Core Insights - MetLife, Inc. reported fourth-quarter 2025 adjusted operating earnings per share (EPS) of $2.58, exceeding the Zacks Consensus Estimate by 9.3% and reflecting a 24% year-over-year increase [1][9] - Adjusted operating revenues reached $24.2 billion, marking a 22.6% year-over-year growth, although it fell short of the consensus estimate by 19.5% [1][9] Financial Performance - The quarterly earnings were bolstered by strong performance in Asia, Group Benefits, RIS, and EMEA segments, driven by higher volumes and improved investment income [2][9] - Adjusted premiums, fees, and other revenues (PFOs) grew 8% year over year to $12.8 billion, while adjusted net investment income rose 5% year over year to $5.6 billion [3] - Total expenses increased by 31.3% year over year to $22.7 billion, primarily due to higher policyholder benefits and claims [4] - Net income decreased by 37% year over year to $778 million, but adjusted return on equity improved by 300 basis points to 18.3% [4] Segment Performance - Group Benefits segment reported adjusted earnings of $465 million, a 12% year-over-year increase, surpassing the consensus estimate [5] - RIS segment's adjusted earnings grew 18% year over year to $454 million, also beating the consensus mark [6] - Asia segment's adjusted earnings were $444 million, up 1% year over year, exceeding the consensus estimate [7] - Latin America segment's adjusted earnings dropped 1% year over year to $198 million, impacted by a VAT charge in Mexico [8] - EMEA segment's adjusted earnings surged 64% year over year to $97 million, outperforming the consensus estimate [9] Financial Position - As of December 31, 2025, MetLife had cash and cash equivalents of $22 billion, a 9.8% increase from the previous year [11] - Total assets rose to $745.2 billion, a 10% increase year over year, while total equity increased by 3.5% to $28.7 billion [11] - Book value per share was $39.02, reflecting a 13.8% year-over-year increase [12] Capital Deployment - MetLife repurchased shares worth $430 million in the fourth quarter and planned additional repurchases of approximately $200 million in January 2026 [13] Full-Year Results and Outlook - For full-year 2025, adjusted operating revenues were $78.8 billion, up from $73.1 billion the previous year, with adjusted EPS rising 10% year over year to $8.89 [14] - Management projects a pre-tax variable investment income of around $1.6 billion for 2026 and expects an expense ratio of 12.1% [15] - Near-term targets include adjusted PFO growth in Group Benefits of 4-7% annually and double-digit adjusted EPS growth [16]

Core Insights - Voya Financial, Inc. (VOYA) reported second-quarter 2025 adjusted operating earnings of $2.4 per share, exceeding the Zacks Consensus Estimate by 14.8% and reflecting a year-over-year increase of 5.7% [1][9] - The results were driven by contributions from OneAmerica, favorable capital markets, and net inflows, although higher expenses in Employee Benefits due to strategic investments partially offset these gains [1] Financial Performance - Adjusted operating revenues reached $356 million, marking a 9.8% increase year over year and surpassing estimates by 19.4% [2][9] - Net investment income rose by 12.7% year over year to $584 million, while fee income increased by 11.7% to $577 million [2] - Premiums totaled $718 million, down 9.1% from the previous year, with total benefits and expenses amounting to $1.8 billion, up 2.1% year over year [2] Client Assets and Growth - As of June 30, 2025, total client assets were $757 billion, reflecting a significant 30% year-over-year increase, primarily due to assets from OneAmerica and positive capital market conditions [3][4][9] Segment Performance - The Retirement segment reported pre-tax adjusted operating earnings of $235 million, a 9.8% increase year over year, largely attributed to the OneAmerica acquisition [4] - Employee Benefits segment saw pre-tax adjusted operating earnings of $69 million, up 15% year over year, driven by positive claim developments, although offset by lower voluntary underwriting gains [5] - Investment Management posted pre-tax adjusted operating earnings of $51 million, a 2% increase year over year, with net inflows of $1.8 billion, indicating organic growth of 2.5% for the quarter [6] Financial Position - Voya Financial ended the quarter with cash and cash equivalents of $1.2 billion, a 10.6% increase year over year, and total investments of $37.5 billion, up 6.7% [8] - Long-term debt decreased to $1.6 billion, down 21.2% from the end of 2024, with an improved financial leverage ratio of 27.4% [10] - Book value per share (excluding AOCI) was $63.18, reflecting a 4% year-over-year increase [10] Capital Deployment - The company returned $44 million to shareholders through common stock dividends [11]