Core Insights - MetLife, Inc. has been recognized for the second consecutive year as one of the Fortune World's 25 Best Workplaces™, achieving the 10th position on the list [1] Company Recognition - The recognition reflects MetLife's commitment to its employees, customers, and the communities it serves [1] - The award is given to only 25 companies globally, highlighting the competitive nature of this accolade [1]

Financial Performance - Total revenues for Q3 2025 were $17,361 million, a decrease of 5.9% compared to $18,440 million in Q3 2024[20] - Net income attributable to MetLife, Inc. for Q3 2025 was $896 million, down 33.2% from $1,342 million in Q3 2024[20] - Premiums collected in Q3 2025 amounted to $10,555 million, slightly down from $10,647 million in Q3 2024[20] - The company reported a comprehensive income of $3,189 million for Q3 2025, compared to $4,838 million in Q3 2024, indicating a decline of 34.1%[20] - Basic earnings per share for Q3 2025 were $1.23, down from $1.82 in Q3 2024, reflecting a decrease of 32.4%[20] - Net income for the nine months ended September 30, 2025, was $1,685 million, compared to $1,828 million for the same period in 2024, reflecting a decrease of approximately 7.8%[24] - Total consolidated adjusted earnings for the nine months ended September 30, 2025, were $4,458 million, a slight decrease from $4,505 million in the same period of 2024[72] Investment Income - Net investment income increased to $6,089 million in Q3 2025, compared to $5,227 million in Q3 2024, reflecting a growth of 16.5%[20] - Net investment income for the nine months ended September 30, 2025, was $6,478 million, compared to $6,339 million in 2024, indicating an increase of approximately 2.2%[71] - Net investment income for Q3 2025 was $321 million for Group Benefits, $2,166 million for RIS, $1,377 million for Asia, $414 million for Latin America, $67 million for EMEA, and $1,025 million for MetLife Holdings, compared to $311 million, $2,133 million, $1,132 million, $435 million, $55 million, and $981 million in Q3 2024[67] Assets and Liabilities - Total assets as of September 30, 2025, were $719,726 million, up from $677,457 million at the end of 2024, representing a growth of 6.2%[17] - Total liabilities increased to $690,535 million as of September 30, 2025, compared to $649,754 million at the end of 2024, marking a rise of 6.3%[17] - The total future policy benefits liabilities as of September 30, 2025, amounted to $199,169 million, an increase from $193,646 million at the end of 2024[76] Policyholder Benefits and Claims - Policyholder benefits and claims for Q3 2025 were $10,369 million, a decrease of 2.1% from $10,597 million in Q3 2024[20] - Policyholder benefits and claims for Q3 2025 totaled $4,982 million for Group Benefits, $1,835 million for RIS, $1,074 million for Asia, $1,218 million for Latin America, $333 million for EMEA, and $1,152 million for MetLife Holdings, compared to $4,927 million, $2,247 million, $1,035 million, $1,091 million, $276 million, and $1,221 million in Q3 2024[67] Dividends and Stock Repurchases - The company declared dividends on common stock of $0.568 per share for the nine months ended September 30, 2025, totaling $378 million[24] - Treasury stock acquired in connection with share repurchases for the nine months ended September 30, 2025, amounted to $507 million, including $5 of excise tax[24] Segment Performance - MetLife operates in six segments: Group Benefits, Retirement and Income Solutions, Asia, Latin America, EMEA, and MetLife Holdings, indicating a diversified business model[41] - Adjusted earnings for Q3 2025 were $455 million for Group Benefits, $436 million for RIS, $543 million for Asia, $147 million for Latin America, $88 million for EMEA, and $203 million for MetLife Holdings, showing a year-over-year increase in several segments[67] - The Group Benefits segment reported revenues of $20,128 million for the nine months ended September 30, 2025, up from $19,625 million in 2024, representing a growth of 2.6%[72] Cash Flow and Operating Activities - Net cash provided by operating activities for the nine months ended September 30, 2025, was $10,016 million, compared to $9,987 million for the same period in 2024, reflecting a slight increase[26] - Cash flows from investing activities resulted in a net outflow of $11,321 million for the nine months ended September 30, 2025, compared to a net outflow of $6,129 million in 2024, indicating increased investment activity[26] Foreign Currency Impact - The effect of foreign currency exchange rates on cash and cash equivalents resulted in a positive impact of $309 million[26] - The effect of foreign currency translation positively impacted the ending balance of expected net premiums by $237 million in 2025, compared to a negative impact of $(77) million in 2024[88] Reinsurance and DAC - The company recorded a reinsurance recoverable of $8.4 billion and a funds withheld liability of $8.9 billion from a reinsurance transaction completed on July 1, 2025[187] - Total