Financial Data and Key Metrics Changes - MetLife reported adjusted earnings of $1.6 billion, or $2.37 per share, up 22% per share from the prior year period, with notable items totaling $18 million, or $0.03 per share [6][7] - Adjusted earnings, excluding notable items, totaled $1.6 billion, or $2.34 per share, a 21% increase from a year ago [7] - The adjusted return on equity, excluding notables, was 16.7%, near the top of the target range of 15%-17% [8] - The direct expense ratio was 11.6%, ahead of schedule relative to the new frontier commitment [8][31] Business Line Data and Key Metrics Changes - Group benefits adjusted earnings totaled $457 million, up 6% from a year ago, driven by solid underwriting results and improved dental profitability [8][9] - Retirement and income solutions adjusted earnings totaled $423 million, up 15% from the prior year quarter, reflecting higher variable investment income [9][25] - Asia adjusted earnings were $473 million, a 36% increase from the prior year quarter, with sales surging 34% on a constant currency basis [10][26] - Latin America adjusted earnings were $222 million, up 2%, with adjusted PFOs totaling $1.7 billion, up 11% [11][27] - EMEA adjusted earnings were $89 million, up 19% on a reported basis, primarily due to volume growth [12] Market Data and Key Metrics Changes - In Asia, sales increased by 34%, with Japan sales up 31% driven by new product launches [10][39] - Latin America saw strong growth in Mexico, Chile, and Brazil, with adjusted PFOs up 11% [11][27] - The U.S. statutory operating earnings for the first nine months of 2025 were approximately $2.1 billion, with net income of $1.3 billion [33] Company Strategy and Development Direction - MetLife's new frontier strategy is focused on capital management, expense discipline, and leveraging technology to enhance productivity [15][17] - The company is working towards closing two strategic transactions, the acquisition of PineBridge and the sale of a legacy block of variable annuities [15] - The annual Value of New Business (VNB) results indicate a disciplined approach to capital allocation, with $3.4 billion deployed in 2024 [12][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment, highlighting strong investment margins and volume growth across several business segments [5][8] - The outlook for the pension risk transfer (PRT) business remains positive, with a record level of new mandates secured in Q4 [10][46] - Management noted that the competitive environment in group benefits remains rationally priced, allowing for growth while maintaining underwriting discipline [64] Other Important Information - The company returned approximately $875 million to shareholders through common stock dividends and share repurchases in Q3 [14][33] - Cash and liquid assets at holding companies totaled $4.9 billion, exceeding the target cash buffer of $3-4 billion [15][33] - The effective tax rate on adjusted earnings was approximately 24%, at the bottom end of the 2025 guidance range [29] Q&A Session Summary Question: Can you provide additional color on the strength seen in Asia sales? - Management noted a 34% increase in the overall Asia market, with Japan sales up 31% due to new product launches and enhancements [39] Question: What is the expected expense seasonality in Q4? - Management expects Q4 expenses to be somewhat higher than the first three quarters but still below the 12.1% target [40][41] Question: Can you comment on the $12 billion of PRTs won in Q4? - Management indicated that the $12 billion consists of a few large deals, emphasizing competitive advantages in the jumbo end of the market [45][46] Question: What is the outlook for the base spread in RIS? - Management expects steady spread levels from Q3, with potential temporary headwinds from large PRT mandates [73][74] Question: Any updates on the LTC assumption set? - Management reported a modest positive change in LTC assumptions, with the block continuing to perform well [82]