MONTPELIER, Vt. & ADDISON, Texas–(BUSINESS WIRE)– National Life Group has announced a strategic partnership with Homethrive, a leading caregiving support solution. Johns Hopkins Bloomberg School of Public Health estimates there are 63 million caregivers in the U.S.1 The collaboration aims to provide meaningful relief and resources to families and individuals across the full spectrum of caregiving situations, from childcare and elder care to disability, neurodivergence, and after-loss support.
As part of the partnership, Homethrive’s services will be automatically included with all new eligible 2025 National Life Group FlexLife Indexed Universal Life (IUL) policies2 at no additional cost to policyholders. This new benefit3 helps caregivers navigate daily challenges as well as more complex medical and long-term care situations with confidence. Through Homethrive, policyholders will have:
One-on-one live guidance, coaching, and emotional support from experienced social workers
Concierge assistance to help coordinate care
24/7 digital access to smart tools and expert-vetted resources
Emotional wellness support
Resources for Alzheimer’s and elder care
“Millions of Americans are quietly balancing work, family, and caregiving responsibilities, often with little guidance or support,” National Life Group Vice President of Marketing Linda Goldstein said. “By partnering with Homethrive, we’re making it easier for our policyholders to care for their loved ones without feeling overwhelmed or alone.”
Homethrive has earned national recognition for its innovative approach to caregiver support, blending one-on-one guidance with a tech-enabled platform that helps families make better-informed decisions and maintain quality of life for those they care for.
“This partnership with National Life Group underscores our shared commitment to help families provide smarter support to reduce the time, cost, and stress of caregiving,” said Dave Jacobs, co-founder and co-CEO of Homethrive. “National Life Group has gone the extra mile to empower policyholders to navigate these challenges with greater ease and less disruption to their lives and careers. In doing so, they foster well-being and loyalty that strengthen not only the lives of policyholders and their families, but also the long-term success of their business and distribution partners.”
This initiative reinforces National Life Group’s longstanding commitment to supporting its policyholders through all of life’s journeys — not just with financial products, but with human-centered solutions, including an Alzheimer’s Disease and a fertility journey rider.
National Life has offered living benefits (Accelerated Death Benefit Riders) since the 1950s, providing proven expertise to its policyholders to help build their financial confidence as they navigate through various stages of life.
About National Life Group
National Life Group has been keeping promises since 1848, providing access to flexible, secure life insurance and annuities for families, businesses, educators, and first responders nationwide. With an independent, entrepreneurial spirit, our values are to “Do good, Be good, Make good” for our customers, agents, employees, and the communities we serve. Learn more at NationalLife.com.
About Homethrive
From childcare to elder care, autism to Alzheimer’s, and even after loss, Homethrive covers the full spectrum of caregiving challenges from highchair to rocking chair and beyond. Our all-in-one platform blends predictive technology with human connection to deliver proactive, personalized support for every family. Homethrive is offered as an employee benefit by leading employers, and through select health plans and insurance providers. Learn more at www.homethrive.com.
FlexLife, Indexed Universal Life Insurance, form series 20608(0119)/ICC19-20608(0119), Annual Accumulated Value Enhancement (AAVE) rider, form series 20914(0823)/ICC23-20914(0823), Lifetime Income Benefit Rider, form series 20266(0614), Charitable Matching Gift Death Benefit Rider, form series 20186(0616)/ICC16-20186(0616), Children’s Term Rider, form series 20324(0616)/ICC16-20324(0616), Guaranteed Insurability Rider, form series 8051(0798), Qualified Plan Exchange Privilege Rider, form series 20632(0119)/ICC19-20632(0119), Accelerated Benefits Riders, form series 8052(0798)/8095(0399)/8766(0609)/ICC10-8844(0310)/20805(0222)/ICC22-20805(0222)/20806(0222)/ICC22-20806(0222)/20818(0622)/ICC22-20818(0622)/20972(1024)/ICC24-20972(1024)/ICC24-20974(1024), Fertility Journey Rider, form series 20837(0922), and Value Added Services, form series 20971(0824)/ICC24-20971(0824) are underwritten by Life Insurance Company of the Southwest, Premium Chronic Care Rider, form series 20972(1024/ICC24-20972(1024) is underwritten by Life Insurance Company of the Southwest (LSW).
An Indexed Universal Life (IUL) insurance policy is usually a fixed universal life (UL) policy where interest is determined, at least in part, by the performance of a specified market index. Unlike traditional UL policies, the policy owner may receive zero interest for a single crediting period if the index performs poorly. However, with most designs, the premiums are protected and guaranteed to credit a minimum interest rate in the event the policy is surrendered. The owner of an IUL policy may experience better interest crediting than a traditional UL policy during periods when the market performs well. IUL policies do not directly participate in any stock or equity investments. An investment cannot be made directly into an index. The amount of interest credited is limited by a “cap”. The 0% floor provided by an IUL policy ensures that during crediting periods where the index is negative, that no less than 0% interest is credited to the index strategy. However, monthly deductions continue to be taken from the account value, including a monthly policy fee, monthly expense charge, cost of insurance charge, and applicable rider charges, regardless of interest crediting. Living benefits are provided by no-additional-premium Accelerated Benefits Riders (ABRs). Payment of accelerated benefits will reduce the cash value and death benefit otherwise payable under the policy. Receipt of accelerated benefits may be a taxable event, may affect your eligibility for public assistance programs, and may reduce or eliminate other policy and rider benefits. Please consult your personal tax advisor to determine the tax status of any benefits paid under this rider and with social service agencies concerning how receipt of such a payment will affect you. Riders are supplemental benefits that can be added to a life insurance policy and are not suitable unless you also have a need for life insurance. Riders are optional and may not be available in all states or on all products.
Value Added Services are performed by a third-party provider, which is independent from National Life Group, and may be available to the policyowner, insureds, and/or beneficiaries. No costs will be paid or reimbursed by National Life Group for these services. In CA, FL, and ND, the same services are provided but without adding the rider to the policy. Not available in NY. There’s no extra charge for this rider.
National Life Group® is a trade name of National Life Insurance Company (NLIC), Montpelier, VT founded in 1848, Life Insurance Company of the Southwest (LSW), Addison, TX chartered in 1955, and its affiliates. Each company is solely responsible for its own financial condition and contractual obligations. LSW is not an authorized insurer in New York and does not conduct insurance business in New York. NLIC, the flagship of National Life Group was founded in 1848, and all references to 1848 are attributable to NLIC.
Products are issued by National Life Insurance Company and Life Insurance Company of the Southwest.
Homethrive is independent of National Life Group. Guarantees are dependent upon the claims paying ability of the issuing company.
1 Johns Hopkins Bloomberg School of Public Health, “What is the Caregiver Crisis?” July 28, 2025
2 LSW FlexLife: FlexLife, Indexed Universal Life Insurance, form series 20608(0119)/ICC19-20608(0119) NL FlexLife: FlexLife, Indexed Universal Life Insurance, form series 20607(0119)/ICC19-20607(0119)
3 Value Added Services, form series 20971(0824)/ICC24-20971(0824) is underwritten by Life Insurance Company of the Southwest (LSW).
In the next decade, an advisor shortage is coming that insurance carriers cannot ignore. The average advisor is 56 years old, and while estimates vary, 40%-70% of advisors will retire over the next decade. Coupled with high attrition rates (90% agent attrition in the life and annuity industry over four years), there is not an easy path to avoid the impending distribution sales cliff that insurance carriers are barreling toward.
Chris Taylor
The impact will differ by product lines – personal lines property/casualty for example is heavily sold (about 50%) through direct channels, but life and annuity personal lines are predominately sold through agents. About 90% of life premium comes through an agent and 75% of annuities are sold through an advisor (non-bank channel). Life and annuity distribution strategies must adjust accordingly – and there are three ways to do this.
Capitalize on digital/AI innovation
A growing segment of the addressable market is digitally native, providing some opportunity to sell products through direct-to-consumer channels. The concept is not new, but historically, only simple products have been successfully sold through direct channels (e.g., term insurance). The challenge has been leveraging technology to explain concept financial products in simple terms and combining that with human interaction when needed.
Artificial intelligence can significantly enhance consumer educational experience, but recent surveys highlight there are strong biases against chatbots and AI. Some of that is due to hallucination and technical limitations, but consumers also highlight the need for human interaction in making impactful financial decisions. Any AI solution will need to be built alongside human interaction with AI adoption metrics as the key driver of success over the next several years.
Invest in IXP talentand training
Carriers with career agent models have traditionally relied on two recruiting paths – inexperienced hires who are either young and recently out of college, individuals interested in a career change, or experienced agents who are recruited to leave their existing agency. In the former category, recruitment is typically a joint effort between the home office (national recruiting efforts) and local agencies (targeted recruiting) to bring in a large number of potential agents. With high attrition rates, most of these recruits do not last for four years, and the goal is that you can recruit a large enough number to sustain and grow the agency model.
Advances in AI, reduction in entry level roles and large books of business that will need to be serviced create unique incentive opportunities for carriers within their IXP recruitment channels. But IXPs will struggle against experienced agents, and career channels are losing ground to independent sales channels.
Carriers will need to make significant investment in their training and advisor teaming programs to capture growth. There are some AI use cases to support this, from agent/customer matching to developing advanced sales training leveraging AI. That, coupled with various compensation models, could create incentives that help increase agent retention.
Rely on third-party distribution
Sales and distribution trends continue to favor independent agent channels over the career agency model. Indeed, certain products are sold almost exclusively through third-party distribution. For example, nearly 74% of all 2023 fixed indexed annuity sales were done through independent agent or broker-dealer channels. For carriers, it is not a matter of whether you will sell through TPD, it is how.
But the reliance on TPD comes with its own challenges. Primarily, the reliance on TPD gives distributors greater leverage when it comes to compensation. Commission payments are typically higher in the independent channel than in the captive channel, with the assumption that 1) the carrier will not need to cover additional expenses and 2) that the distributor’s strength will allow the carrier greater profitability due to greater policy retention. But increased consolidation in the distribution space threatens carriers to either diversify their distribution model or risk paying greater commission for the same sales.
Carriers will need to invest in distribution performance management to maximize their investment. For example, carriers must evolve beyond new business sales and product mix – they must evaluate how many different products they have with the average policyholder through each channel to evaluate the strength of the client relationship with a particular carrier.
For carriers, there is no one-size-fits-all solution. A variety of factors – such as product mix, customer profiles and existing sales channels – will drive strategy at the carrier level. But an evolving sales force will require carriers to rethink how products are sold, what role advisors play, and ultimately, how they are recruited. This will likely involve innovating the career agency model, improving TPD partnerships, and beginning a long journey of transitioning customers from advisor-led sales to digitally enabled purchases. Successful mastery of these capabilities with sufficient long-term planning will position carriers to remain relevant as advisors retire.
