Financial research concept

Life Insurer Adjusted Premiums, Fees and Other Revenues

Adjusted premiums, fees and other revenues is an issuer-defined operating-revenue measure that removes specified items such as pension risk transfers from the reported revenue base.

By Lee BaileyPublished Sep 25, 2026

Research context

See what supports this page, how current it is, and where comparable or historical context is available.

Research date: Sep 25, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context: 20 connected conceptsPart of the reviewed Life Insurance & Annuity Economics; issuer definitions remain distinct where disclosed.
Company examples: 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.

The adjustment removes a lumpy retirement transaction class
The measure also feeds the expense-efficiency ratio
Adjusted revenue is not GAAP revenue
Part of the Life Insurance & Annuity Economics
See It in Company Research
Continue Research

Adjusted premiums, fees and other revenues is an issuer-defined operating revenue measure that removes specified items from the reported premium-and-fee base.

MetLife reported approximately $49.8 billion of adjusted premiums, fees and other revenues excluding pension risk transfers in 2025, up 5% from 2024.

The adjustment removes a lumpy retirement transaction class

Pension-risk-transfer deals can be very large and irregular from year to year.

Excluding them creates a denominator intended to better represent growth in the remaining insurance and fee businesses.

The measure also feeds the expense-efficiency ratio

MetLife uses adjusted premiums, fees and other revenues in the denominator of its Direct Expense Ratio.

Revenue normalization therefore affects both growth analysis and reported expense efficiency.

Adjusted revenue is not GAAP revenue

The calculation is company-defined and should be reconciled to reported premiums, fees and other revenues.

Do not infer total company revenue or cash receipts from the adjusted measure alone.

Primary source: MetLife 2025 results.

Part of the Life Insurance & Annuity Economics

Connect operating earnings, revenue and expense efficiency, investment income, retirement-risk-transfer volume, parent liquidity, statutory capital, and asset-liability management to understand diversified life-insurer economics.

Browse the full operating model in Company Analysis →

Where this concept fits

Operating earnings, revenue, and expense efficiencyCurrent relationship
Adjusted earnings and adjusted return on equity show management's view of operating profitability, while premiums, fees and other revenues and the adjusted revenue base provide scale. The direct expense ratio connects direct operating costs with that adjusted revenue base without making it equivalent to a property-and-casualty loss or combined ratio.
Adjusted EarningsAdjusted Premiums, Fees & Other RevenuesCurrent conceptAdjusted ROE Direct Expense Ratio Premiums, Fees & Other Revenues
Investment and retirement-risk economics
Net investment income, variable investment income, and net investment spread separate recurring portfolio earnings, more volatile investment returns, and spread economics. Pension risk transfer and longevity reinsurance sales add long-duration retirement liabilities through different transaction structures, while policyholder account balances and separate accounts show important liability and asset bases.
Longevity Reinsurance Sales Net Investment Income Pension Risk Transfer Sales Variable Investment Income Net Investment Spread Policyholder Account Balances Separate Accounts
Capital, liquidity, and asset-liability management
Free cash flow ratio and holding-company cash connect subsidiary earnings with parent-company liquidity, while statutory adjusted capital and the risk-based capital ratio describe regulated insurance capital. Duration mismatch, reinvestment risk, disintermediation risk, and market-value adjustments show how asset-liability structure can affect earnings, liquidity, and policyholder behavior.
Disintermediation Risk Duration Mismatch Free Cash Flow Ratio Holding Company Cash Risk-Based Capital Ratio Statutory Adjusted Capital Market Value Adjustment Reinvestment Risk

Disintermediation Risk
Duration Mismatch
Adjusted Earnings
Adjusted Premiums, Fees & Other RevenuesCurrent concept
Adjusted ROE
Direct Expense Ratio
Free Cash Flow Ratio
Holding Company Cash
Longevity Reinsurance Sales
Net Investment Income
Pension Risk Transfer Sales
Premiums, Fees & Other Revenues
Risk-Based Capital Ratio
Statutory Adjusted Capital
Variable Investment Income
Market Value Adjustment
Net Investment Spread
Policyholder Account Balances
Reinvestment Risk
Separate Accounts

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

METOpen operating-model research →20 of 20 reviewed concepts in Life Insurance & Annuity EconomicsOperating earnings, revenue, and expense efficiency5 of 5 bridge concepts supportedContinue through this bridge:Adjusted Earnings Adjusted ROE Direct Expense Ratio Premiums, Fees & Other Revenues

Continue Research

Continue from the concept into the Grizzly Bulls research surface that best matches the next question. These links are research continuations, not recommendations or required steps.

Continue Research

Compare normalized insurer revenue

Compare adjusted premiums and fees after separating lumpy pension-risk-transfer transactions from the recurring operating base.

Continue research

Explore more topics in the Financial Research Encyclopedia.