MetLife(MET) - 2025 Q3 - Earnings Call Presentation

Financial Performance - MetLife's net income was $818 million, or $1.22 per share, while adjusted earnings reached $1,584 million, or $2.37 per share in 3Q25[3] - Adjusted earnings ex total notable items were $1,566 million, or $2.34 per share[3] - The company's direct expense ratio was 11.6%, below the annual target of 12.1%[11] Segment Results (Adjusted Earnings ex Total Notable Items) - Group Benefits: $457 million, a 6% increase year-over-year, driven by expense margins and volume growth, offset by underwriting margins[7] - RIS: $423 million, a 15% increase year-over-year, driven by investment margins[7] - Asia: $473 million, a 36% increase (37% on a constant rate basis) year-over-year, driven by investment margins and volume growth[7] - Latin America: $222 million, a 2% increase year-over-year (both reported and constant rate), driven by volume growth[7] - EMEA: $89 million, a 19% increase (17% on a constant rate basis) year-over-year, driven by volume growth[7] - MetLife Holdings: $190 million, a 12% increase year-over-year, driven by investment margins[7] - Corporate & Other: $(288) million[7] Variable Investment Income (VII) - Total VII was $382 million in 3Q25[10] - RIS segment had $146 million in VII[10] - Asia segment had $139 million in VII[10] Capital Management - Holding company cash stood at $4.9 billion in 3Q25[17] - The company returned approximately $875 million to shareholders in 3Q25, including ~$500 million in share repurchases and ~$375 million in common stock dividends[19]