MetLife has reported its financial results for the first quarter of 2025, with net income rising 10% to $879 million.
Premiums, fees, and other revenues increased 14% to $13.6 billion, reflecting higher underwriting margins, growth in volume, and stronger variable investment income. These gains were partly offset by unfavorable foreign currency movements and lower recurring interest margins.
Adjusted earnings for the quarter rose 1% to $1.3 billion. The company’s book value increased 2% to $35.16 per share, while adjusted book value rose 4% to $55.01 per share. Variable investment income grew 26% to $327 million, supported by real estate and other fund performance.
MetLife returned $1.8 billion to shareholders through share repurchases and common stock dividends. In April, the board authorized a new $3.0 billion share repurchase program.
Comparatively, for the full year 2024, MetLife reported a net income of $4.2 billion, a significant increase from $1.4 billion in 2023. Adjusted earnings reached $5.8 billion, compared to $5.5 billion the previous year. Earnings per share rose to $5.94, up 228% from the prior year. Adjusted earnings per share increased by 12% to $8.15.
Also in April, the company entered into a reinsurance agreement with a subsidiary of Talcott Financial Group, covering approximately $10 billion in US retail variable annuity and rider reserves.
President and CEO Michel Khalaf (pictured above) said the company delivered solid performance in the first quarter, supported by favorable underwriting, volume growth, and higher variable investment income.
Group benefits reported a 29% increase in adjusted earnings to $367 million, primarily driven by higher life underwriting margins. The retirement and income solutions segment reported 8% growth in total balances, supported by strong sales activity across its diversified liability offerings.
Outside the US, Asia sales excluding Japan rose 41% on a constant currency basis. In Latin America, adjusted premiums, fees, and other revenues grew 14% on a constant currency basis and 1% as reported.
MetLife also reported progress on its Xcelerator digital platform, launched in 2023, which has reached 4.5 million customers and generated $200 million in adjusted PFOs.
In the EMEA region, adjusted earnings rose 8%, reflecting volume growth across key markets.
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