The earnings call highlighted MetLife's strong performance in sales growth, effective cost management, and strategic transactions. However, there were challenges with a decline in adjusted earnings and issues in underwriting and investment margins. Despite these challenges, the company remains confident in its strategic direction and future growth prospects.

Company Guidance -

Q3 2025

During the MetLife Second Quarter 2025 Earnings Call, the company provided detailed insights into its financial performance and strategic initiatives. MetLife reported adjusted earnings of $1.4 billion, or $2.02 per share, despite experiencing less favorable underwriting and investment margins. The company achieved a quarterly adjusted return on equity of 14.6% and a direct expense ratio of 11.7%, surpassing its annual target. MetLife returned around $900 million to shareholders through dividends and share repurchases. In business segment highlights, Group Benefits recorded adjusted earnings of $400 million, while Retirement and Income Solutions posted $368 million, with the latter seeing 6% growth in total liability exposures. The Asia segment saw adjusted earnings of $350 million, with strong sales growth in Japan and Korea. Latin America matched its all-time quarterly high with $233 million in adjusted earnings. MetLife also made strategic moves, including a partnership with Workday and the launch of Chariot Re, alongside successfully executing capital management strategies, repurchasing $2 billion in shares year-to-date.

Strong Sales Growth in Asia

Sales in Asia rose 9% on a constant currency basis, with notable increases of 29% in Japan and 36% in Korea, driven by new product launches.

Record Adjusted Return on Equity

MetLife achieved a quarterly adjusted return on equity of 14.6%, exceeding the cost of capital and approaching their mid-teen target range.

Effective Cost Management

The company achieved a quarterly direct expense ratio of 11.7%, surpassing its annual target of 12.1%, indicating strong expense discipline.

Successful Strategic Transactions

MetLife announced three strategic transactions: acquisition of PineBridge Investments, formation of Chariot Re with a $10 billion reinsurance deal, and a risk transfer deal with Talcott Financial Group.

Consistent Capital Return to Shareholders

MetLife repurchased nearly $16 billion of shares since 2021, reducing its share count by more than 240 million and maintaining a high cash buffer above its target range.

Metlife (MET) Earnings, Revenues Date & History

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MET Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	2.29 / -	1.95	―	―	―
Aug 06, 2025	2025 (Q2)	2.15 / 2.02	2.28	-11.40% (-0.26)
Apr 30, 2025	2025 (Q1)	2.00 / 1.96	1.83	7.10% (+0.13)
Feb 05, 2025	2024 (Q4)	2.11 / 2.09	1.83	14.21% (+0.26)
Oct 30, 2024	2024 (Q3)	2.17 / 1.95	1.97	-1.02% (-0.02)
Jul 31, 2024	2024 (Q2)	2.10 / 2.28	1.94	17.53% (+0.34)
May 01, 2024	2024 (Q1)	1.84 / 1.83	1.52	20.39% (+0.31)
Jan 31, 2024	2023 (Q4)	1.88 / 1.83	1.55	18.06% (+0.28)
Nov 01, 2023	2023 (Q3)	1.94 / 1.97	1.21	62.81% (+0.76)
Aug 02, 2023	2023 (Q2)	1.90 / 1.94	2	-3.00% (-0.06)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MET Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 06, 2025	$75.95	$73.82	-2.80%
Apr 30, 2025	$74.25	$74.64	+0.53%
Feb 05, 2025	$83.74	$82.43	-1.56%
Oct 30, 2024	$80.86	$76.23	-5.73%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.