Shares of Metlife Inc (NYSE:MET) ended Monday session in green amid volatile trading. The shares closed up +0.36 points or 0.82% at $44.29 with 9.95 million shares getting traded. Post opening the session at $43.59, the shares hit an intraday low of $43.03 and an intraday high of $44.49 and the price vacillated in this range throughout the day. The company has a market cap of $49.16 billion and the numbers of outstanding shares have been calculated to be 1.10 billion shares.
Metlife Inc (MET) on August 4, 2016 announced the following results for the second quarter 2016:
Second Quarter Results
On a GAAP basis, MetLife reported second quarter 2016 net income of $64 million, or $0.06 per share.
Net income includes a non-cash charge resulting from the company’s annual review of actuarial assumptions for the Retail variable annuities business. As previously disclosed, MetLife accelerated its 2016 annual variable annuity actuarial assumption review from the third quarter to the second quarter in light of the company’s previously announced plan to separate a substantial portion of its U.S. Retail business. As a result of this review, MetLife has recorded a non-cash charge to net income of $2.0 billion, net of deferred acquisition costs and after tax. Approximately $1.5 billion of this charge is attributable to changes in policyholder behavior assumptions and the remainder is related to changes in economic and other actuarial assumptions.
Consistent with past practice, MetLife will conduct the remainder of its annual actuarial assumption review, which addresses products other than variable annuities, in the third quarter.
Net derivative losses were $1.4 billion, after tax. This includes $2.4 billion, after tax, in derivative losses as a result of the annual Retail variable annuity actuarial assumption review, partially offset by $725 million, after tax, in derivative gains, related to changes in interest rates and foreign currencies, and $330 million, after tax, in derivative gains, resulting from other variable annuity derivatives and hedging. MetLife uses derivatives as part of its broader asset-liability management strategy to hedge certain risks, such as movements in interest rates, and foreign currencies. This hedging activity often generates derivative gains or losses and creates fluctuations in net income because the risk being hedged may not have the same GAAP accounting treatment.
MetLife reported operating earnings of $924 million, down 48 percent from the second quarter of 2015, and 47 percent on a constant currency basis. On a per share basis, operating earnings were $0.83, down 47 percent from the prior year quarter. Operating earnings in the Americas decreased 42 percent, and 41 percent on a constant currency basis. Operating earnings in Asia decreased 39 percent, and 41 percent on a constant currency basis. Operating earnings in Europe, the Middle East and Africa (EMEA) increased 28 percent, and 36 percent on a constant currency basis.
Shares of LendingClub Corp (NYSE:LC) ended Monday session in green amid volatile trading. The shares closed up +0.23 points or 4.29% at $5.59 with 5.90 million shares getting traded. Post opening the session at $5.31, the shares hit an intraday low of $5.31 and an intraday high of $5.59 and the price vacillated in this range throughout the day. The company has a market cap of $2.14 billion and the numbers of outstanding shares have been calculated to be 391.15 million shares.
LendingClub Corp (LC) on Sept. 12, 2016 announced that financial services veteran Thomas W. Casey will join as Chief Financial Officer, effective September 19, 2016.
Casey joins Lending Club with extensive experience and strategic perspective across the entire range of financial functions, including financial accounting, reporting, and planning and analysis. He joins Lending Club most recently from Acelity, where he was Executive Vice President and CFO, and has more than two decades of senior financial services leadership experience at GE Capital, Washington Mutual, JP Morgan Chase, and Citicorp.
Casey will report to Scott Sanborn, President & Chief Executive Officer. “I’m thrilled to welcome Tom to Lending Club’s leadership team,” said Sanborn. “Tom’s outstanding reputation of strategic leadership, metrics-driven management, talent development, and integrity, combined with his experience working with investors, analysts, and regulators, will be enormously valuable as we further strengthen our foundation in preparation for our next chapter of growth.”
“Lending Club’s success to date is just the beginning,” said Casey. “I look forward to adding my talents to this outstanding team in order to deliver long-term value for shareholders and support Lending Club’s mission to transform the banking system.”