MetLife announced second-quarter 2025 results that reflect continued execution of its New Frontier strategy, building value for customers and shareholders despite a softer earnings quarter.
The company reported revenue gains in Asia, Latin America, and EMEA, underscoring the strength of its international footprint.
Strategic initiatives with Chariot Re, Talcott Financial Group, and PineBridge Investments moved forward, aimed at expanding MetLife’s asset management reach and capitalizing on its retirement platform.
- Net income was $698mn, or $1.03 per share, down 23% from the prior year, mainly due to higher derivative losses and weaker underwriting results.
- Adjusted earnings were $1.4bn, or $2.02 per share, an 11% decline, reflecting less favorable underwriting and lower investment margins, partially offset by volume growth and favorable expense margins.
- Net investment income rose 9% year-over-year to $5.7bn, while variable investment income dropped to $195mn on lower private equity returns.
- Book value per share climbed 7% to $35.79, and adjusted book value per share increased 6% to $56.23.
Premiums, fees, and other revenues totaled $12.7bn, down 6%. Excluding pension risk transfers, adjusted premiums, fees, and other revenues reached $12.4bn, up 5% year-over-year, with growth in all segments except MetLife Holdings.
The company returned approximately $900mn to shareholders during the quarter through share repurchases and common stock dividends. Holding company cash and liquid assets ended the quarter at $5.2bn.
In Group Benefits, adjusted premiums, fees, and other revenues increased 4% to $6.4bn, driven by growth in core and voluntary products. Adjusted earnings for the segment fell to $400mn, a 25% decline, due to less favorable underwriting across life and non-medical health products. Sales rose 9% year-to-date, led by regional business growth and strong re-enrollment trends.
Retirement and Income Solutions posted adjusted earnings of $368mn, down 10%, reflecting weaker recurring interest margins.
Adjusted premiums, fees, and other revenues excluding pension risk transfers climbed 24% to $1bn, largely from UK longevity reinsurance activity. Total liability exposures in the segment grew 6%, including a 5% increase in general account liabilities.
President and CEO Michel Khalaf said the quarter showed momentum in key market-leading businesses and a continuation of the company’s disciplined expense management.
He reaffirmed confidence in the resilience of the New Frontier strategy and its ability to deliver on commitments through varying market conditions.
This quarter, we continued to execute our New Frontier strategy to create value for our customers and shareholders. While the quarter didn’t demonstrate the full earnings power of MetLife, we saw clear momentum across several of our market-leading businesses, coupled with solid underlying fundamentals.
Michel Khalaf, President and Chief Executive Officer at Metlife
In Asia, adjusted earnings fell 22% to $350mn on both reported and constant currency bases, due to weaker investment and underwriting margins, offset in part by higher volumes. Adjusted premiums, fees, and other revenues were $1.7bn, up 2% reported but down 1% on a constant currency basis.
Asia general account assets under management reached $139.2bn at amortized cost, up 6% on a constant currency basis. Sales in the region were $693mn, a 9% constant currency increase, led by Japan and Korea.
Latin America delivered adjusted earnings of $233mn, up 3% reported and 15% constant currency, driven by volume gains and favorable Chilean encaje returns. Adjusted premiums, fees, and other revenues grew 8% to $1.6bn reported, or 18% constant currency, reflecting strong sales and persistency. Regional sales totaled $381mn, up 4% constant currency.
EMEA adjusted earnings rose 30% to $100mn, reflecting strong volume growth. Adjusted premiums, fees, and other revenues were $719mn, up 16% reported and 14% constant currency. Sales increased 13% constant currency to $309mn, supported by broad regional strength.
MetLife Holdings reported adjusted earnings of $144mn, down 6%, primarily from lower variable investment income and the ongoing run-off of the business, partially offset by favorable underwriting. Adjusted premiums, fees, and other revenues declined 10% to $740mn.
Corporate & Other posted an adjusted loss of $233mn compared to a $220mn loss in the prior year.
Adjusted net investment income across the company was $5.2bn, up 1%, driven by asset growth, while variable investment income decreased 35% to $195mn.
Net investment losses totaled $273mn, primarily from routine trading activity in a stable credit environment. Net derivative losses reached $796mn, reflecting stronger equity markets and higher long-term rates.
On capital management, the company repurchased $510mn of common stock during the quarter and paid $382mn in common stock dividends.
Year-to-date repurchases totaled $2.1bn, including $140mn in July 2025. MetLife ended the quarter with a book value per share of $35.79 and an adjusted book value per share of $56.23, both reflecting solid growth from the prior year.
MetLife’s institutional client assets under management at MetLife Investment Management rose above $200bn, further supporting the asset management growth strategy. The company highlighted the importance of its diversified global operations and its capacity to generate stable cash flows while investing in growth opportunities.
Looking ahead, MetLife expects to continue leveraging its international scale, product breadth, and distribution strength to drive long-term shareholder value.
Strategic partnerships and capital allocation discipline remain central to the company’s approach. Management emphasized that while short-term market volatility and underwriting cycles can affect quarterly results, the underlying fundamentals and long-term growth prospects remain intact.
The company will hold its second-quarter 2025 earnings conference call on August 7, 2025, at 9:00 a.m. Eastern Time. The webcast and replay details are available on MetLife’s Investor Relations website.
MetLife operates in more than 40 markets worldwide and holds leading positions in the United States, Asia, Latin America, Europe, and the Middle East. Founded in 1868, the company provides insurance, annuities, employee benefits, and asset management solutions to individuals and institutions seeking financial confidence and stability.
