MetLife Announces Third Quarter 2025 Results

Nov 05, 2025

MetLife Announces 3Q 2025 Results

  • Net income was $818 million, or $1.22 per share.
  • Adjusted earnings increased 15%1 to $1.6 billion, primarily driven by higher variable investment income and volume growth.
  • Adjusted earnings per share, excluding total notable items, up 21% to $2.34.
  • Premiums, fees and other revenues (PFOs) were $12.5 billion.
  • Adjusted PFOs, excluding pension risk transfers (PRT), up 4% to $12.5 billion, with growth in all segments except MetLife Holdings.
  • Net investment income up 16% to $6.1 billion.
  • Variable investment income was $483 million, primarily reflecting higher private equity returns.
  • Book value per share (BVPS) up 1% to $39.52. Adjusted BVPS increased 3% to $56.57.
  • Returned approximately $875 million to shareholders via share repurchases and common stock dividends.
  • Holding company cash and liquid assets totaled $4.9 billion at quarter end.
  • Delivered solid Group Benefits underwriting, including a 230-basis point sequential improvement in non-medical health loss ratio.
  • Secured $12 billion in PRT mandates in the fourth quarter to-date.
  • Grew Asia sales 34% on a constant currency basis, with Japan up 31%, reflecting new retirement-oriented products. Other Asia sales grew 39% on a constant currency basis.
  • Expanded MetLife Xcelerator in Latin America through a new partnership with Mercado Libre in Brazil and Mexico.
     
 

Earnings
Per Share
 

3Q 2025
 
Net Income $ 1.22
 
Adjusted
Earnings		 $ 2.37
 
 
     
 

Return
on Equity (ROE)
 

3Q 2025
 
ROE 13.1%
 
Adjusted
ROE		 16.9%
 
 

 

Comment from Michel Khalaf, President and Chief Executive Officer:
MetLife delivered an excellent third quarter that reinforces the strength of our diversified business model and disciplined execution of our New Frontier strategy.
Adjusted earnings per share, excluding total notable items, grew 21% year-over-year, driven by strong variable investment income, broad-based volume growth, and diligent expense management.
Momentum continues to build as we head into year-end. We've secured $12 billion in PRT mandates in the fourth quarter to-date and launched strategic partnerships that will expand our reach and enhance access to our insurance and retirement solutions.
These results demonstrate MetLife's earnings power and our ability to deliver all-weather performance – driving responsible growth and high returns for shareholders today and in the future.