OLDWICK, N.J.–(BUSINESS WIRE)– AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Central States Indemnity Co. of Omaha (CSI), and its subsidiary, CSI Life Insurance Company (CSI Life), collectively referred to as CSI. The outlook of these Credit Ratings (ratings) is stable. Both companies are domiciled in Omaha, NE.
The ratings reflect CSI’s and CSI Life’s balance sheet strength, which AM Best assesses as strongest, as well as their adequate operating performance, limited business profile and appropriate enterprise risk management.
Additionally, CSI and CSI Life benefit from their very conservative underwriting leverage, above average liquidity position and the implicit support from their ultimate parent, Berkshire Hathaway Inc. (Berkshire) [NYSE: BRK A and BRK B] via investment management services, capital and risk management. CSI is a specialty insurance company, which provides credit card credit insurance and has fronting agreements with multiple insurers.
While CSI’s investment portfolio includes a relatively elevated common stock leverage, which may bring volatility to the company’s surplus, CSI’s reserves have more than enough backing from cash and short-term investments as a risk mitigating factor. CSI currently writes more non-credit insurance premiums on a gross basis compared with its long-standing credit insurance business. Most of CSI’s gross premiums written are related to long-term fronting arrangements.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
NEW YORK–(BUSINESS WIRE)– MetLife, Inc. (NYSE: MET) today announced its third quarter 2025 results.
Earnings Per Share
Return
on Equity (ROE)
3Q 2025
3Q 2025
Net Income
$1.22
ROE
13.1%
Adjusted Earnings
$2.37
Adjusted ROE
16.9%
Net income was $818 million, or $1.22 per share.
Adjusted earnings increased 15%1 to $1.6 billion, primarily driven by higher variable investment income and volume growth.
Adjusted earnings per share, excluding total notable items, up 21% to $2.34.
Premiums, fees and other revenues (PFOs) were $12.5 billion.
Adjusted PFOs, excluding pension risk transfers (PRT), up 4% to $12.5 billion, with growth in all segments except MetLife Holdings.
Net investment income up 16% to $6.1 billion.
Variable investment income was $483 million, primarily reflecting higher private equity returns.
Book value per share (BVPS) up 1% to $39.52. Adjusted BVPS increased 3% to $56.57.
Returned approximately $875 million to shareholders via share repurchases and common stock dividends.
Holding company cash and liquid assets totaled $4.9 billion at quarter end.
Delivered solid Group Benefits underwriting, including a 230-basis point sequential improvement in non-medical health loss ratio.
Secured $12 billion in PRT mandates in the fourth quarter to-date.
Grew Asia sales 34% on a constant currency basis, with Japan up 31%, reflecting new retirement-oriented products. Other Asia sales grew 39% on a constant currency basis.
Expanded MetLife Xcelerator in Latin America through a new partnership with Mercado Libre in Brazil and Mexico.
Comment from Michel Khalaf, President and Chief Executive Officer:
MetLife delivered an excellent third quarter that reinforces the strength of our diversified business model and disciplined execution of our New Frontier strategy.
Adjusted earnings per share, excluding total notable items, grew 21% year-over-year, driven by strong variable investment income, broad-based volume growth, and diligent expense management.
Momentum continues to build as we head into year-end. We’ve secured $12 billion in PRT mandates in the fourth quarter to-date and launched strategic partnerships that will expand our reach and enhance access to our insurance and retirement solutions.
These results demonstrate MetLife’s earnings power and our ability to deliver all-weather performance – driving responsible growth and high returns for shareholders today and in the future.
1In this news release, all comparisons of results for the third quarter of 2025 are with the third quarter of 2024, unless otherwise noted.
Third Quarter 2025 Summary
($ in millions, except per share data)
Three Months Ended
September 30,
2025
2024
Change
Premiums, fees and other revenues
$
12,526
$
12,523
Net investment income
6,089
5,227
16%
Net investment gains (losses)
(325)
(77)
Net derivative gains (losses)
(929)
767
Total revenues
$
17,361
$
18,440
Adjusted premiums, fees and other revenues
$
12,461
$
12,471
Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)
$
12,471
$
11,942
4%
Market risk benefit remeasurement gains (losses)
$
263
$
(531)
Net income (loss)
$
818
$
1,275
(36)%
Net income (loss) per share
$
1.22
$
1.81
(33)%
Adjusted earnings
$
1,584
$
1,375
15%
Adjusted earnings per share
$
2.37
$
1.95
22%
Adjusted earnings, excluding total notable items
$
1,566
$
1,359
15%
Adjusted earnings, excluding total notable items per share
$
2.34
$
1.93
21%
Book value per share
$
39.52
$
39.02
1%
Adjusted book value per share
$
56.57
$
54.72
3%
Expense ratio
21.7%
19.9%
Direct expense ratio, excluding total notable items related to direct expenses and PRT
11.6%
11.7%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT
19.8%
20.7%
ROE
13.1%
20.2%
Adjusted ROE
16.9%
14.6%
Adjusted ROE, excluding total notable items
16.7%
14.4%
Information regarding the non-GAAP and other financial measures included in this news release and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP and Other Financial Disclosures” below and in the tables that accompany this news release.
In this news release, all comparisons of results for the third quarter of 2025 are with the third quarter of 2024, unless otherwise noted.
Supplemental slides for the third quarter of 2025, titled “3Q25 Supplemental Slides” are available on the MetLife Investor Relations website at https://investor.metlife.com and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings release. Supplemental information about MetLife’s diversified global investment portfolio is contained in the “3Q25 – General Account Assets Under Management Fact Sheet,” available on the above-mentioned website.
Total Company Discussion
MetLife reported third quarter 2025 premiums, fees and other revenues of $12.5 billion, flat compared with the prior year quarter. Adjusted premiums, fees and other revenues, excluding pension risk transfers, were $12.5 billion, up 4 percent.
Net investment income was $6.1 billion, up 16 percent, primarily due to increases in the estimated fair value of certain securities that do not qualify as separate accounts under GAAP. Adjusted net investment income was $5.4 billion, up 6 percent, primarily reflecting higher returns on private equity assets.
Net investment losses were $325 million, or $257 million after tax, reflecting normal trading activity and a stable credit environment. Net derivative losses amounted to $929 million, or $734 million after tax, due to stronger equity markets, higher long-term interest rates, and strengthening of the U.S. dollar.
Net income decreased 36 percent to $818 million. Higher net derivative losses and net investment losses were the primary drivers, partially offset by market risk benefit remeasurement gains and higher adjusted earnings. On a per-share basis, net income decreased 33 percent to $1.22.
Adjusted earnings were $1.6 billion, up 15 percent on both a reported basis and a constant currency basis. On a per-share basis, adjusted earnings were $2.37, up 22 percent.
THIRD QUARTER 2025 NOTABLE ITEMS
($ in millions)
Adjusted Earnings
Three Months Ended September 30, 2025
Notable Items
Group
Benefits
RIS
Asia
Latin
America
EMEA
MetLife
Holdings
Corporate
&
Other
Total
Actuarial assumption review and other insurance adjustments
$(2)
$13
$70
$(4)
$(1)
$13
$0
$89
Tax adjustments
—
—
—
(71)
—
—
—
(71)
Total notable items
$(2)
$13
$70
$(75)
$(1)
$13
$0
$18
Annual Actuarial Assumption Review and Other Insurance Adjustments
In the third quarter of 2025, MetLife performed its annual global actuarial assumption review. The actuarial assumption review and other insurance adjustments during the quarter positively impacted net income by $102 million and adjusted earnings by $89 million.
Tax Adjustments
The company recorded a $71 million after-tax charge in the third quarter related to the resolution of an industry-wide tax matter in Mexico regarding the Value-Added Tax deduction of certain health insurance claims expenses.
Adjusted Earnings by Segment Summary
Three Months Ended
September 30, 2025
Segment
Change from
prior-year period
(on a reported
basis)
Change from
prior-year period
(on a constant
currency basis)
Group Benefits
22%
Retirement and Income Solutions (RIS)
(8)%
Asia
77%
78%
Latin America
(33)%
(34)%
Europe, the Middle East and Africa (EMEA)
26%
24%
MetLife Holdings
12%
Business Discussions
GROUP BENEFITS
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Adjustedearnings
$455
$373
22%
Notable item(s)
$(2)
$(58)
Adjusted earnings ex. notables
$457
$431
6%
Adjusted PFOs
$6,306
$6,146
3%
Adjusted earnings were $455 million, up 22 percent, primarily due to the impact of the actuarial assumption review and other insurance adjustments in the prior-year period.
Excluding notable items, adjusted earnings were $457 million, up 6 percent, reflecting favorable expense margins and volume growth, partially offset by less favorable life underwriting.
Adjusted PFOs were $6.3 billion, up 3 percent, driven by core and voluntary products, partially offset by the impact of favorable mortality on participating life contracts. PFOs from participating life contracts can fluctuate with claims experience.
RIS
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Adjustedearnings
$436
$472
(8)%
Notable item(s)
$13
$104
Adjusted earnings ex. notables
$423
$368
15%
Adjusted PFOs
$1,186
$1,579
(25)%
Adjusted PFOs, excluding PRT
$1,196
$1,050
14%
Adjusted earnings were $436 million, down 8 percent, reflecting the impact of the prior-year actuarial assumption review.
Excluding notable items, adjusted earnings were $423 million, up 15 percent, largely due to higher variable investment income.
Adjusted PFOs, excluding PRT, were $1.2 billion, up 14 percent, mainly driven by higher structured settlement and UK longevity reinsurance sales.
Total liability exposure grew 3 percent, including 4 percent in general account liabilities.
ASIA
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Constant
currency
change
Adjusted earnings
$543
$306
77%
78%
Notable item(s)
$70
$(41)
Adjusted earnings ex. notables
$473
$347
36%
37%
Adjusted PFOs
$1,717
$1,710
—%
1%
Asia general account assets under management (at amortized cost)
$140,892
$135,107
4%
6%
Adjusted earnings were $543 million, up 77 percent on a reported basis and up 78 percent on a constant currency basis, reflecting the impact of the annual actuarial assumption review.
Excluding notable items, adjusted earnings were $473 million, up 36 percent on a reported basis and up 37 percent on a constant currency basis, mainly driven by higher variable investment income and volume growth.
Adjusted PFOs were $1.7 billion, flat on a reported basis, and up 1 percent on a constant currency basis.
