METLIFE INC
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 2. Results of Operations
Results of Operations
MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and investment management. MetLife is organized into six segments: Group Benefits; Retirement and Income Solutions (“RIS”); Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. See Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s segments and Corporate & Other.
Pending Reinsurance Transaction
On April 30, 2025, the Company entered into a definitive agreement with Talcott Resolution Life Insurance Company, a life insurance and annuities subsidiary of Talcott Financial Group, to reinsure approximately $10.0 billion of variable annuity and rider reserves, which are reported in the MetLife Holdings segment. At the closing of the transaction, the Company will enter into a reinsurance agreement on both a modified coinsurance and a funds withheld basis. The transaction is expected to close in the second half of 2025 and is subject to regulatory approvals and other customary closing conditions.
Key Financial Highlights
Net income available to MetLife, Inc.’s common shareholders of $698 million and $1.6 billion for the three months and six months ended June 30, 2025, respectively, compared to $912 million and $1.7 billion for the three months and six months ended June 30, 2024, respectively.
Adjusted earnings available to common shareholders of $1.4 billion and $2.7 billion for the three months and six months ended June 30, 2025, respectively, compared to $1.6 billion and $3.0 billion for the three months and six months ended June 30, 2024, respectively.
Consolidated Results
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Revenues | ||||
| Premiums | $10,810 | $11,628 | $22,533 | $21,681 |
| Universal life and investment-type product policy fees | 1,259 | 1,281 | 2,488 | 2,529 |
| Net investment income | 5,661 | 5,205 | 10,546 | 10,641 |
| Other revenues | 679 | 638 | 1,366 | 1,312 |
| Net investment gains (losses) | (273) | (421) | (660) | (796) |
| Net derivative gains (losses) | (796) | (508) | (364) | (1,487) |
| Total revenues | 17,340 | 17,823 | 35,909 | 33,880 |
| Expenses | ||||
| Policyholder benefits and claims and policyholder dividends | 10,913 | 11,633 | 22,863 | 21,854 |
| Policyholder liability remeasurement (gains) losses | 5 | (10) | (26) | (32) |
| Market risk benefit remeasurement (gains) losses | (277) | (182) | 22 | (876) |
| Interest credited to policyholder account balances | 2,400 | 2,000 | 4,047 | 4,290 |
| Amortization of deferred policy acquisition costs, value of business acquired and negative value of business acquired | 528 | 493 | 1,047 | 995 |
| Interest expense on debt | 269 | 257 | 527 | 521 |
| Other expenses, net of capitalization of deferred policy acquisition costs | 2,522 | 2,430 | 5,095 | 4,881 |
| Total expenses | 16,360 | 16,621 | 33,575 | 31,633 |
| Income (loss) before provision for income tax | 980 | 1,202 | 2,334 | 2,247 |
| Provision for income tax expense (benefit) | 245 | 249 | 649 | 419 |
| Net income (loss) | 735 | 953 | 1,685 | 1,828 |
| Less: Net income (loss) attributable to noncontrolling interests | 6 | 7 | 11 | 15 |
| Net income (loss) attributable to MetLife, Inc. | 729 | 946 | 1,674 | 1,813 |
| Less: Preferred stock dividends | 31 | 34 | 97 | 101 |
| Net income (loss) available to MetLife, Inc.’s common shareholders | $698 | $912 | $1,577 | $1,712 |
Net income (loss) available to MetLife, Inc.’s common shareholders - Decreased $214 million primarily due to the following:
Net Investment Gains (Losses)(1) - Favorable change of $148 million ($117 million, net of income tax):
Gains on foreign currency transactions in the current period compared to losses in the prior period
Lower losses on sales of fixed maturity securities
Higher increase to the ACL on mortgage loans
Net Derivative Gains (Losses)(2) - Unfavorable change of $288 million ($228 million, net of income tax)(3):
Key equity indexes increased more significantly in the current period compared to the prior period - unfavorable impact to the estimated fair value of total rate of return swaps, short futures and long put options
The U.S. dollar weakened against the Japanese yen in the current period compared to strengthened in the prior period - favorable impact to the estimated fair value of sell-U.S. dollar currency forwards
Market Risk Benefit Remeasurement (Gains) Losses(4) - Favorable change of $95 million ($75 million, net of income tax):
