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  4. [10-Q] METLIFE INC Quarterly Earnings Report

[10-Q] METLIFE INC Quarterly Earnings Report

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
10-Q
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q
(Mark One)
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
Commission file number: 001-15787
 _____________________________________
MetLife, Inc.
(Exact name of registrant as specified in its charter)
Delaware 13-4075851
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
200 Park Avenue,
New York,
NY
 10166-0188
(Address of principal executive offices) (Zip Code)
(212) 578-9500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01
MET
New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock,
 Series A, par value $0.01
MET PRA
New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E
MET PRE
New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in
a share of 4.75% Non-Cumulative Preferred Stock, Series F
MET PRF
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

At October 31, 2025, 658,891,656 shares of the registrant’s common stock were outstanding.


Table of Contents
Page
Part I — Financial Information
Item 1.
Financial Statements (Unaudited) (at September 30, 2025 and December 31, 2024 and for the Three Months and Nine Months Ended September 30, 2025 and 2024)
Interim Condensed Consolidated Balance Sheets
4
Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
5
Interim Condensed Consolidated Statements of Equity
6
Interim Condensed Consolidated Statements of Cash Flows
7
Notes to the Interim Condensed Consolidated Financial Statements:
Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies
8
Note 2 — Segment Information
10
Note 3 — Acquisition
16
Note 4 — Future Policy Benefits
16
Note 5 — Policyholder Account Balances
26
Note 6 — Market Risk Benefits
35
Note 7 — Separate Accounts
39
Note 8 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue
43
Note 9 — Reinsurance
44
Note 10 — Closed Block
44
Note 11 — Investments
47
Note 12 — Derivatives
63
Note 13 — Fair Value
75
Note 14 — Long-term Debt
90
Note 15 — Subordinated Debt Securities
91
Note 16 — Equity
92
Note 17 — Other Revenues and Other Expenses
97
Note 18 — Employee Benefit Plans
98
Note 19 — Income Tax
98
Note 20 — Earnings Per Common Share
99
Note 21 — Contingencies, Commitments and Guarantees
99
Note 22 — Subsequent Events
102
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
103
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
159
Item 4.
Controls and Procedures
160
Part II — Other Information
Item 1.
Legal Proceedings
161
Item 1A.
Risk Factors
161
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
161
Item 5.
Other Information
162
Item 6.
Exhibits
163
Glossary
165
Signatures
168

Table of Contents
As used in this Form 10‑Q, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.
Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10‑Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “are confident,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.
Many factors determine Company results, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. We do not guarantee any future performance. Our results could differ materially from those we express or imply in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:
(1) economic condition difficulties, including risks relating to interest rates, the effects of announced or future tariff increases on the global economy, credit spreads, declining equity or debt markets, real estate, obligors and counterparties, government default or shutdown, currency exchange rates, derivatives, climate change, public health, terrorism and security;
(2) global capital and credit market adversity;
(3) credit facility inaccessibility;
(4) financial strength or credit ratings downgrades;
(5) unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks;
(6) statutory life insurance reserve financing costs or limited market capacity;
(7) legal, regulatory, and supervisory and enforcement policy changes;
(8) changes in tax rates, tax laws or interpretations;
(9) litigation and regulatory investigations;
(10) unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;
(11) MetLife, Inc.’s inability to pay dividends and repurchase common stock;
(12) MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;
(13) investment defaults, downgrades, or volatility;
(14) investment sales or lending difficulties;
(15) collateral or derivative-related payments;
(16) investment valuations, allowances, or impairments changes;
(17) claims or other results that differ from our estimates, assumptions, or models;
(18) global political, legal, or operational risks;
(19) business competition;
(20) technological changes;
(21) catastrophes;
(22) climate changes or responses to it;
(23) deficiencies in our closed block;
(24) goodwill or other asset impairment, or deferred income tax asset allowance;
(25) impairment of value of business acquired, value of distribution agreements acquired or value of customer relationships acquired;
(26) product guarantee volatility, costs, and counterparty risks;
(27) risk management failures;
(28) insufficient protection from operational risks;
(29) failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or disaster recovery failures;
(30) accounting standards changes;
(31) excessive risk-taking;
(32) marketing and distribution difficulties;
(33) pension and other postretirement benefit assumption changes;
(34) inability to protect our intellectual property or avoid infringement claims;
(35) acquisition, integration, growth, disposition, or reorganization difficulties;
(36) Brighthouse Financial, Inc. separation risks;
(37) MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and
(38) legal- and corporate governance-related effects on business combinations.
MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.
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Corporate Information
We encourage investors and others to frequently visit our website (www.metlife.com), including our Investor Relations web pages (https://investor.metlife.com). We announce significant financial and other information to our investors and the public on the Investor Relations web pages, as well as in U.S. Securities and Exchange Commission filings, news releases, public conference calls and webcasts, fact sheets and other documents and media. The information found on our website, including MetLife’s Sustainability Report, is not incorporated by reference into this Quarterly Report on Form 10-Q or in any other report or document we submit to the U.S. Securities and Exchange Commission, and any references to our website are intended to be inactive textual references only.
Note Regarding Reliance on Statements in Our Contracts
See “Exhibits — Note Regarding Reliance on Statements in Our Contracts” for information regarding agreements included as exhibits to this Quarterly Report on Form 10-Q.
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Part I — Financial Information
Item 1. Financial Statements
MetLife, Inc.
Interim Condensed Consolidated Balance Sheets
September 30, 2025 and December 31, 2024 (Unaudited)
(In millions, except share and per share data)

September 30, 2025December 31, 2024
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $248 and $160, respectively); and amortized cost: $324,833 and $307,421, respectively
$304,645 $281,043 
Equity securities, at estimated fair value788 712 
Contractholder-directed equity securities and fair value option securities, at estimated fair value12,270 10,672 
Mortgage loans (net of allowance for credit loss of $1,261 and $800, respectively)
85,843 89,012 
Policy loans8,589 8,545 
Real estate and real estate joint ventures (includes $382 and $378, respectively, under the fair value option; $208 and $65, respectively, of real estate held-for-sale; $296 and $183, respectively, relating to variable interest entities)
13,932 13,342 
Other limited partnership interests14,741 14,378 
Short-term investments, principally at estimated fair value5,962 5,156 
Other invested assets (includes $1,622 and $1,851, respectively, of leveraged and direct financing leases; $517 and $424, respectively, relating to variable interest entities)
16,932 18,504 
Total investments
463,702 441,364 
Cash and cash equivalents, principally at estimated fair value20,233 20,068 
Accrued investment income3,791 3,489 
Premiums, reinsurance and other receivables (includes $0 and $47, respectively, relating to variable interest entities)
40,329 29,761 
Market risk benefits, at estimated fair value392 372 
Deferred policy acquisition costs and value of business acquired21,175 19,627 
Current income tax recoverable374 295 
Deferred income tax asset2,719 2,994 
Goodwill9,095 8,901 
Other assets11,572 11,082 
Separate account assets146,344 139,504 
Total assets
$719,726 $677,457 
Liabilities and Equity
Liabilities
Future policy benefits$199,169 $193,646 
Policyholder account balances235,312 221,445 
Market risk benefits, at estimated fair value2,585 2,581 
Other policy-related balances20,361 18,899 
Policyholder dividends payable369 385 
Payables for collateral under securities loaned and other transactions17,139 17,128 
Short-term debt (includes $107 and $133, respectively, relating to variable interest entities)
378 465 
Long-term debt (includes $45 and $0, respectively, relating to variable interest entities)
15,300 15,086 
Collateral financing arrangement398 476 
Subordinated debt securities
4,154 3,164 
Deferred income tax liability574 132 
Other liabilities (includes $54 and $0, respectively, relating to variable interest entities)
48,452 36,843 
Separate account liabilities146,344 139,504 
Total liabilities
690,535 649,754 
Contingencies, Commitments and Guarantees (Note 21)
Equity
MetLife, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $2,905 and $3,905, respectively, aggregate liquidation preference
— — 
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,195,534,313 and 1,194,168,628 shares issued, respectively; 660,724,727 and 689,211,065 shares outstanding, respectively
12 12 
Additional paid-in capital32,855 33,791 
Retained earnings43,887 42,626 
Treasury stock, at cost; 534,809,586 and 504,957,563 shares, respectively
(30,244)(27,798)
Accumulated other comprehensive income (loss)(17,566)(21,186)
Total MetLife, Inc.’s stockholders’ equity
28,944 27,445 
Noncontrolling interests247 258 
Total equity
29,191 27,703 
Total liabilities and equity
$719,726 $677,457 

See accompanying notes to the interim condensed consolidated financial statements.
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MetLife, Inc.
Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Three Months and Nine Months Ended September 30, 2025 and 2024 (Unaudited)
(In millions, except per share data)
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
Revenues
Premiums
$10,555 $10,647 $33,088 $32,328 
Universal life and investment-type product policy fees1,247 1,228 3,735 3,757 
Net investment income
6,089 5,227 16,635 15,868 
Other revenues
724 648 2,090 1,960 
Net investment gains (losses)(325)(77)(985)(873)
Net derivative gains (losses)(929)767 (1,293)(720)
Total revenues
17,361 18,440 53,270 52,320 
Expenses
Policyholder benefits and claims10,369 10,597 32,942 32,156 
Policyholder liability remeasurement (gains) losses(159)(132)(185)(164)
Market risk benefit remeasurement (gains) losses
(263)531 (241)(345)
Interest credited to policyholder account balances
2,561 2,037 6,608 6,327 
Policyholder dividends134 150 424 445 
Other expenses3,509 3,263 10,178 9,660 
Total expenses
16,151 16,446 49,726 48,079 
Income (loss) before provision for income tax
1,210 1,994 3,544 4,241 
Provision for income tax expense (benefit)
308 653 957 1,072 
Net income (loss)
902 1,341 2,587 3,169 
Less: Net income (loss) attributable to noncontrolling interests
6 (1)17 14 
Net income (loss) attributable to MetLife, Inc.
896 1,342 2,570 3,155 
Less: Preferred stock dividends
66 67 163 168 
Preferred stock redemption premium
12 — 12 — 
Net income (loss) available to MetLife, Inc.’s common shareholders
$818 $1,275 $2,395 $2,987 
Comprehensive income (loss)
$3,197 $4,838 $7,282 $5,174 
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax
8 — 18 17 
Comprehensive income (loss) attributable to MetLife, Inc.
$3,189 $4,838 $7,264 $5,157 
Net income (loss) available to MetLife, Inc.’s common shareholders per common share:
Basic
$1.23 $1.82 $3.56 $4.20 
Diluted
$1.22 $1.81 $3.54 $4.17 

See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.
Interim Condensed Consolidated Statements of Equity
Nine Months Ended September 30, 2025 and 2024 (Unaudited)
(In millions, except per share data)
Preferred
Stock		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Treasury
Stock
at Cost		Accumulated
Other
Comprehensive
Income (Loss)		Total
MetLife, Inc.’s
Stockholders’
Equity		Noncontrolling
Interests		Total
Equity
Balance at December 31, 2024$— $12 $33,791 $42,626 $(27,798)$(21,186)$27,445 $258 $27,703 
Cumulative effects of change in accounting principles for equity method investees at
January 1, 2025
(1,074)(1,074)(1,074)
Treasury stock acquired in connection with share repurchases (includes $18 of excise tax)
(1,939)(1,939)(1,939)
Stock-based compensation31 31 31 
Dividends on preferred stock(97)(97)(97)
Dividends on common stock (declared per share of $1.113)
(756)(756)(756)
Change in equity of noncontrolling interests— (26)(26)
Net income (loss)1,674 1,674 11 1,685 
Other comprehensive income (loss), net of income tax2,401 2,401 (1)2,400 
Balance at June 30, 2025
$— $12 $33,822 $43,447 $(29,737)$(19,859)$27,685 $242 $27,927 
Redemption of preferred stock
(988)(988)(988)
Preferred stock redemption premium
(12)(12)(12)
Treasury stock acquired in connection with share repurchases (includes $5 of excise tax)
(507)(507)(507)
Stock-based compensation21 21 21 
Dividends on preferred stock(66)(66)(66)
Dividends on common stock (declared per share of $0.568)
(378)(378)(378)
Change in equity of noncontrolling interests— (3)(3)
Net income (loss)896 896 6 902 
Other comprehensive income (loss), net of income tax2,293 2,293 2 2,295 
Balance at September 30, 2025$— $12 $32,855 $43,887 $(30,244)$(17,566)$28,944 $247 $29,191 
Preferred
Stock		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Treasury
Stock
at Cost		Accumulated
Other
Comprehensive
Income (Loss)		Total
MetLife, Inc.’s
Stockholders’
Equity		Noncontrolling
Interests		Total
Equity
Balance at December 31, 2023$— $12 $33,690 $40,146 $(24,591)$(19,242)$30,015 $238 $30,253 
Cumulative effects of changes in accounting principles, net of income tax(219)(219)(219)
Treasury stock acquired in connection with share repurchases (includes $19 of excise tax)
(2,046)(2,046)(2,046)
Stock-based compensation50 50 50 
Dividends on preferred stock(101)(101)(101)
Dividends on common stock (declared per share of $1.065)
(766)(766)(766)
Change in equity of noncontrolling interests— 33 33 
Net income (loss)1,813 1,813 15 1,828 
Other comprehensive income (loss), net of income tax(1,494)(1,494)2 (1,492)
Balance at June 30, 2024
$— $12 $33,740 $40,873 $(26,637)$(20,736)$27,252 $288 $27,540 
Treasury stock acquired in connection with share repurchases (includes $7 of excise tax)
(781)(781)(781)
Stock-based compensation26 26 26 
Dividends on preferred stock(67)(67)(67)
Dividends on common stock (declared per share of $0.545)
(383)(383)(383)
Change in equity of noncontrolling interests— (9)(9)
Net income (loss)1,342 1,342 (1)1,341 
Other comprehensive income (loss), net of income tax3,496 3,496 1 3,497 
Balance at September 30, 2024$— $12 $33,766 $41,765 $(27,418)$(17,240)$30,885 $279 $31,164 
See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.
Interim Condensed Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2025 and 2024 (Unaudited)
(In millions)

Nine Months
Ended
September 30,
20252024
Net cash provided by (used in) operating activities$10,016 $9,987 
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale42,928 41,355 
Equity securities96 89 
Mortgage loans9,248 7,203 
Real estate and real estate joint ventures246 562 
Other limited partnership interests669 842 
Short-term investments11,578 9,743 
Purchases and originations of:
Fixed maturity securities available-for-sale(55,250)(48,197)
Equity securities(62)(80)
Mortgage loans(6,252)(6,008)
Real estate and real estate joint ventures(555)(850)
Other limited partnership interests(921)(930)
Short-term investments(12,208)(8,100)
Cash received in connection with freestanding derivatives2,161 1,725 
Cash paid in connection with freestanding derivatives(3,164)(2,783)
Purchases of investments in operating joint ventures(216)— 
Net change in policy loans14 (59)
Net change in other invested assets454 (457)
Other, net(87)(184)
Net cash provided by (used in) investing activities(11,321)(6,129)
Cash flows from financing activities
Policyholder account balances - deposits82,937 74,869 
Policyholder account balances - withdrawals(77,149)(72,334)
Net change in payables for collateral under securities loaned and other transactions(90)(394)
Long-term debt issued743 1,547 
Long-term debt repaid(609)(1,742)
Collateral financing arrangement repaid(78)(108)
Subordinated debt securities issued1,000 — 
Derivatives with certain financing elements and other derivative-related transactions, net(132)(41)
Proceeds from mortgage loan secured financing351 147 
Repayments of mortgage loan secured financing(877)(578)
Treasury stock acquired in connection with share repurchases(2,423)(2,801)
Redemption of preferred stock(988)— 
Preferred stock redemption premium (12)— 
Dividends on preferred stock(163)(168)
Dividends on common stock(1,134)(1,149)
Other, net(215)140 
Net cash provided by (used in) financing activities1,161 (2,612)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances309 (120)
Change in cash and cash equivalents165 1,126 
Cash and cash equivalents, beginning of period$20,068 $20,639 
Cash and cash equivalents, end of period$20,233 $21,765 
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest$754 $750 
Income tax$1,238 $1,273 
Non-cash transactions:
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions$— $2,342 
Real estate and real estate joint ventures acquired in satisfaction of debt$257 $342 
Other invested assets received in connection with the sale of other limited partnership interests$20 $375 
Consolidation of real estate and real estate joint ventures:
Increase of real estate and real estate joint ventures$— $134 
Increase of short-term debt$— $113 

