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  For Immediate Release | Global Communications | MetLife, Inc.
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MetLife Announces 3Q 2025 Results
Earnings
Per Share
3Q 2025
Net
Income            $1.22
Adjusted
Earnings          $2.37
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Return
on Equity (ROE)
3Q 2025
ROE              13.1%
Adjusted
ROE              16.9%
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•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.
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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 $12 billion in
PRT mandates in the fourth quarter to-date
and launched strategic partnerships that
will expand our reach and enhance access
to our insurance and retirement solutions.
These results demonstrate MetLife's
earnings power and our ability to deliver all-
weather performance – driving responsible
growth and high returns for shareholders
today and in the future.
1In this news release, all comparisons of results for the third quarter of 2025 are with the third quarter of 2024, unless otherwise noted.
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Third Quarter 2025 Summary
($ in millions, except per share data)
Three Months Ended
September 30,
2025
2024
Change
Premiums, fees and other revenues
$12,526
$12,523
Net investment income
6,089
5,227
16%
Net investment gains (losses)
(325)
(77)
Net derivative gains (losses)
(929)
767
Total revenues
$17,361
$18,440
Adjusted premiums, fees and other revenues
$12,461
$12,471
Adjusted premiums, fees and other revenues, excluding pension risk
transfers (PRT)
$12,471
$11,942
4%
Market risk benefit remeasurement gains (losses)
$263
$(531)
Net income (loss)
$818
$1,275
(36)%
Net income (loss) per share
$1.22
$1.81
(33)%
Adjusted earnings
$1,584
$1,375
15%
Adjusted earnings per share
$2.37
$1.95
22%
Adjusted earnings, excluding total notable items
$1,566
$1,359
15%
Adjusted earnings, excluding total notable items per share
$2.34
$1.93
21%
Book value per share
$39.52
$39.02
1%
Adjusted book value per share
$56.57
$54.72
3%
Expense ratio
21.7%
19.9%
Direct expense ratio, excluding total notable items related to direct
expenses and PRT
11.6%
11.7%
Adjusted expense ratio, excluding total notable items related to
adjusted other expenses and PRT
19.8%
20.7%
ROE
13.1%
20.2%
Adjusted ROE
16.9%
14.6%
Adjusted ROE, excluding total notable items
16.7%
14.4%
Information regarding the non-GAAP and other financial measures included in this news release
and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP
and Other Financial Disclosures” below and in the tables that accompany this news release.
In this news release, all comparisons of results for the third quarter of 2025 are with the third
quarter of 2024, unless otherwise noted.
Supplemental slides for the third quarter of 2025, titled “3Q25 Supplemental Slides” are
available on the MetLife Investor Relations website at https://investor.metlife.com and in the
Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection
with this earnings release. Supplemental information about MetLife's diversified global
investment portfolio is contained in the "3Q25 - General Account Assets Under Management
Fact Sheet," available on the above-mentioned website. 
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Total Company Discussion
MetLife reported third quarter 2025 premiums, fees and other revenues of $12.5 billion, flat
compared with the prior year quarter. Adjusted premiums, fees and other revenues, excluding
pension risk transfers, were $12.5 billion, up 4 percent.
Net investment income was $6.1 billion, up 16 percent, primarily due to increases in the
estimated fair value of certain securities that do not qualify as separate accounts under GAAP.
Adjusted net investment income was $5.4 billion, up 6 percent, primarily reflecting higher returns
on private equity assets.
Net investment losses were $325 million, or $257 million after tax, reflecting normal trading
activity and a stable credit environment. Net derivative losses amounted to $929 million, or
$734 million after tax, due to stronger equity markets, higher long-term interest rates, and
strengthening of the U.S. dollar.
Net income decreased 36 percent to $818 million. Higher net derivative losses and net
investment losses were the primary drivers, partially offset by market risk benefit
remeasurement gains and higher adjusted earnings. On a per-share basis, net income
decreased 33 percent to $1.22.
Adjusted earnings were $1.6 billion, up 15 percent on both a reported basis and a constant
currency basis. On a per-share basis, adjusted earnings were $2.37, up 22 percent.
THIRD QUARTER 2025 NOTABLE ITEMS
($ in millions)
Adjusted Earnings
Three Months Ended September 30, 2025
Notable Items
Group
Benefits
RIS
Asia
Latin
America
EMEA
MetLife
Holdings
Corporate
&
Other
Total
Actuarial
assumption
review and other
insurance
adjustments
$(2)
$13
$70
$(4)
$(1)
$13
$0
$89
Tax adjustments
—
—
—
(71)
—
—
—
(71)
Total notable items
$(2)
$13
$70
$(75)
$(1)
$13
$0
$18
Annual Actuarial Assumption Review and Other Insurance Adjustments
In the third quarter of 2025, MetLife performed its annual global actuarial assumption review.
The actuarial assumption review and other insurance adjustments during the quarter positively
impacted net income by $102 million and adjusted earnings by $89 million.
Tax Adjustments
The company recorded a $71 million after-tax charge in the third quarter related to the resolution
of an industry-wide tax matter in Mexico regarding the Value-Added Tax deduction of certain
health insurance claims expenses.
