MetLife(MET) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenues for Q1 2025 were $18,569 million, a slight decrease from $18,666 million in Q4 2024[5] - Net income attributable to MetLife, Inc. for Q1 2025 was $945 million, compared to $1,271 million in Q4 2024, reflecting a decrease of 25.6%[5] - Premiums, fees, and other revenues for Q1 2025 totaled $13,639 million, down from $14,475 million in Q4 2024[5] - Policyholder benefits and claims for Q1 2025 were $11,806 million, compared to $12,572 million in Q4 2024, indicating a decrease of 6.1%[5] - The company reported net investment income of $4,885 million for Q1 2025, down from $5,405 million in Q4 2024[5] - Total expenses for Q1 2025 were $17,215 million, a decrease from $17,285 million in Q4 2024[5] - The provision for income tax expense for Q1 2025 was $404 million, compared to $106 million in Q4 2024, showing an increase of 280.2%[5] - The adjusted earnings available to common shareholders for Q1 2025 were $879 million, compared to $1,239 million in Q4 2024, reflecting a decrease of 29.1%[5] - The company experienced net derivative losses of $432 million in Q1 2025, a significant recovery from losses of $903 million in Q4 2024[5] Year-to-Date Performance - Total revenues for the year-to-date period ended March 31, 2025, were $18,569 million, an increase from $16,057 million for the same period in 2024, representing a growth of 15.7%[13] - Adjusted net investment income for the year-to-date period ended March 31, 2025, was $5,213 million, compared to $5,068 million for the same period in 2024, reflecting an increase of 2.9%[13] - Adjusted premiums, fees, and other revenues for the year-to-date period ended March 31, 2025, were $13,614 million, up from $11,948 million for the same period in 2024, indicating a growth of 13.9%[14] - Total adjusted revenues for the year-to-date period ended March 31, 2025, reached $18,827 million, compared to $17,016 million for the same period in 2024, marking an increase of 10.6%[13] - Total expenses for the year-to-date period ended March 31, 2025, were $17,215 million, an increase from $15,012 million for the same period in 2024, representing a growth of 14.7%[14] - Total adjusted expenses for the year-to-date period ended March 31, 2025, were $16,985 million, compared to $15,185 million for the same period in 2024, reflecting an increase of 11.8%[14] Shareholder Metrics - Adjusted earnings available to common shareholders for Q1 2025 were $1,349 million, a decrease from $1,375 million in Q3 2024[18] - Group Benefits adjusted earnings available to common shareholders for Q1 2025 were $367 million, down from $416 million in Q4 2024[18] - The total equity of MetLife as of March 31, 2025, was $27,755 million, a slight increase from $27,703 million in Q4 2024[17] - The retained earnings increased to $43,131 million as of March 31, 2025, from $42,626 million in Q4 2024[17] Investment Performance - The company reported net investment losses of $375 million in Q1 2024, with net derivative losses of $979 million[6] - The yield on equity securities increased to 6.16% for the year-to-date period ended March 31, 2025, up from 5.48% in the previous year[51] - The ending carrying value of fixed maturity securities was $290,416 million as of March 31, 2025, compared to $279,855 million a year earlier[51] - The company reported investment portfolio gains (losses) of $(461) million for the year-to-date period ended March 31, 2025[51] Future Outlook - The company anticipates continued improvements in expense ratios and revenue growth as part of its future outlook[16] - Future guidance indicates adjusted earnings available to common shareholders, excluding notable items, is expected to remain stable around $1,349 million for Q1 2025[6] - The company plans to continue its strategy of share repurchases, with 16.9 million shares repurchased in Q1 2024[9] Operational Insights - MetLife continues to focus on enhancing its non-GAAP financial measures to provide better insights into its operational performance[4] - The company emphasizes the importance of non-GAAP financial measures to provide a clearer picture of operational performance and profitability drivers[1] - Adjusted earnings exclude the impact of market volatility and focus on core business performance, allowing for better comparisons to industry results[1]