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MetLife
MetLife (MET) investor relations material
MetLife Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved 10% adjusted EPS growth and 16% adjusted ROE for FY25, meeting or exceeding targets, with net income of $3.2 billion ($4.71/share).
Advanced strategic priorities under the New Frontier initiative, emphasizing responsible growth, capital deployment, and operational discipline.
Returned $4.4 billion to shareholders through buybacks and dividends, while maintaining holding company cash and liquid assets at $3.6 billion.
Achieved record pension risk transfer sales and expanded in asset management with the PineBridge acquisition, creating a new business segment.
Free cash flow ratio reached 81%, surpassing the 65-75% target.
Financial highlights
FY25 adjusted earnings (ex notable items) were $6 billion ($8.89/share), up ~10% year-over-year.
Q4 adjusted earnings ex notable items rose 18% year-over-year to $1.7 billion ($2.58/share), marking the highest single EPS quarter.
Full-year premiums, fees, and other revenues increased 10% to $57.6 billion; Q4 premiums, fees, and other revenues rose 29% to $18.7 billion.
Net income was $3.2 billion for the full year; variable investment income for FY25 was $1.5 billion, above guidance.
Book value per share increased 14% to $39.02; adjusted book value per share up 4% to $57.07.
Outlook and guidance
On track to achieve 5-year commitments: double-digit adjusted EPS growth, 15%-17% adjusted ROE, direct expense ratio improvement, and $25B+ free cash flow.
2026 guidance: double-digit adjusted EPS growth, adjusted ROE of 15%-17%, direct expense ratio target of 12.1%, and $1.6B pre-tax VII.
Share repurchases in 2026 expected to match 2025 levels.
Group Benefits adjusted earnings ex notables expected to grow 7%-9% in 2026; RIS adjusted earnings projected at $1.6B-$1.8B.
Effective tax rate expected between 24-26%.
Detail 2026 capital return strategy
What are the key VII return assumptions for 2026?
Impact of Mexico VAT on 2026 Latin America earnings?
Outlook for private equity returns driving VII?
Mitigate Latin America's tax adjustment impact?
Future capital deployment strategy?
MIM: How will 32% operating margin be achieved
RIS: How does reinsurance impact capital flexibility?
Japan ESR: Impact on future capital deployment?
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Next MetLife earnings date
Bank of America Financial Services Conference 202610 Feb, 2026
MetLife
Next MetLife earnings date
Bank of America Financial Services Conference 202610 Feb, 2026
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Frequently asked questions
The Metropolitan Life Insurance Company
MetLife, Inc. is a global provider of insurance, annuities, and employee benefits. With a history dating back to 1868, the company has grown to serve approximately 90 million customers across over 60 countries. Over the years, it has expanded its portfolio to include a wide range of financial and insurance services, catering to both individual and institutional customers. The company is headquartered in NYC, and its shares are listed on the NYSE.
Roots in the Civil War
Established in 1868 as the National Union Life and Limb Insurance Company, it was created to provide financial protection for Civil War soldiers and sailors against wartime disabilities. However, the company swiftly pivoted from its original focus, recognizing the broader potential of life insurance in the rapidly industrializing American landscape.
By the 1870s, the firm had shifted its primary focus to life insurance, adopting the name Metropolitan Life Insurance Company and this period marked the beginning of its transformation into one of the largest life insurance companies in the United States. MetLife's adoption of the "industrial" insurance model was pivotal, offering small, affordable policies to working-class Americans, payable weekly or monthly. Today the company is well cemented in the insurance industry and offers its services to over 90 million customers globally.
The Insurance Products
MetLife offers a broad range of insurance products catering to individuals, families, and businesses. Their offerings encompass various types of insurance, and while the company traditionally has been most involved in offering life insurance, its offerings are diverse. This includes everything from various forms of health insurance to auto insurance, and MetLife is one of the largest companies of its kind in the US. However, competition in the industry is tough, and some publicly traded peers to MetLife include AIG, Progressive, and Allstate.
Annuities and Other Services
Beyond its core insurance offerings, MetLife provides a comprehensive suite of annuities and retirement plan solutions, which are integral to its portfolio of financial services. The company's annuities are typically structured to offer clients options ranging from guaranteed fixed returns to more variable returns linked to the performance of underlying assets or market indices. It also provides comprehensive retirement plans for both individual savers as well as institutions looking to provide benefits for its employees.
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