Page 4 of 24
Adjusted Earnings by Segment Summary
Three Months Ended
September 30, 2025
Segment
Change from
prior-year period
(on a reported
basis)
Change from
prior-year period
(on a constant
currency basis)
Group Benefits
22%
Retirement and Income Solutions (RIS)
(8)%
Asia
77%
78%
Latin America
(33)%
(34)%
Europe, the Middle East and Africa (EMEA)
26%
24%
MetLife Holdings
12%
Business Discussions
GROUP BENEFITS
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Adjusted earnings
$455
$373
22%
Notable item(s)
$(2)
$(58)
Adjusted earnings ex. notables
$457
$431
6%
Adjusted PFOs
$6,306
$6,146
3%
•Adjusted earnings were $455 million, up 22 percent, primarily due to the impact of the
actuarial assumption review and other insurance adjustments in the prior-year period.
•Excluding notable items, adjusted earnings were $457 million, up 6 percent, reflecting
favorable expense margins and volume growth, partially offset by less favorable life
underwriting.
•Adjusted PFOs were $6.3 billion, up 3 percent, driven by core and voluntary products,
partially offset by the impact of favorable mortality on participating life contracts. PFOs from
participating life contracts can fluctuate with claims experience.
RIS
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Adjusted earnings
$436
$472
(8)%
Notable item(s)
$13
$104
Adjusted earnings ex. notables
$423
$368
15%
Adjusted PFOs
$1,186
$1,579
(25)%
Adjusted PFOs, excluding PRT
$1,196
$1,050
14%
•Adjusted earnings were $436 million, down 8 percent, reflecting the impact of the prior-
year actuarial assumption review.
•Excluding notable items, adjusted earnings were $423 million, up 15 percent, largely due
to higher variable investment income.
•Adjusted PFOs, excluding PRT, were $1.2 billion, up 14 percent, mainly driven by higher
structured settlement and UK longevity reinsurance sales.
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•Total liability exposure grew 3 percent, including 4 percent in general account liabilities.
ASIA
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Constant
currency
change
Adjusted earnings
$543
$306
77%
78%
Notable item(s)
$70
$(41)
Adjusted earnings ex. notables
$473
$347
36%
37%
Adjusted PFOs
$1,717
$1,710
—%
1%
Asia general account assets under
management (at amortized cost)
$140,892
$135,107
4%
6%
•Adjusted earnings were $543 million, up 77 percent on a reported basis and up 78 percent
on a constant currency basis, reflecting the impact of the annual actuarial assumption
review.
•Excluding notable items, adjusted earnings were $473 million, up 36 percent on a
reported basis and up 37 percent on a constant currency basis, mainly driven by higher
variable investment income and volume growth.
•Adjusted PFOs were $1.7 billion, flat on a reported basis, and up 1 percent on a constant
currency basis.
•Asia general account assets under management (at amortized cost) were
$140.9 billion, up 6 percent on a constant currency basis.
•Sales were $786 million, up 34 percent on a constant currency basis, driven by a 31 percent
increase in Japan and a 39 percent increase in Other Asia markets.
LATIN AMERICA
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Constant
currency
change
Adjusted earnings
$147
$221
(33)%
(34)%
Notable item(s)
$(75)
$4
Adjusted earnings ex. notables
$222
$217
2%
2%
Adjusted PFOs
$1,663
$1,496
11%
11%
•Adjusted earnings were $147 million, down 33 percent on a reported basis and down 34
percent on a constant currency basis, due to a value-added tax charge in Mexico.
•Excluding notable items, adjusted earnings were $222 million, up 2 percent on both a
reported and constant currency basis, primarily driven by volume growth across the region.
•Adjusted PFOs were $1.7 billion, up 11 percent on both a reported and a constant currency
basis, due to strong growth across the region.
•Sales were $441 million, up 15 percent on a constant currency basis, driven by growth
across the region.
Page 6 of 24
EMEA
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Constant
currency
change
Adjusted earnings
$88
$70
26%
24%
Notable item(s)
$(1)
$(5)
Adjusted earnings ex. notables
$89
$75
19%
17%
Adjusted PFOs
$727
$655
11%
9%
•Adjusted earnings were $88 million, up 26 percent on a reported basis, driven by volume
growth and higher recurring interest margins.
•Excluding notable items, adjusted earnings were $89 million, up 19 percent on a reported
basis and up 17 percent on a constant currency basis, primarily due to strong volume
growth.
•Adjusted PFOs were $727 million, up 11 percent on a reported basis and up 9 percent on a
constant currency basis, reflecting strong growth across the region.
•Sales were $301 million, up 24 percent on a constant currency basis, reflecting strong
growth across most markets.
METLIFE HOLDINGS
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Adjusted earnings
$203
$182
12%
Notable item(s)
$13
$12
Adjusted earnings ex. notables
$190
$170
12%
Adjusted PFOs
$729
$793
(8)%
•Adjusted earnings were $203 million, up 12 percent.
•Excluding notable items, adjusted earnings were $190 million, up 12 percent, primarily
reflecting higher variable investment income.
