Key Takeaways MetLife will add a Cancer Support benefit to its Critical Illness Insurance from Jan. 1, 2026.The new benefit provides care coordination and patient counseling services from Private Health Management. Employers using this service saw lower costs, fewer unnecessary treatments and better outcomes.MetLife, Inc. (MET) recently enhanced its Critical Illness Insurance offering by launching a Cancer Support benefit in collaboration with Private Health Management. Beginning Jan. 1, 2026, employees cov ...

PresentationRyan KruegerManaging Director of Equity Research I'm Ryan Krueger, Life Insurance Analyst at KBW. It's great to have MetLife back with us again this year. Up on stage with me to my immediate right is Michel Khalaf, President and CEO, to the far right is John McCallion, CFO and Head of MetLife Investment Management. Also want to acknowledge John Hall, Treasurer and Head of Investor Relations; and other members of the IR team in the front row. So with that, Michel you launched a new 5-year strateg ...

MetLife (MET) 2025 Conference September 03, 2025 10:05 AM ET Company ParticipantsRyan Krueger - Managing DirectorMichel Khalaf - CEO, President & DirectorJohn McCallion - EVP, CFO & Head - MetLife Investment ManagementRyan KruegerAlright. Well, I guess we're mic'd up, so we might as well get started. Alright. I'm Ryan Krueger, life insurance analyst at KBW. It's great to have MetLife back with us again this year.Up on stage with me to my immediate right is Michelle Koloff, present and CEO. To the far right ...

Core Viewpoint - The article discusses the development of pension risk management in Europe and the United States, aiming to provide insights for the development of the second and third pillars of pension insurance in China [2]. Group 1: Pension Risk Transfer (PRT) Overview - PRT is a financial arrangement where companies transfer the payment responsibilities of defined benefit (DB) pension plans to insurance companies, aiming to reduce risks such as longevity risk, investment risk, and interest rate risk [4][5]. - The emergence of the PRT market in Europe and the U.S. is driven by multiple factors, including aging populations, accounting standards requiring market value measurement of pension liabilities, and the complexity of pension asset-liability management [5][6]. Group 2: Historical Development Stages - Initial Stage (Pre-1980s): Pension plans evolved from informal commitments to structured DB plans, with companies facing increasing financial pressure due to aging populations and investment volatility [8]. - Emergence Stage (1980-2000): The introduction of regulatory frameworks like ERISA in the U.S. and the establishment of PBGC laid the groundwork for PRT transactions, with early examples like General Motors' group annuity transaction [9][10]. - Growth Stage (2000-2015): The PRT market saw accelerated development due to advancements in actuarial technology and regulatory support, with significant transactions such as General Motors transferring $25 billion in pension liabilities [14][15]. - Boom Stage (2015-2025): The U.S. and U.K. markets experienced explosive growth in PRT transactions, with notable deals like AT&T's $31 billion transaction in 2022, pushing annual PRT transaction volumes to new highs [16][17]. Group 3: PRT Mechanisms - Buy-in: Companies purchase annuity contracts from insurers to cover pension liabilities while retaining legal responsibility on their balance sheets [22]. - Buy-out: Companies transfer pension liabilities to insurers, removing these liabilities from their balance sheets entirely [22]. - Longevity Swap: A financial agreement that transfers longevity risk from pension plans to insurers, which can further transfer this risk to reinsurers [22][23]. Group 4: Role of Insurance Companies - Insurance companies play a crucial role in the PRT process by taking on pension liabilities and managing longevity risk through various financial instruments, thus transforming their role from asset managers to long-term liability bearers [26][28]. - The development of a multi-layered risk transfer structure involving insurers and reinsurers enhances the capacity for managing longevity risk and supports the evolution of pension systems [28]. Group 5: Challenges in China - China's pension system primarily relies on defined contribution (DC) plans, lacking the historical context of DB plans that facilitate risk transfer, leading to a deficiency in systematic longevity risk management capabilities [30][31]. - The absence of a robust regulatory framework specifically addressing pension liabilities and longevity risk hampers the development of a comprehensive risk management system in China's insurance industry [30]. Group 6: Recommendations for Development - To establish a pension risk transfer mechanism in China, it is suggested to leverage the third pillar of the pension system, focusing on transforming individual accounts into lifetime annuity products [36][38]. - The creation of a national pension reinsurance platform is recommended to facilitate risk sharing and enhance the capacity of insurance companies to provide long-term guarantees [38].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of registrant as specified in its charter) Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-15787 _____________________________________ MetLife, Inc. (State or other ...

