Strong Earnings Growth
MetLife reported adjusted earnings of $1.6 billion or $2.37 per share, a 22% increase per share from the prior year period. Excluding notable items, adjusted earnings were $1.6 billion or $2.34 per share, a 21% increase from a year ago.
Record PRT Transactions
MetLife secured $12 billion of Pension Risk Transfer (PRT) transactions in the fourth quarter, making it a record quarter for the company.
Asia Sales Surge
Adjusted earnings in Asia were $473 million, a 36% increase from the prior year quarter. Sales surged 34% on a constant currency basis, driven by a 31% increase in Japan.
Strong Group Benefits Performance
Group Benefits adjusted earnings, excluding notable items, totaled $457 million, up 6% from a year ago, reflecting solid underwriting results.
High Return on Equity
MetLife generated an adjusted return on equity, excluding notables, of 16.7%, near the top of its target range of 15% to 17%.
Efficient Expense Management
The direct expense ratio was 11.6% in the third quarter, below the full-year target of 12.1%, due to productivity and efficiency gains.
Increased Value of New Business
In 2024, MetLife deployed $3.4 billion of capital to support new business origination with an average internal rate of return of 19% and a payback period of 5 years.