MetLife preliminary estimate meets $425M variable income target, aligns with $1.7B guidance

Rhea-AI Filing Summary

MetLife, Inc. disclosed preliminary, unaudited estimates that its variable investment income for the quarter ended September 30, 2025 is expected to meet the company’s quarterly target of $425 million (pre-tax). This target is presented in the context of full-year 2025 guidance of approximately $1.7 billion (pre-tax) for variable investment income, which includes returns from private equity, real estate and other funds and prepayment fees. The company notes these figures are estimated and prepared in good faith on a basis consistent with prior periods but financial closing procedures are not complete and actual results could be materially different. These preliminary results are not substitutes for audited GAAP financial statements and are not necessarily indicative of future periods.

Positive

• Expected to meet quarterly target of $425 million (pre-tax) for variable investment income
• Consistent with full-year guidance of approximately $1.7 billion (pre-tax), indicating alignment with management expectations
• Covers diversified sources of variable investment income including private equity, real estate and prepayment fees

Negative

• Preliminary and unaudited results; company states actual results could be materially different after financial close
• Not a substitute for GAAP financial statements; figures are estimates and subject to change
• Forward-looking uncertainty emphasized, with risks and assumptions that may affect final outcomes

Insights

Financial Analyst

TL;DR: Preliminary results signal the firm expects to hit its quarterly variable investment income target, supporting year guidance.

The estimate that variable investment income will meet a $425 million quarterly target aligns with the stated full-year guidance of about $1.7 billion, implying the quarter is on pace with management’s plan for fund-related income streams. This consistency can be viewed as a stabilizing signal for investors focused on non-core investment returns such as private equity and real estate allocations. However, the disclosure is explicitly preliminary and unaudited, meaning it should be treated as provisional until the company releases complete quarterly financials prepared under U.S. GAAP.

Risk Analyst

TL;DR: Meeting the target reduces short-term execution risk, but material uncertainty remains due to preliminary status.

From a risk perspective, the announcement reduces immediate concern about a shortfall in variable investment income relative to the company’s internal target, which helps avoid a potential negative market reaction. Nevertheless, the company emphasizes that closing procedures are incomplete and actual results could differ materially, highlighting execution and timing risk in final reporting and the potential for revisions. The forward-looking language also underscores exposure to macro and portfolio-specific risks affecting private equity, real estate, and prepayment fee realizations.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549  

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): September 22, 2025

METLIFE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-15787

13-4075851

(Commission File Number)

(IRS Employer Identification No.)

200 Park Avenue,

New York,

NY

10166-0188

(Address of Principal Executive Offices)

(Zip Code)

(212) 578-9500

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.01			MET			New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01			MET PRA			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E			MET PRE			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F			MET PRF			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Item 7.01 Regulation FD Disclosure.

MetLife, Inc. (the "Company") is furnishing this Current Report on Form 8-K to disclose preliminary information regarding variable investment income prior to the availability of the Company’s quarterly earnings release and quarterly financial supplement for the quarter ended September 30, 2025, scheduled for release on November 5, 2025.

Based on preliminary results received to date, for the quarter ended September 30, 2025, the Company estimates that its variable investment income will meet its quarterly target of $425 million (pre-tax) (based on full-year 2025 guidance of approximately $1.7 billion (pre-tax)). Variable investment income includes private equity, real estate and other funds and prepayment fees.

The preliminary financial information presented above for the quarter ended September 30, 2025, is estimated and unaudited and has been prepared in good faith on a basis consistent with prior periods based on information available to management as of the date hereof; however, we have not completed our financial closing procedures for the quarter ended September 30, 2025, and our actual results could be materially different from these preliminary financial results. As a result, prospective investors should exercise caution in relying on this information and should not draw any inferences from this information regarding financial or operating data not provided. These preliminary financial results should not be viewed as a substitute for full financial statements prepared in accordance with U.S. GAAP. In addition, these preliminary financial results are not necessarily indicative of the results to be achieved in any future period.

The forward-looking statements in this disclosure, which use terms such as “estimates,” “guidance,” “target” and “will,” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife, Inc.’s results could differ materially from those it expresses or implies in forward-looking statements. MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved.

As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

METLIFE, INC.

By:

/s/ Adrienne O’Neill

Name:

Adrienne O’Neill

Title:

Executive Vice President and Chief Accounting Officer

Date: September 22, 2025

3

FAQ

What did MetLife (MET) report about variable investment income?

MetLife reported preliminary, unaudited estimates that variable investment income for the quarter is expected to meet a $425 million (pre-tax) quarterly target.

How does the quarterly estimate relate to MetLife's full-year guidance?

The quarterly target of $425 million is presented in the context of full-year 2025 guidance of approximately $1.7 billion (pre-tax) for variable investment income.

Are these results final and audited?

No. The disclosure states the figures are preliminary and unaudited and that financial closing procedures are not complete; actual results could be materially different.

What components make up variable investment income?

The company specifies variable investment income includes private equity, real estate and other funds and prepayment fees.

Should investors rely on this disclosure as definitive results?

No. MetLife cautions these estimates are not a substitute for full GAAP financial statements and are subject to revision.