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Sep 30
MetLife Q3 2025 Earnings Report
MetLife reported solid earnings growth in Q3 2025, supported by strong variable investment income and broad-based volume growth.
Key Takeaways
MetLife delivered strong adjusted earnings in Q3 2025 despite a decline in net income. Growth in Asia and improved underwriting in Group Benefits contributed positively, while derivative losses impacted GAAP results.
Adjusted earnings rose 15% to $1.58 billion, driven by strong private equity returns
EPS was $1.22, with adjusted EPS at $2.37
Group Benefits and Asia segments posted significant year-over-year growth
Net income declined 36% due to derivative and investment losses
MetLife
MetLife
MetLife Revenue by Segment
MetLife Revenue by Geographic Location
Revenue by Segment
Group Benefits Revenue
CapyFin.comRetirement & Income Solutions Revenue
CapyFin.comAsia Revenue
CapyFin.comLatin America Revenue
CapyFin.comEMEA Revenue
CapyFin.comMetLife Holdings Revenue
CapyFin.comCorporate & Other Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comAsia Revenue
CapyFin.comLatin America Revenue
CapyFin.comEMEA Revenue
CapyFin.com Forward Guidance
MetLife is optimistic heading into year-end, citing strong PRT mandates, robust sales in Asia, and strategic partnerships, although macro headwinds may continue to impact net investment results.
Positive Outlook
- Secured $12 billion in PRT mandates early in Q4
- Grew Asia sales 34% YoY on a constant currency basis
- Expanded partnership with Mercado Libre in Latin America
- Group Benefits saw underwriting improvement and volume growth
- Book value per share increased to $39.52
Challenges Ahead
- Net income dropped 36% due to investment and derivative losses
- Latin America adjusted earnings declined 33%
- EMEA segment earnings impacted by one-time items
- Holding company expenses rose due to higher interest payments
- Adjusted expense ratio rose to 20.6% from 19.8% YoY