METLIFE INC
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Nov 7, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
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 asset 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. Management continues to evaluate the Company’s segment performance and allocated resources and may adjust related measurements in the future to better reflect segment profitability.
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 by the end 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 $818 million and $2.4 billion for the three months and nine months ended September 30, 2025, respectively, compared to $1.3 billion and $3.0 billion for the three months and nine months ended September 30, 2024, respectively.
Adjusted earnings available to common shareholders of $1.6 billion and $4.3 billion for the three months and nine months ended September 30, 2025, respectively, compared to $1.4 billion and $4.3 billion for the three months and nine months ended September 30, 2024, respectively.
Consolidated Results
| Three MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Revenues | ||||
| Premiums | $10,555 | $10,647 | $33,088 | $32,328 |
| Universal life and investment-type product policy fees | 1,247 | 1,228 | 3,735 | 3,757 |
| Net investment income | 6,089 | 5,227 | 16,635 | 15,868 |
| Other revenues | 724 | 648 | 2,090 | 1,960 |
| Net investment gains (losses) | (325) | (77) | (985) | (873) |
| Net derivative gains (losses) | (929) | 767 | (1,293) | (720) |
| Total revenues | 17,361 | 18,440 | 53,270 | 52,320 |
| Expenses | ||||
| Policyholder benefits and claims and policyholder dividends | 10,503 | 10,747 | 33,366 | 32,601 |
| Policyholder liability remeasurement (gains) losses | (159) | (132) | (185) | (164) |
| Market risk benefit remeasurement (gains) losses | (263) | 531 | (241) | (345) |
| Interest credited to policyholder account balances | 2,561 | 2,037 | 6,608 | 6,327 |
| Amortization of deferred policy acquisition costs, value of business acquired and negative value of business acquired | 522 | 509 | 1,569 | 1,504 |
| Interest expense on debt | 271 | 257 | 798 | 778 |
| Other expenses, net of capitalization of deferred policy acquisition costs | 2,716 | 2,497 | 7,811 | 7,378 |
| Total expenses | 16,151 | 16,446 | 49,726 | 48,079 |
| Income (loss) before provision for income tax | 1,210 | 1,994 | 3,544 | 4,241 |
| Provision for income tax expense (benefit) | 308 | 653 | 957 | 1,072 |
| Net income (loss) | 902 | 1,341 | 2,587 | 3,169 |
| Less: Net income (loss) attributable to noncontrolling interests | 6 | (1) | 17 | 14 |
| Net income (loss) attributable to MetLife, Inc. | 896 | 1,342 | 2,570 | 3,155 |
| Less: Preferred stock dividends | 66 | 67 | 163 | 168 |
| Preferred stock redemption premium | 12 | — | 12 | — |
| Net income (loss) available to MetLife, Inc.’s common shareholders | $818 | $1,275 | $2,395 | $2,987 |
Net income (loss) available to MetLife, Inc.’s common shareholders - Decreased $457 million primarily due to the following:
Net Investment Gains (Losses)(1) - Unfavorable change of $248 million ($196 million, net of income tax):
Losses on foreign currency transactions in the current period compared to gains in the prior period
Lower gains on sales of real estate investments
Mark-to-market gains on equity securities in the current period compared to losses in the prior period
Net Derivative Gains (Losses)(2) - Unfavorable change of $1.7 billion ($1.3 billion, net of income tax)(3):
The U.S. dollar strengthened against the Japanese yen in the current period compared to weakened in the prior period - unfavorable impact to the estimated fair value of sell-U.S. dollar currency forwards
The U.S. and Japan long-term swap rates increased in the current period versus decreased in the prior period - unfavorable impact to the estimated fair value of receiver swaps, forwards and options
Key equity indexes increased more significantly in the current period compared to the prior period - unfavorable impact to the estimated fair value of options and short futures
Market Risk Benefit Remeasurement (Gains) Losses(4) - Favorable change of $794 million ($627 million, net of income tax):
Long-term interest rates decreased less significantly in the current period compared to the prior period
Key equity indexes increased more significantly in the current period compared to the prior period
Actuarial Assumption Review - Favorable change of $63 million ($38 million, net of income tax):
| Three Months Ended September 30, · Variance | |||
|---|---|---|---|
| Assumptions · 2025 · 2024 | |||
| (In millions, net of income tax) | |||