Core Insights - MetLife, Inc. reported second-quarter 2025 adjusted operating earnings per share (EPS) of $2.02, missing the Zacks Consensus Estimate by 7.8% and declining 11% year over year [1][11] - Adjusted operating revenues decreased 4.1% year over year to $17.9 billion, also missing the consensus mark by 2.6% [1][11] Financial Performance - Weaker quarterly results were attributed to poor performance in Asia, lower underwriting results, less favorable investments, and declining earnings in group benefits, RIS, and MetLife Holdings [2][11] - Adjusted PFOs, excluding pension risk transfer (PRT), were $12.4 billion, growing 5% year over year [3] - Adjusted net investment income increased by 1% year over year to $5.2 billion due to asset growth [3] - Total expenses were $16.4 billion, down 1.6% year over year, driven by decreased policyholder benefits and claims [4] - Net income fell 23% year over year to $698 million, with adjusted return on equity deteriorating 270 basis points to 14.6% [4] Segment Performance - Group Benefits: Adjusted earnings declined 25% year over year to $400 million, below the consensus estimate of $468.6 million [5] - RIS: Adjusted earnings totaled $368 million, down 10% year over year, missing the consensus mark of $376.2 million [6] - Asia: Adjusted earnings fell 22% year over year to $350 million, lagging behind the consensus estimate of $397.6 million [7] - Latin America: Adjusted earnings rose 3% year over year to $233 million, exceeding the consensus mark of $227 million [8] - EMEA: Adjusted earnings advanced 30% year over year to $100 million, surpassing the consensus estimate of $76.1 million [9] - MetLife Holdings: Adjusted earnings decreased 5.9% year over year to $144 million, beating the consensus mark of $142.1 million [10] Financial Position - As of June 30, 2025, MetLife had cash and cash equivalents of $22.2 billion, up from $20.1 billion at the end of 2024 [13] - Total assets increased to $702.5 billion from $677.5 billion at the end of 2024 [13] - Long-term debt rose to $15.4 billion from $15.1 billion as of December 31, 2024 [13] - Total equity was $27.9 billion, up from $27.7 billion at the end of 2024 [13] - Book value per share grew 7.5% year over year to $35.79 [14] Capital Deployment - MetLife repurchased shares worth approximately $510 million in the second quarter and an additional $140 million in July 2025 [15] - The company paid a dividend of $382 million during the quarter [15] Future Outlook - Management expects variable investment income of around $1.7 billion for 2025 and anticipates Corporate & Other adjusted losses between $850 million and $950 million [16] - Adjusted PFOs in Group Benefits are projected to rise 4-7% annually over the next three years [17] - MetLife aims for an adjusted return on equity in the range of 15-17% and expects free cash flow to exceed $25 billion [18]

