MetLife has reported its financial results for the full year and fourth quarter of 2025. The company announced a net income of $3.2 billion for the year, which equates to $4.71 per share. Adjusted earnings per share, excluding notable items, rose by 10% to $8.89.
Premiums, fees, and other revenues increased by 10% over the previous year, reaching $57.6 billion. When excluding pension risk transfers (PRT), adjusted premiums, fees, and other revenues grew by 5% to $49.8 billion.
Retirement & Income Solutions (RIS) saw record sales during the year, including $14.2 billion in PRT transactions and $11.1 billion in U.K. longevity reinsurance deals.
The company surpassed its targets for free cash flow ratio and direct expense ratio. Return on equity (ROE) was reported at 12.9%, while adjusted ROE—excluding notable items—stood at 16%, which is at the midpoint of MetLife’s target range.
Book value per share increased by 14% to $39.02; adjusted book value per share rose by 4% to $57.07. MetLife returned nearly $4.4 billion to shareholders over the course of the year.
At year end, holding company cash and liquid assets totaled $3.6 billion, within the company’s target range.
For the fourth quarter of 2025 specifically, net income was reported at $778 million or $1.17 per share. Adjusted earnings increased by 13% to reach $1.6 billion due to higher variable investment income, strong volume growth, and improved expense margins.
Adjusted earnings per share for the quarter—excluding notable items—increased by 24% to reach $2.58.
Premiums, fees and other revenues in Q4 rose by 29% compared with a year earlier to reach $18.7 billion; when excluding PRT activity these revenues were up by 8% to total $12.8 billion.
Net investment income climbed by 10% in Q4 to reach $5.9 billion; variable investment income contributed significantly at $497 million as a result of higher private equity returns.
Fourth-quarter return on equity was recorded at 12%. Adjusted ROE reached 17.6%.
Michel Khalaf, President and Chief Executive Officer of MetLife stated: “MetLife delivered record fourth quarter results, underscoring the strength of our diversified businesses and the disciplined execution of our all-weather New Frontier strategy.
For the full year, we achieved 10% adjusted earnings per share growth, 16% adjusted return on equity, and beat our direct expense and free cash flow ratio targets, while returning nearly $4.4 billion to shareholders.
We made significant progress in advancing our New Frontier priorities, completing key strategic transactions and entering new partnerships to extend our market leadership, expand our global reach, and enhance capital flexibility.
We are confident that the foundation built in 2025 positions MetLife to accelerate growth responsibly and deploy capital prudently to deliver on our New Frontier commitments.”