| Economic | $(24) | $(55) | $31 |
| Mortality | (9) | 110 | (119) |
| Morbidity | (20) | 53 | (73) |
| Policyholder behavior | 38 | (91) | 129 |
| Operational | 117 | 47 | 70 |
| Total | $102 | $64 | $38 |
The actuarial assumption reviews resulted in gains of $102 million and $64 million for the three months ended September 30, 2025 and 2024, respectively:
Of the $102 million gain, gains of $12 million and $1 million were recognized in market risk benefit remeasurement (gains) losses and net derivative gains (losses), respectively, both of which are discussed above, and a gain of $89 million was recognized in adjusted earnings available to common shareholders, which is discussed below
Of the $64 million gain, losses of $5 million and $1 million were recognized in market risk benefit remeasurement (gains) losses and net derivative gains (losses), respectively, both of which are discussed above, and a gain of $70 million was recognized in adjusted earnings available to common shareholders, which is discussed below
The $38 million increase was primarily driven by (i) updates to policyholder behavior assumptions in the accident & health business in the Asia segment and in the deferred annuities business in the MetLife Holdings segment related to lapse experience, (ii) updates to operational assumptions in the MetLife Holdings segment related to future premium rate increases for the long-term care business, and (iii) favorable economic conditions in the current period for the Asia segment, largely offset by (i) less favorable mortality experience in the RIS segment, and (ii) updates made in the current period to morbidity assumptions in the MetLife Holdings segment associated with an increase in incidence rates for the long-term care business
Adjusted Earnings Available to Common Shareholders(5) - Favorable change of $209 million. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
Taxes - Favorable change in effective tax rate - 25% in the current period compared to 33% 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:
Prior period effective tax rate on income before provision for income tax was 33% compared to the U.S. statutory rate of 21% primarily due to tax charges from:
Net income (loss) available to MetLife, Inc.’s common shareholders - Decreased $592 million primarily due to the following:
Net Investment Gains (Losses)(1) - Unfavorable change of $112 million ($88 million, net of income tax):
Higher increase to the ACL on mortgage loans
Lower gains on sales of real estate investments
Mark-to-market gains on equity securities in the current period compared to losses in the prior period
Higher gains on foreign currency transactions
Net Derivative Gains (Losses)(2) - Unfavorable change of $573 million ($453 million, net of income tax)(3):
Japan long-term swap rates increased more significantly in the current period compared to the prior period - unfavorable impact to the estimated fair value of receiver swaps
Key foreign equity indexes increased in the current period compared to decreased in the prior period - unfavorable impact to the estimated fair value of short futures
Changes in the value of the underlying assets - unfavorable impact to embedded derivatives related to funds withheld on reinsurance agreements
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) - Unfavorable change of $104 million ($82 million, net of income tax):
Key U.S. equity indexes increased less significantly in the current period compared to the prior period
Actuarial Assumption Review - For the results of the actuarial assumption reviews, see “— Three Months Ended September 30, 2025 Compared with the Three Months Ended September 30, 2024 — Actuarial Assumption Review.”
Adjusted Earnings Available to Common Shareholders(5) - Unfavorable change of $42 million. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
Taxes - Unfavorable change in effective tax rate - 27% in the current period compared to 25% in the prior period:
Current period effective tax rate on income before provision for income tax was 27% compared to the U.S. statutory rate of 21% primarily due to tax charges from:
Non-deductible losses
Prior 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:
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 September 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 | $414 | $200 | $297 | $112 | $65 | $38 | $(308) | $818 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 66 | 66 | ||||||||
| Add: Preferred stock redemption premium | — | — | — | — | — | — | 12 | 12 | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests | — | — | — | 2 | 2 | — | 2 | 6 | ||||||||
