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- **Adjusted Earnings Beat**: $1.6B (22% YoY) driven by $483M variable investment income and 15% RIS growth.
- **New Frontier Success**: Japan sales +31%, Latin America PFOs +11%, and Chariot Re $10B transaction.
- **Expense Efficiency**: 11.6% direct expense ratio vs. 12.1% target, fueled by AI and $3B+ tech investment.
- **PRT Record Quarter**: $12B wins with 19% IRR, supporting 15%+ RIS growth.
- **Capital Strength**: $4.9B liquidity, $17.1B U.S. capital, and Japan solvency ratio ~740%.

**【CEO Summary Section】**
- MetLife reported adjusted earnings of $1.6 billion (up 22% per share year-over-year) driven by variable investment income ($483M vs. $425M outlook) and strong growth in Group Benefits, RIS, and Asia.
- New Frontier strategy highlights include: Japan sales surge (+31% YoY), Latin America PFOs up 11%, and Chariot Re launch with $10B reinsurance transaction.
- Direct expense ratio improved to 11.6%, below 12.1% target, supported by AI-driven efficiency gains.

**【CFO Financial Commentary】**
- Notable items: $18M net increase from Mexico tax adjustment (-$71M charge) and annual actuarial review (+$89M).
- Segment growth: RIS (+15%), Asia (+36%), Latin America (+2%), driven by VII returns (3% Q3) and liability origination.
- Free cash flow generation: $875M returned to shareholders (Q3), including $500M buybacks and $375M dividends.
- Capital position: $4.9B cash/liquid assets, $17.1B U.S. statutory capital, and Japan solvency ratio ~740%.

**【Q&A Key Highlights】**
- **Asia Sales Strength**: Japan sales +31% YoY (new FX Life product), Korea/China bancassurance growth, and 2025 full-year guidance exceed.
- **Expense Discipline**: 11.6% direct expense ratio; 2025 target of 12.1% achievable via tech (AI platform MetIQ) and $3B+ 5-year tech investment.
- **PRT Momentum**: $12B Q4 wins (record quarter), focusing on jumbo deals with 19% IRR and 5-year payback via VNB metrics.
- **Credit Management**: 95% corporate bonds investment-grade; disciplined underwriting in private credit with no ratings inflation concerns.
- **Mexico Tax Impact**: 2025 charge $71M (Q3) + $20-25M Q4, 2026 impact $50-60M, with 2027+ normalization.


MetLife, Inc. (MET) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MET

MET fundamentals

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