Financial Data and Key Metrics Changes - Adjusted earnings for Q2 2025 were reported at $1.4 billion or $2.2 per share, reflecting a 16% decrease year-over-year due to less favorable underwriting and lower investment margins [8][21] - The adjusted return on equity was 14.6%, above the cost of capital and near the mid-teen target range [9] - Free cash flow allowed the company to return approximately $900 million to shareholders through dividends and share repurchases [9][18] Business Segment Data and Key Metrics Changes - Group Benefits adjusted earnings were $400 million, down 25% from the previous year due to less favorable life and non-medical health underwriting [10][22] - Retirement and Income Solutions (RIS) reported adjusted earnings of $368 million, down 10% year-over-year, primarily due to lower recurring interest margins [12][24] - Asia adjusted earnings were $350 million, down 22% year-over-year, with sales up 9% on a constant currency basis [14][26] - Latin America adjusted earnings totaled $233 million, up 3% and 15% on a constant currency basis, driven by volume growth [28] - EMEA posted adjusted earnings of $100 million, up 30% year-over-year, primarily due to strong volume growth [29] Market Data and Key Metrics Changes - Total liability exposures increased by 6% year-over-year, driven by growth in UK longevity reinsurance [13] - General account assets under management in Asia rose by 6% year-over-year on a constant currency basis [14][27] - Adjusted premiums, fees, and other revenues in Group Benefits grew by 4% from a year ago [10][23] Company Strategy and Development Direction - The company is executing its "new frontier growth strategy," focusing on managing expenses, returning capital to shareholders, and capitalizing on market trends [7][19] - Strategic partnerships, such as with Workday, aim to enhance the benefits experience and drive sales growth [11] - Recent acquisitions and strategic transactions, including Pinebridge Investments and Chariot Re, are expected to support growth in investment management [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on commitments despite the current economic environment [7] - The company anticipates improvements in underwriting and investment margins in the upcoming quarters [39] - Management noted that the current quarter's earnings do not fully reflect the company's earnings power, with expectations for better performance in the second half of the year [36] Other Important Information - The company repurchased approximately $500 million of its common stock in Q2, bringing the total year-to-date repurchases to over $2 billion [18][34] - Cash and liquid assets at holding companies were reported at $5.2 billion, exceeding the target buffer range [18][34] - The effective tax rate on adjusted earnings was approximately 24%, at the bottom end of the guidance range [30] Q&A Session Summary Question: Observations on elevated claims in the non-medical health sector - Management indicated that the elevated claims were not surprising and attributed them to normal fluctuations, expecting improvements in the third and fourth quarters [38][39] Question: Outlook for Chariot Re and sidecars - Management sees Chariot Re as a growth vehicle, focusing on MetLife-originated liabilities and expects more transactions in the future [44][46] Question: Strong sales in Japan and Korea - Management highlighted strong sales performance driven by new product launches and expects this momentum to continue [49][50] Question: Stability of retirement spreads - Management expects core spreads to remain stable, with some seasonal impacts anticipated in Q3 [54][56] Question: Analysis of disability claims - Management clarified that the pressure on disability claims was due to specific high-value claims and not indicative of broader trends [61][63] Question: Update on the PRT market - Management noted a lighter quarter for PRT but expects jumbo cases to transact in the second half of the year, maintaining a disciplined pricing approach [95][97] Question: Implementation of Gen AI - Management expressed excitement about AI's potential, emphasizing ongoing investments in technology to enhance efficiency and drive growth [100][102]

