Financial Performance - The company reported adjusted net operating income for Q3 2025, reflecting a year-over-year increase of 12% to $150 million[5]. - Diluted adjusted operating earnings per share rose to $2.50, representing a 10% increase compared to the same quarter last year[5]. - The company anticipates a 5% growth in total revenue for the upcoming fiscal year, driven by increased demand in core segments[5]. - Net income for the quarter ending September 2024 was $206,793 thousand, up from $178,344 thousand in June 2024, representing a 15.9% increase[12]. - Basic earnings per share for Q3 2024 was $5.73, a decrease of 4.4% compared to Q3 2023[14]. - Net income from continuing operations for Q3 2024 was $194.7 million, reflecting a 6.2% increase year-over-year[14]. - The total net income for the year-to-date (YTD) was $552.3 million, reflecting a 0.3% increase compared to the same period last year[14]. - The company reported a net loss from discontinued operations of $30.36 million in Q3 2024, compared to a loss of $208.10 million in Q3 2023[18]. - Income before income taxes for Q3 2024 was $254.57 million, down from $272.76 million in Q3 2023, representing a decrease of 6.7%[18]. - The company reported a total revenue of $2.58 billion for the year-to-date, up 2.2% from the previous year[29]. Segment Performance - The Term Life Insurance segment generated $400 million in premiums, a 15% increase from Q3 2024[5]. - Direct premiums for Q3 2024 reached $854.74 million, a year-over-year increase of 1.9% from $841.04 million in Q3 2023[18]. - Term Life Insurance direct premiums for Q3 2024 reached $864.04 million, a 1.9% increase year-over-year[21]. - Total Term Life income for Q3 2024 was $178.3 million, a decrease of 3.2% compared to Q3 2023[1]. - Total revenues for Q3 2024 amounted to $804.8 million, representing an 8.5% increase year-over-year[21]. - The company anticipates continued growth in net premiums and investment income for the upcoming quarters, driven by market expansion strategies[18]. Investment and Assets - The Investment and Savings Products segment reported a 20% growth in assets under management, totaling $5 billion[5]. - Total assets increased from $14,582.0 million in December 2023 to $14,847.7 million in September 2024, reflecting a growth of 1.83%[12]. - The company’s cash and investments excluding securities held to maturity decreased from $1,303.88 million in December 2023 to $1,241.54 million in September 2024, a decline of 4.78%[12]. - Cash and invested assets to stockholders' equity ratio is 2.2x, consistent with previous periods[1]. - As of September 30, 2025, total invested assets amounted to $3,831,444,000, with a decrease of $116,165,000 from the previous period[46]. Cost Management and Efficiency - Corporate restructuring efforts are projected to yield annual savings of $10 million starting in 2026[5]. - The company has allocated $30 million for technology development aimed at enhancing customer experience and operational efficiency[5]. - Other operating expenses for Q3 2024 were $87.333 million, a 4.5% increase year-over-year[21]. - The company reported investment losses of $1.3 million, compared to gains of $2.2 million in the previous year[22]. - The financial results indicate a focus on managing investment risks and restructuring costs to improve future profitability[26]. Market Expansion and Strategy - The company plans to expand its market presence by entering three new states by the end of 2026[5]. - New product launches in the insurance sector are expected to contribute an additional $50 million in revenue over the next year[5]. - The company is exploring new strategies for market expansion and product development to enhance growth prospects[26]. - The company anticipates continued growth in direct premiums for 2025, projecting an increase of approximately 5.5%[29]. Ratings and Financial Strength - A.M. Best rating for Primerica Life Insurance Co remains at A+[2]. - S&P rating for Primerica Life Insurance Co remains at AA-[2]. - Moody's rating for Primerica Life Insurance Co remains at A1[2]. - Financial strength ratings from major agencies remain stable, indicating strong market position[2]. - The company continues to focus on maintaining a strong capital structure while enhancing shareholder value[1].

Exhibit 99.1 Heritage Reports Third Quarter 2025 Results Tampa, FL – November 5, 2025: Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a super-regional property and casualty insurance holding company, today reported third quarter of 2025 financial results. Third Quarter 2025 Result Highlights "Our third quarter results continue to demonstrate the successful execution of our strategic initiatives and the corresponding increase in the Company's earnings trajectory which started a ...

