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MetLife Announces Second Quarter 2025 Results

Aug 06, 2025

MetLife Announces 2Q 2025 Results

  • Net income was $698 million.
  • Adjusted earnings declined to $1.4 billion, due to less favorable underwriting and lower investment margins, partially offset by volume growth and favorable expense margins.
  • Premiums, fees and other revenues (PFOs) were $12.7 billion.
  • Adjusted PFOs excluding pension risk transfers (PRT) rose 5% to $12.4 billion, due to growth in all segments except MetLife Holdings.
  • Net investment income rose 9% to $5.7 billion.
  • Variable investment income fell to $195 million, primarily driven by lower private equity returns.
  • Book value per share (BVPS) rose 7% to $35.79. Adjusted BVPS up 6% to $56.23.
  • Returned approximately $900 million to shareholders via share repurchases and common stock dividends.
  • Holding company cash and liquid assets totaled $5.2 billion at quarter end.
  • Group Benefits adjusted PFOs rose 4%, driven by growth in core and voluntary products.
  • Retirement and Income Solutions total liability exposures grew 6%, including 5% in general account liabilities.
  • Asia sales increased 9% on a constant currency basis, driven by Japan and Korea.
  • Latin America adjusted earnings rose 3% and 15% on a constant currency basis.
  • EMEA adjusted earnings rose 30%, reflecting strong volume growth across the region.
  • Institutional client assets under management grew to more than $200 billion at MetLife Investment Management.
     
 

Earnings
Per Share
 

2Q 2025
 
Net Income $ 1.03
 
Adjusted
Earnings		 $ 2.02
 
 
     
 

Return
on Equity (ROE)
 

2Q 2025
 
ROE 11.7%
 
Adjusted
ROE		 14.6%
 
 

 

Comment from Michel Khalaf, President and Chief Executive Officer:
This quarter, we continued to execute our New Frontier strategy to create value for our customers and shareholders. While the quarter didn’t demonstrate the full earnings power of MetLife, we saw clear momentum across several of our market-leading businesses, coupled with solid underlying fundamentals.
Higher sales drove revenue growth in Asia, Latin America and EMEA as we leveraged our leading positions in international markets.
We continued to progress on our previously announced strategic transactions with Chariot Re, Talcott Financial Group and PineBridge Investments to accelerate our growth in asset management and capitalize on our retirement platform.
And we diligently managed expenses while returning capital to shareholders.
Looking ahead, we’re confident in the resiliency and all-weather nature of our New Frontier strategy and our ability to deliver on our commitments.