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Fourth Quarter
Financial Supplement
December 31, 2025
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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, 2025December 31, 2024December 31, 2025
Revenues
Premiums$12,617 $11,723 $10,810 $10,555 $16,691 $44,945 $49,779 
Universal life and investment-type product policy fees1,217 1,229 1,259 1,247 1,268 4,974 5,003 
Net investment income5,405 4,885 5,661 6,089 5,924 21,273 22,559 
Other revenues641 687 679 724 737 2,601 2,827 
Net investment gains (losses)(311)(387)(273)(325)(160)(1,184)(1,145)
Net derivative gains (losses)(903)432 (796)(929)(646)(1,623)(1,939)
Total revenues18,666 18,569 17,340 17,361 23,814 70,986 77,084 
Expenses
Policyholder benefits and claims12,572 11,806 10,767 10,369 16,776 44,728 49,718 
Policyholder liability remeasurement (gains) losses(42)(31)5 (159)35 (206)(150)
Market risk benefit remeasurement (gains) losses(764)299 (277)(263)(267)(1,109)(508)
Interest credited to policyholder account balances2,012 1,647 2,400 2,561 2,342 8,339 8,950 
Policyholder dividends150 144 146 134 129 595 553 
Amortization of DAC, VOBA and negative VOBA517 519 528 522 545 2,021 2,114 
Interest expense on debt259 258 269 271 263 1,037 1,061 
Other expenses, net of capitalization of DAC2,581 2,573 2,522 2,716 2,874 9,959 10,685 
Total expenses17,285 17,215 16,360 16,151 22,697 65,364 72,423 
Income (loss) before provision for income tax1,381 1,354 980 1,210 1,117 5,622 4,661 
Provision for income tax expense (benefit)106 404 245 308 301 1,178 1,258 
Net income (loss) 1,275 950 735 902 816 4,444 3,403 
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests4 5 6 6 7 18 24 
Net income (loss) attributable to MetLife, Inc.1,271 945 729 896 809 4,426 3,379 
Less: Preferred stock dividends32 66 31 66 31 200 194 
 Preferred stock redemption premium — — — 12 — — 12 
Net income (loss) available to MetLife, Inc.'s common shareholders$1,239 $879 $698 $818 $778 $4,226 $3,173 
Premiums, fees and other revenues$14,475 $13,639 $12,748 $12,526 $18,696 $52,520 $57,609 
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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, 2025December 31, 2025
Net income (loss) available to MetLife, Inc.'s common shareholders$1,239 $879 $698 $818 $778 
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)(160)
Less: Net derivative gains (losses)(903)432 (796)(929)(646)
Less: Market risk benefit remeasurement gains (losses)764 (299)277 263 267 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(118)(234)(61)20 (514)
Less: Provision for income tax (expense) benefit 352 23 195 223 190 
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
4 5 6 6 7 
Add: Preferred stock redemption premium— — — 12 — 
Adjusted earnings available to common shareholders1,459 1,349 1,362 1,584 1,648 
Less: Total notable items (2)10 — — 18 (61)
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,449 $1,349 $1,362 $1,566 $1,709 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$1.78 $1.28 $1.03 $1.22 $1.17 
Less: Net investment gains (losses)(0.45)(0.56)(0.40)(0.49)(0.24)
Less: Net derivative gains (losses)(1.29)0.63 (1.18)(1.39)(0.98)
Less: Market risk benefit remeasurement gains (losses)1.09 (0.44)0.41 0.39 0.40 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.15)(0.33)(0.10)0.04 (0.78)
Less: Provision for income tax (expense) benefit0.50 0.03 0.29 0.33 0.29 
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests0.01 0.01 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 2.49 
Less: Total notable items per diluted common share (2)0.01 — — 0.03 (0.09)
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$2.08 $1.96 $2.02 $2.34 $2.58 
For the Three Months Ended
Unaudited (In millions, except per share data)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$— $— $— $89 $— 
Litigation reserves and settlement costs(47)— — — (32)
Tax adjustments 57 — — (71)(29)
Total notable items $10 $— $— $18 $(61)
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$— $— $— $0.13 $— 
Litigation reserves and settlement costs(0.07)— — — (0.05)
Tax adjustments0.08 — — (0.11)(0.04)
Total notable items $0.01 $— $— $0.03 $(0.09)
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Weighted average common shares outstanding - diluted697.9 687.0 675.0 669.1 662.2 
(1)See Pages A-1 and A-7 for further information.
(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 information.
(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, 2025December 31, 2025
Book value per common share (1) $34.28 $35.16 $35.79 $39.52 $39.02 
Adjusted book value per common share (1)$54.81 $55.01 $56.23 $56.57 $57.07 
For the Three Months Ended
UnauditedDecember 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Return on MetLife, Inc.'s (2):
Common stockholders' equity 19.6 %14.9 %11.7 %13.1 %12.0 %
Adjusted return on MetLife, Inc.'s (2):
Adjusted common stockholders' equity15.4 %14.4 %14.6 %16.9 %17.6 %
Adjusted common stockholders' equity, excluding total notable items (3)
15.3 %14.4 %14.6 %16.7 %18.3 %
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Common shares outstanding, beginning of period693.7 689.2 673.3 666.8 660.7 
Share repurchases (4.6)(17.0)(6.5)(6.3)(5.4)
Newly issued shares0.1 1.1 — 0.2 — 
Common shares outstanding, end of period 689.2 673.3 666.8 660.7 655.3 
Weighted average common shares outstanding - basic693.0 682.3 670.8 664.7 658.1 
Dilutive effect of the exercise or issuance of stock-based awards 4.9 4.7 4.2 4.4 4.1 
Weighted average common shares outstanding - diluted697.9 687.0 675.0 669.1 662.2 
MetLife Policyholder Trust Shares111.6 110.1 108.6 107.4 105.9 
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 for further information.
(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 information.

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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, 2025December 31, 2024December 31, 2025
Total revenues$18,666 $18,569 $17,340 $17,361 $23,814 $70,986 $77,084 
Less: Adjustments to total revenues:
Net investment gains (losses)(311)(387)(273)(325)(160)(1,184)(1,145)
Net derivative gains (losses)(903)432 (796)(929)(646)(1,623)(1,939)
Investment hedge adjustments(127)(103)(102)(100)(105)(604)(410)
Depreciation of wholly-owned real estate and real estate joint ventures (1)
(72)(72)
Asymmetrical and non-economic accounting, excluding Investment hedge adjustments
34 36 42 78 100 158 256 
Unit-linked contract income
183 (227)498 580 366 1,091 1,217 
Reinsurance activity
31 43 47 177 222 31 489 
Other
5 (57)— (23)(81)34 (161)
Divested businesses
16 5 3 2 (1)32 9 
Total adjusted revenues$19,738 $18,827 $17,921 $17,901 $24,191 $73,051 $78,840 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Net investment income$5,405 $4,885 $5,661 $6,089 $5,924 $21,273 $22,559 
Less: Adjustments to net investment income:
Investment hedge adjustments(127)(103)(102)(100)(105)(604)(410)
Depreciation of wholly-owned real estate and real estate joint ventures (1)(72)(72)
Joint venture adjustments16 (42)16 (8)(64)82 (98)
Unit-linked contract income
183 (227)498 580 366 1,091 1,217 
Reinsurance activity
31 43 47 177 222 31 489 
Divested businesses 1 1 — — — 1 1 
Adjusted net investment income$5,301 $5,213 $5,202 $5,440 $5,577 $20,672 $21,432 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Variable investment income (Included in net investment income above)$293 $327 $195 $483 $497 $1,013 $1,502 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Premiums, fees and other revenues$14,475 $13,639 $12,748 $12,526 $18,696 $52,520 $57,609 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting34 36 42 78 100 158 256 
Other
(11)(15)(16)(15)(17)(48)(63)
Divested businesses
15 4 3 2 (1)31 8 
Adjusted premiums, fees and other revenues$14,437 $13,614 $12,719 $12,461 $18,614 $52,379 $57,408 
Adjusted premiums, fees and other revenues, on a constant currency basis$14,545 $13,757 $12,729 $12,438 $18,614 
(1)See Page A-7 for further information.