Key equity indexes increased more significantly in the current period compared to the prior period
Long-term interest rates were mixed in the current period compared to increased in the prior period
Adjusted Earnings Available to Common Shareholders(5) - Unfavorable change of $266 million. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
Taxes - Unfavorable change in effective tax rate - 25% in the current period compared to 21% in the prior period:
Current period effective tax rate on income before provision for income tax was 25% compared to the U.S. statutory rate of 21% primarily due to tax charges from:
Partially offset by tax benefits from:
Tax rate change in Japan
The reversal of previously non-deductible losses
Prior period effective tax rate on income before provision for income tax was equal to the U.S. statutory rate of 21% and included tax benefits from:
Offset by tax charges from:
Net income (loss) available to MetLife, Inc.’s common shareholders - Decreased $135 million primarily due to the following:
Net Investment Gains (Losses)(1) - Favorable change of $136 million ($107 million, net of income tax):
Gains on foreign currency transactions in the current period compared to losses in the prior period
Higher increase to the ACL on mortgage loans
Higher gains on sales of real estate investments in the prior period
Net Derivative Gains (Losses)(2) - Favorable change of $1.1 billion ($887 million, net of income tax)(3):
The U.S. dollar weakened against the Japanese yen in the current period compared to strengthened in the prior period - favorable impact to the estimated fair value of sell-U.S. dollar currency forwards
Long-term interest rates decreased in the current period compared to increased in the prior period - favorable impact to the estimated fair value of receiver swaps, options and forwards
Market Risk Benefit Remeasurement (Gains) Losses(4) - Unfavorable change of $898 million ($709 million, net of income tax):
Long-term interest rates decreased in the current period compared to increased in the prior period
Key equity indexes increased less significantly in the current period compared to the prior period
Adjusted Earnings Available to Common Shareholders(5) - Unfavorable change of $251 million. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
Taxes - Unfavorable change in effective tax rate - 28% in the current period compared to 19% in the prior period:
Current period effective tax rate on income before provision for income tax was 28% compared to the U.S. statutory rate of 21% primarily due to tax charges from:
Non-deductible losses
Partially offset by tax benefits from:
Corporate tax deduction for stock compensation
Prior period effective tax rate on income before provision for income tax was 19% compared to the U.S. statutory rate of 21% primarily due to tax benefits from:
The reversal of previously non-deductible losses
Corporate tax deduction for stock compensation
(1)See “— Investments — Overview” and “— Investments — Investment Portfolio Results — Net Investment Gains (Losses)” for information regarding management of our investment portfolio.
(2)See “— Derivatives — Net Derivative Gains (Losses)” for information regarding the use of derivatives to hedge market risk.
(3)Includes amounts relating to investment hedge adjustments, which are also included in adjusted earnings available to common shareholders. See “— Investments — Investment Portfolio Results” for additional information.
(4)See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s MRBs.
(5)See “— Non-GAAP and Other Financial Disclosures” for information regarding adjusted earnings and related measures.
Reconciliation of net income (loss) to adjusted earnings available to common shareholders and premiums, fees and other revenues to adjusted premiums, fees and other revenues
Three Months Ended June 30, 2025
| Group Benefits · RIS · Asia · Latin America · EMEA · MetLife Holdings · Corporate & Other · Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | ||||||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $370 | $70 | $335 | $202 | $96 | $(44) | $(331) | $698 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 31 | 31 | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests | — | — | — | 2 | 1 | — | 3 | 6 | ||||||||
| Net income (loss) | 370 | 70 | 335 | 204 | 97 | (44) | (297) | 735 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (5) | (202) | 69 | (2) | 3 | (70) | (66) | (273) | ||||||||
