MetLife, Inc. is a leading global financial services company that provides a wide range of insurance, annuities, employee benefits, and asset management services . The company operates through several segments, offering products such as life insurance, annuities, and investment products to both individuals and corporations . MetLife is also one of the largest institutional investors in the U.S., with a significant portfolio in fixed income securities and mortgage loans .
- Group Benefits - Offers term, variable, and universal life insurance, as well as dental, disability, vision, and accident & health insurance, primarily to corporations and their employees .
- Retirement and Income Solutions (RIS) - Provides life and annuity-based insurance and investment products, including stable value and pension risk transfer products, institutional income annuities, and structured settlements .
- Asia - Offers a range of life insurance, accident & health insurance, retirement and savings products, and credit insurance to individuals and corporations .
- Latin America - Provides life insurance, accident & health insurance, retirement and savings products, and credit insurance to individuals and corporations .
- Europe, the Middle East and Africa (EMEA) - Delivers life insurance, accident & health insurance, retirement and savings products, and credit insurance to individuals and corporations .
- MetLife Holdings - Consists of operations related to products no longer actively marketed in the U.S., such as variable, universal, term, and whole life insurance, as well as annuities and long-term care insurance .
- Corporate & Other - Includes start-up, developing, and run-off businesses, as well as investment management services .
You might also like
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michel A. Khalaf ExecutiveBoard | President and CEO | None | Michel Khalaf has been President and CEO since 2019. He joined MetLife in 2010 and has held leadership roles across EMEA and the U.S.. | View Report → |
Bill Pappas Executive | EVP, Head of Global Technology and Operations (GTO) | None | Bill Pappas joined MetLife in 2019 and oversees technology, operations, cybersecurity, and data strategy globally. | |
John D. McCallion Executive | EVP and CFO; Head of MetLife Investment Management (MIM) | None | John McCallion joined MetLife in 2006 and became CFO in 2019. He also leads MIM as of September 2023. | |
Marlene Debel Executive | EVP, Chief Risk Officer; Head of MetLife Insurance Investments | None | Marlene Debel has been Chief Risk Officer since 2019 and took on additional responsibilities for MetLife Insurance Investments in 2023. | |
Ramy Tadros Executive | Regional President, U.S. Business; Head of MetLife Holdings (MLH) | None | Ramy Tadros joined MetLife in 2019 and leads the U.S. Business and MLH, which manages the closed block of business. | |
Susan M. Podlogar Executive | EVP, Chief Human Resources Officer (CHRO) | None | Susan Podlogar has been CHRO since 2017, overseeing global HR strategy, talent management, and diversity initiatives. | |
Carla A. Harris Board | Director | Senior Client Advisor, Morgan Stanley; Director, Cummins Inc.; Director, Walmart, Inc. | Carla Harris joined the board in 2022 and brings over 30 years of financial services experience. | |
Carlos M. Gutierrez Board | Director | Co-Founder, EmPath, Inc.; Director, Occidental Petroleum Corporation | Carlos Gutierrez has been a director since 2013 and is a former U.S. Secretary of Commerce and CEO of Kellogg Company. | |
Cheryl W. Grisè Board | Director | Director, Dollar Tree, Inc.; Director, ICF International, Inc.; Director, PulteGroup, Inc. | Cheryl Grisè has been a director since 2004 and brings expertise in corporate governance and regulated industries. | |
David L. Herzog Board | Director | Director, DXC Technology Company | David Herzog has been a director since 2016 and is a former CFO of AIG with expertise in financial services. | |
Denise M. Morrison Board | Director | Founder, Denise Morrison & Associates LLC; Director, Quest Diagnostics Inc.; Director, Visa Inc. | Denise Morrison has been a director since 2014 and is the former CEO of Campbell Soup Company with expertise in consumer goods and corporate social responsibility. | |
Diana L. McKenzie Board | Director | Director, Agilon Health, Inc.; Director, Vertex Pharmaceuticals Incorporated; Advisor, BrightInsight, Inc.; Senior Advisor, Brighton Park Capital | Diana McKenzie joined the board in 2018 and has expertise in technology, cybersecurity, and digital transformation. | |
Edward J. Kelly, III Board | Director | Director, Dollar Tree, Inc.; Director, Citizens Financial Group | Edward Kelly has been a director since 2015 and has extensive experience in financial services and corporate governance. | |
