MetLife Q4 net income falls 37% to $778 million; adjusted EPS up 24% ex-notables
MetLife reported fourth-quarter 2025 net income of $778 million, or $1.17 per share, down 37% from a year earlier, mainly due to net derivative and investment losses. Adjusted earnings per share excluding total notable items rose 24% to $2.58, and the company maintained its near-term 2026 targets for adjusted return on equity and double-digit adjusted EPS growth. The mixed picture matters to shareholders because reported profit fell sharply while the company's adjusted measures and revenue grew.
Key points
- Q4 net income was $778 million ($1.17 per share), versus $1,239 million ($1.78 per share) a year earlier; net derivative losses were $646 million.
- Q4 adjusted EPS excluding total notable items rose 24% to $2.58; full-year figure was $8.89, up 10%.
- Q4 premiums, fees and other revenues rose 29% to $18.7 billion; adjusted PFOs excluding pension risk transfers rose 8% to $12.8 billion.
- 2026 outlook maintains adjusted ROE target of 15%-17% and expects the direct expense ratio to be 12.1% for 2026.
The filing
Written by AI on Nov 8, 2026, 1:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 04, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.