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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
MetLife (MET) investor relations material
MetLife Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Adjusted earnings rose 15% year-over-year to $1.6 billion ($2.34 per share excluding notable items), with strong growth in Asia, Group Benefits, and Retirement & Income Solutions; adjusted EPS increased 21% and net income was $818 million, down due to investment and derivative losses.
Value of new business reached $3.4 billion in 2024, with a 19% IRR and five-year payback period.
Strategic initiatives included the launch of Chariot Re, acquisition of PineBridge, and sale of a legacy variable annuity block, all on track for Q4 closing.
Net investment income increased 16% to $6.1 billion, driven by higher private equity returns.
Book value per share rose 1% to $39.52; adjusted book value per share increased 3% to $56.57.
Financial highlights
Adjusted earnings per share excluding notable items grew 21% year-over-year to $2.34.
Variable investment income was $483 million, exceeding the $425 million outlook, driven by 3% private equity returns.
Direct expense ratio improved to 11.6%, below the full-year target of 12.1%.
Returned $875 million to shareholders in Q3 via dividends and buybacks; year-to-date buybacks at $2.6 billion.
Net investment income for Q3 2025 was $6.1 billion, up from $5.2 billion in Q3 2024.
Outlook and guidance
Expect further improvement in non-medical health loss ratio in Q4, targeting a combined 400 basis points improvement over Q3 and Q4.
Anticipate full-year direct expense ratio to finish well below 12.1%, with ongoing technology-driven efficiencies.
Positive long-term outlook for pension risk transfer (PRT) business, with a record Q4 already secured and $12 billion in new PRT transactions.
Management expects continued volatility from global economic and market conditions, including interest rates, inflation, and geopolitical risks.
Regulatory changes in Mexico and Chile are expected to impact Latin America segment earnings by $50–60 million in 2026.
Segment VII contribution breakdown?
PRT mandates' impact on future PFOs?
How does Holdings grow earnings despite run-off?
What is the forward impact of Mexico tax change?
What drives Japan's ESR ratio of 170-190%?
MetLife's view on private credit ratings inflation?
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Q4 20255 Feb, 2026
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Frequently asked questions
The Metropolitan Life Insurance Company
MetLife, Inc. is a global provider of insurance, annuities, and employee benefits. With a history dating back to 1868, the company has grown to serve approximately 90 million customers across over 60 countries. Over the years, it has expanded its portfolio to include a wide range of financial and insurance services, catering to both individual and institutional customers. The company is headquartered in NYC, and its shares are listed on the NYSE.
Roots in the Civil War
Established in 1868 as the National Union Life and Limb Insurance Company, it was created to provide financial protection for Civil War soldiers and sailors against wartime disabilities. However, the company swiftly pivoted from its original focus, recognizing the broader potential of life insurance in the rapidly industrializing American landscape.
By the 1870s, the firm had shifted its primary focus to life insurance, adopting the name Metropolitan Life Insurance Company and this period marked the beginning of its transformation into one of the largest life insurance companies in the United States. MetLife's adoption of the "industrial" insurance model was pivotal, offering small, affordable policies to working-class Americans, payable weekly or monthly. Today the company is well cemented in the insurance industry and offers its services to over 90 million customers globally.
The Insurance Products
MetLife offers a broad range of insurance products catering to individuals, families, and businesses. Their offerings encompass various types of insurance, and while the company traditionally has been most involved in offering life insurance, its offerings are diverse. This includes everything from various forms of health insurance to auto insurance, and MetLife is one of the largest companies of its kind in the US. However, competition in the industry is tough, and some publicly traded peers to MetLife include AIG, Progressive, and Allstate.
Annuities and Other Services
Beyond its core insurance offerings, MetLife provides a comprehensive suite of annuities and retirement plan solutions, which are integral to its portfolio of financial services. The company's annuities are typically structured to offer clients options ranging from guaranteed fixed returns to more variable returns linked to the performance of underlying assets or market indices. It also provides comprehensive retirement plans for both individual savers as well as institutions looking to provide benefits for its employees.
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