Asia general account assets under management (at amortized cost) were$140.9 billion, up 6 percent on a constant currency basis.
Sales were $786 million, up 34 percent on a constant currency basis, driven by a 31 percent increase in Japan and a 39 percent increase in Other Asia markets.
LATIN AMERICA
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Constant
currency
change
Adjusted earnings
$147
$221
(33)%
(34)%
Notable item(s)
$(75)
$4
Adjusted earnings ex. notables
$222
$217
2%
2%
Adjusted PFOs
$1,663
$1,496
11%
11%
Adjusted earnings were $147 million, down 33 percent on a reported basis and down 34 percent on a constant currency basis, due to a value-added tax charge in Mexico.
Excluding notable items, adjusted earnings were $222 million, up 2 percent on both a reported and constant currency basis, primarily driven by volume growth across the region.
Adjusted PFOs were $1.7 billion, up 11 percent on both a reported and a constant currency basis, due to strong growth across the region.
Sales were $441 million, up 15 percent on a constant currency basis, driven by growth across the region.
EMEA
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Constant
currency
change
Adjusted earnings
$88
$70
26%
24%
Notable item(s)
$(1)
$(5)
Adjusted earnings ex. notables
$89
$75
19%
17%
Adjusted PFOs
$727
$655
11%
9%
Adjusted earnings were $88 million, up 26 percent on a reported basis, driven by volume growth and higher recurring interest margins.
Excluding notable items, adjusted earnings were $89 million, up 19 percent on a reported basis and up 17 percent on a constant currency basis, primarily due to strong volume growth.
Adjusted PFOs were $727 million, up 11 percent on a reported basis and up 9 percent on a constant currency basis, reflecting strong growth across the region.
Sales were $301 million, up 24 percent on a constant currency basis, reflecting strong growth across most markets.
METLIFE HOLDINGS
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Adjusted earnings
$203
$182
12%
Notable item(s)
$13
$12
Adjusted earnings ex. notables
$190
$170
12%
Adjusted PFOs
$729
$793
(8)%
Adjustedearnings were $203 million, up 12 percent.
Excluding notable items, adjusted earnings were $190 million, up 12 percent, primarily reflecting higher variable investment income.
AdjustedPFOs were $729 million, down 8 percent, largely due to continued run-off of the business.
CORPORATE & OTHER
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Adjusted earnings
$(288)
$(249)
Adjusted loss of $288 million, compared to an adjusted loss of $249 million, primarily due to elevated expenses, driven by market-related employee costs and higher interest payments on outstanding debt.
INVESTMENTS
($ in millions)
Three Months Ended
September 30, 2025
Three Months Ended
September 30, 2024
Change
Adjusted net investment income
$5,440
$5,143
6%
Adjusted net investment income was $5.4 billion, up 6 percent. Variable investment income increased 198 percent to $483 million, primarily driven by higher returns on private equity assets.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Asia, Latin America, Europe and the Middle East. For more information, visit www.metlife.com.
Conference Call
MetLife will hold its third quarter 2025 earnings conference call and audio webcast on Thursday, November 6, 2025, from 9-10 a.m. (ET). The conference call will be available live via the internet. To listen to the conference call, click the following link to register (https://events.q4inc.com/attendee/817838289).
The conference call will be available for replay via telephone and the internet beginning at 11:00 a.m. (ET) on Thursday, November 6, 2025, until Thursday, November 13, 2025, at 11:59 p.m.(ET). To listen to a replay of the conference call via telephone, dial 800-770-2030 (U.S.) or 647-362-9199 (outside the U.S.). The Conference ID for the replay is 17886 followed by the # key. To access the replay of the conference call via the internet, visit the MetLife Investor Relations webpage (https://investor.metlife.com).
Non-GAAP and Other Financial Disclosures
Any references in this news release (except in this section and the tables that accompany this release) to:
should be read as, respectively:
(i)
net income (loss);
(i)
net income (loss) available to MetLife, Inc.’s common shareholders;
(ii)
net income (loss) per share;
(ii)
net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(iii)
adjusted earnings;
(iii)
adjusted earnings available to common shareholders;
(iv)
adjusted earnings per share;
(iv)
adjusted earnings available to common shareholders per diluted common share;
(v)
book value per share;
(v)
book value per common share;
(vi)
adjusted book value per share;
(vi)
adjusted book value per common share;
(vii)
return on equity; and
(vii)
return on MetLife, Inc.’s common
stockholders’ equity; and
(viii)
adjusted return on equity.
(viii)
adjusted return on MetLife, Inc.’s common stockholders’ equity.
In this news release, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our investors’ understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.
The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:
Comparable GAAP financial measures:
(i)
total adjusted revenues;
(i)
total revenues;
(ii)
total adjusted expenses;
(ii)
total expenses;
(iii)
adjusted premiums, fees and other revenues;
(iii)
premiums, fees and other revenues;
(iv)
adjusted premiums, fees and other revenues, excluding PRT;
(iv)
premiums, fees and other revenues;
(v)
adjusted net investment income;
(v)
net investment income;
(vi)
adjusted earnings available to common shareholders;
(vi)
net income (loss) available to MetLife, Inc.’s common shareholders;
(vii)
adjusted earnings available to common shareholders, excluding total notable items;
(vii)
net income (loss) available to MetLife, Inc.’s common shareholders;
(viii)
adjusted earnings available to common shareholders per diluted common share;
(viii)
net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(ix)
adjusted earnings available to common shareholders, excluding total notable items, per diluted common share;
(ix)
net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(x)
adjusted return on equity;
(x)
return on equity;
(xi)
adjusted return on equity, excluding total notable items;
(xi)
return on equity;
(xii)
investment portfolio gains (losses);
(xii)
net investment gains (losses);
(xiii)
derivative gains (losses);
(xiii)
net derivative gains (losses);
(xiv)
adjusted capitalization of deferred policy acquisition costs (DAC);
(xiv)
capitalization of DAC;
(xv)
total MetLife, Inc.’s adjusted common stockholders’ equity;
(xv)
total MetLife, Inc.’s stockholders’ equity;
(xvi)
total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items;
(xvi)
total MetLife, Inc.’s stockholders’ equity;
(xvii)
adjusted book value per common share;
(xvii)
book value per common share;
(xviii)
adjusted other expenses;
(xviii)
other expenses;
(xix)
adjusted other expenses, net of adjusted capitalization of DAC;
(xix)
other expenses, net of capitalization of DAC;
(xx)
adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses;
(xx)
other expenses, net of capitalization of DAC;
(xxi)
adjusted expense ratio;
(xxi)
expense ratio;
(xxii)
adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT;
(xxii)
expense ratio;
(xxiii)
direct expenses;
(xxiii)
other expenses;
(xxiv)
direct expenses, excluding total notable items related to direct expenses;
(xxiv)
other expenses;
(xxv)
direct expense ratio;
(xxv)
expense ratio;
(xxvi)
direct expense ratio, excluding total notable items related to direct expenses and PRT;
(xxvi)
expense ratio;
(xxvii)
future policy benefits at original discount rate; and
(xxvii)
future policy benefits at balance sheet discount rate; and
(xxviii)
free cash flow of all holding companies.
(xxviii)
MetLife, Inc. (parent company only) net cash provided by (used in) operating activities.
Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income.
Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period (“constant currency basis”).
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this earnings news release and in this period’s quarterly financial supplement, which is available at MetLife’s Investor Relations webpage (https://investor.metlife.com).
MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ from those used by other companies:
Adjusted earnings and related measures
adjusted earnings;
adjusted earnings available to common shareholders;
adjusted earnings available to common shareholders, on a constant currency basis;
adjusted earnings available to common shareholders, excluding total notable items;
adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis;
adjusted earnings available to common shareholders per diluted common share;
adjusted earnings available to common shareholders, on a constant currency basis per diluted common share;
adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and
adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share.
Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry results.
Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.
Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP.
Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method (“Joint venture adjustments”), and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:
Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (“Investment hedge adjustments”).
Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
“Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.
Other adjustments are made in calculating adjusted earnings:
Net investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities (“Unit-linked contract income” and “Unit-linked contract costs”).
Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.
Net investment income and other expenses also exclude Reinsurance adjustments (as defined below).
Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.
“Reinsurance adjustments” relate to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.
Investment portfolio gains (losses) and derivative gains (losses)
These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
Return on equity and related measures
Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and the estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income tax.
Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of certain ceded reinsurance-related embedded derivatives and total notable items, all net of income tax.
Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity.
Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.
The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
Direct expense ratio: direct expenses, divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.
Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
Asia general account (GA) assets under management (GA AUM) and related measures
Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties (“net mortgage loans”) (including commercial (“net commercial mortgage loans”), agricultural (“net agricultural mortgage loans”) and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.
Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and residential mortgage loans) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.
Statistical sales information
Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products.
RIS: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and the contract value for new UK longevity reinsurance contracts, and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate-owned life insurance.
Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group).
Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
The following additional information is relevant to an understanding of MetLife’s performance:
Volume growth, where cited, represents the change in certain measures of our segment results, including adjusted earnings, attributable to business growth, applying a model in which certain margins and factors are held constant, the most significant of which are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates.
PRT includes U.K. funded reinsurance.
Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife holding companies and include cash and cash equivalents, short-term investments and publicly traded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block.
MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders.
Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife’s results and to evaluate and forecast those results. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders.
We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.
Forward-Looking Statements
This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “are confident,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.
Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:
(1)
economic condition difficulties, including risks relating to interest rates, the effects of announced or future tariff increases on the global economy, credit spreads, declining equity or debt markets, real estate, obligors and counterparties, government default or shutdown, currency exchange rates, derivatives, climate change, public health, terrorism and security;
(2)
global capital and credit market adversity;
(3)
credit facility inaccessibility;
(4)
financial strength or credit ratings downgrades;
(5)
unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks;
(6)
statutory life insurance reserve financing costs or limited market capacity;
(7)
legal, regulatory, and supervisory and enforcement policy changes;
(8)
changes in tax rates, tax laws or interpretations;
(9)
litigation and regulatory investigations;
(10)
unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;
(11)
MetLife, Inc.’s inability to pay dividends and repurchase common stock;
(12)
MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;
(13)
investment defaults, downgrades, or volatility;
(14)
investment sales or lending difficulties;
(15)
collateral or derivative-related payments;
(16)
investment valuations, allowances, or impairments changes;
(17)
claims or other results that differ from our estimates, assumptions, or models;
(18)
global political, legal, or operational risks;
(19)
business competition;
(20)
technological changes;
(21)
catastrophes;
(22)
climate changes or responses to it;
(23)
deficiencies in our closed block;
(24)
goodwill or other asset impairment, or deferred income tax asset allowance;
(25)
impairment of VOBA, value of distribution agreements acquired or value of customer relationships acquired;
(26)
product guarantee volatility, costs, and counterparty risks;
(27)
risk management failures;
(28)
insufficient protection from operational risks;
(29)
failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or disaster recovery failures;
(30)
accounting standards changes;
(31)
excessive risk-taking;
(32)
marketing and distribution difficulties;
(33)
pension and other postretirement benefit assumption changes;
(34)
inability to protect our intellectual property or avoid infringement claims;
(35)
acquisition, integration, growth, disposition, or reorganization difficulties;
(36)
Brighthouse Financial, Inc. separation risks;
(37)
MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and
(38)
legal- and corporate governance-related effects on business combinations.