See accompanying notes to the interim condensed consolidated financial statements.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies
Business
“MetLife” and the “Company” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. MetLife is organized into six segments: Group Benefits; Retirement and Income Solutions (“RIS”); Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. See Note 2 for further information on the Company’s segments and Corporate & Other.
Basis of Presentation
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.
The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2024 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2024 Annual Report.
Consolidation
The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions are eliminated.
The Company uses either the equity method of accounting or the fair value option (“FVO”) for its investments in joint ventures, including real estate joint ventures (“REJV”) and other limited partnership interests (“OLPI”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.
In the third quarter of 2025, the Company invested $216 million in Chariot Reinsurance, Ltd. (“Chariot Re”), a life and annuity reinsurance company, which is accounted for under the equity method. See Note 9 for further information regarding the Company’s initial reinsurance transaction with Chariot Re.
Effective January 1, 2025, certain operating joint ventures engaged in insurance underwriting activities, for which the Company uses the equity method of accounting, adopted the accounting pronouncement related to targeted improvements to the accounting for long-duration contracts. See Note 16 for further information.
Recent Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following table provides a description of ASUs recently issued by the FASB and the impact of their future adoption on the Company’s consolidated financial statements.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)
Future Adoption of Accounting Pronouncements
ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures. ASUs issued but not yet adopted as of September 30, 2025 that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are summarized in the table below.
StandardDescriptionEffective Date and
Method of Adoption		Impact on Financial Statements
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
Among other things, the amendments in this update require that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation; and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received).
Effective for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption permitted).
The Company will include the applicable enhanced disclosures in its 2025 annual consolidated financial statements.
ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as amended by ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying The Effective Date
The key amendments in this update require disclosures in the notes to financial statements around employee compensation costs, depreciation, intangible asset amortization and certain other costs and expenses. Information on selling expenses is also required.
Effective for annual periods beginning January 1, 2027, and
interim periods beginning January 1, 2028, to be applied prospectively with an option for retrospective application (with early adoption permitted).		The Company is evaluating the impact of the guidance on its consolidated financial statements.
ASU 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
The key amendments in this update remove all references to prescriptive and sequential software development project stages and require that an entity capitalize software costs when both: (i) management has authorized and committed to funding the software project; and (ii) it is probable that the project will be completed and the software will be used to perform the function intended.
Effective for annual and interim periods beginning January 1, 2028, to be applied either prospectively, retrospectively, or using a modified transition approach (with early adoption permitted as of the beginning of an annual reporting period).The Company is evaluating the impact of the guidance on its consolidated financial statements.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
2. Segment Information
MetLife is organized into six segments: Group Benefits, RIS, Asia, Latin America, EMEA and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. In the fourth quarter of 2024, the Company adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. As such, the disclosures have been enhanced to reflect the adoption of this update.
Group Benefits
The Group Benefits segment, based in the United States (“U.S.”), offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include term, variable and universal life insurance, dental, group and individual disability, accident & health insurance and vision.
RIS
The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include stable value and pension risk transfer products, institutional income annuities, structured settlements, longevity reinsurance solutions, benefit funding solutions, funded reinsurance solutions, and capital markets investment products.
Asia
The Asia segment offers a broad range of products and services to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, accident & health insurance and retirement and savings.
Latin America
The Latin America segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.
EMEA
The EMEA segment offers products to individuals, corporations, other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.
MetLife Holdings
The MetLife Holdings segment principally consists of operations relating to products and businesses that the Company no longer actively markets in the U.S. These include variable, universal, term and whole life insurance, variable, fixed and index-linked annuities and long-term care insurance. It also includes an in-force block of assumed variable annuity guarantees from a third party.
Financial Measure and Segment Accounting Policies
Adjusted earnings is used by the Company’s chief operating decision maker, its Chief Executive Officer, to evaluate performance and allocate resources. 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 the Company’s performance relative to its business plan and facilitate comparisons to industry results.
Consistent with GAAP guidance for segment reporting, adjusted earnings is the Company’s GAAP measure of segment performance and is reported below. The Company believes the presentation of adjusted earnings enhances its investors’ understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
2. Segment Information (continued)
Adjusted earnings focuses on the Company’s 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 excludes results of discontinued operations under GAAP.
Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings for the Company’s segments excludes net investment gains (losses), net derivative gains (losses), market risk benefit (“MRB”) 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, 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 for the Company’s segments:
•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.
•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits (“FPBs”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.
•Interest credited to policyholder account balances (“PABs”) 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, which are applicable to the Company’s segments, are made in calculating adjusted earnings:
•Net investment income and interest credited to PABs exclude certain amounts related to contractholder-directed equity securities.
•Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.
•Net investment income and other expenses also exclude Reinsurance adjustments (as defined below).
•Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.
•“Reinsurance adjustments” relate to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
2. Segment Information (continued)
The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company’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.
The Company’s segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements. In addition, segment accounting policies include the method of capital allocation described below.
Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in the Company’s business.
The Company’s economic capital model, coupled with considerations of local capital requirements, aligns segment allocated equity with emerging standards and consistent risk principles. The model applies statistics-based risk evaluation principles to the material risks to which the Company is exposed. These consistent risk principles include calibrating required economic capital shock factors to a specific confidence level and time horizon while applying an industry standard method for the inclusion of diversification benefits among risk types. The Company’s management is responsible for the ongoing production and enhancement of the economic capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards.
Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s consolidated net investment income, net income (loss) or adjusted earnings.
Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios adjusted for allocated equity. Expenses are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company’s product pricing.
Corporate & Other
Corporate & Other contains various start-up, developing and run-off businesses. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including external integration and disposition costs, internal resource costs for associates committed to acquisitions and dispositions and enterprise-wide strategic initiatives), interest expense related to the majority of the Company’s outstanding debt, expenses associated with certain legal proceedings and income tax audit issues, the elimination of intersegment amounts (which generally relate to investment expenses and intersegment loans bearing interest rates commensurate with related borrowings), and the Company’s institutional asset management business (through which the Company provides asset management solutions to institutional investors worldwide in insurance solutions, fixed income, private capital, real estate and small to medium cap equities).
The financial measure and accounting policies used to prepare the Company’s segment results are the same as those used to prepare results for Corporate & Other. See “— Financial Measure and Segment Accounting Policies.”
Set forth in the tables below is certain financial information with respect to the Company’s segments for the three months and nine months ended September 30, 2025 and 2024.


12
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
2. Segment Information (continued)
Three Months Ended September 30, 2025Group BenefitsRISAsiaLatin
America		EMEAMetLife
Holdings
(In millions)
Revenues
Premiums$5,662 $1,045 $1,290 $1,288 $638 $621 
Universal life and investment-type product policy fees227 80 407 377 82 74 
Net investment income (1)
321 2,166 1,377 414 67 1,025 
Other revenues417 61 20 (2)7 34 
Expenses
Policyholder benefits and claims and policyholder dividends4,982 1,835 1,074 1,218 333 1,152 
Policyholder liability remeasurement (gains) losses(9)(14)(141)(4)3 4 
Interest credited to PABs45 864 804 92 21 89 
Other expenses:
Amortization of deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”) and negative VOBA7 18 207 149 85 53 
Interest expense on debt— 3 — 4 — 3 
Direct and allocated expenses498 77 303 147 111 154 
Other segment expenses (2)528 23 92 265 125 47 
Provision for income tax expense (benefit)
121 110 212 59 28 49 
Adjusted earnings$455 $436 $543 $147 $88 $203 

Three Months Ended September 30, 2024Group BenefitsRISAsiaLatin
America		EMEAMetLife
Holdings
(In millions)
Revenues
Premiums$5,538 $1,451 $1,272 $1,141 $562 $673 
Universal life and investment-type product policy fees231 67 420 346 84 80 
Net investment income (1)
311 2,133 1,132 435 55 981 
Other revenues377 61 18 9 9 40 
Expenses
Policyholder benefits and claims and policyholder dividends4,927 2,247 1,035 1,091 276 1,221 
Policyholder liability remeasurement (gains) losses— (148)60 (18)9 (35)
Interest credited to PABs49 874 683 108 17 84 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
6 14 211 126 91 58 
Interest expense on debt— 4 — 4 — 4 
Direct and allocated expenses486 75 303 129 109 159 
Other segment expenses (2)517 55 119 182 114 57 
Provision for income tax expense (benefit)99 119 125 88 24 44 
Adjusted earnings$373 $472 $306 $221 $70 $182 

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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
2. Segment Information (continued)
Nine Months Ended September 30, 2025Group
Benefits		RISAsiaLatin
America		EMEAMetLife
Holdings
(In millions)
Revenues
Premiums$17,226 $4,539 $3,828 $3,712 $1,846 $1,902 
Universal life and investment-type product policy fees700 250 1,212 1,088 244 240 
Net investment income (1)946 6,478 3,793 1,266 186 2,978 
Other revenues1,256 182 57 10 24 107 
Expenses
Policyholder benefits and claims and policyholder dividends15,326 6,999 3,162 3,525 919 3,516 
Policyholder liability remeasurement (gains) losses(31)(28)(164)(7)7 36 
Interest credited to PABs132 2,601 2,272 286 58 267 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
20 53 646 415 267 161 
Interest expense on debt1 9 — 12 — 9 
Direct and allocated expenses1,525 242 913 425 331 480 
Other segment expenses (2)1,608 69 275 607 365 139 
Provision for income tax expense (benefit)325 299 519 215 82 118 
Adjusted earnings$1,222 $1,205 $1,267 $598 $271 $501 

Nine Months Ended September 30, 2024Group
Benefits		RISAsiaLatin
America		EMEAMetLife
Holdings
(In millions)
Revenues
Premiums$16,848 $4,574 $3,785 $3,378 $1,634 $2,078 
Universal life and investment-type product policy fees682 215 1,280 1,089 238 252 
Net investment income (1)
939 6,339 3,407 1,219 163 3,007 
Other revenues1,156 185 57 31 24 127 
Expenses
Policyholder benefits and claims and policyholder dividends14,943 6,966 3,090 3,092 799 3,724 
Policyholder liability remeasurement (gains) losses(1)(170)24 (29)10 2 
Interest credited to PABs
145 2,508 1,987 337 53 293 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
19 45 618 380 262 174 
Interest expense on debt1 11 — 11 — 11 
Direct and allocated expenses
1,481 229 857 414 314 480 
Other segment expenses (2)
1,532 111 315 561 326 170 
Provision for income tax expense (benefit)315 332 460 271 71 116 
Adjusted earnings$1,190 $1,281 $1,178 $680 $224 $494 
14
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
2. Segment Information (continued)
__________________
(1)The percentage of net investment income from equity method invested assets by segment was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Group Benefits1 %— %1 %1 %
RIS10 %2 %6 %3 %
Asia19 %13 %14 %11 %
Latin America— %1 %— %— %
EMEA
1 %— %1 %— %
MetLife Holdings9 %2 %5 %4 %
(2)Includes pension, postretirement and postemployment benefit costs; premium taxes, other taxes, and licenses & fees; and commissions and other variable expenses. This line item is net of capitalization of DAC.
The Company does not report total assets by segment, as this metric is not used to allocate resources or evaluate segment performance.
The following table presents the reconciliation of certain financial measures used in calculating segment results to those used in calculating consolidated Company results:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Total segment adjusted earnings$1,872 $1,624 $5,064 $5,047 
Corporate & Other(222)(182)(606)(542)
Total consolidated adjusted earnings1,650 1,442 4,458 4,505 
Net investment gains (losses)(325)(77)(985)(873)
Net derivative gains (losses)(929)767 (1,293)(720)
MRB remeasurement gains (losses)
263 (531)241 345 
Investment hedge adjustments(100)(129)(305)(477)
Other120 64 30 54 
Provision for income tax (expense) benefit223 (195)441 335 
Net income (loss) $902 $1,341 $2,587 $3,169 
Segment revenues:
Group$6,627 $6,457 $20,128 $19,625 
RIS3,352 3,712 11,449 11,313 
Asia3,094 2,842 8,890 8,529 
Latin America2,077 1,931 6,076 5,717 
EMEA794 710 2,300 2,059 
MetLife Holdings1,754 1,774 5,227 5,464 
Total segment revenues17,698 17,426 54,070 52,707 
Net investment gains (losses)(325)(77)(985)(873)
Net derivative gains (losses)(929)767 (1,293)(720)
Investment hedge adjustments(100)(129)(305)(477)
Unit-linked investment income
580 147 851 908 
Reinsurance adjustments
177 — 267 — 
Other260 306 665 775 
Total consolidated revenues$17,361 $18,440 $53,270 $52,320 


