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Historical Results*
Financial Supplement

Presented in a Revised Format
for the Quarters Ended
December 31, 2024, March 31, 2025,
June 30, 2025 and September 30, 2025
and the Year Ended December 31, 2024

Presented to Conform with the Presentation
Adopted for the Fourth Quarter 2025 Financial Supplement


















*See MetLife, Inc.'s Form 8-K dated January 9, 2026 for further information.

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METLIFE
TABLE OF CONTENTS
 
 
 
 
 
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METLIFE
As used in this QFS, “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe 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 its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Revenues
Premiums$12,617 $11,723 $10,810 $10,555 $44,945 
Universal life and investment-type product policy fees1,217 1,229 1,259 1,247 4,974 
Net investment income5,405 4,885 5,661 6,089 21,273 
Other revenues641 687 679 724 2,601 
Net investment gains (losses)(311)(387)(273)(325)(1,184)
Net derivative gains (losses)(903)432 (796)(929)(1,623)
Total revenues18,666 18,569 17,340 17,361 70,986 
Expenses
Policyholder benefits and claims12,572 11,806 10,767 10,369 44,728 
Policyholder liability remeasurement (gains) losses(42)(31)5 (159)(206)
Market risk benefit remeasurement (gains) losses(764)299 (277)(263)(1,109)
Interest credited to policyholder account balances2,012 1,647 2,400 2,561 8,339 
Policyholder dividends150 144 146 134 595 
Amortization of DAC, VOBA and negative VOBA517 519 528 522 2,021 
Interest expense on debt259 258 269 271 1,037 
Other expenses, net of capitalization of DAC2,581 2,573 2,522 2,716 9,959 
Total expenses17,285 17,215 16,360 16,151 65,364 
Income (loss) before provision for income tax1,381 1,354 980 1,210 5,622 
Provision for income tax expense (benefit)106 404 245 308 1,178 
Net income (loss) 1,275 950 735 902 4,444 
Less: Net income (loss) attributable to noncontrolling interests4 5 6 6 18 
Net income (loss) attributable to MetLife, Inc.1,271 945 729 896 4,426 
Less: Preferred stock dividends32 66 31 66 200 
 Preferred stock redemption premium — — — 12 — 
Net income (loss) available to MetLife, Inc.'s common shareholders$1,239 $879 $698 $818 $4,226 
Premiums, fees and other revenues$14,475 $13,639 $12,748 $12,526 $52,520 
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METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Net income (loss) available to MetLife, Inc.'s common shareholders$1,239 $879 $698 $818 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (311)(387)(273)(325)
Less: Net derivative gains (losses)(903)432 (796)(929)
Less: Market risk benefit remeasurement gains (losses)764 (299)277 263 
Less: Goodwill impairment— — — — 
Less: Other adjustments to net income (loss) (1)(118)(234)(61)20 
Less: Provision for income tax (expense) benefit 352 23 195 223 
Add: Net income (loss) attributable to noncontrolling interests4 5 6 6 
Add: Preferred stock redemption premium— — — 12 
Adjusted earnings available to common shareholders1,459 1,349 1,362 1,584 
Less: Total notable items (2)10 — — 18 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,449 $1,349 $1,362 $1,566 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$1.78 $1.28 $1.03 $1.22 
Less: Net investment gains (losses)(0.45)(0.56)(0.40)(0.49)
Less: Net derivative gains (losses)(1.29)0.63 (1.18)(1.39)
Less: Market risk benefit remeasurement gains (losses)1.09 (0.44)0.41 0.39 
Less: Goodwill impairment— — — — 
Less: Other adjustments to net income (loss)(0.15)(0.33)(0.10)0.04 
Less: Provision for income tax (expense) benefit0.50 0.03 0.29 0.33 
Add: Net income (loss) attributable to noncontrolling interests0.01 0.01 0.01 0.01 
Add: Preferred stock redemption premium— — — 0.02 
Adjusted earnings available to common shareholders per diluted common share 2.09 1.96 2.02 2.37 
Less: Total notable items per diluted common share (2)0.01 — — 0.03 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$2.08 $1.96 $2.02 $2.34 
For the Three Months Ended
Unaudited (In millions, except per share data)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$— $— $— $89 
Litigation reserves and settlement costs(47)— — — 
Tax adjustments 57 — — (71)
Total notable items $10 $— $— $18 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$— $— $— $0.13 
Litigation reserves and settlement costs(0.07)— — — 
Tax adjustments0.08 — — (0.11)
Total notable items $0.01 $— $— $0.03 
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Weighted average common shares outstanding - diluted697.9 687.0 675.0 669.1 
(1)See Pages A-1 and A-7 for further detail.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. 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. See Pages A-2 and A-3 for further detail.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.
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METLIFE
CORPORATE OVERVIEW (CONTINUED)
UnauditedDecember 31, 2024March 31, 2025June 30, 2025September 30, 2025
Book value per common share (1) $34.28 $35.16 $35.79 $39.52 
Adjusted book value per common share (1)$54.81 $55.01 $56.23 $56.57 
For the Three Months Ended
UnauditedDecember 31, 2024March 31, 2025June 30, 2025September 30, 2025
Return on MetLife, Inc.'s (2):
Common stockholders' equity 19.6 %14.9 %11.7 %13.1 %
Adjusted return on MetLife, Inc.'s (2):
Adjusted common stockholders' equity15.4 %14.4 %14.6 %16.9 %
Adjusted common stockholders' equity, excluding total notable items (3)
15.3 %14.4 %14.6 %16.7 %
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Common shares outstanding, beginning of period693.7 689.2 673.3 666.8 
Share repurchases (4.6)(17.0)(6.5)(6.3)
Newly issued shares0.1 1.1 — 0.2 
Common shares outstanding, end of period 689.2 673.3 666.8 660.7 
Weighted average common shares outstanding - basic693.0 682.3 670.8 664.7 
Dilutive effect of the exercise or issuance of stock-based awards 4.9 4.7 4.2 4.4 
Weighted average common shares outstanding - diluted697.9 687.0 675.0 669.1 
MetLife Policyholder Trust Shares111.6 110.1 108.6 107.4 
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 for further detail.
(3)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 can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.