| Net derivative gains (losses) | (17) | (130) | (172) | 18 | (15) | (403) | (77) | (796) | ||||||||
| Premiums | 3 | — | — | — | — | — | — | 3 | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | — | — | ||||||||
| Net investment income | (18) | (6) | 191 | 13 | 271 | (41) | 49 | 459 | ||||||||
| Other revenues | — | (21) | — | 8 | — | 34 | 5 | 26 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | 1 | 4 | 40 | (22) | — | 17 | — | 40 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | — | — | — | — | — | — | — | ||||||||
| Market risk benefit remeasurement gains (losses) | — | 15 | 14 | — | (1) | 250 | (1) | 277 | ||||||||
| Interest credited to policyholder account balances ("PABs") | — | 1 | (183) | (53) | (256) | (25) | — | (516) | ||||||||
| Capitalization of deferred policy acquisition costs ("DAC") | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, value of business acquired ("VOBA") and negative VOBA | — | — | — | — | — | — | — | — | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | (2) | (37) | — | 3 | — | — | (37) | (73) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 8 | 78 | 26 | 6 | (5) | 50 | 32 | 195 | ||||||||
| Adjusted earnings | $400 | $368 | $350 | $233 | $100 | $144 | $(202) | $1,393 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 31 | 31 | ||||||||
| Adjusted earnings available to common shareholders | $400 | $368 | $350 | $233 | $100 | $144 | $(233) | $1,362 | ||||||||
| Premiums, fees and other revenues | $6,449 | $1,334 | $1,699 | $1,642 | $719 | $774 | $131 | $12,748 | ||||||||
| Less: adjustments to premiums, fees and other revenues | 3 | (21) | — | 8 | — | 34 | 5 | 29 | ||||||||
| Adjusted premiums, fees and other revenues | $6,446 | $1,355 | $1,699 | $1,634 | $719 | $740 | $126 | $12,719 | ||||||||
Three Months Ended June 30, 2024
| Group Benefits · RIS · Asia · Latin America · EMEA · MetLife Holdings · Corporate & Other · Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | ||||||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $534 | $195 | $(194) | $228 | $78 | $152 | $(81) | $912 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 34 | 34 | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests | — | — | — | 1 | 2 | — | 4 | 7 | ||||||||
| Net income (loss) | 534 | 195 | (194) | 229 | 80 | 152 | (43) | 953 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (17) | (131) | (405) | 19 | (2) | (52) | 167 | (421) | ||||||||
| Net derivative gains (losses) | 37 | 82 | (583) | 52 | (5) | (112) | 21 | (508) | ||||||||
| Premiums | — | — | — | — | — | — | — | — | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | — | — | ||||||||
| Net investment income | (19) | (62) | 64 | (45) | 155 | (53) | 5 | 45 | ||||||||
| Other revenues | — | (18) | — | — | — | 35 | 7 | 24 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | — | (126) | 87 | (52) | — | 18 | — | (73) | ||||||||
| Policyholder liability remeasurement (gains) losses | — | — | — | — | — | — | — | — | ||||||||
| Market risk benefit remeasurement gains (losses) | — | (17) | 1 | — | 12 | 185 | 1 | 182 | ||||||||
| Interest credited to PABs | — | 1 | (65) | 23 | (153) | (23) | (2) | (219) | ||||||||
| Capitalization of DAC | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, VOBA and negative VOBA | — | — | — | — | — | — | — | — | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | — | — | — | 2 | (1) | — | (10) | (9) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | — | 56 | 258 | 4 | (3) | 1 | (46) | 270 | ||||||||
| Adjusted earnings | $533 | $410 | $449 | $226 | $77 | $153 | $(186) | $1,662 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 34 | 34 | ||||||||
| Adjusted earnings available to common shareholders | $533 | $410 | $449 | $226 | $77 | $153 | $(220) | $1,628 | ||||||||
| Adjusted earnings available to common shareholders on a constant currency basis (1) | $533 | $410 | $449 | $203 | $77 | $153 | $(220) | $1,605 | ||||||||
| Premiums, fees and other revenues | $6,210 | $2,564 | $1,668 | $1,506 | $621 | $858 | $120 | $13,547 | ||||||||
| Less: adjustments to premiums, fees and other revenues | — | (18) | — | — | — | 35 | 7 | 24 | ||||||||
| Adjusted premiums, fees and other revenues | $6,210 | $2,582 | $1,668 | $1,506 | $621 | $823 | $113 | $13,523 | ||||||||
| Adjusted premiums, fees and other revenues on a constant currency basis (1) | $6,210 | $2,582 | $1,722 | $1,386 | $631 | $823 | $113 | $13,467 | ||||||||
(1)Amounts for Group Benefits, RIS, MetLife Holdings and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.