15
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
3. Acquisition
Pending Acquisition of PineBridge Investments
In December 2024, the Company entered into a definitive agreement to acquire PineBridge Investments (“PineBridge”), a global asset manager, which, upon close of the transaction, will be part of MetLife Investment Management, the institutional asset management business of MetLife, Inc. The acquisition excludes PineBridge’s private equity funds group business and its joint venture in China. The transaction is comprised of $800 million in cash at closing, $200 million subject to achieving certain 2025 financial metrics and $200 million subject to a multi-year earnout. This transaction is expected to close by the end of 2025, subject to regulatory approvals and other customary closing conditions.
4. Future Policy Benefits
The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated deferred profit liability (“DPL”), additional insurance liabilities, participating life and short-duration contracts.
The Company’s FPBs on the interim condensed consolidated balance sheets was as follows at:
September 30, 2025December 31, 2024
(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities
$68,804 $66,262 
Asia:
Whole and term life & endowments
11,355 11,167 
Accident & health
8,779 9,406 
Latin America - Fixed annuities
11,108 9,600 
MetLife Holdings - Long-term care
15,309 14,537 
Deferred Profit Liabilities:
RIS - Annuities
3,868 3,780 
Asia:
Whole and term life & endowments
912 759 
Accident & health
1,012 849 
Latin America - Fixed annuities
518 498 
Additional Insurance Liabilities:
Asia:
Variable life
1,146 1,108 
Universal and variable universal life
350 355 
MetLife Holdings - Universal and variable universal life
2,598 2,496 
MetLife Holdings - Participating life
47,571 48,485 
Other long-duration (1)
11,179 10,712 
Short-duration and other
14,660 13,632 
Total
$199,169 $193,646 
_______________
(1)This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.
Rollforwards - Traditional and Limited-Payment Contracts
The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable.
16
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
RIS - Annuities
The RIS segment’s annuity products include pension risk transfers (including assumed pension risk transfers from the United Kingdom (“U.K.”)), certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. The Company reinsures portions of certain pension risk transfers and structured settlements on a modified coinsurance basis. Information regarding these products was as follows:
Nine Months
Ended
September 30,
20252024
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$— $— 
Balance, beginning of period, at original discount rate$— $— 
Effect of changes in cash flow assumptions (1)
— — 
Effect of actual variances from expected experience (2)
(70)(32)
Adjusted balance (70)(32)
Issuances
3,194 5,042 
Net premiums collected
(3,124)(5,010)
Ending balance at original discount rate— — 
Balance, end of period, at current discount rate at balance sheet date$— $— 
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$66,621 $64,515 
Balance, beginning of period, at original discount rate$69,643 $64,737 
Effect of changes in cash flow assumptions (1)
(79)(195)
Effect of actual variances from expected experience (2)
(123)(99)
Adjusted balance69,441 64,443 
Issuances
3,227 5,168 
Interest accrual
2,516 2,326 
Benefit payments
(4,978)(4,479)
Effect of foreign currency translation
21 — 
Ending balance at original discount rate70,227 67,458 
Effect of changes in discount rate assumptions
(1,146)338 
Balance, end of period, at current discount rate at balance sheet date69,081 67,796 
Cumulative amount of fair value hedging adjustments(277)(151)
Net liability for FPBs
68,804 67,645 
Less: Reinsurance recoverables
7,468 2,041 
Net liability for FPBs, net of reinsurance
$61,336 $65,604 
Undiscounted - Expected future benefit payments$127,364 $123,186 
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)$69,081 $67,796 
Weighted-average duration of the liability8 years9 years
Weighted-average interest accretion (original locked-in) rate4.9 %4.8 %
Weighted-average current discount rate at balance sheet date5.3 %5.0 %
_________________
(1)For the nine months ended September 30, 2025, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $65 million. For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $62 million.
17
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
(2)For the nine months ended September 30, 2025, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $43 million. For the nine months ended September 30, 2024, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $29 million.
For the nine months ended September 30, 2025 and 2024, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to mortality.
When single premium annuity contracts are issued, the FPB reserve is required to be measured at an upper-medium grade discount rate. Due to differences between the upper-medium grade discount rate and pricing assumptions used to determine the contractual premium, the initial FPB reserve at issue for a particular cohort may be greater than the contractual premium received, and the difference must be recognized as an immediate loss at issue. On these cohorts, future experience that differs from expected experience and changes in cash flow assumptions result in the recognition of remeasurement gains and losses with net remeasurement gains limited to the amount of the original loss at issue, after which any favorable experience is deferred and recorded within the DPL. For the nine months ended September 30, 2024, the Company incurred a loss at issue of $129 million. Substantially all of the loss at issue was offset by a deferred gain on ceded reinsurance, which will be amortized over the life of the reinsurance agreement. Additionally, for the nine months ended September 30, 2024, the Company recognized a net remeasurement gain related to the net effect of changes in cash flow assumptions.
Significant Methodologies and Assumptions
The principal inputs used in the establishment of the FPB for the RIS segment’s annuity products include actual premiums, actual benefits, in-force data, locked-in claim-related expenses, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions.
Asia
Whole and Term Life & Endowments
The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance coverages to customers. Information regarding these products was as follows:
18
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
Nine Months
Ended
September 30,
20252024
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$4,023 $4,561 
Balance, beginning of period, at original discount rate$4,286 $4,793 
Effect of changes in cash flow assumptions (1)
26 58 
Effect of actual variances from expected experience
(93)(43)
Adjusted balance4,219 4,808 
Issuances
455 386 
Interest accrual
61 52 
Net premiums collected
(476)(456)
Effect of foreign currency translation
237 (77)
Ending balance at original discount rate4,496 4,713 
Effect of changes in discount rate assumptions
(358)(236)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
(16)3 
Balance, end of period, at current discount rate at balance sheet date$4,122 $4,480 
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$15,190 $17,435 
Balance, beginning of period, at original discount rate$15,252 $17,198 
Effect of changes in cash flow assumptions (1)
28 36 
Effect of actual variances from expected experience
(107)(39)
Adjusted balance15,173 17,195 
Issuances455 386 
Interest accrual286 276 
Benefit payments(723)(726)
Effect of foreign currency translation
877 (263)
Ending balance at original discount rate16,068 16,868 
Effect of changes in discount rate assumptions
(592)272 
Effect of foreign currency translation on the effect of changes in discount rate assumptions
1 1 
Balance, end of period, at current discount rate at balance sheet date15,477 17,141 
Net liability for FPBs
11,355 12,661 
Less: Amount due to reinsurer
(2)(2)
Net liability for FPBs, net of reinsurance
$11,357 $12,663 
Undiscounted:
Expected future gross premiums$9,376 $9,393 
Expected future benefit payments$27,226 $28,008 
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums$7,697 $8,042 
Expected future benefit payments$15,477 $17,141 
Weighted-average duration of the liability17 years17 years
Weighted -average interest accretion (original locked-in) rate2.7 %2.5 %
Weighted-average current discount rate at balance sheet date3.2 %2.6 %
_________________
(1)For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life products of $28 million.
19
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
Accident & Health
The Asia segment’s accident & health products in Japan and Korea offer various hospitalization, cancer, critical illness, disability, income protection and personal accident coverage. Information regarding these products was as follows:
Nine Months
Ended
September 30,
20252024
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$17,203 $19,835 
Balance, beginning of period, at original discount rate$18,820 $21,232 
Effect of changes in cash flow assumptions
(95)439 
Effect of actual variances from expected experience
(277)— 
Adjusted balance18,448 21,671 
Issuances
929 842 
Interest accrual
169 168 
Net premiums collected
(1,397)(1,394)
Effect of foreign currency translation and other - net
1,371 (149)
Ending balance at original discount rate19,520 21,138 
Effect of changes in discount rate assumptions
(2,462)(1,481)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
(107)12 
Balance, end of period, at current discount rate at balance sheet date$16,951 $19,669 
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$26,565 $30,480 
Balance, beginning of period, at original discount rate$32,838 $36,010 
Effect of changes in cash flow assumptions
(186)439 
Effect of actual variances from expected experience
(310)4 
Adjusted balance32,342 36,453 
Issuances928 841 
Interest accrual360 353 
Benefit payments(1,001)(939)
Effect of foreign currency translation and other - net
2,220 (323)
Ending balance at original discount rate34,849 36,385 
Effect of changes in discount rate assumptions
(8,900)(6,207)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
(379)43 
Balance, end of period, at current discount rate at balance sheet date25,570 30,221 
Cumulative impact of flooring the future policyholder benefits reserve
160 46 
Net liability for FPBs
8,779 10,598 
Less: Reinsurance recoverables
123 164 
Net liability for FPBs, net of reinsurance
$8,656 $10,434 
Undiscounted:
Expected future gross premiums$39,033 $41,446 
Expected future benefit payments$45,782 $47,705 
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums$29,343 $33,666 
Expected future benefit payments$25,570 $30,221 
Weighted-average duration of the liability20 years24 years
Weighted-average interest accretion (original locked-in) rate1.7 %1.7 %
Weighted-average current discount rate at balance sheet date3.4 %2.7 %
20
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
For the nine months ended September 30, 2025, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to morbidity, partially offset by mortality. For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to morbidity, substantially offset by policyholder behavior assumptions related to lapses.
Significant Methodologies and Assumptions
The principal inputs used in the establishment of the FPB reserve for the Asia segment’s accident & health products include actual premiums, actual benefits, in-force data, locked-in claim-related expenses, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse and morbidity.
Latin America - Fixed Annuities
The Latin America segment’s fixed annuity products in Chile and Mexico include fixed income annuities that provide for asset distribution needs. Information regarding these products was as follows:
Nine Months
Ended
September 30,
20252024
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$—$—
Balance, at beginning of period, at original discount rate$—$—
Effect of changes in cash flow assumptions (1)
——
Effect of actual variances from expected experience (2)
——
Adjusted balance——
Issuances
1,096760
Interest accrual
713
Net premiums collected
(1,103)(773)
Ending balance at original discount rate——
Balance, end of period, at current discount rate at balance sheet date$—$—
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$9,600$9,637
Balance, beginning of period, at original discount rate$9,133$9,249
Effect of changes in cash flow assumptions (1)
5(4)
Effect of actual variances from expected experience (2)
(17)(21)
Adjusted balance9,1219,224
Issuances1,143789
Interest accrual274253
Benefit payments(595)(519)
Inflation adjustment274270
Effect of foreign currency translation
333(258)
Ending balance at original discount rate10,5509,759
Effect of changes in discount rate assumptions
5451,126
Effect of foreign currency translation on the effect of changes in discount rate assumptions
1321
Balance, end of period, at current discount rate at balance sheet date11,10810,906
Net liability for FPBs
$11,108$10,906
Undiscounted - Expected future benefit payments$15,646$14,663
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)$11,108$10,906
Weighted-average duration of the liability10 years11 years
Weighted-average interest accretion (original locked-in) rate3.7 %3.4 %
Weighted-average current discount rate at balance sheet date3.0 %2.5 %
__________________
21
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
(1)For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $3 million.
(2)For the nine months ended September 30, 2024, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance coming from cohorts with no DPL.
MetLife Holdings - Long-term Care
The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:
Nine Months
Ended
September 30,
20252024
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$5,475$5,687
Balance, beginning of period, at original discount rate$5,568$5,566
Effect of changes in cash flow assumptions
68212
Effect of actual variances from expected experience
9934
Adjusted balance5,7355,812
Interest accrual
212213
Net premiums collected
(421)(424)
Ending balance at original discount rate5,5265,601
Effect of changes in discount rate assumptions
57159
Balance, end of period, at current discount rate at balance sheet date$5,583$5,760
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$20,012$20,927
Balance, beginning of period, at original discount rate$21,024$20,494
Effect of changes in cash flow assumptions
66205
Effect of actual variances from expected experience
14945
Adjusted balance21,23920,744
Interest accrual833812
Benefit payments(690)(638)
Ending balance at original discount rate21,38220,918
Effect of changes in discount rate assumptions
(490)499
Balance, end of period, at current discount rate at balance sheet date20,89221,417
Net liability for FPBs
$15,309$15,657
Undiscounted:
Expected future gross premiums$10,462$10,735
Expected future benefit payments$44,833$45,098
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums$7,059$7,319
Expected future benefit payments$20,892$21,417
Weighted-average duration of the liability13 years14 years
Weighted-average interest accretion (original locked-in) rate5.4 %5.4 %
Weighted-average current discount rate at balance sheet date5.6 %5.2 %
For the nine months ended September 30, 2025, the net effect of changes in cash flow assumptions was primarily driven by updates in operational assumptions related to the future premium rate increases, substantially offset by unfavorable morbidity and policyholder behavior related to lapses.
22
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
For the nine months ended September 30, 2025, the net effect of actual variances from expected experience was primarily driven by unfavorable mortality and morbidity, partially offset by the future premium rate increases.
Significant Methodologies and Assumptions
The principal inputs used in the establishment of the FPB reserve for long-term care products include actual premiums, actual benefits, in-force data, locked-in claim-related expenses, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, incidence, claim utilization, claim cost inflation, claim continuance, and premium rate increases.
Rollforwards - Additional Insurance Liabilities
The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for variable life, universal life, and variable universal life contract features whereby the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.
The following information about the direct liability for additional insurance liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in these rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers.
Asia
The Asia segment’s variable life, universal life, and variable universal life products in Japan offer a contract feature whereby the Company guarantees to the contractholder a secondary guarantee. Information regarding these additional insurance liabilities was as follows:
Nine Months
Ended
September 30,
2025202420252024
Variable Life
Universal and Variable Universal Life
(Dollars in millions)
Balance, beginning of period
$1,108$1,258$355$424
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment
——10(14)
Balance, beginning of period, before AOCI adjustment
1,1081,258345438
Effect of changes in cash flow assumptions
(3)17(46)(23)
Effect of actual variances from expected experience(14)(8)(5)(14)
Adjusted balance
1,0911,267294401
Assessments accrual(3)(3)(2)—
Interest accrual131344
Excess benefits paid(27)(30)——
Effect of foreign currency translation and other, net
72(20)22(6)
Balance, end of period, before AOCI adjustment
1,1461,227318399
Add: AOCI adjustment
——32—
Balance, end of period
$1,146$1,227$350$399
Weighted-average duration of the liability16 years16 years42 years42 years
Weighted-average interest accretion rate1.6 %1.4 %1.6 %1.4 %

23
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
MetLife Holdings
The MetLife Holdings segment’s universal life and variable universal life products provide a contract feature whereby the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:
Nine Months
Ended
September 30,
20252024
Universal and Variable Universal Life
(Dollars in millions)
Balance, beginning of period$2,496$2,362
Less: AOCI adjustment (17)(14)
Balance, beginning of period, before AOCI adjustment2,5132,376
Effect of changes in cash flow assumptions
(8)(2)
Effect of actual variances from expected experience2936
Adjusted balance2,5342,410
Assessments accrual8078
Interest accrual10398
Excess benefits paid(106)(104)
Balance, end of period, before AOCI adjustment2,6112,482
Add: AOCI adjustment(13)(11)
Balance, end of period2,5982,471
Less: Reinsurance recoverables2,2582,147
Balance, end of period, net of reinsurance$340$324
Weighted-average duration of the liability14 years15 years
Weighted-average interest accretion rate5.5 %5.5 %
The Company’s gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:
24
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
Nine Months
Ended
September 30,
20252024
Gross Premiums or
Assessments (1)		Interest Expense (2)Gross Premiums or
Assessments (1)		Interest Expense (2)
(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities
$3,236 $2,516 $5,098 $2,326 
Asia:
Whole and term life & endowments
914 225 850 224 
Accident & health
2,331 191 2,324 185 
Latin America - Fixed annuities
1,103 267 773 240 
MetLife Holdings - Long-term care
539 621 543 599 
Deferred Profit Liabilities:
RIS - Annuities
N/A138 N/A133 
Asia:
Whole and term life & endowments
N/A32 N/A27 
Accident & health
N/A17 N/A15 
Latin America - Fixed annuities
N/A15 N/A15 
Additional Insurance Liabilities:
Asia:
Variable life
114 13 85 13 
Universal and variable universal life
17 4 (32)4 
MetLife Holdings - Universal and variable universal life
465 103 492 98 
Other long-duration
3,862 363 3,469 362 
 Total
$12,581 $4,505 $13,602 $4,241 
__________________
(1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.
(2)Interest expense is included in policyholder benefits and claims.
25
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
Liabilities for Unpaid Claims and Claim Expenses
Rollforward of Claims and Claim Adjustment Expenses
Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:
Nine Months
Ended
September 30,
20252024
(In millions)
Balance, beginning of period$16,118 $16,468 
Less: Reinsurance recoverables2,790 2,592 
Net balance, beginning of period13,328 13,876 
Incurred related to:
Current period22,050 20,532 
Prior periods (1)164 80 
Total incurred22,214 20,612 
Paid related to:
Current period(15,202)(14,470)
Prior periods(5,712)(5,773)
Total paid(20,914)(20,243)
Net balance, end of period14,628 14,245 
Add: Reinsurance recoverables2,974 2,757 
Balance, end of period (included in FPBs and other policy-related balances)
$17,602 $17,002 
__________________
(1)For the nine months ended September 30, 2025 and 2024, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the respective current period.
5. Policyholder Account Balances
The Company establishes liabilities for PABs, which are generally equal to the account value, and which include accrued interest credited, but exclude the impact of any applicable charge that may be incurred upon surrender.
The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:
September 30, 2025December 31, 2024
(In millions)
Group Benefits - Group life
$7,557$7,632
RIS:
Capital markets investment products and stable value GICs
66,05263,715
Annuities and risk solutions
22,82420,699
Asia:
Universal and variable universal life
54,66650,801
Fixed annuities
42,70838,421
EMEA - Variable annuities
2,2972,337
MetLife Holdings:
Annuities9,45110,142
Life and other
10,71611,132
Other19,04116,566
Total$235,312$221,445