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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, 2025December 31, 2024December 31, 2025
Total expenses$17,285 $17,215 $16,360 $16,151 $22,697 $65,364 $72,423 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses(764)299 (277)(263)(267)(1,109)(508)
Goodwill impairment— — — — — — — 
Asymmetrical and non-economic accounting46 139 31 18 458 322 646 
Market volatility(49)(44)(40)(49)(76)(256)(209)
Unit-linked contract costs
185 (234)486 578 366 1,081 1,196 
Reinsurance activity
30 42 45 135 166 30 388 
Other
25 19 21 2 15 49 57 
Divested businesses
23 9 6 10 14 57 39 
Total adjusted expenses$17,789 $16,985 $16,088 $15,720 $22,021 $65,190 $70,814 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Capitalization of DAC $(719)$(698)$(787)$(852)$(882)$(2,833)$(3,219)
Less: Divested businesses— — — — — — — 
Adjusted capitalization of DAC$(719)$(698)$(787)$(852)$(882)$(2,833)$(3,219)
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Other expenses $3,300 $3,271 $3,309 $3,568 $3,756 $12,792 $13,904 
Less: Adjustments to other expenses:
Reinsurance activity
30 42 45 135 166 30 388 
Other
25 19 21 2 15 49 57 
Divested businesses13 8 7 9 12 38 36 
Adjusted other expenses$3,232 $3,202 $3,236 $3,422 $3,563 $12,675 $13,423 
Adjusted other expenses, on a constant currency basis
$3,273 $3,253 $3,223 $3,402 $3,563 
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METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year Ended
Unaudited (In millions, except ratios)
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Other expenses, net of capitalization of DAC$2,581 $2,573 $2,522 $2,716 $2,874 $9,959 $10,685 
Premiums, fees and other revenues$14,475 $13,639 $12,748 $12,526 $18,696 $52,520 $57,609 
Expense ratio17.8 %18.9 %19.8 %21.7 %15.4 %19.0 %18.5 %
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Adjusted other expenses by major category
Direct expenses$1,396 $1,459 $1,445 $1,443 $1,528 $5,611 $5,875 
Pension, postretirement and postemployment benefit costs71 70 66 69 74 266 279 
Premium taxes, other taxes, and licenses & fees253 160 158 272 246 783 836 
Commissions and other variable expenses1,512 1,513 1,567 1,638 1,715 6,015 6,433 
Adjusted other expenses
3,232 3,202 3,236 3,422 3,563 12,675 13,423 
Adjusted capitalization of DAC(719)(698)(787)(852)(882)(2,833)(3,219)
Adjusted other expenses, net of adjusted capitalization of DAC
$2,513 $2,504 $2,449 $2,570 $2,681 $9,842 $10,204 
For the Three Months EndedFor the Year Ended
Unaudited (In millions, except ratios)
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Employee-related costs$955 $991 $935 $962 $946 $3,696 $3,834 
Third-party staffing costs439 353 392 374 415 1,491 1,534 
General and administrative expenses2 115 118 107 167 424 507 
Direct expenses1,396 1,459 1,445 1,443 1,528 5,611 5,875 
Less: Total notable items related to direct expenses (1)(152)— — — 40 (152)40 
Direct expenses, excluding total notable items related to direct expenses (1)$1,548 $1,459 $1,445 $1,443 $1,488 $5,763 $5,835 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,513 $2,504 $2,449 $2,570 $2,681 $9,842 $10,204 
Less: Total notable items related to adjusted other expenses (1)(85)— — 102 81 (85)183 
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 $2,600 $9,927 $10,021 
Adjusted premiums, fees and other revenues$14,437 $13,614 $12,719 $12,461 $18,614 $52,379 $57,408 
Less: PRT2,593 1,476 328 (10)5,775 4,849 7,569 
Adjusted premiums, fees and other revenues, excluding PRT$11,844 $12,138 $12,391 $12,471 $12,839 $47,530 $49,839 
Direct expense ratio 9.7 %10.7 %11.4 %11.6 %8.2 %10.7 %10.2 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)13.1 %12.0 %11.7 %11.6 %11.6 %12.1 %11.7 %
Adjusted expense ratio17.4 %18.4 %19.3 %20.6 %14.4 %18.8 %17.8 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)21.9 %20.6 %19.8 %19.8 %20.3 %20.9 %20.1 %
(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 information.

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METLIFE
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$281,043 $291,735 $298,737 $304,645 $315,931 
Equity securities, at estimated fair value712 747 790 788 858 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 10,672 10,725 11,694 12,270 13,959 
Mortgage loans89,012 87,908 86,868 85,843 84,593 
Policy loans8,545 8,663 8,664 8,589 8,547 
Real estate and real estate joint ventures13,342 13,481 14,007 13,932 13,440 
Other limited partnership interests14,378 14,137 14,279 14,741 14,917 
Short-term investments, principally at estimated fair value5,156 5,543 5,300 5,962 3,601 
Other invested assets18,504 17,470 16,352 16,932 16,332 
Total investments441,364 450,409 456,691 463,702 472,178 
Cash and cash equivalents, principally at estimated fair value20,068 21,326 22,178 20,233 22,032 
Accrued investment income3,489 3,557 3,532 3,791 3,719 
Premiums, reinsurance and other receivables29,761 31,251 31,503 40,329 49,059 
Market risk benefits, at estimated fair value372 317 352 392 458 
Deferred policy acquisition costs and value of business acquired19,627 20,162 20,993 21,175 21,107 
Current income tax recoverable295 338 554 374 660 
Deferred income tax assets2,994 2,524 2,925 2,719 2,585 
Goodwill8,901 9,036 9,142 9,095 9,613 
Other assets11,082 11,253 11,425 11,572 11,822 
Separate account assets139,504 138,143 143,175 146,344 151,933 
Total assets$677,457 $688,316 $702,470 $719,726 $745,166 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$193,646 $197,667 $198,965 $199,169 $208,855 
Policyholder account balances221,445 225,623 232,433 235,312 236,857 
Market risk benefits, at estimated fair value2,581 2,844 2,709 2,585 2,406 
Other policy-related balances18,899 19,523 19,899 20,361 20,070 
Policyholder dividends payable385 356 367 369 356 
Payables for collateral under securities loaned and other transactions17,128 17,440 17,147 17,139 17,115 
Short-term debt465 381 379 378 355 
Long-term debt 15,086 14,695 15,374 15,300 14,467 
Collateral financing arrangement476 463 438 398 352 
Subordinated debt securities3,164 4,153 4,153 4,154 4,155 
Notes issued by collateralized financing entities, under the fair value option relating to variable interest entities— — — — 1,206 
Deferred income tax liability132 430 430 574 536 
Other liabilities 36,843 38,843 39,074 48,452 57,582 
Separate account liabilities139,504 138,143 143,175 146,344 151,933 
Total liabilities649,754 660,561 674,543 690,535 716,245 
Contingencies, Commitments and Guarantees
Redeemable noncontrolling interests— — — — 241 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,791 33,820 33,822 32,855 32,858 
Retained earnings42,626 43,131 43,447 43,887 44,290 
Treasury stock, at cost(27,798)(29,222)(29,737)(30,244)(30,678)
Accumulated other comprehensive income (loss)(21,186)(20,248)(19,859)(17,566)(18,084)
Total MetLife, Inc.'s stockholders' equity27,445 27,493 27,685 28,944 28,398 
Noncontrolling interests258 262 242 247 282 
Total equity27,703 27,755 27,927 29,191 28,680 
Total liabilities and equity$677,457 $688,316 $702,470 $719,726 $745,166 
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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, 2025December 31, 2025
