美国银行全球研究将 大都会人寿保险目标价格从94美元上调至102美元。 ...

Key Takeaways MetLife partners with Sprout.ai to automate claims in the U.S., Asia and Latin America. A successful LATAM pilot showed faster claims and higher customer satisfaction for MET. The AI platform enables instant decisions while preserving empathy in the claims process.MetLife, Inc. (MET) recently announced its partnership with Sprout.ai, an insurance automation company, to automate and enhance claims processes across the United States, Asia and Latin America regions. This strategic move toward d ...

Core Insights - MetLife, Inc. is expanding its Upwise benefits experience platform through a partnership with Nayya, making it available to employers via the Workday Marketplace starting October 1, 2025 [1][7]. Group 1: Upwise Platform Expansion - Upwise will be offered at no additional cost to employers who include MetLife's Accident, Hospital Indemnity, or Critical Illness insurance products in their benefits packages [2]. - The platform aims to address the benefits 'confusion gap' affecting the workforce, with 64% of employees reporting it simplifies their benefits decision-making process [3]. Group 2: Strategic Implications - This initiative reflects MetLife's strategy to enhance customer satisfaction and retention rates by streamlining the benefits decision-making process [4]. - The expansion is expected to increase the uptake of MetLife's Employee Benefit plans, potentially leading to higher premiums for the insurer [5]. Group 3: Financial Performance - MetLife's total premiums increased by 16.6% year over year in Q1 2025 [5]. - The company's shares have gained 12.5% over the past year, outperforming the industry growth of 10.4% [6].

Financial Data and Key Metrics Changes - In 2024, the company generated adjusted earnings per share of $8.11, representing an 11% increase compared to the previous year [14] - Adjusted return on equity increased to 15.2% from 13.8% in 2023 [14] - The company returned $4.7 billion to shareholders through $3.2 billion in common stock repurchases and $1.5 billion in common stock dividends [14] Business Line Data and Key Metrics Changes - The company successfully completed its five-year Next Horizon strategy in 2024, exceeding all financial commitments set during the 2019 Investor Day [14] - The new strategy, New Frontier, aims for double-digit adjusted EPS growth and a 15% to 17% adjusted ROE over the next five years [15][16] Market Data and Key Metrics Changes - The company is focused on generating over $25 billion in free cash flow over the next five years, despite external uncertainties [16] Company Strategy and Development Direction - The New Frontier strategy is an evolution that leverages the strength of diversified businesses while capitalizing on market opportunities [15] - The company aims to reduce its direct expense ratio target by 100 basis points [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to drive long-term value for shareholders and stakeholders, emphasizing the importance of purpose in the company's culture [17][18] - The company was recognized as number 13 on Fortune's list of the world's 25 best workplaces in 2024, highlighting its commitment to employees and communities [17] Other Important Information - The formal business of the annual meeting included the election of directors and the ratification of Deloitte and Touche LLP as the independent auditor for 2025 [9][11] - All proposals presented at the meeting were approved, including the advisory vote on executive compensation [11] Q&A Session Summary Question: Were there any shareholder questions or comments? - There were no shareholder questions or comments related to the proposals during the meeting [10][19]

Core Insights - MetLife has been providing insurance and annuities for over 155 years, positioning itself as a reliable financial service provider [1] Group 1: Company Overview - MetLife's stock price has shown minimal growth despite its long-standing presence in the market [1] Group 2: Investment Criteria - The ideal investment characteristics include companies that demonstrate growth in revenue, earnings, and free cash flow, along with favorable valuations [1]

