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SINGAPORE–(BUSINESS WIRE)–
AM Best is maintaining its stable outlook on the New Zealand life insurance segment, based in part on improving economic conditions, ongoing regulatory refinements that support market discipline, digitalisation efforts and robust capital adequacy levels among its insurers.

While there are indications that New Zealand’s economy is experiencing signs of a recovery, AM Best anticipates muted premium growth in the life insurance segment over the short-to-medium term. Persistent cost of living pressures, high household debt levels, and weak real wage growth continue to constrain discretionary spending on protection products.

According to the report, prolonged competitive pressures are expected to support product optimisation and promote heavier discounting and incentives for new customers. “These trends can erode new business margins and further increase lapse risk, which has been elevated in recent post-pandemic periods,” said Yi Ding, associate director, AM Best. “In addition, compliance and system investments linked to regulatory requirements continue to weigh on short-term profitability.”

The Financial Markets (Conduct of Institutions) Amendment Act 2022 (the CoFI Act), which took effect on 31 March 2025, requires insurers to operate under a fair conduct principle, ensuring policyholders are treated ethically and transparently throughout the product life cycle. Insurance companies have already absorbed substantial expenses to meet the IFRS 17 requirements, effective since January 2023. Now with CoFI implementation underway, insurers face further investment in governance frameworks, staff training, and technology to ensure compliance.

“Smaller insurers and those with large legacy portfolios are under greater pressure to modernise systems and strengthen oversight while maintaining profitability,” Ding said.

To access the full copy of this report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=359759.

AM Best will discuss New Zealand’s insurance industry in further detail at its Insurance Market Briefing – Auckland, which will take place at 3:30 p.m. (GMT+13) on Thursday, 13 November 2025, at Level 2/204 Quay Street, Auckland. Presentations and a Q&A session will run to 5:30 p.m. (NZDT); a networking reception will immediately follow. To register or for more information about the market briefing, please visit the event page and agenda here.

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.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Yi Ding

Associate Director, Analytics

+65 6303 5021

yi.ding@ambest.com

Victoria Ohorodnyk

Director, Head of Analytics

+65 6303 5020

victoria.ohorodnyk@ambest.com

Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

christopher.sharkey@ambest.com

Cynthia Ang

Senior Industry Research Analyst

+65 6303 5026

cynthia.ang@ambest.com

Source: AM Best

The post Best’s Market Segment Report: AM Best Maintains Stable Outlook on New Zealand’s Life Insurance Segment appeared first on Insurance News | InsuranceNewsNet.

Legal Advertisement MDK # 25-023745 STATE OF INDIANA IN THE BARTHOLOMEW SUPERIOR COURT #1 SS: COUNTY OF BARTHOLOMEW CAUSE NO. 03D01-2510-MF-005670 Brighthouse Life Insurance Company Plaintiff, vs. Patricia L. McClendon, et al. Defendants. NOTICE OF SUIT SUMMONS BY PUBLICATION TO: Patricia L. McClendon: BE IT KNOWN, that Brighthouse Life Insurance Company, the above-named Plaintiff, by its attorney, Nicholas M. Smith, has filed in the office of the Clerk of the Bartholomew Superior Court #1 its Complaint against Defendant Patricia L. McClendon, and the said Plaintiff having also filed in said Clerk’s office the affidavit of a competent person showing that the residence and whereabouts of the Defendant, Patricia L. McClendon, upon diligent inquiry is unknown, and that said cause of action is for default on the promissory note and to foreclose a mortgage on the following described real estate in Bartholomew County, State of Indiana, to wit: Lot Numbered Two Hundred Twenty-eight (228) in Fairlawn, Section Six, as recorded in Plat Book “F”, page 74, in the Office of the Recorder of Bartholomew County, Indiana. commonly known as 4120 Fairlawn Drive, Columbus, IN 47203. NOW, THEREFORE, said Defendant is hereby notified of the filing and pendency of said Complaint against them and that unless they appear and answer or otherwise defend thereto within thirty (30) days after the last notice of this action is published, judgment by default may be entered against said Defendant for the relief demanded in the Complaint. Dated Clerk, Bartholomew Superior Court #1 Nicholas M. Smith (31800-15) Stephanie A. Reinhart (25071-06) J. Dustin Smith (29493-06) Chris Wiley (26936-10) Attorneys for Plaintiff MDK LEGAL P.O. Box 165028 Columbus OH 43216-5028 Telephone: 614-220-5611 Facsimile: 614-220-5613 Email: [email protected] 60154648 hspaxlp (R) 11-05-12-19-2025

Featured Local Savings

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2025 NOV 07 (NewsRx) — By a News Reporter-Staff News Editor at Education Daily Report — According to news reporting originating from Washington, D.C., by NewsRx journalists, a trademark application has been made for “PEOPLE DRIVEN. OUTCOME FOCUSED.” by Christopher J. Hussin BOARDMAN & CLARK LLP, representing CMFG Life Insurance Company. This application was made available to the public on October 25, 2025.