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. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.
MetLife, Inc.
GAAP Interim Condensed Consolidated Statements of Operations
(In millions)
For the Three Months Ended
September 30,
2025
2024
Revenues
Premiums
$
10,555
$
10,647
Universal life and investment-type product policy fees
Interest credited to policyholder account balances
2,561
2,037
Policyholder dividends
134
150
Amortization of DAC, VOBA and negative VOBA
522
509
Interest expense on debt
271
257
Other expenses, net of capitalization of DAC
2,716
2,497
Total expenses
16,151
16,446
Income (loss) before provision for income tax
1,210
1,994
Provision for income tax expense (benefit)
308
653
Net income (loss)
902
1,341
Less: Net income (loss) attributable to noncontrolling interests
6
(1
)
Net income (loss) attributable to MetLife, Inc.
896
1,342
Less: Preferred stock dividends
66
67
Preferred stock redemption premium
12
—
Net income (loss) available to MetLife, Inc.’s common shareholders
$
818
$
1,275
See footnotes on last page.
MetLife, Inc.
(In millions, except per share data)
For the Three Months Ended
September 30,
2025
2024
Reconciliation to Adjusted Earnings Available to Common Shareholders
Earnings Per
Weighted
Average
Common Share
Diluted (1)
Earnings Per
Weighted
Average
Common Share
Diluted (1)
Net income (loss) available to MetLife, Inc.’s common shareholders
$
818
$
1.22
$
1,275
$
1.81
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)
(325
)
(0.49
)
(77
)
(0.11
)
Net derivative gains (losses)
(929
)
(1.39
)
767
1.09
Market risk benefit remeasurement gains (losses)
263
0.39
(531
)
(0.75
)
Goodwill impairment
—
—
—
—
Other adjustments to net income (loss)
20
0.04
(65
)
(0.09
)
Provision for income tax (expense) benefit
223
0.33
(195
)
(0.28
)
Add: Net income (loss) attributable to noncontrolling interests
6
0.01
(1
)
—
Preferred stock redemption premium
12
0.02
—
—
Adjusted earnings available to common shareholders
1,584
2.37
1,375
1.95
Less: Total notable items
18
0.03
16
0.02
Adjusted earnings available to common shareholders, excluding total notable items
$
1,566
$
2.34
$
1,359
$
1.93
Adjusted earnings available to common shareholders on a constant currency basis
$
1,584
$
2.37
$
1,376
$
1.96
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$
1,566
$
2.34
$
1,360
$
1.93
Weighted average common shares outstanding – diluted
669.1
703.7
See footnotes on last page.
MetLife, Inc.
(In millions)
For the Three Months Ended
September 30,
2025
2024
Premiums, Fees and Other Revenues
Premiums, fees and other revenues
$
12,526
$
12,523
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting
78
50
Other adjustments
(15
)
(14
)
Divested businesses
2
16
Adjusted premiums, fees and other revenues
$
12,461
$
12,471
Adjusted premiums, fees and other revenues, on a constant currency basis
$
12,461
$
12,480
Less: PRT
(10
)
529
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis
$
12,471
$
11,951
Net Investment Income
Net investment income
$
6,089
$
5,227
Less: Adjustments to net investment income
Investment hedge adjustments
(100
)
(129
)
Joint venture adjustments
(8
)
66
Unit-linked contract income
580
147
Reinsurance adjustments
177
—
Divested businesses
—
—
Adjusted net investment income
$
5,440
$
5,143
Revenues and Expenses
Total revenues
$
17,361
$
18,440
Less: Adjustments to total revenues:
Net investment gains (losses)
(325
)
(77
)
Net derivative gains (losses)
(929
)
767
Investment hedge adjustments
(100
)
(129
)
Asymmetrical and non-economic accounting
78
50
Joint venture adjustments
(8
)
66
Unit-linked contract income
580
147
Reinsurance adjustments
177
—
Other adjustments, excluding Unit-linked contract income and Reinsurance adjustments
(15
)
(14
)
Divested businesses
2
16
Total adjusted revenues
$
17,901
$
17,614
Total expenses
$
16,151
$
16,446
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses
(263
)
531
Goodwill impairment
—
—
Asymmetrical and non-economic accounting
18
72
Market volatility
(49
)
(52
)
Unit-linked contract costs
578
143
Reinsurance adjustments
135
—
Other adjustments, excluding Unit-linked contract costs and Reinsurance adjustments
2
12
Divested businesses
10
26
Total adjusted expenses
$
15,720
$
15,714
See footnotes on last page.
MetLife, Inc.
(In millions, except per share and ratio data)
For the Three Months Ended
September 30,
2025
2024
Expense Detail and Ratios
Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC
Capitalization of DAC
$
(852
)
$
(691
)
Less: Divested businesses
—
—
Adjusted capitalization of DAC
$
(852
)
$
(691
)
Reconciliation of Other Expenses to Adjusted Other Expenses
Other expenses
$
3,568
$
3,188
Less: Reinsurance adjustments
135
—
Less: Other adjustments, excluding Reinsurance adjustments
2
12
Less: Divested businesses
9
17
Adjusted other expenses
$
3,422
$
3,159
Other Detail and Ratios
Other expenses, net of capitalization of DAC
$
2,716
$
2,497
Premiums, fees and other revenues
$
12,526
$
12,523
Expense ratio
21.7
%
19.9
%
Direct expenses
$
1,443
$
1,392
Less: Total notable items related to direct expenses
—
—
Direct expenses, excluding total notable items related to direct expenses
$
1,443
$
1,392
Adjusted other expenses
$
3,422
$
3,159
Adjusted capitalization of DAC
(852
)
(691
)
Adjusted other expenses, net of adjusted capitalization of DAC
2,570
2,468
Less: Total notable items related to adjusted other expenses
102
—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses
$
2,468
$
2,468
Adjusted premiums, fees and other revenues
$
12,461
$
12,471
Less: PRT
(10
)
529
Adjusted premiums, fees and other revenues, excluding PRT
$
12,471
$
11,942
Direct expense ratio
11.6
%
11.2
%
Direct expense ratio, excluding total notable items related to direct expenses and PRT
11.6
%
11.7
%
Adjusted expense ratio
20.6
%
19.8
%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT
19.8
%
20.7
%
See footnotes on last page.
MetLife, Inc.
(In millions, except per share data)
September 30,
Equity Details
2025
2024
Total MetLife, Inc.’s stockholders’ equity
$
28,944
$
30,885
Less: Preferred stock
2,830
3,818
MetLife, Inc.’s common stockholders’ equity
26,114
27,067
Less: Unrealized investment gains (losses), net of related offsets and income tax
(14,667
)
(11,239
)
Deferred gains (losses) on derivatives, net of income tax
(1,239
)
(292
)
Future policy benefits discount rate remeasurement gain (losses), net of income tax
6,028
2,004
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax
(83
)
4
Defined benefit plans adjustment, net of income tax
(1,390
)
(1,371
)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax
92
—
Total MetLife, Inc.’s adjusted common stockholders’ equity
37,373
37,961
Less: Accumulated year-to-date total notable items, net of income tax
18
16
Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items
$
37,355
$
37,945
September 30,
Book Value (2)
2025
2024
Book value per common share
39.52
39.02
Less: Unrealized investment gains (losses), net of related offsets and income tax
(22.20
)
(16.20
)
Deferred gains (losses) on derivatives, net of income tax
(1.88
)
(0.42
)
Future policy benefits discount rate remeasurement gain (losses), net of income tax
9.12
2.89
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax
(0.13
)
0.01
Defined benefit plans adjustment, net of income tax
(2.10
)
(1.98
)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax
0.14
—
Adjusted book value per common share
$
56.57
$
54.72
Common shares outstanding, end of period (3)
660.7
693.7
For the Three Months Ended
September 30, (4)
Return on Equity
2025
2024
Return on MetLife, Inc.’s:
Common stockholders’ equity
13.1
%
20.2
%
Adjusted return on MetLife, Inc.’s:
Adjusted common stockholders’ equity
16.9
%
14.6
%
Adjusted common stockholders’ equity, excluding total notable items
16.7
%
14.4
%
For the Three Months Ended
September 30,
Average Common Stockholders’ Equity
2025
2024
Average common stockholders’ equity
$
24,991
$
25,251
Average adjusted common stockholders’ equity
$
37,434
$
37,673
Average adjusted common stockholders’ equity, excluding total notable items
$
37,425
$
37,665
See footnotes on last page.
MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(In millions)
For the Three Months Ended
September 30,
2025
2024
Group Benefits (5):
Adjusted earnings available to common shareholders
$
455
$
373
Less: Total notable items
(2
)
(58
)
Adjusted earnings available to common shareholders, excluding total notable items
$
457
$
431
Adjusted premiums, fees and other revenues
$
6,306
$
6,146
Retirement & Income Solutions (5):
Adjusted earnings available to common shareholders
$
436
$
472
Less: Total notable items
13
104
Adjusted earnings available to common shareholders, excluding total notable items
$
423
$
368
Adjusted premiums, fees and other revenues
$
1,186
$
1,579
Less: PRT
(10
)
529
Adjusted premiums, fees and other revenues, excluding PRT
$
1,196
$
1,050
Asia:
Adjusted earnings available to common shareholders
$
543
$
306
Less: Total notable items
70
(41
)
Adjusted earnings available to common shareholders, excluding total notable items
$
473
$
347
Adjusted earnings available to common shareholders on a constant currency basis
$
543
$
305
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$
473
$
346
Adjusted premiums, fees and other revenues
$
1,717
$
1,710
Adjusted premiums, fees and other revenues, on a constant currency basis
$
1,717
$
1,704
Latin America:
Adjusted earnings available to common shareholders
$
147
$
221
Less: Total notable items
(75
)
4
Adjusted earnings available to common shareholders, excluding total notable items
$
222
$
217
Adjusted earnings available to common shareholders on a constant currency basis
$
147
$
222
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$
222
$
218
Adjusted premiums, fees and other revenues
$
1,663
$
1,496
Adjusted premiums, fees and other revenues, on a constant currency basis
$
1,663
$
1,498
See footnotes on last page.