26
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
Rollforwards
The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.
Group Benefits
Group Life
The Group Benefits segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:
Nine Months
Ended
September 30,
20252024
(Dollars in millions)
Balance, beginning of period$7,632$7,692
Deposits2,7562,857
Policy charges(504)(493)
Surrenders and withdrawals(2,453)(2,512)
Benefit payments(7)(9)
Net transfers from (to) separate accounts2(3)
Interest credited131144
Balance, end of period$7,557$7,676
Weighted-average annual crediting rate
2.3 %2.5 %
At period end:
Cash surrender value$7,489$7,614
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$266,256$265,266
27
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
The Group Benefits segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
September 30, 2025
Equal to or greater than 0% but less than 2%
$489$77$762$4,099$5,427
Equal to or greater than 2% but less than 4%
1,1809360—1,333
Equal to or greater than 4%
68325352763
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A34
Total$2,352$195$825$4,151$7,557
September 30, 2024
Equal to or greater than 0% but less than 2%
$456$72$877$4,141$5,546
Equal to or greater than 2% but less than 4%
1,26685911,334
Equal to or greater than 4%
684—3936759
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A37
Total$2,406$80$975$4,178$7,676
RIS
Capital Markets Investment Products and Stable Value GICs
The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows:
Nine Months
Ended
September 30,
20252024
(Dollars in millions)
Balance, beginning of period$63,715$64,140
Deposits62,37456,170
Surrenders and withdrawals(63,407)(57,068)
Interest credited1,8111,811
Effect of foreign currency translation and other, net1,559277
Balance, end of period$66,052$65,330
Weighted-average annual crediting rate
3.8 %3.8 %
Cash surrender value at period end
$1,282$1,953
28
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
The RIS segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
September 30, 2025
Equal to or greater than 0% but less than 2%
$—$—$—$2,728$2,728
Equal to or greater than 2% but less than 4%
—————
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A63,324
Total$—$—$—$2,728$66,052
September 30, 2024
Equal to or greater than 0% but less than 2%
$—$—$—$2,754$2,754
Equal to or greater than 2% but less than 4%
———148148
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A62,428
Total$—$—$—$2,902$65,330
Annuities and Risk Solutions
The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:
Nine Months
Ended
September 30,
20252024
(Dollars in millions)
Balance, beginning of period$20,699$17,711
Deposits2,8932,367
Policy charges(148)(122)
Surrenders and withdrawals(485)(239)
Benefit payments(827)(731)
Net transfers from (to) separate accounts(3)20
Interest credited676556
Other1910
Balance, end of period$22,824$19,572
Weighted-average annual crediting rate
4.2 %4.0 %
At period end:
Cash surrender value$10,345$8,476
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$45,079$44,437
29
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
The RIS segment’s annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
September 30, 2025
Equal to or greater than 0% but less than 2%
$—$—$8$2,975$2,983
Equal to or greater than 2% but less than 4%
161594451,2151,880
Equal to or greater than 4%
4,1231142374,564
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A13,397
Total$4,284$70$876$4,197$22,824
September 30, 2024
Equal to or greater than 0% but less than 2%
$—$—$19$2,403$2,422
Equal to or greater than 2% but less than 4%
19835109417759
Equal to or greater than 4%
4,131—47264,609
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A11,782
Total$4,329$35$600$2,826$19,572

Asia
Universal and Variable Universal Life
The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows:
Nine Months
Ended
September 30,
20252024
(Dollars in millions)
Balance, beginning of period$50,801$49,739
Deposits4,9324,694
Policy charges(754)(812)
Surrenders and withdrawals(2,076)(2,483)
Benefit payments(416)(345)
Interest credited1,2211,153
Effect of foreign currency translation and other, net958(190)
Balance, end of period$54,666$51,756
Weighted-average annual crediting rate
3.1 %3.1 %
At period end:
Cash surrender value$48,266$46,366
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$85,131$89,793
30
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
The Asia segment’s universal and variable universal life account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
September 30, 2025
Equal to or greater than 0% but less than 2%
$10,438$28$248$1,917$12,631
Equal to or greater than 2% but less than 4%
7,39916,0174,99411,53539,945
Equal to or greater than 4%
230———230
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A1,860
Total$18,067$16,045$5,242$13,452$54,666
September 30, 2024
Equal to or greater than 0% but less than 2%
$10,681$18$235$1,449$12,383
Equal to or greater than 2% but less than 4%
7,82915,7305,3979,65038,606
Equal to or greater than 4%
241———241
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A526
Total$18,751$15,748$5,632$11,099$51,756
Fixed Annuities
Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:
Nine Months
Ended
September 30,
20252024
(Dollars in millions)
Balance, beginning of period$38,421$36,863
Deposits5,5905,002
Policy charges(3)(2)
Surrenders and withdrawals(1,299)(2,248)
Benefit payments(1,402)(1,718)
Interest credited939784
Effect of foreign currency translation and other, net46261
Balance, end of period$42,708$38,742
Weighted-average annual crediting rate
3.1 %2.8 %
At period end:
Cash surrender value$38,919$35,005
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$2$8
31
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
The Asia segment’s fixed annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
September 30, 2025
Equal to or greater than 0% but less than 2%
$268$426$4,283$36,573$41,550
Equal to or greater than 2% but less than 4%
—4——4
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A1,154
Total$268$430$4,283$36,573$42,708
September 30, 2024
Equal to or greater than 0% but less than 2%
$385$460$5,250$31,353$37,448
Equal to or greater than 2% but less than 4%
—5——5
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A1,289
Total$385$465$5,250$31,353$38,742
EMEA
Variable Annuities
Information regarding the EMEA segment’s variable annuity PABs in the U.K. was as follows:
Nine Months
Ended
September 30,
20252024
(Dollars in millions)
Balance, beginning of period$2,337$2,720
Deposits22
Policy charges(39)(44)
Surrenders and withdrawals(186)(214)
Benefit payments(97)(95)
Interest credited (1)111117
Effect of foreign currency translation and other, net169131
Balance, end of period$2,297$2,617
Weighted-average annual crediting rate6.6 %6.0 %
At period end:
Cash surrender value$2,297$2,617
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$394$426
At annuitization or exercise of other living benefits
$507$550
__________________
(1)Interest credited on EMEA’s variable annuity products represents gains or losses which are passed through to the policyholder based on the underlying Unit-linked investment fund returns, which may be positive or negative depending on market conditions. There are no GMCR on these products.
32
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
MetLife Holdings
Annuities
The MetLife Holdings segment’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:
Nine Months
Ended
September 30,
20252024
(Dollars in millions)
Balance, beginning of period$10,142$11,537
Deposits128121
Policy charges(8)(10)
Surrenders and withdrawals(1,021)(1,292)
Benefit payments(271)(298)
Net transfers from (to) separate accounts245105
Interest credited233265
Other39
Balance, end of period$9,451$10,437
Weighted-average annual crediting rate
3.2 %3.3 %
At period end:
Cash surrender value$8,920$9,866
Net amount at risk, excluding offsets from reinsurance (1):
In the event of death
$2,295$2,238
At annuitization or exercise of other living benefits
$693$657
__________________
(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs, which are disclosed in “MetLife Holdings – Annuities” in Note 6.
33
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
The MetLife Holdings segment’s annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCR
Greater than
0% but less
than 0.50%
above GMCR
Equal to or
greater than
0.50% but less
than 1.50%
above GMCR
Equal to or
greater than
1.50% above
GMCR
Total
Account
Value
(In millions)
September 30, 2025
Equal to or greater than 0% but less than 2%
$40$10$473$161$684
Equal to or greater than 2% but less than 4%
2,7554,022449987,324
Equal to or greater than 4%
7153667—1,088
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A355
Total$3,510$4,398$929$259$9,451
September 30, 2024
Equal to or greater than 0% but less than 2%
$3$166$444$52$665
Equal to or greater than 2% but less than 4%
1,3786,1885011538,220
Equal to or greater than 4%
74540417—1,166
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A386
Total$2,126$6,758$962$205$10,437
Life and Other
The MetLife Holdings segment’s life and other PABs include retained asset accounts, universal life products, the fixed account of variable life insurance products and funding agreements. Information regarding this liability was as follows:
Nine Months
Ended
September 30,
20252024
(Dollars in millions)
Balance, beginning of period$11,132$11,641
Deposits624549
Policy charges(501)(519)
Surrenders and withdrawals(755)(744)
Benefit payments(122)(114)
Net transfers from (to) separate accounts3826
Interest credited297318
Other3127
Balance, end of period$10,716$11,284
Weighted-average annual crediting rate
3.7 %3.8 %
At period end:
Cash surrender value$10,113$10,722
Net amount at risk, excluding offsets from reinsurance (1):
In the event of death
$61,507$64,816
__________________
(1)Including offsets from reinsurance, the net amount at risk at both September 30, 2025 and 2024 would be reduced by 99%.
34
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
The MetLife Holdings segment’s life and other products account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCR
Greater than
0% but less
than 0.50%
above GMCR
Equal to or
greater than
0.50% but less
than 1.50%
above GMCR
Equal to or
greater than
1.50% above
GMCR
Total
Account
Value
(In millions)
September 30, 2025
Equal to or greater than 0% but less than 2%
$—$—$12$55$67
Equal to or greater than 2% but less than 4%
3,8281756211424,766
Equal to or greater than 4%
4,8253941195,239
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A644
Total$8,653$569$634$216$10,716
September 30, 2024
Equal to or greater than 0% but less than 2%
$—$—$17$58$75
Equal to or greater than 2% but less than 4%
4,1591712655365,131
Equal to or greater than 4%
4,91112240595,447
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A631
Total$9,070$293$687$603$11,284
6. Market Risk Benefits
The Company establishes liabilities for certain retirement assurance and variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.
The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:
September 30, 2025December 31, 2024
AssetLiabilityNetAssetLiabilityNet
(In millions)
Asia - Retirement Assurance$—$183$183$—$178$178
MetLife Holdings - Annuities225 2,339 2,114231 2,300 2,069
Other167 63 (104)141 103 (38)
Total$392$2,585$2,193$372$2,581$2,209

Rollforwards
The following information about the direct and assumed liabilities (assets) for MRBs includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.
35
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
6. Market Risk Benefits (continued)
Asia - Retirement Assurance
The Asia segment’s retirement assurance product in Japan offers a contract feature whereby the Company guarantees the greater of the account value or a return of premium accumulated at a guaranteed rate upon maturity. Information regarding this liability was as follows:
Nine Months
Ended
September 30,
20252024
(In millions)
Balance, beginning of period
$178 $203 
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$179 $205 
Attributed fees collected2 3 
Benefit payments(10)(9)
Effect of changes in interest rates— 4 
Actual policyholder behavior different from expected behavior1 (2)
Effect of foreign currency translation and other, net12 (3)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk184 198 
Cumulative effect of changes in the instrument-specific credit risk(1)(1)
Balance, end of period$183 $197 
At period end:
Net amount at risk, excluding offsets from hedging:
At annuitization or exercise of other living benefits$130 $122 
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits58 years58 years
Significant Methodologies and Assumptions
The Company issues certain retirement assurance products with guarantees that meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in other comprehensive income (loss) (“OCI”).
The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.
Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 13 for additional information on significant unobservable inputs.
The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.
Risk margins are established to capture the non-capital market risks of the instrument, which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
6. Market Risk Benefits (continued)
These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions, including changes in interest rates, equity indices, market volatility and foreign currency exchange rates, and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.
MetLife Holdings - Annuities
The MetLife Holdings segment’s variable annuity products offer contract features whereby the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. This segment also includes an in-force block of assumed variable annuity guarantees from a third party. Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:
Nine Months
Ended
September 30,
20252024
(In millions)
Balance, beginning of period$2,069$2,722
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$1,992$2,772
Attributed fees collected
248266
Benefit payments
(69)(67)
Effect of changes in interest rates
(50)(70)
Effect of changes in capital markets
(420)(527)
Effect of changes in equity index volatility
837
Actual policyholder behavior different from expected behavior
186176
Effect of changes in future expected policyholder behavior and other assumptions
(15)12
Effect of foreign currency translation and other, net
14934
Effect of changes in risk margin
—(7)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk
2,0292,626
Cumulative effect of changes in the instrument-specific credit risk
83(19)
Effect of foreign currency translation on the cumulative instrument-specific credit risk
21
Balance, end of period
$2,114$2,608
At period end:
Net amount at risk, excluding offsets from hedging (1):
In the event of death
$2,299 $2,243 
At annuitization or exercise of other living benefits
$665 $643 
Weighted-average attained age of contractholders:
In the event of death
72 years71 years
At annuitization or exercise of other living benefits
71 years68 years
__________________
(1)Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 5.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
6. Market Risk Benefits (continued)
Significant Methodologies and Assumptions
The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI.
The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.
Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 13 for additional information on significant unobservable inputs.
The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.
Risk margins are established to capture the non-capital market risks of the instrument, which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.
These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
6. Market Risk Benefits (continued)
Other
In addition to the disaggregated MRB product rollforwards above, the Company offers other products with guaranteed minimum benefit features across various segments. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 13 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities (assets) was as follows:
Nine Months
Ended
September 30,
20252024
(In millions)
Balance, beginning of period
$(38)$(32)
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$(53)$(50)
Attributed fees collected34 38 
Benefit payments(3)(5)
Effect of changes in interest rates(40)(12)
Effect of changes in capital markets(32)(8)
Effect of changes in equity index volatility(1)— 
Actual policyholder behavior different from expected behavior4 6 
Effect of changes in future expected policyholder behavior and other assumptions(4)(2)
Effect of foreign currency translation and other, net (29)22 
Effect of changes in risk margin(1)(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk(125)(12)
Cumulative effect of changes in the instrument-specific credit risk20 13 
Effect of foreign currency translation on the cumulative instrument-specific credit risk1 1 
Balance, end of period(104)2 
Less: Reinsurance recoverable12 16 
Balance, end of period, net of reinsurance$(116)$(14)
7. Separate Accounts
Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.
Separate Account Liabilities
The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:
September 30, 2025December 31, 2024
(In millions)
RIS:
Stable Value and Risk Solutions
$37,217 $40,319 
Annuities
11,247 11,001 
Latin America - Pensions45,072 38,765 
MetLife Holdings - Annuities27,355 27,829 
Other25,453 21,590 
Total
$146,344 $139,504 

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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
7. Separate Accounts (continued)
Rollforwards
The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.
The separate account liabilities are primarily comprised of the following: RIS stable value and risk solutions contracts, RIS annuities participating and non-participating group contracts, Latin America savings-oriented pension product in Chile under a mandatory privatized social security system, and MetLife Holdings variable annuities.
The balances of and changes in separate account liabilities were as follows:
RIS
Stable Value and
Risk Solutions		RIS
Annuities		Latin America
Pensions		MetLife Holdings
Annuities
(In millions)
Nine Months Ended September 30, 2025
Balance, beginning of period$40,319 $11,001 $38,765 $27,829 
Premiums and deposits2,992 80 5,197 166 
Policy charges(219)(15)(203)(416)
Surrenders and withdrawals(6,103)(594)(3,937)(2,514)
Benefit payments(112)— (1,375)(344)
Investment performance2,310 776 5,309 2,879 
Net transfers from (to) general account26 (23)— (246)
Effect of foreign currency translation and other, net (1)(1,996)22 1,316 1 
Balance, end of period$37,217 $11,247 $45,072 $27,355 
Nine Months Ended September 30, 2024
Balance, beginning of period$41,343 $11,659 $41,320 $29,224 
Premiums and deposits1,669 34 5,082 175 
Policy charges(214)(16)(198)(454)
Surrenders and withdrawals(3,799)(609)(3,913)(2,798)
Benefit payments(81)— (1,231)(377)
Investment performance2,152 561 4,075 3,691 
Net transfers from (to) general account(21)— — (105)
Effect of foreign currency translation and other, net (1) (601)360 (977)(7)
Balance, end of period$40,448 $11,989 $44,158 $29,349 
Cash surrender value at September 30, 2025 (2)
$34,094 N/A$45,072 $27,232 
Cash surrender value at September 30, 2024 (2)
$35,632 N/A$44,158 $29,210 
__________________
(1)The effect of foreign currency translation and other, net, for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.
(2)Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
7. Separate Accounts (continued)
Separate Account Assets
The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:
September 30, 2025
Group
Benefits
RIS
Asia
Latin
America
EMEA
MetLife
Holdings
Total
(In millions)
Fixed maturity securities:
Bonds:
Government and agency
$— $9,366 $1,193 $11,734 $3,964 $— $26,257 
Public utilities— 1,098 188 — — — 1,286 
Municipals— 317 18 — — — 335 
Corporate bonds:
Materials— 260 — — 1 — 261 
Communications— 750 37 — — — 787 
Consumer— 1,707 43 — 6 — 1,756 
Energy— 939 127 1,005 15 — 2,086 
Financial— 3,016 499 4,504 439 — 8,458 
Industrial and other— 735 9 2,521 2 — 3,267 
Technology— 585 34 — — — 619 
Total corporate bonds— 7,992 749 8,030 463 — 17,234 
Total bonds— 18,773 2,148 19,764 4,427 — 45,112 
Mortgage-backed securities
— 8,327 — — — — 8,327 
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)
— 2,314 — — — — 2,314 
Redeemable preferred stock— 8 114 — — — 122 
Total fixed maturity securities— 29,422 2,262 19,764 4,427 — 55,875 
Equity securities— 2,898 3,271 3,514 1,702 — 11,385 
Mutual funds 1,425 11,323 3,687 18,189 311 34,672 69,607 
Other invested assets
— 1,326 319 3,468 74 — 5,187 
Total investments1,425 44,969 9,539 44,935 6,514 34,672 142,054 
Other assets
— 3,600 526 137 27 — 4,290 
Total$1,425 $48,569 $10,065 $45,072 $6,541 $34,672 $146,344 
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
7. Separate Accounts (continued)
December 31, 2024
Group
Benefits
RIS
Asia
Latin
America
EMEA
MetLife
Holdings
Total
(In millions)
Fixed maturity securities:
Bonds:
Government and agency
$— $9,950 $1,115 $10,545 $3,017 $15 $24,642 
Public utilities— 1,090 188 — — 7 1,285 
Municipals— 250 18 — — 12 280 
Corporate bonds:
Materials— 245 — — — 1 246 
Communications— 811 15 — — 4 830 
Consumer— 1,903 34 — — 13 1,950 
Energy— 958 113 729 4 4 1,808 
Financial— 3,472 515 4,760 309 26 9,082 
Industrial and other— 775 46 2,231 7 2 3,061 
Technology— 518 — — — 2 520 
Total corporate bonds— 8,682 723 7,720 320 52 17,497 
Total bonds— 19,972 2,044 18,265 3,337 86 43,704 
Mortgage-backed securities
— 9,021 — — — 38 9,059 
ABS & CLO
— 2,145 — — — 17 2,162 
Redeemable preferred stock— 8 — — — — 8 
Total fixed maturity securities— 31,146 2,044 18,265 3,337 141 54,933 
Equity securities— 2,830 2,324 2,353 1,200 — 8,707 
Mutual funds1,319 10,035 3,098 14,295 129 34,751 63,627 
Other invested assets
— 1,398 312 2,557 43 — 4,310 
Total investments1,319 45,409 7,778 37,470 4,709 34,892 131,577 
Other assets
— 6,011 453 1,295 166 2 7,927 
Total$1,319 $51,420 $8,231 $38,765 $4,875 $34,894 $139,504 