Financial Performance - Total revenues for Q1 2025 were $18,569 million, an increase of 15.6% compared to $16,057 million in Q1 2024[22] - Net income attributable to MetLife, Inc. for Q1 2025 was $945 million, up from $867 million in Q1 2024, representing a growth of 9%[22] - Premiums collected in Q1 2025 reached $11,723 million, a 16.6% increase from $10,053 million in Q1 2024[22] - Total expenses for Q1 2025 were $17,215 million, compared to $15,012 million in Q1 2024, reflecting a rise of 14.7%[22] - Basic earnings per share for common shareholders in Q1 2025 was $1.29, compared to $1.11 in Q1 2024, marking a 16.2% increase[22] - Comprehensive income attributable to MetLife, Inc. for Q1 2025 was $2,957 million, significantly higher than $338 million in Q1 2024[22] - Net income for the three months ended March 31, 2025, was $950 million, compared to $875 million for the same period in 2024, representing an increase of 8.6%[28] - Operating cash flow for the three months ended March 31, 2025, was $4,262 million, significantly higher than $2,328 million in the same period of 2024[28] - Total consolidated adjusted earnings for Q1 2025 were $1,415 million, a slight increase from $1,401 million in Q1 2024, representing a growth of 1%[72] Assets and Liabilities - Total assets as of March 31, 2025, were $688,316 million, up from $677,457 million at the end of 2024, indicating a growth of 1.3%[18] - Total liabilities increased to $660,561 million as of March 31, 2025, compared to $649,754 million at the end of 2024, a rise of 1.8%[18] - The total liabilities for future policy benefits as of March 31, 2025, were $197,667 million, up from $193,646 million at the end of 2024, indicating an increase of 2%[76] - The balance of retained earnings at March 31, 2025, was $43,131 million, up from $40,350 million at March 31, 2024, indicating an increase of 6.9%[28] Investment Income - The company reported net investment income of $4,885 million for Q1 2025, down from $5,436 million in Q1 2024, a decrease of 10.1%[22] - Net investment income for the RIS segment increased to $2,167 million in Q1 2025, compared to $2,089 million in Q1 2024, a growth of 4%[72] - The Asia segment's net investment income increased to 11% in Q1 2025 from 8% in Q1 2024, indicating improved performance[72] Segment Performance - MetLife is organized into six segments: Group Benefits, RIS, Asia, Latin America, EMEA, and MetLife Holdings, with enhanced disclosures following the adoption of ASU 2023-07[42] - Total segment revenues increased to $18,644 million in Q1 2025 from $16,806 million in Q1 2024, reflecting a growth of 10%[72] - Adjusted earnings for the Group Benefits segment rose to $367 million in Q1 2025, up from $284 million in Q1 2024, marking a growth of 29%[72] - Premiums for the Group Benefits segment were $5,763 million in Q1 2025, compared to $5,711 million in Q1 2024, reflecting a growth of 1%[72] Policyholder Accounts and Benefits - Total policyholder account balances increased to $28,692 million in deposits for the three months ended March 31, 2025, compared to $24,444 million in 2024, reflecting a growth of 17.5%[28] - Policyholder benefits and claims for the Group Benefits segment were $5,183 million in Q1 2025, compared to $5,236 million in Q1 2024, a decrease of 1%[72] - The total policyholder account balances increased to $225,623 million as of March 31, 2025, from $221,445 million at the end of 2024, marking a growth of 1.6%[102] Stock and Dividends - The company repurchased treasury stock amounting to $1,411 million during the three months ended March 31, 2025[28] - Dividends declared on common stock were $374 million for the three months ended March 31, 2025, consistent with $377 million in 2024[28] Market and Economic Factors - The company is currently evaluating the impact of ASU 2023-09 and ASU 2024-03 on its consolidated financial statements, which may affect income tax disclosures and expense disaggregation[40] - The effect of changes in interest rates contributed $123 million to the balance of MetLife Holdings - Annuities for the three months ended March 31, 2025, compared to a negative impact of $373 million in the same period of 2024[145] Closed Block Performance - Total revenues for the closed block were $514 million for the three months ended March 31, 2025, down 8.0% from $559 million in the same period of 2024[181] - Total expenses for the closed block were $493 million in Q1 2025, a decrease of 4.1% from $514 million in Q1 2024[181] - The excess of closed block liabilities over assets designated to the closed block was $4,596 million, down from $4,863 million at the end of 2024[178] Securities and Investments - Total fixed maturity securities available-for-sale (AFS) were valued at $291,735 million as of March 31, 2025, compared to $281,043 million at the end of 2024, indicating an increase of 3.8%[184] - The total fair value of unit-linked investments was $9.118 billion as of March 31, 2025, with net unrealized gains of $1.493 billion[203] - The company did not intend to sell its securities in an unrealized loss position without an ACL, indicating a long-term holding strategy[193]