MetLife, Inc.
Adjusted Earnings Available to Common Shareholders (Continued)
(In millions)
For the Three Months Ended
September 30,
2025
2024
EMEA:
Adjusted earnings available to common shareholders
$
88
$
70
Less: Total notable items
(1
)
(5
)
Adjusted earnings available to common shareholders, excluding total notable items
$
89
$
75
Adjusted earnings available to common shareholders on a constant currency basis
$
88
$
71
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$
89
$
76
Adjusted premiums, fees and other revenues
$
727
$
655
Adjusted premiums, fees and other revenues, on a constant currency basis
$
727
$
668
MetLife Holdings (5):
Adjusted earnings available to common shareholders
$
203
$
182
Less: Total notable items
13
12
Adjusted earnings available to common shareholders, excluding total notable items
$
190
$
170
Adjusted premiums, fees and other revenues
$
729
$
793
Corporate & Other (5):
Adjusted earnings available to common shareholders
$
(288
)
$
(249
)
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$
(288
)
$
(249
)
Adjusted premiums, fees and other revenues
$
133
$
92
See footnotes on last page.
MetLife, Inc.
For the Three
Months Ended
September 30, 2025
September 30, 2025
Variable
Investment Income
(post-tax, $ in
millions) (6)
Assets ($ in billions)
Group Benefits
$
5
$
0.2
RIS
146
5.6
Asia
139
8.3
Latin America
2
0.3
EMEA
—
—
MetLife Holdings
76
3.4
Corporate & Other
14
1.1
Total
$
382
$
18.9
Segments: Group Benefits, RIS, Asia, Latin America and EMEA (7)
Capital
Deployed
Value of New
Business
Internal Rate of
Return
Payback (Years)
Value of new business ($ in billions)
2024
$
3.4
$
2.6
19 %
5
2023
$
3.6
$
2.6
19 %
5
2022
$
3.7
$
2.3
17 %
6
2021
$
2.8
$
1.9
17 %
6
2020
$
3.2
$
1.9
17 %
6
See footnotes on last page.
MetLife, Inc.
September 30, 2025
Cash & Capital (8), (9), (in billions)
Holding Companies Cash & Liquid Assets
$
4.9
Footnotes
(1)
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.
(2)
Book values exclude $2,830 million and $3,818 million of equity related to preferred stock at September 30, 2025 and September 30, 2024, respectively.
(3)
There were share repurchases of $502 million for the three months ended September 30, 2025. Year-to-date, there were share repurchases of approximately $2.6 billion, including approximately $150 million of share repurchases in October 2025. Common stock dividends totaling $378 million were paid for the three months ended September 30, 2025.
(4)
Annualized using quarter-to-date results.
(5)
Results on a constant currency basis are not included as constant currency impact is not significant.
(6)
Assumes a 21% tax rate.
(7)
Excludes MetLife Holdings; Value of New Business is the present value of future profits net of the cost of capital and time value of guarantees from new sales.
(8)
The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $17.1 billion at September 30, 2025, flat from $17.1 billion at June 30, 2025. This balance includes MetLife, Inc.’s principal U.S. insurance subsidiaries, excluding American Life Insurance Company.
(9)
The expected Japan solvency margin ratio as of September 30, 2025 is approximately 740%.
RENO, Nev.–(BUSINESS WIRE)–
U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to common shareholders for its second quarter ended September 30, 2025, of $105.6 million, compared with net earnings of $186.8 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.54 for the second quarter of fiscal 2026 compared to $0.96 for the same period in fiscal 2025.
For the six-month period ended September 30, 2025, net earnings available to shareholders were $247.9 million compared with net earnings of $382.2 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.27 for the six-month period of fiscal 2026 compared to $1.96 for the same period in fiscal 2025.
“As anticipated, the increase in fleet depreciation expense and losses on the sale of retired equipment continued into this quarter,” stated Joe Shoen, chairman of U-Haul Holding Company. “Revenues for our major product lines are up year-over-year however, profits are down two years running. The better news is Federal Agencies are jettisoning impossible green mandates. U-Haul will be renting trucks for the foreseeable future.”
Highlights of Second Quarter Fiscal 2026 Results
Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $83.3 million to $197.4 million compared to the second quarter of fiscal 2026.
Increased losses from the disposal of retired rental equipment accounted for $56.1 million of the decrease for the second quarter, while fleet depreciation expense increased $50.6 million for the second quarter, all compared with the second quarter of fiscal 2025.
Moving and Storage earnings before interest, taxes, depreciation and amortization (EBITDA) increased $31.6 million to $542.6 million compared to the second quarter of fiscal 2025 and for the trailing twelve months for September 30, 2025 increased $115.5 million to $1,681.9 million compared to the trailing twelve months for September 30, 2024.
Self-storage revenues increased $21.8 million, or 9.7% versus the second quarter of fiscal year 2025.
Same store occupancy decreased 3.5% to 90.5%, revenue per foot increased 4.0%, and the number of locations qualifying for the pool increased by 10.
During the second quarter of fiscal 2026, we added 23 new locations with storage and 1.6 million net rentable square feet (nrsf).
We have approximately 14.2 million NRSF in development or pending.
Self-moving equipment rental revenues increased $23.1 million, or 2.1% versus the second quarter of fiscal year 2025. Revenue per transaction increased for both our In-Town and One-Way markets compared to the second quarter of fiscal 2025. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers, along with the number of box trucks in the rental fleet.
Other revenue for Moving and Storage increased $12.0 million or 7.4% versus the second quarter of fiscal 2025 due to growth of our U-Box product offering. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
Fleet maintenance and repair costs experienced a $10.4 million increase, compared with the second quarter of fiscal 2025.
Cash and credit availability at the Moving and Storage segment was $1,376.0 million as of September 30, 2025 compared with $1,347.5 million at March 31, 2025.
On August 21, 2025, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on September 15, 2025. The dividend was paid on September 26, 2025.
Supplemental financial information as of September 30, 2025 is available at investors.uhaul.com under “Investor Kit.”
U-Haul Holding Company will hold its investor call for the second quarter of fiscal 2026 on Thursday, November 6, 2025, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.
About U-Haul Holding Company
U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.
About U-Haul
Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 25,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers’ patronage has enabled the U-Haul fleet to grow to approximately 203,000 trucks, 137,400 trailers and 41,700 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,111,000 rentable storage units and 96.5 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading “Best for Vets” employer and was recently named one of the 15 Healthiest Workplaces in America.
Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-Q for the quarter ended September 30, 2025, which is on file with the SEC.
Report on Business Operations
Listed below on a consolidated basis are revenues for our major product lines for the second quarter of fiscal 2026 and 2025.
Quarter Ended September 30,
2025
2024
(Unaudited)
(In thousands)
Self-moving equipment rental revenues
$
1,110,477
$
1,087,348
Self-storage revenues
246,299
224,519
Self-moving and self-storage product and service sales
89,829
87,763
Property management fees
9,621
9,586
Life insurance premiums
18,370
20,488
Property and casualty insurance premiums
28,272
25,767
Net investment and interest income
40,022
37,794
Other revenue
177,032
164,843
Consolidated revenue
$
1,719,922
$
1,658,108
Listed below are the revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2026 and 2025.
Quarter Ended September 30,
2025
2024
(Unaudited)
(In thousands)
Moving and storage
Revenues
$
1,632,827
$
1,573,643
Earnings from operations before equity in earnings of subsidiaries
197,440
280,695
Property and casualty insurance
Revenues
35,891
31,461
Earnings from operations
17,154
13,823
Life insurance
Revenues
54,113
56,157
Earnings from operations
3,028
7,690
Eliminations
Revenues
(2,909)
(3,153)
Earnings from operations before equity in earnings of subsidiaries
(28)
(252)
Consolidated Results
Revenues
1,719,922
1,658,108
Earnings from operations
217,594
301,956
Moving and Storage
Debt Metrics
(in thousands)(unaudited)
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
Real estate secured debt
$3,002,344
$2,727,545
$2,703,656
$2,436,840
$2,471,044
Unsecured debt
1,700,000
1,700,000
1,700,000
1,700,000
1,700,000
Fleet secured debt
2,965,804
2,792,015
2,758,821
2,724,349
2,554,194
Other secured debt
64,357
65,570
66,864
68,402
69,264
Total debt
7,732,505
7,285,130
7,229,341
6,929,591
6,794,502
Cash and cash equivalents
$910,969
$726,069
$872,467
$883,108
$1,279,493
Total assets
18,460,371
17,858,535
17,522,952
17,291,214
17,164,316
Adjusted EBITDA (TTM)
1,681,900
1,650,277
1,619,714
1,614,146
1,566,396
Net debt to adjusted EBITDA
4.1
4.0
3.9
3.7
3.5
Net debt to total assets
37.0%
36.7%
36.3%
35.0%
32.1%
Percent of debt floating
7.1%
6.1%
6.1%
6.2%
5.9%
Percent of debt fixed
92.9%
93.9%
93.9%
93.8%
94.1%
Percent of debt unsecured
22.0%
23.3%
23.5%
24.5%
25.0%
Unencumbered asset ratio*
3.96x
3.86x
3.91x
3.81x
3.78x
*
Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x
The components of depreciation, net of (gains) losses on disposals for the second quarter of fiscal 2026 and 2025 are as follows:
Quarter Ended September 30,
2025
2024
(Unaudited)
(In thousands)
Depreciation expense – rental equipment
$
226,909
$
176,340
Depreciation expense – non rental equipment
23,760
23,750
Depreciation expense – real estate
51,440
44,735
Total depreciation expense
$
302,109
$
244,825
Net (gains) losses on disposals of rental equipment
38,329
$
(17,892)
Net (gains) losses on disposals of non-rental equipment
170
337
Total net (gains) losses on disposals equipment
$
38,499
$
(17,555)
Depreciation, net of (gains) losses on disposals
$
340,608
$
227,270
Net (gains) losses on disposals of real estate
$
4,531
$
2,991
The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:
Quarter Ended September 30,
2025
2024
(Unaudited)
(In thousands, except occupancy rate)
Unit count as of September 30
831
758
Square footage as of September 30
71,167
64,499
Average monthly number of units occupied
630
610
Average monthly occupancy rate based on unit count
76.3%
80.9%
End of September occupancy rate based on unit count
74.4%
80.0%
Average monthly square footage occupied
55,623
53,108
Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2026 and 2025.