•Adjusted PFOs were $729 million, down 8 percent, largely due to continued run-off of the
business.
CORPORATE & OTHER
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Adjusted earnings
$(288)
$(249)
•Adjusted loss of $288 million, compared to an adjusted loss of $249 million, primarily due
to elevated expenses, driven by market-related employee costs and higher interest
payments on outstanding debt.
INVESTMENTS
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Adjusted net investment income
$5,440
$5,143
6%
Page 7 of 24
•Adjusted net investment income was $5.4 billion, up 6 percent. Variable investment
income increased 198 percent to $483 million, primarily driven by higher returns on private
equity assets.
Contacts:      For Media:  Jane Slusark (347) 989-5477, Jane.Slusark@metlife.com
For Investors:   John Hall (212) 578-7888, John.A.Hall@metlife.com
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the
world’s leading financial services companies, providing insurance, annuities, employee benefits
and asset management to help individual and institutional customers build a more confident
future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds
leading positions in the United States, Asia, Latin America, Europe and the Middle East. For
more information, visit www.metlife.com.
Conference Call
MetLife will hold its third quarter 2025 earnings conference call and audio webcast on Thursday,
November 6, 2025, from 9-10 a.m. (ET). The conference call will be available live via the
internet. To listen to the conference call, click the following link to register (https://
events.q4inc.com/attendee/817838289).
The conference call will be available for replay via telephone and the internet beginning at 11:00
a.m. (ET) on Thursday, November 6, 2025, until Thursday, November 13, 2025, at 11:59 p.m.
(ET). To listen to a replay of the conference call via telephone, dial 800-770-2030 (U.S.) or
647-362-9199 (outside the U.S.). The Conference ID for the replay is 17886 followed by the #
key. To access the replay of the conference call via the internet, visit the MetLife Investor
Relations webpage (https://investor.metlife.com).
###
Page 8 of 24
Non-GAAP and Other Financial Disclosures
Any references in this news release (except in
this section and the tables that accompany this
release) to:
should be read as, respectively:
(i)
net income (loss);
(i) 
net income (loss) available to MetLife,
Inc.’s common shareholders;
(ii)
net income (loss) per share;
(ii)
net income (loss) available to MetLife,
Inc.’s common shareholders per diluted
common share;
(iii)
adjusted earnings;
(iii)
adjusted earnings available to common
shareholders;
(iv)
adjusted earnings per share;
(iv)
adjusted earnings available to common
shareholders per diluted common
share;
(v)
book value per share;
(v)
book value per common share;
(vi)
adjusted book value per share;
(vi)
adjusted book value per common
share;
(vii)
return on equity; and
(vii)
return on MetLife, Inc.’s common
stockholders’ equity; and
(viii)
adjusted return on equity.
(viii)
adjusted return on MetLife, Inc.’s
common stockholders’ equity.
In this news release, MetLife presents certain measures of its performance on a consolidated and
segment basis that are not calculated in accordance with accounting principles generally accepted in the
United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our
investors’ understanding of MetLife’s performance by highlighting the results of operations and the
underlying profitability drivers of the business. Segment-specific financial measures are calculated using
only the portion of consolidated results attributable to that specific segment.
The following non-GAAP financial measures should not be viewed as substitutes for the most directly
comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:
Comparable GAAP financial measures:
(i)
total adjusted revenues;
(i)
total revenues;
(ii)
total adjusted expenses;
(ii)
total expenses;
(iii)
adjusted premiums, fees and other
revenues;
(iii)
premiums, fees and other revenues;
(iv)
adjusted premiums, fees and other
revenues, excluding PRT;
(iv)
premiums, fees and other revenues;
(v)
adjusted net investment income;
(v)
net investment income;
(vi)
adjusted earnings available to common
shareholders;
(vi)
net income (loss) available to MetLife,
Inc.’s common shareholders;
(vii)
adjusted earnings available to common
shareholders, excluding total notable
items;
(vii)
net income (loss) available to MetLife,
Inc.’s common shareholders;
(viii)
adjusted earnings available to common
shareholders per diluted common share;
(viii)
net income (loss) available to MetLife,
Inc.’s common shareholders per diluted
common share;
(ix)
adjusted earnings available to common
shareholders, excluding total notable
items, per diluted common share;
(ix)
net income (loss) available to MetLife,
Inc.’s common shareholders per diluted
common share;
(x)
adjusted return on equity;
(x)
return on equity;
Page 9 of 24
(xi)
adjusted return on equity, excluding total
notable items;
(xi)
return on equity;
(xii)
investment portfolio gains (losses);
(xii)
net investment gains (losses);
(xiii)
derivative gains (losses);
(xiii)
net derivative gains (losses);
(xiv)
adjusted capitalization of deferred policy
acquisition costs (DAC);
(xiv)
capitalization of DAC;
(xv)
total MetLife, Inc.’s adjusted common
stockholders’ equity;
(xv)
total MetLife, Inc.’s stockholders’
equity;
(xvi)
total MetLife, Inc.’s adjusted common
stockholders’ equity, excluding total
notable items;
(xvi)
total MetLife, Inc.’s stockholders’
equity;
(xvii)
adjusted book value per common share;
(xvii)
book value per common share;
(xviii)
adjusted other expenses;
(xviii)
other expenses;
(xix)
adjusted other expenses, net of adjusted
capitalization of DAC;
(xix)
other expenses, net of capitalization of
DAC;
(xx)
adjusted other expenses, net of adjusted
capitalization of DAC, excluding total
notable items related to adjusted other
expenses;
(xx)
other expenses, net of capitalization of
DAC;
(xxi)
adjusted expense ratio;
(xxi)
expense ratio;
(xxii)
adjusted expense ratio, excluding total
notable items related to adjusted other
expenses and PRT;
(xxii)
expense ratio;
(xxiii)
direct expenses;
(xxiii)
other expenses;
(xxiv)
direct expenses, excluding total notable
items related to direct expenses;
(xxiv)
other expenses;
(xxv)
direct expense ratio;
(xxv)
expense ratio;
(xxvi)
direct expense ratio, excluding total
notable items related to direct expenses
and PRT;
(xxvi)
expense ratio;
(xxvii)
future policy benefits at original discount
rate; and
(xxvii)
future policy benefits at balance sheet
discount rate; and
(xxviii)
free cash flow of all holding companies.