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Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
8. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue
DAC and VOBA
Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:
Group
Benefits
RIS
Asia (1)
Latin
America (2)
EMEA (2)
MetLife
Holdings (3)
Corporate &
Other
Total
(In millions)
DAC:
Balance at January 1, 2025
$250 $552 $10,785 $1,836 $1,664 $3,063 $28 $18,178 
Capitalizations19 131 1,204 551 413 8 11 2,337 
Amortization(20)(51)(613)(385)(260)(159)(7)(1,495)
Effect of foreign currency translation and other, net— — 342 219 149 — 3 713 
Balance at September 30, 2025$249 $632 $11,718 $2,221 $1,966 $2,912 $35 $19,733 
Balance at January 1, 2024
$258 $397 $10,864 $1,950 $1,618 $3,271 $30 $18,388 
Capitalizations13 160 1,032 527362 13 7 2,114 
Amortization(19)(43)(579)(348)(254)(171)(6)(1,420)
Effect of foreign currency translation and other, net— — (71)(224)(5)— — (300)
Balance at September 30, 2024$252 $514 $11,246 $1,905 $1,721 $3,113 $31 $18,782 
VOBA:
Balance at January 1, 2025
$— $13 $935 $393 $94 $14 $— $1,449 
Amortization— (2)(49)(30)(10)(2)— (93)
Effect of foreign currency translation and other, net— — 60 18 8 — — 86 
Balance at September 30, 2025$— $11 $946 $381 $92 $12 $— $1,442 
Balance at January 1, 2024
$— $16 $1,119 $497 $113 $18 $— $1,763 
Amortization— (2)(55)(32)(11)(3)— (103)
Effect of foreign currency translation and other, net— — (19)(22)— — — (41)
Balance at September 30, 2024$— $14 $1,045 $443 $102 $15 $— $1,619 
Total DAC and VOBA:
Balance at September 30, 2025
$21,175 
Balance at September 30, 2024
$20,401 
Balance at December 31, 2024
$19,627 
__________________
(1)Includes DAC balances primarily related to accident & health, universal and variable universal life, variable life and fixed annuity products and VOBA balances primarily related to accident & health products.
(2)Includes DAC balances primarily related to universal life, variable universal life, ordinary life and accident & health products.
(3)Includes DAC balances primarily related to whole life, variable annuities, term life, universal life, variable universal life and long-term care products.
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Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
8. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue (continued)
Unearned Revenue
Information regarding the Company’s unearned revenue primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:
Nine Months
Ended
September 30, 2025
RIS
AsiaLatin
 America		EMEAMetLife
Holdings 		Total
(In millions)
Balance, beginning of period$27 $3,076 $841 $622 $69 $4,635 
Deferrals2 377 104 92 9 584 
Amortization(5)(180)(84)(50)(4)(323)
Effect of foreign currency translation and other, net— 32 102 45 — 179 
Balance, end of period$24 $3,305 $963 $709 $74 $5,075 
Nine Months
Ended
September 30, 2024
RIS
AsiaLatin
 America		EMEAMetLife
Holdings		Total
(In millions)
Balance, beginning of period$31 $2,850 $989 $608 $59 $4,537 
Deferrals1 424 111 72 12 620 
Amortization(4)(167)(88)(51)(4)(314)
Effect of foreign currency translation and other, net— (9)(124)3 — (130)
Balance, end of period$28 $3,098 $888 $632 $67 $4,713 
9. Reinsurance
On July 1, 2025, the Company completed an initial reinsurance transaction with Chariot Re to reinsure certain structured settlement annuity contracts and group annuity contracts associated with pension risk transfers, which are reported in the RIS segment. The Company entered into the reinsurance agreement on a modified coinsurance basis. At the inception of the agreement, the Company recorded a reinsurance recoverable of $8.4 billion, which is reported in premiums, reinsurance and other receivables, and a funds withheld liability of $8.9 billion reported in other liabilities, which represents the fair value of the invested assets withheld by the Company at the inception of the reinsurance agreement. In addition, the Company received a ceding commission of $560 million. As part of this transaction, MetLife Investment Management, LLC and an affiliate of General Atlantic Partners, L.P. have entered into investment advisory agreements with Chariot Re to serve as the exclusive providers of global asset management services to Chariot Re.
10. Closed Block
On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company (“MLIC”) converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving MLIC’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC. See Note 10 to the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for further information on the closed block.
Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon policy count within the closed block.
Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.
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Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Closed Block (continued)
Information regarding the liabilities and assets designated to the closed block was as follows at:
September 30, 2025December 31, 2024
(In millions)
Closed Block Liabilities
FPBs
$34,074 $35,015 
Other policy-related balances
292 315 
Policyholder dividends payable
157 174 
Policyholder dividend obligation
— — 
Current income tax payable9 6 
Other liabilities
1,149 854 
Total closed block liabilities
35,681 36,364 
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale (“AFS”), at estimated fair value
19,163 18,958 
Equity securities, at estimated fair value
5 11 
Mortgage loans
5,532 5,720 
Policy loans
3,689 3,829 
Real estate and REJV688 659 
Other invested assets
372 512 
Total investments
29,449 29,689 
Cash and cash equivalents
1,140 930 
Accrued investment income
370 367 
Premiums, reinsurance and other receivables
52 45 
Deferred income tax asset
348 470 
Total assets designated to the closed block
31,359 31,501 
Excess of closed block liabilities over assets designated to the closed block
4,322 4,863 
AOCI:
Unrealized investment gains (losses), net of income tax
(670)(1,256)
Unrealized gains (losses) on derivatives, net of income tax
58 183 
Total amounts included in AOCI
(612)(1,073)
Maximum future earnings to be recognized from closed block assets and liabilities
$3,710 $3,790 
45
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Closed Block (continued)
Information regarding the closed block revenues and expenses was as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Revenues
Premiums
$202 $214 $614 $648 
Net investment income
347 336 1,002 1,021 
Net investment gains (losses)
(14)1 (73)(19)
Net derivative gains (losses)
5 (1)(3)6 
Total revenues
540 550 1,540 1,656 
Expenses
Policyholder benefits and claims
372 390 1,138 1,209 
Policyholder dividends
72 90 245 266 
Other expenses
19 21 57 61 
Total expenses
463 501 1,440 1,536 
Revenues, net of expenses before provision for income tax expense (benefit)
77 49 100 120 
Provision for income tax expense (benefit)
15 11 20 26 
Revenues, net of expenses and provision for income tax expense (benefit)
$62 $38 $80 $94 
MLIC charges the closed block with federal income taxes, state and local premium taxes and other state or local taxes, as well as asset management expenses relating to the closed block as provided in the Plan of Reorganization. MLIC also charges the closed block for expenses of maintaining the policies included in the closed block.
46
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments
Fixed Maturity Securities AFS
Fixed Maturity Securities AFS by Sector
The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans, broadly syndicated bank loans, and other assets. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”
September 30, 2025December 31, 2024
Amortized
Cost		Gross UnrealizedEstimated
Fair
Value		Amortized
Cost		Gross UnrealizedEstimated
Fair
Value
Sector
Allowance
for
 Credit Loss
(“ACL”)
GainsLosses
ACL
Gains
Losses
(In millions)
U.S. corporate$88,912 $(153)$1,895 $6,436 $84,218 $86,315 $(59)$1,331 $8,213 $79,374 
Foreign corporate
61,522 — 2,448 4,547 59,423 58,646 (18)1,478 6,347 53,759 
Foreign government
47,687 (57)1,275 6,681 42,224 44,377 (57)1,256 5,326 40,250 
RMBS45,113 (2)758 2,144 43,725 37,085 (1)314 2,977 34,421 
U.S. government and agency
37,681 — 327 5,296 32,712 38,963 — 179 5,714 33,428 
ABS & CLO
21,810 (6)259 363 21,700 20,973 (9)153 526 20,591 
Municipals12,032 — 216 1,359 10,889 11,205 — 166 1,498 9,873 
CMBS10,076 (30)127 419 9,754 9,857 (16)104 598 9,347 
Total fixed maturity securities AFS
$324,833 $(248)$7,305 $27,245 $304,645 $307,421 $(160)$4,981 $31,199 $281,043 
Maturities of Fixed Maturity Securities AFS
The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at September 30, 2025:
Due in One
Year or Less		Due After
One Year
Through
Five Years		Due After
Five Years
Through
Ten Years		Due After
Ten Years		Structured
Products
Total Fixed
Maturity
Securities
AFS
(In millions)
Amortized cost, net of ACL$13,340 $48,408 $53,523 $132,353 $76,961 $324,585 
Estimated fair value$13,395 $48,936 $53,548 $113,587 $75,179 $304,645 
Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector
The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.
September 30, 2025December 31, 2024
Less than 12 MonthsEqual to or Greater
than 12 Months		Less than 12 MonthsEqual to or Greater
than 12 Months
Sector & Credit QualityEstimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
(Dollars in millions)
U.S. corporate$8,033 $946 $35,528 $5,461 $17,222 $1,586 $35,940 $6,599 
Foreign corporate4,974 361 22,072 4,186 10,516 709 24,454 5,625 
Foreign government7,582 533 15,953 6,145 6,462 581 16,338 4,740 
RMBS5,565 179 12,759 1,965 10,152 358 13,922 2,619 
U.S. government and agency5,641 395 14,136 4,901 9,337 687 14,082 5,027 
ABS & CLO3,770 59 3,743 304 2,840 88 5,831 436 
Municipals1,527 184 4,602 1,175 2,012 226 4,621 1,272 
CMBS1,064 48 3,763 366 1,272 39 4,788 559 
Total fixed maturity securities AFS$38,156 $2,705 $112,556 $24,503 $59,813 $4,274 $119,976 $26,877 
Investment grade$36,490 $2,639 $109,448 $24,182 $56,946 $4,132 $116,072 $26,325 
Below investment grade1,666 66 3,108 321 2,867 142 3,904 552 
Total fixed maturity securities AFS$38,156 $2,705 $112,556 $24,503 $59,813 $4,274 $119,976 $26,877 
Total number of securities in an unrealized loss position4,605 9,486 7,220 10,468 
Evaluation of Fixed Maturity Securities AFS for Credit Loss
Evaluation and Measurement Methodologies
See Note 11 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for a description of the Company’s Evaluation and Measurement Methodologies of Fixed Maturity Securities AFS for Credit Loss.
Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position
Gross unrealized losses on securities without an ACL decreased $3.9 billion for the nine months ended September 30, 2025 to $27.2 billion primarily due to a decrease in interest rates.
As shown in the table above, most of the gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater at September 30, 2025, relate to investment grade securities. These unrealized losses are principally due to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.
As of September 30, 2025, $321 million of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater on below investment grade securities were concentrated in foreign government securities and the consumer, transportation, and energy sectors within U.S. and foreign corporate securities. These unrealized losses are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty and, with respect to fixed-rate securities, rising interest rates since purchase.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
At September 30, 2025, the Company did not intend to sell its securities in an unrealized loss position without an ACL, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost. Therefore, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at September 30, 2025.
Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.
Rollforward of ACL for Fixed Maturity Securities AFS By Sector
The rollforward of ACL for fixed maturity securities AFS by sector was as follows:
U.S.
 Corporate		Foreign
Corporate		Foreign
Government		RMBSABS & CLOCMBSTotal
(In millions)
Three Months Ended September 30, 2025
Balance, at beginning of period$62 $— $57 $2 $5 $25 $151 
ACL not previously recorded66 — — — — — 66 
Changes for securities with previously recorded ACL25 — — — 1 5 31 
Securities sold or exchanged— — — — — — — 
Balance, at end of period$153 $— $57 $2 $6 $30 $248 
Three Months Ended September 30, 2024
Balance, at beginning of period$37 $2 $58 $1 $9 $14 $121 
ACL not previously recorded27 13 — — — — 40 
Changes for securities with previously recorded ACL(1)— 4 — 1 — 4 
Securities sold or exchanged(3)— — — — — (3)
Balance, at end of period$60 $15 $62 $1 $10 $14 $162 
U.S.
 Corporate		Foreign
Corporate		Foreign
Government		RMBSABS & CLOCMBSTotal
(In millions)
Nine Months Ended September 30, 2025
Balance, at beginning of period$59 $18 $57 $1 $9 $16 $160 
ACL not previously recorded82 — — 1 — 7 90 
Changes for securities with previously recorded ACL38 (2)— — — 7 43 
Securities sold or exchanged(26)(16)— — (3)— (45)
Balance, at end of period$153 $— $57 $2 $6 $30 $248 
Nine Months Ended September 30, 2024
Balance, at beginning of period$68 $2 $88 $1 $7 $18 $184 
ACL not previously recorded41 13 — — — — 54 
Changes for securities with previously recorded ACL10 — (1)— 3 2 14 
Securities sold or exchanged(59)— (25)— — (6)(90)
Balance, at end of period$60 $15 $62 $1 $10 $14 $162 

