Financial Data and Key Metrics Changes - Revenues increased to $17.3 billion in Q3 2025, with year-to-date revenues up 5.8% to $50.3 billion compared to the prior year [3][9] - Net income for Q3 2025 was $3.7 billion, with adjusted net income at $3 billion or $11.17 per share, reflecting strong property liability results and higher investment income [3][10] - Return on equity for the last 12 months was 34.7% [3][21] Business Line Data and Key Metrics Changes - Property liability premiums increased by 6.1% in Q3 2025 and 7.4% year-to-date, driven by higher average premiums and policy-in-force growth [9] - Protection services saw a 12.7% increase in premiums compared to Q3 2024, with total policies in force growing to 209.5 million, a 3.8% increase year-over-year [9][12] - The protection services business generated $3.3 billion in revenue, with a 15% increase over the prior year quarter [12] Market Data and Key Metrics Changes - Auto insurance new business is evenly split between Allstate agents, independent agents, and direct sales, with significant growth across all channels [5] - The company is experiencing increased shopping activity in the auto insurance market, with a 9.3% increase compared to the same period in 2023 [16] Company Strategy and Development Direction - The company is focused on transformative growth to increase market share in property liability and expand customer protection offerings [3][4] - A new technology ecosystem utilizing applied artificial intelligence is being developed to enhance operational efficiency and customer experience [6][8] - The company aims to improve customer retention through personalized experiences and the SAVE program, which has helped over 5 million customers reduce premiums [5][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's capital position and flexibility in deploying capital for growth, share repurchases, or acquisitions [24][66] - The competitive landscape remains challenging, but the company has successfully maintained profitability and market share [54][56] - Inflationary pressures are being monitored, with management indicating a more controlled environment compared to previous periods [78][80] Other Important Information - The company has returned $1.6 billion to shareholders through dividends and share repurchases in 2025 [20][21] - The combined ratio for auto insurance has averaged 94.9 over the last decade, indicating consistent profitability [10][11] Q&A Session Summary Question: Capital management and liquidity at the holding company - Management discussed the flexibility of holding capital at the holding company level for various uses, including share repurchases and acquisitions [23][24] Question: Pricing trends excluding New York and New Jersey - Management indicated that overall pricing is adequate, with minimal rate increases needed, and will respond to loss trends as necessary [26][29] Question: Progress on artificial intelligence initiatives - Management highlighted the potential of AI to enhance customer service and operational efficiency, with ongoing development of the ALLI system [31][34] Question: Auto retention trends and strategies - Management noted that retention is being improved through personalized offerings and transitioning customers to new products [61][64] Question: Market dynamics and competition - Management acknowledged the competitive environment but expressed confidence in the company's ability to maintain profitability and market share [52][54] Question: Inflation outlook and its impact - Management discussed the current inflation environment, indicating it is more controlled, and emphasized the importance of monitoring its effects on various business aspects [75][78]

Financial Performance - Underlying net income reached $1.047 billion, a 3% increase year-over-year[163, 182] - Reported net income was $1.106 billion, an 18% decrease year-over-year[163, 182] - New business CSM increased by 16% to $446 million, driven by strong sales in Asia[163, 182] - Total AUM increased by 7% year-over-year to $1.623 trillion[6, 29, 182] Business Segment Highlights - Asset management & wealth underlying net income increased by 5% year-over-year to $500 million[29, 182] - Individual - Protection underlying net income increased by 25% year-over-year to $361 million[29, 182] - Group - Health & Protection underlying net income decreased by 18% year-over-year to $284 million[29, 182] Capital Management - SLF Inc's LICAT ratio increased to 154%, up 3 percentage points from the previous quarter[29, 83, 182] - The financial leverage ratio is at 21.6%[29, 83, 182] - Holdco cash stands at $2.1 billion[33, 83]