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METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Total revenues$18,666 $18,569 $17,340 $17,361 $70,986 
Less: Adjustments to total revenues:
Net investment gains (losses)(311)(387)(273)(325)(1,184)
Net derivative gains (losses)(903)432 (796)(929)(1,623)
Investment hedge adjustments(127)(103)(102)(100)(604)
Asymmetrical and non-economic accounting, excluding Investment hedge adjustments
34 36 42 78 158 
Unit-linked contract income
183 (227)498 580 1,091 
Reinsurance activity
31 43 47 177 31 
Other
5 (57)— (23)34 
Divested businesses
16 5 3 2 32 
Total adjusted revenues$19,738 $18,827 $17,921 $17,901 $73,051 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Net investment income$5,405 $4,885 $5,661 $6,089 $21,273 
Less: Adjustments to net investment income:
Investment hedge adjustments(127)(103)(102)(100)(604)
Unit-linked contract income
183 (227)498 580 1,091 
Reinsurance activity
31 43 47 177 31 
Other
16 (42)16 (8)82 
Divested businesses 1 1 — — 1 
Adjusted net investment income$5,301 $5,213 $5,202 $5,440 $20,672 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Variable investment income (Included in net investment income above)$293 $327 $195 $483 $1,013 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Premiums, fees and other revenues$14,475 $13,639 $12,748 $12,526 $52,520 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting34 36 42 78 158 
Other
(11)(15)(16)(15)(48)
Divested businesses
15 4 3 2 31 
Adjusted premiums, fees and other revenues$14,437 $13,614 $12,719 $12,461 $52,379 
Adjusted premiums, fees and other revenues, on a constant currency basis$14,569 $13,779 $12,751 $12,461 
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METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Total expenses$17,285 $17,215 $16,360 $16,151 $65,364 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses(764)299 (277)(263)(1,109)
Goodwill impairment— — — — — 
Asymmetrical and non-economic accounting46 139 31 18 322 
Market volatility(49)(44)(40)(49)(256)
Unit-linked contract costs
185 (234)486 578 1,081 
Reinsurance activity
30 42 45 135 30 
Other
25 19 21 2 49 
Divested businesses
23 9 6 10 57 
Total adjusted expenses$17,789 $16,985 $16,088 $15,720 $65,190 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Capitalization of DAC $(719)$(698)$(787)$(852)$(2,833)
Less: Divested businesses— — — — — 
Adjusted capitalization of DAC$(719)$(698)$(787)$(852)$(2,833)
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Other expenses $3,300 $3,271 $3,309 $3,568 $12,792 
Less: Adjustments to other expenses:
Reinsurance activity
30 42 45 135 30 
Other
25 19 21 2 49 
Divested businesses13 8 7 9 38 
Adjusted other expenses$3,232 $3,202 $3,236 $3,422 $12,675 
Adjusted other expenses, on a constant currency basis
$3,292 $3,271 $3,243 $3,422 
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METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year Ended
Unaudited (In millions, except ratio data)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Other expenses, net of capitalization of DAC$2,581 $2,573 $2,522 $2,716 $9,959 
Premiums, fees and other revenues$14,475 $13,639 $12,748 $12,526 $52,520 
Expense ratio17.8 %18.9 %19.8 %21.7 %19.0 %
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Adjusted other expenses by major category
Direct expenses$1,396 $1,459 $1,445 $1,443 $5,611 
Pension, postretirement and postemployment benefit costs71 70 66 69 266 
Premium taxes, other taxes, and licenses & fees253 160 158 272 783 
Commissions and other variable expenses1,512 1,513 1,567 1,638 6,015 
Adjusted other expenses
3,232 3,202 3,236 3,422 12,675 
Adjusted capitalization of DAC(719)(698)(787)(852)(2,833)
Adjusted other expenses, net of adjusted capitalization of DAC
$2,513 $2,504 $2,449 $2,570 $9,842 
For the Three Months EndedFor the Year Ended
Unaudited (In millions, except ratio data)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Employee-related costs$955 $991 $935 $962 $3,696 
Third-party staffing costs439 353 392 374 1,491 
General and administrative expenses2 115 118 107 424 
Direct expenses1,396 1,459 1,445 1,443 5,611 
Less: Total notable items related to direct expenses (1)(152)— — — (152)
Direct expenses, excluding total notable items related to direct expenses (1)$1,548 $1,459 $1,445 $1,443 $5,763 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,513 $2,504 $2,449 $2,570 $9,842 
Less: Total notable items related to adjusted other expenses (1)(85)— — 102 (85)
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,598 $2,504 $2,449 $2,468 $9,927 
Adjusted premiums, fees and other revenues$14,437 $13,614 $12,719 $12,461 $52,379 
Less: PRT2,593 1,476 328 (10)4,849 
Adjusted premiums, fees and other revenues, excluding PRT$11,844 $12,138 $12,391 $12,471 $47,530 
Direct expense ratio 9.7 %10.7 %11.4 %11.6 %10.7 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)13.1 %12.0 %11.7 %11.6 %12.1 %
Adjusted expense ratio17.4 %18.4 %19.3 %20.6 %18.8 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)21.9 %20.6 %19.8 %19.8 %20.9 %
(1)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 can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.

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METLIFE
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$281,043 $291,735 $298,737 $304,645 
Equity securities, at estimated fair value712 747 790 788 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 10,672 10,725 11,694 12,270 
Mortgage loans89,012 87,908 86,868 85,843 
Policy loans8,545 8,663 8,664 8,589 
Real estate and real estate joint ventures13,342 13,481 14,007 13,932 
Other limited partnership interests14,378 14,137 14,279 14,741 
Short-term investments, principally at estimated fair value5,156 5,543 5,300 5,962 
Other invested assets18,504 17,470 16,352 16,932 
Total investments441,364 450,409 456,691 463,702 
Cash and cash equivalents, principally at estimated fair value20,068 21,326 22,178 20,233 
Accrued investment income3,489 3,557 3,532 3,791 
Premiums, reinsurance and other receivables29,761 31,251 31,503 40,329 
Market risk benefits, at estimated fair value372 317 352 392 
Deferred policy acquisition costs and value of business acquired19,627 20,162 20,993 21,175 
Current income tax recoverable295 338 554 374 
Deferred income tax assets2,994 2,524 2,925 2,719 
Goodwill8,901 9,036 9,142 9,095 
Other assets11,082 11,253 11,425 11,572 
Separate account assets139,504 138,143 143,175 146,344 
Total assets$677,457 $688,316 $702,470 $719,726 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$193,646 $197,667 $198,965 $199,169 
Policyholder account balances221,445 225,623 232,433 235,312 
Market risk benefits, at estimated fair value2,581 2,844 2,709 2,585 
Other policy-related balances18,899 19,523 19,899 20,361 
Policyholder dividends payable385 356 367 369 
Payables for collateral under securities loaned and other transactions17,128 17,440 17,147 17,139 
Short-term debt465 381 379 378 
Long-term debt 15,086 14,695 15,374 15,300 
Collateral financing arrangement476 463 438 398 
Subordinated debt securities3,164 4,153 4,153 4,154 
Deferred income tax liability132 430 430 574 
Other liabilities 36,843 38,843 39,074 48,452 
Separate account liabilities139,504 138,143 143,175 146,344 
Total liabilities649,754 660,561 674,543 690,535 
Equity
Preferred stock, at par value— — — — 
Common stock, at par value12 12 12 12 
Additional paid-in capital33,791 33,820 33,822 32,855 
Retained earnings42,626 43,131 43,447 43,887 
Treasury stock, at cost(27,798)(29,222)(29,737)(30,244)
Accumulated other comprehensive income (loss)(21,186)(20,248)(19,859)(17,566)
Total MetLife, Inc.'s stockholders' equity27,445 27,493 27,685 28,944 
Noncontrolling interests258 262 242 247 
Total equity27,703 27,755 27,927 29,191 
Total liabilities and equity$677,457 $688,316 $702,470 $719,726 
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METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
  For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Adjusted earnings before provision for income tax
GROUP BENEFITS$526 $468 $508 $577 
RIS487 505 460 551 
ASIA613 534 489 752 
LATIN AMERICA258 291 317 208 
EMEA60 109 128 115 
MIM20 37 72 78 
CORPORATE & OTHER(15)(102)(141)(100)
Total adjusted earnings before provision for income tax
$1,949 $1,842 $1,833 $2,181 
Provision for income tax expense (benefit)
GROUP BENEFITS$110 $98 $107 $121 
RIS101 99 90 110 
ASIA170 162 143 212 
LATIN AMERICA57 72 84 60 
EMEA1 26 28 28 
MIM4 9 18 20 
CORPORATE & OTHER15 (39)(30)(20)
Total provision for income tax expense (benefit)
$458 $427 $440 $531 
Adjusted earnings available to common shareholders
GROUP BENEFITS$416 $370 $401 $456 
RIS386 406 370 441 
ASIA443 372 346 540 
LATIN AMERICA201 219 233 148 
EMEA59 83 100 87 
MIM16 28 54 58 
CORPORATE & OTHER (1)(62)(129)(142)(146)
Total adjusted earnings available to common shareholders (1)$1,459 $1,349 $1,362 $1,584 
(1)Includes impact of preferred stock dividends of $32 million, $66 million, $31 million and $66 million for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, and September 30, 2025, respectively.
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GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Adjusted revenues
Premiums$5,579 $5,763 $5,801 $5,662 $22,427 
Universal life and investment-type product policy fees227 233 240 227 909 
Net investment income313 353 345 356 1,252 
Other revenues378 434 405 417 1,534 
Total adjusted revenues6,497 6,783 6,791 6,662 26,122 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,881 5,183 5,161 4,982 19,824 
Policyholder liability remeasurement (gains) losses— (18)(4)(9)(1)
Interest credited to policyholder account balances46 72 73 73 191 
Capitalization of DAC(5)(5)(7)(7)(18)
Amortization of DAC, VOBA and negative VOBA7 6 7 7 26 
Interest expense on debt1 1 1 1 2 
Other expenses1,041 1,076 1,052 1,038 4,067 
Total adjusted expenses5,971 6,315 6,283 6,085 24,091 
Adjusted earnings before provision for income tax526 468 508 577 2,031 
Provision for income tax expense (benefit)110 98 107 121 425 
Adjusted earnings416 370 401 456 1,606 
Preferred stock dividends— — — — — 
Adjusted earnings available to common shareholders416 370 401 456 1,606 
Less: Total notable items

