Financial Data and Key Metrics Changes - Adjusted earnings for the third quarter were reported at $1.6 billion, or $2.34 per share, representing a 21% increase from the prior year [7][23] - Variable investment income reached $483 million, exceeding the quarterly outlook of $425 million, driven by higher private equity returns of 3% [7][29] - Adjusted return on equity, excluding notable items, was 16.7%, aligning with the company's earnings power and near the top of the target range of 15%-17% [8] Business Line Data and Key Metrics Changes - Group benefits adjusted earnings totaled $457 million, up 6% year-over-year, attributed to solid underwriting results and improved dental profitability [8][9] - Retirement and income solutions (RIS) adjusted earnings were $423 million, a 15% increase from the prior year, driven by higher variable investment income [9][25] - Asia adjusted earnings were $473 million, reflecting a 36% increase, with sales up 34% on a constant currency basis, particularly strong in Japan [10][26] Market Data and Key Metrics Changes - Latin America adjusted earnings were $222 million, up 2%, with adjusted PFOs totaling $1.7 billion, an 11% increase [11][27] - EMEA adjusted earnings were $89 million, up 19%, primarily due to volume growth [12][28] - 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 - The company is focused on executing its new frontier strategy, which emphasizes disciplined capital management and expense control [15][17] - The launch of Chariot Re is expected to enhance retirement liability origination capacity in a capital-efficient manner [9][15] - The company plans to report MetLife Investment Management as a separate business segment starting in the fourth quarter, aligning with its strategic priorities [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the competitive yet rational pricing environment, allowing for growth while maintaining underwriting discipline [64] - The company anticipates continued momentum in Asia, particularly in Japan, driven by new product launches and distribution strength [39] - The outlook for pension risk transfer (PRT) business remains positive, with a record level of new mandates secured in the fourth quarter [10][46] Other Important Information - The company returned approximately $875 million to shareholders through dividends and share repurchases in the third quarter [14][33] - Cash and liquid assets at holding companies totaled $4.9 billion, exceeding the target cash buffer [15][33] - The effective tax rate on adjusted earnings was approximately 24%, at the lower end of the guidance range [29] Q&A Session Summary Question: Can you provide additional color on the strength in Asia sales? - Management highlighted a 34% increase in overall Asia market sales, with Japan seeing a 31% increase due to new product launches and enhancements [38][39] Question: What is the expected expense seasonality in the fourth quarter? - Management expects the direct expense ratio to remain below the target of 12.1%, with some seasonal increase anticipated [40][41] Question: Can you comment on the $12 billion of PRTs won in Q4? - Management noted that the PRT wins are primarily large deals, emphasizing competitive advantages in the jumbo market [45][46] Question: What is the outlook for the base spread in RIS? - Management indicated a steady spread level is expected, with potential temporary headwinds from new PRT mandates [73][74] Question: Any updates on the LTC assumption set? - Management reported a modest change in LTC assumptions, with the block performing well [82]