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METLIFE INC 8-K Report, Financial Results (Feb 4, 2026)

Reports
Earnings & Results·Regulation FD·Other Events+1
Filing Date
Filed February 4, 2026
Period End
February 4, 2026
In the record · 2016–202610-K1110-Q328-K249

MET filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 249 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Aug ’17Aug ’17
  2. Leadership change8-K · Mar ’23Mar ’23
  3. Leadership change8-K · Mar ’25Mar ’25

01—Abstract

Summary

Summary of the 8-K filed February 4, 2026. Cited figures are marked; the original filing is the authoritative source.

MetLife's 4Q25 and full-year 2025 results were solid, with the company beating its direct expense ratio and free cash flow targets and delivering roughly 10%a adjusted EPS growth, although GAAP results were weaker.

Full-year net income was $3.2 billionb, or $4.71 per share, down 25% from 2024, while adjusted earnings per share excluding total notable items rose 10% to $8.89. Adjusted ROE excluding notable items was 16.0%, at the midpoint of the company's 15%-17% target. Fourth-quarter net income fell 37% to $778 million, driven by net derivative losses and net investment losses, while adjusted earnings rose 13% to $1.6 billion and adjusted EPS excluding notables increased 24% to $2.58.

Top-line growth was driven largely by the risk and insurance solutions (RIS) business, where record pension risk transfer (PRT) sales and U.K. longevity reinsurance boosted premiums. Fourth-quarter premiums, fees and other revenues rose 29% to $18.7 billionc, but adjusted PFOs excluding PRT grew a more modest 8%. Variable investment income of $497 million in the quarter, mainly from private equity returns, also lifted results.

Asset management also expanded materially after the PineBridge Investments acquisition closed on December 30, 2025, lifting MetLife Investment Management AUM to $741.7 billiond. Capital and outlook remain central to the investment case. Holding company cash and liquid assets were $3.6 billion, within the $3.0-$4.0 billion target, and the company returned about $4.4 billion to shareholders in 2025.

Management reaffirmed its 2026 targets, including a 12.1% direct expense ratio, double-digit adjusted EPS growth, a 65%-75% free cash flow ratio, and approximately $25.0 billion of free cash flow over 2025-2029. The 2026 variable investment income guidance of about $1.6 billion pre-tax assumes a 9% private equity return. Investors will likely focus on whether earnings quality holds up given the reliance on volatile variable investment income and on the pace of PRT and PineBridge integration.

02—Key points

Key Highlights

  1. Full-year 2025 net income fell 25% to $3.2 billion ($4.71 per share), while adjusted EPS excluding total notable items rose 10% to $8.89, beating the double-digit growth target.
  2. Q4 2025 adjusted EPS excluding notable items rose 24% to $2.58, with adjusted earnings up 13% to $1.6 billion, driven by variable investment income, volume growth and expense margins.
  3. Direct expense ratio excluding notable items and PRT was 11.7% for 2025, beating the 12.1% target; the 2026 target is 12.1% and the 2029 target is 11.3%.
  4. Full-year 2025 free cash flow ratio was 82% of adjusted earnings, above the 65%-75% target range, and free cash flow of all holding companies totaled $4.9 billion.
  5. RIS posted record sales including $14.2 billion of PRT and $11.1 billion of U.K. longevity reinsurance; Q4 RIS adjusted PFOs were $7.2 billion, up 99%.
  6. Total AUM reached $741.7 billion at year-end, up 27%, largely due to the PineBridge Investments acquisition that closed December 30, 2025.
  7. 2026 guidance reaffirmed: adjusted ROE of 15%-17%, double-digit adjusted EPS growth, about $1.6 billion of variable investment income, and a Corporate & Other adjusted loss of $500-$700 million.

03—Questions

Frequently Asked Questions

  1. Why did GAAP net income fall while adjusted earnings grew?

    GAAP net income excludes market-driven items that moved sharply in Q4. Net derivative losses of $646 million and net investment losses of $160 million, driven by higher long-term rates, stronger equity markets and a stronger U.S. dollar, reduced reported net income by 37% to $778 million. Adjusted earnings strip out these volatile items, so they rose 13% to $1.6 billion.

  2. How sustainable is the variable investment income that helped drive results?

    Variable investment income is tied to private equity and other fund returns and can be volatile. Full-year 2025 variable investment income was $1.2 billion post-tax, with Q4 at $393 million. The 2026 guidance of about $1.6 billion pre-tax assumes a 9% private equity return, so results would fall short if private equity returns disappoint.

  3. Is MetLife's capital position and shareholder return strong enough to continue?

    Holding company cash of $3.6 billion sits within the $3.0-$4.0 billion target, and the company returned about $4.4 billion to shareholders in 2025, including roughly $2.9 billion of buybacks. Management expects to keep the holding company cash target in 2026 and projects about $25.0 billion of free cash flow over 2025-2029, which supports continued buybacks and dividends.

  4. What does the PRT and PineBridge growth mean for future revenue?

    Record PRT sales boosted premiums, fees and other revenues by 29% in Q4, but excluding PRT, adjusted PFOs grew 8%, so underlying growth is more moderate. The PineBridge acquisition expands asset management AUM and is expected to lift MIM revenues about 30% in 2026. Investors should monitor the margin profile of these lower-growth, lower-margin PRT and acquired revenues.

04—Continue

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