Deferred Acquisition Costs (DAC) and Value of Business Acquired (VOBA) as of September 30, 2025, amounted to $19,733 million, an increase from $18,782 million as of September 30, 2024[182] Market Risk and Securities - The gross unrealized losses on fixed maturity securities AFS decreased by $3.9 billion to $27.2 billion for the nine months ended September 30, 2025, primarily due to a decrease in interest rates[203] - The total number of securities in an unrealized loss position was 4,605 as of September 30, 2025, compared to 9,486 at December 31, 2024[201] Future Projections and Changes - The acquisition of PineBridge Investments is expected to close by the end of 2025, with a total transaction value of $1.2 billion, including $800 million in cash at closing[75] - Future provisions for credit loss will depend on economic fundamentals and issuer performance, highlighting a focus on risk management[208]

Core Insights - MetLife, Inc. reported third-quarter 2025 adjusted operating earnings per share (EPS) of $2.34, exceeding the Zacks Consensus Estimate by 0.4% and reflecting a 21% year-over-year increase [1][10] - Adjusted operating revenues reached $17.9 billion, a 1.6% year-over-year increase, but fell short of the consensus mark by 5% [1][2] Financial Performance - Strong performance in Asia, Group Benefits, and EMEA segments contributed to the quarterly results, driven by higher volumes and improved investment income [2] - Adjusted premiums, fees, and other revenues (PFOs) grew 4% year over year to $12.5 billion, while adjusted net investment income rose 6% year over year to $5.4 billion [3] - Total expenses decreased by 1.8% year over year to $16.2 billion, aided by lower policyholder benefits and claims [4] - Net income fell 36% year over year to $818 million, but adjusted return on equity improved by 230 basis points to 16.7% [4] Segment Performance - Group Benefits segment reported adjusted earnings of $455 million, a 22% year-over-year increase, surpassing the consensus estimate [5] - Adjusted earnings in the RIS unit declined 8% year over year to $436 million, but exceeded the consensus mark [6] - Asia segment's adjusted earnings surged 77% year over year to $543 million, significantly outpacing the consensus estimate [7] - Latin America adjusted earnings dropped 33% year over year to $147 million, impacted by a VAT charge in Mexico [8] - EMEA segment's adjusted earnings increased 26% year over year to $88 million, matching the consensus estimate [9] Financial Position - As of September 30, 2025, MetLife had cash and cash equivalents of $20.2 billion, a 0.8% increase from the end of 2024 [12] - Total assets rose 6.2% year over year to $719.7 billion, while total equity increased by 5.4% to $29.2 billion [12] Capital Management - MetLife repurchased shares worth $502 million in the third quarter and planned additional repurchases of approximately $150 million in October 2025 [14] - Common stock dividends paid in the quarter amounted to $378 million [14] Future Outlook - Management expects pre-tax variable investment income of around $1.7 billion for 2025 and projects an expense ratio of 12.1% [15] - Adjusted PFOs in Group Benefits are anticipated to rise by 4-7% annually, while declines of 4-6% are expected in the MetLife Holdings segment [16] - The company aims for an adjusted return on equity in the range of 15-17% and double-digit adjusted EPS growth in the near term [17]

Financial Data and Key Metrics Changes - MetLife reported adjusted earnings of $1.6 billion, or $2.37 per share, up 22% per share from the prior year period, with notable items totaling $18 million, or $0.03 per share [6][7] - Adjusted earnings, excluding notable items, totaled $1.6 billion, or $2.34 per share, a 21% increase from a year ago [7] - The adjusted return on equity, excluding notables, was 16.7%, near the top of the target range of 15%-17% [8] - The direct expense ratio was 11.6%, ahead of schedule relative to the new frontier commitment [8][31] Business Line Data and Key Metrics Changes - Group benefits adjusted earnings totaled $457 million, up 6% from a year ago, driven by solid underwriting results and improved dental profitability [8][9] - Retirement and income solutions adjusted earnings totaled $423 million, up 15% from the prior year quarter, reflecting higher variable investment income [9][25] - Asia adjusted earnings were $473 million, a 36% increase from the prior year quarter, with sales surging 34% on a constant currency basis [10][26] - Latin America adjusted earnings were $222 million, up 2%, with adjusted PFOs totaling $1.7 billion, up 11% [11][27] - EMEA adjusted earnings were $89 million, up 19% on a reported basis, primarily due to volume growth [12] Market Data and Key Metrics Changes - In Asia, sales increased by 34%, with Japan sales up 31% driven by new product launches [10][39] - Latin America saw strong growth in Mexico, Chile, and Brazil, with adjusted PFOs up 11% [11][27] - The U.S. statutory operating earnings for the first nine months of 2025 