Q4 2025 MetLife Inc Earnings Call Transcript
Key Points
- MetLife Inc (MET) reported strong quarterly adjusted earnings of $1.6 billion or $2.49 per share, with a 24% increase in EPS compared to the previous year.
- The Group Benefits business added approximately $600 million of new adjusted premiums, fees, and other revenues in 2025, with higher-margin voluntary PFOs rising 10% year over year.
- MetLife Investment Management closed on the acquisition of PineBridge Investments, increasing assets under management to $742 billion from $600 billion a year ago.
- MetLife Inc (MET) returned roughly $2.9 billion to shareholders via common stock repurchase and another $1.5 billion through common stock dividends, totaling approximately $4.4 billion.
- The company achieved a 10% adjusted EPS growth and a 16% adjusted return on equity for the full year 2025, meeting its financial commitments under the New Frontier strategy.
- Disability experience trailed expectations in the quarter, with higher average severity and incidents impacting results.
- The non-cash accounting of real estate depreciation was revised, which increased adjusted earnings by $57 million, indicating previous underreporting.
- The Latin America segment faced a roughly $50 million impact from the Mexico VAT change, affecting earnings growth expectations for 2026.
- The company experienced higher surrender activity in Japan due to macroeconomic fluctuations, impacting persistency.
- MetLife Inc (MET) anticipates a higher direct expense ratio in 2026 due to the acquisition of PineBridge, adding 50 basis points to the ratio.
Ladies and gentlemen, thank you for standing by. Welcome to the MetLife fourth quarter and full year 2025 earnings and outlook 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 joining us for MetLife fourth quarter 2025 earnings and near-term outlook call. Before we begin, I'd point 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
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