Exhibit 99.1 American States Water Company Announces Third Quarter 2025 Results San Dimas, California, November 5, 2025…. American States Water Company (NYSE:AWR) today reported basic and fully diluted earnings per share of $1.06 for the quarter ended September 30, 2025, as compared to basic and fully diluted earnings per share of $0.95 for the quarter ended September 30, 2024, an increase of $0.11 per share, primarily generated from higher construction activities that resulted in higher earnings at the con ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 Commission File Number: 001-35039 BankUnited, Inc. (Exact name of registrant as specified in its charter) | Delaware | | | 27-0162450 | | --- | --- | --- | --- | | (State or other jurisdiction of ...

Financial Performance - Net sales for the three months ended September 30, 2025, increased to $2,316 million, up 3.8% from $2,231 million in the same period of 2024[11]. - Net income attributable to Icahn Enterprises for the three months ended September 30, 2025, was $287 million, compared to $22 million in the same period of 2024, indicating a significant increase[11]. - Comprehensive income attributable to Icahn Enterprises for the three months ended September 30, 2025, was $284 million, compared to $28 million in the same period of 2024[12]. - The net loss attributable to Icahn Enterprises for Q3 2025 was $287 million, compared to a net income of $22 million in Q3 2024, marking a significant decline[132]. - For the nine months ended September 30, 2025, the company reported a pre-tax loss of $362 million with an income tax expense of $8 million, resulting in an effective tax rate of (2.2)%[142]. - The company reported a net loss from investment activities of $48 million for the three months ended September 30, 2025, compared to a gain of $257 million in the same period of 2024[11]. - The company incurred a restructuring expense of $7 million for the nine months ended September 30, 2025, compared to $1 million in 2024[133]. Assets and Liabilities - Total assets decreased from $16,279 million as of December 31, 2024, to $14,826 million as of September 30, 2025, representing a decline of approximately 8.9%[10]. - Total liabilities decreased from $11,658 million as of December 31, 2024, to $11,407 million as of September 30, 2025, a reduction of approximately 2.1%[10]. - The equity attributable to Icahn Enterprises decreased from $2,466 million as of December 31, 2024, to $1,950 million as of September 30, 2025, a decrease of approximately 21%[10]. - Cash and cash equivalents decreased from $2,603 million as of December 31, 2024, to $1,787 million as of September 30, 2025, a decline of approximately 31.3%[10]. - The carrying value of long-term debt as of September 30, 2025, was approximately $6.7 billion, with an estimated fair value of $6.6 billion[45]. - As of September 30, 2025, total debt amounted to $6,688 million, a decrease from $6,809 million as of December 31, 2024[116]. Segment Performance - The Energy segment recognized revenue of $49 million for the nine months ended September 30, 2025, compared to $14 million for the same period in 2024[59]. - The Energy segment generated revenues of $5,352 million for the nine months ended September 30, 2025, compared to $5,663 million in 2024, reflecting a decrease of about 5.5%[135]. - The Automotive segment reported net sales of $218 million in Q3 2025, slightly up from $216 million in Q3 2024, indicating a marginal increase of 0.9%[132]. - The Automotive segment's raw materials inventory was $294 million as of September 30, 2025, slightly up from $293 million as of December 31, 2024[104]. - The Real Estate segment sold properties for total consideration of $247 million, resulting in a pre-tax gain of $223 million in August 2025[32]. - The Energy segment's net sales increased by $111 million (6%) for the three months ended September 30, 2025, driven by higher sales volumes and prices in the petroleum business[200]. Cash Flow and Investments - The net cash provided by operating activities for the nine months ended September 30, 2025, was $108 million, down from $588 million in 2024[19]. - The total cash and cash equivalents at the end of the period was $4.025 billion, compared to $4.734 billion at the end of the previous year[19]. - The company recognized equity method investments of $74 million for the nine months ended September 30, 2025[163]. - The total fair market value of investments in the Investment Funds was approximately $2.4 billion as of September 30, 2025, down from $2.7 billion as of December 31, 2024[183]. - The Investment Funds' returns for the three months ended September 30, 2025, were (0.5)%, a significant decline from 7.6% in the same period of 2024[186]. Capital Expenditures - Capital expenditures for Q3 2025 totaled $82 million, compared to $58 million in Q3 2024, reflecting an increase of approximately 41.4%[132]. - Capital expenditures for the nine months ended September 30, 2025, amounted to $266 million, an increase from $192 million in 2024, representing an increase of approximately 38.5%[133]. Tax and Legal Matters - For the three months ended September 30, 2025, the company recorded a pre-tax income of $538 million and an income tax expense of $127 million, resulting in an effective tax rate of 23.7%[139]. - A lawsuit related to a 2023 fire at the Wynnewood Refinery has a settlement demand of $60 million, with trial set for January 6, 2026[155]. Strategic Initiatives - The company is considering potential strategic transactions involving CVR Energy, including acquisitions of refining assets[176]. - The merger agreement with Enzon Pharmaceuticals is expected to close in Q1 2026, with Icahn Enterprises anticipated to own between 92% and 93% of the combined company[174].

