MetLife, Inc. (NYSE:MET) Q1 2024 Earnings Call Transcript

Eric Clurfain: Yes. Hi Justin. Thanks for the question. This is Eric. So overall, we’re pleased really with our results this quarter. This is a good start of the year after what was a record year in 2023. The quarter’s results are primarily driven by favorable underwriting, some of which we don’t expect to recur strong in encaje [ph] returns and solid volume growth. And to your question, from a top line perspective, we’ve seen all key markets contributing to the high solid high single-digit PFO growth, and that was supported by a solid sales and strong persistency. So from a sales perspective, specifically, this quarter is a tough compare given that last year we had a 36% growth, which included two large employee benefits and corporate pension sales in Mexico and Brazil.

Now if you exclude these two sales from 2023 our sales are up roughly 10% year-over-year. So all in all, we’re really pleased with the growth trajectory and the momentum in the region. And we believe that the outlook guidance we provided is still a reasonable run rate for the remainder of the year.

Justin Tucker: Okay. Thank you.

Operator: And we have no other questions. I’ll be turning the conference back to John Hall for closing comments.

John Hall: Great. Thank you very much, operator, and thank you, everybody, for joining us this morning on a very busy day.

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