Adjusted earnings before provision for income tax
GROUP BENEFITS$526 $468 $508 $577 $589 
RIS487 505 460 551 563 
ASIA613 534 489 752 625 
LATIN AMERICA258 291 317 208 270 
EMEA60 109 128 115 129 
MIM20 37 72 78 80 
CORPORATE & OTHER(15)(102)(141)(100)(86)
Total adjusted earnings before provision for income tax
$1,949 $1,842 $1,833 $2,181 $2,170 
Provision for income tax expense (benefit)
GROUP BENEFITS$110 $98 $107 $121 $124 
RIS101 99 90 110 109 
ASIA170 162 143 212 181 
LATIN AMERICA57 72 84 60 72 
EMEA1 26 28 28 32 
MIM4 9 18 20 20 
CORPORATE & OTHER15 (39)(30)(20)(47)
Total provision for income tax expense (benefit)
$458 $427 $440 $531 $491 
Adjusted earnings available to common shareholders
GROUP BENEFITS$416 $370 $401 $456 $465 
RIS386 406 370 441 454 
ASIA443 372 346 540 444 
LATIN AMERICA201 219 233 148 198 
EMEA59 83 100 87 97 
MIM16 28 54 58 60 
CORPORATE & OTHER (1)(62)(129)(142)(146)(70)
Total adjusted earnings available to common shareholders (1)$1,459 $1,349 $1,362 $1,584 $1,648 
(1)Includes impact of preferred stock dividends of $32 million, $66 million, $31 million, $66 million and $31 million for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 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, 2025December 31, 2024December 31, 2025
Adjusted revenues
Premiums$5,579 $5,763 $5,801 $5,662 $5,632 $22,427 $22,858 
Universal life and investment-type product policy fees227 233 240 227 236 909 936 
Net investment income313 353 345 356 358 1,252 1,412 
Other revenues378 434 405 417 419 1,534 1,675 
Total adjusted revenues6,497 6,783 6,791 6,662 6,645 26,122 26,881 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,881 5,183 5,161 4,982 4,889 19,824 20,215 
Policyholder liability remeasurement (gains) losses— (18)(4)(9)(3)(1)(34)
Interest credited to policyholder account balances46 72 73 73 71 191 289 
Capitalization of DAC(5)(5)(7)(7)(7)(18)(26)
Amortization of DAC, VOBA and negative VOBA7 6 7 7 6 26 26 
Interest expense on debt1 1 1 1 — 2 3 
Other expenses1,041 1,076 1,052 1,038 1,100 4,067 4,266 
Total adjusted expenses5,971 6,315 6,283 6,085 6,056 24,091 24,739 
Adjusted earnings before provision for income tax526 468 508 577 589 2,031 2,142 
Provision for income tax expense (benefit)110 98 107 121 124 425 450 
Adjusted earnings416 370 401 456 465 1,606 1,692 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders416 370 401 456 465 1,606 1,692 
Less: Total notable items

— — — (2)— (58)(2)
Adjusted earnings available to common shareholders, excluding total notable items
$416 $370 $401 $458 $465 $1,664 $1,694 
Adjusted premiums, fees and other revenues$6,184 $6,430 $6,446 $6,306 $6,287 $24,870 $25,469 
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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, 2025December 31, 2025
Direct and allocated expenses$519 $529 $507 $502 $534 
Pension, postretirement and postemployment benefit costs14 13 15 14 15 
Premium taxes, other taxes, and licenses & fees86 83 88 87 89 
Commissions and other variable expenses422 451 442 435 462 
Adjusted other expenses$1,041 $1,076 $1,052 $1,038 $1,100 
OTHER INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Group Life (2)
Adjusted premiums, fees and other revenues$2,289 $2,352 $2,371 $2,328 $2,321 
Mortality ratio83.2 %84.8 %83.0 %83.4 %81.1 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,771 $2,850 $2,876 $2,814 $2,866 
Interest adjusted benefit ratio (4)71.8 %74.1 %74.8 %72.5 %72.2 %
(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, 2025December 31, 2024December 31, 2025
Adjusted revenues
Premiums$3,460 $2,284 $1,210 $1,045 $7,030 $8,034 $11,569 
Universal life and investment-type product policy fees99 104 102 99 104 314 409 
Net investment income2,143 2,190 2,166 2,189 2,229 8,482 8,774 
Other revenues61 69 70 70 75 246 284 
Total adjusted revenues5,763 4,647 3,548 3,403 9,438 17,076 21,036 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,280 3,120 2,045 1,836 7,829 11,246 14,830 
Policyholder liability remeasurement (gains) losses— (15)1 (14)26 (170)(2)
Interest credited to policyholder account balances863 883 903 888 878 3,371 3,552 
Capitalization of DAC(58)(37)(46)(50)(80)(218)(213)
Amortization of DAC, VOBA and negative VOBA21 19 21 19 22 66 81 
Interest expense on debt4 3 4 3 4 15 14 
Other expenses166 169 160 170 196 666 695 
Total adjusted expenses5,276 4,142 3,088 2,852 8,875 14,976 18,957 
Adjusted earnings before provision for income tax487 505 460 551 563 2,100 2,079 
Provision for income tax expense (benefit)101 99 90 110 109 433 408 
Adjusted earnings386 406 370 441 454 1,667 1,671 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders386 406 370 441 454 1,667 1,671 
Less: Total notable items
— — — 13 — 104 13 
Adjusted earnings available to common shareholders, excluding total notable items
$386 $406 $370 $428 $454 $1,563 $1,658 
Adjusted premiums, fees and other revenues$3,620 $2,457 $1,382 $1,214 $7,209 $8,594 $12,262 
Less: PRT
2,593 1,476 328 (10)5,775 4,849 7,569 
Adjusted premiums, fees and other revenues, excluding PRT$1,027 $981 $1,054 $1,224 $1,434 $3,745 $4,693 
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FUTURE POLICY BENEFITS (1)
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Balance, end of period (at balance sheet discount rate) (2)
$71,510 $73,415 $73,506 $74,263 $84,988 
Less: Accumulated other comprehensive (income) loss(3,134)(2,627)(2,366)(1,209)(1,732)
Balance, end of period (at original discount rate)$74,644 $76,042 $75,872 $75,472 $86,720 
Future policyholder benefits subject to reinsurance (at balance sheet discount rate) (2)
$1,956 $2,287 $2,266 $7,750 $12,786 
Add: Accumulated other comprehensive (income) loss
13 (16)(27)(149)(63)
Balance, end of period (at original discount rate)
$1,969 $2,271 $2,239 $7,601 $12,723 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Balance, end of period
$84,923 $90,243 $92,197 $92,291 $93,549 
Policyholder account balances subject to reinsurance
$3,327 $4,297 
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES GENERAL ACCOUNT RETAINED BALANCES (3)
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Balance, end of period
$157,598 $164,014 $165,830 $156,835 $163,249 
TOTAL LIABILITIES
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
General account retained balances (3)
$157,598 $164,014 $165,830 $156,835 $163,249 
Separate account liabilities
51,420 55,953 54,864 55,671 57,128 
Synthetic GICS (4), (5)
49,599 53,796 53,740 51,920 52,664 
Longevity Reinsurance (6)
25,121 27,369 30,087 29,293 37,025 
Total liability exposure retained, end of period
$283,738 $301,132 $304,521 $293,719 $310,066 
Total liability exposure, end of period
$285,707 $303,403 $306,760 $304,647 $327,086 
(1)Includes $3,872 million, $3,899 million, $3,910 million, $3,964 million and $3,948 million of DPL at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3) Includes future policyholder benefits (at original discount rate) and policyholder account balances, both excluding amounts subject to reinsurance.
(4)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.
(5)Includes $221 million, $1,242 million, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively.