Six Months Ended June 30, 2025
| Group Benefits · RIS · Asia · Latin America · EMEA · MetLife Holdings · Corporate & Other · Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | ||||||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $670 | $196 | $824 | $430 | $171 | $(100) | $(614) | $1,577 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 97 | 97 | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests | — | — | — | 4 | 2 | — | 5 | 11 | ||||||||
| Net income (loss) | 670 | 196 | 824 | 434 | 173 | (100) | (512) | 1,685 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (30) | (412) | 103 | 1 | — | (129) | (193) | (660) | ||||||||
| Net derivative gains (losses) | (60) | (175) | (2) | 176 | (26) | (287) | 10 | (364) | ||||||||
| Premiums | 7 | — | — | — | — | — | — | 7 | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | — | — | ||||||||
| Net investment income | (35) | (23) | 51 | (28) | 175 | (88) | 79 | 131 | ||||||||
| Other revenues | — | (40) | — | 8 | — | 70 | 9 | 47 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | — | (20) | 84 | (89) | — | 33 | — | 8 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | — | — | — | — | — | — | — | ||||||||
| Market risk benefit remeasurement gains (losses) | — | 16 | 13 | — | — | (51) | — | (22) | ||||||||
| Interest credited to PABs | — | 1 | (41) | (94) | (160) | (52) | — | (346) | ||||||||
| Capitalization DAC | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, VOBA and negative VOBA | — | — | — | — | — | — | — | — | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | (5) | (72) | — | 5 | (1) | — | (69) | (142) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 26 | 152 | (108) | 4 | 2 | 106 | 36 | 218 | ||||||||
| Adjusted earnings | $767 | $769 | $724 | $451 | $183 | $298 | $(384) | $2,808 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 97 | 97 | ||||||||
| Adjusted earnings available to common shareholders | $767 | $769 | $724 | $451 | $183 | $298 | $(481) | $2,711 | ||||||||
| Premiums, fees and other revenues | $12,883 | $3,745 | $3,380 | $3,155 | $1,387 | $1,590 | $247 | $26,387 | ||||||||
| Less: adjustments to premiums, fees and other revenues | 7 | (40) | — | 8 | — | 70 | 9 | 54 | ||||||||
| Adjusted premiums, fees and other revenues | $12,876 | $3,785 | $3,380 | $3,147 | $1,387 | $1,520 | $238 | $26,333 | ||||||||
Six Months Ended June 30, 2024
| Group Benefits · RIS · Asia · Latin America · EMEA · MetLife Holdings · Corporate & Other · Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | ||||||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $825 | $485 | $(168) | $270 | $128 | $340 | $(168) | $1,712 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 101 | 101 | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests | — | — | — | 3 | 2 | — | 10 | 15 | ||||||||
| Net income (loss) | 825 | 485 | (168) | 273 | 130 | 340 | (57) | 1,828 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (41) | (252) | (536) | 16 | (39) | (338) | 394 | (796) | ||||||||
| Net derivative gains (losses) | 90 | 150 | (1,155) | (150) | (19) | (411) | 8 | (1,487) | ||||||||
| Premiums | — | — | — | — | — | — | — | — | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | — | — | ||||||||
| Net investment income | (39) | (140) | 296 | (29) | 418 | (103) | 10 | 413 | ||||||||
| Other revenues | — | (38) | — | — | — | 74 | 15 | 51 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | — | (126) | 154 | (85) | — | 37 | — | (20) | ||||||||
| Policyholder liability remeasurement (gains) losses | — | — | — | — | — | — | — | — | ||||||||
| Market risk benefit remeasurement gains (losses) | — | (5) | 14 | — | 41 | 825 | 1 | 876 | ||||||||
| Interest credited to PABs | — | 2 | (301) | (17) | (415) | (49) | (2) | (782) | ||||||||
| Capitalization of DAC | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, VOBA and negative VOBA | — | — | — | — | — | — | — | — | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | — | — | — | 4 | (2) | — | (22) | (20) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | (2) | 85 | 488 | 75 | (8) | (7) | (101) | 530 | ||||||||
| Adjusted earnings | $817 | $809 | $872 | $459 | $154 | $312 | $(360) | $3,063 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 101 | 101 | ||||||||
| Adjusted earnings available to common shareholders | $817 | $809 | $872 | $459 | $154 | $312 | $(461) | $2,962 | ||||||||
| Adjusted earnings available to common shareholders on a constant currency basis (1) | $817 | $809 | $860 | $407 | $150 | $312 | $(461) | $2,894 | ||||||||
| Premiums, fees and other revenues | $12,540 | $3,357 | $3,412 | $3,002 | $1,241 | $1,738 | $232 | $25,522 | ||||||||
| Less: adjustments to premiums, fees and other revenues | — | (38) | — | — | — | 74 | 15 | 51 | ||||||||
| Adjusted premiums, fees and other revenues | $12,540 | $3,395 | $3,412 | $3,002 | $1,241 | $1,664 | $217 | $25,471 | ||||||||
| Adjusted premiums, fees and other revenues on a constant currency basis (1) | $12,540 | $3,395 | $3,404 | $2,707 | $1,225 | $1,664 | $217 | $25,152 | ||||||||
(1)Amounts for Group Benefits, RIS, MetLife Holdings and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.
