Core Insights - Investors often find it challenging to value financial firms, including insurance companies, due to their complexity, but straightforward valuation techniques can aid in decision-making [1] - Key metrics for valuing insurance companies include price-to-book (P/B) and return on equity (ROE), with float being a significant concept in the industry [6][8] Understanding the Basics of Insurance - Insurance firms pool premiums from customers to offset various risks, including health, life, property, and casualty [3] - The challenge lies in accurately estimating future claims and setting appropriate premiums to ensure profitability [3] Investment Portfolios and Float - Insurers manage investment portfolios funded by reinvesting profits and premiums before claims are paid, a concept known as float [4][5] - Float allows insurers to invest premium funds, but it also carries the risk of underwriting losses if premiums do not cover eventual claims [5] Key Metrics for Valuing Insurance Companies - Price-to-book (P/B) ratio relates a firm's stock price to its book value, serving as a proxy for liquidation value [7] - A P/B level of 1 is generally considered a good entry point for investors, while a level of 2 or higher indicates a potentially overpriced stock [9] - Return on equity (ROE) measures income as a percentage of shareholder equity, with an ideal ROE in the mid-teens for well-run firms [10] Other Valuation Metrics - Other comprehensive income (OCI) provides insights into unrealized investment gains and changes in equity, important for assessing an insurer's financial health [11] - The combined ratio measures incurred losses and expenses as a percentage of earned premiums, with a ratio below 100% indicating profitability [12] - Annual premium equivalent (APE) is used in the UK to compare sales of policies with differing premiums [13] Investment Considerations - Focus on premium growth potential, new product introduction, projected combined ratios, and future reserve payouts is essential for evaluating new business [14] - Discounted cash flow (DCF) is complex for insurers due to the influence of investment portfolios on cash flows [15] Real-World Example: MetLife - MetLife is a significant player in the insurance industry, with a market capitalization of over $34 billion as of April 2020 [16] - MetLife's average ROE over the last ten years was 6.84%, below the industry average of 9.43%, but projected to improve to 12% to 14% [17] - MetLife's current P/B is 0.5, below the industry average of 0.91, indicating a potentially attractive investment opportunity [18]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ Form 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☑ For the fiscal year ended December 31, 2025 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. (Exact name of registrant as specified in its charter) (State or other jurisdiction of inc ...

Core Insights - Pet insurance can alleviate financial burdens from unexpected veterinary bills, and discounts can make these plans more affordable [1][21] - The analysis of 30 pet insurance plans identified the best discount opportunities available from various insurers [1][21] Group 1: MetLife Pet Insurance - MetLife is rated the highest for pet insurance discounts, offering a multi-pet discount of up to 5% and the ability to combine cats and dogs under one plan with shared deductibles [3][4] - Additional discounts include military, online purchase, first responders, healthcare workers, and affinity group discounts, along with a disappearing deductible that reduces the deductible by $50 for each claim-free year [4][8] - Average costs for coverage are $81.05/month for $5,000 and $128.59/month for $10,000, both with a $500 deductible and 90% reimbursement [8] Group 2: Lemonade Pet Insurance - Lemonade offers a multi-pet discount of up to 10% and a discount for paying the policy premium in full, with average rates being the second-lowest in the analysis [9][11] - Discounts are also available for bundling with other Lemonade insurance policies, such as auto or home insurance [9][11] - Average costs for coverage are $63.96/month for $5,000 and $72.81/month for $15,000, both with a $500 deductible and 90% reimbursement [18] Group 3: Liberty Mutual Pet Insurance - Liberty Mutual provides a multi-pet discount of up to 10% for three or more pets and allows stacking of military and multipolicy discounts [11][13] - The average cost for $5,000 annual coverage is $56.96/month, making it the lowest among the evaluated insurers [13][15] - Discounts are available for annual payments and bundling with other insurance types [13][15] Group 4: Chewy Pet Insurance - Chewy's Lemonade plan offers discounts of up to 10% for multiple pets and a 10% discount for bundling with other Lemonade insurance policies [15][19] - Average costs for $5,000 annual coverage are $63.96/month, with a $500 deductible and 90% reimbursement [18] - Chewy's Trupanion plan received lower ratings due to fewer discount options [15] Group 5: USAA Pet Insurance - USAA offers exclusive discounts for military members, including a 10% discount for service dog owners and a multi-pet discount of up to 10% [20][24] - Average costs for $5,000 annual coverage are $67.05/month, with a $500 deductible and 90% reimbursement [24] - USAA's plans are available only to military members, veterans, and their immediate family [20] Group 6: General Insights on Discounts - Discounts for pet insurance vary widely among insurers, with common types including multi-pet, bundling, and military discounts [21][26] - Many insurers allow stacking of discounts, which can significantly reduce overall premiums [21][26] - The analysis indicates that over one-third of pet owners have multiple pets, making multi-pet discounts a valuable consideration [22][26]