(xxviii)
MetLife, Inc. (parent company only) net
cash provided by (used in) operating
activities.
Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not
accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to
provide other than a range of net investment gains and losses and net derivative gains and losses, which
can fluctuate significantly within or outside the range and from period to period and may have a material
impact on net income.
Any of these financial measures shown on a constant currency basis reflect the impact of changes in
foreign currency exchange rates and are calculated using the average foreign currency exchange rates
for the current period and applied to the comparable prior period (“constant currency basis”).
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial
measures are included in this earnings news release and in this period’s quarterly financial supplement,
which is available at MetLife’s Investor Relations webpage (https://investor.metlife.com).
MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ
from those used by other companies:
Page 10 of 24
Adjusted earnings and related measures
•adjusted earnings;
•adjusted earnings available to common shareholders;
•adjusted earnings available to common shareholders, on a constant currency basis;
•adjusted earnings available to common shareholders, excluding total notable items;
•adjusted earnings available to common shareholders, excluding total notable items, on a constant
currency basis;
•adjusted earnings available to common shareholders per diluted common share;
•adjusted earnings available to common shareholders, on a constant currency basis per diluted
common share;
•adjusted earnings available to common shareholders, excluding total notable items per diluted
common share; and
•adjusted earnings available to common shareholders, excluding total notable items, on a constant
currency basis per diluted common share.
Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to
evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting,
adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related
measures based on adjusted earnings are also the measures by which senior management’s and many
other employees’ performance is evaluated for the purposes of determining their compensation under
applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings
allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry
results.
Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted
earnings available to common shareholders is defined as adjusted earnings less preferred stock
dividends.
Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums,
fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market
volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and
costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related
measures exclude results of discontinued operations under GAAP.
Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes
net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains
(losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items
relating to joint ventures accounted for under the equity method ("Joint venture adjustments"), and
policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization
guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:
•Net investment income includes earned income on derivatives and amortization of premium on
derivatives that are hedges of investments or that are used to replicate certain investments, but do
not qualify for hedge accounting treatment ("Investment hedge adjustments").
•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical
accounting associated with in-force reinsurance.
•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-
designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments
associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting
associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for
certain single premium annuity business. These losses are amortized into adjusted earnings within
policyholder benefits and claims over the estimated lives of the contracts.
•Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated
Page 11 of 24
with in-force reinsurance.
•Interest credited to policyholder account balances excludes amounts associated with periodic
crediting rate adjustments based on the total return of a contractually referenced pool of assets and
other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
"Divested businesses" are those that have been or will be sold or exited by MetLife but do not meet the
discontinued operations criteria under GAAP. Divested businesses also include the net impact of
transactions with exited businesses that have been eliminated in consolidation under GAAP and costs
relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to
be included in results of discontinued operations under GAAP.
Other adjustments are made in calculating adjusted earnings:
•Net investment income and interest credited to policyholder account balances exclude certain
amounts related to contractholder-directed equity securities ("Unit-linked contract income" and
"Unit-linked contract costs").
•Other expenses exclude (i) implementation of new insurance regulatory requirements and other
costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions
for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic
guaranteed interest contracts ("GICs") accounted for as freestanding derivatives.
•Net investment income and other expenses also exclude Reinsurance adjustments (as defined
below).
•Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•Other revenues exclude and other expenses include fees received in connection with services
provided under transition service agreements.
•"Reinsurance adjustments" relate to amounts subject to ceded reinsurance arrangements with third
parties and joint ventures, including (i) the related investment returns and expenses which are
passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash
equivalents.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not
be recognized at acquisition or adjusted for during the measurement period under GAAP business
combination accounting guidance.
The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax
rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax
(expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax
reforms.
In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock
redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s
common shareholders.