Consolidated Results — Adjusted Earnings Available to Common Shareholders
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2025 decreased $804 million, or 6%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, decreased $748 million, or 6%, compared to the prior period primarily due to lower premiums in the pension risk transfer business in the RIS segment, partially offset by strong sales and solid persistency in the Latin America segment, as well as growth in both core and voluntary products in the Group Benefits segment.
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Group Benefits | $400 | $533 | $767 | $817 |
| RIS | 368 | 410 | 769 | 809 |
| Asia | 350 | 449 | 724 | 872 |
| Latin America | 233 | 226 | 451 | 459 |
| EMEA | 100 | 77 | 183 | 154 |
| MetLife Holdings | 144 | 153 | 298 | 312 |
| Corporate & Other | (233) | (220) | (481) | (461) |
| Adjusted earnings available to common shareholders | $1,362 | $1,628 | $2,711 | $2,962 |
| Adjusted earnings available to common shareholders on a constant currency basis | $1,362 | $1,605 | $2,711 | $2,894 |
| Adjusted premiums, fees and other revenues | $12,719 | $13,523 | $26,333 | $25,471 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $12,719 | $13,467 | $26,333 | $25,152 |
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings Available to Common Shareholders - Decreased $266 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings available to common shareholders by $23 million in the Latin America segment
Market Factors - Decreased adjusted earnings available to common shareholders by $126 million:
Higher interest credited expenses - growth in investment-type and certain insurance products in the RIS segment, as well as higher average interest crediting rates on investment-type and certain insurance products in the Asia segment
Variable investment income decreased- lower returns on private equity funds and corporate debt funds, partially offset by higher returns on mortgage loan funds and real estate funds
Recurring investment income increased - positive flows from pension risk transfer transactions and funding agreement issuances in the RIS segment, higher income on real estate investments, higher returns on fair value option (“FVO”) securities and higher yields on fixed income securities, largely offset by lower income on derivatives and lower yields on mortgage loans
Volume Growth - Increased adjusted earnings available to common shareholders by $66 million:
Higher average invested assets, primarily in the Asia and Latin America segments
Higher sales and business growth in the EMEA, Latin America and Asia segments
Increase in interest credited expenses on long-duration products, primarily in the Asia and Latin America segments
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings available to common shareholders by $201 million:
Unfavorable mortality results, primarily in the Group Benefits segment
Lower surrender charges in the Asia segment
Unfavorable morbidity results, primarily in the Group Benefits segment
Expenses - Increased adjusted earnings available to common shareholders by $29 million:
Lower expenses in the MetLife Holdings segment and Corporate & Other
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings Available to Common Shareholders - Decreased $251 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings available to common shareholders by $68 million, primarily in the Latin America and Asia segments
Market Factors - Decreased adjusted earnings available to common shareholders by $139 million:
Higher interest credited expenses - higher average interest crediting rates on investment-type products, primarily in the RIS and Asia segments, as well as on certain insurance products in the Asia segment, and growth in investment-type and certain insurance products in the RIS segment
Variable investment income decreased- lower returns on private equity funds and corporate debt funds, largely offset by higher returns on real estate funds and mortgage loan funds
Favorable change in market-sensitive policyholder liabilities in the Asia segment in the prior period
Recurring investment income increased - positive flows from pension risk transfer transactions and funding agreement issuances in the RIS segment and higher income on real estate investments, largely offset by lower income on derivatives and lower yields on mortgage loans
Volume Growth - Increased adjusted earnings available to common shareholders by $106 million:
Higher average invested assets, primarily in the Asia and Latin America segments
Higher sales and business growth in the EMEA, Asia and Latin America segments
Increase in interest credited expenses on long-duration products, primarily in the Asia and Latin America segments
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings available to common shareholders by $127 million:
Lower surrender charges in the Asia segment
Unfavorable morbidity results, primarily in the Group Benefits segment
Segment Results and Corporate & Other
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2025 increased $236 million, or 4%, compared to the prior period, primarily driven by growth in both core and voluntary products, as well as an increase in premiums related to our participating life contracts, which can fluctuate with claims experience.