The serial number for this application is 86271688.

The international trademark goods and services class codes for this trademark application are 035, 036 and 041.

As submitted by the applicant, this trademark application relates to the following goods and services:

• Financial administration of qualified and non-qualified retirement plans and investment platforms; financial retirement plan consulting; financial services, namely, providing financial advisory services and programs to advisors, employers and their employees, namely, analysis, advice, and recommendations on investment, products, retirement and life-event planning for financial investment purposes; providing online-financial services for advisors, employers and their employees, namely, providing an Internet website portal featuring financial information relating to personal accounts, providing financial information via global computer network and Internet, and providing on-line financial calculators; providing a web site featuring information in the field of fiduciary due diligence; providing a web site featuring information in the field of financial literacy;

• Consultation services in the business management of financial advisory practices; providing a web site featuring information in the field of business management of financial advisory practices;

• Education services, namely, classes, workshops, non-downloadable webinars, in the field of fiduciary due diligence and financial advisor practice management, and distribution of course materials in connection therewith in printed and electronic format; education services, namely, classes, workshops, non-downloadable webinars in the field of financial literacy, and distribution of course materials in connection therewith in printed and electronic format.

The registrar information for this application is: Christopher J. Hussin BOARDMAN & CLARK LLP, 1 S. Pinckney St., Ste. 410, MADISON, WI 53703, UNITED STATE��� Keywords for this news article include: Business, CMFG Life Insurance Company, Finance and Investment, Insurance Companies, Investment and Finance.

(Our reports deliver fact-based news of research and discoveries from around the world.)

The post An Application for the Trademark “PEOPLE DRIVEN. OUTCOME FOCUSED.” Has Been Filed by CMFG Life Insurance Company: CMFG Life Insurance Company appeared first on Insurance News | InsuranceNewsNet.

OLDWICK, N.J.–(BUSINESS WIRE)–
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the key life/health insurance and annuity operating subsidiaries of Wilton Re Ltd. (WRL) (Nova Scotia, Canada), collectively referred to as Wilton Re. AM Best also has affirmed the Long-Term ICR of “a-” (Excellent) of WRL. The outlook of these Credit Rating (ratings) is stable. (See below for a detailed listing of these companies and ratings).

The ratings reflect Wilton Re’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. The ratings also reflect implicit support from the ultimate parent company, Canada Pension Plan Investments Board (CPP Investments).

The rating affirmations reflect a continuation of Wilton Re’s very strong level of risk-adjusted capitalization on a consolidated GAAP basis, as measured by Best’s Capital Adequacy Ratio (BCAR), as well as strong capitalization among its U.S. statutory entities. Wilton Re has a track record of maintaining good financial flexibility through access to additional liquidity sources, including a bank credit facility, Federal Home Loan Bank membership, an external subordinated note, and an internal surplus note. The organization also has additional flexibility through its highly rated ultimate parent, CPP Investments. Wilton Re utilizes a variety of external investment managers to provide further expertise in the management of a more diversified invested asset portfolio, which has supported a trend of strong investment income and overall operating earnings.

Partially offsetting these positive rating factors is Wilton Re’s dependence on inbound block reinsurance deals; however, the group is selective through its use of risk management. Risk is moderated by the experienced management team maintaining strong relationships with counterparties. The group has gradually increased its allocation to private credit and real estate investments, and some structured securities, which presents some potential liquidity risk in stressed scenarios. This is managed by Wilton Re maintaining liquidity coverage ratios that are within tolerance for the current rating levels, across various time horizons, interest rate, default and equity return shocks. The group’s efficient capital management strategies have also been used to manage its financial leverage, which remains slightly below Wilton Re’s target.

A negative rating action could occur if there is a sustained decline in Wilton Re’s overall operating performance or balance sheet metrics, including risk-adjusted capitalization and quality of capital.