were approximately $2.1 billion, with net income of $1.3 billion [33] Company Strategy and Development Direction - MetLife's new frontier strategy is focused on capital management, expense discipline, and leveraging technology to enhance productivity [15][17] - The company is working towards closing two strategic transactions, the acquisition of PineBridge and the sale of a legacy block of variable annuities [15] - The annual Value of New Business (VNB) results indicate a disciplined approach to capital allocation, with $3.4 billion deployed in 2024 [12][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment, highlighting strong investment margins and volume growth across several business segments [5][8] - The outlook for the pension risk transfer (PRT) business remains positive, with a record level of new mandates secured in Q4 [10][46] - Management noted that the competitive environment in group benefits remains rationally priced, allowing for growth while maintaining underwriting discipline [64] Other Important Information - The company returned approximately $875 million to shareholders through common stock dividends and share repurchases in Q3 [14][33] - Cash and liquid assets at holding companies totaled $4.9 billion, exceeding the target cash buffer of $3-4 billion [15][33] - The effective tax rate on adjusted earnings was approximately 24%, at the bottom end of the 2025 guidance range [29] Q&A Session Summary Question: Can you provide additional color on the strength seen in Asia sales? - Management noted a 34% increase in the overall Asia market, with Japan sales up 31% due to new product launches and enhancements [39] Question: What is the expected expense seasonality in Q4? - Management expects Q4 expenses to be somewhat higher than the first three quarters but still below the 12.1% target [40][41] Question: Can you comment on the $12 billion of PRTs won in Q4? - Management indicated that the $12 billion consists of a few large deals, emphasizing competitive advantages in the jumbo end of the market [45][46] Question: What is the outlook for the base spread in RIS? - Management expects steady spread levels from Q3, with potential temporary headwinds from large PRT mandates [73][74] Question: Any updates on the LTC assumption set? - Management reported a modest positive change in LTC assumptions, with the block continuing to perform well [82]

Financial Data and Key Metrics Changes - Adjusted earnings for the third quarter were reported at $1.6 billion, or $2.34 per share, representing a 21% increase from the prior year [7][23] - Variable investment income reached $483 million, exceeding the quarterly outlook of $425 million, driven by higher private equity returns of 3% [7][29] - Adjusted return on equity, excluding notable items, was 16.7%, aligning with the company's earnings power and near the top of the target range of 15%-17% [8] Business Line Data and Key Metrics Changes - Group benefits adjusted earnings totaled $457 million, up 6% year-over-year, attributed to solid underwriting results and improved dental profitability [8][9] - Retirement and income solutions (RIS) adjusted earnings were $423 million, a 15% increase from the prior year, driven by higher variable investment income [9][25] - Asia adjusted earnings were $473 million, reflecting a 36% increase, with sales up 34% on a constant currency basis, particularly strong in Japan [10][26] Market Data and Key Metrics Changes - Latin America adjusted earnings were $222 million, up 2%, with adjusted PFOs totaling $1.7 billion, an 11% increase [11][27] - EMEA adjusted earnings were $89 million, up 19%, primarily due to volume growth [12][28] - The U.S. statutory operating earnings for the first nine months of 2025 were approximately $2.1 billion, with net income of $1.3 billion [33] Company Strategy and Development Direction - The company is focused on executing its new frontier strategy, which emphasizes disciplined capital management and expense control [15][17] - The launch of Chariot Re is expected to enhance retirement liability origination capacity in a capital-efficient manner [9][15] - The company plans to report MetLife Investment Management as a separate business segment starting in the fourth quarter, aligning with its strategic priorities [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the competitive yet rational pricing environment, allowing for growth while maintaining underwriting discipline [64] - The company anticipates continued momentum in Asia, particularly in Japan, driven by new product launches and distribution strength [39] - The outlook for pension risk transfer (PRT) business remains positive, with a record level of new mandates secured in the fourth quarter [10][46] Other Important Information - The company returned approximately $875 million to shareholders through dividends and share repurchases in the third quarter [14][33] - Cash and liquid assets at holding companies totaled $4.9 billion, exceeding the target cash buffer [15][33] - The effective tax rate