(6)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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OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Direct and allocated expenses$80 $98 $89 $88 $90 
Pension, postretirement and postemployment benefit costs3 4 4 4 5 
Premium taxes, other taxes, and licenses & fees18 5 3 7 32 
Commissions and other variable expenses65 62 64 71 69 
Adjusted other expenses$166 $169 $160 $170 $196 
SPREAD
For the Three Months Ended
UnauditedDecember 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Investment income yield, excluding variable investment income yield
5.22 %5.05 %5.07 %5.07 %5.10 %
Variable investment income yield6.46 %9.03 %5.45 %13.46 %12.37 %
Total investment income yield5.26 %5.19 %5.08 %5.36 %5.35 %
Average crediting rate4.35 %4.28 %4.31 %4.33 %4.34 %
Amortization of DPL and losses at inception (1)(0.21)%(0.20)%(0.21)%(0.24)%(0.23)%
Total average crediting rate4.14 %4.08 %4.10 %4.09 %4.11 %
Annualized general account spread (2)
1.12 %1.11 %0.98 %1.27 %1.24 %
Annualized general account spread, excluding variable investment income yield
1.08 %0.97 %0.97 %0.98 %0.99 %
(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 each of the three months ended September 30, 2025 and December 31, 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, 2025December 31, 2024December 31, 2025
Adjusted revenues
Premiums$1,206 $1,260 $1,278 $1,290 $1,222 $4,991 $5,050 
Universal life and investment-type product policy fees410 406 399 407 428 1,690 1,640 
Net investment income1,251 1,204 1,204 1,374 1,405 4,658 5,187 
Other revenues19 15 22 20 21 76 78 
Total adjusted revenues2,886 2,885 2,903 3,091 3,076 11,415 11,955 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends993 1,037 1,051 1,074 1,010 4,083 4,172 
Policyholder liability remeasurement (gains) losses(59)(11)(12)(141)6 (35)(158)
Interest credited to policyholder account balances708 711 757 804 825 2,695 3,097 
Capitalization of DAC(348)(351)(418)(435)(413)(1,380)(1,617)
Amortization of DAC, VOBA and negative VOBA214 216 223 207 208 832 854 
Interest expense on debt— — — — — — — 
Other expenses765 749 813 830 815 2,969 3,207 
Total adjusted expenses2,273 2,351 2,414 2,339 2,451 9,164 9,555 
Adjusted earnings before provision for income tax613 534 489 752 625 2,251 2,400 
Provision for income tax expense (benefit)170 162 143 212 181 630 698 
Adjusted earnings443 372 346 540 444 1,621 1,702 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders443 $372 $346 $540 444 1,621 1,702 
Less: Total notable items
— — — 70 — (41)70 
Adjusted earnings available to common shareholders, excluding total notable items
$443 $372 $346 $470 $444 $1,662 $1,632 
Adjusted premiums, fees and other revenues$1,635 $1,681 $1,699 $1,717 $1,671 $6,757 $6,768 
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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, 2025December 31, 2025
Adjusted premiums, fees and other revenues$1,635 $1,681 $1,699 $1,717 $1,671 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,615 $1,675 $1,632 $1,664 $1,671 
Add: Operating joint ventures, on a constant currency basis (1)409 1,036 741 835 420 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,024 $2,711 $2,373 $2,499 $2,091 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Direct and allocated expenses$319 $306 $304 $303 $303 
Pension, postretirement and postemployment benefit costs19 13 14 13 17 
Premium taxes, other taxes, and licenses & fees26 29 33 33 38 
Commissions and other variable expenses401 401 462 481 457 
Adjusted other expenses$765 $749 $813 $830 $815 
Adjusted other expenses, net of adjusted capitalization of DAC$417 $398 $395 $395 $402 
Adjusted other expenses, on a constant currency basis
$755 $746 $774 $803 $815 
Add: Operating joint ventures, on a constant currency basis (2)93 127 113 135 104 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$848 $873 $887 $938 $919 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$477 $466 $453 $472 $479 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Japan:
Life$106 $110 $157 $213 $170 
Accident & Health78 66 64 63 58 
Annuities112 145 226 178 119 
Other2 2 2 1 1 
Total Japan298 323 449 455 348 
Other Asia207 304 233 319 250 
   Total sales$505 $627 $682 $774 $598 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Adjusted earnings available to common shareholders$443 $372 $346 $540 $444 
Adjusted earnings available to common shareholders, excluding total notable items
$443 $372 $346 $470 $444 
Adjusted earnings available to common shareholders, on a constant currency basis$440 $372 $338 $527 $444 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$440 $372 $338 $457 $444 
(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, 2025December 31, 2025
Asia GA AUM $120,626 $125,119 $129,325 $131,751 $130,514 
Asia GA AUM (at amortized cost)$129,959 $134,352 $139,158 $140,892 $140,168 
Asia GA AUM (at amortized cost), on a constant currency basis$130,435 $132,918 $135,409 $138,375 $140,168 
  Add: Operating joint ventures, on a constant currency basis (1)10,207 11,815 12,554 13,220 13,651 
Asia GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$140,642 $144,733 $147,963 $151,595 $153,819 
(1)Includes MetLife, Inc.’s share of GA AUM (at amortized cost) 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, 2025December 31, 2024December 31, 2025
Adjusted revenues
Premiums$1,098 $1,164 $1,260 $1,288 $1,443 $4,476 $5,155 
Universal life and investment-type product policy fees330 340 371 377 359 1,419 1,447 
Net investment income431 408 445 416 429 1,650 1,698 
Other revenues10 9 3 (2)(6)41 4 
Total adjusted revenues1,869 1,921 2,079 2,079 2,225 7,586 8,304 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,035 1,091 1,216 1,218 1,320 4,127 4,845 
Policyholder liability remeasurement (gains) losses20 (3)— (4)— (9)(7)
Interest credited to policyholder account balances101 98 96 92 87 438 373 
Capitalization of DAC(177)(172)(176)(203)(219)(704)(770)
Amortization of DAC, VOBA and negative VOBA123 129 137 149 156 503 571 
Interest expense on debt4 4 4 4 3 15 15 
Other expenses505 483 485 615 608 2,007 2,191 
Total adjusted expenses1,611 1,630 1,762 1,871 1,955 6,377 7,218 
Adjusted earnings before provision for income tax258 291 317 208 270 1,209 1,086 
Provision for income tax expense (benefit)57 72 84 60 72 328 288 
Adjusted earnings201 219 233 148 198 881 798 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$201 $219 $233 $148 $198 $881 $798 
Less: Total notable items
— — — (75)(29)4 (104)
Adjusted earnings available to common shareholders, excluding total notable items
$201 $219 $233 $223 $227 $877 $902 
Adjusted premiums, fees and other revenues$1,438 $1,513 $1,634 $1,663 $1,796 $5,936 $6,606 
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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, 2025December 31, 2025
Direct and allocated expenses$146 $135 $143 $147 $151 
Pension, postretirement and postemployment benefit costs3 1 2 1 3 
Premium taxes, other taxes, and licenses & fees24 23 22 123 66 
Commissions and other variable expenses332 324 318 344 388 
Adjusted other expenses$505 $483 $485 $615 $608 
Adjusted other expenses, net of adjusted capitalization of DAC$328 $311 $309 $412 $389 
Adjusted other expenses, on a constant currency basis
$544 $523 $508 $625 $608 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$352 $336 $323 $418 $389 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Mexico$146 $223 $195 $216 $218 
Chile125 118 130 124 127 
All other88 74 74 110 106 
Total sales$359 $415 $399 $450 $451 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Adjusted premiums, fees and other revenues$1,438 $1,513 $1,634 $1,663 $1,796 
Adjusted earnings available to common shareholders$201 $219 $233 $148 $198 
Adjusted earnings available to common shareholders, excluding total notable items
$201 $219 $233 $223 $227 
Adjusted premiums, fees and other revenues, on a constant currency basis$1,545 $1,635 $1,707 $1,697 $1,796 