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Adjusted earnings | $400 | $533 | $767 | $817 |
| Adjusted premiums, fees and other revenues | $6,446 | $6,210 | $12,876 | $12,540 |
Adjusted Earnings - Decreased $133 million primarily due to the following business drivers:
Volume Growth - Increased adjusted earnings by $13 million:
Growth in both core and voluntary products
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $157 million:
Unfavorable mortality - primarily due to higher claims incidence in our life business as a result of low claims incidence in the prior period
Unfavorable morbidity - unfavorable experience due to higher severity and a favorable reserve adjustment in the prior period in our disability business
Expenses - Increased adjusted earnings by $11 million:
An increase in adjusted premiums, fees and other revenue exceeded a corresponding increase in direct expenses
Adjusted Earnings - Decreased $50 million primarily due to the following business drivers:
Volume Growth - Increased adjusted earnings by $19 million:
Growth in both core and voluntary products
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $59 million:
Unfavorable morbidity - unfavorable experience due to higher severity and a favorable reserve adjustment in the prior period in our disability business
Expenses - Decreased adjusted earnings by $15 million:
Higher legal plan utilization and direct expenses, partially offset by a premium tax liability release, exceeded the corresponding increase in adjusted premiums, fees and other revenue
Retirement & Income Solutions
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2025 decreased $1.2 billion, or 48%, compared to the prior period. The decrease was primarily due to lower premiums from our pension risk transfer business, partially offset by growth in our United Kingdom (“U.K.”) longevity reinsurance business. The change in premiums was substantially offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance.
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Adjusted earnings | $368 | $410 | $769 | $809 |
| Adjusted premiums, fees and other revenues | $1,355 | $2,582 | $3,785 | $3,395 |
Adjusted Earnings- Decreased $42 million primarily due to the following business drivers:
Market Factors- Decreased adjusted earnings by $36 million:
Higher interest credited expenses - growth in investment-type and certain insurance products
Variable investment income decreased - lower returns on private equity funds, largely offset by higher returns on mortgage loan funds and real estate funds
Recurring investment income increased - positive flows from pension risk transfer transactions and funding agreement issuances, largely offset by lower income on derivatives and lower yields on mortgage loans
Adjusted Earnings- Decreased $40 million primarily due to the following business drivers:
Market Factors- Decreased adjusted earnings by $53 million:
Higher interest credited expenses - growth in investment-type and certain insurance products, as well as higher average interest crediting rates on investment-type products
Largely offset by:
Recurring investment income increased - positive flows from pension risk transfer transactions and funding agreement issuances, largely offset by lower income on derivatives and lower yields on mortgage loans and fixed income securities
Variable investment income increased - higher returns on real estate funds and mortgage loan funds, largely offset by lower returns on private equity funds
Underwriting and Other Insurance Adjustments- Increased adjusted earnings by $21 million:
Favorable mortality - mainly in our risk solution business, partially offset by unfavorable mortality in our annuity business
Asia
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2025 increased $31 million, or 2%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, decreased $23 million, or 1%, compared to the prior period, as lower fee income from Japan’s annuity and foreign currency-denominated life products and decreases in premiums from Japan’s yen-denominated life and accident & health products were partially offset by an increase in premiums from life products in Korea.
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Adjusted earnings | $350 | $449 | $724 | $872 |
| Adjusted earnings on a constant currency basis | $350 | $449 | $724 | $860 |
| Adjusted premiums, fees and other revenues | $1,699 | $1,668 | $3,380 | $3,412 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $1,699 | $1,722 | $3,380 | $3,404 |
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings - Decreased $99 million on a reported basis, primarily due to the following business drivers:
Foreign Currency -No change to adjusted earnings
Market Factors - Decreased adjusted earnings by $64 million:
Higher interest credited expense - higher average interest crediting rates on investment-type and certain insurance products
Variable investment income decreased - lower returns on private equity funds and corporate debt funds partially offset by higher returns on real estate funds
Volume Growth- Increased adjusted earnings by $34 million:
Business growth across the region, mainly driven by higher positive net flows, which resulted in higher average invested assets
Underwriting and Other Insurance Adjustments- Decreased adjusted earnings by $53 million:
Lower surrender charges in Japan
Unfavorable claims experience in Australia
Taxes- Decreased adjusted earnings by $10 million:
Higher dividend withholding tax in Korea
Adjusted Earnings - Decreased $148 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings by $12 million:
Korean won and Australian dollar weakened against the U.S. dollar
Market Factors - Decreased adjusted earnings by $59 million:
Higher interest credited expense - higher average interest crediting rates on investment-type and certain insurance products
Favorable change in market-sensitive policyholder liabilities in the prior period
Variable investment income increased - higher returns on real estate funds, largely offset by lower returns on private equity funds and corporate debt funds
Volume Growth- Increased adjusted earnings by $50 million:
Business growth across the region, mainly driven by higher positive net flows, which resulted in higher average invested assets
Underwriting and Other Insurance Adjustments- Decreased adjusted earnings by $78 million:
Lower surrender charges in Japan
Unfavorable claims experience in Australia
Expenses- Decreased adjusted earnings by $21 million:
Higher direct expenses and corporate overhead expenses
Taxes- Decreased adjusted earnings by $30 million:
Unfavorable change in Japan - impact from a tax rate change in the current period
Unfavorable change in Korea - higher dividend withholding tax in the current period and tax benefits due to a tax audit settlement in the prior period
Latin America
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2025 increased $128 million, or 8%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $248 million, or 18%, compared to the prior period, mainly driven by strong sales and solid persistency across the region.