Gerald L. Hassell Board | Director | Director, Comcast Corporation | Gerald Hassell has been a director since 2018 and is the former Chairman and CEO of BNY Mellon. | |
Jeh C. Johnson Board | Director | Partner, Paul, Weiss, Rifkind, Wharton & Garrison LLP; Director, U.S. Steel Corporation; Director, Lockheed Martin Corporation | Jeh Johnson joined the board in 2023 and is a former U.S. Secretary of Homeland Security with expertise in cybersecurity and risk management. | |
Laura J. Hay Board | Director | None | Laura Hay joined the board in 2024 and has over 35 years of experience in financial services, including leadership roles at KPMG LLP. | |
Mark A. Weinberger Board | Director | Director, Johnson & Johnson; Director, JPMorgan Chase & Co.; Director, Saudi Aramco; Senior Advisor, Tanium; Senior Advisor, Stone Canyon Industries, Inc.; Senior Advisor, Teneo | Mark Weinberger joined the board in 2019 and is the former Global Chairman and CEO of EY with expertise in corporate governance and sustainability. | |
R. Glenn Hubbard Board | Independent Chairman of the Board | Co-Chair, Committee on Capital Markets Regulation; Director, BlackRock Fixed Income Funds; Director, TotalEnergies SE | Glenn Hubbard has been a director since 2007 and Chairman since 2019. He is an economist and academic leader with expertise in financial markets. | |
William E. Kennard Board | Director | Director, Ford Motor Company; Director, AT&T Inc.; Co-Founder, Velocitas Partners LLC; Co-Founder, Astra Capital Management | William Kennard has been a director since 2013 and is a former FCC Chairman and U.S. Ambassador to the EU. |
-
"Given the expected roll-off of your interest rate caps throughout 2024 and lower VII assumptions, how do you plan to offset the anticipated pressure on investment spreads, and can you elaborate on strategies to mitigate the impact on adjusted earnings? "
-
"You mentioned that the frequency of severe asbestos claims has not declined as expected, leading to an increase in reserves; can you provide more details on the trends you're seeing and what actions you're taking to manage this exposure going forward? "
-
"With lower expected private equity returns affecting Variable Investment Income, how do you anticipate this will impact your earnings in 2024, and what steps are you taking to improve returns in the current market environment? "
-
"As you have increased your expected effective tax rate range due to higher earnings in foreign markets with higher tax rates and lower tax credits in the U.S., how will this affect your overall profitability, and are there strategies in place to optimize your tax position? "
-
"Considering the uncertainty around inflation and unemployment in 2024, and your assumption of a more modest private equity return, how confident are you in maintaining your adjusted ROE target range of 13% to 15%, and what are the key risks that could prevent you from achieving this goal? "
Research analysts who have asked questions during METLIFE earnings calls.
Ryan Krueger
KBW
7 questions for MET
Suneet Kamath
Jefferies
6 questions for MET
Wesley Carmichael
Autonomous Research
6 questions for MET
Joel Hurwitz
Dowling & Partners Securities, LLC
5 questions for MET
Thomas Gallagher
Evercore
5 questions for MET
Alex Scott
Barclays PLC
3 questions for MET
Elyse Greenspan
Wells Fargo
3 questions for MET
Jamminder Bhullar
JPMorgan Chase & Co.
3 questions for MET
Cave Montazeri
Deutsche Bank
2 questions for MET
Jimmy Bhullar
JPMorgan Chase & Co.
2 questions for MET
Tom Gallagher
Evercore ISI
2 questions for MET
Wilma Burdis
Raymond James Financial
2 questions for MET
Wilma Jackson Burdis
Raymond James
2 questions for MET
John Barnidge
Piper Sandler
1 question for MET
Nick Anido
Wells Fargo & Company
1 question for MET
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Raven Capital Management | 2023 | Completed in March 2023, this acquisition brought in an alternative investment firm specializing in direct asset-based investments to expand MetLife Investment Management’s product set and capabilities, aligning with its strategic, opportunistic M&A approach. |
Affirmative Investment Management (AIM) | 2022 | In August 2022, MetLife announced a definitive agreement to acquire AIM—an ESG impact fixed income manager with about $1 billion in assets—to enhance its investment management offerings; the deal is subject to customary closing conditions. |
PNB MetLife India Insurance Company Limited | 2022 | In February 2022, MetLife acquired an additional 15.0% ownership in PNB MetLife India Insurance, increasing its total stake to approximately 47.0%, supporting its strategy to grow in the Indian market. |
Recent press releases and 8-K filings for MET.