Core Viewpoint - MetLife, Inc. reported first-quarter 2025 adjusted operating earnings per share (EPS) of $1.96, missing the Zacks Consensus Estimate by 1.5%, but showing a 7% year-over-year increase. Adjusted operating revenues rose 10.6% year over year to $18.8 billion, surpassing the consensus mark by 3.4% [1][2]. Financial Performance - The quarterly results were impacted by elevated expenses, weaker performance in Asia due to tax changes and lower surrenders, and declining earnings in Latin America and MetLife Holdings. However, improved variable investment income and strong EMEA sales partially offset these declines [2]. - Total expenses increased 14.7% year over year to $17.2 billion, driven by higher policyholder benefits and claims. The adjusted expense ratio deteriorated by 20 basis points year over year to 20.6% [4]. - Net income rose 10% year over year to $879 million, with an adjusted return on equity improving by 60 basis points to 14.4% [4]. Segment Performance - Group Benefits segment adjusted earnings increased 29% year over year to $367 million, exceeding the Zacks Consensus Estimate of $343.1 million, supported by favorable life underwriting results [5]. - RIS segment adjusted earnings totaled $401 million, a 1% year-over-year increase, but fell short of the consensus mark. Adjusted PFOs, excluding pension risk transfer, advanced 14% year over year to $954 million [6]. - Asia unit adjusted earnings decreased 12% year over year to $374 million, below the consensus estimate, affected by lower surrenders and a tax rate change. Adjusted PFOs slipped 4% year over year to $1.7 billion [7]. - Latin America adjusted earnings fell 6% year over year to $218 million, lower than the consensus mark, while adjusted PFOs inched up 1% year over year to $1.5 billion [8]. - EMEA segment adjusted earnings increased 8% year over year to $83 million, surpassing the consensus estimate, with adjusted PFOs rising 8% year over year to $668 million [9]. - MetLife Holdings adjusted earnings decreased 3% year over year to $154 million, falling short of the consensus mark, with adjusted PFOs at $780 million, down 7% year over year [10]. - Corporate & Other unit incurred an adjusted loss of $248 million, wider than the prior-year quarter's loss [11]. Financial Position - As of March 31, 2025, MetLife had cash and cash equivalents of $21.3 billion, a 6.3% increase from the end of 2024. Total assets rose 1.6% to $688.3 billion, while long-term debt decreased by 2.6% to $14.7 billion [12]. - Book value per share was $35.16, reflecting a 2% year-over-year growth [13]. Capital Deployment - MetLife repurchased shares worth approximately $1.4 billion in the first quarter and authorized a new share buyback program of $3 billion in April 2025 [14]. 2025 Outlook - Management expects variable investment income of around $1.7 billion for 2025, with adjusted losses in Corporate & Other anticipated between $850 million and $950 million. The effective tax rate is projected to be 24-26% [15]. - Over the next three years, adjusted PFOs in Group Benefits are expected to rise by 4-7% annually, while declines of 4-6% are anticipated in MetLife Holdings [16]. - MetLife aims for an adjusted return on equity in the range of 15-17% and expects double-digit adjusted EPS growth in the near term [17].