— — — (2)(58)
Adjusted earnings available to common shareholders, excluding total notable items
$416 $370 $401 $458 $1,664 
Adjusted premiums, fees and other revenues$6,184 $6,430 $6,446 $6,306 $24,870 
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GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Direct and allocated expenses$519 $529 $507 $502 
Pension, postretirement and postemployment benefit costs14 13 15 14 
Premium taxes, other taxes, and licenses & fees86 83 88 87 
Commissions and other variable expenses422 451 442 435 
Adjusted other expenses$1,041 $1,076 $1,052 $1,038 
OTHER INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Group Life (2)
Adjusted premiums, fees and other revenues$2,289 $2,352 $2,371 $2,328 
Mortality ratio83.2 %84.8 %83.0 %83.4 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,771 $2,850 $2,876 $2,814 
Interest adjusted benefit ratio (4)71.8 %74.1 %74.8 %72.5 %
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.
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RIS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Adjusted revenues
Premiums$3,460 $2,284 $1,210 $1,045 $8,034 
Universal life and investment-type product policy fees99 104 102 99 314 
Net investment income2,143 2,190 2,166 2,189 8,482 
Other revenues61 69 70 70 246 
Total adjusted revenues5,763 4,647 3,548 3,403 17,076 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,280 3,120 2,045 1,836 11,246 
Policyholder liability remeasurement (gains) losses— (15)1 (14)(170)
Interest credited to policyholder account balances863 883 903 888 3,371 
Capitalization of DAC(58)(37)(46)(50)(218)
Amortization of DAC, VOBA and negative VOBA21 19 21 19 66 
Interest expense on debt4 3 4 3 15 
Other expenses166 169 160 170 666 
Total adjusted expenses5,276 4,142 3,088 2,852 14,976 
Adjusted earnings before provision for income tax487 505 460 551 2,100 
Provision for income tax expense (benefit)101 99 90 110 433 
Adjusted earnings386 406 370 441 1,667 
Preferred stock dividends— — — — — 
Adjusted earnings available to common shareholders386 406 370 441 1,667 
Less: Total notable items
— — — 13 104 
Adjusted earnings available to common shareholders, excluding total notable items
$386 $406 $370 $428 $1,563 
Adjusted premiums, fees and other revenues$3,620 $2,457 $1,382 $1,214 $8,594 
Less: PRT
2,593 1,476 328 (10)4,849 
Adjusted premiums, fees and other revenues, excluding PRT$1,027 $981 $1,054 $1,224 $3,745 
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RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Balance, end of period (at balance sheet discount rate) (2)
$71,510 $73,415 $73,506 $74,263 
Less: Accumulated other comprehensive (income) loss(3,134)(2,627)(2,366)(1,209)
Balance, end of period (at original discount rate)74,644 76,042 75,872 75,472 
Future policyholder benefits subject to reinsurance (at balance sheet discount rate)
$1,956 $2,287 $2,266 $7,750 
Add: Accumulated other comprehensive (income) loss
13 (16)(27)(149)
Balance, end of period (at original discount rate)
$1,969 $2,271 $2,239 $7,601 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Balance, end of period
$84,923 $90,243 $92,197 $92,291 
Policyholder account balances subject to reinsurance
$3,327 
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Future policyholder benefits (at original discount rate) and Policyholder account balances, excluding amounts subject to reinsurance
$157,598 $164,014 $165,830 $156,835 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Balance, end of period$51,420 $55,953 $54,864 $55,671 
SYNTHETIC GICS (3), (4)
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Balance, end of period$49,599 $53,796 $53,740 $51,920 
LONGEVITY REINSURANCE (5)
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Balance, end of period$25,121 $27,369 $30,087 $29,293 
(1)Includes $3,872 million, $3,899 million, $3,910 million and $3,964 million of DPL at December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(4)Includes $221 million, $1,242 million, $0 and $0 of transfers from separate account GICs to synthetic GICs at December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively.
(5)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the U.K. PRT market.
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RIS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Direct and allocated expenses$80 $98 $89 $88 
Pension, postretirement and postemployment benefit costs3 4 4 4 
Premium taxes, other taxes, and licenses & fees18 5 3 7 
Commissions and other variable expenses65 62 64 71 
Adjusted other expenses$166 $169 $160 $170 
SPREAD
For the Three Months Ended
UnauditedDecember 31, 2024March 31, 2025June 30, 2025September 30, 2025
Investment income yield, excluding variable investment income yield
5.22 %5.05 %5.07 %5.07 %
Variable investment income yield6.46 %9.03 %5.45 %13.46 %
Total investment income yield5.26 %5.19 %5.08 %5.36 %
Average crediting rate4.35 %4.28 %4.31 %4.33 %
Amortization of DPL and losses at inception (1)(0.21)%(0.20)%(0.21)%(0.24)%
Total average crediting rate4.14 %4.08 %4.10 %4.09 %
Annualized general account spread (2)
1.12 %1.11 %0.98 %1.27 %
Annualized general account spread, excluding variable investment income yield
1.08 %0.97 %0.97 %0.98 %
(1)Includes the amortization of DPL of (0.23)% for the three months ended December 31, 2024, (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, and (0.23%) for the three months ended September 30, 2025.
(2)The general account is comprised of invested assets supporting future policy benefits and policyholder account balances.
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ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Adjusted revenues
Premiums$1,206 $1,260 $1,278 $1,290 $4,991 
Universal life and investment-type product policy fees410 406 399 407 1,690 
Net investment income1,251 1,204 1,204 1,374 4,658 
Other revenues19 15 22 20 76 
Total adjusted revenues2,886 2,885 2,903 3,091 11,415 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends993 1,037 1,051 1,074 4,083 
Policyholder liability remeasurement (gains) losses(59)(11)(12)(141)(35)
Interest credited to policyholder account balances708 711 757 804 2,695 
Capitalization of DAC(348)(351)(418)(435)(1,380)
Amortization of DAC, VOBA and negative VOBA214 216 223 207 832 
Interest expense on debt— — — — — 
Other expenses765 749 813 830 2,969 
Total adjusted expenses2,273 2,351 2,414 2,339 9,164 
Adjusted earnings before provision for income tax613 534 489 752 2,251 
Provision for income tax expense (benefit)170 162 143 212 630 
Adjusted earnings443 372 346 540 1,621 
Preferred stock dividends— — — — — 
Adjusted earnings available to common shareholders443 $372 $346 $540 1,621 
Less: Total notable items
— — — 70 (41)
Adjusted earnings available to common shareholders, excluding total notable items
$443 $372 $346 $470 $1,662 
Adjusted premiums, fees and other revenues$1,635 $1,681 $1,699 $1,717 $6,757 
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ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Adjusted premiums, fees and other revenues$1,635 $1,681 $1,699 $1,717 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,666 $1,728 $1,685 $1,717 
Add: Operating joint ventures, on a constant currency basis (1)409 1,031 737 831 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,075 $2,759 $2,422 $2,548 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Direct and allocated expenses$319 $306 $304 $303 
Pension, postretirement and postemployment benefit costs19 13 14 13 
Premium taxes, other taxes, and licenses & fees26 29 33 33 
Commissions and other variable expenses401 401 462 481 
Adjusted other expenses$765 $749 $813 $830 
Adjusted other expenses, net of adjusted capitalization of DAC$417 $398 $395 $395 
Adjusted other expenses, on a constant currency basis
$783 $773 $802 $830 
Add: Operating joint ventures, on a constant currency basis (2)93 126 113 135 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$876 $899 $915 $965 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$490 $476 $463 $481 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Japan:
Life$108 $113 $159 $216 
Accident & Health81 69 67 66 
Annuities113 145 226 178 
Other2 2 2 1 
Total Japan304 329 454 461 
Other Asia213 309 238 325 
   Total sales$517 $638 $692 $786 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Adjusted earnings available to common shareholders$443 $372 $346 $540 
Adjusted earnings available to common shareholders, excluding total notable items
$443 $372 $346 $470 
Adjusted earnings available to common shareholders, on a constant currency basis$446 $378 $345 $540 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$446 $378 $345 $470 
(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
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ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
GA AUM $120,626 $125,119 $129,325 $131,751 
GA AUM (at amortized cost)$129,959 $134,352 $139,158 $140,892 
GA AUM (at amortized cost), on a constant currency basis$132,972 $135,452 $137,926 $140,892 
  Add: Operating joint ventures, on a constant currency basis (1)10,088 11,658 12,388 13,043 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$143,060 $147,110 $150,314 $153,935 
Includes MetLife, Inc.’s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
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LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Adjusted revenues
Premiums$1,098 $1,164 $1,260 $1,288 $4,476 
Universal life and investment-type product policy fees330 340 371 377 1,419 
Net investment income431 408 445 416 1,650 
Other revenues10 9 3 (2)41 
Total adjusted revenues1,869 1,921 2,079 2,079 7,586 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,035 1,091 1,216 1,218 4,127 
Policyholder liability remeasurement (gains) losses20 (3)— (4)(9)
Interest credited to policyholder account balances101 98 96 92 438 
Capitalization of DAC(177)(172)(176)(203)(704)
Amortization of DAC, VOBA and negative VOBA123 129 137 149 503 
Interest expense on debt4 4 4 4 15 
Other expenses505 483 485 615 2,007 
Total adjusted expenses1,611 1,630 1,762 1,871 6,377 
Adjusted earnings before provision for income tax258 291 317 208 1,209 
Provision for income tax expense (benefit)57 72 84 60 328 
Adjusted earnings201 219 233 148 881 
Preferred stock dividends— — — — — 
Adjusted earnings available to common shareholders$201 $219 $233 $148 $881 
Less: Total notable items
— — — (75)4 
Adjusted earnings available to common shareholders, excluding total notable items
$201 $219 $233 $223 $877 
Adjusted premiums, fees and other revenues$1,438 $1,513 $1,634 $1,663 $5,936 
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LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Direct and allocated expenses$146 $135 $143 $147 
Pension, postretirement and postemployment benefit costs3 1 2 1 
Premium taxes, other taxes, and licenses & fees24 23 22 123 
Commissions and other variable expenses332 324 318 344 
Adjusted other expenses$505 $483 $485 $615 
Adjusted other expenses, net of adjusted capitalization of DAC$328 $311 $309 $412 
Adjusted other expenses, on a constant currency basis
$534 $513 $499 $615 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$346 $329 $318 $412 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Mexico$144 $219 $191 $213 
Chile122 115 127 121 
All other86 72 73 107 
Total sales$352 $406 $391 $441 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Adjusted premiums, fees and other revenues$1,438 $1,513 $1,634 $1,663 
Adjusted earnings available to common shareholders$201 $219 $233 $148 
Adjusted earnings available to common shareholders, excluding total notable items
$201 $219 $233 $223 
Adjusted premiums, fees and other revenues, on a constant currency basis$1,515 $1,600 $1,672 $1,663 
Adjusted earnings available to common shareholders, on a constant currency basis$213 $234 $241 $148 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$213 $234 $241 $223 