Adjusted earnings available to common shareholders, on a constant currency basis$218 $240 $246 $153 $198 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$218 $240 $246 $228 $227 

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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, 2025December 31, 2024December 31, 2025
Adjusted revenues
Premiums$568 $582 $626 $638 $679 $2,202 $2,525 
Universal life and investment-type product policy fees76 78 84 82 98 314 342 
Net investment income59 58 61 66 68 222 253 
Other revenues8 8 9 7 10 32 34 
Total adjusted revenues711 726 780 793 855 2,770 3,154 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends301 277 309 333 334 1,100 1,253 
Policyholder liability remeasurement (gains) losses(3)— 4 3 (1)7 6 
Interest credited to policyholder account balances17 17 20 21 25 70 83 
Capitalization of DAC(124)(126)(136)(151)(155)(486)(568)
Amortization of DAC, VOBA and negative VOBA93 94 88 85 100 355 367 
Interest expense on debt— — — — — — — 
Other expenses367 355 367 387 423 1,369 1,532 
Total adjusted expenses651 617 652 678 726 2,415 2,673 
Adjusted earnings before provision for income tax60 109 128 115 129 355 481 
Provision for income tax expense (benefit)1 26 28 28 32 72 114 
Adjusted earnings59 83 100 87 97 283 367 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders59 83 100 87 97 283 367 
Less: Total notable items
— — — (1)— (5)(1)
Adjusted earnings available to common shareholders, excluding total notable items
$59 $83 $100 $88 $97 $288 $368 
Adjusted premiums, fees and other revenues$652 $668 $719 $727 $787 $2,548 $2,901 
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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, 2025December 31, 2025
Direct and allocated expenses$112 $109 $111 $111 $120 
Pension, postretirement and postemployment benefit costs2 1 (3)2 1 
Premium taxes, other taxes, and licenses & fees7 6 6 7 9 
Commissions and other variable expenses246 239 253 267 293 
Adjusted other expenses$367 $355 $367 $387 $423 
Adjusted other expenses, net of adjusted capitalization of DAC$243 $229 $231 $236 $268 
Adjusted other expenses, on a constant currency basis
$379 $369 $370 $384 $423 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$252 $238 $234 $234 $268 
OTHER INFORMATION
  For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Adjusted premiums, fees and other revenues$652 $668 $719 $727 $787 
Adjusted earnings available to common shareholders$59 $83 $100 $87 $97 
Adjusted earnings available to common shareholders, excluding total notable items
$59 $83 $100 $88 $97 
Adjusted premiums, fees and other revenues, on a constant currency basis$673 $695 $723 $723 $787 
Adjusted earnings available to common shareholders, on a constant currency basis$59 $86 $100 $86 $97 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$59 $86 $100 $87 $97 
Total sales, on a constant currency basis$249 $318 $307 $298 $310 
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METLIFE INVESTMENT MANAGEMENT
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions, except ratios)
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Adjusted revenues
Premiums$— $— $— $— $— $— $— 
Universal life and investment-type product policy fees— — — — — — — 
Net investment income1 1 2 1 2 7 6 
Other revenues (1)181 218 237 238 239 718 932 
Total adjusted revenues182 219 239 239 241 725 938 
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 182 167 161 161 652 671 
Total adjusted expenses162 182 167 161 161 652 671 
Adjusted earnings before provision for income tax20 37 72 78 80 73 267 
Provision for income tax expense (benefit)4 9 18 20 20 18 67 
Adjusted earnings16 28 54 58 60 55 200 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders16 28 54 58 60 55 200 
Less: Total notable items
— — — — — — — 
Adjusted earnings available to common shareholders, excluding total notable items
$16 $28 $54 $58 $60 $55 $200 
Operating margin (2)11.0 %16.9 %30.1 %32.6 %33.2 %10.1 %28.5 %
(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 a percentage of net investment income plus other revenues.
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METLIFE INVESTMENT MANAGEMENT
ASSETS UNDER MANAGEMENT INFORMATION
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Institutional Client AUM
Beginning Institutional Client AUM$178,703 $178,666 $185,970 $200,616 $212,390 
Additions14,687 5,945 17,118 19,078 19,806 
Withdrawals(9,569)(7,460)(9,103)(9,366)(14,194)
Change in market value(5,155)2,217 6,631 2,062 1,770 
Acquisitions, dispositions and other
— 6,602 — — 99,510 
Ending Institutional Client AUM (1)
$178,666 $185,970 $200,616 $212,390 $319,282 
MIM GA AUM$407,063 $417,194 $423,671 $420,204 $422,392 
Total AUM$585,729 $603,164 $624,287 $632,594 $741,674 
OTHER REVENUES BY CLIENT SEGMENT
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Institutional Client
$76 $77 $95 $98 $99 
General Account (2)
105 141 142 140 140 
Other revenues$181 $218 $237 $238 $239 
(1)Ending Institutional Client AUM includes Separate Account AUM, Reinsurance AUM and Third‑Party AUM, with balances at December 31, 2025 of $15.8 billion, $20.1 billion and $283.4 billion, respectively.
(2)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, 2025December 31, 2024December 31, 2025
Adjusted revenues
Premiums$691 $666 $632 $632 $684 $2,784 $2,614 
Universal life and investment-type product policy fees 75 68 63 55 37 328 223 
Net investment income1,103 999 979 1,038 1,086 4,401 4,102 
Other revenues(39)(87)(93)(91)(96)(156)(367)
Total adjusted revenues1,830 1,646 1,581 1,634 1,711 7,357 6,572 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,220 1,210 1,171 1,160 1,202 4,961 4,743 
Policyholder liability remeasurement (gains) losses— 16 16 4 6 2 42 
Interest credited to policyholder account balances97 36 35 37 29 390 137 
Capitalization of DAC(7)(7)(4)(6)(8)(27)(25)
Amortization of DAC, VOBA and negative VOBA59 55 52 55 52 239 214 
Interest expense on debt250 250 260 263 256 1,005 1,029 
Other expenses226 188 192 221 260 945 861 
Total adjusted expenses1,845 1,748 1,722 1,734 1,797 7,515 7,001 
Adjusted earnings before provision for income tax(15)(102)(141)(100)(86)(158)(429)
Provision for income tax expense (benefit)15 (39)(30)(20)(47)(41)(136)
Adjusted earnings(30)(63)(111)(80)(39)(117)(293)
Preferred stock dividends32 66 31 66 31 200 194 
Adjusted earnings available to common shareholders(62)(129)(142)(146)(70)(317)(487)
Less: Total notable items
10 — — 13 (32)22 (19)
Adjusted earnings available to common shareholders, excluding total notable items
$(72)$(129)$(142)$(159)$(38)$(339)$(468)
Adjusted premiums, fees and other revenues$727 $647 $602 $596 $625 $2,956 $2,470 
Adjusted earnings available to common shareholders attributed to business activities$153 $120 $115 $173 $146 $647 $554 
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CORPORATE & OTHER
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Annuities$1,515 $1,493 $1,466 $1,457 $1,442 
Long-Term Care
14,537 14,716 14,803 15,309 15,224 
Life and Other53,298 52,962 52,748 52,480 52,285 
Balance, end of period (at balance sheet discount rate)
$69,350 $69,171 $69,017 $69,246 $68,951 
Less:
Annuities$(63)$(51)$(43)$(26)$(32)
Long-Term Care
(919)(872)(922)(547)(751)
Life and Other(34)(26)(26)(10)(20)
Accumulated other comprehensive (income) loss$(1,016)$(949)$(991)$(583)$(803)
Annuities$1,578 $1,544 $1,509 $1,483 $1,474 
Long-Term Care
15,456 15,588 15,725 15,856 15,975 
Life and Other53,332 52,988 52,774 52,490 52,305 
Balance, end of period (at original discount rate)$70,366 $70,120 $70,008 $69,829 $69,754 
Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
Annuities$1,393 $1,370 $1,345 $1,326 $1,294 
Long-Term Care
— — — — — 
Life and Other$2,410 $2,421 $2,455 $2,474 $3,934 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Annuities$10,142 $6,807 $6,633 $6,545 $6,383 
Life and Other11,117 7,278 7,226 7,164 7,093 
Balance, end of period$21,259 $14,085 $13,859 $13,709 $13,476 
