MetLife, Inc. (MET): Business Model Canvas [Dec-2025 Updated]

You're looking to really understand how a giant like MetLife, Inc. actually makes its money and plans to grow, especially with their New Frontier strategy aiming for a 15% to 17% Adjusted ROE. Honestly, dissecting an insurer's model can feel dense, but the core is surprisingly clear: they are doubling down on group benefits and international markets while managing a massive $200 billion in assets through MetLife Investment Management. We've mapped out their entire engine-from the $12.5 billion in Q3 2025 Premiums, Fees, and Other Revenues to their key partnerships like the Chariot Reinsurance launch-so you can see exactly where the risk is taken and where the profit is generated. Dive into the canvas below to see the nine building blocks powering this 150+ year-old firm.

MetLife, Inc. (MET) - Canvas Business Model: Key Partnerships

You're looking at how MetLife, Inc. structures its external relationships to execute its strategy-these partnerships are crucial for risk management and growth, especially in the closed-block and asset management spaces. Here's the breakdown of the key players as of late 2025.

Reinsurance Partnerships for Risk Transfer and Capital Efficiency

MetLife, Inc. has been very active in using reinsurance sidecars to manage legacy risk. The launch of Chariot Reinsurance, Ltd. (Chariot Re) in 2025, co-sponsored with General Atlantic, is a prime example. This Bermuda-based entity completed its first transaction with a MetLife subsidiary, assuming approximately $10 billion of liabilities, which included structured settlement annuity contracts and group annuity contracts from pension risk transfers.

The structure itself was capitalized with an initial combined equity investment exceeding $1 billion. MetLife and General Atlantic each hold an approximate 15% stake in Chariot Re, with Chubb also serving as an anchor third-party investor and taking a board seat. To be fair, this structure provides efficient access to capital. For context, General Atlantic manages approximately $108 billion in assets under management as of March 31, 2025, while MetLife Investment Management (MIM) had $616.9 billion in total assets under management as of the same date.

Also in the risk transfer arena, MetLife finalized a major deal with Talcott Resolution Life Insurance Company, a subsidiary of Talcott Financial Group, in December 2025. This was a $10 billion variable annuity risk transfer transaction. This move is expected to reduce MetLife's portfolio risk and speed up the run-off of legacy business blocks within MetLife Holdings.

Here's the quick math on the Talcott deal's impact:

Metric	Amount/Value
Total Reinsured Reserves (Talcott 2025 total)	$14 billion
Transaction Size (Variable Annuity Reserves)	$10 billion
Expected Foregone Annual Adjusted Earnings	Approximately $100 million
Estimated Annual Hedge Cost Savings	Approximately $45 million
Assets Managed by MIM for Talcott Post-Deal	Approximately $6 billion

What this estimate hides is the ongoing asset management relationship; MIM continues to manage a significant portion of the assets associated with the reinsured block.

Distribution and Global Reach Alliances

MetLife, Inc. relies on a well-diversified distribution strategy that includes internal sales forces and external partners. For instance, in the EMEA region, the company reports working with:

• Circa 1,400 brokers and 3rd party networks.
• Circa 150 partnerships for Bancassurance & Direct Insurance distribution.
• Approximately 180 bank partners across the region.

Globally, MetLife, Inc. serves more than 55,000 U.S. group customers and covers 50 million U.S. employees and their dependents. This scale requires strong relationships across various channels, including these third-party networks.

Strategic Alliances via MetLife Foundation

The MetLife Foundation acts as a key partner in community engagement, focusing on economic mobility and resilient communities. The Foundation has reached over $1 billion in total giving since its inception in 1976. For 2025, the Foundation committed $5 million over two years to expand its Community Impact Grant Program (CIGP), which funds local organizations addressing essential needs for people with low incomes.

The Foundation's recent activity shows concrete partnership support:

• Total grants globally in 2024: $39.4 million.
• CIGP funding since its 2023 launch: $2.6 million awarded.
• Number of non-profits supported by CIGP since 2023: 115 organizations.

The CIGP grants range between $20,000 and $200,000 over two years for selected recipients.