| Net income (loss) | 414 | 200 | 297 | 114 | 67 | 38 | (228) | 902 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (30) | (173) | (82) | 41 | (13) | (124) | 56 | (325) | ||||||||
| Net derivative gains (losses) | (2) | (214) | (393) | (64) | (17) | (268) | 29 | (929) | ||||||||
| Premiums | — | — | — | — | — | — | — | — | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | — | — | ||||||||
| Net investment income | (18) | 172 | 274 | 26 | 308 | (39) | (74) | 649 | ||||||||
| Other revenues | 2 | 13 | — | 12 | — | 33 | 5 | 65 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | (1) | 38 | 49 | (2) | — | 16 | — | 100 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | (2) | — | — | — | — | — | (2) | ||||||||
| Market risk benefit remeasurement gains (losses) | — | 27 | 26 | — | 14 | 196 | — | 263 | ||||||||
| Interest credited to policyholder account balances ("PABs") | — | (31) | (223) | (57) | (312) | (23) | — | (646) | ||||||||
| Capitalization of deferred policy acquisition costs ("DAC") | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, value of business acquired ("VOBA") and negative VOBA | — | — | — | — | — | — | — | — | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | (3) | (126) | — | 1 | (1) | — | (17) | (146) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 11 | 60 | 103 | 10 | — | 44 | (5) | 223 | ||||||||
| Adjusted earnings | $455 | $436 | $543 | $147 | $88 | $203 | $(222) | $1,650 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 66 | 66 | ||||||||
| Adjusted earnings available to common shareholders | $455 | $436 | $543 | $147 | $88 | $203 | $(288) | $1,584 | ||||||||
| Premiums, fees and other revenues | $6,308 | $1,199 | $1,717 | $1,675 | $727 | $762 | $138 | $12,526 | ||||||||
| Less: adjustments to premiums, fees and other revenues | 2 | 13 | — | 12 | — | 33 | 5 | 65 | ||||||||
| Adjusted premiums, fees and other revenues | $6,306 | $1,186 | $1,717 | $1,663 | $727 | $729 | $133 | $12,461 | ||||||||
Three Months Ended September 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 | $330 | $246 | $1,044 | $258 | $76 | $(214) | $(465) | $1,275 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 67 | 67 | ||||||||
| Add: Preferred stock redemption premium | — | — | — | — | — | — | — | — | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests | — | — | — | (4) | 1 | — | 2 | (1) | ||||||||
| Net income (loss) | 330 | 246 | 1,044 | 254 | 77 | (214) | (396) | 1,341 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | 17 | (125) | 273 | 12 | 8 | (7) | (255) | (77) | ||||||||
| Net derivative gains (losses) | (56) | (47) | 780 | 114 | (4) | (16) | (4) | 767 | ||||||||
| Premiums | 16 | — | — | — | — | — | — | 16 | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | — | — | ||||||||
| Net investment income | (18) | (45) | 16 | (8) | 174 | (43) | 8 | 84 | ||||||||
| Other revenues | — | (19) | — | — | — | 50 | 5 | 36 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | (9) | (1) | 52 | (9) | — | 17 | — | 50 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | — | — | — | — | — | — | — | ||||||||
| Market risk benefit remeasurement gains (losses) | — | (49) | (19) | — | 2 | (464) | (1) | (531) | ||||||||
| Interest credited to PABs | — | (1) | 44 | (58) | (170) | (39) | 2 | (222) | ||||||||
| Capitalization of DAC | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, VOBA and negative VOBA | — | — | — | — | — | — | — | — | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | (5) | — | 2 | 2 | (2) | (1) | (25) | (29) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 12 | 61 | (410) | (20) | (1) | 107 | 56 | (195) | ||||||||
| Adjusted earnings | $373 | $472 | $306 | $221 | $70 | $182 | $(182) | $1,442 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 67 | 67 | ||||||||
| Adjusted earnings available to common shareholders | $373 | $472 | $306 | $221 | $70 | $182 | $(249) | $1,375 | ||||||||
| Adjusted earnings available to common shareholders on a constant currency basis (1) | $373 | $472 | $305 | $222 | $71 | $182 | $(249) | $1,376 | ||||||||
| Premiums, fees and other revenues | $6,162 | $1,560 | $1,710 | $1,496 | $655 | $843 | $97 | $12,523 | ||||||||
| Less: adjustments to premiums, fees and other revenues | 16 | (19) | — | — | — | 50 | 5 | 52 | ||||||||
| Adjusted premiums, fees and other revenues | $6,146 | $1,579 | $1,710 | $1,496 | $655 | $793 | $92 | $12,471 | ||||||||
| Adjusted premiums, fees and other revenues on a constant currency basis (1) | $6,146 | $1,579 | $1,704 | $1,498 | $668 | $793 | $92 | $12,480 | ||||||||
(1)Amounts for Group Benefits, RIS, MetLife Holdings and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.