Financial Performance - For the three months ended September 30, 2025, the company reported a net loss of $20.966 million compared to a net income of $22.652 million for the same period in 2024[171]. - Adjusted net loss for Q3 2025 was ($6.0) million, compared to adjusted net income of $9.8 million in Q3 2024[203]. - Oil, natural gas, and NGL revenues decreased to $201.4 million for the nine months ended September 30, 2025, down from $215.8 million in 2024[186]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $58.7 million, compared to $81.2 million for the same period in 2024, reflecting a decrease of 27.8%[210]. Sales and Production - Oil and natural gas sales for the three months ended September 30, 2025, were $64.242 million, down from $68.135 million in 2024, reflecting a decrease of approximately 5.2%[172]. - Average realized sales price per Boe decreased to $35.47 in Q3 2025 from $38.88 in Q3 2024, a decline of about 6.2%[172]. - Average net production volumes declined to approximately 18.9 MBoe/d for the nine months ended September 30, 2025, from 19.8 MBoe/d in 2024[186]. - The average realized sales price for the nine months ended September 30, 2025, was $39.03 per Boe, down from $39.69 per Boe in 2024[226]. Expenses - Lease operating expenses increased to $35.613 million in Q3 2025 from $33.255 million in Q3 2024, with per Boe costs rising from $18.98 to $19.67[174]. - Gathering, processing, and transportation expenses rose to $5.237 million in Q3 2025 from $4.290 million in Q3 2024, with per Boe costs increasing from $2.45 to $2.89[175]. - General and administrative expenses rose to $11.8 million in Q3 2025 from $8.3 million in Q3 2024, primarily due to acquisition costs and severance expenses[179]. - DD&A expenses increased to $9.0 million for Q3 2025 from $8.1 million in Q3 2024, driven by increased production[177]. Impairment and Losses - Impairment expense for Q3 2025 was $34.0 million, compared to no impairment expense in Q3 2024[178]. - Impairment expense for the nine months ended September 30, 2025, was $42.5 million, with no impairment recorded in 2024[192]. - Net loss on commodity derivative instruments was ($6.9) million in Q3 2025, compared to a net gain of $25.0 million in Q3 2024[180]. Cash Flow and Capital Expenditures - For the nine months ended September 30, 2025, net cash provided by operating activities was $62.6 million, compared to $38.8 million for the same period in 2024, representing a 61.5% increase[225]. - Total capital expenditures for the nine months ended September 30, 2025, were approximately $66.1 million, primarily related to the development program at Beta and non-operated drilling activities[216]. - Net cash used in investing activities for the nine months ended September 30, 2025, was $56.6 million, with $65.2 million allocated to additions to oil and natural gas properties[229]. Asset Sales and Divestitures - The company generated $5.5 million in net proceeds from the sale of its remaining interest in certain units in the Cotton Valley and Haynesville basins, which closed on October 24, 2025[160]. - The EQV Asset Sale is expected to close in December 2025 for a cash purchase price of $122.0 million, with an effective date of October 1, 2025[162]. - The Revolution Asset Sale is anticipated to close in December 2025 for a cash purchase price of $92.5 million, also with an effective date of October 1, 2025[163]. - The company divested all non-operated working interests in the Eagle Ford for a contract price of $23.0 million[230]. Working Capital and Debt - As of September 30, 2025, the company had a working capital deficit of $9.6 million, primarily due to accrued liabilities of $29.7 million[218]. - The borrowing base under the Revolving Credit Facility was $135.0 million, with $123.0 million in loans outstanding as of September 30, 2025[219]. - The company had net repayments of $4.0 million related to its Revolving Credit Facility for the nine months ended September 30, 2025, compared to net borrowings of $5.0 million for the same period in 2024[232]. Other Financial Information - The company incurred professional fees and expenses of approximately $3.5 million in connection with the termination of the contemplated merger with Juniper Capital[212]. - Shares withheld for taxes amounted to $2.0 million for the nine months ended September 30, 2025, compared to $1.9 million for the same period in 2024[232]. - As of September 30, 2025, the company had no off-balance sheet arrangements[233]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[235].

