MetLife, Inc. (MET) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Also available to participate in the discussion are other members of senior management. Last night, we released an earnings call presentation, which addresses the quarter as well as our near-term outlook. It is available on our website. John McCallion will speak to this presentation in his prepared remarks. An appendix to the deck features outlook sensitivities, disclosures, gap reconciliations, and other information which you should also review. After prepared remarks, we will have a Q&A session, which will end promptly at the top of the hour. As a reminder, please limit yourself to one question and one follow-up. With that, over to Michel. Thank you, John, and good morning, everyone. When we launched New Frontier a year ago, we introduced four strategic priorities with a greater emphasis on growth. Over the past 12 months, we have advanced these strategic priorities growing our business responsibly, deploying capital soundly, and operating with speed and discipline, all while navigating a dynamic market and economic environment. Reinforcing our market leadership, our best-in-class group benefits business added approximately $600 million of new adjusted premiums, fees, and other revenues in 2025, with higher margin voluntary PFOs rising 10% year over year. Scale, technology, and discipline continue to drive this attractive business forward. We capitalized on our unique retirement platform by seeding a sidecar, Chariot Re, tapping the U.S. retail retirement space via Flory Insurance, and originating more than $14 billion of pension risk transfer sales, MetLife's highest ever annual PRT total. To accelerate growth and asset management, we closed on the acquisition of Pinebridge Investments, and established a new business segment, MetLife Investment Management. At year...