Nine Months Ended September 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 | $1,084 | $396 | $1,121 | $542 | $236 | $(62) | $(922) | $2,395 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 163 | 163 | ||||||||
| Add: Preferred stock redemption premium | — | — | — | — | — | — | 12 | 12 | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests | — | — | — | 6 | 4 | — | 7 | 17 | ||||||||
| Net income (loss) | 1,084 | 396 | 1,121 | 548 | 240 | (62) | (740) | 2,587 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (60) | (585) | 21 | 42 | (13) | (253) | (137) | (985) | ||||||||
| Net derivative gains (losses) | (62) | (389) | (395) | 112 | (43) | (555) | 39 | (1,293) | ||||||||
| Premiums | 7 | — | — | — | — | — | — | 7 | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | — | — | ||||||||
| Net investment income | (53) | 149 | 325 | (2) | 483 | (127) | 5 | 780 | ||||||||
| Other revenues | 2 | (27) | — | 20 | — | 103 | 14 | 112 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | (1) | 18 | 133 | (91) | — | 49 | — | 108 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | (2) | — | — | — | — | — | (2) | ||||||||
| Market risk benefit remeasurement gains (losses) | — | 43 | 39 | — | 14 | 145 | — | 241 | ||||||||
| Interest credited to PABs | — | (30) | (264) | (151) | (472) | (75) | — | (992) | ||||||||
| Capitalization DAC | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, VOBA and negative VOBA | — | — | — | — | — | — | — | — | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | (8) | (198) | — | 6 | (2) | — | (86) | (288) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 37 | 212 | (5) | 14 | 2 | 150 | 31 | 441 | ||||||||
| Adjusted earnings | $1,222 | $1,205 | $1,267 | $598 | $271 | $501 | $(606) | $4,458 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 163 | 163 | ||||||||
| Adjusted earnings available to common shareholders | $1,222 | $1,205 | $1,267 | $598 | $271 | $501 | $(769) | $4,295 | ||||||||
| Premiums, fees and other revenues | $19,191 | $4,944 | $5,097 | $4,830 | $2,114 | $2,352 | $385 | $38,913 | ||||||||
| Less: adjustments to premiums, fees and other revenues | 9 | (27) | — | 20 | — | 103 | 14 | 119 | ||||||||
| Adjusted premiums, fees and other revenues | $19,182 | $4,971 | $5,097 | $4,810 | $2,114 | $2,249 | $371 | $38,794 | ||||||||
Nine Months Ended September 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 | $1,155 | $731 | $876 | $528 | $204 | $126 | $(633) | $2,987 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 168 | 168 | ||||||||
| Add: Preferred stock redemption premium | — | — | — | — | — | — | — | — | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests | — | — | — | (1) | 3 | — | 12 | 14 | ||||||||
| Net income (loss) | 1,155 | 731 | 876 | 527 | 207 | 126 | (453) | 3,169 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (24) | (377) | (263) | 28 | (31) | (345) | 139 | (873) | ||||||||
| Net derivative gains (losses) | 34 | 103 | (375) | (36) | (23) | (427) | 4 | (720) | ||||||||
| Premiums | 16 | — | — | — | — | — | — | 16 | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | — | — | ||||||||
| Net investment income | (57) | (185) | 312 | (37) | 592 | (146) | 18 | 497 | ||||||||
| Other revenues | — | (57) | — | — | — | 124 | 20 | 87 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | (9) | (127) | 206 | (94) | — | 54 | — | 30 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | — | — | — | — | — | — | — | ||||||||
| Market risk benefit remeasurement gains (losses) | — | (54) | (5) | — | 43 | 361 | — | 345 | ||||||||
| Interest credited to PABs | — | 1 | (257) | (75) | (585) | (88) | — | (1,004) | ||||||||
| Capitalization of DAC | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, VOBA and negative VOBA | — | — | — | — | — | — | — | — | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | (5) | — | 2 | 6 | (4) | (1) | (47) | (49) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 10 | 146 | 78 | 55 | (9) | 100 | (45) | 335 | ||||||||
| Adjusted earnings | $1,190 | $1,281 | $1,178 | $680 | $224 | $494 | $(542) | $4,505 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 168 | 168 | ||||||||
| Adjusted earnings available to common shareholders | $1,190 | $1,281 | $1,178 | $680 | $224 | $494 | $(710) | $4,337 | ||||||||
| Adjusted earnings available to common shareholders on a constant currency basis (1) | $1,190 | $1,281 | $1,165 | $629 | $221 | $494 | $(710) | $4,270 | ||||||||
| Premiums, fees and other revenues | $18,702 | $4,917 | $5,122 | $4,498 | $1,896 | $2,581 | $329 | $38,045 | ||||||||
| Less: adjustments to premiums, fees and other revenues | 16 | (57) | — | — | — | 124 | 20 | 103 | ||||||||
| Adjusted premiums, fees and other revenues | $18,686 | $4,974 | $5,122 | $4,498 | $1,896 | $2,457 | $309 | $37,942 | ||||||||
| Adjusted premiums, fees and other revenues on a constant currency basis (1) | $18,686 | $4,974 | $5,108 | $4,206 | $1,893 | $2,457 | $309 | $37,633 | ||||||||
(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 September 30, 2025 decreased $10 million, or less than 1%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, decreased $19 million, or less than 1%, compared to the prior period primarily due to lower premiums in the pension risk transfer business in the RIS segment, largely 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 MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Group Benefits | $455 | $373 | $1,222 | $1,190 |