Financial Data and Key Metrics Changes - The company reported a net income of $50.4 million, significantly up from $8.2 million in the same quarter last year, reflecting a strong earnings trajectory [4][13] - For the nine months ended September 30, net income was $129 million, compared to $41 million for the same period in 2024, indicating substantial growth [13] - Gross premiums earned increased to $362 million, up 2.2% from $354.2 million in the prior year quarter, driven by rate actions and organic growth [14] - The net loss ratio improved by 27.1 percentage points to 38.3% compared to 65.4% in the same quarter last year, reflecting lower net losses [16][17] - The net combined ratio for the quarter was 72.9%, an improvement of 19.6 points from 100.6% in the prior year quarter [18] Business Line Data and Key Metrics Changes - The company re-underwrote its personal lines book, leading to an increase in in-force premium from approximately $1.1 billion to a record $1.44 billion [5] - New business premium written for the third quarter was $36 million, a 166% increase from $13.7 million in the same quarter last year [5] - The decline in policy count moderated, with a decrease of 6,800 policies in the third quarter compared to over 19,000 in the same quarter of 2024 [6] Market Data and Key Metrics Changes - The company has opened nearly all geographies to new business, increasing from only 30% a year ago, which is expected to drive policy growth [5] - The Northeast and Mid-Atlantic regions continue to be strong markets, with Narragansett Bay Insurance Company producing significant homeowners insurance business [7] Company Strategy and Development Direction - The company aims to achieve long-term shareholder value through strategic initiatives focused on rate adequacy, exposure management, and enhanced underwriting discipline [4][12] - There is a focus on expanding into new regions and delivering new products to existing markets, with a disciplined approach to underwriting [10][11] - The company restarted its share repurchase program, indicating confidence in its capital position and stock valuation [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the reinsurance pricing environment improving in 2026 due to favorable litigation conditions and increased capacity in the reinsurance market [12] - The company anticipates policy count growth in 2026, supported by strong agency relationships and improved new business momentum [6][20] Other Important Information - The company ended the quarter with total assets of $2.4 billion and shareholders' equity of $437.3 million, with a book value per share of $14.15 [18][19] - The increase in statutory surplus to $352.2 million provides additional growth capacity as new territories are opened [19] Q&A Session Summary Question: Growth prospects in Florida versus outside Florida - Management indicated that there is still significant opportunity in Florida, with strong agency relationships and new business momentum [25][30] Question: Pricing or competitive environment in Florida - Management confirmed that they are filing for low to mid-single-digit rate decreases in 2026, while commercial property remains under pressure [28][29] Question: Growth supported by surplus - Management stated that the increase in statutory surplus allows for over $225-$250 million of premium to be written based on the current surplus [39] Question: Capital priorities and buybacks - Management outlined capital priorities as growth, stock buybacks, and dividends, emphasizing that the stock is currently undervalued [40][41]

Financial Data and Key Metrics Changes - Revenues increased to $17.3 billion in Q3 2025, with year-to-date revenues up 5.8% to $50.3 billion compared to the prior year [5][14] - Net income for Q3 2025 was $3.7 billion, with adjusted net income at $3 billion or $11.17 per share, reflecting strong property liability results and higher investment income [5][15] - Return on equity for the last twelve months was 34.7% [5][30] Business Line Data and Key Metrics Changes - Property liability premiums increased by 6.1% in Q3 2025 and 7.4% for the first nine months of the year [14] - Protection services revenue grew by 12.7% compared to 2024, driven by protection plans [14][18] - Policies in force grew to 209.5 million, a 3.8% increase year-over-year [15] Market Data and Key Metrics Changes - Auto insurance new business is evenly split between Allstate agents, independent agents, and direct from the company, with auto policies in force in active brands increasing by 2.8% compared to the prior year [20][21] - Homeowners policies in force in active brands increased by 3% compared to the prior year [22] Company Strategy and Development Direction - The company aims to increase personal property liability market share and expand customer protection offerings [4] - The transformative growth initiative, now in Phase four, focuses on reducing costs and increasing market share through expanded distribution and improved customer service [6][7] - The introduction of AI technology, including generative AI, is expected to enhance operational efficiency and customer experience [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong margins in auto insurance, with a focus on responding to loss trends [40][42] - The competitive landscape remains challenging, with management noting the importance of maintaining profitability while growing policies in force [76][78] - Inflation is being monitored closely, with adjustments made to the investment portfolio to mitigate risks [110][116] Other Important Information - The company returned $1.6 billion to shareholders through dividends and share repurchases in 2025 [30] - The investment portfolio's book value increased by 39% since Q1 2021, benefiting net investment income [26] Q&A Session Summary Question: Capital management and liquidity at the holding company - Management discussed the flexibility of holding capital at the holding company level for various uses, including share repurchases and acquisitions [33][36] Question: Pricing trends excluding New York and New Jersey - Management indicated that overall pricing is adequate, with minimal rate increases needed, and will respond to loss trends as necessary [40][42] Question: AI technology implementation and its impact - Management highlighted the potential of AI to improve customer interactions and operational efficiency, with ongoing development of the AI ecosystem [46][50] Question: Exclusive agent channel performance - Management noted a reduction in the number of Allstate agents but emphasized increased productivity and the importance of the agent network in the growth strategy [60][62] Question: Market dynamics and pricing competition - Management acknowledged the competitive environment and the need to balance pricing with profitability, emphasizing the company's historical performance in maintaining margins [74][78]

