Q3 2025 MetLife Inc Earnings Call Transcript
Key Points
- MetLife Inc (MET) reported strong third-quarter results with adjusted earnings of $1.6 billion, or $2.37 per share, up 22% per share from the prior year.
- The company's Group Benefits business saw a rebound in underwriting results, with a 230 basis point sequential improvement in the nonmedical health loss ratio.
- MetLife's global retirement liability origination platform is experiencing growth in the US, UK, and Japan, supported by an efficient capital structure.
- Asia sales surged 34% on a constant currency basis, driven by a 31% increase in Japan, showcasing strong product portfolio traction.
- MetLife returned approximately $875 million to shareholders through common stock dividends and share repurchases in the third quarter.
- MetLife faced a notable tax charge in Mexico, resulting in an after-tax charge of $71 million in the third quarter, with additional charges expected in the fourth quarter.
- The company did not report any new pension risk transfer deals in the third quarter, although the fourth quarter is expected to be stronger.
- MetLife's effective tax rate on adjusted earnings was at the bottom end of its 2025 guidance range, indicating potential tax-related challenges.
- The company's Corporate and Other segment reported an increased adjusted loss of $288 million, driven by market-related employee costs and higher interest payments.
- MetLife's direct expense ratio, while improved, still reflects the inherent variability in quarterly results, indicating ongoing challenges in expense management.
Ladies and gentlemen, thank you for standing by. Welcome to the MetLife third-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. Before we get started, I refer you to the cautionary note about forward-looking statements in yesterday's earnings release and to risk factors discussed in MetLife's SEC filings.
With that, I will turn the call over to John Hall, Global Head of Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone. We appreciate you being with us today for MetLife's third-quarter 2025 earnings call. Before we begin, I direct you to the information on non-GAAP measures on the Investor Relations portion of metlife.com, in our earnings release, and in our quarterly financial supplements, which you should review.
On the call this morning are Michel Khalaf, President and Chief Executive Officer; and John McCallion, Chief Financial Officer and Head of MetLife Investment Management. Other
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