Adjusted Earnings and Underwriting Challenges: MetLife reported adjusted earnings of $1.4 billion ($2.02 per share) for Q2 2025, down 16% YOY. This decrease was impacted by less favorable underwriting and lower investment margins, particularly within the Group Benefits segment, which experienced a 25% decline in adjusted earnings due to unfavorable life and non-medical health underwriting.

Strong Sales Growth Across Regions: Despite earnings challenges, MetLife achieved strong sales momentum, with Group Benefits up 9% year-to-date and Asia¡¯s sales up 9% on a constant currency basis. Japan and Korea led this growth with 29% and 36% increases in sales, respectively, due to successful new product launches, indicating robust growth potential in these markets.

Retirement and Income Solutions (RIS) Segment Pressure: RIS adjusted earnings fell by 10% year-over-year to $368 million, primarily due to lower recurring interest margins. However, total liability exposures grew by 6%, indicating ongoing demand and a robust growth outlook despite current margin pressures.