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]

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to ensure proper functionality and access to content [1] Group 1 - The article emphasizes that users may be blocked from proceeding if an ad-blocker is enabled [1]

Financial Performance - MetLife's net income was $818 million, or $1.22 per share, while adjusted earnings reached $1,584 million, or $2.37 per share in 3Q25[3] - Adjusted earnings ex total notable items were $1,566 million, or $2.34 per share[3] - The company's direct expense ratio was 11.6%, below the annual target of 12.1%[11] Segment Results (Adjusted Earnings ex Total Notable Items) - Group Benefits: $457 million, a 6% increase year-over-year, driven by expense margins and volume growth, offset by underwriting margins[7] - RIS: $423 million, a 15% increase year-over-year, driven by investment margins[7] - Asia: $473 million, a 36% increase (37% on a constant rate basis) year-over-year, driven by investment margins and volume growth[7] - Latin America: $222 million, a 2% increase year-over-year (both reported and constant rate), driven by volume growth[7] - EMEA: $89 million, a 19% increase (17% on a constant rate basis) year-over-year, driven by volume growth[7] - MetLife Holdings: $190 million, a 12% increase year-over-year, driven by investment margins[7] - Corporate & Other: $(288) million[7] Variable Investment Income (VII) - Total VII was $382 million in 3Q25[10] - RIS segment had $146 million in VII[10] - Asia segment had $139 million in VII[10] Capital Management - Holding company cash stood at $4.9 billion in 3Q25[17] - The company returned approximately $875 million to shareholders in 3Q25, including ~$500 million in share repurchases and ~$375 million in common stock dividends[19]

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]

Core Insights - MetLife reported an increase in third-quarter profit, driven by higher income from investments [1] Financial Performance - The insurer's profit rose in the third quarter, indicating a positive trend in financial performance [1]