| RIS | 436 | 472 | 1,205 | 1,281 |
| Asia | 543 | 306 | 1,267 | 1,178 |
| Latin America | 147 | 221 | 598 | 680 |
| EMEA | 88 | 70 | 271 | 224 |
| MetLife Holdings | 203 | 182 | 501 | 494 |
| Corporate & Other | (288) | (249) | (769) | (710) |
| Adjusted earnings available to common shareholders | $1,584 | $1,375 | $4,295 | $4,337 |
| Adjusted earnings available to common shareholders on a constant currency basis | $1,584 | $1,376 | $4,295 | $4,270 |
| Adjusted premiums, fees and other revenues | $12,461 | $12,471 | $38,794 | $37,942 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $12,461 | $12,480 | $38,794 | $37,633 |
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 - Increased $209 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Increased adjusted earnings available to common shareholders by $1 million
Market Factors - Increased adjusted earnings available to common shareholders by $203 million:
Variable investment income increased- higher returns on private equity funds, partially offset by lower returns on corporate debt funds
Recurring investment income decreased -impact from a reinsurance transaction, partially offset by positive flows from pension risk transfer transactions and funding agreement issuances, both in the RIS segment
Higher interest credited expenses -higher average interest crediting rates on long-duration products in the Asia segment, largely offset by the impact of a reinsurance transactionin the RIS segment and lower average interest crediting rates on long-duration products in the Latin America segment
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 segment
Increase in interest credited expenses on long-duration products, primarily in the Asia segment
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings available to common shareholders by $61 million:
Unfavorable mortality results, primarily in the RIS and MetLife Holdings segments
Lower surrender charges and less favorable claims experience in the Asia segment
Lower dividend expense due to scale update in the MetLife Holdings segment
Favorable morbidity results, primarily in the Group Benefits segment, largely offset by unfavorable morbidity results in the MetLife Holdings segment
Expenses - Increased adjusted earnings available to common shareholders by $23 million:
Lower expenses in the MetLife Holdings and Group Benefits segments, partially offset by higher expenses in Corporate & Other
Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $11 million:
Senior note issuances in September 2024 and June 2025
Senior note repayment at maturity in March 2025
Notable Items- Actuarial assumption review and other insurance adjustments, and tax adjustments - Increased adjusted earnings by $2 million on a reported basis:
| Three Months Ended September 30, · Variance | |||
|---|---|---|---|
| 2025 · 2024 | |||
| (In millions) | |||
| Group Benefits | $(2) | $(58) | $56 |
| RIS | 13 | 104 | (91) |
| Asia | 70 | (41) | 111 |
| Latin America | (75) | 4 | (79) |
| EMEA | (1) | (5) | 4 |
| MetLife Holdings | 13 | 12 | 1 |
| Corporate & Other | — | — | — |
| Total | $18 | $16 | $2 |
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 $42 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings available to common shareholders by $67 million, primarily in the Latin America and Asia segments
Market Factors - Increased adjusted earnings available to common shareholders by $64 million:
Variable investment income increased- higher returns on real estate funds, mortgage loan funds and private equity funds, partially offset by lower returns on corporate debt funds
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, partially offset by lower income on derivatives and lower yields on fixed income securities
Higher interest credited expenses - higher average interest crediting rates on long-duration products in the Asia segment and growth in long-duration products in the RIS segment, partially offset by lower interest credited expenses on long-duration products in the MetLife Holdings and Latin America segments
Volume Growth - Increased adjusted earnings available to common shareholders by $172 million:
Higher average invested assets, primarily in the Asia and Latin America segments
Higher sales and business growth in the EMEA segment
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 $188 million:
Lower surrender charges and unfavorable claims experience in the Asia segment
Unfavorable morbidity results, primarily in the Group Benefits and MetLife Holdings segments
Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $16 million:
Senior note issuances in March 2024, June 2024, September 2024, and June 2025
Senior note repayment at maturity in April 2024 and March 2025
Decreased interest expense on surplus notes
Notable Items - For the results of the notable items, see “— Three Months Ended September 30, 2025 Compared with the Three Months Ended September 30, 2024 — Notable Items.”
Segment Results and Corporate & Other
Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2025 increased $160 million, or 3%, compared to the prior period, primarily driven by growth in both core and voluntary products, partially offset by a decline in premiums related to our participating life contracts, which can fluctuate with claims experience.