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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
Equity Securities
The following table presents equity securities by security type:
September 30, 2025December 31, 2024
CostNet Unrealized
Gains (Losses) (1)
Estimated
Fair Value
CostNet Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Security Type
(In millions)
Common stock (2)
$405 $250 $655 $451 $167 $618 
Non-redeemable preferred stock128 5 133 93 1 94 
Total
$533 $255 $788 $544 $168 $712 
________________
(1)    Represents cumulative changes in estimated fair value, recognized in earnings.
(2)    Includes common stock, exchange-traded funds, certain mutual funds and certain real estate investment trusts.
Contractholder-Directed Equity Securities and FVO Securities
The following table presents these investments by asset type. Unit-linked investments are primarily equity securities (including mutual funds). FVO securities include fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.
September 30, 2025December 31, 2024
Cost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)
Estimated
Fair Value
Cost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Asset Type
(In millions)
Unit-linked investments
$8,034 $2,352 $10,386 $7,398 $1,699 $9,097 
FVO securities
1,045 839 1,884 886 689 1,575 
Total
$9,079 $3,191 $12,270 $8,284 $2,388 $10,672 
________________
(1)Represents cumulative changes in estimated fair value, recognized in earnings.
Mortgage Loans
Mortgage Loans by Portfolio Segment
Mortgage loans are summarized as follows at:
 September 30, 2025December 31, 2024
Portfolio SegmentCarrying
Value (1)		% of
Total		Carrying
Value (1)		% of
Total
(Dollars in millions)
Commercial$52,191 60.8 %$56,310 63.3 %
Agricultural19,212 22.4 19,313 21.7 
Residential15,701 18.3 14,189 15.9 
Total amortized cost87,104 101.5 89,812 100.9 
ACL
(1,261)(1.5)(800)(0.9)
Total mortgage loans$85,843 100.0 %$89,012 100.0 %
__________________
(1)Includes certain mortgage loans originated for third parties of $6.8 billion at amortized cost ($6.5 billion commercial and $340 million agricultural) and the related ACL of $166 million, with the corresponding mortgage loan secured financing liability of $6.8 billion included in other liabilities on the consolidated balance sheet at September 30, 2025. The consolidated balance sheet at December 31, 2024 includes certain mortgage loans originated for third parties of
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
$7.5 billion at amortized cost ($7.2 billion commercial and $283 million agricultural) and the related ACL of $77 million, with the corresponding mortgage loan secured financing liability of $7.5 billion included in other liabilities. The investment income on the mortgage loans originated for third parties and the interest expense on the mortgage loan secured financing liability was $77 million and $235 million for the three months and nine months ended September 30, 2025, respectively, and recorded in investment income and investment expenses, within net investment income.
The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($796) million and ($879) million at September 30, 2025 and December 31, 2024, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at September 30, 2025 was $227 million, $178 million and $127 million, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at December 31, 2024 was $249 million, $199 million and $117 million, respectively. The accrued interest income related to mortgage loans is included in accrued investment income on the interim condensed consolidated balance sheets.
Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $943 million and $2.7 billion for the three months and nine months ended September 30, 2025, respectively, and $753 million and $1.5 billion for the three months and nine months ended September 30, 2024, respectively.
Sales of mortgage loans, consisting primarily of commercial mortgage loans, to an equity method investee were $168 million for both the three months and nine months ended September 30, 2024.
For the nine months ended September 30, 2025, the Company exchanged, as part of loan restructurings, commercial mortgage loans with an amortized cost of $174 million for equity interests in REJVs.
For the three months and nine months ended September 30, 2025, the Company contributed commercial mortgage loans with an amortized cost of $60 million to REJVs which subsequently completed foreclosure on those mortgage loans. For the nine months ended September 30, 2024, the Company contributed commercial mortgage loans with an amortized cost of $218 million to REJVs which subsequently completed foreclosure on those mortgage loans.
Rollforward of ACL for Mortgage Loans by Portfolio Segment
The rollforward of ACL for mortgage loans, by portfolio segment, was as follows:
Nine Months
Ended
September 30,
20252024
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Balance, beginning of period
$537 $84 $179 $800 $367 $172 $182 $721 
Provision (release)
527 16 46 589 212 40 (21)231 
Charge-offs, net of recoveries
(120)(8)— (128)(28)(77)— (105)
Balance, end of period
$944 $92 $225 $1,261 $551 $135 $161 $847 
The gross charge-offs of mortgage loans by origination year and portfolio segment for the nine months ended September 30, 2025 was as follows:
Portfolio Segment20252024202320222021PriorTotal
(In millions)
Commercial
$— $— $— $— $— $120 $120 
Agricultural— — — — — 8 8 
Total$— $— $— $— $— $128 $128 
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
ACL Methodology
The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).
Commercial and Agricultural Mortgage Loan Portfolio Segments
Within each loan portfolio segment, commercial and agricultural loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. In its evaluation, the Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for such loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.
Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.
For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio.
For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.
After commercial and agricultural mortgage loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that is not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.
Residential Mortgage Loan Portfolio Segment
The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company reverts to industry historical loss experience using a straight-line basis over one year.
For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.
Modifications to Borrowers Experiencing Financial Difficulty
The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications, in materially impacted mortgage segments, where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means: principal forgiveness, interest rate reduction, other-than-insignificant payment delay or term extension. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any ACL recorded. All loans modified to borrowers experiencing financial difficulties are evaluated individually for credit loss as collateral dependent loans.
These mortgage loan modifications are summarized as follows:
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
Three Months Ended September 30,
2025
Amortized Cost
Affected Loans
(in Years)
Portfolio SegmentMaturity
Extension		Payment
Delay		TotalWeighted Average
 Life Increase
Average Years
Payment Deferral
% of Book
Value
(Dollars in millions)
Commercial$261 $— $261 Less than one year— <1%
Agricultural— 186 186 — 
2 years
<1%
Total$261 $186 $447 
Three Months Ended September 30,
2024
Amortized Cost
Affected Loans
(in Years)
Portfolio SegmentMaturity
Extension		Payment
Delay		TotalWeighted Average
 Life Increase		% of Book
Value
(Dollars in millions)
Commercial$39 $— $39 Less than one year<1%
Nine Months Ended September 30,
2025
Amortized CostAffected Loans
 (in Years)
Portfolio SegmentMaturity
Extension		Payment
Delay		TotalWeighted Average
 Life Increase
Average Years
Payment Deferral
% of Book
Value
(Dollars in millions)
Commercial$850 $— $850 4 years— 1.7 %
Agricultural— 186 186 — 2 years<1%
Total$850 $186 $1,036 
Nine Months Ended September 30,
2024
Amortized CostAffected Loans
 (in Years)
Portfolio SegmentMaturity
Extension		Payment
Delay		TotalWeighted Average
 Life Increase		% of Book
Value
(Dollars in millions)
Commercial$236 $— $236 Less than one year<1%
For the three months and nine months ended September 30, 2025, all commercial and agricultural mortgage loans modified within the past 12 months to borrowers experiencing financial difficulties and still outstanding were current. For the three months ended September 30, 2024, all commercial mortgage loans modified within the past 12 months to borrowers experiencing financial difficulties and still outstanding were current. For the nine months ended September 30, 2024, commercial mortgage loans with an amortized cost of $182 million which were extended over the past 12 months became delinquent and foreclosed.
Credit Quality of Mortgage Loans by Portfolio Segment
The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2025:
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
Credit Quality Indicator20252024202320222021PriorRevolving LoansTotal% of Total
(Dollars in millions)
LTV ratios:
Less than 65%
$2,061 $3,234 $2,308 $2,069 $3,019 $12,066 $2,111 $26,868 51.5 %
65% to 75%
193 783 494 2,522 1,781 3,914 — 9,687 18.6 
76% to 80%
— — 4 462 174 2,188 — 2,828 5.4 
Greater than 80%
187 181 121 927 1,258 10,134 — 12,808 24.5 
Total
$2,441 $4,198 $2,927 $5,980 $6,232 $28,302 $2,111 $52,191 100.0 %
DSCR:
> 1.20x
$2,110 $3,654 $2,125 $5,213 $5,161 $23,149 $2,069 $43,481 83.3 %
1.00x - 1.20x
138 324 538 295 816 2,661 42 4,814 9.2 
<1.00x
193 220 264 472 255 2,492 — 3,896 7.5 
Total
$2,441 $4,198 $2,927 $5,980 $6,232 $28,302 $2,111 $52,191 100.0 %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2025:
Credit Quality Indicator20252024202320222021PriorRevolving LoansTotal% of Total
(Dollars in millions)
LTV ratios:
Less than 65%
$865 $694 $1,239 $2,289 $2,427 $8,949 $1,224 $17,687 92.1 %
65% to 75%
5 55 35 412 250 552 89 1,398 7.3 
76% to 80%
— — — 23 29 6 4 62 0.3 
Greater than 80%
— — — — — 64 1 65 0.3 
Total
$870 $749 $1,274 $2,724 $2,706 $9,571 $1,318 $19,212 100.0 %
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2025:
Credit Quality Indicator20252024202320222021PriorRevolving LoansTotal% of Total
(Dollars in millions)
Performance indicators:
Performing
$1,285 $2,340 $809 $2,242 $1,709 $6,829 $— $15,214 96.9 %
Nonperforming (1)
5 47 51 90 36 258 — 487 3.1 
Total
$1,290 $2,387 $860 $2,332 $1,745 $7,087 $— $15,701 100.0 %
__________________
(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $168 million and $140 million at September 30, 2025 and December 31, 2024, respectively.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
Past Due and Nonaccrual Mortgage Loans
The Company has a high quality, well performing mortgage loan portfolio, with 98% of all mortgage loans classified as performing at both September 30, 2025 and December 31, 2024. The Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:
Past DuePast Due
 and Still Accruing Interest		Nonaccrual
Portfolio SegmentSeptember 30, 2025December 31, 2024September 30, 2025December 31, 2024September 30, 2025December 31, 2024
(In millions)
Commercial$1,005 $773 $17 $— $2,233 $1,123 
Agricultural251 341 172 262 92 89 
Residential487 464 22 18 465 446 
Total$1,743 $1,578 $211 $280 $2,790 $1,658 
Real Estate and REJV
The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method REJV. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:
 September 30, 2025December 31, 2024Three Months
Ended
September 30,		Nine Months
Ended
September 30,
 2025202420252024
Income TypeCarrying ValueIncome
(In millions)
Wholly-owned real estate:
Leased real estate$4,522 $4,283 $90 $88 $268 $255 
Other real estate691 650 86 79 257 204 
REJV
8,719 8,409 10 11 107 (191)
Total real estate and REJV
$13,932 $13,342 $186 $178 $632 $268 
Depreciation expense on real estate investments was $30 million and $87 million for the three months and nine months ended September 30, 2025, respectively, and $32 million and $91 million for the three months and nine months ended September 30, 2024, respectively. Real estate investments were net of accumulated depreciation of $1.1 billion and $1.0 billion at September 30, 2025 and December 31, 2024, respectively.
Leased Real Estate Investments - Operating Leases
The Company, as lessor, leases investment real estate, principally commercial real estate for office and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification and geographic diversification.
See Note 11 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for a summary of leased real estate investments and income earned, by property type.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
Other Invested Assets
Tax Equity Investments
The Company invests in certain tax equity investments, including low income housing tax credit partnerships and renewable energy partnerships. The carrying value of tax equity investments, reported in other invested assets on the interim condensed consolidated balance sheets, was $707 million and $714 million at September 30, 2025 and December 31, 2024, respectively. For the three months and nine months ended September 30, 2025, income tax credits and other income tax benefits of $38 million and $98 million, respectively, and amortized expenses of $30 million and $87 million, respectively, were recognized net as a component of income tax expense on the Company’s interim condensed consolidated statement of operations. For the three months and nine months ended September 30, 2024, income tax credits and other income tax benefits of $37 million and $112 million, respectively, and amortized expenses of $33 million and $100 million, respectively, were recognized net as a component of income tax expense on the Company’s interim condensed consolidated statement of operations.
Cash Equivalents
Cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $9.7 billion and $11.9 billion, at estimated fair value, at September 30, 2025 and December 31, 2024, respectively.
Concentrations of Credit Risk
Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies:
September 30, 2025December 31, 2024
(In millions)
Japan$17,893 $18,886 
South Korea$6,461 $6,078 
Mexico$4,265 $3,468 
Securities Lending Transactions and Repurchase Agreements
Securities, Collateral and Reinvestment Portfolio
Transactions and agreements accounted for as secured borrowings were as follows:
September 30, 2025December 31, 2024
Securities (1)Securities (1)
Agreement TypeEstimated
Fair Value		Cash Collateral
Received from
Counterparties (2)		Reinvestment
Portfolio at
Estimated Fair
Value		Estimated
Fair Value		Cash Collateral
Received from
Counterparties (2)		Reinvestment
Portfolio at
Estimated Fair
Value
(In millions)
Securities lending$11,925 $12,230 $12,160 $11,119 $11,404 $11,202 
Repurchase agreements$3,006 $2,975 $2,952 $3,019 $2,975 $2,925 
__________________
(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at September 30, 2025 and within fixed maturity securities AFS at December 31, 2024.
(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
Contractual Maturities
Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:
September 30, 2025December 31, 2024
Remaining MaturitiesRemaining Maturities
Cash collateral liability by security type:Open (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		TotalOpen (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		Total
(In millions)
Securities lending:
U.S. government and agency
$2,265 $4,326 $4,085 $— $10,676 $2,987 $4,986 $2,089 $— $10,062 
Foreign government
— 873 330 — 1,203 — 677 493 — 1,170 
Agency RMBS— 60 291 — 351 — 108 64 — 172 
Total
$2,265 $5,259 $4,706 $— $12,230 $2,987 $5,771 $2,646 $— $11,404 
Repurchase agreements:
U.S. government and agency
$— $2,975 $— $— $2,975 $— $2,975 $— $— $2,975 
__________________
(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.
If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell investments to meet the return obligation, it may have difficulty selling such collateral that is invested in a timely manner, be forced to sell investments in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both.
The securities lending and repurchase agreement reinvestment portfolios consist principally of high quality, liquid, publicly traded fixed maturity securities AFS, short-term investments, cash equivalents or cash. If the securities in the reinvestment portfolio become less liquid, liquidity resources within the general account are available to meet any potential cash demands when securities are put back by the counterparty.
Invested Assets on Deposit, Held in Trust and Pledged as Collateral
Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, and were as follows at:
September 30, 2025December 31, 2024
(In millions)
Invested assets on deposit (regulatory deposits)
$1,600 $1,515 
Invested assets held in trust (external reinsurance agreements) (1)1,464 1,255 
Invested assets pledged as collateral (2)30,585 27,125 
Total invested assets on deposit, held in trust and pledged as collateral
$33,649 $29,895 
__________________
(1)Represents assets held in trust related to assumed third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $3.3 billion and $1.9 billion at September 30, 2025 and December 31, 2024, respectively.
(2)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, repurchase agreements and a collateral financing arrangement (see Notes 5, 16 and 17 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 12.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements, and Note 10 for information regarding investments designated to the closed block. In addition, the Company’s investment in Federal Home Loan Bank of New York common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $700 million and $699 million at redemption value at September 30, 2025 and December 31, 2024, respectively.
At September 30, 2025, the Company maintained invested assets and cash and cash equivalents that are subject to ceded reinsurance arrangements with third parties and joint ventures of $12.5 billion, which includes cash and cash equivalents of $339 million.
Variable Interest Entities
The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity.
Consolidated VIEs
Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.
The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:
September 30, 2025December 31, 2024
Asset TypeTotal
Assets		Total
Liabilities		Total
Assets		Total
Liabilities
(In millions)
Investment funds (primarily other invested assets)
$804 $203 $635 $143 
Renewable energy partnership (primarily other invested assets)59 3 57 — 
Total
$863 $206 $692 $143 
Unconsolidated VIEs
The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:
September 30, 2025December 31, 2024
Asset TypeCarrying
Amount		Maximum
Exposure
to Loss (1)		Carrying
Amount		Maximum
Exposure
to Loss (1)
(In millions)
Fixed maturity securities AFS (2)$71,097 $71,097 $60,386 $60,386 
OLPI13,918 19,412 13,529 17,991 
Other invested assets1,119 1,347 1,085 1,242 
Other investments (REJV, FVO securities and mortgage loans)
2,218 2,273 1,660 1,701 
Total$88,352 $94,129 $76,660 $81,320 
__________________
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
(1)The maximum exposure to loss relating to fixed maturity securities AFS and FVO securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to OLPI, REJV and mortgage loans is equal to the carrying amounts plus any unrecognized unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.
(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities generally issued by trusts that do not have substantial equity.
Collateral securing the reinsurance transaction with subsidiaries of Global Atlantic Financial Group was transferred to trusts that do not have substantial equity. The Company does not have a carrying amount related to the trusts but does manage a portion of the invested assets. For managing these assets, the Company receives an asset management fee which represents a variable interest. The Company’s maximum exposure to loss is limited to the asset management fee revenue that has been earned but not yet received. See Note 9 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for further information on this reinsurance transaction.
As described in Note 21, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs for either the nine months ended September 30, 2025 or 2024.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
Net Investment Income
The composition of net investment income by asset type was as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
Asset Type2025202420252024
(In millions)
Fixed maturity securities AFS
$3,689 $3,457 $10,764 $10,100 
Equity securities
4 4 16 18 
FVO securities
99 76 186 183 
Mortgage loans
1,112 1,184 3,355 3,565 
Policy loans
115 116 335 339 
Real estate and REJV186 178 632 268 
OLPI
428 87 772 713 
Cash, cash equivalents and short-term investments
259 299 763 840 
Operating joint ventures
146 92 204 136 
Other
(7)159 332 502 
Subtotal investment income6,031 5,652 17,359 16,664 
Less: Investment expenses
522 571 1,575 1,703 
Subtotal, net
5,509 5,081 15,784 14,961 
Unit-linked investments580 146 851 907 
Net investment income
$6,089 $5,227 $16,635 $15,868 
Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals (primarily FVO securities and Unit-linked investments)
$92 $65 $237 $199 
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)
514 121 677 840 
Net realized and unrealized gains (losses) recognized in net investment income
$606 $186 $914 $1,039 
Changes in estimated fair value subsequent to purchase of FVO securities and Unit-linked investments still held at the end of the respective periods and recognized in net investment income
$572 $209 $803 $813 
Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures)
$620 $201 $1,125 $687 