The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) have been affirmed with stable outlooks for the following life/health subsidiaries of Wilton Re:

• Wilton Reinsurance Bermuda Limited
• Wilton Reassurance Company
• Texas Life Insurance Company
• Wilton Reassurance Life Company of New York
• Wilcac Life Insurance Company

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.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Stratos Laskarides

Senior Financial Analyst

+1 908 882 1995

stratos.laskarides@ambest.com

Wayne Kaminski, FLMI, MBA

Associate Director

+1 908 882 1916

wayne.kaminski@ambest.com

Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

christopher.sharkey@ambest.com

Al Slavin

Senior Public Relations Specialist

+1 908 882 2318

al.slavin@ambest.com

Source: AM Best

The post AM Best Affirms Credit Ratings of Wilton Re Ltd. and Its Subsidiaries appeared first on Insurance News | InsuranceNewsNet.

NEW YORK–(BUSINESS WIRE)–
KBRA removed from Watch Developing and affirmed the A- insurance financial strength ratings (IFSRs) of S.USA Life Insurance Company, Inc., National Western Life Insurance Company, SBLI USA Life Insurance Company, Shenandoah Life Insurance Company, and Prosperity Life Assurance Limited with Stable Outlooks. KBRA assigned a BBB- Issuer rating to JAB Holdings UK Ltd. with a Stable Outlook. The BBB- Issuer rating of Prosperity Group Holdings, LP (PGH) was removed from Watch Developing, affirmed with a Developing Outlook and subsequently withdrawn due to the reorganization of this entity following the closing of the acquisition transaction.

Key Credit Considerations

The removal of the Watch Developing Status and affirmation of the ratings are based on Prosperity’s experienced management team that is further enhanced with JAB Holding Company’s expert insurance segment leadership, broad access to financial flexibility and long-term capital, solid capitalization, relatively stable liabilities, risk management that continues to mature, and Prosperity achieving scale through its acquisition of National Western in mid-2024. Due to the inter-generational structure of JAB Holding Company, its investment in Prosperity is long-term and JAB plans to provide ongoing capital support to Prosperity’s build-out as needed. Historically JAB Holding Company’s investments were focused on various consumer sectors. More recently, JAB made the strategic decision to diversify into the life and annuity industry, which it views as a defensive and lower-risk sector with attractive profit dynamics. Prosperity represents JAB’s entry into the sector, and it is expected to be a foundational part of JAB’s strategy to build a global life/annuity business at scale. JAB Holding Company has ~$70 billion in assets, including JAB Insurance.

Balancing these strengths are ongoing execution risk related to Prosperity’s continued organizational build out and the acquisition by JAB, ongoing systems and risk management investments, rapid growth and its recent large acquisition of NWL. KBRA views the company’s enterprise risk management (ERM) as appropriate for its current stage of development and, while acknowledging material enhancements to-date, also notes that ERM needs to continue to mature to keep pace with the company’s ongoing transformation and growth. New business strain and business-investment costs have been constraints on profitability, but strain is nearing an inflection point and major costs related to investments in the business are expected to sunset in future years. Other factors offsetting strengths include highly competitive targeted organic and inorganic markets, and material reliance on third parties such as its owner and credit facility providers for near-term cash resources at Prosperity’s holding companies.

Rating Sensitivities

Factors that could positively impact the rating include enhanced levels and consistency of earnings and profitability materially ahead of plan while maintaining strong capitalization, enhanced balance in business mix profile, demonstrated in product reserves and earnings as well as in geographic mix of premiums, enhanced market position in its targeted organic markets, solidified market position in M&A/Reinsurance, development of material financial resources available to the holding company beyond additional borrowings or JAB capital contributions, and development of material, sustained capital cushions at each (re)insurer.

Factors that could negatively impact the rating include strategic plan execution that materially lags expected milestones under its new ownership, any material negative change to Prosperity’s risk profile, lack of continued ERM maturation consistent with Prosperity’s growth and transformation, inability to further outrun new business strain resulting in profitability materially behind plan, material evidence of a decline in JAB’s commitment to Prosperity, and lack of development of financial resources available to the holding company beyond additional borrowings or JAB capital contributions.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

• Insurance: Insurer & Insurance Holding Company Global Rating Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1012091

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Analytical Contacts

Donna Halverstadt, Managing Director (Lead Analyst)

+1 646-731-3352

donna.halverstadt@kbra.com

Carol Pierce, Senior Director

+1 646-731-3307

carol.pierce@kbra.com

Lewis Delosa, Director

+1 646-731-2312

lewis.delosa@kbra.com

Peter Giacone, Senior Managing Director (Rating Committee Chair)

+1 646-731-2407

peter.giacone@kbra.com

Business Development Contact

Tina Bukow, Managing Director

+1 646-731-2368

tina.bukow@kbra.com

Source: Kroll Bond Rating Agency, LLC

The post KBRA Assigns Rating to JAB Holdings UK Ltd. and Affirms Ratings for Prosperity Subsidiaries Following Acquisition by JAB Holding Company appeared first on Insurance News | InsuranceNewsNet.