Responsible Investing Commitments

MetLife Investment Management (MIM) formalizes its commitment to responsible investing through specific memberships, signaling alignment with broader industry standards. This helps manage non-financial risks and aligns with long-term value creation goals.

MIM's specific affiliations include:

• FAIRR Initiative: Joined in 2025 as an investor member, focusing on risks and opportunities in food and agriculture sectors.
• Principles for Responsible Investment (PRI): A signatory since 2019.
• GRESB: Participating in the real estate benchmark assessment since 2014 and becoming an investor member in 2022.

Finance: draft 13-week cash view by Friday.

MetLife, Inc. (MET) - Canvas Business Model: Key Activities

You're looking at the core engine of MetLife, Inc. (MET) operations as of late 2025. These are the things they absolutely must get right every day to make the model work.

Underwriting and Managing Global Life, Dental, and Disability Insurance Risk

Managing risk across the global book is foundational. This involves pricing and reserving for policies across life, dental, and disability lines worldwide. The discipline here shows up directly in the loss ratios.

For instance, in the Group Benefits business during the third quarter of 2025, MetLife delivered solid underwriting results, which included a 230-basis point sequential improvement in the non-medical health loss ratio compared to the second quarter of 2025.

The key activities here involve constant monitoring and adjustment of these risk exposures. You can see the scale of the asset base supporting these liabilities:

Metric	Value (as of March 31, 2025)	Value (as of June 30, 2025)
Total Assets Under Management (AUM)	$616.9 Billion	N/A
Insurance Segment AUM (MIM)	$66.3 Billion	$70.8 Billion
Pension Segment AUM (MIM)	$65.8 Billion	$66.0 Billion

Asset Management for Institutional Clients via MetLife Investment Management (MIM)

MetLife Investment Management (MIM) actively manages assets for both MetLife's general account and for external institutional clients. This requires deep expertise across various asset classes to generate targeted returns.

MIM's capabilities are structured around several core areas for clients:

• Fixed Income, including Public Corporates at $100.5 Billion (as of March 31, 2025).
• Private Capital, with Mortgage Loans at $109.3 Billion (as of March 31, 2025).
• Real Estate Equity at $23.8 Billion (as of March 31, 2025).
• Structured Products at $75.3 Billion (as of March 31, 2025).

This activity is crucial for managing the investment portfolio and generating variable investment income, which was $483 million in the third quarter of 2025, largely reflecting higher private equity returns.

Executing Pension Risk Transfer (PRT) Mandates

Securing and executing large Pension Risk Transfer (PRT) mandates is a major, high-volume activity for MetLife, Inc. This activity leverages their balance sheet strength and actuarial expertise to take on pension liabilities from corporate clients.

The momentum here is clear: MetLife, Inc. secured $12 billion in PRT mandates in the fourth quarter of 2025 to date, as reported with their third quarter 2025 results.

Digital Transformation and Scaling the Xcelerator Platform

Driving efficiency and expanding market reach through technology is a required activity. This involves scaling proprietary platforms to new geographies and partnerships.

As part of this effort in the third quarter of 2025, MetLife, Inc. expanded the MetLife Xcelerator platform in Latin America through a new partnership with Mercado Libre in Brazil and Mexico.

Disciplined Capital Management

Managing the capital base to support obligations while returning value to shareholders is a constant focus. This involves setting targets for holding company cash and executing buybacks.

MetLife, Inc. announced a new $3.0 billion authorization for the company to repurchase its common stock in April 2025. This was incremental to the approximately $360 million remaining under the prior authorization from May 2024.

In terms of recent shareholder actions, MetLife, Inc. returned approximately $875 million to shareholders via share repurchases and common stock dividends during the third quarter of 2025. At the end of that quarter, holding company cash and liquid assets totaled $4.9 billion.

MetLife, Inc. (MET) - Canvas Business Model: Key Resources

You're looking at the core assets that power MetLife, Inc.'s global operations right now. These aren't just line items; they are the engines driving their value proposition in insurance and asset management.

