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MetLife’s Earnings Engine Is Diversifying—But Which Segment Will Lead the Next Phase?

MetLife, Inc. reported its fourth quarter and full year 2025 results emphasizing continued progress under its New Frontier strategic plan focused on growth, capital discipline, operational efficiency, and enhanced shareholder returns. For the full year, adjusted earnings per share (EPS) rose approximately 10% to $8.89 (excluding notable items), with a fourth quarter adjusted EPS of $2.58, up 24% year-over-year—the highest quarterly EPS reported by the company to date. Adjusted return on equity (ROE) reached 16%, and the direct expense ratio was lowered to 11.7%, surpassing the targeted efficiency goals supported by initiatives including AI adoption. Free cash flow generation totaled $4.9 billion in 2025, contributing toward the company’s five-year target of $25 billion. Growth was driven across multiple business lines. The Group Benefits segment delivered adjusted earnings growth of 12% in Q4, benefiting from favorable mortality trends and pricing actions, albeit offset by weaker disability experience.