01—Abstract
Summary
Summary of the 10-Q filed November 7, 2025. Cited figures are marked; the original filing is the authoritative source.
MetLife Inc. reported its third-quarter 2025 financial results, showing a decrease in net income available to common shareholders to $818 milliona, or $1.22 per diluted share, compared to $1.3 billion, or $1.81 per diluted share, in the same period of 2024.
This decline was primarily attributed to unfavorable changes in net investment gains/losses and significant unfavorable changes in net derivative gains/losses, largely due to currency movements and interest rate fluctuations. Despite the decline in net income, adjusted earnings available to common shareholders remained relatively stable at $1.6 billionb for the three months ended September 30, 2025, compared to $1.4 billion in the prior year's quarter. This resilience in adjusted earnings was driven by positive market factors such as higher private equity returns and recurring investment income, as well as volume growth across segments like Asia and Latin America.
However, underwriting adjustments and expense management were areas that presented challenges. The company's total assets grew to $719.7 billionc, with a continued focus on managing its investment portfolio and capital resources.
02—Key points
Key Highlights
- Net income available to common shareholders decreased to $818 million in Q3 2025 from $1.3 billion in Q3 2024.
- Diluted earnings per common share fell to $1.22 in Q3 2025 from $1.81 in Q3 2024.
- Adjusted earnings available to common shareholders were $1.6 billion in Q3 2025, compared to $1.4 billion in Q3 2024.
- Total assets increased to $719.7 billion as of September 30, 2025, up from $677.5 billion as of December 31, 2024.
- The company's net investment gains were unfavorable by $248 million (net of tax) in Q3 2025 compared to Q3 2024.
- Net derivative gains (losses) were unfavorable by $1.7 billion (net of tax) in Q3 2025 compared to Q3 2024.
- MetLife completed an initial reinsurance transaction with Chariot Re on July 1, 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 7, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $17.36B$18.44B | −5.9% |
| Operating Expenses | $3.51B$3.26B | +7.5% |
| Operating Income | $1.65B$1.44B | +14.4% |
| Net Income | $902.00M$1.34B | −32.7% |
| EPS (Basic) | $1.23$1.82 | −32.4% |
| EPS (Diluted) | $1.22$1.81 | −32.6% |
| Shares Outstanding (Basic) | 664.70M699.30M | −4.9% |
| Shares Outstanding (Diluted) | 669.10M703.70M | −4.9% |
05—Questions
Frequently Asked Questions
What is MetLife's net income and earnings per share for the third quarter of 2025?
MetLife reported a net income available to common shareholders of $818 million, or $1.22 per diluted share, for the third quarter of 2025. This is a decrease from $1.3 billion, or $1.81 per diluted share, reported for the same period in 2024.
How did MetLife's adjusted earnings perform in the third quarter of 2025?
MetLife's adjusted earnings available to common shareholders were $1.6 billion for the three months ended September 30, 2025, representing an increase from $1.4 billion reported for the same period in 2024. This improvement was driven by favorable market factors and volume growth across several segments.
What were the main drivers of the decrease in MetLife's net income in the third quarter of 2025?
The decrease in net income was primarily due to unfavorable changes in net investment gains/losses and significant unfavorable changes in net derivative gains/losses. These derivative impacts were mainly driven by currency movements (strengthening U.S. dollar against the Japanese yen) and interest rate changes affecting the valuation of currency forwards and swaps.
What is the current status of MetLife's acquisition of PineBridge Investments?
MetLife entered into a definitive agreement to acquire PineBridge Investments in December 2024. The transaction, valued at approximately $1.2 billion, is expected to close by the end of 2025, subject to regulatory approvals and other customary closing conditions. The acquisition excludes PineBridge’s private equity funds group business and its joint venture in China.
06—Continue