The foundation of MetLife, Inc.'s stability rests heavily on its investment capabilities. You see this clearly in the Global Investment Portfolio and the General Account assets (GA AUM), which represent the pool of capital backing policyholder obligations. As of March 31, 2025, the General Account Assets Under Management stood at $430.9 billion. This is a massive, long-duration asset base that requires rigorous asset-liability management (ALM) discipline.

The scale of their asset management arm, MetLife Investment Management (MIM), is significant. MIM brings institutional investors deep expertise across Fixed Income, Private Credit, and Real Estate. As of June 30, 2025, the total Assets Under Management for MetLife Investment Management reached $624.3 billion. Crucially, the portion managed for institutional clients-the Institutional Client Assets Under Management-was reported at $200.6 billion as of June 30, 2025, definitely exceeding that $200 billion benchmark you noted.

Here's a quick look at how that institutional AUM was segmented as of the first half of 2025:

Client Segment	AUM (as of June 30, 2025, in Billions USD)
Insurance	$70.8
Pension	$66.0
Sub-Advisory	$37.5
Other	$26.3

MetLife, Inc. is also heavily investing in its technological backbone. They have developed a proprietary composite AI platform called MetIQ. This platform leverages leading foundational LLMs (Large Language Models) and is designed to scale composite AI solutions across their operations. It's bolted into their cyber-secure environment and is data-powered, aiming to accelerate their New Frontier strategy. They are also scaling role-based AI productivity tools and copilots.

On the financial strength side, the company maintains a strong capital position, which is vital for an insurer. You have the figure for cash at holding companies from the end of 2024, which was $5.1 billion at December 31, 2024, sitting above their target cash buffer of $3.0 - $4.0 billion. To give you a more current view of capital strength, the total U.S. statutory adjusted capital was expected to be approximately $16.4 billion at March 31, 2025.

Finally, the intangible but critical resource is the company's tenure and reputation. MetLife, Inc. benefits from its brand trust, built on an operating history that started in 1868. That's a legacy of over 150 years of fulfilling obligations globally.

Finance: confirm the Q3 2025 holding company cash balance by next Tuesday.

MetLife, Inc. (MET) - Canvas Business Model: Value Propositions

You're looking at the core things MetLife, Inc. offers to keep its business running strong, especially under that New Frontier strategy. It's all about delivering tangible value across different client types, from big companies to individual customers.

The financial ambition here is clear. MetLife, Inc. is targeting a specific level of profitability to show shareholders the strategy is working. This is a key metric you should watch.

Strategic Metric	Target/Goal	Latest Actual/Reference Point
Target Adjusted Return on Equity (ROE)	15% to 17%	15.2% (Full-year 2024 Adjusted ROE)
Free Cash Flow Commitment (New Frontier)	$25 billion over five years	$3.8B (Full-year 2023 Free Cash Flow)
Direct Expense Ratio Target Reduction	100 basis points reduction over five years	11.7% (Q3 2024, excluding PRT/notable items)
Group Benefits Adjusted PFO Growth Guidance	4% to 7%	8% (Full-year 2024 Group Benefits sales)

For large employers, the value proposition centers on comprehensive employee benefits packages. MetLife, Inc. positions itself as the largest provider of non-medical employee benefits in the U.S.. They offer a broad suite of products designed to provide financial security for the workforce.

• Group Sales grew by 9% in the first half of 2025.
• Retirement and Income Solutions (RIS) liability balances grew by 3.4% in 2024.
• RIS expects liability balances growth of 3% to 5% under the new strategy.
• The company closed a $10 billion variable annuity risk transfer.

Financial security and risk transfer are delivered through life and retirement products. This involves managing complex liabilities that can span decades. The firm is focused on capitalizing on its retirement platform across its U.S. and Japan businesses through new liability origination.

The global asset management expertise, housed within MetLife Investment Management (MIM), is a significant value driver. They serve institutional investors with deep expertise in areas like Fixed Income and Private Capital. You can see the scale of this operation in the latest AUM figures.

• Total Assets Under Management (AUM) for MetLife Investment Management was $624.3 billion as of June 30, 2025.
• An aspiration exists to reach $1,000,000,000,000 in AUM.
• As of September 30, 2025, Investment Grade Corporate bonds represented $141.9 billion of the General Account AUM portfolio.