• Announced entry into a definitive merger agreement earlier today under which an affiliate of Aquarian Capital LLC (“Aquarian Capital”) will acquire Brighthouse Financial for $70.00 per share in an all-cash transaction valued at approximately $4.1 billion
• Estimated combined risk-based capital (“RBC”) ratio between 435% and 455%; holding company liquid assets of $1.0 billion
• Annuity sales of $2.7 billion, primarily driven by record sales of Shield Level Annuities
• Life sales of $38 million, primarily driven by sales of Brighthouse SmartCare
• Net income available to shareholders of $453 million, or $7.89 per diluted share
• Adjusted earnings, less notable items*, of $261 million, or $4.54 per diluted share

CHARLOTTE, N.C.–(BUSINESS WIRE)–
Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today its financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Results

The company reported net income available to shareholders of $453 million in the third quarter of 2025, or $7.89 per diluted share, compared with net income available to shareholders of $150 million in the third quarter of 2024, or $2.47 per diluted share. The company anticipates volatility in net income (loss) given the differences between its hedge target and GAAP reserves, which are impacted by market performance.

In the third quarter of 2025, the company completed its GAAP annual actuarial review where it reviews its long-term assumptions. This resulted in a net favorable impact to net income available to shareholders of $316 million. As part of this review, the company increased its long-term mean reversion interest rate assumption for the 10-year U.S. Treasury from 4.00% to 4.50% and updated its policyholder behavior assumptions.

The company ended the third quarter of 2025 with common stockholders’ equity (“book value”) of $4.7 billion, or $81.60 per common share, and book value, excluding accumulated other comprehensive income (“AOCI”) of $8.7 billion, or $151.94 per common share.

For the third quarter of 2025, the company reported adjusted earnings* of $970 million, or $16.87 per diluted share, compared with adjusted earnings of $767 million, or $12.58 per diluted share, for the third quarter of 2024.

Adjusted earnings for the quarter reflect $709 million of net favorable notable items, or $12.33 per diluted share, related to the annual actuarial review and other insurance adjustments.

Corporate expenses in the quarter were $205 million, up from $203 million in the third quarter of 2024 and up from $202 million in the second quarter of 2025, all on a pre-tax basis.

The company’s annuity sales increased 8% quarter-over-quarter and 5% sequentially, driven by record sales of Shield Level Annuities and higher sales of fixed annuities. While third quarter year-to-date total annuity sales decreased 3%, sales of Shield Level Annuities were up 3% compared with the same period in 2024. Life sales increased 27% quarter-over-quarter, 15% sequentially and 23% year-to-date through the third quarter compared with same period in 2024.

“Brighthouse Financial delivered solid results in the quarter as we continued to execute our strategy,” said Eric Steigerwalt, president and CEO, Brighthouse Financial. “In addition to producing strong sales, including achieving another record quarter for sales of our flagship Shield annuity products, we completed the separation of our legacy VA and first-generation Shield business, and ended the quarter with an estimated combined RBC ratio of 435% to 455%, at the upper end of our target range of 400% to 450% in normal market conditions.”

“We believe the transaction with Aquarian Capital that we announced today will deliver clear and compelling value to our stockholders, while positioning Brighthouse Financial to continue pursuing growth opportunities and advancing our mission of helping people achieve financial security,” Steigerwalt added.

Annuities

Adjusted earnings in the Annuities segment were $304 million in the current quarter, compared with adjusted earnings of $327 million in the third quarter of 2024 and adjusted earnings of $332 million in the second quarter of 2025.

The current quarter included a $7 million unfavorable notable item and the third quarter of 2024 included a $20 million favorable notable item, both related to the annual actuarial review and other insurance adjustments completed in the respective quarters. There were no notable items in the second quarter of 2025.

On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect higher net investment income, partially offset by lower fees and a lower underwriting margin. On a sequential basis, adjusted earnings, less notable items, reflect lower fees and a lower underwriting margin, partially offset by higher net investment income.

As mentioned above, the company’s annuity sales increased 8% quarter-over-quarter and 5% sequentially, driven by record sales of Shield Level Annuities and higher sales of fixed annuities. While third quarter year-to-date total annuity sales decreased 3%, sales of Shield Level Annuities were up 3% compared with the same period in 2024.