on adjusted earnings was approximately 24%, at the lower end of the guidance range [29] Q&A Session Summary Question: Can you provide additional color on the strength in Asia sales? - Management highlighted a 34% increase in overall Asia market sales, with Japan seeing a 31% increase due to new product launches and enhancements [38][39] Question: What is the expected expense seasonality in the fourth quarter? - Management expects the direct expense ratio to remain below the target of 12.1%, with some seasonal increase anticipated [40][41] Question: Can you comment on the $12 billion of PRTs won in Q4? - Management noted that the PRT wins are primarily large deals, emphasizing competitive advantages in the jumbo market [45][46] Question: What is the outlook for the base spread in RIS? - Management indicated a steady spread level is expected, with potential temporary headwinds from new PRT mandates [73][74] Question: Any updates on the LTC assumption set? - Management reported a modest change in LTC assumptions, with the block performing well [82]

Financial Data and Key Metrics Changes - MetLife reported adjusted earnings of $1.6 billion, or $2.37 per share, up 22% per share from the prior year period [5] - Adjusted earnings totaled $1.6 billion, or $2.34 per share, a 21% increase from a year ago, driven by strong investment margins and volume growth [5][20] - The adjusted return on equity, excluding notable items, was 16.7%, near the top of the target range of 15%-17% [6] - The direct expense ratio was 11.6%, ahead of schedule relative to the new frontier commitment [6][28] Business Line Data and Key Metrics Changes - Group benefits adjusted earnings totaled $457 million, up 6% from a year ago, reflecting solid underwriting results [6][20] - Retirement and income solutions adjusted earnings totaled $423 million, up 15% from the prior year quarter, driven by higher variable investment income [8][22] - Asia adjusted earnings were $473 million, a 36% increase from the prior year quarter, with sales surging 34% on a constant currency basis [9][24] - Latin America adjusted earnings were $222 million, up 2%, with adjusted PFOs totaling $1.7 billion, up 11% [10][25] - EMEA adjusted earnings were $89 million, up 19% on a reported basis, primarily due to volume growth [11] Market Data and Key Metrics Changes - In Japan, sales increased by 31% year over year, driven by new product launches and enhancements [9][35] - Other Asia markets saw sales up 39% year over year, led by Korea and China [10][24] - The U.S. statutory adjusted capital stood at approximately $17.1 billion, unchanged from the prior quarter [31] Company Strategy and Development Direction - MetLife's new frontier strategy is focused on capital management, expense discipline, and leveraging technology for productivity gains [12][16] - The company is working towards closing two strategic transactions: the acquisition of PineBridge and the sale of a legacy block of variable annuities [13] - The annual Value of New Business (VNB) results indicate a disciplined approach to capital allocation, with $3.4 billion deployed in 2024 [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment, highlighting strong investment margins and a positive outlook for the pension risk transfer (PRT) business [9][12] - The company anticipates continued momentum in Asia and expects to see strong sales guidance for 2025 [35] - Management emphasized the importance of maintaining a disciplined approach to underwriting and capital deployment [41][52] Other Important Information - MetLife returned approximately $875 million to shareholders through dividends and share repurchases in the third quarter [12][31] - The company ended the quarter with cash and liquid assets of roughly $4.9 billion, exceeding its target cash buffer [13][31] - The effective tax rate on adjusted earnings was approximately 24%, at the bottom end of the guidance range [26] Q&A Session Summary Question: Can you provide additional color on the strength seen in Asia sales? - Management noted a 34% increase in the overall Asia market, with Japan sales up 31% due to new product launches and enhancements [34][35] Question: What is the expected magnitude of expense seasonality in Q4? - Management expects Q4 expenses to be somewhat higher than the first three quarters but still below the 12.1% target [38][39] Question: Can you comment on the $12 billion of PRTs won in Q4? - Management indicated that the $12 billion consists of a few large deals, emphasizing their competitive advantages in the jumbo end of the market [40][41] Question: What is the outlook for the base spread in RIS? - Management expects steady spread levels from Q3, with potential temporary headwinds from large PRT mandates [56]

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3Q25 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 | | Annual actuarial assumption review & other insurance adjustments | 4 | | Adjusted earnings by segment and Corporate & Other (C&O) | 5 | | Variable investment inco ...