Financial Data and Key Metrics Changes - Adjusted earnings for Q1 2025 were $1.3 billion, or $1.96 per share, representing a 7% increase from the same period last year [11][24] - Adjusted return on equity was 14.4%, with a direct expense ratio of 12%, indicating operational efficiency [11][35] - Adjusted earnings were up 1% year-over-year, and 5% on a constant currency basis, driven by favorable life underwriting and higher variable investment income [24][25] Business Segment Data and Key Metrics Changes - Group Benefits adjusted earnings were $367 million, up 29% year-over-year, attributed to favorable life underwriting margins due to lower mortality [12][25] - Retirement and Income Solutions (RIS) adjusted earnings totaled $400 million, with strong sales in synthetic GICs and UK longevity reinsurance, and inflows from pension risk transfers of $1.8 billion [13][27] - Asia adjusted earnings were $374 million, down 12% year-over-year, impacted by lower underwriting margins and higher taxes, although sales were up 10% [14][29] - Latin America adjusted earnings were $218 million, down 6% year-over-year, but up 7% on a constant currency basis, with adjusted PFOs up 1% reported and 14% constant currency [14][30] Market Data and Key Metrics Changes - The U.S. dollar has started to weaken against many currencies, which may benefit international business growth [7][9] - The company noted that the underlying growth of international businesses could emerge as a tailwind despite being masked by the strong dollar [9][12] Company Strategy and Development Direction - The company has rolled out a "New Frontier" strategy aimed at guiding operations over the next five years, focusing on strategic diversification and resilience [6][10] - A significant risk transfer deal was announced, reinsuring approximately $10 billion of U.S. retail variable annuity reserves, aimed at reducing enterprise risk [16][40] - The company is on a path to achieve $1 trillion in total assets under management for MetLife Investment Management [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the uncertain economic environment, emphasizing a recurring revenue business model [8][20] - The company is focused on executing its strategy without significant changes, despite rising recession risks [75][76] - Management highlighted strong fundamentals and a commitment to responsible growth and attractive returns [43] Other Important Information - The company returned approximately $1.8 billion to shareholders through dividends and share repurchases in Q1 2025 [17][36] - A new $3 billion share repurchase authorization was announced, reflecting confidence in financial strength [18][36] - The effective tax rate on adjusted earnings was 23.2%, slightly below the 2025 guidance range [33] Q&A Session Summary Question: Inquiry about spreads in the RIS business - Management acknowledged a sequential decline in spreads due to interest rate gaps and lower rates than expected, but noted growth momentum in the business [46][52] Question: Comments on the CRE portfolio and recovery indications - Management indicated that while there are signs of stabilization in the commercial mortgage loan book, ongoing uncertainty may impact momentum [56][58] Question: Discussion on the risk transfer deal valuation - Management explained that the deal was structured to reduce tail risk and was aligned with their economic valuation expectations, despite a loss in net income [63][67] Question: Underwriting experience in MetLife Holdings - Management reported that underwriting experience was consistent across both life insurance and long-term care segments [70][71] Question: Current environment's influence on capital management strategy - Management confirmed that while they are aware of the economic environment, their strategy remains focused on executing existing plans without significant changes [74][76] Question: Insights on PRT sales and market activity - Management noted that while market volatility can be a distraction, it does not significantly alter the pipeline for pension risk transfer transactions [90][91] Question: Expectations for variable investment income in 2025 - Management indicated that while Q1 results were strong, predicting future performance remains challenging due to market volatility [95][98]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $1,300,000,000 or $1.96 per share, up 7% from the same period a year ago, driven by favorable underwriting and good volume growth [11][24] - Adjusted return on equity in the first quarter was 14.4%, with a direct expense ratio of 12%, indicating efficiency [11][36] - Adjusted earnings were $1,300,000,000, up 1% year over year, and up 5% on a constant currency basis [24] Business Segment Data and Key Metrics Changes - Group Benefits adjusted earnings were $367,000,000, up 29% from the prior year due to favorable life underwriting margins [12][25] - Retirement and Income Solutions (RIS) adjusted earnings totaled $400,000,000, with strong sales in synthetic GICs and UK longevity reinsurance [13][28] - Asia adjusted earnings were $374,000,000, down 12% year over year, primarily due to lower underwriting margins and higher taxes [13][30] - Latin America adjusted earnings were $218,000,000, down 6%, but up 7% on a constant currency basis [14][31] - EMEA adjusted earnings were $83,000,000, up 8% and up 14% on a constant currency basis [32] Market Data and Key Metrics Changes - The company noted that the U.S. dollar has started to weaken against many currencies, which could benefit international business growth [9][10] - The company experienced favorable life underwriting margins due to lower mortality rates in the working-age population, consistent with CDC data [12][26] Company Strategy and Development Direction - The company has rolled out its New Frontier strategy to guide operations over the next five years, focusing on strategic diversification and resilience [7][10] - A significant risk transfer deal was announced, reinsuring approximately $10,000,000,000 of U.S. Retail variable annuity and rider reserves, aimed at reducing enterprise risk [16][40] - The company aims to achieve $1,000,000,000,000 in total assets under management through MetLife Investment Management [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the uncertain economic environment, emphasizing the all-weather nature of its business model [9][20] - The company is focused on executing its strategy without significant changes, despite rising recession risks [73][75] - Management highlighted strong underlying fundamentals and a commitment to responsible growth and attractive returns [43][44] Other Important Information - The company returned approximately $1,800,000,000 to shareholders through dividends and share repurchases in the first quarter [18][19] - The Board of Directors increased the common dividend per share by 4.1% [19] - The company ended the quarter with $4,500,000,000 in cash and liquid assets, above its target cash buffer [37][39] Q&A Session Summary Question: On spreads in the RIS business - Management acknowledged a sequential decline in spreads due to interest rate gaps and lower rates than expected, but noted growth momentum in the business [46][52][54] Question: On the commercial mortgage loan book - Management indicated that while there are signs of stabilization in real estate activity, uncertainty may slow momentum [56][58] Question: On the risk transfer deal valuation - Management explained that the deal was evaluated from multiple perspectives, including economic value and the removal of tail risk, which justified the transaction [62][66] Question: On underwriting experience in MetLife Holdings - Management reported that underwriting experience was in line with expectations across both life insurance and long-term care [68][69] Question: On capital management strategy in the current environment - Management confirmed that there would be no changes to capital management strategy, focusing on executing their existing strategy [72][75] Question: On PRT sales and market volatility - Management noted that while market volatility can be a distraction, it does not significantly impact the pipeline of transactions in the PRT space [87][90] Question: On variable investment income outlook - Management indicated that while the current environment poses challenges, they plan to provide preliminary information on expectations for variable investment income in July [94][96] Question: On the implementation of ESR in Japan - Management expressed confidence in operational readiness and indicated that the new framework would not change their operational approach [99][100]

1Q25 Supplemental Slides1 John McCallion Chief Financial Officer and Head of MetLife Investment Management 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures. Table of contents | Topic | Page No. | | --- | --- | | Net income (loss) to adjusted earnings | 3 | | Adjusted earnings by segment and Corporate & Other (C&O) | 4 | | Variable investment income (VII) | 5 | | Direct expense ratio | 7 | | Cash & capital | 8 | | Vari ...