Life

The Life segment had adjusted earnings of $40 million in the current quarter, compared with an adjusted loss of $25 million in the third quarter of 2024 and an adjusted loss of $26 million in the second quarter of 2025.

The current quarter included an $11 million favorable notable item and the third quarter of 2024 included a $66 million unfavorable notable item, both related to the annual actuarial review and other insurance adjustments completed in the respective quarters. There were no notable items in the second quarter of 2025.

On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect higher expenses and a lower underwriting margin. On a sequential basis, adjusted earnings, less notable items, reflect a higher underwriting margin and higher net investment income, partially offset by higher expenses.

As mentioned above, the company’s life sales increased 27% quarter-over-quarter, 15% sequentially and 23% year-to-date through the third quarter compared with same period in 2024.

Run-off

The Run-off segment had adjusted earnings of $641 million in the current quarter, compared with adjusted earnings of $463 million in the third quarter of 2024 and an adjusted loss of $83 million in the second quarter of 2025.

The current quarter included a $705 million favorable notable item and the third quarter of 2024 included a $570 million favorable notable item, both related to the annual actuarial review and other insurance adjustments completed in the respective quarters. There were no notable items in the second quarter of 2025.

On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect a higher underwriting margin, higher net investment income and lower expenses. On a sequential basis, adjusted earnings, less notable items, reflect a higher underwriting margin and higher net investment income, partially offset by higher expenses.

Corporate & Other

The Corporate & Other segment had an adjusted loss of $15 million in the current quarter, compared with adjusted earnings of $2 million in the third quarter of 2024 and an adjusted loss of $25 million in the second quarter of 2025.

There were no notable items in the current quarter or the comparison quarters.

On a quarter-over-quarter basis, the adjusted loss reflects lower net investment income and a lower tax benefit, partially offset by lower expenses. On a sequential basis, the adjusted loss reflects lower expenses and a higher tax benefit, partially offset by lower net investment income.

Net Investment Income

Net investment income was $1,334 million and adjusted net investment income* was $1,327 million in the current quarter.

Adjusted net investment income increased $33 million on a quarter-over-quarter basis and $35 million sequentially. The quarter-over-quarter and sequential increases were primarily driven by higher alternative investment income.

The adjusted net investment income yield* was 4.40% during the quarter.

Capitalization

As of September 30, 2025:

• Statutory combined total adjusted capital⁽¹⁾ was $5.4 billion
• Estimated combined RBC ratio⁽¹⁾ was between 435% and 455%, which is at the upper end of our target range of 400% to 450% in normal market conditions
• RBC ratio benefited from a reduction in risk charges associated with successful completion of separation of VA and first-generation Shield business, which included:
  • Product specific hedge targets, which are managed within tight risk tolerances
  • Opportunistic shift to a risk neutral framework
  • Continued optimization of asset-liability alignment within VA/Shield models
• Holding company liquid assets were $1.0 billion

2025 year-end expectation:

• Currently in process of conducting 2025 statutory annual actuarial review
  • Anticipate annual actuarial review will result in an increase to our statutory reserves
  • Expect to remain within our combined RBC ratio target range of 400% to 450% in normal market conditions at year-end of 2025, without contributing capital to our insurance subsidiaries

Earnings Conference Call Canceled

As previously announced, given the transaction with Aquarian Capital announced earlier today, the company will not be hosting a conference call and audio webcast to discuss its financial results for the third quarter ended September 30, 2025.

About Brighthouse Financial, Inc.

Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq: BHF) is on a mission to help people achieve financial security. As one of the largest providers of annuities and life insurance in the U.S.,⁽¹⁾ we specialize in products designed to help people protect what they’ve earned and ensure it lasts. Learn more at brighthousefinancial.com.

Note Regarding Forward-Looking Statements

This press release, and any related oral statements, contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. Words such as “estimate,” “expect,” “project,” “may,” “will,” “could,” “intend,” “goal,” “target,” “guidance,” “forecast,” “preliminary,” “objective,” “continue,” “aim,” “plan,” “believe” and similar expressions or the negative of those expressions or verbs, identify forward-looking statements. Readers are cautioned that these statements are not guarantees of future performance. Forward-looking statements are not historical facts but instead represent only Brighthouse Financial’s beliefs regarding future events, which may by their nature be inherently uncertain, and some of which may be outside Brighthouse Financial’s control.

Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors include, among others, differences between actual experience and actuarial assumptions and the effectiveness of Brighthouse Financial’s actuarial models; higher risk management costs and exposure to increased market risk due to guarantees within certain of Brighthouse Financial’s products; the effectiveness of Brighthouse Financial’s risk management strategy and the impacts of such strategy on volatility in Brighthouse Financial’s profitability measures and the negative effects on Brighthouse Financial’s statutory capital; material differences between actual outcomes and the sensitivities calculated under certain scenarios that Brighthouse Financial may utilize in connection with its risk management strategies; the impact of interest rates on Brighthouse Financial’s future ULSG policyholder obligations and net income volatility; the potential material adverse effect of changes in accounting standards, practices or policies applicable to Brighthouse Financial, including changes in the accounting for long-duration contracts; loss of business and other negative impacts resulting from a downgrade or a potential downgrade in Brighthouse Financial’s financial strength or credit ratings; the availability of reinsurance and the ability of the counterparties to Brighthouse Financial’s reinsurance or indemnification arrangements to perform their obligations thereunder; heightened competition, including with respect to service, product features, product mix, scale, price, actual or perceived financial strength, claims-paying ratings, credit ratings, e-business capabilities and name recognition; Brighthouse Financial’s ability to market and distribute its products through distribution channels and maintain relationships with key distribution partners; any failure of third parties to provide services Brighthouse Financial needs, any failure of the practices and procedures of such third parties and any inability to obtain information or assistance it needs from third parties; the ability of Brighthouse Financial’s subsidiaries to pay dividends to it, and its ability to pay dividends to its shareholders and repurchase its common stock; the risks associated with climate change; the adverse impact of public health crises, extreme mortality events or similar occurrences on Brighthouse Financial’s business and the economy in general; the impact of adverse capital and credit market conditions, including with respect to Brighthouse Financial’s ability to meet liquidity needs and access capital; the impact of economic conditions in the capital markets and the U.S. and global economy, as well as geopolitical events, tariffs imposed or threatened by the U.S. or foreign governments, military actions or catastrophic events, on Brighthouse Financial’s profitability measures as well as its investment portfolio, including on realized and unrealized losses and impairments, net investment spread and net investment income; the financial risks that Brighthouse Financial’s investment portfolio is subject to, including credit risk, interest rate risk, inflation risk, market valuation risk, liquidity risk, real estate risk, derivatives risk, and other factors outside Brighthouse Financial’s control; the impact of changes in regulation and in supervisory and enforcement policies or interpretations thereof on Brighthouse Financial’s insurance business or other operations; the potential material negative tax impact of potential future tax legislation that could make some of Brighthouse Financial’s products less attractive to consumers or increase our tax liability; the effectiveness of Brighthouse Financial’s policies, procedures and processes in managing risk; the loss or disclosure of confidential information, damage to Brighthouse Financial’s reputation and impairment of its ability to conduct business effectively as a result of any failure in cyber- or other information security systems; whether all or any portion of the tax consequences of Brighthouse Financial’s separation from MetLife, Inc. are not as expected, leading to material additional taxes or material adverse consequences to tax attributes that impact Brighthouse Financial; Brighthouse Financial’s ability to complete the merger on the timeframe or in the manner currently anticipated or at all, including due to a failure to obtain the regulatory approvals required for the closing of the merger or the occurrence of any event, change or other circumstance that could give rise to the right of one or both of the parties to terminate the merger agreement; the effect of the pendency of the merger on Brighthouse Financial’s ongoing business and operations, including disruption to Brighthouse Financial’s business relationships, the diversion of management’s attention from ongoing business operations and opportunities, or the outcome of any legal proceedings that may be instituted against Aquarian Capital or Brighthouse Financial following announcement of the merger; restrictions on the conduct of Brighthouse Financial’s business prior to the closing of the merger and on Brighthouse Financial’s ability to pursue alternatives to the merger; the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; other factors that may affect future results of Brighthouse Financial; and management’s response to any of the aforementioned factors.

Furthermore, such forward-looking statements speak only as of the date of this press release. Except as required by law, the parties undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Risks or uncertainties (i) that are not currently known to the parties, (ii) that the parties currently deem to be immaterial or (iii) that could apply to any company could also materially adversely affect the future results of Brighthouse Financial. Additional information concerning certain factors is contained in Brighthouse Financial’s SEC filings, including but not limited to its most recent Annual Report on Form 10-K, as well as subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

The information contained on or connected to any websites referenced in this press release is not incorporated by reference into this press release.