Investment portfolio gains (losses) and derivative gains (losses)
These are measures of investment and hedging activity. Investment portfolio gains (losses) principally
excludes amounts that are reported within net investment gains (losses) but do not relate to the
performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses,
as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally
excludes earned income on derivatives and amortization of premium on derivatives, where such
derivatives are either hedges of investments or are used to replicate certain investments, and where such
derivatives do not qualify for hedge accounting. This earned income and amortization of premium is
reported within adjusted earnings and not within derivative gains (losses).
Page 12 of 24
Return on equity and related measures
•Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common
stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred
gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses),
market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit
plans adjustment components of accumulated other comprehensive income (loss) ("AOCI") and the
estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income
tax.
•Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total
MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of
related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate
remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement
gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of
certain ceded reinsurance-related embedded derivatives and total notable items, all net of income
tax.
•Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s
common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to
common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items:
adjusted earnings available to common shareholders, excluding total notable items, divided by
MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.
The above measures represent a level of equity that excludes most components of AOCI, such as
unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate
remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded
derivatives, as these amounts are primarily driven by market volatility.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other
revenues.
•Direct expense ratio: direct expenses, divided by adjusted premiums, fees and other revenues.
Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and
administrative expenses.
•Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct
expenses, excluding total notable items related to direct expenses, divided by adjusted premiums,
fees and other revenues, excluding PRT.
•Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by
adjusted premiums, fees and other revenues.
•Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT:
adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related
to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
Asia general account (GA) assets under management (GA AUM) and related measures
Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is
stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA
investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued
investment income on such assets, and excludes policy loans, contractholder-directed equity securities,
fair value option securities, mortgage loans originated for third parties, assets subject to ceded
reinsurance arrangements with third parties and joint ventures, and certain other invested assets.
Page 13 of 24
Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including
commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and
residential mortgage loans) and real estate equity (including real estate and real estate joint ventures)
included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted
from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany
activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level)
are excluded from Asia GA AUM.
Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on
investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value
on net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and
residential mortgage loans) and real estate and real estate joint ventures. Asia GA AUM (at amortized
cost) is presented net of related allowance for credit loss.
Statistical sales information
•Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year
premiums and fees from recurring premium policy sales of all products.
•RIS: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and the
contract value for new UK longevity reinsurance contracts, and 100% of annualized full-year
premiums and fees only from recurring premium policy sales of specialized benefit resources and
corporate-owned life insurance.
•Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from
retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium
deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-
premium policy sales of all products (mainly from risk and protection products such as individual life,
accident & health and group).
Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of
business activity.
The following additional information is relevant to an understanding of MetLife’s performance:
•Volume growth, where cited, represents the change in certain measures of our segment results,
including adjusted earnings, attributable to business growth, applying a model in which certain
margins and factors are held constant, the most significant of which are underwriting margins,
investment margins, changes in equity market performance, expense margins and the impact of
changes in foreign currency exchange rates.
•PRT includes U.K. funded reinsurance.
•Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife
holding companies and include cash and cash equivalents, short-term investments and publicly
traded securities excluding assets that are pledged or otherwise committed. Assets pledged or
otherwise committed include amounts received in connection with securities lending, repurchase
agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding
agreements and secured borrowings, as well as amounts held in the closed block.
•MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash
for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free
cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating
subsidiaries, expenses and other net flows of the holding companies (including capital contributions
to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This
measure of free cash flow is prior to capital actions, such as common stock dividends and
repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as
a substitute for net cash provided by (used in) operating activities calculated in accordance with
GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings
Page 14 of 24
available to common shareholders.
•Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were
unknown and that MetLife could not anticipate when it devised its business plan. Notable items also
include certain items regardless of the extent anticipated in the business plan, to help investors have
a better understanding of MetLife’s results and to evaluate and forecast those results. Notable items
represent a positive (negative) impact to adjusted earnings available to common shareholders.
•We refer to observable forward yield curves as of a particular date in connection with making our
estimates for future results. The observable forward yield curves at a given time are based on
implied future interest rates along a range of interest rate durations. This includes the 10-year U.S.
Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our
estimates for future results.
Forward-Looking Statements
This news release may contain or incorporate by reference information that includes or is based upon
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements give expectations or forecasts of future events and do not relate strictly to
historical or current facts. They use words and terms such as “anticipate,” "are confident," “assume,”
“believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,”
“should,” "target," “will,” “would,” and other words and terms of similar meaning or that are otherwise tied
to future periods or future performance, in each case in all derivative forms. They include statements
relating to strategy, goals and expectations concerning our market position, future operations, margins,
profitability, capital expenditures, liquidity and capital resources and other financial and operating
information. By their nature, forward-looking statements: speak only as of the date they are made; are not
statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties,
assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs
and projections are expressed in good faith and we believe there is a reasonable basis for them.
However, there can be no assurance that management’s expectations, beliefs and projections will result
or be achieved and actual results may vary materially from what is expressed in or indicated by the
forward-looking statements.
Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve
unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our
expectations, and our understanding of the economic environment, but they may be inaccurate and may
change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from
those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other
factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others,
may cause such differences. These factors include:
(1)economic condition difficulties, including risks relating to interest rates, the effects of announced or
future tariff increases on the global economy, credit spreads, declining equity or debt markets, real
estate, obligors and counterparties, government default or shutdown, currency exchange rates,
derivatives, climate change, public health, terrorism and security;
(2)global capital and credit market adversity;
(3)credit facility inaccessibility;
(4)financial strength or credit ratings downgrades;
(5)unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from
reinsurers' credit risk, and the potential shortfall or failure of risk mitigants to protect against such
risks;
(6)statutory life insurance reserve financing costs or limited market capacity;
(7)legal, regulatory, and supervisory and enforcement policy changes;
(8)changes in tax rates, tax laws or interpretations;
(9)litigation and regulatory investigations;
Page 15 of 24
(10)unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our
sustainability;
(11)MetLife, Inc.’s inability to pay dividends and repurchase common stock;
(12)MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;
(13)investment defaults, downgrades, or volatility;
(14)investment sales or lending difficulties;
(15)collateral or derivative-related payments;
(16)investment valuations, allowances, or impairments changes;
(17)claims or other results that differ from our estimates, assumptions, or models;
(18)global political, legal, or operational risks;
(19)business competition;
(20)technological changes;
(21)catastrophes;
(22)climate changes or responses to it;
(23)deficiencies in our closed block;
(24)goodwill or other asset impairment, or deferred income tax asset allowance;
(25)impairment of VOBA, value of distribution agreements acquired or value of customer relationships
acquired;
(26)product guarantee volatility, costs, and counterparty risks;
(27)risk management failures;
(28)insufficient protection from operational risks;
(29)failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or
disaster recovery failures;
(30)accounting standards changes;
(31)excessive risk-taking;
(32)marketing and distribution difficulties;
(33)pension and other postretirement benefit assumption changes;
(34)inability to protect our intellectual property or avoid infringement claims;
(35)acquisition, integration, growth, disposition, or reorganization difficulties;
(36)Brighthouse Financial, Inc. separation risks;
(37)MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the
voting provisions of the MetLife Policyholder Trust; and
(38)legal- and corporate governance-related effects on business combinations.
MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking
statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please
consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S.
Securities and Exchange Commission.
Page 16 of 24
MetLife, Inc.
GAAP Interim Condensed Consolidated Statements of Operations
(In millions)
For the Three Months Ended
September 30,
2025
2024
Revenues
Premiums
$10,555
$10,647
Universal life and investment-type product policy fees
1,247
1,228
Net investment income
6,089
5,227
Other revenues
724
648
Net investment gains (losses)
(325)
(77)
Net derivative gains (losses)
(929)
767
Total revenues
17,361
18,440
Expenses
Policyholder benefits and claims
10,369
10,597
Policyholder liability remeasurement (gains) losses
(159)
(132)
Market risk benefit remeasurement (gains) losses
(263)
531
Interest credited to policyholder account balances
2,561
2,037
Policyholder dividends
134
150
Amortization of DAC, VOBA and negative VOBA
522
509
Interest expense on debt
271
257
Other expenses, net of capitalization of DAC
2,716
2,497
Total expenses
16,151
16,446
Income (loss) before provision for income tax
1,210
1,994
Provision for income tax expense (benefit)
308
653
Net income (loss)
902
1,341
Less: Net income (loss) attributable to noncontrolling interests
6
(1)
Net income (loss) attributable to MetLife, Inc.
896
1,342
Less: Preferred stock dividends
66
67
        Preferred stock redemption premium
12
—
Net income (loss) available to MetLife, Inc.'s common shareholders
$818
$1,275
See footnotes on last page.
Page 17 of 24
MetLife, Inc.
(In millions, except per share data)
For the Three Months Ended
September 30,
2025
2024
Reconciliation to Adjusted Earnings Available to Common Shareholders
Earnings Per
Weighted
Average
Common Share
Diluted (1)
Earnings Per
Weighted
Average
Common Share
Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders
$818
$1.22
$1,275
$1.81
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)
(325)
(0.49)
(77)
(0.11)
Net derivative gains (losses)
(929)
(1.39)
767
1.09
Market risk benefit remeasurement gains (losses)
263
0.39
(531)
(0.75)
Goodwill impairment
—
—
—
—
Other adjustments to net income (loss)
20
0.04
(65)
(0.09)
Provision for income tax (expense) benefit
223
0.33
(195)
(0.28)
Add: Net income (loss) attributable to noncontrolling interests
6
0.01
(1)
—
Preferred stock redemption premium
12
0.02
—
—
Adjusted earnings available to common shareholders
1,584
2.37
1,375
1.95
Less: Total notable items
18
0.03
16
0.02
Adjusted earnings available to common shareholders, excluding total notable items
$1,566
$2.34
$1,359
$1.93
Adjusted earnings available to common shareholders on a constant currency basis
$1,584
$2.37
$1,376
$1.96
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$1,566
$2.34
$1,360
$1.93
Weighted average common shares outstanding - diluted
669.1
703.7
See footnotes on last page.
Page 18 of 24
MetLife, Inc.
