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MetLife Announces First Quarter 2025 Results

Apr 30, 2025

MetLife Announces 1Q 2025 Results

  • Net income increased 10% to $879 million.
  • Premiums, fees and other revenues (PFOs) increased 14% to $13.6 billion.
  • Adjusted earnings rose 1% to $1.3 billion. Higher life underwriting margins, volume growth and variable investment income were partially offset by unfavorable foreign currency impacts and lower recurring interest margins.
  • Book value increased 2% to $35.16 per share. Adjusted book value increased 4% to $55.01 per share.
  • Variable investment income increased 26% to $327 million, primarily driven by real estate and other fund returns.
  • Returned $1.8 billion to shareholders via share repurchases and common stock dividends.
  • Authorized new share repurchases of $3.0 billion in April.
  • Entered into an agreement with a subsidiary of Talcott Financial Group to reinsure approximately $10 billion of U.S. retail variable annuity and rider reserves in April.
  • Group Benefits adjusted earnings increased 29% to $367 million primarily due to higher life underwriting margins.
  • Retirement and Income Solutions had total balance growth of 8% with strong sales in the quarter across its diversified liability platform.
  • Asia sales other than Japan increased 41% on a constant currency basis.
  • Latin America adjusted PFOs increased 1% and 14% on a constant currency basis. Since its launch in 2023, the Xcelerator digital platform has reached 4.5 million customers and $200 million in adjusted PFOs.
  • EMEA adjusted earnings increased 8% on solid volume growth across the region.
     
 

Earnings
Per Share
 

1Q 2025
 
Net Income $ 1.28
 
Adjusted
Earnings		 $ 1.96
 
 
     
 

Return
on Equity
 

1Q 2025
 
ROE 14.9%
 
Adjusted
ROE		 14.4%
 
 

 

Comment from Michel Khalaf, President and Chief Executive Officer:
The underlying fundamentals of our portfolio of businesses remain strong, as evidenced by our solid first-quarter performance.
We saw favorable underwriting, good volume growth and better variable investment income in the quarter. Our strong recurring cash flow generation provided us with the capacity to return $1.8 billion to our shareholders in the quarter and in April increase our common dividend per share.
Since launching our New Frontier strategy in December, we have been intently focused on executing against its key pillars.
Our progress includes key transactions in our asset management business, as well as an agreement to reinsure approximately $10 billion of U.S. retail variable annuity and rider reserves, which we expect will substantially lower our retail variable annuity tail risk.
While the current environment is challenging, our team is up to the task at hand. We are driven and motivated to deliver MetLife’s superior value proposition of responsible growth, attractive returns and lower risk.