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MetLife 2026 Conference Summary Company Overview - **Company**: MetLife (NYSE: MET) - **Date**: February 10, 2026 - **Speakers**: Michel Khalaf (President and CEO), John McCallion (Head of Investment Management) Key Points Strategic Initiatives - **New Frontier Strategy**: Launched over a year ago, focusing on strong growth, attractive returns, and lower risk. Aimed to deliver a superior value proposition by 2025 [5][6] - **Financial Performance**: In 2025, MetLife achieved $10 billion in free cash flow and reduced direct expenses by 40 basis points, reflecting an efficiency mindset [5][6] - **Growth in Key Segments**: Significant progress in group benefits, asset management, and international markets, with a focus on retirement origination and reinsurance capabilities [6][7] Financial Metrics - **Assets Under Management (AUM)**: Increased from approximately $600 billion to over $740 billion, indicating strong growth across various segments [7] - **Earnings Per Share (EPS)**: MetLife established a target for double-digit EPS growth, with a 60-40 split between earnings growth and capital management [9] - **Return on Equity (ROE)**: Current target set at 15%-17%, with expectations for continued growth driven by high-return businesses and the runoff of legacy businesses [10][11] Expense Management - **Expense Ratio Goals**: Committed to reducing the expense ratio by 100 basis points over five years, with a current ratio of 11.7% expected to reach 11.3% [13][14] - **Use of AI**: Leveraging AI to enhance process efficiency and reduce expenses, contributing to overall cost management [13][24] Market Dynamics - **Disability and Life Insurance Trends**: Adjusted loss ratios in life insurance and slight increases in average severity in disability insurance, with expectations for favorable trends to persist [19][20] - **Impact of AI on Employment**: AI is expected to enhance productivity rather than reduce workforce size, creating new opportunities for growth [22][23] International Growth - **Japan and Korea Markets**: Strong growth driven by diversified distribution and product capabilities, with a focus on market-linked instruments as cash savings transition [36][37] - **Sales Performance**: 2/3 of sales in 2025 came from US dollar products, capitalizing on favorable currency conditions [37] Investment Management - **PineBridge Acquisition**: Closed on December 30, 2025, expected to enhance growth in EBITDA and earnings through revenue synergies [31][32] - **Investment Strategy**: Focus on higher-yielding fixed income assets in response to the current economic environment, maintaining a 9% annualized return target for 2026 [43] Regional Performance - **LATAM Growth**: Confident in continued momentum in Latin America, targeting near-term earnings of $1 billion [42] Conclusion - MetLife is positioned for strong growth through strategic initiatives, effective expense management, and leveraging market opportunities across various segments and regions. The focus on diversification and innovation, particularly through AI and acquisitions, is expected to drive future performance.

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Insights - MetLife's shares have underperformed over the past year, losing approximately 9% of their value due to mixed operating results and only beating earnings estimates sporadically [1] Company Performance - The company has faced challenges in achieving consistent operating results, which has contributed to its stock price decline [1]

Core Insights - MetLife reported a strong performance in Q4 2025, showcasing the firm's earnings power through a diversified set of market-leading businesses [1] - The company has restructured its business segments, establishing MetLife Investment Management as a stand-alone segment, highlighting the strategic importance of its asset management operations [2] Financial Performance - For the full year 2025, MetLife achieved a net income of $3.2 billion and adjusted earnings of $5.9 billion, with adjusted earnings per share rising 10% to $8.89 [3] - The company recorded $14.2 billion in pension risk transfer (PRT) transactions, indicating strong volume growth across its businesses [4] - MetLife maintained expense discipline with a direct expense ratio of 11.7%, outperforming its target of 12.1% for 2025, and achieved a full year adjusted return on equity of 15.9%, within the target range of 15% to 17% [4]