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EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Adjusted revenues
Premiums$568 $582 $626 $638 $2,202 
Universal life and investment-type product policy fees76 78 84 82 314 
Net investment income59 58 61 66 222 
Other revenues8 8 9 7 32 
Total adjusted revenues711 726 780 793 2,770 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends301 277 309 333 1,100 
Policyholder liability remeasurement (gains) losses(3)— 4 3 7 
Interest credited to policyholder account balances17 17 20 21 70 
Capitalization of DAC(124)(126)(136)(151)(486)
Amortization of DAC, VOBA and negative VOBA93 94 88 85 355 
Interest expense on debt— — — — — 
Other expenses367 355 367 387 1,369 
Total adjusted expenses651 617 652 678 2,415 
Adjusted earnings before provision for income tax60 109 128 115 355 
Provision for income tax expense (benefit)1 26 28 28 72 
Adjusted earnings59 83 100 87 283 
Preferred stock dividends— — — — — 
Adjusted earnings available to common shareholders59 83 100 87 283 
Less: Total notable items
— — — (1)(5)
Adjusted earnings available to common shareholders, excluding total notable items
$59 $83 $100 $88 $288 
Adjusted premiums, fees and other revenues$652 $668 $719 $727 $2,548 
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EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Direct and allocated expenses$112 $109 $111 $111 
Pension, postretirement and postemployment benefit costs2 1 (3)2 
Premium taxes, other taxes, and licenses & fees7 6 6 7 
Commissions and other variable expenses246 239 253 267 
Adjusted other expenses$367 $355 $367 $387 
Adjusted other expenses, net of adjusted capitalization of DAC$243 $229 $231 $236 
Adjusted other expenses, on a constant currency basis
$380 $370 $371 $387 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$252 $238 $233 $236 
OTHER INFORMATION
  For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Adjusted premiums, fees and other revenues$652 $668 $719 $727 
Adjusted earnings available to common shareholders$59 $83 $100 $87 
Adjusted earnings available to common shareholders, excluding total notable items
$59 $83 $100 $88 
Adjusted premiums, fees and other revenues, on a constant currency basis$676 $699 $727 $727 
Adjusted earnings available to common shareholders, on a constant currency basis$60 $87 $101 $87 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$60 $87 $101 $88 
Total sales, on a constant currency basis$251 $320 $310 $301 
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METLIFE INVESTMENT MANAGEMENT
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Adjusted revenues
Premiums$— $— $— $— $— 
Universal life and investment-type product policy fees— — — — — 
Net investment income1 1 2 1 7 
Other revenues (1)181 218 237 238 718 
Total adjusted revenues182 219 239 239 725 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends— — — — — 
Policyholder liability remeasurement (gains) losses— — — — — 
Interest credited to policyholder account balances— — — — — 
Capitalization of DAC— — — — — 
Amortization of DAC, VOBA and negative VOBA— — — — — 
Interest expense on debt— — — — — 
Other expenses162 182 167 161 652 
Total adjusted expenses162 182 167 161 652 
Adjusted earnings before provision for income tax20 37 72 78 73 
Provision for income tax expense (benefit)4 9 18 20 18 
Adjusted earnings16 28 54 58 55 
Preferred stock dividends— — — — — 
Adjusted earnings available to common shareholders16 28 54 58 55 
Less: Total notable items
— — — — — 
Adjusted earnings available to common shareholders, excluding total notable items
$16 $28 $54 $58 $55 
Operating margin (2)11.0 %16.9 %30.1 %32.6 %10.1 %
(1)Beginning January 1, 2025 revenues earned on MIM GA AUM were determined based on market rates.
(2)Calculated as adjusted earnings before provision for income tax as percentage of total adjusted revenues.
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METLIFE INVESTMENT MANAGEMENT
ASSETS UNDER MANAGEMENT INFORMATION
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Institutional Client AUM
Beginning Institutional Client AUM$178,703 $178,666 $185,970 $200,616 
Additions14,687 5,945 17,118 19,078 
Withdrawals(9,569)(7,460)(9,103)(9,366)
Change in market value(5,155)2,217 6,631 2,062 
Acquisitions, dispositions and other
— 6,602 — — 
Ending Institutional Client AUM
$178,666 $185,970 $200,616 $212,390 
MIM GA AUM$407,063 $417,194 $423,671 $420,204 
Total AUM$585,729 $603,164 $624,287 $632,594 
OTHER REVENUES BY CLIENT SEGMENT
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Institutional client
$76 $77 $95 $98 
General account (1)
105 141 142 140 
Other revenues$181 $218 $237 $238 
(1)Beginning January 1, 2025 revenues earned on MIM GA AUM were determined based on market rates.
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CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Adjusted revenues
Premiums$691 $666 $632 $632 $2,784 
Universal life and investment-type product policy fees75 68 63 55 328 
Net investment income1,103 999 979 1,038 4,401 
Other revenues(39)(87)(93)(91)(156)
Total adjusted revenues1,830 1,646 1,581 1,634 7,357 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,220 1,210 1,171 1,160 4,961 
Policyholder liability remeasurement (gains) losses— 16 16 4 2 
Interest credited to policyholder account balances97 36 35 37 390 
Capitalization of DAC(7)(7)(4)(6)(27)
Amortization of DAC, VOBA and negative VOBA59 55 52 55 239 
Interest expense on debt250 250 260 263 1,005 
Other expenses226 188 192 221 945 
Total adjusted expenses1,845 1,748 1,722 1,734 7,515 
Adjusted earnings before provision for income tax(15)(102)(141)(100)(158)
Provision for income tax expense (benefit)15 (39)(30)(20)(41)
Adjusted earnings(30)(63)(111)(80)(117)
Preferred stock dividends32 66 31 66 200 
Adjusted earnings available to common shareholders(62)(129)(142)(146)(317)
Less: Total notable items
10 — — 13 22 
Adjusted earnings available to common shareholders, excluding total notable items
$(72)$(129)$(142)$(159)$(339)
Adjusted premiums, fees and other revenues$727 $647 $602 $596 $2,956 
Adjusted earnings available to common shareholders attributed to business activities$153 $120 $115 $173 $647 
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CORPORATE & OTHER
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Annuities$1,515 $1,493 $1,466 $1,457 
Long-Term Care
14,537 14,716 14,803 15,309 
Life and Other53,298 52,962 52,748 52,480 
Balance, end of period (at balance sheet discount rate)
$69,350 $69,171 $69,017 $69,246 
Less:
Annuities$(63)$(51)$(43)$(26)
Long-Term Care
(919)(872)(922)(547)
Life and Other(34)(26)(26)(10)
Accumulated other comprehensive (income) loss$(1,016)$(949)$(991)$(583)
Annuities$1,578 $1,544 $1,509 $1,483 
Long-Term Care
15,456 15,588 15,725 15,856 
Life and Other53,332 52,988 52,774 52,490 
Balance, end of period (at original discount rate)$70,366 $70,120 $70,008 $69,829 
Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
Annuities$1,393 $1,370 $1,345 $1,326 
Long-Term Care
— — — — 
Life and Other$2,410 $2,421 $2,455 $2,474 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Annuities$10,142 $6,807 $6,633 $6,545 
Life and Other11,117 7,278 7,226 7,164 
Balance, end of period$21,259 $14,085 $13,859 $13,709 
Policyholder account balances subject to reinsurance (2)
Annuities$3,027 $2,930 $2,848 $2,761 
Life and Other$6,357 $6,301 $6,240 $6,178 
MARKET RISK BENEFITS
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Annuities$2,073 $2,188 $2,056 $1,957 
Balance, end of period$2,073 $2,188 $2,056 $1,957 
Market risk benefits subject to reinsurance (2)
$— $— $— $— 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Annuities$27,829 $19,795 $20,317 $20,252 
Life and Other7,065 6,393 7,022 7,317 
Balance, end of period$34,894 $26,188 $27,339 $27,569 
Separate account liabilities subject to reinsurance (3)
Annuities$79 $73 $77 $77 
Life and Other$6,244 $5,852 $6,429 $6,688 
(1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
(3) Separate account assets retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
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INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. Reinsurance activity and Third-party mortgage loan activity have been excluded from the amounts within this table.
At or For the Three Months Ended
At or For the Year Ended
Unaudited (In millions, except yields)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Fixed Maturity Securities
Yield (1)4.47 %4.36 %4.61 %4.61 %4.44 %
Investment income (2), (3)$3,326 $3,259 $3,517 $3,485 $13,089 
Investment gains (losses)(245)(244)(124)(150)(733)
Ending carrying value (4)280,227 290,416 297,565 296,663 280,227 
Mortgage Loans
Yield (1)5.28 %5.21 %5.12 %5.22 %5.29 %
Investment income (3)1,085 1,056 1,026 1,009 4,378 
Investment gains (losses)(53)(159)(288)(65)(285)
Ending carrying value (5)81,460 80,581 79,848 76,896 81,460 
Real Estate and Real Estate Joint Ventures
Yield (1)1.47 %4.01 %3.47 %1.83 %(0.12)%
Investment income50 134 120 63 (15)
Investment gains (losses)70 (40)3 47 245 
Ending carrying value13,342 13,481 14,007 13,932 13,342 
Policy Loans
Yield (1)5.67 %5.38 %5.64 %5.76 %5.60 %
Investment income114 107 113 115 453 
Ending carrying value8,545 8,663 8,664 8,589 8,545 
Equity Securities
Yield (1)3.23 %6.16 %2.30 %3.46 %4.38 %
Investment income5 9 3 4 23 
Investment gains (losses)4 (12)45 17 (18)
Ending carrying value712 747 790 788 712 
Other Limited Partnership Interests
Yield (1)7.05 %6.22 %3.46 %11.89 %6.73 %
Investment income252 222 122 431 965 
Investment gains (losses)1 (1)21 4 (55)
Ending carrying value (6)14,367 14,125 14,265 14,726 14,367 
Cash and Cash Equivalents and Short-term Investments
Yield (1)4.97 %4.42 %4.19 %4.36 %5.04 %
Investment income249 224 232 239 961 
Investment gains (losses)18 (9)(38)13 34 
Ending carrying value (7)25,018 26,862 27,432 25,853 25,018 
Other Invested Assets
Investment income 368 365 218 241 1,414 
Investment gains (losses)23 4 25 (76)46 
Ending carrying value (8)18,504 17,470 16,350 16,871 18,504 
Total Investments
Investment income yield (1)4.87 %4.82 %4.73 %4.99 %4.80 %
Investment fees and expenses yield (1)(0.13)%(0.15)%(0.13)%(0.13)%(0.13)%
Net Investment Income Yield (1)4.74 %4.67 %4.60 %4.86 %4.67 %
Investment income$5,449 $5,376 $5,351 $5,587 $21,268 
Investment fees and expenses(147)(162)(149)(147)(595)
Net investment income including divested businesses5,302 5,214 5,202 5,440 20,673 
Less: Net investment income from divested businesses1 1 — — 1 
Adjusted Net Investment Income (9)$5,301 $5,213 $5,202 $5,440 $20,672 
Ending Carrying Value$442,175 $452,345 $458,921 $454,318 $442,175 
Investment Portfolio Gains (Losses) (10)$(182)$(461)$(356)$(210)$(766)
Gross investment gains316 142 204 373 1,260 
Gross investment losses(386)(423)(264)(269)(1,696)
Net credit loss (provision) release and (impairments)(112)(180)(296)(314)(330)
Investment Portfolio Gains (Losses) (10)(182)(461)(356)(210)(766)
Investment portfolio gains (losses) income tax (expense) benefit59 116 94 41 213 
Investment Portfolio Gains (Losses), Net of Income Tax$(123)$(345)$(262)$(169)$(553)
Derivative Gains (Losses) (10)(1,159)344 (892)(746)(2,413)
Derivative gains (losses) income tax (expense) benefit314 (99)181 193 605 
Derivative Gains (Losses), Net of Income Tax$(845)$245 $(711)$(553)$(1,808)
See footnotes on Page 29.

