MetLife(US:MET)2025-05-01 21:21Financial Performance - Total revenues for Q1 2025 were $18,569 million, an increase of 15.6% compared to $16,057 million in Q1 2024[22] - Net income attributable to MetLife, Inc. for Q1 2025 was $945 million, up from $867 million in Q1 2024, representing a growth of 9%[22] - Premiums collected in Q1 2025 reached $11,723 million, a 16.6% increase from $10,053 million in Q1 2024[22] - Total expenses for Q1 2025 were $17,215 million, compared to $15,012 million in Q1 2024, reflecting a rise of 14.7%[22] - Basic earnings per share for common shareholders in Q1 2025 was $1.29, compared to $1.11 in Q1 2024, marking a 16.2% increase[22] - Comprehensive income attributable to MetLife, Inc. for Q1 2025 was $2,957 million, significantly higher than $338 million in Q1 2024[22] - Net income for the three months ended March 31, 2025, was $950 million, compared to $875 million for the same period in 2024, representing an increase of 8.6%[28] - Operating cash flow for the three months ended March 31, 2025, was $4,262 million, significantly higher than $2,328 million in the same period of 2024[28] - Total consolidated adjusted earnings for Q1 2025 were $1,415 million, a slight increase from $1,401 million in Q1 2024, representing a growth of 1%[72] Assets and Liabilities - Total assets as of March 31, 2025, were $688,316 million, up from $677,457 million at the end of 2024, indicating a growth of 1.3%[18] - Total liabilities increased to $660,561 million as of March 31, 2025, compared to $649,754 million at the end of 2024, a rise of 1.8%[18] - The total liabilities for future policy benefits as of March 31, 2025, were $197,667 million, up from $193,646 million at the end of 2024, indicating an increase of 2%[76] - The balance of retained earnings at March 31, 2025, was $43,131 million, up from $40,350 million at March 31, 2024, indicating an increase of 6.9%[28] Investment Income - The company reported net investment income of $4,885 million for Q1 2025, down from $5,436 million in Q1 2024, a decrease of 10.1%[22] - Net investment income for the RIS segment increased to $2,167 million in Q1 2025, compared to $2,089 million in Q1 2024, a growth of 4%[72] - The Asia segment's net investment income increased to 11% in Q1 2025 from 8% in Q1 2024, indicating improved performance[72] Segment Performance - MetLife is organized into six segments: Group Benefits, RIS, Asia, Latin America, EMEA, and MetLife Holdings, with enhanced disclosures following the adoption of ASU 2023-07[42] - Total segment revenues increased to $18,644 million in Q1 2025 from $16,806 million in Q1 2024, reflecting a growth of 10%[72] - Adjusted earnings for the Group Benefits segment rose to $367 million in Q1 2025, up from $284 million in Q1 2024, marking a growth of 29%[72] - Premiums for the Group Benefits segment were $5,763 million in Q1 2025, compared to $5,711 million in Q1 2024, reflecting a growth of 1%[72] Policyholder Accounts and Benefits - Total policyholder account balances increased to $28,692 million in deposits for the three months ended March 31, 2025, compared to $24,444 million in 2024, reflecting a growth of 17.5%[28] - Policyholder benefits and claims for the Group Benefits segment were $5,183 million in Q1 2025, compared to $5,236 million in Q1 2024, a decrease of 1%[72] - The total policyholder account balances increased to $225,623 million as of March 31, 2025, from $221,445 million at the end of 2024, marking a growth of 1.6%[102] Stock and Dividends - The company repurchased treasury stock amounting to $1,411 million during the three months ended March 31, 2025[28] - Dividends declared on common stock were $374 million for the three months ended March 31, 2025, consistent with $377 million in 2024[28] Market and Economic Factors - The company is currently evaluating the impact of ASU 2023-09 and ASU 2024-03 on its consolidated financial statements, which may affect income tax disclosures and expense disaggregation[40] - The effect of changes in interest rates contributed $123 million to the balance of MetLife Holdings - Annuities for the three months ended March 31, 2025, compared to a negative impact of $373 million in the same period of 2024[145] Closed Block Performance - Total revenues for the closed block were $514 million for the three months ended March 31, 2025, down 8.0% from $559 million in the same period of 2024[181] - Total expenses for the closed block were $493 million in Q1 2025, a decrease of 4.1% from $514 million in Q1 2024[181] - The excess of closed block liabilities over assets designated to the closed block was $4,596 million, down from $4,863 million at the end of 2024[178] Securities and Investments - Total fixed maturity securities available-for-sale (AFS) were valued at $291,735 million as of March 31, 2025, compared to $281,043 million at the end of 2024, indicating an increase of 3.8%[184] - The total fair value of unit-linked investments was $9.118 billion as of March 31, 2025, with net unrealized gains of $1.493 billion[203] - The company did not intend to sell its securities in an unrealized loss position without an ACL, indicating a long-term holding strategy[193]