Six Months Ended September 30,
2025
2024
(Unaudited)
(In thousands)
Self-moving equipment rental revenues
$
2,168,750
$
2,101,680
Self-storage revenues
480,536
440,256
Self-moving and self-storage product and service sales
188,017
184,354
Property management fees
19,203
19,081
Life insurance premiums
37,539
41,228
Property and casualty insurance premiums
50,010
46,996
Net investment and interest income
75,233
74,919
Other revenue
331,104
298,084
Consolidated revenue
$
3,350,392
$
3,206,598
Listed below are the revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2026 and 2025.
Six Months Ended September 30,
2025
2024
(Unaudited)
(In thousands)
Moving and storage
Revenues
$
3,186,686
$
3,042,804
Earnings from operations before equity in earnings of subsidiaries
440,318
575,753
Property and casualty insurance
Revenues
65,612
59,639
Earnings from operations
29,042
25,306
Life insurance
Revenues
104,207
109,906
Earnings from operations
5,704
7,643
Eliminations
Revenues
(6,113)
(5,751)
Earnings from operations before equity in earnings of subsidiaries
(56)
(504)
Consolidated Results
Revenues
3,350,392
3,206,598
Earnings from operations
475,008
608,198
The components of depreciation, net of (gains) losses on disposals for the first six months of fiscal 2026 and 2025 are as follows:
Six Months Ended September 30,
2025
2024
(Unaudited)
(In thousands)
Depreciation expense – rental equipment
$
435,121
$
333,868
Depreciation expense – non rental equipment
47,779
47,711
Depreciation expense – real estate
101,285
87,559
Total depreciation expense
$
584,185
$
469,138
Net (gains) losses on disposals of rental equipment
$
60,454
$
(25,840)
Net (gains) losses on disposals of non-rental equipment
(22)
517
Total net (gains) losses on disposals equipment
$
60,432
$
(25,323)
Depreciation, net of (gains) losses on disposals
$
644,617
$
443,815
Net (gains) losses on disposals of real estate
$
2,914
$
6,095
The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:
Six Months Ended September 30,
2025
2024
(Unaudited)
(In thousands, except occupancy rate)
Unit count as of September 30
831
758
Square footage as of September 30
71,167
64,499
Average monthly number of units occupied
631
602
Average monthly occupancy rate based on unit count
77.2%
80.5%
End of September occupancy rate based on unit count
74.4%
80.0%
Average monthly square footage occupied
55,511
52,412
Self-Storage Portfolio Summary
As of September 30, 2025
(unaudited)
U-Haul Owned Store Data by State
Annual
State/
Province
Stores
Units
Occupied
Rentable
Square Feet
Revenue
Per Foot
Occupancy
During Qtr
Texas
99
36,733
4,706,618
$15.08
73.3%
California
90
33,921
3,351,341
$21.60
78.7%
Florida
89
34,655
3,944,412
$18.74
76.4%
Illinois
84
38,382
4,281,927
$16.44
77.8%
Pennsylvania
73
28,330
3,143,110
$18.16
72.5%
Ohio
67
26,072
3,052,921
$15.00
74.8%
New York
67
28,166
2,721,082
$23.66
79.7%
Michigan
60
19,832
2,330,008
$16.09
78.0%
Georgia
55
21,768
2,739,492
$16.38
75.5%
Arizona
49
23,789
3,006,228
$15.96
73.8%
Wisconsin
44
17,071
2,048,296
$14.08
74.9%
North Carolina
42
17,384
2,070,876
$15.53
74.1%
Washington
38
13,912
1,590,030
$17.03
73.5%
Missouri
38
14,022
1,815,644
$14.31
71.0%
Tennessee
37
15,073
1,628,491
$15.09
83.6%
Ontario
33
12,518
1,410,384
$23.33
70.2%
New Jersey
33
16,165
1,517,032
$20.87
84.5%
Indiana
33
10,576
1,183,758
$14.28
82.3%
Minnesota
33
13,725
1,694,678
$13.58
76.1%
Massachusetts
32
11,231
1,150,060
$20.85
79.6%
Top 20 Totals
1,096
433,325
49,386,390
$17.29
76.2%
All Others
500
184,812
21,780,368
$16.74
76.6%
2Q 2026 Totals
1,596
618,137
71,166,758
$17.12
76.3%
Same Store 2Q26
903
320,815
30,897,753
$17.88
90.5%
Same Store 2Q25
903
337,446
30,894,328
$17.20
94.0%
Same Store 2Q24
903
339,342
30,836,508
$16.58
94.3%
Non-Same Store 2Q26
693
297,322
40,269,004
$16.28
65.2%
Non-Same Store 2Q25
601
268,718
33,604,664
$16.16
68.8%
Non-Same Store 2Q24
538
237,766
27,634,059
$15.95
73.0%
Same Store Pool Held Constant for Prior Periods
Same Store 2Q26
903
320,815
30,897,753
$17.88
90.5%
Same Store 2Q25
893
319,259
29,403,609
$17.20
94.1%
Same Store 2Q24
841
280,943
25,979,561
$16.55
95.0%
Non-Same Store 2Q26
693
297,322
40,269,004
$16.28
65.2%
Non-Same Store 2Q25
611
286,905
35,095,383
$16.22
69.9%
Non-Same Store 2Q24
602
295,463
32,422,073
$16.10
75.8%
Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter.
Occupancy % reflects average occupancy during the reporting quarter.
Revenue per foot is average revenue per occupied foot over the trailing twelve months ending September 2025.
Same store includes storage locations with rentable storage inventory for more than three years and a capacity
change of less than twenty units for any year-over-year period of the reporting month.
The locations have occupancy each month during the last three years and have achieved 80% or greater occupancy for the last two years
Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month.
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30,
March 31,
2025
2025
(Unaudited)
(In thousands)
ASSETS
Cash and cash equivalents
$
1,082,820
$
988,828
Trade receivables and reinsurance recoverables, net
175,634
230,716
Inventories and parts
176,138
163,132
Prepaid expenses
316,220
282,406
Fixed maturity securities available-for-sale, net, at fair value
2,494,429
2,479,498
Equity securities, at fair value
62,972
65,549
Investments, other
679,472
678,254
Deferred policy acquisition costs, net
119,117
121,729
Other assets
139,617
126,732
Right of use assets – financing, net
62,636
138,698
Right of use assets – operating, net
41,812
46,025
Related party assets
46,612
45,003
Property, plant and equipment, at cost:
Land
1,846,211
1,812,820
Buildings and improvements
10,095,592
9,628,271
Furniture and equipment
1,061,416
1,047,414
Rental trailers and other rental equipment
1,132,107
1,046,135
Rental trucks
8,272,598
7,470,039
22,407,924
21,004,679
Less: Accumulated depreciation
(6,376,984)
(5,892,079)
Total property, plant and equipment, net
16,030,940
15,112,600
Total assets
$
21,428,419
$
20,479,170
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accounts payable and accrued expenses
$
869,740
$
820,900
Notes, loans and finance leases payable, net
7,694,640
7,193,857
Operating lease liabilities
42,613
46,973
Policy benefits and losses, claims and loss expenses payable
900,302
857,521
Liabilities from investment contracts
2,518,603
2,511,422
Other policyholders’ funds and liabilities
5,923
7,539
Deferred income
55,847
52,895
Deferred income taxes, net
1,572,864
1,489,920
Total liabilities
13,660,532
12,981,027
Common stock
10,497
10,497
Non-voting common stock
176
176
Additional paid-in capital
462,548
462,548
Accumulated other comprehensive loss
(189,804)
(229,314)
Retained earnings
8,162,120
7,931,886
Cost of common stock in treasury, net
(525,653)
(525,653)
Cost of preferred stock in treasury, net
(151,997)
(151,997)
Total stockholders’ equity
7,767,887
7,498,143
Total liabilities and stockholders’ equity
$
21,428,419
$
20,479,170
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter Ended September 30,
2025
2024
(Unaudited)
(In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues
$
1,110,477
$
1,087,348
Self-storage revenues
246,299
224,519
Self-moving and self-storage products and service sales
89,829
87,763
Property management fees
9,621
9,586
Life insurance premiums
18,370
20,488
Property and casualty insurance premiums
28,272
25,767
Net investment and interest income
40,022
37,794
Other revenue
177,032
164,843
Total revenues
1,719,922
1,658,108
Costs and expenses:
Operating expenses
909,542
891,073
Commission expenses
121,811
119,008
Cost of product sales
67,625
62,250
Benefits and losses
48,178
44,392
Amortization of deferred policy acquisition costs
4,962
4,439
Lease expense
5,071
4,729
Depreciation, net of (gains) losses on disposals
340,608
227,270
Net (gains) losses on disposal of real estate
4,531
2,991
Total costs and expenses
1,502,328
1,356,152
Earnings from operations
217,594
301,956
Other components of net periodic benefit costs
(345)
(372)
Other interest income
10,015
16,131
Interest expense
(90,305)
(71,498)
Pretax earnings
136,959
246,217
Income tax expense
(31,409)
(59,419)
Earnings available to common stockholders
$
105,550
$
186,798
Basic and diluted earnings per share of Common Stock
$
0.49
$
0.91
Weighted average shares outstanding of Common Stock: Basic and diluted
19,607,788
19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock
$
0.54
$
0.96
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted
176,470,092
176,470,092
U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
2025
2024
(Unaudited)
(In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues
$
2,168,750
$
2,101,680
Self-storage revenues
480,536
440,256
Self-moving and self-storage products and service sales
188,017
184,354
Property management fees
19,203
19,081
Life insurance premiums
37,539
41,228
Property and casualty insurance premiums
50,010
46,996
Net investment and interest income
75,233
74,919
Other revenue
331,104
298,084
Total revenues
3,350,392
3,206,598
Costs and expenses:
Operating expenses
1,736,291
1,680,830
Commission expenses
238,548
231,579
Cost of product sales
139,830
128,264
Benefits and losses
93,360
88,398
Amortization of deferred policy acquisition costs
9,879
9,085
Lease expense
9,945
10,334
Depreciation, net of (gains) losses on disposals
644,617
443,815
Net (gains) losses on disposal of real estate
2,914
6,095
Total costs and expenses
2,875,384
2,598,400
Earnings from operations
475,008
608,198
Other components of net periodic benefit costs
(691)
(744)
Other interest income
20,684
34,366
Interest expense
(172,635)
(138,716)
Fees on early extinguishment of debt
(26)
(495)
Pretax earnings
322,340
502,609
Income tax expense
(74,459)
(120,394)
Earnings available to common stockholders
$
247,881
$
382,215
Basic and diluted earnings per share of Common Stock
$
1.17
$
1.86
Weighted average shares outstanding of Common Stock: Basic and diluted
19,607,788
19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock
$
1.27
$
1.96
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted
176,470,092
176,470,092
EARNINGS PER SHARE
We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less than the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.