Policyholder account balances subject to reinsurance (2)
Annuities$3,027 $2,930 $2,848 $2,761 $4,258 
Life and Other$6,357 $6,301 $6,240 $6,178 $6,119 
MARKET RISK BENEFITS
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Annuities$2,073 $2,188 $2,056 $1,957 $1,788 
Balance, end of period$2,073 $2,188 $2,056 $1,957 $1,788 
Market risk benefits subject to reinsurance (2)
$— $— $— $— $285 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Annuities$27,829 $19,795 $20,317 $20,252 $19,621 
Life and Other7,065 6,393 7,022 7,317 7,302 
Balance, end of period$34,894 $26,188 $27,339 $27,569 $26,923 
Separate account liabilities subject to reinsurance (3)
Annuities$79 $73 $77 $77 $8,354 
Life and Other$6,244 $5,852 $6,429 $6,688 $6,666 
(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, 2025December 31, 2024December 31, 2025
Fixed Maturity Securities
Yield (1)4.47 %4.36 %4.61 %4.61 %4.57 %4.44 %4.54 %
Investment income (2), (3)$3,326 $3,259 $3,517 $3,485 $3,504 $13,089 $13,765 
Investment gains (losses)(245)(244)(124)(150)(105)(733)(623)
Ending carrying value (4)280,227 290,416 297,565 296,663 299,659 280,227 299,659 
Mortgage Loans
Yield (1)5.28 %5.21 %5.12 %5.22 %5.26 %5.29 %5.20 %
Investment income (3)1,085 1,056 1,026 1,009 1,005 4,378 4,096 
Investment gains (losses)(53)(159)(288)(65)(93)(285)(605)
Ending carrying value (5)81,460 80,581 79,848 76,896 75,767 81,460 75,767 
Real Estate and Real Estate Joint Ventures
Yield (1)1.47 %4.01 %3.47 %1.83 %4.64 %(0.12)%3.48 %
Investment income50 134 120 63 158 (15)475 
Investment gains (losses)70 (40)3 47 9 245 19 
Ending carrying value (6)13,342 13,481 14,007 13,932 13,431 13,342 13,431 
Policy Loans
Yield (1)5.67 %5.38 %5.64 %5.76 %5.74 %5.60 %5.63 %
Investment income114 107 113 115 114 453 449 
Ending carrying value8,545 8,663 8,664 8,589 8,547 8,545 8,547 
Equity Securities
Yield (1)3.23 %6.16 %2.30 %3.46 %5.16 %4.38 %4.26 %
Investment income5 9 3 4 7 23 23 
Investment gains (losses)4 (12)45 17 15 (18)65 
Ending carrying value (7)712 747 790 788 753 712 753 
Other Limited Partnership Interests
Yield (1)7.05 %6.22 %3.46 %11.89 %11.37 %6.73 %8.28 %
Investment income252 222 122 431 419 965 1,194 
Investment gains (losses)1 (1)21 4 — (55)24 
Ending carrying value (8)14,367 14,125 14,265 14,726 14,712 14,367 14,712 
Cash and Cash Equivalents and Short-term Investments
Yield (1)4.97 %4.42 %4.19 %4.36 %4.07 %5.04 %4.26 %
Investment income249 224 232 239 208 961 903 
Investment gains (losses)18 (9)(38)13 35 34 1 
Ending carrying value (9)25,018 26,862 27,432 25,853 24,319 25,018 24,319 
Other Invested Assets
Investment income 368 365 218 241 318 1,414 1,142 
Investment gains (losses)23 4 25 (76)(104)46 (151)
Ending carrying value (10)18,504 17,470 16,350 16,871 16,193 18,504 16,193 
Total Investments
Investment income yield (1)4.87 %4.82 %4.73 %4.99 %5.10 %4.80 %4.91 %
Investment fees and expenses yield (1)(0.13)%(0.15)%(0.13)%(0.13)%(0.14)%(0.13)%(0.14)%
Net Investment Income Yield (1)4.74 %4.67 %4.60 %4.86 %4.96 %4.67 %4.77 %
Investment income$5,449 $5,376 $5,351 $5,587 $5,733 $21,268 $22,047 
Investment fees and expenses(147)(162)(149)(147)(156)(595)(614)
Net investment income including divested businesses5,302 5,214 5,202 5,440 5,577 20,673 21,433 
Less: Net investment income from divested businesses1 1 — — — 1 1 
Adjusted Net Investment Income (11)$5,301 $5,213 $5,202 $5,440 $5,577 $20,672 $21,432 
Ending Carrying Value$442,175 $452,345 $458,921 $454,318 $453,381 $442,175 $453,381 
Investment Portfolio Gains (Losses) (12)$(182)$(461)$(356)$(210)$(243)$(766)$(1,270)
Gross investment gains316 142 204 373 418 1,260 1,137 
Gross investment losses(386)(423)(264)(269)(471)(1,696)(1,427)
Net credit loss (provision) release and (impairments)(112)(180)(296)(314)(190)(330)(980)
Investment Portfolio Gains (Losses) (12)(182)(461)(356)(210)(243)(766)(1,270)
Investment portfolio gains (losses) income tax (expense) benefit59 116 94 41 75 213 326 
Investment Portfolio Gains (Losses), Net of Income Tax$(123)$(345)$(262)$(169)$(168)$(553)$(944)
Derivative Gains (Losses) (12)(1,159)344 (892)(746)(844)(2,413)(2,138)
Derivative gains (losses) income tax (expense) benefit314 (99)181 193 192 605 467 
Derivative Gains (Losses), Net of Income Tax$(845)$245 $(711)$(553)$(652)$(1,808)$(1,671)
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, 2025December 31, 2025
Unaudited (In millions, except ratios)Amount% of TotalAmount% 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 %$83,048 27.8 %
Foreign corporate53,354 19.1 %55,083 19.1 %58,792 19.9 %57,798 19.6 %58,260 19.6 %
Foreign government39,895 14.3 %40,892 14.2 %42,097 14.2 %41,610 14.1 %42,431 14.3 %
Residential mortgage-backed34,135 12.3 %39,083 13.5 %40,764 13.8 %41,292 14.0 %40,028 13.4 %
U.S. government and agency33,350 12.0 %33,535 11.6 %32,463 11.0 %32,315 11.0 %33,706 11.3 %
Asset-backed securities and collateralized loan obligations20,390 7.3 %20,748 7.2 %20,929 7.1 %20,313 6.9 %20,757 7.0 %
Municipals9,762 3.5 %9,764 3.4 %9,802 3.3 %10,486 3.6 %10,579 3.6 %
Commercial mortgage-backed9,182 3.3 %9,388 3.3 %9,428 3.2 %9,245 3.1 %8,922 3.0 %
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 %$297,731 100.0 %
Reinsurance activity
2,391 2,926 2,900 9,866 18,200 
Fixed Maturity Securities Available-For-Sale$281,043 $291,735 $298,737 $304,645 $315,931 
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$192,099 68.9 %$199,468 69.1 %$203,465 68.8 %$202,215 68.7 %$203,858 68.5 %
Baa274,345 26.7 %77,112 26.7 %80,262 27.1 %80,465 27.3 %81,877 27.5 %
Ba38,680 3.1 %8,674 3.0 %8,566 2.9 %8,364 2.8 %8,273 2.8 %
B43,035 1.1 %3,198 1.1 %3,260 1.1 %3,379 1.1 %3,379 1.1 %
Caa and lower5425 0.2 %291 0.1 %204 0.1 %258 0.1 %249 0.1 %
In or near default668 — %66 — %80 — %98 — %95 — %
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 %$297,731 100.0 %
Reinsurance activity
2,391 2,926 2,900 9,866 18,200 
Fixed Maturity Securities Available-For-Sale (13)
$281,043 $291,735 $298,737 $304,645 $315,931 
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Gross unrealized gains$4,965 $5,398 $6,192 $7,130 $6,910 
Gross unrealized losses31,041 28,891 28,951 26,495 27,287 
Net Unrealized Gains (Losses), excluding Reinsurance activity
$(26,076)$(23,493)$(22,759)$(19,365)$(20,377)
Reinsurance activity
(142)(109)(88)(575)(644)
Net Unrealized Gains (Losses)$(26,218)$(23,602)$(22,847)$(19,940)$(21,021)
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, 2025December 31, 2025
          
Commercial mortgage loans$48,967 $47,890 $46,674 $44,953 $42,406 
Agricultural mortgage loans 19,030 18,779 18,993 18,045 18,284 
Residential mortgage loans14,186 14,783 15,286 14,968 16,060 
Mortgage loans held-for-sale— — — — 35 
Total82,183 81,452 80,953 77,966 76,785 
Allowance for credit loss(723)(871)(1,105)(1,070)(1,018)
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity
81,460 80,581 79,848 76,896 75,767 
Reinsurance activity
85 82 78 2,270 2,459 
Third-party mortgage loan activity
7,467 7,245 6,942 6,677 6,367 
Mortgage loans
$89,012 $87,908 $86,868 $85,843 $84,593 
SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Unaudited (In millions, except ratios)Amount% of TotalAmount% 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 %$8,395 19.8 %
Non-U.S.7,901 16.1 %7,802 16.3 %7,839 16.8 %7,555 16.8 %7,076 16.7 %
Middle Atlantic6,938 14.2 %6,877 14.4 %6,561 14.1 %6,369 14.2 %5,699 13.4 %
South Atlantic5,890 12.0 %5,796 12.1 %5,630 12.1 %5,321 11.8 %5,205 12.3 %
West South Central3,228 6.6 %3,214 6.7 %3,274 7.0 %3,195 7.1 %3,260 7.7 %
Mountain2,317 4.7 %2,455 5.1 %2,470 5.3 %2,369 5.3 %2,348 5.5 %
New England2,680 5.5 %2,501 5.2 %2,386 5.1 %2,340 5.2 %2,249 5.3 %
East North Central1,453 3.0 %1,453 3.0 %1,460 3.1 %1,398 3.1 %1,185 2.8 %
East South Central481 1.0 %481 1.0 %476 1.0 %453 1.0 %451 1.1 %
West North Central410 0.8 %408 0.9 %407 0.9 %405 0.9 %401 0.9 %
Multi-Region and Other8,931 18.3 %8,226 17.2 %7,560 16.2 %6,931 15.4 %6,137 14.5 %
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 %42,406 100.0 %
