MetLife(MET) - 2025 Q3 - Quarterly Results

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]