- Adjusted earnings of $1.6 billion, or $2.34 EPS, up ~21% YoY, driven by higher variable investment income and volume growth.
- Variable investment income of $483 million, exceeding guidance of $425 million, with private equity returns of 3% for the quarter.
- Segment results: Group Benefits $457 million (+6%), Retirement & Income Solutions $423 million (+15%), Asia $473 million (+36%), Latin America $222 million (+2%), EMEA $89 million (+19%).
- Capital return: $875 million to shareholders in Q3 (dividends $375 million; share repurchases $500 million), bringing YTD buybacks to ~$2.6 billion; secured $12 billion of pension risk transfer in Q4.
- Direct expense ratio improved to 11.6%, below the full-year target of 12.1%, supported by cost discipline and technology investments.
- MetLife reported Q3’25 net income of $818 M (EPS $1.22) and adjusted earnings of $1.584 B (EPS $2.37), or $1.566 B ex-notable items (EPS $2.34).
- Segment adjusted earnings ex-notable items: Group Benefits $457 M (+6% YoY), Asia $473 M (+36%), Retirement & Income Solutions $423 M (+15%), EMEA $89 M (+19%), MetLife Holdings $190 M (+12%).
- Holding company cash and liquid assets of $4.9 B at quarter-end; returned ~$875 M to shareholders in Q3 via $500 M buybacks and $375 M dividends; YTD buybacks of $2.6 B through October.
- U.S. Statutory Adjusted Capital of $17.1 B at 9/30/25 (flat QoQ); Japan Solvency Margin ratio 740%; estimated Economic Solvency Ratio of 170–190% for period ending March 2026.
- MetLife delivered $1,566 million of adjusted earnings ex. total notable items in Q3 2025, up 15% YoY, and $2.34 adjusted EPS, up 21% YoY.
- Broad-based segment growth: Group Benefits earned $457 million (+6%), Retirement & Income Solutions $423 million (+15%), and Asia $473 million (+36%) in Q3 2025.
- Strong balance sheet: total AUM of $633 billion, MetLife Investment Management on a path to $1 trillion AUM, and $4.7 billion capital returned in 2024.
- Continued financial discipline with 2-digit adjusted EPS growth target, 15–17% adjusted ROE goal (from 12–14%), and 100 bps direct expense ratio improvement target.
- MetLife delivered $1.6 billion in adjusted earnings, or $2.37 EPS (up 22% YoY; ex-notables EPS of $2.34, +21%), driven by strong investment margins and volume growth. Variable investment income was $483 million, above the $425 million outlook, supported by 3% private equity returns, yielding a 16.7% adjusted ROE ex-notables.
- Core segments posted robust growth: group benefits adjusted earnings of $457 million (+6%) with a 230 bps sequential improvement in non-medical health loss ratio; retirement & income solutions delivered $423 million (+15%) alongside the launch of Chariot Re with ~$10 billion of liabilities; Asia earnings rose 36% to $473 million on 34% constant-currency sales growth.
- Capital management remained disciplined: returned $875 million in Q3 (≈$375 million dividends; $500 million share buybacks), lifting year-to-date buybacks to ~$2.6 billion; holding-company liquidity of $4.9 billion exceeds the $3–4 billion target; on track to close the PineBridge acquisition and VA block sale in Q4.
- Strategic metrics and outlook: 2024 value of new business capital deployment of $3.4 billion earned a 19% IRR with a five-year payback; Q3 direct expense ratio was 11.6% versus 12.1% full-year target; beginning Q4, MetLife Investment Management will be reported as a standalone segment.