Reinsurance activity
82 82 78 735 832 
Third-party mortgage loan activity
7,260 7,047 6,703 6,503 6,162 
Total
$56,309 $55,019 $53,455 $52,191 $49,400 
Office$18,269 37.3 %$18,134 37.9 %$17,912 38.4 %$17,253 38.4 %$16,480 38.9 %
Apartment10,472 21.4 %10,549 22.0 %9,899 21.2 %9,713 21.6 %8,748 20.6 %
Retail6,612 13.5 %6,502 13.6 %6,768 14.5 %6,505 14.5 %6,013 14.2 %
Single Family Rental5,355 10.9 %4,844 10.1 %4,780 10.2 %4,481 9.9 %4,221 9.9 %
Industrial4,999 10.2 %4,506 9.4 %3,942 8.5 %3,764 8.4 %3,718 8.8 %
Hotel3,178 6.5 %3,268 6.8 %3,285 7.0 %3,151 7.0 %3,134 7.4 %
Other82 0.2 %87 0.2 %88 0.2 %86 0.2 %92 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 %42,406 100.0 %
Reinsurance activity
82 82 78 735 832 
Third-party mortgage loan activity
7,260 7,047 6,703 6,503 6,162 
Total
$56,309 $55,019 $53,455 $52,191 $49,400 
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, contractholder-directed equity securities and fair value option securities held by collateralized financing entities. 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, $99 million and $39 for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively, and $205 million and $225 for the year ended December 31, 2024 and December 31, 2025, respectively.
(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, 2025December 31, 2025
Fixed maturity securities available-for-sale$281,043 $291,735 $298,737 $304,645 $315,931 
Less: Reinsurance activity2,391 2,926 2,900 9,866 18,200 
Fixed maturity securities available-for-sale, excluding Reinsurance activity$278,652 $288,809 $295,837 $294,779 $297,731 
Add: Fair value option general account and other securities1,575 1,607 1,728 1,884 1,928 
Fixed maturity securities, excluding Reinsurance activity$280,227 $290,416 $297,565 $296,663 $299,659 
(5)The following table presents a reconciliation to ending carrying value presented for mortgage loans.
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Mortgage Loans$89,012 $87,908 $86,868 $85,843 $84,593 
Less: Reinsurance activity85 82 78 2,270 2,459 
Less: Third-party mortgage loan activity7,467 7,245 6,942 6,677 6,367 
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity$81,460 $80,581 $79,848 $76,896 $75,767 
(6)The following table presents a reconciliation to ending carrying value presented for real estate and real estate joint ventures.
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Real estate and real estate joint ventures$13,342 $13,481 $14,007 $13,932 $13,440 
Less: Reinsurance activity— — — — 9 
Real estate and real estate joint ventures, excluding Reinsurance activity$13,342 $13,481 $14,007 $13,932 $13,431 
(7)The following table presents a reconciliation to ending carrying value presented for equity securities.
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Equity securities$712 $747 $790 $788 $858 
Less: Reinsurance activity— — — — 105 
Equity securities, excluding Reinsurance activity$712 $747 $790 $788 $753 
(8)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests.
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Other limited partnership interests$14,378 $14,137 $14,279 $14,741 $14,917 
Less: Reinsurance activity11 12 14 15 205 
Other limited partnership interests, excluding Reinsurance activity$14,367 $14,125 $14,265 $14,726 $14,712 
(9)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, 2025December 31, 2025
Cash and cash equivalents and short-term investments$25,224 $26,869 $27,478 $26,195 $25,633 
Less: Reinsurance activity206 7 46 342 1,314 
Cash and cash equivalents and short-term investments, excluding Reinsurance activity$25,018 $26,862 $27,432 $25,853 $24,319 
(10)The following table presents a reconciliation to ending carrying value presented for other invested assets.
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Other invested assets$18,504 $17,470 $16,352 $16,932 $16,332 
Less: Reinsurance activity
— — 2 61 139 
Other invested assets, excluding Reinsurance activity
$18,504 $17,470 $16,350 $16,871 $16,193 
(11)Adjusted net investment income reflects the adjustments as presented on Page 5.
(12)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, 2025December 31, 2024December 31, 2025
Net investment gains (losses) $(311)$(387)$(273)$(325)$(160)$(1,184)$(1,145)
Less: Non-investment portfolio gains (losses)(122)65 86 (88)(39)(336)24 
Less: Third-party mortgage loan activity11 (34)20 (75)19 (4)(70)
Add: Depreciation of wholly-owned real estate and real estate joint ventures(72)(72)
Add: Joint venture adjustments16 (42)16 (53)(39)82 (118)
Less: Reinsurance activity— — — (1)(7)— (8)
Less: Other(2)1 (7)(4)(1)4 (11)
Investment portfolio gains (losses) $(182)$(461)$(356)$(210)$(243)$(766)$(1,270)
For the Three Months EndedFor the Year Ended
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Net derivative gains (losses) $(903)$432 $(796)$(929)$(646)$(1,623)$(1,939)
Less: Investment hedge adjustments127 103 102 100 105 604 410 
Add: Joint venture adjustments— — — 45 (25)— 20 
Less: Reinsurance activity110 (35)(22)(247)63 110 (241)
Less: Other19 20 16 9 5 76 50 
Derivative gains (losses) $(1,159)$344 $(892)$(746)$(844)$(2,413)$(2,138)
(13)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.
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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, 2025December 31, 2024December 31, 2025
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$1,239 $879 $698 $818 $778 $4,226 $3,173 
Add: Preferred stock dividends32 66 31 66 31 200 194 
Add: Preferred stock redemption premium— — — 12 — — 12 
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests4 5 6 6 7 18 24 
Net income (loss) 1,275 950 735 902 816 4,444 3,403 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)(311)(387)(273)(325)(160)(1,184)(1,145)
Net derivative gains (losses)(903)432 (796)(929)(646)(1,623)(1,939)
Market risk benefit remeasurement gains (losses)764 (299)277 263 267 1,109 508 
Premiums - Divested businesses
15 4 3 — 1 31 8 
Universal life and investment-type product policy fees
Asymmetrical and non-economic accounting
— — — — 6 — 6 
Divested businesses
— — — — — — — 
Net investment income
Investment hedge adjustments(127)(103)(102)(100)(105)(604)(410)
Joint venture adjustments16 (42)16 (8)(64)82 (98)
Depreciation of wholly-owned real estate and real estate joint ventures (1)
(72)(72)
Unit-linked contract income183 (227)498 580 366 1,091 1,217 
Reinsurance activity
31 43 47 177 222 31 489 
Collateralized financing entities— — — — — — — 
Divested businesses1 1 — — — 1 1 
Other revenues
Asymmetrical and non-economic accounting34 36 42 78 94 158 250 
Other adjustments(11)(15)(16)(15)(17)(48)(63)
Divested businesses— — — 2 (2)— — 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting(51)(75)(1)52 (395)(219)(419)
Market volatility49 44 40 49 76 256 209 
Divested businesses(10)(1)1 (1)(2)(19)(3)
Policyholder liability remeasurement (gains) losses
Asymmetrical and non-economic accounting— — — (2)(1)— (3)
Divested businesses— — — — — — — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting5 (64)(30)(68)(61)(103)(223)
Unit-linked contract costs(185)234 (486)(578)(366)(1,081)(1,196)
Divested businesses— — — — — — — 
Capitalization of DAC - Divested businesses
— — — — — — — 
Amortization of DAC, VOBA and negative VOBA
Asymmetrical and non-economic accounting
— — — — (1)— (1)
Divested businesses
— — — — — — — 
Interest expense on debt
Collateralized financing entities— — — — — — — 
Divested businesses— — — — — — — 
Other expenses
Reinsurance activity
(30)(42)(45)(135)(166)(30)(388)
Other adjustments, excluding Reinsurance activity(25)(19)(21)(2)(15)(49)(57)
Divested businesses(13)(8)(7)(9)(12)(38)(36)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit352 23 195 223 190 687 631 
Adjusted earnings1,491 1,415 1,393 1,650 1,679 5,996 6,137 
Less: Preferred stock dividends32 66 31 66 31 200 194 
Adjusted earnings available to common shareholders$1,459 $1,349 $1,362 $1,584 $1,648 $5,796 $5,943 
(1)See Page A-7 for further information.