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INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$78,584 28.2 %$80,316 27.7 %$81,562 27.5 %$81,720 27.7 %
Foreign corporate53,354 19.1 %55,083 19.1 %58,792 19.9 %57,798 19.6 %
Foreign government39,895 14.3 %40,892 14.2 %42,097 14.2 %41,610 14.1 %
Residential mortgage-backed34,135 12.3 %39,083 13.5 %40,764 13.8 %41,292 14.0 %
U.S. government and agency33,350 12.0 %33,535 11.6 %32,463 11.0 %32,315 11.0 %
Asset-backed securities and collateralized loan obligations20,390 7.3 %20,748 7.2 %20,929 7.1 %20,313 6.9 %
Municipals9,762 3.5 %9,764 3.4 %9,802 3.3 %10,486 3.6 %
Commercial mortgage-backed9,182 3.3 %9,388 3.3 %9,428 3.2 %9,245 3.1 %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity
$278,652 100.0 %$288,809 100.0 %$295,837 100.0 %$294,779 100.0 %
Reinsurance activity
2,391 2,926 2,900 9,866 
Fixed Maturity Securities Available-For-Sale$281,043 $291,735 $298,737 $304,645 
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$192,099 68.9 %$199,468 69.1 %$203,465 68.8 %$202,215 68.7 %
Baa274,345 26.7 %77,112 26.7 %80,262 27.1 %80,465 27.3 %
Ba38,680 3.1 %8,674 3.0 %8,566 2.9 %8,364 2.8 %
B43,035 1.1 %3,198 1.1 %3,260 1.1 %3,379 1.1 %
Caa and lower5425 0.2 %291 0.1 %204 0.1 %258 0.1 %
In or near default668 — %66 — %80 — %98 — %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity
$278,652 100.0 %$288,809 100.0 %$295,837 100.0 %$294,779 100.0 %
Reinsurance activity
2,391 2,926 2,900 9,866 
Fixed Maturity Securities Available-For-Sale (11)
$281,043 $291,735 $298,737 $304,645 
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Gross unrealized gains$4,965 $5,398 $6,192 $7,130 
Gross unrealized losses31,041 28,891 28,951 26,495 
Net Unrealized Gains (Losses), excluding Reinsurance activity
$(26,076)$(23,493)$(22,759)$(19,365)
Reinsurance activity
(142)(109)(88)(575)
Net Unrealized Gains (Losses)$(26,218)$(23,602)$(22,847)$(19,940)
See footnotes on Page 29.
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INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
        