Core Insights - MetLife, Inc. reported fourth-quarter 2025 adjusted operating earnings per share (EPS) of $2.58, exceeding the Zacks Consensus Estimate by 9.3% and reflecting a 24% year-over-year increase [1][9] - Adjusted operating revenues reached $24.2 billion, marking a 22.6% year-over-year growth, although it fell short of the consensus estimate by 19.5% [1][9] Financial Performance - The quarterly earnings were bolstered by strong performance in Asia, Group Benefits, RIS, and EMEA segments, driven by higher volumes and improved investment income [2][9] - Adjusted premiums, fees, and other revenues (PFOs) grew 8% year over year to $12.8 billion, while adjusted net investment income rose 5% year over year to $5.6 billion [3] - Total expenses increased by 31.3% year over year to $22.7 billion, primarily due to higher policyholder benefits and claims [4] - Net income decreased by 37% year over year to $778 million, but adjusted return on equity improved by 300 basis points to 18.3% [4] Segment Performance - Group Benefits segment reported adjusted earnings of $465 million, a 12% year-over-year increase, surpassing the consensus estimate [5] - RIS segment's adjusted earnings grew 18% year over year to $454 million, also beating the consensus mark [6] - Asia segment's adjusted earnings were $444 million, up 1% year over year, exceeding the consensus estimate [7] - Latin America segment's adjusted earnings dropped 1% year over year to $198 million, impacted by a VAT charge in Mexico [8] - EMEA segment's adjusted earnings surged 64% year over year to $97 million, outperforming the consensus estimate [9] Financial Position - As of December 31, 2025, MetLife had cash and cash equivalents of $22 billion, a 9.8% increase from the previous year [11] - Total assets rose to $745.2 billion, a 10% increase year over year, while total equity increased by 3.5% to $28.7 billion [11] - Book value per share was $39.02, reflecting a 13.8% year-over-year increase [12] Capital Deployment - MetLife repurchased shares worth $430 million in the fourth quarter and planned additional repurchases of approximately $200 million in January 2026 [13] Full-Year Results and Outlook - For full-year 2025, adjusted operating revenues were $78.8 billion, up from $73.1 billion the previous year, with adjusted EPS rising 10% year over year to $8.89 [14] - Management projects a pre-tax variable investment income of around $1.6 billion for 2026 and expects an expense ratio of 12.1% [15] - Near-term targets include adjusted PFO growth in Group Benefits of 4-7% annually and double-digit adjusted EPS growth [16]

Financial Data and Key Metrics Changes - In Q4 2025, adjusted earnings were reported at $1.6 billion or $2.49 per share, with an adjusted EPS of $2.58, up 24% from $2.08 a year ago, marking MetLife's highest single EPS quarter [11][20] - For the full year 2025, adjusted earnings, excluding notable items, totaled $6 billion or $8.89 per share, reflecting a growth of approximately 10% [12][20] - The company achieved a 10% adjusted EPS growth and an adjusted return on equity (ROE) of 16%, within the target range [9][20] Business Line Data and Key Metrics Changes - Group Benefits adjusted earnings for Q4 were $465 million, up 12% year-over-year, driven by favorable underwriting in life and dental, despite weaker disability results [24] - Retirement and Income Solutions (RIS) adjusted earnings were $454 million for Q4, up 18%, benefiting from record origination in pension risk transfers and U.K. longevity reinsurance [14][25] - Asia adjusted earnings were $444 million, essentially flat year-over-year, with sales growth of 18% on a constant currency basis, primarily driven by Japan and Korea [26] - Latin America adjusted earnings were $227 million, up 13%, with adjusted PFOs rising 25% [27] Market Data and Key Metrics Changes - Asia saw constant currency sales jump 18% in 2025, while Latin America sales rose by 12%, with Mexico leading the growth [7] - EMEA adjusted earnings increased by 64%, driven by robust volume growth and favorable underwriting margins [27] Company Strategy and Development Direction - The company launched the "New Frontier" strategy focusing on growth, capital deployment, and operational efficiency [5] - MetLife Investment Management (MIM) was established as a new business segment following the acquisition of PineBridge Investments, with $742 billion in assets under management [6][28] - The company aims to achieve double-digit adjusted EPS growth and maintain a direct expense ratio target of 11.3% over five years [9][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to changing economic environments, emphasizing the importance of disciplined capital management and operational efficiency [10][18] - The outlook for 2026 includes expectations for double-digit adjusted EPS growth and a stable U.S. dollar, with a projected increase in long-term interest rates [35] Other Important Information - MetLife returned approximately $4.4 billion to shareholders through stock repurchases and dividends in 2025 [8] - The company reported a total of $50 billion in policyholder benefits and claims paid in 2025 [19] Q&A Session Summary Question: Comments on Group Benefits renewal season and pricing - Management noted robust results in persistency, particularly in dental, with good sales growth across the business, including disability [47] Question: Impact of macroeconomic volatility in Japan - Management acknowledged short-term impacts on sales due to macroeconomic fluctuations but maintained a strong value proposition and diversified product portfolio [48][49] Question: Change in GAAP earnings for real estate accounting - Management explained the change aimed to better reflect annual cash flows and returns, aligning with overall economics of the asset class [52][54] Question: Outlook for U.S. retail retirement space - Management highlighted successful execution of flow reinsurance deals, enhancing liability origination and capital flexibility [62] Question: Surrender activity in Japan - Management reported a slight increase in surrender trends in Q4 but expected surrenders to return to long-term assumptions in 2026 [64] Question: Employment actions and their impact on Group Benefits - Management indicated that employment actions were considered in the outlook, but strong sales growth and persistency were also observed [68]