| Three MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Adjusted earnings | $455 | $373 | $1,222 | $1,190 |
| Adjusted premiums, fees and other revenues | $6,306 | $6,146 | $19,182 | $18,686 |
Adjusted Earnings - Increased $82 million primarily due to the following business drivers:
Market Factors - Increased adjusted earnings by $10 million:
Recurring investment income increased - higher yields on fixed income securities, partially offset by lower income on derivatives
Volume Growth - Increased adjusted earnings by $10 million:
Growth in both core and voluntary products
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $13 million:
Unfavorable mortality - primarily due to higher claims incidence in our life business in the current period
Favorable morbidity - primarily due to favorable reserve development in the current period in our disability and dental businesses
Expenses - Increased adjusted earnings by $18 million:
An increase in adjusted premiums, fees and other revenue exceeded a corresponding increase in direct expenses and higher legal plan utilization
Notable Items - Increased adjusted earnings by $56 million:
Current period notable item - unfavorable impact of $2 million - actuarial assumption review
Prior period notable items - unfavorable impact of $58 million - actuarial assumption review and other insurance adjustments, which includes an unfavorable refinement on certain life policies
Adjusted Earnings - Increased $32 million primarily due to the following business drivers:
Market Factors - Increased adjusted earnings by $15 million:
Interest credited expenses decreased due to lower average interest crediting rates on retained asset accounts
Volume Growth - Increased adjusted earnings by $29 million:
Growth in both core and voluntary products
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $72 million:
Unfavorable morbidity - unfavorable experience due to higher incidence and favorable reserve adjustments in the prior period in our disability business
Notable Items - Increased adjusted earnings by $56 million:
Current period notable item - unfavorable impact of $2 million - actuarial assumption review
Prior period notable items - favorable impact of $58 million - actuarial assumption review and other insurance adjustments, which includes an unfavorable refinement on certain life policies
Retirement & Income Solutions
Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2025 decreased $393 million, or 25%, 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 structured settlement and United Kingdom (“U.K.”) longevity reinsurance businesses. Changes in premiums were more than offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance.
| Three MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Adjusted earnings | $436 | $472 | $1,205 | $1,281 |
| Adjusted premiums, fees and other revenues | $1,186 | $1,579 | $4,971 | $4,974 |
Adjusted Earnings- Decreased $36 million primarily due to the following business drivers:
Market Factors- Increased adjusted earnings by $77 million:
Interest credited expenses decreased - impact from a reinsurance transaction, largely offset by growth in investment-type products and certain insurance products
Recurring investment income decreased - impact from a reinsurance transaction coupled with lower yields on mortgage loans and lower income on derivatives, partially offset by higher yields on fixed income securities and positive flows from pension risk transfer transactions and funding agreement issuances
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $21 million:
Less favorable mortality- mainly in pension risk transfer and risk solution businesses
Notable Items - Decreased adjusted earnings by $91 million:
Prior period notable item - favorable impact of $104 million - actuarial assumption review
Adjusted Earnings- Decreased $76 million primarily due to the following business drivers:
Market Factors- Increased adjusted earnings by $24 million:
Variable investment income increased - higher returns on real estate funds, private equity funds and mortgage loan 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 fixed income securities and mortgage loans
Higher interest credited expenses - growth in investment-type and certain insurance products
Notable Items - Decreased adjusted earnings by $91 million:
Prior period notable item - favorable impact of $104 million - actuarial assumption review
Asia
Business Overview. Adjusted premiums, fees and other revenues for thethree months ended September 30, 2025 increased $7 million, or less than 1%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $13 million, or 1%, compared to the prior period, asan increase in premiums in life products in Korea was largely offset by lower fee income from Japan’s foreign currency-denominated life products and a decrease in premiums from Japan’s accident & health products.
| Three MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Adjusted earnings | $543 | $306 | $1,267 | $1,178 |
| Adjusted earnings on a constant currency basis | $543 | $305 | $1,267 | $1,165 |
| Adjusted premiums, fees and other revenues | $1,717 | $1,710 | $5,097 | $5,122 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $1,717 | $1,704 | $5,097 | $5,108 |
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 $237 million on a reported basis, primarily due to the following business drivers:
Foreign Currency -Decreased adjusted earnings by $1 million
Market Factors - Increased adjusted earnings by $97 million:
Higher interest credited expense - higher average interest crediting rates on investment-type and certain insurance products
Volume Growth- Increased adjusted earnings by $27 million:
Business growth across the region, mainly driven by higher positive net flows, which resulted in higher average invested assets
Increase in interest credited expenses on long-duration products
Underwriting and Other Insurance Adjustments- Decreased adjusted earnings by $4 million:
Lower surrender charges in Japan
Unfavorable claims experience in Australia
Notable Items - Increased adjusted earnings by $111 million on a reported basis:
Current period notable item - favorable impact of $70 million - actuarial assumption review
Prior period notable item - unfavorable impact of $41 million - actuarial assumption review
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 $89 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings by $13 million:
Korean won and Australian dollar weakened against the U.S. dollar
Market Factors -Increased adjusted earnings by $38 million:
Variable investment income increased - higher returns on real estate funds and private equity funds, partially offset by lower returns on corporate debt funds
Higher interest credited expense - higher average interest crediting rates on investment-type and certain insurance products
Volume Growth- Increased adjusted earnings by $77 million:
Business growth across the region, mainly driven by higher positive net flows, which resulted in higher average invested assets
Increase in interest credited expenses on long-duration products
Underwriting and Other Insurance Adjustments- Decreased adjusted earnings by $82 million:
Lower surrender charges in Japan
Unfavorable claims experience in Australia
Expenses- Decreased adjusted earnings by $14 million:
Higher direct expenses and corporate overhead expenses
Taxes- Decreased adjusted earnings by $26 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
Notable Items - Increased adjusted earnings by $111 million on a reported basis:
Current period notable item - favorable impact of $70 million - actuarial assumption review
Prior period notable item - unfavorable impact of $41 million - actuarial assumption review
Latin America
Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2025 increased $167 million, or 11%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $165 million, or 11%, compared to the prior period, mainly driven by strong sales and solid persistency across the region.