Commercial mortgage loans$48,967 $47,890 $46,674 $44,953 
Agricultural mortgage loans 19,030 18,779 18,993 18,045 
Residential mortgage loans14,186 14,783 15,286 14,968 
Total82,183 81,452 80,953 77,966 
Allowance for credit loss(723)(871)(1,105)(1,070)
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity
81,460 80,581 79,848 76,896 
Reinsurance activity
85 82 78 2,270 
Third-party mortgage loan activity
7,467 7,245 6,942 6,677 
Mortgage loans
$89,012 $87,908 $86,868 $85,843 
SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE
 
December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Pacific$8,738 17.8 %$8,677 18.1 %$8,611 18.4 %$8,617 19.2 %
Non-U.S.7,901 16.1 %7,802 16.3 %7,839 16.8 %7,555 16.8 %
Middle Atlantic6,938 14.2 %6,877 14.4 %6,561 14.1 %6,369 14.2 %
South Atlantic5,890 12.0 %5,796 12.1 %5,630 12.1 %5,321 11.8 %
West South Central3,228 6.6 %3,214 6.7 %3,274 7.0 %3,195 7.1 %
Mountain2,317 4.7 %2,455 5.1 %2,470 5.3 %2,369 5.3 %
New England2,680 5.5 %2,501 5.2 %2,386 5.1 %2,340 5.2 %
East North Central1,453 3.0 %1,453 3.0 %1,460 3.1 %1,398 3.1 %
East South Central481 1.0 %481 1.0 %476 1.0 %453 1.0 %
West North Central410 0.8 %408 0.9 %407 0.9 %405 0.9 %
Multi-Region and Other8,931 18.3 %8,226 17.2 %7,560 16.2 %6,931 15.4 %
Total, excluding Reinsurance activity and Third-party mortgage loan activity
48,967 100.0 %47,890 100.0 %46,674 100.0 %44,953 100.0 %
Reinsurance activity
82 82 78 735 
Third-party mortgage loan activity
7,260 7,047 6,703 6,503 
Total
$56,309 $55,019 $53,455 $52,191 
Office$18,269 37.3 %$18,134 37.9 %$17,912 38.4 %$17,253 38.4 %
Apartment10,472 21.4 %10,549 22.0 %9,899 21.2 %9,713 21.6 %
Retail6,612 13.5 %6,502 13.6 %6,768 14.5 %6,505 14.5 %
Single Family Rental5,355 10.9 %4,844 10.1 %4,780 10.2 %4,481 9.9 %
Industrial4,999 10.2 %4,506 9.4 %3,942 8.5 %3,764 8.4 %
Hotel3,178 6.5 %3,268 6.8 %3,285 7.0 %3,151 7.0 %
Other82 0.2 %87 0.2 %88 0.2 %86 0.2 %
Total, excluding Reinsurance activity and Third-party mortgage loan activity
48,967 100.0 %47,890 100.0 %46,674 100.0 %44,953 100.0 %
Reinsurance activity
82 82 78 735 
Third-party mortgage loan activity
7,260 7,047 6,703 6,503 
Total
$56,309 $55,019 $53,455 $52,191 
See footnotes on Page 29.
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INVESTMENTS
FOOTNOTES
(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Reinsurance activity, Third-party mortgage loan activity, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of $22 million, ($20) million, $107 million and $99 million for the three months ended December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively, and $205 million for the year ended December 31, 2024.
(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities.
December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Fixed maturity securities available-for-sale$281,043 $291,735 $298,737 $304,645 
Less: Reinsurance activity2,391 2,926 2,900 9,866 
Fixed maturity securities available-for-sale, excluding Reinsurance activity$278,652 $288,809 $295,837 $294,779 
Add: Fair value option securities1,575 1,607 1,728 1,884 
Fixed maturity securities, excluding Reinsurance activity$280,227 $290,416 $297,565 $296,663 
(5)The following table presents a reconciliation to ending carrying value presented for mortgage loans.
December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Mortgage Loans$89,012 $87,908 $86,868 $85,843 
Less: Reinsurance activity85 82 78 2,270 
Less: Third-party mortgage loan activity7,467 7,245 6,942 6,677 
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity$81,460 $80,581 $79,848 $76,896 
(6)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests.
December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Other limited partnership interests$14,378 $14,137 $14,279 $14,741 
Less: Reinsurance activity11 12 14 15 
Other limited partnership interests, excluding Reinsurance activity$14,367 $14,125 $14,265 $14,726 
(7)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments.
December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Cash and cash equivalents and short-term investments$25,224 $26,869 $27,478 $26,195 
Less: Reinsurance activity206 7 46 342 
Cash and cash equivalents and short-term investments, excluding Reinsurance activity$25,018 $26,862 $27,432 $25,853 
(8)The following table presents a reconciliation to ending carrying value presented for other invested assets.
December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Other invested assets$18,504 $17,470 $16,352 $16,932 
Less: Reinsurance activity
— — 2 61 
Other invested assets, excluding Reinsurance activity
$18,504 $17,470 $16,350 $16,871 
(9)Adjusted net investment income reflects the adjustments as presented on Page 5.
(10)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
For the Three Months EndedFor the Year Ended
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Net investment gains (losses) $(311)$(387)$(273)$(325)$(1,184)
Less: Non-investment portfolio gains (losses)(122)65 86 (88)(336)
Less: Third-party mortgage loan activity11 (34)20 (75)(4)
Add: Joint venture adjustments (12)16 (42)16 (53)82 
Less: Reinsurance activity— — — (1)— 
Less: Other (12)(2)1 (7)(4)4 
Investment portfolio gains (losses) $(182)$(461)$(356)$(210)$(766)
For the Three Months EndedFor the Year Ended
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Net derivative gains (losses) $(903)$432 $(796)$(929)$(1,623)
Less: Investment hedge adjustments127 103 102 100 604 
Add: Joint venture adjustments (12)— — — 45 — 
Less: Reinsurance activity110 (35)(22)(247)110 
Less: Other (12)19 20 16 9 76 
Derivative gains (losses) $(1,159)$344 $(892)$(746)$(2,413)
(11)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
(12)Certain amounts in prior periods are reclassified to conform to current period presentation.
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Appendix





