MetLife Q1 net income up 10% to $879M; adjusted EPS $1.96 beats; new $3B buyback

METLIFE INC

2025-Q1 EPS reported $1.28 revenue$18,569,000,000

Net income $879M ($1.28/diluted EPS), up 10% YoY; adjusted earnings $1.349B ($1.96/diluted), up 1% YoY.
Premiums, fees and other revenues up 14% to $13.6B; Group Benefits adjusted earnings +29% to $367M.
Board authorized new $3.0B share repurchase program; returned $1.8B in Q1 via buybacks and dividends.
Agreed to reinsure ~$10B of U.S. retail VA reserves with Talcott; expected close H2 2025, ~$250M value.
Adjusted book value per share up 4% to $55.01; direct expense ratio 12.0% below 12.1% annual target.

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