Digital self-service is being transformed, especially in Latin America, via the MetLife Xcelerator platform. This is a cornerstone of the New Frontier strategy, emphasizing distribution innovation. It offers embedded solutions to partners like digital banks and e-commerce platforms.

• MetLife Xcelerator has reached over 4.5 million in-force customers.
• The platform generated more than $200 million in PFOs (Premiums, Fees, and Other Income) as of March 2025.
• Operations are live in Mexico, Brazil, and Chile.

Finally, the targeting of a high Adjusted ROE of 15% to 17% under the New Frontier strategy is the ultimate measure of value creation for shareholders. This target is up from the previous range and reflects confidence in the business mix and operational improvements, such as the plan to cut the direct expense ratio by 100 basis points over five years. That's a solid target for a company this size, honestly.

Finance: draft 13-week cash view by Friday.

MetLife, Inc. (MET) - Canvas Business Model: Customer Relationships

You're looking at how MetLife, Inc. maintains its connection with its vast and varied customer base as of late 2025. The approach is a blend of high-touch personal service and scalable digital efficiency, which is key given their scale.

Dedicated career agents and general agents for face-to-face service

The traditional agency force remains a core relationship channel, particularly for individual life and insurance products. This channel is supported by a significant field force structure, ensuring local, in-person consultation for complex needs.

• Approximate number of career agents: ~57,000
• Approximate number of general agents: ~239,000

Digital self-service and policy management via online portals and apps

MetLife, Inc. is pushing digital adoption to streamline routine interactions, aligning with broader industry trends where customers demand instant access. The Xcelerator digital platform, launched in 2023, shows significant traction in driving digital business volume.

Metric	Value/Rate	Context/Source Year
Mobile app usage for policy management increase	35% increase	US Life Insurance Industry 2025
Digital policy applications growth	44% growth	US Life Insurance Industry 2025
Policyholders preferring digital management/claims	Over 70% preference	Global Markets Trend 2025
Xcelerator digital platform customers reached	4.5 million customers	Q1 2025
Xcelerator platform adjusted PFOs	$200 million	Q1 2025

Digital platforms offer a one-stop solution for policy information, payment gateways, and claim submissions, helping policyholders manage their needs in real time.

Relationship managers for large Group Benefits and RIS institutional clients

For large corporate and institutional clients, the relationship is managed through dedicated professionals, reflecting the high-value, complex nature of Group Benefits and Retirement & Income Solutions (RIS) products. MetLife, Inc. serves a significant portion of the largest U.S. corporations.

• Number of top U.S. companies served: 94 of the top 100 FORTUNE 500®
• Percentage of all U.S. companies served: Over 80 percent of all FORTUNE 500® companies
• Retirement balances under management (RIS): Approximately $380 billion globally
• Pension Risk Transfer (PRT) mandates secured (Q4 2025 to-date): $12 billion

These institutional relationships are supported by the scale of MetLife Investment Management, which manages substantial assets across various classes.

Personalized financial planning services

While specific client counts for personalized planning aren't public, the scale of the business implies a broad need for tailored advice, especially within the individual and high-net-worth segments served by the agent force. The company's overall payout volume underscores the critical nature of these financial promises.

Financial Metric	Amount	Context/Source Year
Annual policyholder benefits and claims paid	Over $40 billion	Annually (2025 context)
Group Benefits adjusted earnings contribution	25% of adjusted earnings	Q3 2025
Retirement & Income Solutions adjusted earnings contribution	23% of adjusted earnings	Q3 2025

The company returned approximately $875 million to shareholders via dividends and buybacks in Q3 2025, showing a commitment to shareholder value alongside client service.

Finance: draft 13-week cash view by Friday.

MetLife, Inc. (MET) - Canvas Business Model: Channels

You're looking at how MetLife, Inc. gets its value propositions into the hands of its customers, and honestly, it's a mix of old-school presence and modern digital push. The distribution strategy is definitely multi-pronged, which helps them cover everything from massive corporate accounts to individual policyholders.