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Adjusted earnings | $233 | $226 | $451 | $459 |
| Adjusted earnings on a constant currency basis | $233 | $203 | $451 | $407 |
| Adjusted premiums, fees and other revenues | $1,634 | $1,506 | $3,147 | $3,002 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $1,634 | $1,386 | $3,147 | $2,707 |
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings - Increased $7 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings by $23 million:
Mexican peso weakened against the U.S. dollar
Market Factors - No change to adjusted earnings
Recurring investment income - higher returns on our Chilean encaje within FVO securities, driven by an increase in bond index returns, were offset by lower yields on fixed income securities and mortgage loans and lower returns on real estate equity investments
Volume Growth - Increased adjusted earnings by $26 million:
Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets
Strong sales and higher average invested assets in Mexico
Taxes - Increased adjusted earnings by $4 million:
Tax adjustments in both periods related to the filing of the tax returns in Chile and Mexico
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings - Decreased $8 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings by $52 million:
Mexican peso weakened against the U.S. dollar
Market Factors - Decreased adjusted earnings by $8 million:
Recurring investment income decreased - lower yields on fixed income securities and real estate equity investments, partially offset by higher returns on our Chilean encaje within FVO securities, driven by an increase in bond index returns
Volume Growth - Increased adjusted earnings by $54 million:
Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets
Strong sales and higher average invested assets in Mexico
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $18 million:
Favorable refinements to certain insurance liabilities primarily in Chile and Mexico in the prior period
Taxes - Increased adjusted earnings by $18 million:
Income tax refund in Chile
Tax adjustments in both periods - recurring tax item related to inflation and adjustments related to the filing of the tax returns in Chile and Mexico
EMEA
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2025 increased $98 million, or 16%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $88 million, or 14%, compared to the prior period primarily due to strong sales in our (i) corporate solutions business in the U.K., the Gulf and Egypt, (ii) credit life business in Turkey and Romania, and (iii) accident & health and ordinary life businesses across the region, as well as our pension business in Turkey.
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Adjusted earnings | $100 | $77 | $183 | $154 |
| Adjusted earnings on a constant currency basis | $100 | $77 | $183 | $150 |
| Adjusted premiums, fees and other revenues | $719 | $621 | $1,387 | $1,241 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $719 | $631 | $1,387 | $1,225 |
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings- Increased $23 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - No change to adjusted earnings
Market Factors - Increased adjusted earnings by $5 million:
Volume Growth - Increased adjusted earnings by $18 million:
Increase in sales and business growth:
Credit life and pension businesses in Turkey
Accident & health and ordinary life businesses across the region
Corporate solutions business in the Gulf, the U.K. and Egypt
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $10 million:
Unfavorable underwriting experience across the region
Favorable change from refinements to certain insurance liabilities primarily in the current period
Expenses- Increased adjusted earnings by $7 million:
Lower pension, postretirement and postemployment benefit costs
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings- Increased $29 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings by $4 million:
Turkish lira and Egyptian pound weakened against the U.S. dollar
British pound strengthened against the U.S. dollar
Market Factors - Increased adjusted earnings by $10 million:
Volume Growth - Increased adjusted earnings by $34 million:
Increase in sales and business growth:
Credit life and pension businesses in Turkey
Accident & health and ordinary life businesses across the region
Corporate solutions business in the Gulf, the U.K. and Egypt
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $10 million:
Unfavorable underwriting experience across the region
Expenses- Decreased adjusted earnings by $6 million:
Higher direct expenses, including employee-related costs and various other operating expenses across the region
Lower pension, postretirement and postemployment benefit costs
Business Overview. The MetLife Holdings segment principally consists of operations relating to products and businesses that we no longer actively market in the U.S. Adjusted premiums, fees and other revenues continue to decline from expected business run-off.