Financial Data and Key Metrics Changes - Adjusted earnings for the second quarter were reported at $1.4 billion or $2.2 per share, reflecting a 16% decrease year-over-year due to less favorable underwriting and investment margins [7][21] - The adjusted return on equity was 14.6%, well above the cost of capital and near the mid-teen target range [8] - Free cash flow allowed the company to return approximately $900 million to shareholders through dividends and share repurchases [8][18] Business Segment Data and Key Metrics Changes - Group Benefits adjusted earnings were $400 million, down 25% from the previous year due to less favorable life and non-medical health underwriting [8][22] - Retirement and Income Solutions (RIS) reported adjusted earnings of $368 million, down 10% year-over-year, primarily due to lower recurring interest margins [11][24] - Asia adjusted earnings were $350 million, down 22% year-over-year, with sales up 9% on a constant currency basis [13][26] - Latin America adjusted earnings totaled $233 million, up 3% and 15% on a constant currency basis, driven by volume growth [14][28] - EMEA adjusted earnings were $100 million, up 30% on both a reported and constant currency basis, primarily due to strong volume growth [15][29] Market Data and Key Metrics Changes - Total liability exposures increased by 6% year-over-year, exceeding the 2025 outlook range of 3% to 5% [12] - In Japan, sales increased by 29% on a constant currency basis, while Korea saw a 36% increase year-over-year [13][50] - EMEA's quarterly run rate is expected to remain above its 2025 guidance of $70 million to $75 million for the remainder of the year [29] Company Strategy and Development Direction - The company is executing its "New Frontier" growth strategy, focusing on managing expenses, returning capital to shareholders, and capitalizing on market trends [6][19] - Strategic partnerships, such as with Workday, are aimed at enhancing the benefits experience and driving sales growth [10][15] - Recent acquisitions and partnerships, including Pinebridge Investments and Chariot Re, are expected to support growth in the investment management platform [16][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on commitments despite the current economic environment [6] - The company anticipates improvements in underwriting and investment margins in the upcoming quarters [39][72] - Management noted that the current quarter's results do not fully reflect the company's earnings power, with expectations for better performance in the second half of the year [19][36] Other Important Information - The company has repurchased approximately $2 billion of its common stock year-to-date, with a total of nearly $16 billion repurchased since 2021 [18][34] - Cash and liquid assets at holding companies were reported at $5.2 billion, exceeding the target buffer range [18][34] - The effective tax rate on adjusted earnings was approximately 24%, at the bottom end of the 2025 guidance range [30] Q&A Session Summary Question: Observations on elevated claims in the sector - Management indicated that the elevated claims were not surprising and expected improvements in the non-medical health ratio in the upcoming quarters [38][39] Question: Outlook for Chariot Re and growth opportunities - Management views Chariot Re as a vehicle for growth, focusing on MetLife-originated liabilities and anticipating more transactions [44][46] Question: Strong sales in Japan and Korea - Management reported strong sales performance driven by new product launches and expects to remain at the top end of guidance for Asia sales [49][52] Question: Stability of retirement spreads - Management expects core spreads to remain stable, with some seasonality anticipated in Q3 [53][56] Question: Analysis of disability claims - Management clarified that the pressure on disability claims was related to specific clients and not indicative of broader trends [61][62] Question: Update on commercial mortgage loan reserves - Management acknowledged an increase in reserves for commercial mortgages, indicating it reflects stabilization in the market [65][66] Question: Implementation of Gen AI - Management expressed excitement about the potential of AI, highlighting ongoing investments and improvements in processes to leverage emerging technologies [98][100]

2Q25 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 | | Appe ...

Core Insights - MetLife Pet Insurance has been awarded "Pet Insurance of the Year" at the 2025 Pet Innovation Awards, recognizing its innovative contributions to the pet care industry [1][6]. Company Features - MetLife offers comprehensive pet insurance that includes optional preventive care coverage, covering services such as flea and tick control, spay/neuter, heartworm prevention, teeth cleaning, and vaccinations [2]. - The insurance plans are highly customizable, allowing pet owners to select deductibles, annual benefit limits, and reimbursement percentages tailored to their needs [2]. - Unique to MetLife is the family plan feature, which allows up to three pets to be covered under the same policy and share a deductible, a service not offered by other providers [3]. Technological Integration - MetLife provides a mobile app for policy management, health record tracking, claims submission, and access to a 24/7 vet chat, enhancing the customer experience [4]. - The company also has a rewards program that offers discounts and promotions on pet care-related purchases for eligible policyholders [4]. Industry Context - The total expenditure in the US pet industry is $157 billion, reflecting a growing trend of pet humanization where owners seek products and services that promote their pets' health and well-being [5]. - The Pet Innovation Awards highlight innovative solutions and products in the pet care sector, covering areas such as nutrition, wellness, grooming, and safety [5][7].