MetLife, Inc. provides insurance, annuities, employee benefits and asset management through subsidiaries and affiliates serving individual and institutional customers. Founded in 1868, the company operates in more than 40 markets and reports activity across the United States, Asia, Latin America, Europe and the Middle East.
Company updates commonly cover quarterly results, net investment income, variable investment income, financial supplements, capital deployment and dividends. News also includes developments at MetLife Investment Management, including private fixed income origination and PineBridge Investments, as well as employee-benefits research and shareholder communications such as responses to unsolicited mini-tender offers.
MetLife reported a third quarter 2022 net income of $331 million, or $0.41 per share, a significant decline from $1.5 billion or $1.77 per share in 2021. Adjusted earnings fell by 53% to $966 million, with a notable drop in net investment income of 36%. Book value per share plummeted 65% to $27.00. Despite this, MetLife's premiums and fees soared 68% to $19.6 billion. The company continues to emphasize its Next Horizon strategy amidst challenging economic conditions.
MetLife has been selected to insure and administer New Hampshire's Granite State Paid Family and Medical Leave Program. This initiative allows New Hampshire employees to take paid leave for family or medical reasons, providing up to 60% wage replacement. Employers can customize policies and are eligible for a 50% tax credit for the first six weeks of coverage. Enrollment starts December 1, 2022, with coverage effective January 1, 2023. This collaboration emphasizes MetLife's commitment to enhancing employee benefits and supporting workers' needs.
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MetLife has partnered with Everest to introduce a funeral concierge service for over 1.4 million UK employees through its Group Life insurance plans. This exclusive three-year agreement marks Everest's entry into the UK market, expanding its existing North American customer base of over 25 million. The service includes 24/7 adviser support, online planning tools, and a digital vault for important documents. Mark Wood, former CEO of AXA UK, will lead this initiative, aiming to provide essential support to grieving families during challenging times.
MetLife's 2022 Pension Risk Transfer Poll reveals that 95% of defined benefit plan sponsors are influenced by rising inflation in their pension risk transfer decisions. Half find it very impactful. The poll indicates a record year for the pension risk transfer market, with 2021 sales reaching $38 billion. 64% of sponsors expect increased large PRT transactions in the next five years. Annuity buyouts are gaining traction, with 57% planning to utilize this strategy. Overall, 93% of sponsors are prioritizing pension plans due to market volatility and economic uncertainty.
MetLife, Inc. (NYSE: MET) announced a fourth quarter 2022 dividend of $0.50 per share, payable on Dec. 14, 2022, to shareholders who are on record as of Nov. 8, 2022. This decision reflects the company's commitment to returning value to its shareholders. MetLife continues to operate as a leading financial services provider globally, focusing on insurance, annuities, employee benefits, and asset management.
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MetLife, Inc. (NYSE: MET) will hold its third quarter 2022 earnings conference call on November 3, 2022, from 9-10 a.m. (ET). This follows the release of its third quarter earnings report and financial supplement on November 2, 2022, after market close. The call can be accessed via telephone or the internet, with replays available from 11:00 a.m. (ET) on November 3 until November 10. MetLife is a global leader in financial services, providing insurance and asset management across more than 40 markets.
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The latest MetLife survey reveals that on-site and hybrid workers enjoy better financial health than their remote counterparts. Notably, 55% of remote workers report high financial anxiety, with a significant portion feeling insecure due to a lack of understanding of their benefits. The survey indicates that 65% of remote employees believe a clearer understanding of open enrollment would enhance their financial security. Additionally, 43% cite their benefits as instrumental in overcoming financial difficulties this year, underscoring the vital role benefits play in employee retention and financial well-being.