Financial Data and Key Metrics Changes - In Q4 2025, adjusted earnings were reported at $1.6 billion or $2.49 per share, with an adjusted EPS of $2.58, up 24% from $2.08 a year ago, marking MetLife's highest single EPS quarter [11][20] - For the full year 2025, adjusted earnings, excluding notable items, totaled $6 billion or $8.89 per share, reflecting a growth of approximately 10% [12][20] - The company achieved a 10% adjusted EPS growth and an adjusted return on equity (ROE) of 16%, within the target range [9][20] Business Line Data and Key Metrics Changes - Group Benefits adjusted earnings for Q4 were $465 million, up 12% year-over-year, driven by favorable underwriting in life and dental, despite weaker disability results [24] - Retirement and Income Solutions (RIS) adjusted earnings were $454 million for Q4, up 18%, benefiting from record origination in pension risk transfers and U.K. longevity reinsurance [14][25] - Asia adjusted earnings were $444 million, essentially flat year-over-year, with sales growth of 18% on a constant currency basis, primarily driven by Japan and Korea [26] - Latin America adjusted earnings were $227 million, up 13%, with adjusted PFOs rising 25% [27] Market Data and Key Metrics Changes - Asia saw constant currency sales jump 18% in 2025, while Latin America sales rose by 12%, with Mexico leading the growth [7] - EMEA adjusted earnings increased by 64%, driven by robust volume growth and favorable underwriting margins [27] Company Strategy and Development Direction - The company launched the "New Frontier" strategy focusing on growth, capital deployment, and operational efficiency [5] - MetLife Investment Management (MIM) was established as a new business segment following the acquisition of PineBridge Investments, with $742 billion in assets under management [6][28] - The company aims to achieve double-digit adjusted EPS growth and maintain a direct expense ratio target of 11.3% over five years [9][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to changing economic environments, emphasizing the importance of disciplined capital management and operational efficiency [10][18] - The outlook for 2026 includes expectations for double-digit adjusted EPS growth and a stable U.S. dollar, with a projected increase in long-term interest rates [35] Other Important Information - MetLife returned approximately $4.4 billion to shareholders through stock repurchases and dividends in 2025 [8] - The company reported a total of $50 billion in policyholder benefits and claims paid in 2025 [19] Q&A Session Summary Question: Comments on Group Benefits renewal season and pricing - Management noted robust results in persistency, particularly in dental, with good sales growth across the business, including disability [47] Question: Impact of macroeconomic volatility in Japan - Management acknowledged short-term impacts on sales due to macroeconomic fluctuations but maintained a strong value proposition and diversified product portfolio [48][49] Question: Change in GAAP earnings for real estate accounting - Management explained the change aimed to better reflect annual cash flows and returns, aligning with overall economics of the asset class [52][54] Question: Outlook for U.S. retail retirement space - Management highlighted successful execution of flow reinsurance deals, enhancing liability origination and capital flexibility [62] Question: Surrender activity in Japan - Management reported a slight increase in surrender trends in Q4 but expected surrenders to return to long-term assumptions in 2026 [64] Question: Employment actions and their impact on Group Benefits - Management indicated that employment actions were considered in the outlook, but strong sales growth and persistency were also observed [68]