| Three MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Adjusted earnings | $147 | $221 | $598 | $680 |
| Adjusted earnings on a constant currency basis | $147 | $222 | $598 | $629 |
| Adjusted premiums, fees and other revenues | $1,663 | $1,496 | $4,810 | $4,498 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $1,663 | $1,498 | $4,810 | $4,206 |
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 $74 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Increased adjusted earnings by $1 million
Market Factors - Decreased adjusted earnings by $13 million:
Recurring investment income decreased - lower yields on fixed income securities and mortgage loans and lower returns on our Chilean encaje within fair value option (“FVO”) securities, driven by an decrease in bond index returns
Variable investment income decreased - lower income on bond prepayment fees and lower returns on private equity funds
Other revenues decreased - settlement of foreign currency hedges
Interest credited expenses decreased -lower average interest crediting rates on investment-type products
Volume Growth - Increased adjusted earnings by $18 million:
Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets
Higher sales resulted in higher average invested assets in Mexico
Increase in interest credited expenses on investment-type and certain insurance products
Notable Items - Decreased adjusted earnings by $79 million:
Current period notable items - unfavorable impact of $4 million - actuarial assumption review and unfavorable impact of $71 million - tax adjustments related to the resolution of an industry-wide value-added tax matter in Mexico
Prior period notable item - favorable impact of $4 million - actuarial assumption review
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 $82 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings by $51 million:
Mexican peso weakened against the U.S. dollar
Market Factors - Decreased adjusted earnings by $21 million:
Recurring investment income decreased - lower yields on fixed income securities and mortgage loans; partially offset by higher returns on our Chilean encaje within FVO securities, driven by an increase in bond index returns
Other revenues decreased - settlement of foreign currency hedges
Interest credited expenses decreased -lower average interest crediting rates on investment-type products
Volume Growth - Increased adjusted earnings by $72 million:
Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets
Higher sales resulted in higher average invested assets in Mexico
Increase in interest credited expenses on investment-type and certain insurance products
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $16 million:
Favorable refinements to certain insurance liabilities primarily in Chile and Mexico in the prior period
Taxes - Increased adjusted earnings by $16 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
Notable Items - Decreased adjusted earnings by $79 million:
Current period notable items - unfavorable impact of $4 million - actuarial assumption review and unfavorable impact of $71 million - tax adjustments related to the resolution of an industry-wide value-added tax matter in Mexico
Prior period notable item - favorable impact of $4 million - actuarial assumption review
EMEA
Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2025 increased $72 million, or 11%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $59 million, or 9%, compared to the prior period primarily due to growth in our (i) corporate solutions business in the U.K., Egypt and the Gulf, (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 MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Adjusted earnings | $88 | $70 | $271 | $224 |
| Adjusted earnings on a constant currency basis | $88 | $71 | $271 | $221 |
| Adjusted premiums, fees and other revenues | $727 | $655 | $2,114 | $1,896 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $727 | $668 | $2,114 | $1,893 |
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 $18 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Increased adjusted earnings by $1 million
Market Factors - Increased adjusted earnings by $7 million:
Volume Growth - Increased adjusted earnings by $13 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 U.K. and Egypt
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $6 million:
Favorable underwriting experience across the region
Expenses- Increased adjusted earnings by $5 million:
An increase in adjusted premiums, fees, and other revenues exceeded the corresponding increase in expenses
Other- Decreased adjusted earnings by $7 million:
Unfavorable change from reinsurance refinements in both periods
Notable Items - Increased adjusted earnings by $4 million on a reported basis:
Current period notable item - unfavorable impact of $1 million - actuarial assumption review
Prior period notable item - unfavorable impact of $5 million - actuarial assumption review
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 $47 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings by $3 million:
Turkish lira and Egyptian pound weakened against the U.S. dollar
Euro and British pound strengthened against the U.S. dollar
Market Factors - Increased adjusted earnings by $17 million:
Volume Growth - Increased adjusted earnings by $47 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 $16 million:
Unfavorable underwriting experience across the region
Other - Decreased adjusted earnings by $4 million:
Unfavorable change from reinsurance refinements in both periods