Non-GAAP and Other Financial Disclosures

Our definitions of non-GAAP and other financial measures may differ from those used by other companies.

Non-GAAP Financial Disclosures

We present certain measures of our performance that are not calculated in accordance with accounting principles generally accepted in the United States of America, also known as “GAAP.” We believe that these non-GAAP financial measures enhance the understanding of our performance by the investor community by highlighting the results of operations and the underlying profitability drivers of our business.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

Reconciliations to the most directly comparable historical GAAP measures are included for those measures which are presented herein. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable efforts 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 (loss) available to shareholders.

Adjusted Earnings, Adjusted Revenues and Adjusted Expenses

Adjusted earnings is a financial measure used by management to evaluate performance and facilitate comparisons to industry results. This financial measure, which may be positive or negative, focuses on our primary businesses by excluding the impact of market volatility, which could distort trends. Adjusted earnings was updated during the first quarter of 2025 in connection with the establishment of a trading portfolio comprised of certain fixed income securities. The company did not have trading securities prior to the first quarter of 2025.

Adjusted earnings reflect adjusted revenues less (i) adjusted expenses, (ii) provision for income tax expense (benefit), (iii) net income (loss) attributable to noncontrolling interests and (iv) preferred stock dividends. Provided below are the adjustments to GAAP revenues and GAAP expenses used to calculate adjusted revenues and adjusted expenses, respectively.

The following items are excluded from total revenues in calculating the adjusted revenues component of adjusted earnings:

• Net investment gains (losses);
• Investment gains (losses) on trading securities measured at estimated fair value through net investment income; and
• Net derivative gains (losses) (“NDGL”), excluding earned income 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”).

The following items are excluded from total expenses in calculating the adjusted expenses component of adjusted earnings:

• Change in market risk benefits; and
• Change in fair value of the crediting rate on experience-rated contracts and market value adjustments on institutional group annuities that are economically offset by gains (losses) on the related trading securities (“Market Value Adjustments”).

The provision for income tax related to adjusted earnings is calculated using the statutory tax rate of 21%, net of impacts related to the dividends received deduction, tax credits and current period non-recurring items.

Consistent with GAAP guidance for segment reporting, adjusted earnings is also our GAAP measure of segment performance.

Adjusted Earnings per Common Share and Adjusted Return on Common Equity

Adjusted earnings per common share and adjusted return on common equity are measures used by management to evaluate the execution of our business strategy and align such strategy with our shareholders’ interests.

Adjusted earnings per common share is defined as adjusted earnings for the period divided by the weighted average number of fully diluted shares of common stock outstanding for the period. The weighted average common shares outstanding used to calculate adjusted earnings per share will differ from such shares used to calculate diluted net income (loss) available to shareholders per common share when the inclusion of dilutive shares has an anti-dilutive effect for one calculation but not for the other.

Adjusted return on common equity is defined as total annual adjusted earnings on a four quarter trailing basis, divided by the simple average of the most recent five quarters of total Brighthouse Financial, Inc.’s common stockholders’ equity, excluding AOCI.

Adjusted Net Investment Income

Adjusted net investment income is used by management to measure our performance, and we believe it enhances the understanding of our investment portfolio results. Adjusted net investment income represents GAAP net investment income plus Investment Hedge Adjustments less investment gains (losses) on trading securities.

Adjusted Net Investment Income Yield

Similar to adjusted net investment income, adjusted net investment income yield is used by management as a performance measure that we believe enhances the understanding of our investment portfolio results. Adjusted net investment income yield represents adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets and collateral received from derivative counterparties. Investment fee and expense yields are calculated as a percentage of average quarterly asset estimated fair values. Asset estimated fair values exclude collateral received in connection with our securities lending program, freestanding derivative assets and collateral received from derivative counterparties.

Other Financial Disclosures

Corporate Expenses

Corporate expenses includes functional department expenses, public company expenses, certain investment expenses, retirement funding and incentive compensation.

Notable Items

Certain of the non-GAAP measures described above may be presented further adjusted to exclude notable items. Notable items reflect the unfavorable (favorable) after-tax impact on our results of certain unanticipated items and events, as well as certain items and events that were anticipated. The presentation of notable items and non-GAAP measures, less notable items is intended to help investors better understand our results and to evaluate and forecast those results.

Book Value per Common Share and Book Value per Common Share, excluding AOCI

Brighthouse uses the term “book value” to refer to “Brighthouse Financial, Inc.’s common stockholders’ equity, including AOCI.” Book value per common share is defined as ending Brighthouse Financial, Inc.’s common stockholders’ equity, including AOCI, divided by ending common shares outstanding. Book value per common share, excluding AOCI, is defined as ending Brighthouse Financial, Inc.’s common stockholders’ equity, excluding AOCI, divided by ending common shares outstanding.