The backbone of the traditional sales force remains substantial, though it's important to note the distinction between the two main agent types. As of the First Quarter 2025 Fact Sheet, MetLife, Inc. maintained a network of approximately ~57,000 career agents and about ~239,000 general agents globally. This face-to-face network is critical for complex sales and relationship management, especially in the individual and smaller group markets.

For third-party distribution, MetLife leverages established relationships with intermediaries across the globe. This includes brokers, consultants, and especially banks through bancassurance agreements. The company reports having approximately ~180 bank partners in the region. Furthermore, they have around ~150 partnerships specifically for Bancassurance & Direct Insurance distribution. This channel saw recent expansion, with MetLife Xcelerator launching a new partnership with Mercado Libre in Brazil and Mexico during the third quarter of 2025. To give you some industry perspective, traditional agents and brokers globally still command about 55% of the market share, though this is down from 65% five years prior.

Direct marketing channels are used to complement the agent force and digital efforts. While specific direct marketing spend for 2025 isn't explicitly broken out in the latest earnings reports, the strategy involves multi-channel distribution to ensure broad market reach. This often includes direct-to-consumer outreach for simpler products or lead generation for the agent network.

Digital platforms are a major focus under the New Frontier strategy. The Xcelerator digital platform, launched in 2023, hit a significant milestone by March 2025, reaching 4.5 million customers and surpassing $200 million in adjusted PFOs (Premiums, Fees, and Other income). This platform is being evolved into a dedicated business unit in Latin America to transform embedded insurance. Beyond Xcelerator, general US life insurance industry data for 2025 shows that mobile app usage for policy management increased by 35%, indicating a strong consumer shift toward self-service digital tools.

The corporate sales teams are the direct conduit for the Group Benefits and Retirement and Income Solutions (RIS) segments. MetLife, Inc. is a major player here, serving 80% of Fortune 500 companies. For Group Benefits, which is noted as being broker-driven, adjusted PFOs rose 4% in the second quarter of 2025. The RIS business, which distributes through dedicated sales teams and relationship managers, saw its total liability exposures grow 6% in the same quarter. This segment also secured $12 billion in PRT (Pension Risk Transfer) mandates to-date in the fourth quarter of 2025.

Here's a quick look at the quantitative scale across these channels as of mid-to-late 2025 data points:

Channel Component	Metric	Reported Amount/Figure	Reporting Period/Context
Career Agent Network	Number of Agents	~57,000	1Q 2025 Fact Sheet
General Agent Network	Number of Agents	~239,000	1Q 2025 Fact Sheet
Xcelerator Digital Platform	Active Customers Reached	4.5 million	As of March 2025
Xcelerator Digital Platform	Adjusted PFOs Generated	$200 million	As of March 2025
Third-Party Distribution (Bancassurance)	Bank Partners	~180	Regional Count
Corporate Sales (Group Benefits)	Adjusted PFOs Growth	4% increase	2Q 2025
Corporate Sales (RIS)	Total Liability Exposures Growth	6% increase	2Q 2025
Corporate Sales (Overall)	Fortune 500 Clients Served	94 of 100	General Company Data

The reliance on the agent force is clear, but the growth in digital channels like Xcelerator shows where MetLife, Inc. is putting capital to work for future scale. Also, the Group Benefits segment relies heavily on broker relationships, which is why their supplemental compensation plans are detailed across multiple tiers for brokers.

• Digital platforms (mobile app usage) saw an estimated industry increase of 35% in 2025 for policy management.
• The company has established approximately ~150 partnerships for Bancassurance & Direct Insurance distribution.
• The Group Benefits segment is noted as being broker-driven, positioning MetLife to benefit from industry consolidation.

Finance: review Q4 2025 budget allocation between agent support and digital platform development by end of January.

MetLife, Inc. (MET) - Canvas Business Model: Customer Segments

You're mapping out the core customer groups MetLife, Inc. (MET) targets across its global operations as of late 2025. Honestly, the diversity here is key to their stability, spanning from massive corporate entities to individual policyholders worldwide.

The employer-sponsored benefits side is clearly a bedrock, showing deep penetration into the U.S. corporate landscape.