Financial Performance - Total revenues for Q3 2025 were $17.361 billion, a decrease of 1.1% compared to Q3 2024's $18.440 billion[4] - Net income attributable to MetLife, Inc. for Q3 2025 was $896 million, reflecting a decrease of 29.5% from $1.271 billion in Q3 2024[4] - Premiums, fees, and other revenues for Q3 2025 totaled $12.526 billion, down 0.2% from $12.523 billion in Q3 2024[4] - Policyholder benefits and claims for Q3 2025 were $10.369 billion, a decrease of 17.3% from $12.572 billion in Q3 2024[4] - Net investment income for Q3 2025 was $6.089 billion, an increase of 12.5% compared to $5.405 billion in Q3 2024[4] - Total expenses for Q3 2025 were $16.151 billion, a decrease of 6.6% from $17.285 billion in Q3 2024[4] - Adjusted earnings available to common shareholders for Q3 2025 were $2.987 billion, compared to $2.395 billion in Q3 2024[4] - Total adjusted revenues for the three months ended September 30, 2024, were $17,614 million, compared to $19,738 million for the same period in 2024, reflecting a decrease of 10.7%[11] - Total adjusted revenues for the year-to-date period ended September 30, 2025, were $54,649 million, up from $53,313 million in 2024, indicating a growth of 2.5%[11] Investment Performance - The company reported net derivative gains of $929 million in Q3 2025, compared to losses of $903 million in Q3 2024[4] - Net investment income for the year-to-date period ended September 30, 2025, was $16,635 million, up from $15,868 million in the previous year, representing an increase of 4.8%[11] - Adjusted net investment income for the three months ended September 30, 2025, was $5,440 million, an increase from $5,213 million in the previous year, reflecting a growth of 4.4%[11] - The company reported variable investment income of $720 million for the year-to-date period ended September 30, 2025, compared to $1,005 million in the previous year, reflecting a decrease of 28.5%[11] - The company reported a net investment gain of $(325) million for the three months ended September 30, 2025, compared to $(77) million for the same period in 2024, indicating a worsening performance[60] Tax and Provision Expenses - The provision for income tax expense in Q3 2025 was $308 million, compared to $106 million in Q3 2024[4] - The total provision for income tax expense increased to $531 million for the third quarter of 2025, up from $458 million in the same quarter of 2024, indicating a rise of 15.9%[20] Shareholder Metrics - Adjusted earnings available to common shareholders reached $1,584 million for the three months ended September 30, 2025, representing an increase of 16.3% compared to $1,375 million in the same period of 2024[20] - The total equity of MetLife, Inc. increased to $29,191 million as of September 30, 2025, compared to $31,164 million at the end of 2024, reflecting a decrease of approximately 6.3%[19] - Book value per common share increased to $39.02 in Q3 2024 from $34.28 in Q4 2024[8] - Adjusted return on common stockholders' equity was 14.6% in Q3 2024, up from 14.4% in Q4 2024[8] - Common shares outstanding decreased to 693.7 million at the end of Q3 2024 from 689.2 million in Q4 2024, reflecting share repurchases[8] Segment Performance - The Group Benefits segment reported adjusted earnings of $455 million for the third quarter of 2025, an increase of 21.9% from $373 million in the same quarter of 2024[20] - The Asia segment's adjusted earnings surged to $543 million in the third quarter of 2025, a significant increase of 77.8% compared to $306 million in the same quarter of 2024[20] - The Corporate & Other segment reported adjusted losses of $288 million for the third quarter of 2025, widening from a loss of $249 million in the same quarter of 2024[20] Asset and Liability Management - Total assets increased to $719,726 million as of September 30, 2025, up from $704,976 million at the end of 2024, reflecting a growth of approximately 2.6%[19] - Total liabilities rose to $690,535 million as of September 30, 2025, compared to $673,812 million at the end of 2024, marking an increase of approximately 2.5%[19] - Cash and cash equivalents decreased to $20,233 million as of September 30, 2025, down from $21,765 million at the end of 2024, reflecting a decline of about 7.1%[19] Notable Items and Adjustments - Total notable items impacting adjusted earnings available to common shareholders were $16 million in Q3 2024, compared to $10 million in Q4 2024[6] - The total notable items for the year-to-date period ended September 30, 2025, amounted to $18 million, reflecting adjustments from various unexpected events[65] - MetLife's total notable items for Q3 2024 included $16 million from actuarial assumption reviews and other insurance adjustments[65] Operational Efficiency - The expense ratio for the three months ended September 30, 2024, was 17.8%, which increased to 21.7% for the three months ended June 30, 2025[17] - Adjusted other expenses for the year-to-date period ended September 30, 2025, were $9,860 million, compared to $9,443 million in 2024, representing an increase of 4.4%[15] - The adjusted expense ratio for the three months ended September 30, 2024, was 19.8%, which rose to 20.6% for the three months ended September 30, 2025[18]

Core Insights - MetLife reported strong third quarter results for 2025, showcasing the effectiveness of its diversified business model and strategic initiatives [2][4][3] Financial Performance - Net income for 3Q 2025 was $818 million, or $1.22 per share, a decrease of 36% year-over-year [12][5] - Adjusted earnings increased by 15% to $1.6 billion, with adjusted earnings per share rising 22% to $2.37 [12][5] - Premiums, fees, and other revenues were $12.5 billion, flat compared to the prior year, but adjusted revenues excluding pension risk transfers grew by 4% [9][6] - Net investment income rose 16% to $6.1 billion, driven by higher returns on private equity assets [10][5] Segment Performance - Group Benefits adjusted earnings were $455 million, up 22%, while adjusted premiums and fees increased by 3% to $6.3 billion [20][17] - Retirement and Income Solutions (RIS) adjusted earnings decreased by 8% to $436 million, with adjusted premiums and fees down 25% [21][18] - Asia segment saw adjusted earnings surge by 77% to $543 million, with sales up 34% on a constant currency basis [25][19] - Latin America adjusted earnings fell by 33% to $147 million, impacted by a tax charge, but adjusted premiums and fees rose by 11% [26][22] - EMEA adjusted earnings increased by 26% to $88 million, reflecting strong volume growth [27][23] Strategic Initiatives - The company secured $12 billion in pension risk transfer mandates in the fourth quarter to date, indicating strong momentum [3][5] - MetLife expanded its Xcelerator program in Latin America through a partnership with Mercado Libre, enhancing its market reach [5][5] Shareholder Returns - Approximately $875 million was returned to shareholders through share repurchases and dividends [5][5] - Book value per share increased by 1% to $39.52, while adjusted book value per share rose by 3% to $56.57 [5][6]