CTE70

CTE70 is defined as the amount of assets required to satisfy contract holder obligations across market environments in the average of the worst thirty percent of a set of capital market scenarios over the life of the contracts.

CTE98

CTE98 is defined as the amount of assets required to satisfy contract holder obligations across market environments in the average of the worst two percent of a set of capital market scenarios over the life of the contracts.

Holding Company

Holding company means, collectively, Brighthouse Financial, Inc., Brighthouse Holdings, LLC, and Brighthouse Services, LLC.

Holding Company Liquid Assets

Holding company liquid assets include liquid assets in Brighthouse Financial, Inc., Brighthouse Holdings, LLC, and Brighthouse Services, LLC. Liquid assets are comprised of 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 assets held in trust.

Total Adjusted Capital

Total adjusted capital primarily consists of statutory capital and surplus, as well as the statutory asset valuation reserve. When referred to as “combined,” represents that of our insurance subsidiaries as a whole.

Sales

Life insurance sales consist of 100 percent of annualized new premium for term life, first-year paid premium for whole life, universal life, and variable universal life, and total paid premium for indexed universal life. We exclude company-sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life.

Annuity sales consist of 100 percent of direct statutory premiums, except for fixed index annuity sales, which represents 100 percent of gross sales on directly written business and the proportion of assumed gross sales under reinsurance agreements. Annuity sales exclude certain internal exchanges. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

Normalized Statutory Earnings (Loss)

Normalized statutory earnings (loss) is used by management to measure our insurance companies’ ability to pay future distributions and incorporates the effectiveness of our hedging program as well as other factors related to our business. Normalized statutory earnings (loss) is calculated as statutory pre-tax net gain (loss) from operations adjusted for the favorable or unfavorable impacts of (i) net realized capital gains (losses) before capital gains tax (excluding gains (losses) and taxes transferred to the interest maintenance reserve), (ii) the change in total asset requirement at CTE98, net of the change in our variable annuity reserves, which are calculated at CTE70, and (iii) pre-tax unrealized gains (losses) associated with our variable annuities and Shield hedges, net of reinsurance, and other equity risk management strategies. Normalized statutory earnings (loss) may be further adjusted for certain unanticipated items that impact our results in order to help management and investors better understand, evaluate and forecast those results.

Risk-Based Capital Ratio

The risk-based capital ratio is a method of measuring an insurance company’s capital, taking into consideration its relative size and risk profile, in order to ensure compliance with minimum regulatory capital requirements set by the National Association of Insurance Commissioners. When referred to as “combined,” represents that of our insurance subsidiaries as a whole. The reporting of our combined risk-based capital ratio is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

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FOR INVESTORS
Dana Amante

(980) 949-3073

damante@brighthousefinancial.com

FOR MEDIA
Meghan Lantier

(980) 949-4142

mlantier@brighthousefinancial.com

Source: Brighthouse Financial, Inc.

The post Brighthouse Financial Announces Third Quarter 2025 Results appeared first on Insurance News | InsuranceNewsNet.

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).

TC852245916(1025)1

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Beth Rusnock, corporate communications, National Life Group, 802-522-4067

Source: National Life Group

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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.

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 talent and 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.

© Entire contents copyright 2025 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.

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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.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251105306280/en/

Guilherme Monteiro Simoes, CFA Senior Financial Analyst

+1 908 882 2317

guy.simoes@ambest.com

Gregory Dickerson

Director

+1 908 882 1737

gregory.dickerson@ambest.com

Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

christopher.sharkey@ambest.com

Al Slavin

Senior Public Relations Specialist

+1 908 882 2318

al.slavin@ambest.com

Source: AM Best

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NEW YORK–(BUSINESS WIRE)– MetLife, Inc. (NYSE: MET) today announced its third quarter 2025 results.

Third Quarter 2025 Summary

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

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

Business Discussions

GROUP BENEFITS

• 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

• 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

• 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

• 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

• 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

• Adjusted earnings were $203 million, up 12 percent.
• Excluding notable items, adjusted earnings were $190 million, up 12 percent, primarily reflecting higher variable investment income.
• Adjusted PFOs were $729 million, down 8 percent, largely due to continued run-off of the business. 

CORPORATE & OTHER

• 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

• 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

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:

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.
• Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.
• 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:

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.