(In millions)
For the Three Months Ended
September 30,
2025
2024
Premiums, Fees and Other Revenues
Premiums, fees and other revenues
$12,526
$12,523
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting
78
50
Other adjustments
(15)
(14)
Divested businesses
2
16
Adjusted premiums, fees and other revenues
$12,461
$12,471
Adjusted premiums, fees and other revenues, on a constant currency basis
$12,461
$12,480
Less: PRT
(10)
529
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis
$12,471
$11,951
Net Investment Income
Net investment income
$6,089
$5,227
Less: Adjustments to net investment income
Investment hedge adjustments
(100)
(129)
Joint venture adjustments
(8)
66
Unit-linked contract income
580
147
Reinsurance adjustments
177
—
Divested businesses
—
—
Adjusted net investment income
$5,440
$5,143
Revenues and Expenses
Total revenues
$17,361
$18,440
Less: Adjustments to total revenues:
Net investment gains (losses)
(325)
(77)
Net derivative gains (losses)
(929)
767
Investment hedge adjustments
(100)
(129)
Asymmetrical and non-economic accounting
78
50
Joint venture adjustments
(8)
66
Unit-linked contract income
580
147
Reinsurance adjustments
177
—
Other adjustments, excluding Unit-linked contract income and Reinsurance adjustments
(15)
(14)
Divested businesses
2
16
Total adjusted revenues
$17,901
$17,614
Total expenses
$16,151
$16,446
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses
(263)
531
Goodwill impairment
—
—
Asymmetrical and non-economic accounting
18
72
Market volatility
(49)
(52)
Unit-linked contract costs
578
143
Reinsurance adjustments
135
—
Other adjustments, excluding Unit-linked contract costs and Reinsurance adjustments
2
12
Divested businesses
10
26
Total adjusted expenses
$15,720
$15,714
See footnotes on last page.
Page 19 of 24
MetLife, Inc.
(In millions, except per share and ratio data)
For the Three Months Ended
September 30,
2025
2024
Expense Detail and Ratios
Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC
Capitalization of DAC
$(852)
$(691)
Less: Divested businesses
—
—
Adjusted capitalization of DAC
$(852)
$(691)
Reconciliation of Other Expenses to Adjusted Other Expenses
Other expenses
$3,568
$3,188
Less: Reinsurance adjustments
135
—
Less: Other adjustments, excluding Reinsurance adjustments
2
12
Less: Divested businesses
9
17
Adjusted other expenses
$3,422
$3,159
Other Detail and Ratios
Other expenses, net of capitalization of DAC
$2,716
$2,497
Premiums, fees and other revenues
$12,526
$12,523
Expense ratio
21.7%
19.9%
Direct expenses
$1,443
$1,392
Less: Total notable items related to direct expenses
—
—
Direct expenses, excluding total notable items related to direct expenses
$1,443
$1,392
Adjusted other expenses
$3,422
$3,159
Adjusted capitalization of DAC
(852)
(691)
Adjusted other expenses, net of adjusted capitalization of DAC
2,570
2,468
Less: Total notable items related to adjusted other expenses
102
—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to
adjusted other expenses
$2,468
$2,468
Adjusted premiums, fees and other revenues
$12,461
$12,471
Less: PRT
(10)
529
Adjusted premiums, fees and other revenues, excluding PRT
$12,471
$11,942
Direct expense ratio
11.6%
11.2%
Direct expense ratio, excluding total notable items related to direct expenses and PRT
11.6%
11.7%
Adjusted expense ratio
20.6%
19.8%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT
19.8%
20.7%
See footnotes on last page.
Page 20 of 24
MetLife, Inc.
(In millions, except per share data)
September 30,
Equity Details
2025
2024
Total MetLife, Inc.'s stockholders' equity
$28,944
$30,885
Less: Preferred stock
2,830
3,818
MetLife, Inc.'s common stockholders' equity 
26,114
27,067
Less: Unrealized investment gains (losses), net of related offsets and income tax
(14,667)
(11,239)
Deferred gains (losses) on derivatives, net of income tax
(1,239)
(292)
Future policy benefits discount rate remeasurement gain (losses), net of income tax
6,028
2,004
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax
(83)
4
  Defined benefit plans adjustment, net of income tax
(1,390)
(1,371)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax
92
—
Total MetLife, Inc.'s adjusted common stockholders' equity
37,373
37,961
Less: Accumulated year-to-date total notable items, net of income tax
18
16
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items
$37,355
$37,945
September 30,
Book Value (2)
2025
2024
Book value per common share
39.52
39.02
Less: Unrealized investment gains (losses), net of related offsets and income tax
(22.20)
(16.20)
Deferred gains (losses) on derivatives, net of income tax
(1.88)
(0.42)
Future policy benefits discount rate remeasurement gain (losses), net of income tax
9.12
2.89
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax
(0.13)
0.01
  Defined benefit plans adjustment, net of income tax
(2.10)
(1.98)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax
0.14
—
Adjusted book value per common share
$56.57
$54.72
Common shares outstanding, end of period (3)
660.7
693.7
For the Three Months Ended
September 30, (4)
Return on Equity
2025
2024
Return on MetLife, Inc.'s:
Common stockholders' equity
13.1%
20.2%
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity
16.9%
14.6%
Adjusted common stockholders' equity, excluding total notable items
16.7%
14.4%
For the Three Months Ended
September 30,
Average Common Stockholders' Equity
2025
2024
Average common stockholders' equity
$24,991
$25,251
Average adjusted common stockholders' equity
$37,434
$37,673
Average adjusted common stockholders' equity, excluding total notable items
$37,425
$37,665
See footnotes on last page.
