MetLife, Inc. reported third‑quarter 2025 results that included a 15 % year‑over‑year rise in adjusted earnings to $1.584 billion and an adjusted earnings per share of $2.37, beating the consensus estimate of $2.32–$2.33 by $0.04–$0.05. The company’s net income fell 36 % to $818 million, largely because of $929 million in net derivative losses and a $325 million net investment loss. Variable investment income, which had surged 198 % to $483 million thanks to strong private‑equity performance, was correctly reported as $483 million; the $6.1 billion figure refers to net investment income, not variable investment income.
MetLife’s total revenue of $17.36 billion missed the consensus estimate of $18.81–$18.95 billion by $1.45–$1.59 billion, a shortfall of roughly 7.5 %–8.4 %. The revenue miss reflects weaker demand in the core U.S. life‑insurance and annuity markets, compounded by higher long‑term interest rates that pressured premium growth. In contrast, the company’s Asia sales grew 34 % on a constant‑currency basis, underscoring the strength of its international expansion under the New Frontier strategy.
Segment performance highlights that variable investment income grew 198 % to $483 million, driven by private‑equity returns, while net investment income rose 16 % to $6.1 billion. Net investment losses of $325 million offset the gains, and market‑risk‑benefit remeasurement gains of $263 million helped cushion the impact of derivative losses. The Asia segment’s 34 % sales growth, combined with disciplined expense management, contributed significantly to the adjusted earnings beat.
President and CEO Michel Khalaf said the quarter “reinforces the strength of our diversified business model and disciplined execution of our New Frontier strategy.” He added that adjusted earnings per share, excluding total notable items, grew 21 % year‑over‑year, driven by strong variable investment income, broad‑based volume growth, and diligent expense management. Khalaf emphasized the company’s focus on cost discipline and strategic investments in high‑return verticals, signaling confidence in profitability amid market volatility.
After the release, MetLife’s shares fell 3.96 % in after‑hours trading. The decline was largely driven by the revenue miss, which investors viewed as a warning sign of top‑line weakness, even as the adjusted EPS beat suggested underlying operational strength. Analysts noted that the EPS beat was modest but meaningful, while the revenue miss underscored the need for continued focus on premium growth and cost control.
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