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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
Net Investment Gains (Losses)
Net Investment Gains (Losses) by Asset Type and Transaction Type
The composition of net investment gains (losses) by asset type and transaction type was as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
Asset Type2025202420252024
(In millions)
Fixed maturity securities AFS
$(154)$(157)$(522)$(488)
Equity securities
17 (31)50 (22)
Mortgage loans
(141)(151)(602)(246)
Real estate and REJV (excluding changes in estimated fair value)
47 128 50 175 
OLPI (excluding changes in estimated fair value) (1)
4 4 24 (55)
Other gains (losses)
(9)(57)(47)(28)
Subtotal
(236)(264)(1,047)(664)
Change in estimated fair value of OLPI and REJV
(1)(1)(1)5 
Non-investment portfolio gains (losses)
(88)188 63 (214)
Subtotal
(89)187 62 (209)
Net investment gains (losses)$(325)$(77)$(985)$(873)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)
$22 $(39)$(424)$(369)
Impairment (losses)
(16)(17)(23)(17)
Recognized gains (losses):
Change in ACL recognized in earnings
(254)(150)(685)(231)
Unrealized net gains (losses) recognized in earnings11 (59)84 (42)
Total recognized gains (losses)(243)(209)(601)(273)
Non-investment portfolio gains (losses)(88)188 63 (214)
Net investment gains (losses)$(325)$(77)$(985)$(873)
Net Investment Gains (Losses) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)
$14 $(36)$51 $(23)
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedging relationship
$(26)$— $(17)$— 
Foreign currency gains (losses)$(9)$170 $136 $5 
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)
$22 $(39)$(424)$(369)
Recognized in net investment income
92 65 237 199 
Net realized investment gains (losses) from sales and disposals of investments$114 $26 $(187)$(170)
__________________
(1)Includes a net loss of $2 million and $46 million for the nine months ended September 30, 2025 and 2024, respectively, for private equity investments sold. For the nine months ended September 30, 2025 and 2024, the Company sold $43 million and $798 million, respectively, in portfolios of investments to a fund for proceeds of
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Investments (continued)
$41 million and $752 million, respectively, in cash and receivables secured by the value of the fund. The Company has entered into an agreement to serve as the asset manager of the fund for which it receives a management fee.
Fixed Maturity Securities AFS and Equity Securities – Composition of Net Investment Gains (Losses)
The composition of net investment gains (losses) for these securities was as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
Fixed Maturity Securities AFS2025202420252024
(In millions)
Proceeds$7,502 $6,815 $20,886 $21,273 
Gross investment gains$151 $111 $300 $388 
Gross investment (losses)(208)(228)(730)(898)
Realized gains (losses) on sales and disposals(57)(117)(430)(510)
Net credit loss (provision) release (change in ACL recognized in earnings)(97)(40)(87)22 
Impairment (losses)— — (5)— 
Net credit loss (provision) release and impairment (losses)(97)(40)(92)22 
Net investment gains (losses)$(154)$(157)$(522)$(488)
Equity Securities
Realized gains (losses) on sales and disposals$6 $27 $(34)$25 
Unrealized net gains (losses) recognized in earnings11 (58)84 (47)
Net investment gains (losses)$17 $(31)$50 $(22)
12. Derivatives
Accounting for Derivatives
See Note 1 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for a description of the Company’s accounting policies for derivatives and Note 13 for information about the fair value hierarchy for derivatives.
Derivative Strategies
Types of Derivative Instruments and Derivative Strategies
The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives. Commonly used derivative instruments include, but are not limited to:    
•Interest rate derivatives: swaps, total return swaps, caps, floors, futures, swaptions, forwards and synthetic GICs;
•Foreign currency exchange rate derivatives: swaps, forwards, options and exchange-traded futures;
•Credit derivatives: purchased or written single name or index credit default swaps, and forwards; and
•Equity derivatives: index options, variance swaps, exchange-traded futures and total return swaps.        
For detailed information on these contracts and the related strategies, see Note 12 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
12. Derivatives (continued)
Primary Risks Managed by Derivatives
The following table presents the primary underlying risk exposure, gross notional amount and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:
September 30, 2025December 31, 2024
Primary Underlying Risk ExposureGross
Notional
Amount		Estimated Fair ValueGross
Notional
Amount		Estimated Fair Value
AssetsLiabilitiesAssetsLiabilities
(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swapsInterest rate$5,143 $933 $661 $5,188 $1,018 $666 
Foreign currency swapsForeign currency exchange rate971 34 13 1,454 33 67 
Foreign currency forwardsForeign currency exchange rate150 — 40 150 — 41 
Subtotal6,264 967 714 6,792 1,051 774 
Cash flow hedges:
Interest rate swapsInterest rate4,195 — 295 4,154 — 359 
Interest rate forwardsInterest rate4,638 45 1,086 4,901 56 880 
Foreign currency swapsForeign currency exchange rate47,007 2,562 2,077 45,879 2,858 1,877 
Subtotal55,840 2,607 3,458 54,934 2,914 3,116 
Net investment in a foreign operation (“NIFO”) hedges:
Foreign currency forwardsForeign currency exchange rate916 8 20 1,553 42 — 
Currency optionsForeign currency exchange rate3,000 172 — 3,000 536 — 
Subtotal3,916 180 20 4,553 578 — 
Total qualifying hedges66,020 3,754 4,192 66,279 4,543 3,890 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swapsInterest rate26,917 1,653 1,423 29,238 1,414 1,263 
Interest rate floorsInterest rate5,640 43 — 6,169 38 — 
Interest rate capsInterest rate16,648 40 2 17,998 133 1 
Interest rate futuresInterest rate2,748 — 5 1,667 1 1 
Interest rate optionsInterest rate32,589 159 121 34,939 210 217 
Interest rate forwardsInterest rate3,141 112 111 3,128 135 77 
Synthetic GICsInterest rate51,920 — — 49,599 — — 
Foreign currency swapsForeign currency exchange rate11,148 1,008 244 10,708 1,192 190 
Foreign currency forwardsForeign currency exchange rate14,631 50 778 13,471 47 1,277 
Currency futuresForeign currency exchange rate308 4 — 301 1 — 
Credit default swaps — purchasedCredit2,763 2 66 2,791 14 67 
Credit default swaps — writtenCredit11,983 234 2 11,764 201 5 
Equity futuresEquity market1,888 12 12 1,840 9 6 
Equity index optionsEquity market11,462 276 292 12,743 233 253 
Equity variance swapsEquity market121 — 3 114 — 3 
Equity total return swapsEquity market2,044 — 113 1,799 41 9 
Longevity swaps
Longevity1,000 — — 1,000 — — 
Total non-designated or nonqualifying derivatives196,951 3,593 3,172 199,269 3,669 3,369 
Total$262,971 $7,347 $7,364 $265,548 $8,212 $7,259 
Included in the table above, the Company uses various over-the-counter (“OTC”) and exchange traded derivatives to hedge variable annuity guarantees. The table below presents the gross notional amount, estimated fair value and primary underlying risk exposure of the derivatives hedging variable annuity guarantees accounted for as MRBs:
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
12. Derivatives (continued)
September 30, 2025December 31, 2024
Primary Underlying Risk ExposureGross
Notional
Amount		Estimated Fair ValueGross
Notional
Amount		Estimated Fair Value
AssetsLiabilitiesAssetsLiabilities
(In millions)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate$9,206 $118 $759 $8,913 $11 $768 
Foreign currency exchange rate416 — 5 378 — 2 
Equity market4,159 148 211 4,294 132 113 
$13,781 $266 $975 $13,585 $143 $883 
The change in estimated fair values and earned income of derivatives hedging variable annuity guarantees, recorded in net derivative gains (losses), was ($329) million and ($395) million for the nine months ended September 30, 2025 and 2024, respectively.
Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at either September 30, 2025 or December 31, 2024. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules, (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship, (iii) derivatives that economically hedge MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs are already recorded in net income, and (iv) written credit default swaps and interest rate swaps that are used to synthetically create investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
12. Derivatives (continued)
The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, NIFO, nonqualifying hedging relationships and embedded derivatives:
Three Months Ended September 30, 2025
Net
Investment
Income
Net
Investment
Gains
(Losses)
Net
Derivative
Gains
(Losses)
Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)$— $— N/A$6 $2 $— N/A
Hedged items— — N/A(10)(2)— N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)2 (4)N/A— (4)— N/A
Hedged items(3)3 N/A— 3 — N/A
Amount excluded from the assessment of hedge effectiveness— (2)N/A— — — N/A
Subtotal
(1)(3)N/A(4)(1)— N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A$(5)
Amount of gains (losses) reclassified from AOCI into income4 (27)— — — — 23 
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A160 
Amount of gains (losses) reclassified from AOCI into income1 (133)— — — — 132 
Foreign currency transaction gains (losses) on hedged items— 136 — — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income— 1 — — — — (1)
Subtotal
5 (23)— — — — 309 
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A89 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A6 
Subtotal
N/A— N/AN/AN/AN/A95 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)— N/A(195)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)— N/A(248)N/AN/AN/AN/A
Credit derivatives — purchased (1)— N/A(7)N/AN/AN/AN/A
Credit derivatives — written (1)— N/A5 N/AN/AN/AN/A
Equity derivatives (1)(23)N/A(379)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items— N/A31 N/AN/AN/AN/A
Subtotal
(23)N/A(793)N/AN/AN/AN/A
Earned income on derivatives16 — 108 1 (40)— — 
Synthetic GICsN/AN/A20 N/AN/AN/AN/A
Embedded derivatives - ceded reinsurance
N/AN/A(263)N/AN/AN/AN/A
Embedded derivatives - other
N/AN/A(1)N/AN/AN/AN/A
Total
$(3)$(26)$(929)$(3)$(41)$— $404 
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
12. Derivatives (continued)
Three Months Ended September 30, 2024
Net
Investment
Income
Net
Investment
Gains
(Losses)
Net
Derivative
Gains
(Losses)
Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)$(1)$— N/A$185 $92 $— N/A
Hedged items1 — N/A(191)(93)— N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)(23)41 N/A— 32 — N/A
Hedged items22 (30)N/A— (34)— N/A
Amount excluded from the assessment of hedge effectiveness— (15)N/A— — — N/A
Subtotal
(1)(4)N/A(6)(3)— N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A$286 
Amount of gains (losses) reclassified from AOCI into income5 (1)— — — — (4)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A(161)
Amount of gains (losses) reclassified from AOCI into income1 602 — — — — (603)
Foreign currency transaction gains (losses) on hedged items— (585)— — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income— — — — — — — 
Subtotal
6 16 — — — — (482)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A(141)
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A(33)
Subtotal
N/A— N/AN/AN/AN/A(174)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)— N/A360 N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)— N/A573 N/AN/AN/AN/A
Credit derivatives — purchased (1)— N/A(8)N/AN/AN/AN/A
Credit derivatives — written (1)— N/A25 N/AN/AN/AN/A
Equity derivatives (1)(10)N/A(95)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items— N/A(182)N/AN/AN/AN/A
Subtotal
(10)N/A673 N/AN/AN/AN/A
Earned income on derivatives33 — 136 (5)(36)— — 
Synthetic GICsN/AN/A19 N/AN/AN/AN/A
Embedded derivativesN/AN/A(61)N/AN/AN/AN/A
Total
$28 $12 $767 $(11)$(39)$— $(656)