Financial Performance - GAAP revenues increased by 8% to $839.9 million in Q3 2025 compared to $774.1 million in Q3 2024 [13] - Net income rose significantly by 26% to $206.8 million in Q3 2025 from $164.4 million in Q3 2024 [13] - Diluted earnings per share (EPS) from continuing operations increased by 11% to $6.35 in Q3 2025 from $5.72 in Q3 2024 [13] - Adjusted operating revenues increased by 9% to $838.9 million in Q3 2025 compared to $770.1 million in Q3 2024 [14] - Adjusted net operating income increased by 7% to $206.1 million in Q3 2025 from $193.2 million in Q3 2024 [14] - Diluted adjusted operating EPS increased by 11% to $6.33 in Q3 2025 from $5.68 in Q3 2024 [14] Distribution and Sales - The life-licensed sales force increased by 2% year-over-year, ending the quarter at 152,200 [20, 23] - Total product sales for Investment and Savings Products (ISP) increased by 28% to $3.7 billion in Q3 2025 from $2.9 billion in Q3 2024 [30] - Client asset values for ISP increased by 14% to $126.8 billion at the end of Q3 2025 from $111.2 billion in Q3 2024 [30] - Issued life insurance policies decreased by 15% to 79,379 in Q3 2025 from 93,377 in Q3 2024 [24] - Issued face amount of life insurance decreased by 12% to $27.1 billion in Q3 2025 from $30.8 billion in Q3 2024 [24]

3Q Investor Presentation Earnings Summary November 5, 2025 1 This presentation contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," "may" or words of similar meaning and include, but are not limited to, statements regarding the outlook for the company's future business and financial performan ...

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Core Insights - The company is experiencing compounding growth in its diversified business model, with a year-on-year increase in ICWP of 5.9% to over $4 billion, driven by all three business segments [3]. Segment Analysis - Retail segment ICWP has grown by 7.3% in US dollars, with expectations of constant currency growth exceeding 6% for the year [4][5]. - The company is focused on underwriting excellence and disciplined pricing in the big ticket segment, successfully capturing attractive opportunities in a competitive London market [4]. - In the Re & ILS segment, disciplined capital deployment has resulted in both net and gross growth [4].

Financial Performance - Allstate's revenues reached $17.255 billion, a 3.8% increase year-over-year[5] - Adjusted net income was $2.976 billion, representing a 184.0% increase[5] - Adjusted net income per diluted common share was $11.17, up by 185.7%[5] - The adjusted net income return on equity was 34.7%, an increase of 8.6 percentage points[5] - Protection Services generated $3.3 billion in premiums earned/other revenue, a 15.4% increase year-over-year[14] - Protection Services adjusted net income trailing twelve months was $211 million, up 23.4% year-over-year[14] Growth & Strategy - Policies in force totaled 209.5 million, a 3.8% increase[5] - Personal property-liability policies in force reached 37.9 million, a 1.4% increase[5] - Property-Liability insurance premiums totaled $14.533 billion, a 6.1% increase[10] - Protection Services premiums reached $720 million, a 12.7% increase[10]

3Q25 Supplemental Slides1 John McCallion Chief Financial Officer and Head of MetLife Investment Management 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures. Table of contents | Topic | Page No. | | --- | --- | | Net income (loss) to adjusted earnings | 3 | | Annual actuarial assumption review & other insurance adjustments | 4 | | Adjusted earnings by segment and Corporate & Other (C&O) | 5 | | Variable investment inco ...