Financial Performance - For Q3 2025, net income was $14.7 million, or $0.24 per diluted share, up from $10.5 million, or $0.17 per diluted share in Q3 2024, reflecting a 40% increase in earnings per share [149]. - Total revenue for Q3 2025 increased by $7.9 million, or 19%, to $50.0 million compared to $42.2 million in Q3 2024 [153]. - Adjusted net income for the first nine months of 2025 was $39.3 million, or $0.64 per diluted share, excluding legal settlement impacts [152]. - Reported net income for Q3 2025 was $14,698,000, an increase of 39.5% from $10,507,000 in Q3 2024 [298]. - Adjusted net income for the nine months ended September 30, 2025, was $39,279,000, up from $29,907,000 in the same period of 2024, reflecting a 31.3% increase [298]. Revenue and Income Sources - Net interest income rose by $7.5 million, or 19%, to $46.8 million in Q3 2025, with a fully tax equivalent net interest margin of 3.60%, up from 3.15% in Q3 2024 [153]. - Total noninterest income increased by 8% to $3.2 million in Q3 2025, driven by a recovery on an acquired loan and higher facility fees [153]. - Total noninterest income for the nine months ended September 30, 2025, rose 7% to $8.9 million, compared to $8.3 million for the same period in 2024 [179]. - Net interest income for the quarter ended September 30, 2025, was $46.788 million, with a net interest margin of 3.59% [163]. - The net interest margin (FTE) for Q3 2025 was 3.60%, up from 3.15% in Q3 2024 [295]. Asset and Loan Growth - Loans held-for-investment increased by $171.4 million, or 5%, to $3.6 billion at September 30, 2025, compared to $3.4 billion at the same date in 2024 [157]. - Total deposits increased by $47.0 million, or 1%, to $4.8 billion at September 30, 2025, compared to $4.7 billion at the same date in 2024 [157]. - The average balance of loans, gross, was $3,486,688 thousand for the nine months ended September 30, 2025, up from $3,330,442 thousand in 2024 [1]. - The commercial loan portfolio grew by $41.8 million, or 9%, to $523.1 million at September 30, 2025, from $481.3 million a year prior [208]. - Total assets (GAAP) as of September 30, 2025, were $5,623,720,000, an increase from $5,551,596,000 in 2024 [299]. Efficiency and Cost Management - The efficiency ratio improved to 58.05% in Q3 2025 from 65.37% in Q3 2024, reflecting higher total revenue [154]. - Noninterest expense for Q3 2025 rose to $29.0 million, up from $27.6 million in Q3 2024, primarily due to higher salaries and employee benefits [153]. - Salaries and employee benefits increased by 8% to $16,948,000 for the third quarter of 2025, compared to $15,673,000 for the same quarter in 2024 [182]. - Total noninterest expense for the nine months ended September 30, 2025, was $96,817,000, an increase of 16% from $83,279,000 for the same period in 2024 [182]. Credit Quality and Risk Management - Nonperforming assets totaled $3.7 million, or 0.07% of total assets, at September 30, 2025, down from $7.2 million, or 0.13% at September 30, 2024 [157]. - The allowance for credit losses on loans was $49.4 million, or 1.38% of total loans, representing 1,350% of total nonperforming loans at September 30, 2025 [157]. - The provision for credit losses on loans was $1,206,000 for the nine months ended September 30, 2025, compared to $808,000 for the same period in 2024, reflecting loan growth [178]. - The total nonperforming loans decreased to $3,662,000 at September 30, 2025, from $7,667,000 at December 31, 2024 [231]. - The Company has established policies to manage credit quality risk, focusing on loan quality and underwriting standards [226]. Capital and Liquidity - The Company's total available liquidity and borrowing capacity was $3.3 billion at September 30, 2025, compared to $3.2 billion at the same date in 2024 [157]. - The total capital ratio was 15.4% at September 30, 2025, exceeding the regulatory guideline of 10.0% for well-capitalized financial institutions [158]. - As of September 30, 2025, the Company had total shareholders' equity of $700.0 million, an increase from $685.4 million at September 30, 2024 [278]. - The Company had a total available line of credit of $2,093,799 thousand as of September 30, 2025 [267]. - The Company’s Tier 1 leverage ratio was 9.9% as of September 30, 2025, down from 10.0% at September 30, 2024 [274].