- Reported adjusted earnings of $1.6 billion, or $2.34 per share, up 21% year-over-year; variable investment income of $483 million exceeded the $425 million outlook, driving an adjusted return on equity of 16.7% and a direct expense ratio of 11.6%.
- Group Benefits adjusted earnings were $457 million, up 6% year-over-year; the non-medical health loss ratio improved by 230 basis points sequentially to 72.5%.
- Retirement & Income Solutions posted $423 million in adjusted earnings, up 15%; launched Chariot Re with an initial $10 billion reinsurance transaction to expand liability origination capacity.
- Asia segment delivered $473 million in adjusted earnings, a 36% increase; sales surged 34%, driven by a 31% increase in Japan and 39% growth in other Asia markets.
- Returned $875 million to shareholders in Q3 (including $375 million of dividends and $500 million of share repurchases); ended the quarter with $4.9 billion of cash and liquid assets, including $700 million earmarked for near-term debt maturities.
- MetLife reported 3Q 2025 net income of $818 million, or $1.22 per share, and adjusted earnings of $1.6 billion ($2.37 per share), up 15% and 22% year-over-year, respectively.
- Premiums, fees and other revenues were $12.5 billion, with adjusted PFOs excluding pension risk transfers up 4%.
- Net investment income grew 16% to $6.1 billion, driven by higher variable investment income.
- Return on equity was 13.1%, with an adjusted ROE of 16.9%.
- Returned $875 million to shareholders via share repurchases and dividends and held $4.9 billion in cash and liquid assets at quarter end.
- Net income was $818 million, or $1.22 per share, down 36% and 33% year-over-year, respectively.
- Adjusted earnings reached $1.58 billion (up 15% y/y) with adjusted EPS of $2.37 (up 22%) and an adjusted ROE of 16.9%.
- Premiums, fees and other revenues totaled $12.5 billion (flat y/y); adjusted PFOs excluding pension risk transfers rose 4% to $12.5 billion; net investment income was $6.1 billion, up 16%.
- Returned approximately $875 million to shareholders via share repurchases and dividends; holding company cash and liquid assets totaled $4.9 billion at quarter end.
- MetLife is collaborating with Alight to offer its Guaranteed Income (MGI) fixed immediate annuities and Retirement Income Insurance® (RII) QLAC deferred annuities on the Alight Worklife platform, reaching nearly 12 million defined contribution plan participants.
- Enabled by the SECURE Act and SECURE 2.0, the partnership addresses growing demand for retirement income—93% of plan sponsors recognize the need for guaranteed solutions and 69% of workers say such income supports a comfortable retirement.
- The integration provides plan sponsors with streamlined administration and educational resources, while participants gain intuitive digital tools and clear guidance to convert savings into predictable monthly income.
- MetLife launched its five-year New Frontier strategy in December, building on its capital-light transformation and targeting a 15–17% ROE over the plan horizon.
- Execution in H1 was strong: group benefits sales +9%, RIS liability balances +6% (vs. 3–5% outlook), and Japan sales +29% in Q2; the company also announced the Pinebridge acquisition, a Talcott reinsurance deal and launched Cherry Tree reinsurance.
- The direct expense ratio is slated to improve by 100 bps over five years on an even-yearly basis and stood at 11.8% in H1 2025.
- Retirement Income Solutions growth is cushioned by the cession of $10 B of liabilities to Chariotree, while Bermuda-based Chariot Re (launched with General Atlantic) immediately secured $10 B of third-party capital; Q2 RIS spreads stabilized at ~100 bps.
- International markets remain a growth driver: Asia H1 sales up 10% in Japan and 40% in Korea, LatAm earnings have doubled since the pandemic with a path to $1 B in earnings and the Accelerator digital platform now has 21 partners and 5 M customers, and EMEA earnings are set to exceed the $70–75 M quarterly outlook.
- MetLife will redeem all outstanding shares of its 3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G at a redemption price of $1,000 per share on the dividend payment date of September 15, 2025.
- A semi-annual dividend of $19.250 per share will be paid separately on September 15, 2025, to holders of record as of August 29, 2025, and is excluded from the redemption price.
- Series G Preferred Stock is held through The Depository Trust Company and will be redeemed according to DTC procedures, with payment made by Computershare Trust Company, N.A., as redemption agent.