MetLife’s QQ3 2025 quarter (ended 2025-09-30) delivered solid operating discipline against a backdrop of a modest top-line decline. Revenue reached $17.361 billion, up modestly versus the prior quarter (+1.08% QoQ) but down year over year (-5.12% YoY). Operating income was $1.481 billion, marking a double‑digit QoQ improvement (+51.12%) but a sharper YoY decline (−25.73%), with net income of $0.896 billion and GAAP diluted EPS of $1.22–$1.23. The quarterly margin profile remained constructive, with an operating margin of 8.53%, a pretax margin of 6.97%, and a net margin of 5.16%. The company’s balance sheet continues to reflect a conservative risk posture: a debt ratio of 2.81%, debt/equity of 0.699, and substantial liquidity evidenced by cash per share of $30.44 and a broad capital base represented by a price-to-book ratio near 1.89 and a payout ratio around 42%. Valuation remains reasonable within the global life-insurer space (P/E ~15.3; EV multiple ~37x). While YoY earnings drift highlights some earnings headwinds, the sequential improvement in operating income and disciplined capital management support a cautiously constructive near-term outlook, contingent on macro rates and investment performance.