Our undistributed earnings per share were calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share was added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process was used for both Voting Common Stock and Non-Voting Common Stock.
The calculation of basic and diluted earnings per share for the quarters ended September 30, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:
For the Quarter Ended
September 30,
2025
2024
(Unaudited)
(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock
19,607,788
19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock
196,077,880
196,077,880
Percent of weighted average shares outstanding of Voting Common Stock
10%
10%
Net earnings available to common stockholders
$
105,550
$
186,798
Voting Common Stock dividends declared
–
–
Non-Voting Common Stock dividends declared
(8,823)
(8,823)
Undistributed earnings available to common stockholders
$
96,727
$
177,975
Undistributed earnings available to common stockholders allocated to Voting Common Stock
$
9,673
$
17,798
Undistributed earnings per share of Voting Common Stock
$
0.49
$
0.91
Dividends declared per share of Voting Common Stock
$
–
$
–
Basic and diluted earnings per share of Voting Common Stock
$
0.49
$
0.91
Weighted average shares outstanding of Non-Voting Common Stock
176,470,092
176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock
196,077,880
196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock
90%
90%
Net earnings available to common stockholders
$
105,550
$
186,798
Voting Common Stock dividends declared
–
–
Non-Voting Common Stock dividends declared
(8,823)
(8,823)
Undistributed earnings available to common stockholders
$
96,727
$
177,975
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock
$
87,054
$
160,178
Undistributed earnings per share of Non-Voting Common Stock
$
0.49
$
0.91
Dividends declared per share of Non-Voting Common Stock
$
0.05
$
0.05
Basic and diluted earnings per share of Non-Voting Common Stock
$
0.54
$
0.96
The calculation of basic and diluted earnings per share for the first six months ended September 30, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:
For the Six Months Ended
September 30,
2025
2024
(Unaudited)
(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock
19,607,788
19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock
196,077,880
196,077,880
Percent of weighted average shares outstanding of Voting Common Stock
10%
10%
Net earnings available to common stockholders
$
247,881
$
382,215
Voting Common Stock dividends declared
–
–
Non-Voting Common Stock dividends declared
(17,647)
(17,647)
Undistributed earnings available to common stockholders
$
230,234
$
364,568
Undistributed earnings available to common stockholders allocated to Voting Common Stock
$
23,023
$
36,457
Undistributed earnings per share of Voting Common Stock
$
1.17
$
1.86
Dividends declared per share of Voting Common Stock
$
–
$
–
Basic and diluted earnings per share of Voting Common Stock
$
1.17
$
1.86
Weighted average shares outstanding of Non-Voting Common Stock
176,470,092
176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock
196,077,880
196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock
90%
90%
Net earnings available to common stockholders
$
247,881
$
382,215
Voting Common Stock dividends declared
–
–
Non-Voting Common Stock dividends declared
(17,647)
(17,647)
Undistributed earnings available to common stockholders
$
230,234
$
364,568
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock
$
207,211
$
328,111
Undistributed earnings per share of Non-Voting Common Stock
$
1.17
$
1.86
Dividends declared per share of Non-Voting Common Stock
$
0.10
$
0.10
Basic and diluted earnings per share of Non-Voting Common Stock
$
1.27
$
1.96
NON-GAAP FINANCIAL RECONCILIATION SCHEDULE
As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net (“PPE”) being reclassed to Right of use assets – financing, net (“ROU-financing”). The tables below show adjusted PPE as of September 30, 2025 and March 31, 2025, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.
September 30,
March 31,
2025
2025
September 30,
ROU Assets
Property, Plant and Equipment
Property, Plant and Equipment
2025
Financing
Adjusted
Adjusted
(Unaudited)
(In thousands)
Property, plant and equipment, at cost
Land
$
1,846,211
$
–
$
1,846,211
$
1,812,820
Buildings and improvements
10,095,592
–
10,095,592
9,628,271
Furniture and equipment
1,061,416
61
1,061,477
1,047,475
Rental trailers and other rental equipment
1,132,107
24,343
1,156,450
1,104,206
Rental trucks
8,272,598
149,219
8,421,817
7,779,514
Subtotal
22,407,924
173,623
22,581,547
21,372,286
Less: Accumulated depreciation
(6,376,984)
(110,987)
(6,487,971)
(6,120,988)
Total property, plant and equipment, net
$
16,030,940
$
62,636
$
16,093,576
$
15,251,298
March 31,
2025
March 31,
ROU Assets
Property, Plant and Equipment
2025
Financing
Adjusted
(Unaudited)
(In thousands)
Property, plant and equipment, at cost
Land
$
1,812,820
$
–
$
1,812,820
Buildings and improvements
9,628,271
–
9,628,271
Furniture and equipment
1,047,414
61
1,047,475
Rental trailers and other rental equipment
1,046,135
58,071
1,104,206
Rental trucks
7,470,039
309,475
7,779,514
Subtotal
21,004,679
367,607
21,372,286
Less: Accumulated depreciation
(5,892,079)
(228,909)
(6,120,988)
Total property, plant and equipment, net
$
15,112,600
$
138,698
$
15,251,298
Non-GAAP Financial Measures
Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization (“EBITDA”). The Company believes that these widely accepted measures of operating profitability supplement the transparency of the Company’s disclosures and provides a meaningful presentation of the Company’s results from its core business operations excluding the impact of items not related to the Company’s ongoing core business operations and supplements the period-to-period comparability of the Company’s results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company’s financial information that is presented in accordance with GAAP. The non-GAAP measure reported is adjusted EBITDA. The table below presents the reconciliation of the trailing twelve months adjusted EBITDA measures to its most directly comparable GAAP measures.
Moving and Storage EBITDA Calculations
(In thousands, unaudited)
Trailing Twelve Months
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
Net earnings available to common stockholders
$
232,756
$
314,004
$
367,090
$
448,518
$
480,576
Income tax expense
48,448
76,156
94,747
137,940
148,743
Fees on early extinguishment of debt and costs of defeasance
26
26
495
495
495
Interest expense
330,192
311,609
296,721
280,487
271,359
Other interest income
(45,759)
(51,899)
(59,489)
(87,303)
(99,292)
Other components of net periodic benefit costs
1,435
1,462
1,488
1,480
1,473
Net (gains) losses on disposal of real estate
12,577
11,037
15,758
12,047
11,273
Depreciation, net of (gains) losses on disposals
1,158,986
1,045,648
958,184
888,253
815,810
Elimination of net earnings from insurance subsidiaries
(56,761)
(57,766)
(55,280)
(67,771)
(64,041)
Adjusted EBITDA
$
1,681,900
$
1,650,277
$
1,619,714
$
1,614,146
$
1,566,396
The table below presents the reconciliation of the second quarter adjusted EBITDA measures to its most directly comparable GAAP measures.
Moving and Storage EBITDA Calculations
(In thousands, unaudited)
Quarters Ended
September 30,
September 30,
2025
2024
Net earnings available to common stockholders
$
105,550
$
186,798
Income tax expense
27,324
55,032
Fees on early extinguishment of debt and costs of defeasance
–
–
Interest expense
90,333
71,750
Other interest income
(10,111)
(16,251)
Other components of net periodic benefit costs
345
372
Net (gains) losses on disposal of real estate
4,531
2,991
Depreciation, net of (gains) losses on disposals
340,608
227,270
Elimination of net earnings from insurance subsidiaries
LONDON–(BUSINESS WIRE)– AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of HDFC International Life and Re Company Limited (HDFC) (United Arab Emirates), a subsidiary of HDFC Life Insurance Company Limited, which in turn is majority held by HDFC Bank Limited. The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect HDFC’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
HDFC’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), a history of good internal capital generation and strong liquidity. The primary driver of HDFC’s required capital is underwriting risk, given the company’s exposure to mortality/morbidity risk and relatively low risk investment portfolio. Notwithstanding the company’s ambitious growth plans, AM Best expects HDFC’s risk-adjusted capitalisation to remain at the strongest level. The primary offsetting factor is the limited absolute size of the company’s balance sheet, which makes it more susceptible to volatility.
HDFC has a track record of adequate operating performance, reporting profitable results in four of the past five fiscal years (FY 2021 – FY 2025). Under IFRS 17, the return on equity (ROE), as calculated by AM Best, for FY 2025 and FY 2024 was 4.4% and 5.2%, respectively. Recent underwriting performance of the company’s medical and group life portfolio has been more profitable, although incurred claims were marginally higher in FY 2025, following corrective actions, including improved risk selection taken by management, resulting in (net-net) combined ratios for the short-term portfolio, as calculated by AM Best, of 97.1% and 94.6% in FY 2025 and FY 2024, respectively. Investment income has been modest, albeit stable, indicative of the company’s low risk investment portfolio.
HDFC is a small (re)insurer by global standards, with insurance service revenue of USD 31.0 million at FY 2025. The company specialises in medical, short- and long-term life products and has started to expand into direct retail business in India. HDFC has good geographical diversification across Gulf Cooperation Council countries and has been able to enter the Hong Kong and India markets; however, concentration risk among the cedents within its reinsurance book remains high.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
DALLAS & FRANKLIN, Tenn.–(BUSINESS WIRE)–
The Insurance Collaboration to Save Lives (ICSL) announced a groundbreaking partnership with Envela Insurance, a platform built for independent agents. Their joint initiative, Life Is Personal, unites data, technology and human insight to help independent agents champion prevention alongside protection. Together, Envela and ICSL are redefining how insurance protects people, connecting financial security with better health outcomes.
The campaign connects insurance protection with preventive wellness, positioning independent agents as trusted advocates for healthier communities and more resilient workforces. By equipping agencies with credible health data, educational tools and engagement resources, Envela and ICSL extend the influence of the independent distribution network beyond traditional risk transfer.
“The next era of insurance isn’t reactive, it’s preventive. Through our partnership with ICSL, we’re making insurance more human, proving that prevention belongs at the heart of protection. Every policy represents a person, and when we help families take preventive steps, we’re not just protecting lives; we’re improving them. I’m honored to join ICSL’s Agent Advisory Council to help advance the mission to save a million lives.”— Ken Hampton, Founder and CEO, Envela Insurance
At the heart of this partnership is ICSL’s identification of five critical health trends driving elevated risks: cardiac and circulatory conditions, neurological and nervous system disorders, metabolic and digestive issues, cancer, and external causes such as accidents and injuries.