Page 21 of 24
MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(In millions)
For the Three Months Ended
September 30,
2025
2024
Group Benefits (5):
Adjusted earnings available to common shareholders
$455
$373
Less: Total notable items
(2)
(58)
Adjusted earnings available to common shareholders, excluding total notable items
$457
$431
Adjusted premiums, fees and other revenues
$6,306
$6,146
Retirement & Income Solutions (5):
Adjusted earnings available to common shareholders
$436
$472
Less: Total notable items
13
104
Adjusted earnings available to common shareholders, excluding total notable items
$423
$368
Adjusted premiums, fees and other revenues
$1,186
$1,579
Less: PRT
(10)
529
Adjusted premiums, fees and other revenues, excluding PRT
$1,196
$1,050
Asia:
Adjusted earnings available to common shareholders
$543
$306
Less: Total notable items
70
(41)
Adjusted earnings available to common shareholders, excluding total notable items
$473
$347
Adjusted earnings available to common shareholders on a constant currency basis
$543
$305
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$473
$346
Adjusted premiums, fees and other revenues
$1,717
$1,710
Adjusted premiums, fees and other revenues, on a constant currency basis
$1,717
$1,704
Latin America:
Adjusted earnings available to common shareholders
$147
$221
Less: Total notable items
(75)
4
Adjusted earnings available to common shareholders, excluding total notable items
$222
$217
Adjusted earnings available to common shareholders on a constant currency basis
$147
$222
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$222
$218
Adjusted premiums, fees and other revenues
$1,663
$1,496
Adjusted premiums, fees and other revenues, on a constant currency basis
$1,663
$1,498
See footnotes on last page.
Page 22 of 24
MetLife, Inc.
Adjusted Earnings Available to Common Shareholders (Continued)
(In millions)
For the Three Months Ended
September 30,
2025
2024
EMEA:
Adjusted earnings available to common shareholders
$88
$70
Less: Total notable items
(1)
(5)
Adjusted earnings available to common shareholders, excluding total notable items
$89
$75
Adjusted earnings available to common shareholders on a constant currency basis
$88
$71
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$89
$76
Adjusted premiums, fees and other revenues
$727
$655
Adjusted premiums, fees and other revenues, on a constant currency basis
$727
$668
MetLife Holdings (5):
Adjusted earnings available to common shareholders
$203
$182
Less: Total notable items
13
12
Adjusted earnings available to common shareholders, excluding total notable items
$190
$170
Adjusted premiums, fees and other revenues
$729
$793
Corporate & Other (5):
Adjusted earnings available to common shareholders
$(288)
$(249)
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$(288)
$(249)
Adjusted premiums, fees and other revenues
$133
$92
See footnotes on last page.
Page 23 of 24
MetLife, Inc.
For the Three
Months Ended
September 30, 2025
September 30, 2025
Variable
Investment Income
(post-tax, $ in
millions) (6)
Assets ($ in billions)
Group Benefits
$5
$0.2
RIS
146
5.6
Asia
139
8.3
Latin America
2
0.3
EMEA
—
—
MetLife Holdings
76
3.4
Corporate & Other
14
1.1
Total
$382
$18.9
Segments: Group Benefits, RIS, Asia, Latin America and EMEA (7)
Capital
Deployed
Value of New
Business
Internal Rate of
Return
Payback (Years)
Value of new business ($ in billions)
2024
$3.4
$2.6
19%
5
2023
$3.6
$2.6
19%
5
2022
$3.7
$2.3
17%
6
2021
$2.8
$1.9
17%
6
2020
$3.2
$1.9
17%
6
See footnotes on last page.
Page 24 of 24
MetLife, Inc.
September 30, 2025
Cash & Capital (8), (9), (in billions)
Holding Companies Cash & Liquid Assets
$4.9
Footnotes
(1)
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis
and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted
common share.
(2)
Book values exclude $2,830 million and $3,818 million of equity related to preferred stock at September 30, 2025 and September 30, 2024,
respectively.
(3)
There were share repurchases of $502 million for the three months ended September 30, 2025. Year-to-date, there were share repurchases of
approximately $2.6 billion, including approximately $150 million of share repurchases in October 2025. Common stock dividends totaling
$378 million were paid for the three months ended September 30, 2025.
(4)
Annualized using quarter-to-date results.
(5)
Results on a constant currency basis are not included as constant currency impact is not significant.
(6)
Assumes a 21% tax rate.
(7)
Excludes MetLife Holdings; Value of New Business is the present value of future profits net of the cost of capital and time value of guarantees
from new sales.
(8)
The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $17.1 billion
at September 30, 2025, flat from $17.1 billion at June 30, 2025. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries,
excluding American Life Insurance Company.
(9)
The expected Japan solvency margin ratio as of September 30, 2025 is approximately 740%.