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APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$1,239 $879 $698 $818 $4,226 
Add: Preferred stock dividends32 66 31 66 200 
Add: Preferred stock redemption premium— — — 12 — 
Add: Net income (loss) attributable to noncontrolling interests4 5 6 6 18 
Net income (loss) 1,275 950 735 902 4,444 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)(311)(387)(273)(325)(1,184)
Net derivative gains (losses)(903)432 (796)(929)(1,623)
Market risk benefit remeasurement gains (losses)764 (299)277 263 1,109 
Premiums - Divested businesses
15 4 3 — 31 
Universal life and investment-type product policy fees
Asymmetrical and non-economic accounting
— — — — — 
Divested businesses
— — — — — 
Net investment income
Investment hedge adjustments(127)(103)(102)(100)(604)
Joint venture adjustments16 (42)16 (8)82 
Unit-linked contract income183 (227)498 580 1,091 
Reinsurance activity
31 43 47 177 31 
Divested businesses1 1 — — 1 
Other revenues
Asymmetrical and non-economic accounting34 36 42 78 158 
Other adjustments(11)(15)(16)(15)(48)
Divested businesses— — — 2 — 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting(51)(75)(1)52 (219)
Market volatility49 44 40 49 256 
Divested businesses(10)(1)1 (1)(19)
Policyholder liability remeasurement (gains) losses
Asymmetrical and non-economic accounting— — — (2)— 
Divested businesses— — — — — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting5 (64)(30)(68)(103)
Unit-linked contract costs(185)234 (486)(578)(1,081)
Divested businesses— — — — — 
Capitalization of DAC - Divested businesses
— — — — — 
Amortization of DAC, VOBA and negative VOBA - Divested businesses
— — — — — 
Interest expense on debt
Divested businesses— — — — — 
Other expenses
Reinsurance activity
(30)(42)(45)(135)(30)
Other adjustments, excluding Reinsurance activity(25)(19)(21)(2)(49)
Divested businesses(13)(8)(7)(9)(38)
Goodwill impairment— — — — — 
Provision for income tax (expense) benefit352 23 195 223 687 
Adjusted earnings1,491 1,415 1,393 1,650 5,996 
Less: Preferred stock dividends32 66 31 66 200 
Adjusted earnings available to common shareholders$1,459 $1,349 $1,362 $1,584 $5,796 
A-1
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APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Actuarial assumption review and other insurance adjustments$— $— $— $89 $16 
Litigation reserves and settlement costs(47)— — — (47)
Tax adjustments57 — — (71)57 
Total notable items$10 $— $— $18 $26 
GROUP BENEFITS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Actuarial assumption review and other insurance adjustments $— $— $— $(2)$(58)
Total notable items $— $— $— $(2)$(58)
RIS
  For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Actuarial assumption review and other insurance adjustments $— $— $— $13 $104 
Total notable items $— $— $— $13 $104 
(1)These notable items represent a positive (negative) impact to 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.
A-2
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APPENDIX
METLIFE
NOTABLE ITEMS (CONTINUED)
ASIA
  For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Actuarial assumption review and other insurance adjustments
$— $— $— $70 $(41)
Total notable items
$— $— $— $70 $(41)
LATIN AMERICA
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Actuarial assumption review and other insurance adjustments
$— $— $— $(4)$4 
Tax adjustments
— — — (71)— 
Total notable items
$— $— $— $(75)$4 
EMEA
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Actuarial assumption review and other insurance adjustments
$— $— $— $(1)$(5)
Total notable items
$— $— $— $(1)$(5)
CORPORATE & OTHER (2)
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2024
Actuarial assumption review and other insurance adjustments
$— $— $— $13 $12 
Litigation reserves and settlement costs(47)— — — (47)
Tax adjustments57 — — — 57 
Total notable items$10 $— $— $13 $22 
(2) Certain amounts in prior periods have been reclassified to conform to current period presentation.
A-3
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APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Total MetLife, Inc.'s stockholders' equity$27,445 $27,493 $27,685 $28,944 
Less: Preferred stock3,818 3,818 3,818 2,830 
MetLife, Inc.'s common stockholders' equity 23,627 23,675 23,867 26,114 
Less: Unrealized investment gains (losses), net of related offsets and income tax(19,402)(17,329)(16,484)(14,667)
Deferred gains (losses) on derivatives, net of income tax
370 179 (1,466)(1,239)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax6,529 5,334 5,876 6,028 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(71)(31)(64)(83)
  Defined benefit plans adjustment, net of income tax(1,442)(1,416)(1,407)(1,390)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
(129)(100)(83)92 
Total MetLife, Inc.'s adjusted common stockholders' equity
37,772 37,038 37,495 37,373 
Less: Accumulated year-to-date total notable items, net of income tax (2)
26 — — 18 
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2)
$37,746 $37,038 $37,495 $37,355 
Unaudited (In millions, except per share data)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Book value per common share $34.28 $35.16 $35.79 $39.52 
Less: Unrealized investment gains (losses), net of related offsets and income tax(28.15)(25.74)(24.72)(22.20)
  Deferred gains (losses) on derivatives, net of income tax
0.54 0.27 (2.20)(1.88)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax9.46 7.92 8.81 9.12 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(0.10)(0.05)(0.10)(0.13)
  Defined benefit plans adjustment, net of income tax(2.09)(2.10)(2.11)(2.10)
  Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
(0.19)(0.15)(0.12)0.14 
Adjusted book value per common share
$54.81 $55.01 $56.23 $56.57 
Common shares outstanding, end of period 689.2 673.3 666.8 660.7 
For the Three Months Ended (3)
Unaudited (In millions, except ratios)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Return on MetLife, Inc.'s:
Common stockholders' equity 19.6 %14.9 %11.7 %13.1 %
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity
15.4 %14.4 %14.6 %16.9 %
Adjusted common stockholders' equity, excluding total notable items (2)
15.3 %14.4 %14.6 %16.7 %
Average common stockholders' equity $25,347 $23,651 $23.771 $24,991 
Average adjusted common stockholders' equity
$37,867 $37,405 $37,267 $37,434 
Average adjusted common stockholders' equity, excluding total notable items (2)
$37,846 $37,405 $37,267 $37,425 
(1)Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to the reinsurers.
(2)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 can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.
(3) Annualized using quarter-to-date results.
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APPENDIX
METLIFE
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
 ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
GROUP BENEFITS (1)$6,184 $6,430 $6,446 $6,306 
RIS (1)3,620 2,457 1,382 1,214 
ASIA 1,666 1,728 1,685 1,717 
LATIN AMERICA1,515 1,600 1,672 1,663 
EMEA 676 699 727 727 
MIM (1)181 218 237 238 
CORPORATE & OTHER (1)727 647 602 596 
Adjusted premiums, fees and other revenues, on a constant currency basis$14,569 $13,779 $12,751 $12,461 
Adjusted premiums, fees and other revenues$14,437 $13,614 $12,719 $12,461 
ASIA (including operating joint ventures) (2), (3)$2,075 $2,759 $2,422 $2,548 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
GROUP BENEFITS (1)$1,041 $1,076 $1,052 $1,038 
RIS (1)166 169 160 170 
ASIA 783 773 802 830 
LATIN AMERICA534 513 499 615 
EMEA380 370 371 387 
MIM (1)162 182 167 161 
CORPORATE & OTHER (1)226 188 192 221 
Adjusted other expenses, on a constant currency basis
$3,292 $3,271 $3,243 $3,422 
Adjusted other expenses$3,232 $3,202 $3,236 $3,422 
ASIA (including operating joint ventures) (2), (4)$876 $899 $915 $965 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025
GROUP BENEFITS (1)$416 $370 $401 $456 
RIS (1)386 406 370 441 
ASIA 446 378 345 540 
LATIN AMERICA213 234 241 148 
EMEA 60 87 101 87 
MIM (1)16 28 54 58 
CORPORATE & OTHER (1)(62)(129)(142)(146)
Adjusted earnings available to common shareholders, on a constant currency basis$1,475 $1,374 $1,370 $1,584 
Adjusted earnings available to common shareholders$1,459 $1,349 $1,362 $1,584 
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses for operating joint ventures are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 15.
(3) Includes MetLife, Inc.’s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.’s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife’s percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES

