018 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and 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 the 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 US Securities and Exchange Commission, including in the Risk Factors section 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 Hall

Thank you, operator. Good morning, everyone, and welcome to MetLife's third quarter 2018 earnings call. 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 comparable GAAP measures may be found on the Investor Relations portion of, in our earnings release and our quarterly financial supplements.

A reconciliation of forward-looking financial information to the most directly comparable GAAP measure 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 McCallion, Chief Financial Officer. Also here with us today to participate in the discussion are other members of senior management.

Last night, we released an expanded set of supplemental slides, including substantial disclosureing the appendix on our long-term care book of business. They are available on our website. John McCallion will speak to the main body of the supplemental slides in his prepared remarks, if you wish to follow along. The content for the slides begins following the romanette pages that feature a number of GAAP reconciliations. After prepared remarks, we will have a Q&A session that will extend no longer than the top of the hour. Please limit yourself to one question and one follow-up in fairness to all participants.

With that, I will turn the call over to Steve.

Steve Kandarian

Thank you, John, and good morning, everyone. MetLife has been engaged and won the most ambitious transformations in its history. For a number of years, much of our business was characterized by capital intensive, long-tailed