Financial Performance - For the three months ended September 30, 2025, revenue increased to $35.1 million, a 1% increase from $34.8 million in the same period of 2024[124] - The net loss for the three months ended September 30, 2025, was $0.7 million, compared to a net income of $1.6 million for the same period in 2024[122] - Total revenue for the nine months ended September 30, 2025, was $90,905,000, an increase of $8,986,000 or 11% compared to $81,919,000 in 2024[141] - EBITDA for the nine months ended September 30, 2025, was $8,064,000, compared to $4,369,000 in 2024, reflecting improved operational performance[160] Cost and Expenses - The cost of revenue for the same period rose to $25.0 million, reflecting a 17% increase from $21.3 million in 2024, primarily due to fixed production costs associated with initial production at the GAC Facility[124] - Cost of revenue decreased to $52,279,000 in 2025 from $61,363,000 in 2024, a reduction of $9,084,000 or 17%[141] - Operating expenses decreased by $738,000 or 2% to $31,274,000 in 2025 from $32,012,000 in 2024, primarily due to a 27% reduction in selling, general and administrative expenses[144] - Selling, general and administrative expenses decreased by 43% to $4.6 million in Q3 2025 from $8.1 million in Q3 2024, primarily due to reduced payroll and benefits expenses[128] - Research and development expenses surged to $2.6 million in Q3 2025, up from $0.8 million in Q3 2024, due to pre-production testing of the GAC Facility[128] - Research and development expenses increased by $2,796,000 or 84% to $6,137,000 in 2025, driven by costs related to the GAC Facility[144] Cash Flow and Liquidity - Cash and restricted cash decreased from $22.2 million at the end of 2024 to $15.5 million by September 30, 2025[161] - Cash flows from operating activities were $28,000 in 2025, a decrease of $5,240,000 from $5,268,000 in 2024[162] - Cash flows used in investing activities decreased by $34.3 million for the nine months ended September 30, 2025, primarily due to a $34.4 million decrease in property, plant, and equipment additions related to the Red River Plant commissioning[163] - Cash flows provided by financing activities decreased by $39.0 million for the nine months ended September 30, 2025, mainly due to net proceeds of $42.4 million from common stock placements completed in 2024[164] - The company expects cash on hand of $7.0 million and availability under the Revolving Credit Facility to provide sufficient liquidity for operations over the next 12 months[166] Market and Regulatory Environment - The average Henry Hub natural gas spot prices increased to $3.03 per MMBtu in Q3 2025 from $2.11 per MMBtu in Q3 2024, influencing demand for coal[125] - The average Henry Hub natural gas spot prices increased to $3.45 per MMBtu in 2025 from $2.11 per MMBtu in 2024, contributing to higher product sales volumes[142] - The EPA's new PFAS regulations are expected to drive a material increase in GAC demand in the water purification market, with compliance potentially extending to 2031[121] - Future cash flows and profitability are expected to be influenced by the demand for AC products and the impact of regulations on the industry[177] Operational Developments - The company expects to reach GAC nameplate capacity around mid-year 2026, which will coincide with a final investment decision regarding a potential second GAC line[118] - The company anticipates ramping up to full nameplate capacity at the Red River Plant and is evaluating a potential second GAC line[175] - The company resumed operations at the Corbin Facility in August 2025 after a temporary reduction in operations earlier in the year[170] - The company plans to focus capital expenditures for the remainder of 2025 on plant maintenance and improvements to increase production at the Red River Plant[169] Other Income and Losses - Other income for Q3 2025 was $0.7 million, primarily from an insurance claim related to mining equipment, compared to $0.3 million in Q3 2024[139] - Interest expense decreased by $521,000 or 21% to $1,905,000 in 2025, primarily due to lower average interest rates[154] - The company recorded pretax losses of $2.6 million in 2025, compared to $3.7 million in 2024, with an effective tax rate of zero in 2025[156] Strategic Focus - The company is focused on expanding its market share for APT consumables and improving gross margins through better customer and product mix[165] - The company anticipates that revenue will continue to be positively impacted by product price increases as GAC production ramps up[127]

