MetLife, Inc. (MET) Q4 2025 Earnings Call Prepared Remarks Transcript

Core Insights - MetLife reported a strong performance in Q4 2025, showcasing the firm's earnings power through a diversified set of market-leading businesses [1] - The company has restructured its business segments, establishing MetLife Investment Management as a stand-alone segment, highlighting the strategic importance of its asset management operations [2] Financial Performance - For the full year 2025, MetLife achieved a net income of $3.2 billion and adjusted earnings of $5.9 billion, with adjusted earnings per share rising 10% to $8.89 [3] - The company recorded $14.2 billion in pension risk transfer (PRT) transactions, indicating strong volume growth across its businesses [4] - MetLife maintained expense discipline with a direct expense ratio of 11.7%, outperforming its target of 12.1% for 2025, and achieved a full year adjusted return on equity of 15.9%, within the target range of 15% to 17% [4]