In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:Comparable GAAP financial measures:
(i)total adjusted revenues(i)total revenues
(ii)total adjusted expenses(ii)total expenses
(iii)adjusted premiums, fees and other revenues(iii)premiums, fees and other revenues
(iv)adjusted premiums, fees and other revenues, excluding PRT (iv)premiums, fees and other revenues
(v)adjusted net investment income(v)net investment income
(vi)adjusted earnings(vi)net income (loss)
(vii)adjusted earnings available to common shareholders(vii)net income (loss) available to MetLife, Inc.’s common shareholders
(viii)adjusted earnings available to common shareholders, excluding total notable items(viii)net income (loss) available to MetLife, Inc.’s common shareholders
(ix)adjusted earnings available to common shareholders per diluted common share(ix)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(x)adjusted earnings available to common shareholders, excluding total notable items, per diluted common share(x)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(xi)adjusted return on equity(xi)return on equity
(xii)
adjusted return on equity, excluding total notable items
(xii)
return on equity
(xiii)
investment portfolio gains (losses)
(xiii)
net investment gains (losses)
(xiv)
derivative gains (losses)
(xiv)
net derivative gains (losses)
(xv)
adjusted capitalization of DAC
(xv)
capitalization of DAC
(xvi)
total MetLife, Inc.’s adjusted common stockholders’ equity
(xvi)
total MetLife, Inc.’s stockholders’ equity
(xvii)
total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items
(xvii)
total MetLife, Inc.’s stockholders’ equity
(xviii)
adjusted book value per common share
(xviii)
book value per common share
(xix)
adjusted other expenses
(xix)
other expenses
(xx)
adjusted other expenses, net of adjusted capitalization of DAC
(xx)
other expenses, net of capitalization of DAC
(xxi)
adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses
(xxi)
other expenses, net of capitalization of DAC
(xxii)
adjusted expense ratio
(xxii)
expense ratio
(xxiii)
adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT
(xxiii)
expense ratio
(xxiv)
direct expenses
(xxiv)
other expenses
(xxv)
direct expenses, excluding total notable items related to direct expenses
(xxv)
other expenses
(xxvi)
direct expense ratio
(xxvi)
expense ratio
(xxvii)
direct expense ratio, excluding total notable items related to direct expenses and PRT
(xxvii)
expense ratio
(xxviii)
future policy benefits at original discount rate
(xxviii)
future policy benefits at balance sheet discount rate
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 QFS and in this period’s earnings news release, which is available at MetLife’s Investor Relations webpage (https://investor.metlife.com).
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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
MetLife’s definitions of non-GAAP and other financial measures discussed in this QFS 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, excluding total notable items;
•adjusted earnings available to common shareholders 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, on a constant currency basis.
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) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-force reinsurance, and (iii) 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”).
•
Net investment income and other expenses exclude Reinsurance activity (as defined below).
•
Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•
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 GICs accounted for as freestanding derivatives.
•
“Reinsurance activity” relates 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.
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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
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 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.
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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Assets Under Management
•
Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below).
•
MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that MIM manages or advises.
•
General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account (“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain 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 and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate equity and include them as commercial mortgage loans.
•
Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement.
◦
Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
◦
Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.'s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
◦
Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements.
•
Asia General Account AUM (“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, certain 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 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 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.

Other items
The following additional information is relevant to an understanding of our performance:
•
Statistical sales information for 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.
•
PRT includes U.K. funded reinsurance.
•
“Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets.
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APPENDIX
METLIFE
ACRONYMS
 
AOCIAccumulated other comprehensive income (loss)
DACDeferred policy acquisition costs
AUM
Assets under management
DPLDeferred profit liabilities
EMEAEurope, the Middle East and Africa
FCTAForeign currency translation adjustments
GAGeneral account
GA AUMGeneral account assets under management
GAAPAccounting principles generally accepted in the United States of America
GICsGuaranteed interest contracts
MIMMetLife Investment Management
MIM GA AUM
MetLife Investment Management general account assets under management
NAICNational Association of Insurance Commissioners
NRSRONationally Recognized Statistical Rating Organization
PRTPension risk transfers
QFSQuarterly financial supplement
RISRetirement and Income Solutions
U.K.
United Kingdom
VOBAValue of business acquired
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