With U.S. Bureau of Labor Statistics data revealing more than five million more Americans are disabled compared to pre-pandemic, agents now have unprecedented opportunities to inform clients about these concerns and recommend tailored proactive steps—from lifestyle adjustments to specialized screenings. Through Life Is Personal, ICSL provides agencies with prevention toolkits, educational assets and access to discounted blood-testing opportunities tied to these five health drivers, enabling agents to support early detection and long-term well-being as part of a broader protection strategy.
“Five years after the end of the pandemic, Americans face an epidemic of health challenges-especially cancer, cardiac and circulatory conditions, and metabolic diseases. We are excited to partner with the innovators and insurance pioneers at Envela Insurance to drive awareness and empower agents to help their customers proactively address these serious health challenges,” said Josh Stirling, Founder and President of Insurance Collaboration to Save Lives. Stirling added, “For example, compared to pre-pandemic, many cancers have surged 10%-50%, cardiac and circulatory conditions are elevated 10%-30%, and metabolic diseases have spiked 10%-35%. These challenges present a great opportunity for agents to protect clients and communities like never before.”1
“’Life is Personal’ is a movement empowering agents to shine a spotlight on these critical health issues, forging generational trust by preventing crises before they strike—ensuring they’re the trusted family advisor in times of need and driving long-term retention for insurers,” said Richard Watts, Vice President of ICSL Board of Directors
“This partnership opens a vital door for insurance agents to step up as leaders in promoting better health outcomes within our communities,” said Mitch Bagley, Board Member at ICSL. “Envela’s dedication to improving insurance through personalized care makes them an ideal ally in our mission, aligning with our goal of saving one million lives.”
About Insurance Collaboration to Save Lives:
The Insurance Collaboration to Save Lives (ICSL) is a Texas-based 501(c)(3) nonprofit global initiative uniting the entire insurance industry through data-driven insights to deliver enhanced preventive health initiatives—empowering insurers, agents, and employers to advance preventative health initiatives. Our contributors and leadership are committed to transforming industry challenges into opportunities for enhancing health outcomes across society. (https://www.insurancecollaborationtosavelives.org/)
Envela Insurance is redefining how independent insurance is sold, serviced, and scaled. Founded by insurance professionals, Envela operates as a data-native platform that empowers agents with the freedom to grow and the tools to lead—blending innovation, transparency, and human connection. Headquartered in Franklin, Tennessee, Envela collaborates with leading carriers and is an active member of Trusted Choice and the Big “I.” The company proudly maintains an A rating from the Better Business Bureau and a 5-star Google rating for service and trust across the Southeast. (https://envelainsurance.com/)
Transamerica today announced the launch of Transamerica Financial Foundation IUL II Express (FFIUL II Express), an indexed universal life insurance product with 100% instant decision underwriting – making Transamerica one of the few carriers delivering immediate coverage decisions on multiple products. With instant underwriting decisions and coverage available in as little as a few minutes, FFIUL II Express is helping redefine how life insurance is delivered.
The launch of FFIUL II Express builds on the success of Transamerica’s FE Express SolutionSM, which features 100% instant-decision underwriting and has more than tripled in sales since its introduction. Now, through a strategic collaboration with Bestow, Transamerica is expanding its instant-decision capabilities to deliver a faster, more accessible experience for agents focused on high-volume sales. With few carriers offering instant-decision capabilities across their IUL portfolio, Transamerica continues to lead as a top five IUL provider in the U.S. The Bestow-integrated offering also enhances internal operations by reducing manual underwriting and streamlining new business processing—demonstrating Transamerica’s commitment to innovation and improving customer experience.
“FFIUL II Express simplifies the buying experience for today’s customers,” said Andrew DeMarco, head of Life Solutions at Transamerica. “It’s designed to make it easier for agents to represent our products and for families to secure the protection they need — quickly, confidently, and on their terms.”
FFIUL II Express offers coverage amounts ranging from $50,000 to $500,000 for individuals ages 18 to 70. The product features a fully digital application process, which begins with an illustration tailored to the client’s budget and coverage goals. Agents can also start the application directly, with responsive health and lifestyle questions, real-time underwriting decisions, and automatic progress saving. Remote signature options via text or email (PIN to Sign) and a streamlined agent dashboard make it easy to manage applications and policy delivery from start to finish, ensuring a seamless and efficient process for both agents and customers.
Clients can choose from a suite of index account options, including the Balanced Uncapped Index Account, Global Index Account, and two S&P 500® Index Accounts. With illustrated rates up to 7.25% and a guaranteed minimum interest rate of 0.75%, FFIUL II Express provides growth potential alongside long-term protection, offering a promising outlook for customers’ financial futures.
FFIUL II Express includes living benefit riders that may be automatically added based on the applicant’s eligibility. Eligibility for these benefits is determined during the application process and is based on factors such as age, health history, and risk class. The Chronic Illness and Critical Illness riders are designed to provide financial support in the event of a qualifying illness or life event. The riders may include Terminal Illness, Chronic Illness, Critical Illness, and Overloan Protection. The Concierge Planning benefit is available for policies with face amounts of $250,000 or more. Eligibility is determined during the application process and is based on factors such as age, health history, and risk class. Riders are only available at the time of issue and may be declined independently from the base policy.
A lot of clients are curious about insurance right now.
Howard Sharfman
The insurance industry doesn’t really have a seasonal ebb and flow, but the end of this year in particular has marked a flurry of conversations about planning.
Why now? First, many wealthy investors have newfound money from a year of market gains driven by strong business earnings and artificial intelligence-infused tech giants. Client risk exposures look very different than they did in January. Second, inflation has raised the cost of living. Larger benefits are needed to preserve a family’s lifestyle.
And finally, our profession has simply gotten better at surfacing these needs and reaching out to clients. Merrill Lynch, Morgan Stanley and other heavy hitters have learned to connect life insurance, disability and long-term care coverage to a client’s overall financial goals. They’re good at speaking to what is on a client’s mind.
And right now, a lot of high net worth families are interested in taking some chips off the table.
What drives insurance conversations
Families buy life insurance for three reasons. They owe someone, they love someone or they have tax exposure. Inflation touches all three. Higher debt levels and higher annual spending lift the capital required to support survivors. If a family once needed $100,000 a year and now needs $200,000, the amount needed doubles at the same assumed rate of return. That is why reviews are not optional in an inflationary period.
The most effective audits uncover real dollars hiding in coverage that no longer fits. For example, homeowners’ insurance and contents coverage can quietly drift upward as inflation adds to the rebuild cost. Most carriers peg coverage for the contents of those dwellings at around 70% of the building coverage. In markets where costs have surged, the formula can balloon the contents limit far beyond reality.
As a result, I have seen families with upwards of $10 million of personal property coverage for belongings worth a fraction of that amount. Adjusting the ratio to a realistic level frees up thousands of dollars in annual premiums without sacrificing meaningful protection.
Term policies are another area that deserves proactive review. The end of a guaranteed period can trigger premium spikes that catch clients off guard. Healthy clients can shop for new coverage, while those with changed health can often convert within the window.
Better choices and stronger client connections
Behavioral finance is as important here as math. After strong years, families often feel flush but uneasy. Redirecting a portion of those gains into permanent coverage through an appropriate structure, often inside an irrevocable life insurance trust, creates stability and calm. That coverage is noncorrelated, predictable, tax efficient and emotionally grounding.
That last part matters. I have seen families paralyzed with fear that is not proportionate to their financial reality. They are safe, but their market exposure and the size of their wealth make them feel imperiled. Clients who know their legacy is secure have the emotional breathing room to make more rational investment decisions through volatile periods.
This surge of fourth-quarter interest in life insurance and planning is also a great chance to bring the whole household, and potential heirs, into the conversation. Heirs often replace advisors who failed to prepare parents or families for estate taxes or care costs. The opposite is also true: when families receive a clear plan and the life insurance proceeds that cover the tax at death, loyalty extends across generations.
The advisor’s year-end playbook
Make a life insurance audit a standard part of every fourth quarter. It only takes 30 minutes to catch most issues.
Inventory: Gather every policy and confirm owners, payors, beneficiaries, riders and conversion features.
Re-underwrite the client: Note health updates, spending changes, liabilities and location-based risks.
Re-price and right-size: Adjust dwelling ratios, reappraise valuables and act on expiring term policies.
Redeploy savings: Use freed-up premium to address long-term care or permanent coverage gaps.
Document and communicate: Summarize findings and involve the next generation in the review.
Use plain language when presenting. Walk your clients through the changes to their lifestyle costs, how risk has shifted and opportunities to make modest reallocations to save money or build peace of mind tomorrow. Be insistent! Many clients need a nudge to act in their own long-term interest.
Financial advisors must have these conversations. If you don’t speak with your clients about their insurance, you can safely assume that another professional will. And odds are increasingly good that person also sells investment services. As always, you strengthen your client relationships by addressing the needs that are on your clients’ minds.
NEW YORK–(BUSINESS WIRE)–
New York Life, America’s largest1 mutual life insurer, today announced that Howard Grosfield, Group President of U.S. Consumer Services at American Express Company (NYSE: AXP), has joined the company’s board of directors, effective immediately. Grosfield will serve as a member of the board’s Audit and Insurance & Operations committees.
“Howard is a visionary leader with expertise in consumer financial services, digital innovation and large-scale business transformation,” said New York Life Chair, President & CEO Craig DeSanto. “His deep understanding of consumer needs and success in driving growth through technology-forward strategies will be a tremendous asset as we provide seamless experiences, unparalleled value and financial security to our clients.”
Grosfield is a member of the company’s Executive Committee and leads a global team responsible for all aspects of American Express’ U.S. Consumer Card portfolio, including American Express Travel, the Centurion Lounge network, Global Dining, U.S. Consumer Banking, and Amex Offers businesses. He also oversees Enterprise Technology Services, focused on accelerating the digital transformation of the company’s products and services, as well as the company’s Global Advertising and Brand Management and Corporate Development teams.
Over his more than two decades with American Express, Grosfield has held multiple senior leadership roles, including President of U.S. Consumer Services; Executive Vice President & General Manager of U.S. Consumer Marketing and Global Premium Services; and President & CEO of Amex Bank of Canada. Earlier in his career, he was a Principal at the Boston Consulting Group and practiced law with Osler in Toronto.
Grosfield holds a bachelor’s degree and LLB With Distinction from Western University in Canada.
ABOUT NEW YORK LIFE
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest1 mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance and other solutions. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.2
1Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/2/2025. For methodology, please see https://fortune.com/company/new-york-life-insurance/.
2Individual independent rating agency commentary as of 9/30/2025: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aa1), Standard & Poor’s (AA+).
