MetLife Q2 net income $912M ($1.28 EPS); adj EPS $2.28 beats $1.94; $0.9B buyback in Q2

METLIFE INC

2024-Q2 EPS reported $2.37 revenue$33,880,000,000

Net income $912M ($1.28) vs $370M ($0.48) YoY; adjusted earnings $1.628B ($2.28) vs $1.492B ($1.94).
Group Benefits adjusted earnings $533M (+43% YoY) driven by strong underwriting margins.
Returned $0.9B to shareholders via buybacks in Q2; ~$270M additional in July 2024.
Holding company cash $4.4B above $3.0-4.0B target; direct expense ratio 11.9% below 12.3% target.
Variable investment income $298M pre-tax (vs $221M YoY), driven by higher private equity returns.

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