Metlife Inc

Latest Results (11.12.2025):

MetLife, Inc. reported results for the third quarter of 2025 (3Q 2025). On a GAAP basis net income available to common shareholders was $818 million, or $1.22 per share, down 36% (33% on EPS) versus 3Q24. Adjusted earnings were $1.584 billion, up 15% year‑over‑year, with adjusted EPS of $2.37 (up 22%). The quarter was driven by stronger investment income and volume growth but weighed by sizeable net derivative and investment losses on the GAAP line.

Key GAAP vs. Adjusted outcomes

GAAP net income: $818M (3Q25) vs. $1.275B (3Q24). Adjusted earnings: $1.584B (+15%). Major GAAP headwinds included net derivative losses of $929M and net investment losses of $325M; adjusted results exclude these volatility items and rose notably.

Revenue and investment performance

Premiums, fees and other revenues (PFOs) were $12.5B (flat YoY). Net investment income grew 16% to $6.09B; adjusted net investment income was $5.44B (+6%). Variable investment income surged to $483M (+198%), driven by higher private equity returns.

Segment highlights

Group Benefits adjusted earnings: $455M (+22%, or +6% ex-notables). Retirement & Income Solutions (RIS) adjusted earnings: $436M (‑8%; +15% ex-notables). Asia adjusted earnings: $543M (+77% reported, +78% constant currency; ex-notables +36%). Latin America adjusted earnings: $147M (‑33% reported due to a VAT tax charge; ex-notables $222M, +2%). EMEA and MetLife Holdings showed solid growth; Corporate & Other posted an adjusted loss of $288M (higher expenses and interest).

Notable items and tax charge

Quarter included an actuarial assumption review that increased adjusted earnings (+$89M) and a $71M after‑tax charge related to a Mexico VAT tax matter, which reduced Latin America results. Total notable items net to +$18M for the quarter.

Capital, book value and returns

Book value per share: $39.52 (+1% YoY). Adjusted book value per share: $56.57 (+3%). Return on equity (ROE) was 13.1%; adjusted ROE was 16.9% (16.7% excluding notable items). Holding company cash and liquid assets totaled ~$4.9B at quarter end.

Shareholder actions and liability management

MetLife returned approximately $875M to shareholders via repurchases and dividends in 3Q25 and reported securing ~$12B in pension risk transfer (PRT) mandates in the fourth quarter to date, supporting capital deployment and liability management.

Business momentum and geographic growth

Adjusted PFOs excluding PRT rose 4% to $12.5B. Asia sales grew ~34% on a constant currency basis (Japan +31%; Other Asia +39%). Latin America sales +15% constant currency. Management emphasized continued momentum under its New Frontier strategy.