• Large U.S. employers: Servicing 94 of the top 100 FORTUNE 500® companies.
• The Group Benefits segment contributed to Adjusted PFOs (Premiums, Fees, and Other Revenues) rising 4% in 2Q 2025, driven by core and voluntary products.

For the individual market, MetLife, Inc. maintains a massive global footprint. They are definitely serving a huge number of people.

• Individual customers globally: Approximately 90 million customers across over 60 countries.
• The company also serves approximately 19 million customers in its international protection, health, and savings product lines across 9 markets.
• In specific Latin American markets, MetLife serves almost 30 million customers across Mexico, Chile, Brazil, Colombia, and Uruguay.

MetLife Investment Management (MIM) serves a distinct, high-value institutional client base. This segment is clearly a focus for growth under the New Frontier strategy.

Segment Detail	Metric/Value	Context/Date
MetLife Investment Management (MIM) Institutional AUM	More than $200 billion	As of 2Q 2025
MIM AUM Aspiration	Aspiration to reach $1,000,000,000,000	Stated strategic goal as of September 2025
Total Company Assets Under Management (AUM)	$624 billion	As of August 5, 2025

The international markets are segmented by geography, with specific focus areas showing strong recent performance.

• Global operations span more than 40 markets globally.
• Asia: Holds the position as the #3 multinational insurer in Asia. Asia sales increased 9% on a constant currency basis in 2Q 2025.
• Latin America (LATAM): Recognized as the #1 life insurer in Latin America. LATAM adjusted PFOs increased 14% on a constant currency basis in 1Q 2025.
• EMEA (Europe, the Middle East, and Africa): Adjusted earnings rose 30% in 2Q 2025, reflecting strong volume growth.

Finally, you have the residual book of business that MetLife, Inc. is actively managing down.

• Legacy policyholders: Reside in the MetLife Holdings segment, which is explicitly noted as a legacy business.
• This segment showed a decline, as Adjusted PFOs growth was seen in all segments except MetLife Holdings in 2Q 2025.

The company paid out more than $40 billion in policyholder benefits and claims annually as of early 2025.

MetLife, Inc. (MET) - Canvas Business Model: Cost Structure

You're analyzing the cost side of MetLife, Inc.'s operations as of late 2025. This structure is heavily weighted toward fulfilling future obligations, which is typical for a large insurer, but also shows significant investment in modernization.

Claims and policyholder benefits payouts represent the largest outflow. While the prompt suggests this is over $40 billion annually, the reported figures for the first half of 2025 confirm the scale of these obligations. For the three months ended June 30, 2025, MetLife reported Policyholder benefits and claims and policyholder dividends of $5,161 million.

Investment in technology and digital transformation is a clear priority under the New Frontier strategy. This spending supports initiatives like the MetLife AI platform, which they call MEIQ, designed to leverage generative, agentic, and classical AI. While specific 2025 IT budget figures aren't explicitly stated, historical context shows a significant commitment, with annual ICT spending estimated at $3.2 billion in 2021. This investment aims to simplify infrastructure and reengineer customer journeys.

Acquisition costs, which cover things like commissions paid to agents and advertising spend to bring in new business, are embedded within the broader operating expenses. These costs are essential for growing the top line but are under constant scrutiny for efficiency.

General and administrative expenses are a key focus area for expense ratio improvement. MetLife, Inc. has a stated goal under its New Frontier strategy to reduce unit costs by an additional 100 basis points over five years. This builds on prior efforts, as the direct expense ratio target was previously updated to 12.3% in the fourth quarter of 2023. Direct expenses generally comprise employee-related costs, third-party staffing costs, and general and administrative expenses.

Interest expense on debt and financing costs are variable based on the debt load and prevailing rates. For the three months ended September 2025, MetLife reported an Interest Expense on Debt of $271 million. This follows a figure of $269 million for the three months ended June 30, 2025. For the full fiscal year that ended in December 2024, the reported Interest Expense on Debt was $1,037 million.