A-1
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APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Actuarial assumption review and other insurance adjustments$— $— $— $89 $— $16 $89 
Litigation reserves and settlement costs(47)— — — (32)(47)(32)
Tax adjustments57 — — (71)(29)57 (100)
Total notable items$10 $— $— $18 $(61)$26 $(43)
GROUP BENEFITS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Actuarial assumption review and other insurance adjustments $— $— $— $(2)$— $(58)$(2)
Total notable items $— $— $— $(2)$— $(58)$(2)
RIS
  For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Actuarial assumption review and other insurance adjustments $— $— $— $13 $— $104 $13 
Total notable items $— $— $— $13 $— $104 $13 
(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, 2025December 31, 2024December 31, 2025
Actuarial assumption review and other insurance adjustments
$— $— $— $70 $— $(41)$70 
Total notable items
$— $— $— $70 $— $(41)$70 
LATIN AMERICA
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Actuarial assumption review and other insurance adjustments
$— $— $— $(4)$— $4 $(4)
Tax adjustments
— — — (71)(29)— (100)
Total notable items
$— $— $— $(75)$(29)$4 $(104)
EMEA
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Actuarial assumption review and other insurance adjustments
$— $— $— $(1)$— $(5)$(1)
Total notable items
$— $— $— $(1)$— $(5)$(1)
CORPORATE & OTHER
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Actuarial assumption review and other insurance adjustments
$— $— $— $13 $— $12 $13 
Litigation reserves and settlement costs(47)— — — (32)(47)(32)
Tax adjustments57 — — — — 57 — 
Total notable items$10 $— $— $13 $(32)$22 $(19)
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, 2025December 31, 2025
Total MetLife, Inc.'s stockholders' equity$27,445 $27,493 $27,685 $28,944 $28,398 
Less: Preferred stock3,818 3,818 3,818 2,830 2,830 
MetLife, Inc.'s common stockholders' equity 23,627 23,675 23,867 26,114 25,568 
Less: Unrealized investment gains (losses), net of related offsets and income tax(19,402)(17,329)(16,484)(14,667)(15,614)
Deferred gains (losses) on derivatives, net of income tax
370 179 (1,466)(1,239)(1,588)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax6,529 5,334 5,876 6,028 6,871 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(71)(31)(64)(83)(97)
  Defined benefit plans adjustment, net of income tax(1,442)(1,416)(1,407)(1,390)(1,393)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
(129)(100)(83)92 (8)
Total MetLife, Inc.'s adjusted common stockholders' equity
37,772 37,038 37,495 37,373 37,397 
Less: Accumulated year-to-date total notable items, net of income tax (2)
26 — — 18 (43)
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2)
$37,746 $37,038 $37,495 $37,355 $37,440 
Unaudited (In millions, except per share data)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Book value per common share $34.28 $35.16 $35.79 $39.52 $39.02 
Less: Unrealized investment gains (losses), net of related offsets and income tax(28.15)(25.74)(24.72)(22.20)(23.83)
  Deferred gains (losses) on derivatives, net of income tax
0.54 0.27 (2.20)(1.88)(2.42)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax9.46 7.92 8.81 9.12 10.49 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(0.10)(0.05)(0.10)(0.13)(0.15)
  Defined benefit plans adjustment, net of income tax(2.09)(2.10)(2.11)(2.10)(2.13)
  Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
(0.19)(0.15)(0.12)0.14 (0.01)
Adjusted book value per common share
$54.81 $55.01 $56.23 $56.57 $57.07 
Common shares outstanding, end of period 689.2 673.3 666.8 660.7 655.3 
For the Three Months Ended (3)
For the Year Ended
Unaudited (In millions, except ratios)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2024December 31, 2025
Return on MetLife, Inc.'s:
Common stockholders' equity 19.6 %14.9 %11.7 %13.1 %12.0 %16.9 %12.9 %
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity
15.4 %14.4 %14.6 %16.9 %17.6 %15.2 %15.9 %
Adjusted common stockholders' equity, excluding total notable items (2)
15.3 %14.4 %14.6 %16.7 %18.3 %15.2 %16.0 %
Average common stockholders' equity $25,347 $23,651 $23.771 $24,991 $25,841 $25,008 $24,570 
Average adjusted common stockholders' equity
$37,867 $37,405 $37,267 $37,434 $37,385 $38,084 $37,415 
Average adjusted common stockholders' equity, excluding total notable items (2)
$37,846 $37,405 $37,267 $37,425 $37,398 $38,076 $37,420 
(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 information.
(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, 2025December 31, 2025
GROUP BENEFITS (1)$6,184 $6,430 $6,446 $6,306 $6,287 
RIS (1)3,620 2,457 1,382 1,214 7,209 
ASIA 1,615 1,675 1,632 1,664 1,671 
LATIN AMERICA1,545 1,635 1,707 1,697 1,796 
EMEA 673 695 723 723 787 
MIM (1)181 218 237 238 239 
CORPORATE & OTHER (1)727 647 602 596 625 
Adjusted premiums, fees and other revenues, on a constant currency basis$14,545 $13,757 $12,729 $12,438 $18,614 
Adjusted premiums, fees and other revenues$14,437 $13,614 $12,719 $12,461 $18,614 
ASIA (including operating joint ventures) (2), (3)$2,024 $2,711 $2,373 $2,499 $2,091 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
GROUP BENEFITS (1)$1,041 $1,076 $1,052 $1,038 $1,100 
RIS (1)166 169 160 170 196 
ASIA 755 746 774 803 815 
LATIN AMERICA544 523 508 625 608 
EMEA379 369 370 384 423 
MIM (1)162 182 167 161 161 
CORPORATE & OTHER (1)226 188 192 221 260 
Adjusted other expenses, on a constant currency basis
$3,273 $3,253 $3,223 $3,402 $3,563 
Adjusted other expenses$3,232 $3,202 $3,236 $3,422 $3,563 
ASIA (including operating joint ventures) (2), (4)$848 $873 $887 $938 $919 
 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, 2025December 31, 2025
GROUP BENEFITS (1)$416 $370 $401 $456 $465 
RIS (1)386 406 370 441 454 
ASIA 440 372 338 527 444 
LATIN AMERICA218 240 246 153 198 
EMEA 59 86 100 86 97 
MIM (1)16 28 54 58 60 
CORPORATE & OTHER (1)(62)(129)(142)(146)(70)
Adjusted earnings available to common shareholders, on a constant currency basis$1,473 $1,373 $1,367 $1,575 $1,648 
Adjusted earnings available to common shareholders$1,459 $1,349 $1,362 $1,584 $1,648 
(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.
A-5
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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:
•
Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance.
•
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:
•
Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-owned real estate and real estate joint ventures.
•
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).
•
Net investment income and interest expense on debt exclude amounts related to collateralized financing entities that are consolidated variable interest entities.
•
Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•Other expenses exclude (i) amortization and impairment of asset management intangible assets, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests and redeemable 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 MetLife Investment Management, LLC and certain of its affiliates (“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 and real estate joint ventures 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 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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