Notable Items - Increased adjusted earnings by $4 million on a reported basis:
Current period notable item - unfavorable impact of $1 million - actuarial assumption review
Prior period notable item - unfavorable impact of $5 million - actuarial assumption review
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 MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Adjusted earnings | $203 | $182 | $501 | $494 |
| Adjusted premiums, fees and other revenues | $729 | $793 | $2,249 | $2,457 |
Adjusted Earnings - Increased $21 million primarily due to the following business drivers:
Market Factors -Increased adjusted earnings by $30 million:
Recurring investment income decreased - lower average invested assets due to business run-off and lower yields on fixed income securities, partially offset by higher income on real estate investments and higher yields on mortgage loans
Volume Growth -Decreased adjusted earnings by $10 million, consistent with business run-off
Underwriting and Other Insurance Adjustments -Decreased adjusted earnings by $19 million:
Unfavorable morbidity in our long-term care business
Unfavorable mortality - lower fees in our annuity business, partially offset by favorable mortality in our life business, primarily driven by lower claim volume
Favorable reserve refinement in the prior period
Lower dividend expense due to scale update
Expenses-Increased adjusted earnings by $19 million, consistent with business run-off
Notable Items-Increased adjusted earnings by $1 million:
Prior period notable items - favorable impact of $12 million - actuarial assumption review and other insurance adjustments
Adjusted Earnings - Increased $7 million primarily due to the following business drivers:
Market Factors -Decreased adjusted earnings by $3 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 mortgage loans
Substantially offset by:
Variable investment income increased - higher returns on mortgage loan funds
Decrease in interest credited expenses on long-duration products
Volume Growth -Decreased adjusted earnings by $30 million, consistent with business run-off
Underwriting and Other Insurance Adjustments -Decreased adjusted earnings by $2 million:
Unfavorable morbidity experience in our long-term care business
Unfavorable mortality - lower fees in our annuity business, largely offset by lower claim volume and severity in our life business
Lower dividend expense due to scale update
Unfavorable reserve refinements in the prior period
Expenses - Increased adjusted earnings by $37 million, consistent with business run-off
Notable Items-Increased adjusted earnings by $1 million:
Prior period notable items - favorable impact of $12 million - actuarial assumption review and other insurance adjustments
Corporate & Other
| Three MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Adjusted earnings available to common shareholders | $(288) | $(249) | $(769) | $(710) |
| Adjusted premiums, fees and other revenues | $133 | $92 | $371 | $309 |
The table below presents adjusted earnings available to common shareholders by source:
| Three MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In millions) | ||||
| Business activities | $38 | $20 | $76 | $56 |
| Net investment income | 74 | 96 | 225 | 290 |
| Interest expense on debt | (271) | (256) | (798) | (776) |
| Corporate initiatives and projects | (11) | (8) | (34) | (21) |
| Other | (100) | (75) | (235) | (249) |
| Provision for income tax (expense) benefit and other tax-related items | 48 | 41 | 160 | 158 |
| Preferred stock dividends | (66) | (67) | (163) | (168) |
| Adjusted earnings available to common shareholders | $(288) | $(249) | $(769) | $(710) |
Adjusted Earnings Available to Common Shareholders- Decreased $39 million primarily due to the following:
Business Activities - Increased adjusted earnings available to common shareholders by $14 million:
Higher revenues in certain of our businesses
Net Investment Income - Decreased adjusted earnings available to common shareholders by $17 million:
Recurring investment income decreased - lower yields on fixed income securities
Variable investment income increased - higher returns on private equity funds, partially offset by lower returns on corporate debt funds
Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $12 million:
Senior note issuances in September 2024 and June 2025
Senior note repayment at maturity in March 2025
Other - Decreased adjusted earnings available to common shareholders by $20 million:
Higher market-related employee costs
Higher corporate-related expenses
Adjusted Earnings Available to Common Shareholders- Decreased $59 million primarily due to the following:
Business Activities - Increased adjusted earnings available to common shareholders by $16 million:
Higher revenues in certain of our businesses
Net Investment Income - Decreased adjusted earnings available to common shareholders by $51 million:
Recurring investment income decreased - lower yields on fixed income securities and lower average invested assets, partially offset by higher income on real estate investments
Variable investment income decreased - lower returns on corporate debt funds and private equity funds, partially offset by higher returns on real estate funds
Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $17 million:
Senior note issuances in March 2024, June 2024, September 2024, and June 2025
Senior note repayment at maturity in April 2024 and March 2025
Decreased interest expense on surplus notes
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.