Core Insights - MetLife Inc. reported mixed financial performance for the third quarter of 2025, with an earnings per share (EPS) of $2.34, exceeding the estimated $2.31, driven by gains from its investment portfolio [2][5] - The company's revenue was $17.36 billion, falling short of the estimated $18.64 billion, while net income was reported at $818 million [3][5] - Adjusted earnings per share rose by 21% to $2.37, indicating robust growth in core operations, supported by a 15% increase in adjusted earnings to $1.6 billion [2][3] Financial Metrics - MetLife's price-to-earnings (P/E) ratio is approximately 12.31, suggesting investors are willing to pay $12.31 for every dollar of earnings [4] - The price-to-sales ratio is about 0.72, indicating the stock is valued at less than one times its sales, while the enterprise value to sales ratio is around 0.69 [4] - The company's debt-to-equity ratio stands at approximately 0.72, reflecting a balanced approach to financing its assets [4][5]

Core Insights - MetLife reported revenue of $17.9 billion for Q3 2025, a 1.6% increase year-over-year, but fell short of the Zacks Consensus Estimate of $18.84 billion by 5.01% [1] - Earnings per share (EPS) for the quarter was $2.34, up from $1.93 in the same quarter last year, exceeding the consensus estimate of $2.33 by 0.43% [1] Revenue Performance - Adjusted Revenue from Asia for universal life and investment-type product policy fees was $407 million, below the estimated $431.68 million, reflecting a year-over-year decline of 3.1% [4] - Adjusted Revenue from Corporate & Other premiums was $11 million, significantly higher than the estimated $6 million, showing a year-over-year increase of 283.3% [4] - Adjusted Revenue from Latin America showed a loss of $2 million in Other Revenues, compared to an estimated $7.53 million, marking a 122.2% decline year-over-year [4] - Adjusted Revenue from Latin America for net investment income was $414 million, below the estimated $442.9 million, representing a 4.8% decrease year-over-year [4] - Revenue from premiums was $10.56 billion, lower than the estimated $11.41 billion, indicating a 0.9% decline year-over-year [4] - Revenue from Other Revenues was $724 million, exceeding the estimated $653.32 million, reflecting an 11.7% increase year-over-year [4] - Revenue from universal life and investment-type product policy fees was $1.25 billion, slightly below the estimated $1.31 billion, showing a year-over-year increase of 1.6% [4] - Revenue from net investment income was $6.09 billion, surpassing the estimated $5.47 billion, with a year-over-year increase of 16.5% [4] Segment Performance - Adjusted Revenue from Retirement & Income Solutions for premiums was $1.05 billion, significantly lower than the estimated $1.77 billion, reflecting a year-over-year decline of 28% [4] - Adjusted Revenue from Retirement & Income Solutions for universal life and investment-type product policy fees was $80 million, below the estimated $94.27 million, showing a year-over-year increase of 19.4% [4] - Adjusted Revenue from Retirement & Income Solutions for net investment income was $2.17 billion, slightly below the estimated $2.23 billion, with a year-over-year increase of 1.6% [4] - Adjusted Revenue from Retirement & Income Solutions for Other Revenues was $61 million, below the estimated $74.48 million, indicating no change year-over-year [4] Stock Performance - MetLife's shares have returned -4% over the past month, while the Zacks S&P 500 composite has increased by 1% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]