MetLife, Inc. (NYSE:MET) Q4 2022 Earnings Call Transcript

Suneet Kamath: Okay, thanks.

Operator: And ladies and gentlemen, we have time for one last question, that’s from Elyse Greenspan with Wells Fargo. Please go ahead.

Elyse Greenspan: Thank you. Good morning. My first question, with your guidance and comments on Holdings, you guys have a pretty good handle on how LDTI will impact the income statement. Can you help give us a sense of the total impact to net from LDTI on adjusted earnings as well as on net income?

John McCallion: Good morning, Elyse. It’s John. As I mentioned, I think our summary around earnings run rate is there’s a few puts and takes, but net-net for the firm overall, run rate is intact for adjusted earnings. Net income will probably become, I’d say, directionally smoother than it has been. It’s probably the best way to describe it and you’ll probably – and you’ll see that when we provide our restated QFS in kind of early April. And you’ll see that there’s a bit more symmetry between net income and adjusted earnings. But it’s – there’s still some volatility and fluctuations that you’ll see. But net-net, it should be directionally better.

Elyse Greenspan: Okay. Thanks. And then in terms of PRT, can you just give us a sense of your outlook for deal volume during ’23? And would you expect to see seasonality during the quarter as I think typically sometimes you’ve seen heavier activity to end the year?

Ramy Tadros: Elyse. So as you know, we had a record year last year with respect to PRT. And sitting here today, we’re still seeing a pretty healthy pipeline given funded status of pension plans. And we’re seeing that pipeline also geared towards the jumbo end of the market, which is the place where we compete the most and where we focus on. The seasonality has largely dissipated. If you looked at the timing of the deals over the last few years, we’ve seen less seasonality. We’ve seen more deals earlier on in some cases and more these later on. So I wouldn’t speculate on the seasonality, but the pipeline is certainly healthy.

Elyse Greenspan: Thank you.

Operator: And ladies and gentlemen, we do have no more time for questions. I’ll turn you back to John Hall, Head of Investor Relations, for closing comments.

John Hall: Great. Thanks, everybody, for joining us today, and have a good day.

Operator: Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation. You may now disconnect.