MetLife reported solid third-quarter earnings, with adjusted earnings per share of $2.78, up 17% year over year. The results translate into an adjusted return on equity of 19.2%, well above the company’s target range of 15%-17%.
MetLife’s leading market positions in various international markets (particularly Latin America) could provide opportunities for higher growth.
Bears
MetLife's group benefits business could face earnings headwinds if artificial intelligence advancements lead to a large increase in the unemployment rate.
MetLife is one of the largest life insurers in the US by assets and provides a variety of life insurance and annuity products. It is organized into six segments: group benefits, retirement and income solutions, Asia, Latin America, Europe/Middle East/Africa (EMEA), and MetLife Investment Managenent. Group Benefits and RIS are US-based, contributing to around 52% of the firm’s 2025 adjusted earnings. The Asia segment contributes around 25% of earnings, mainly tied to Japan. The company also holds leading market positions in Mexico and Chile, with the Latin America segment contributing around 14% of 2024 earnings. The EMEA and investment management segments contributed around 6% and 3% of 2025 earnings, respectively.