5 Insightful Analyst Questions From MetLife's Q4 Earnings Call

MetLife’s fourth quarter was marked by revenue growth below Wall Street expectations, yet the company delivered higher-than-expected non-GAAP earnings per share. Management attributed the results to robust performances in its group benefits segment, record pension risk transfer activity, and substantial growth in Asia and Latin America. CEO Michel Khalaf highlighted, “Our best-in-class group benefits business added approximately $100 million of new adjusted premiums, fees, and other revenues in 2025, with higher margin voluntary PFOs rising 10% year over year.” The acquisition of PineBridge Investments also expanded MetLife’s asset management footprint, supporting earnings growth despite variable investment income coming in below target.

Is now the time to buy MET? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From MetLife’s Q4 Earnings Call

• Jimmy Bhullar (JPMorgan): asked about group benefits renewal trends and competition. Executive Vice President Ramy Tadros emphasized improved persistency and robust sales growth, especially in dental and disability lines, citing pricing actions taken earlier in the year.
• Tom Gallagher (Evercore ISI): inquired about the change in real estate accounting and its impact. CFO John McCallion explained the shift better aligns reported adjusted earnings with cash flow and recurring returns, noting it is mostly a GAAP-only impact with limited statutory implications.
• Joel Hurwitz (Dowling): questioned the strategy for U.S. retail retirement through flow reinsurance. Tadros detailed new partnerships and highlighted that institutional reinsurance enables organic growth while leveraging MetLife’s financial strength.
• Suneet Kamath (Jefferies): raised concerns about employment trends due to artificial intelligence affecting group benefits. Tadros responded that guidance incorporates observed client employment actions and that the book’s diversification mitigates concentration risk.
• Wesley Carmichael (Wells Fargo): asked about the unfavorable disability results and potential for future trends. Tadros indicated the recent quarter’s outcome was not indicative of a long-term trend, attributing it to higher average severity and short-term fluctuations.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be monitoring (1) MetLife’s progress on integrating PineBridge Investments and scaling its new asset management segment, (2) the sustainability of double-digit growth in international sales, particularly in Asia and Latin America, and (3) the impact of macroeconomic variables, such as interest rates and currency movements, on retirement solutions and capital deployment. Execution on expense management and uptake of digital platforms will also be important signals.

MetLife currently trades at $77.47, in line with $78.01 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).

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