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Adjusted earnings | $144 | $153 | $298 | $312 |
| Adjusted premiums, fees and other revenues | $740 | $823 | $1,520 | $1,664 |
Adjusted Earnings -Decreased $9 million primarily due to the following business drivers:
Market Factors - Decreased adjusted earnings by $30 million:
Recurring investment income decreased - lower average invested assets due to business run-off and lower income on derivatives, partially offset by higher income on real estate investments, as well as higher yields on fixed income securities
Variable investment income decreased - lower returns on private equity funds, largely offset by higher returns on mortgage loan funds
Decrease in interest credited expenses on long-duration products
Volume Growth - Decreased adjusted earnings by $10 million, consistent with business run-off
Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $16 million:
Favorable mortality - lower claim volume and severity in our life business, partially offset by lower fees in our annuity business
Expenses- Increased adjusted earnings by $13 million, consistent with business run-off
Adjusted Earnings - Decreased $14 million primarily due to the following business drivers:
Market Factors - Decreased adjusted earnings by $33 million:
Recurring investment income decreased - lower average invested assets due to business run-off and lower income on derivatives, partially offset by higher income on real estate investments, as well as higher yields on fixed income securities
Variable investment income decreased - lower returns on private equity funds and corporate debt funds, largely offset by higher returns on mortgage loan funds and real estate funds
Decrease in interest credited expenses on long-duration products
Volume Growth - Decreased adjusted earnings by $20 million, consistent with business run-off
Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $17 million:
Unfavorable reserve refinement in the prior period
Favorable mortality - lower claim volume and severity in our life business, largely offset by lower fees in our annuity business
Unfavorable morbidity experience in our long-term care business
Expenses- Increased adjusted earnings by $18 million, consistent with business run-off
Corporate & Other
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Adjusted earnings available to common shareholders | $(233) | $(220) | $(481) | $(461) |
| Adjusted premiums, fees and other revenues | $126 | $113 | $238 | $217 |
The table below presents adjusted earnings available to common shareholders by source:
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Business activities | $29 | $30 | $38 | $36 |
| Net investment income | 73 | 92 | 151 | 194 |
| Interest expense on debt | (269) | (255) | (527) | (520) |
| Corporate initiatives and projects | (13) | (7) | (23) | (13) |
| Other | (69) | (93) | (135) | (174) |
| Provision for income tax (expense) benefit and other tax-related items | 47 | 47 | 112 | 117 |
| Preferred stock dividends | (31) | (34) | (97) | (101) |
| Adjusted earnings available to common shareholders | $(233) | $(220) | $(481) | $(461) |
Adjusted Earnings Available to Common Shareholders- Decreased $13 million primarily due to the following:
Net Investment Income - Decreased adjusted earnings available to common shareholders by $15 million:
Variable investment income decreased - lower returns on private equity funds and corporate debt funds
Recurring investment income increased - higher income on real estate investments and higher yields on fixed income securities, largely offset by lower average invested assets
Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $11 million:
Subordinated debt securities issuance in March 2025
Senior note issuances in June 2024 and September 2024
Senior note repayment at maturity in April 2024 and March 2025
Corporate Initiatives and Projects & Other - Increased adjusted earnings available to common shareholders by $14 million:
Lower employee-related expenses
Lower litigation reserves
Higher costs associated with corporate initiatives and projects
Adjusted Earnings Available to Common Shareholders- Decreased $20 million primarily due to the following:
Net Investment Income - Decreased adjusted earnings available to common shareholders by $34 million:
Variable investment income decreased - lower returns on private equity funds and corporate debt funds, partially offset by higher returns on real estate funds
Recurring investment income increased - higher yields were largely offset by lower average invested assets; the increase in yields was due to higher income on real estate investments, partially offset by lower yields on fixed income securities
Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $6 million:
Subordinated debt securities issuance in March 2025
Senior note issuances in March 2024, June 2024 and September 2024
Senior note repayment at maturity in April 2024 and March 2025
Decreased interest expense on surplus notes
Corporate Initiatives and Projects & Other - Increased adjusted earnings available to common shareholders by $23 million:
Lower employee-related expenses
Lower litigation reserves
Higher costs associated with corporate initiatives and projects
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.