Here's a quick look at some of the key cost-related financial data points we have:

Cost Component	Period/Context	Amount (USD)
Policyholder Benefits and Claims (Quarterly)	Three Months Ended June 30, 2025	$5,161 million
Interest Expense on Debt	Three Months Ended September 2025	$271 million
Interest Expense on Debt	Full Year Ended December 2024	$1,037 million
Direct and Allocated Expenses (Segment)	Three Months Ended June 30, 2025	$503 million
Annual ICT Spending (Historical Context)	2021	$3.2 billion

The cost structure is managed through several levers:

• Targeting a 100 basis point reduction in unit costs over five years.
• Implementing the MEIQ AI platform to drive operational efficiency.
• Managing interest expense on a debt load that stood at approximately $19.527 billion as of June 2025.
• Focusing on expense ratio improvement from a prior target of 12.3%.

Finance: draft 13-week cash view by Friday.

MetLife, Inc. (MET) - Canvas Business Model: Revenue Streams

You're looking at the core ways MetLife, Inc. brings in money, which is really about managing risk and investing capital for the long haul. As of late 2025, the revenue picture is clearly split between the money coming in from policies and fees, and the returns from their massive investment portfolio.

The primary engine remains the collection of policy premiums, fees, and other related revenues. For the third quarter of 2025, this category, known as Premiums, Fees, and Other Revenues (PFOs), totaled $12.5 billion. That's a solid base. However, when you look at the adjusted PFOs, which strip out the large Pension Risk Transfer (PRT) deals for a cleaner view of recurring business, that figure was also $12.5 billion, showing a 4% increase year-over-year.

The investment side of the house is performing quite well, too. Net Investment Income (NII) saw a significant jump, rising 16% to reach $6.1 billion in Q3 2025. This increase reflects better valuations, particularly in securities not accounted for separately under GAAP. To be fair, the adjusted NII was $5.4 billion, up 6%, which gives you a slightly different, but still positive, view of the core investment performance.

Here's a quick look at how the major components of the revenue streams stacked up for Q3 2025, based on the latest available figures:

Revenue Component	Q3 2025 Amount	Year-over-Year Change Context
Premiums, Fees, and Other Revenues (PFOs)	$12.5 billion	Flat compared to prior year quarter
Net Investment Income (NII)	$6.1 billion	Up 16%
Variable Investment Income (Component of NII)	$483 million	Reflecting higher private equity returns
Adjusted PFOs (Excluding PRT)	$12.5 billion	Up 4%

You asked about specific product lines, and we can certainly map some of that activity. The Retirement and Income Solutions (RIS) segment, which houses a lot of the annuity and retirement product activity, had Adjusted PFOs of $1.7 billion in the quarter, which was flat year-over-year. A key component within the broader PFOs is the revenue from universal life and investment-type product policy fees, which came in at $1.25 billion, a modest 1.6% increase from the year-ago quarter.

The Pension Risk Transfer (PRT) mandates are a huge driver of future revenue and capital deployment, even if the Q3 revenue recognition isn't always immediate. While MetLife didn't report new PRT deals in Q3 itself, the momentum is clear: they secured $12 billion in PRT mandates in the fourth quarter to-date, which is shaping up to be a record quarter for deal flow. These deals are expected to drive spread earnings for RIS and fee revenue for MetLife Investment Management.

Speaking of fees, MetLife Investment Management (MIM) is a critical part of the story, though its direct fee revenue isn't always broken out separately in the headline numbers. What we do know is that the success of the PRT pipeline and other institutional sales is designed to generate additional fee revenue for MIM. Furthermore, the Asia segment, which is a major growth area, saw sales surge 34% on a constant currency basis, largely driven by new retirement-oriented products, with Japan sales up 31%.

To summarize the key revenue drivers that feed into the business model:

• Premiums, Fees, and Other Revenues (PFOs) totaling $12.5 billion in Q3 2025.
• Net Investment Income of $6.1 billion, showing a strong 16% year-over-year growth.
• Strong growth in Asia sales, up 34% in constant currency, fueled by retirement products.
• Secured $12 billion in PRT mandates in the fourth quarter to-date, setting up future fee income.
• Universal life and investment-type product policy fees contributing $1.25 billion to the top line.

Finance: draft 13-week cash view by Friday.