Revenue and Income - For the three months ended September 30, 2025, revenue increased to $35.1 million, a 1% increase from $34.8 million in the same period of 2024[124] - The net loss for the three months ended September 30, 2025, was $0.7 million, compared to a net income of $1.6 million in the same period of 2024[122] - Total revenue for the nine months ended September 30, 2025, was $90,905,000, an increase of $8,986,000 or 11% compared to $81,919,000 in 2024[141] - EBITDA for the nine months ended September 30, 2025, was $8,064,000, compared to $4,369,000 in 2024, reflecting improved operational performance[160] Costs and Expenses - The cost of revenue for the same period rose to $25.0 million, representing a 17% increase from $21.3 million in 2024[124] - Cost of revenue decreased to $52,279,000 in 2025 from $61,363,000 in 2024, a reduction of $9,084,000 or 17%[141] - Operating expenses totaled $31,274,000 in 2025, a slight decrease of $738,000 or 2% from $32,012,000 in 2024[144] - Research and development expenses surged to $2.6 million for the three months ended September 30, 2025, compared to $0.8 million in 2024, reflecting increased pre-production testing costs[133] - Research and development expenses rose significantly by $2,796,000 or 84% to $6,137,000 in 2025, primarily due to initial testing of the GAC Facility[149] - Selling, general and administrative expenses decreased by 43% to $4.6 million in Q3 2025 from $8.1 million in Q3 2024[128] Cash Flow and Liquidity - Cash and restricted cash decreased from $22,200,000 as of December 31, 2024, to $15,500,000 as of September 30, 2025[161] - Cash flows from operating activities were minimal at $28,000 in 2025, a decrease of $5,240,000 from $5,268,000 in 2024[162] - Cash flows used in investing activities decreased by $34.3 million for the nine months ended September 30, 2025, primarily due to a $34.4 million decrease in property, plant, and equipment additions related to the Red River Plant commissioning[163] - Cash flows provided by financing activities decreased by $39.0 million for the nine months ended September 30, 2025, mainly due to net proceeds of $42.4 million from common stock placements completed in 2024[164] - The company expects cash on hand of $7.0 million and availability under the Revolving Credit Facility to provide sufficient liquidity for operations over the next 12 months[166] Market and Product Development - The implementation of new PFAS regulations is expected to significantly increase demand for granular activated carbon (GAC) in the water purification market[121] - The company anticipates reaching GAC nameplate capacity around mid-year 2026, which will coincide with a final investment decision regarding a potential second GAC line[118] - The company anticipates ramping up to full nameplate capacity at the Red River Plant and is evaluating a potential second GAC line[175] - Future cash flows and profitability from the GAC business are expected to be significant, with ongoing efforts to contract remaining GAC product volumes[177] - The company is focused on expanding its market share for APT consumables and improving gross margins through better customer and product mix[165] Other Financial Metrics - Other income increased to $0.7 million in Q3 2025, primarily due to an insurance claim related to mining equipment[139] - The effective tax rate for the three months ended September 30, 2025, was zero, with no income tax benefit recorded due to a full valuation allowance on deferred tax assets[140] - Interest expense decreased by $521,000 or 21% to $1,905,000 in 2025, attributed to lower average interest rates[154] - Total other income improved by $517,000 or 38% to a loss of $851,000 in 2025, compared to a loss of $1,368,000 in 2024[152] Risks and Challenges - Risks include potential fluctuations in pricing for AC products and the impact of regulatory changes on demand for the company's products[176]

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]