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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
12. Derivatives (continued)
Nine Months Ended September 30, 2025
Net
Investment
Income		Net
Investment
Gains
(Losses)		Net
Derivative
Gains
(Losses)		Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$(1)$— N/A$83 $55 $— N/A
Hedged items
1 — N/A(97)(54)— N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
(26)9  N/A — 119 — N/A
Hedged items
24 (7) N/A — (120)— N/A
Amount excluded from the assessment of hedge effectiveness
— (6) N/A — — — N/A
Subtotal
(2)(4)N/A(14)— — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$(127)
Amount of gains (losses) reclassified from AOCI into income
27 (18)— — — — (9)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(520)
Amount of gains (losses) reclassified from AOCI into income
4 1,313 — — — — (1,317)
Foreign currency transaction gains (losses) on hedged items
— (1,313)— — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income— 1 — — — — (1)
Subtotal
31 (17)— — — — (1,974)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A(54)
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A(17)
Subtotal
N/A— N/AN/AN/AN/A(71)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
— N/A(369)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)
— N/A(320)N/AN/AN/AN/A
Credit derivatives — purchased (1)
— N/A(22)N/AN/AN/AN/A
Credit derivatives — written (1)
— N/A16 N/AN/AN/AN/A
Equity derivatives (1)
(34)N/A(761)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items
— N/A99 N/AN/AN/AN/A
Subtotal
(34)N/A(1,357)N/AN/AN/AN/A
Earned income on derivatives
102 — 324 5 (114)— — 
Synthetic GICsN/AN/A60 N/AN/AN/AN/A
Embedded derivatives - ceded reinsurance
N/AN/A(320)N/AN/AN/AN/A
Embedded derivatives - other
N/AN/A— N/AN/AN/AN/A
Total
$97 $(21)$(1,293)$(9)$(114)$— $(2,045)
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
12. Derivatives (continued)
Nine Months Ended September 30, 2024
Net
Investment
Income
Net
Investment
Gains
(Losses)
Net
Derivative
Gains
(Losses)
Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$(1)$— N/A$35 $34 $— N/A
Hedged items
1 — N/A(54)(38)— N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
(21)(16)N/A— 1 — N/A
Hedged items
22 12 N/A— 1 — N/A
Amount excluded from the assessment of hedge effectiveness
— (11)N/A— — — N/A
Subtotal
1 (15)N/A(19)(2)— N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$(196)
Amount of gains (losses) reclassified from AOCI into income
18 (2)— — — — (16)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(180)
Amount of gains (losses) reclassified from AOCI into income
4 226 — — — — (230)
Foreign currency transaction gains (losses) on hedged items
— (236)— — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income
— 1 — — — — (1)
Subtotal
22 (11)— — — — (623)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A203 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A4 
Subtotal
N/A— N/AN/AN/AN/A207 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
— N/A(211)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)
— N/A(697)N/AN/AN/AN/A
Credit derivatives — purchased (1)
— N/A(6)N/AN/AN/AN/A
Credit derivatives — written (1)
— N/A47 N/AN/AN/AN/A
Equity derivatives (1)
(46)N/A(545)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items
— N/A159 N/AN/AN/AN/A
Subtotal
(46)N/A(1,253)N/AN/AN/AN/A
Earned income on derivatives
116 — 497 (11)(129)— — 
Synthetic GICsN/AN/A57 N/AN/AN/AN/A
Embedded derivativesN/AN/A(21)N/AN/AN/AN/A
Total
$93 $(26)$(720)$(30)$(131)$— $(416)
__________________
(1)Excludes earned income on derivatives.
Fair Value Hedges
The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities, and (iii) foreign currency forwards to hedge the foreign currency fair value exposure of foreign currency denominated investments.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
12. Derivatives (continued)
The following table presents the balance sheet classification, carrying amount and cumulative amount of fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:
Balance Sheet Line ItemCarrying Amount
 of the Hedged
Assets/(Liabilities)		Cumulative Amount
of Fair Value Hedging Adjustments
Included in the Carrying Amount of Hedged
Assets/(Liabilities) (1)
September 30, 2025December 31, 2024September 30, 2025December 31, 2024
(In millions)
Fixed maturity securities AFS$238 $241 $— $— 
Mortgage loans$51 $130 $— $(1)
FPBs$(2,511)$(2,583)$277 $359 
PABs$(2,528)$(2,170)$(15)$223 
__________________
(1)Includes ($73) million and ($91) million of hedging adjustments on discontinued hedging relationships at September 30, 2025 and December 31, 2024, respectively.
For the Company’s foreign currency forwards, the change in the estimated fair value of the derivative related to the changes in the difference between the spot price and the forward price is excluded from the assessment of hedge effectiveness. The Company has elected to record changes in estimated fair value of excluded components in earnings. For all other derivatives, all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
Cash Flow Hedges
The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.
In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into income. These amounts were $2 million and $16 million for the three months and nine months ended September 30, 2025, respectively, and $10 million and $4 million for the three months and nine months ended September 30, 2024, respectively.
At both September 30, 2025 and December 31, 2024, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed four years.
At September 30, 2025 and December 31, 2024, the balance in AOCI associated with cash flow hedges was ($1.6) billion and $357 million, respectively.
All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
At September 30, 2025, the Company expected to reclassify ($49) million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.
NIFO Hedges
The Company uses foreign currency exchange rate derivatives, which may include foreign currency forwards and currency options, to hedge portions of its net investments in foreign operations against adverse movements in exchange rates. The Company also designates a portion of its foreign-denominated debt as a non-derivative hedging instrument of its net investments in foreign operations. The Company assesses hedge effectiveness of its derivatives based upon the change in forward rates and assesses its non-derivative hedging instruments based upon the change in spot rates. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
When net investments in foreign operations are sold or substantially liquidated, the amounts in AOCI are reclassified to the statement of operations.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
12. Derivatives (continued)
At September 30, 2025 and December 31, 2024, the cumulative foreign currency translation gain (loss) recorded in AOCI related to NIFO hedges was $1.0 billion and $1.1 billion, respectively. At September 30, 2025 and December 31, 2024, the carrying amount of debt designated as a non-derivative hedging instrument was $284 million and $267 million, respectively.
Credit Derivatives
In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the effects of derivatives on the interim condensed consolidated statements of operations and comprehensive income (loss) table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps.
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:
September 30, 2025December 31, 2024
Rating Agency Designation of Referenced
Credit Obligations (1)		Estimated
Fair Value
of Credit
Default
Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps
Weighted
Average
Years to
Maturity (2)
Estimated
Fair Value
of Credit
Default
Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps
Weighted
Average
Years to
Maturity (2)
(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)
$1 $67 1.4$1 $72 1.9
Credit default swaps referencing indices
52 4,046 1.572 4,126 2.2
Subtotal
53 4,113 1.573 4,198 2.2
Baa
Single name credit default swaps (3)
1 49 4.01 102 1.6
Credit default swaps referencing indices
154 7,459 4.9111 7,263 4.1
Subtotal
155 7,508 4.9112 7,365 4.1
Ba
Single name credit default swaps (3)
— — 0.0— 17 1.1
Credit default swaps referencing indices
1 24 1.22 25 2.0
Subtotal
1 24 1.22 42 1.6
B
Single name credit default swaps (3)
— 19 0.7— — 0.0
Credit default swaps referencing indices
23 289 4.110 144 3.7
Subtotal
23 308 3.810 144 3.7
Caa
Credit default swaps referencing indices
— 30 0.7(1)15 2.0
Subtotal
— 30 0.7(1)15 2.0
Total
$232 $11,983 3.7$196 $11,764 3.4
__________________
(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Global Ratings (“S&P”) and Fitch Ratings Inc. If no rating is available from a rating agency, then an internally developed rating is used.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
12. Derivatives (continued)
(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.
(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.
Credit Risk on Freestanding Derivatives
The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.
The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third-party custodians.
The Company’s over-the-counter cleared (“OTC-cleared”) derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.
See Note 13 for a description of the impact of credit risk on the valuation of derivatives.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
12. Derivatives (continued)
The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:
September 30, 2025December 31, 2024
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement AssetsLiabilitiesAssetsLiabilities
(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)
$7,179 $6,782 $8,224 $6,966 
OTC-cleared (1)
186 474 135 299 
Exchange-traded
16 17 11 7 
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)
7,381 7,273 8,370 7,272 
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral
(3,205)(3,205)(3,633)(3,633)
OTC-cleared
(4)(4)(5)(5)
Exchange-traded
(6)(6)(1)(1)
Cash collateral: (3), (4)
OTC-bilateral
(1,726)— (2,597)— 
OTC-cleared
(178)(467)(126)(289)
Exchange-traded
— (5)— (6)
Securities collateral: (5)
OTC-bilateral
(2,179)(3,562)(1,955)(3,325)
OTC-cleared
— (3)— (4)
Exchange-traded
— (5)— — 
Net amount after application of master netting agreements and collateral
$83 $16 $53 $9 
__________________
(1)At September 30, 2025 and December 31, 2024, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $34 million and $158 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of ($91) million and $13 million, respectively.
(2)Gross estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.
(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives.
(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At September 30, 2025 and December 31, 2024, the Company received excess cash collateral of $30 million and $26 million, respectively, and provided excess cash collateral of $77 million and $86 million, respectively, which is not included in the table above due to the foregoing limitation.
(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at September 30, 2025, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
12. Derivatives (continued)
September 30, 2025 and December 31, 2024, the Company received excess securities collateral with an estimated fair value of $401 million and $410 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At September 30, 2025 and December 31, 2024, the Company provided excess securities collateral with an estimated fair value of $1.6 billion and $1.2 billion, respectively, for its OTC-bilateral derivatives, $720 million and $835 million, respectively, for its OTC-cleared derivatives, and $215 million and $148 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.
The Company’s collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the collateral amount owed by that counterparty reaches a minimum transfer amount. A small number of these arrangements also contain credit-contingent provisions that include a threshold below which collateral does not need to be posted. Such agreements provide for a reduction of these thresholds (on a sliding scale that converges toward zero) in the event of downgrades in the financial strength or credit ratings of the Company and/or the counterparty (or its guarantor, as applicable). At September 30, 2025, the amount of collateral not provided by the Company due to the existence of these thresholds was $15 million.
The Company’s netting agreements for derivatives generally contain provisions that require the counterparty (or its guarantor, if applicable) to maintain specified minimum credit ratings above investment grade level from Moody’s, S&P or both. In those agreements, if the credit rating of the counterparty (or its guarantor, if applicable) were to fall below the applicable minimum rating, that counterparty would be in violation of these provisions, and the Company could terminate the transactions and demand immediate settlement and payment based on reasonable valuation of the derivatives. A significant portion of the Company’s netting agreements for derivatives grant similar rights to the counterparty to terminate the transactions and demand immediate settlement and payment if the Company’s financial strength or credit rating were to fall below specified minimum levels above investment grade.
The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.
September 30, 2025December 31, 2024
Derivatives
Subject to
Credit-
Contingent
Provisions		Derivatives
Not Subject
to Credit-
Contingent
Provisions		TotalDerivatives
Subject to
Credit-
Contingent
Provisions		Derivatives
Not Subject
to Credit-
Contingent
Provisions		Total
(In millions)
Estimated fair value of derivatives in a net liability position (1)$3,554 $22 $3,576 $3,213 $120 $3,333 
Estimated fair value of collateral provided:
Fixed maturity securities AFS
$4,326 $21 $4,347 $3,829 $124 $3,953 
__________________
(1)After taking into consideration the existence of netting agreements.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
12. Derivatives (continued)
Embedded Derivatives
The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives.
The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:
Balance Sheet LocationSeptember 30, 2025December 31, 2024
(In millions)
Embedded derivatives within liability host contracts:
Funds withheld on ceded reinsurance (1)
Other liabilities$116 $(163)
Fixed annuities with equity indexed returns
PABs
16 172 
Total
$132 $9 
__________________
(1)Includes $198 million at September 30, 2025 related to Chariot Re.
13. Fair Value
Considerable judgment is often required in interpreting the market data used to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.
Recurring Fair Value Measurements
The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Fair Value (continued)
September 30, 2025
Fair Value Hierarchy
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $71,026 $13,192 $84,218 
Foreign corporate— 43,199 16,224 59,423 
Foreign government— 42,171 53 42,224 
RMBS
— 41,525 2,200 43,725 
U.S. government and agency
14,851 17,861 — 32,712 
ABS & CLO— 20,201 1,499 21,700 
Municipals
— 10,889 — 10,889 
CMBS
— 9,315 439 9,754 
Total fixed maturity securities AFS
14,851 256,187 33,607 304,645 
Equity securities
475 81 232 788 
Unit-linked and FVO securities (1)
8,260 2,663 1,347 12,270 
Short-term investments (2)4,931 689 33 5,653 
Other investments
47 — 1,169 1,216 
Derivative assets: (3)
Interest rate
— 2,985 — 2,985 
Foreign currency exchange rate
4 3,816 18 3,838 
Credit
— 236 — 236 
Equity market
12 276 — 288 
Total derivative assets
16 7,313 18 7,347 
MRBs
— — 392 392 
Reinsured MRBs (4)
— — 12 12 
Separate account assets (5)71,891 73,546 907 146,344 
Total assets (6)$100,471 $340,479 $37,717 $478,667 
Liabilities
Derivative liabilities: (3)
Interest rate
$5 $3,699 $— $3,704 
Foreign currency exchange rate
— 3,166 6 3,172 
Credit
— 68 — 68 
Equity market
12 408 — 420 
Total derivative liabilities
17 7,341 6 7,364 
Embedded derivatives within liability host contracts (7)— — 132 132 
MRBs
— — 2,585 2,585 
Separate account liabilities (5)— 5 — 5 
Total liabilities
$17 $7,346 $2,723 $10,086 
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Fair Value (continued)
December 31, 2024
Fair Value Hierarchy
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $67,333 $12,041 $79,374 
Foreign corporate— 39,295 14,464 53,759 
Foreign government— 40,209 41 40,250 
RMBS
— 32,771 1,650 34,421 
U.S. government and agency
16,675 16,753 — 33,428 
ABS & CLO— 14,755 5,836 20,591 
Municipals
— 9,866 7 9,873 
CMBS
— 8,194 1,153 9,347 
Total fixed maturity securities AFS
16,675 229,176 35,192 281,043 
Equity securities
415 61 236 712 
Unit-linked and FVO securities (1)
7,306 2,176 1,190 10,672 
Short-term investments (2)4,127 702 5 4,834 
Other investments
37 63 1,010 1,110 
Derivative assets: (3)
Interest rate
1 3,004 — 3,005 
Foreign currency exchange rate
1 4,694 14 4,709 
Credit
— 215 — 215 
Equity market
9 271 3 283 
Total derivative assets
11 8,184 17 8,212 
MRBs
— — 372 372 
Reinsured MRBs (4)
— — 12 12 
Separate account assets (5)63,979 74,535 990 139,504 
Total assets (6)$92,550 $314,897 $39,024 $446,471 
Liabilities
Derivative liabilities: (3)
Interest rate$1 $3,463 $— $3,464 
Foreign currency exchange rate— 3,440 12 3,452 
Credit— 72 — 72 
Equity market6 265 — 271 
Total derivative liabilities7 7,240 12 7,259 
Embedded derivatives within liability host contracts (7)— — 9 9 
MRBs
— — 2,581 2,581 
Separate account liabilities (5)— 2 — 2 
Total liabilities
$7 $7,242 $2,602 $9,851 
__________________
(1)Unit-linked and FVO securities were primarily comprised of Unit-linked investments at both September 30, 2025 and December 31, 2024.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Fair Value (continued)
(2)Short-term investments as presented in the tables above differ from the amounts presented on the interim condensed consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis.
(3)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.    
(4)Reinsured MRBs are presented within premiums, reinsurance and other receivables on the interim condensed consolidated balance sheets.
(5)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities.
(6)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. The estimated fair value of such investments was $41 million and $50 million at September 30, 2025 and December 31, 2024, respectively.
(7)Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets.
The following describes the valuation methodologies used to measure assets and liabilities at fair value.
Investments
Securities, Short-term Investments and Other Investments
When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings, and valuation of these securities does not involve management’s judgment.
When quoted prices in active markets are not available, the determination of estimated fair value of securities is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based, in large part, on management’s judgment or estimation and cannot be supported by reference to market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such investments.
The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein.
The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g., cash flows) to a single current, discounted amount. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Fair Value (continued)
Instrument
Level 2
Observable Inputs
Level 3
Unobservable Inputs
Fixed maturity securities AFS
U.S. corporate and Foreign corporate securities
Valuation Approaches: Principally the market and income approaches.
Valuation Approaches: Principally the market approach.
Key Inputs:
Key Inputs:
•
quoted prices in markets that are not active
•
illiquidity premium
•benchmark yields; spreads off benchmark yields; new issuances; issuer ratings•delta spread adjustments to reflect specific credit-related issues
•
trades of identical or comparable securities; duration
•credit spreads
•
privately-placed securities are valued using the additional key inputs:
•quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
•
market yield curve; call provisions
•independent non-binding broker quotations
•
observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer
•
delta spread adjustments to reflect specific credit-related issues
Foreign government securities, U.S. government and agency securities and Municipals
Valuation Approaches: Principally the market approach.
Valuation Approaches: Principally the market approach.
Key Inputs:
Key Inputs:
•
quoted prices in markets that are not active
•
independent non-binding broker quotations
•
benchmark U.S. Treasury yield or other yields
•quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
•
the spread off the U.S. Treasury yield curve for the identical security
•credit spreads
•issuer ratings and issuer spreads; broker-dealer quotations
•
comparable securities that are actively traded
Structured Products
Valuation Approaches: Principally the market and income approaches.
Valuation Approaches: Principally the market and income approaches.
Key Inputs:
Key Inputs:
•quoted prices in markets that are not active•
credit spreads
•
spreads for actively traded securities; spreads off benchmark yields
•quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
•
expected prepayment speeds and volumes
•
independent non-binding broker quotations
•
current and forecasted loss severity; ratings; geographic region
•credit ratings
•
weighted average coupon and weighted average maturity
•average delinquency rates; DSCR
•
credit ratings
•
issuance-specific information, including, but not limited to:
•collateral type; structure of the security; vintage of the loans
•payment terms of the underlying assets
•
payment priority within the tranche; deal performance
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Fair Value (continued)
Instrument
Level 2
Observable Inputs
Level 3
Unobservable Inputs
Equity securities
Valuation Approaches: Principally the market approach.
Valuation Approaches: Principally the market and income approaches.
Key Input:
Key Inputs:
•
quoted prices in markets that are not considered active
•
credit ratings; issuance structures
•
quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
•
independent non-binding broker quotations
Unit-linked and FVO securities, Short-term investments and Other investments
Valuation Approaches: Principally the market and income approaches.Valuation Approaches: Principally the market and income approaches.
Key Inputs:Key Inputs:
•
Unit-linked and FVO securities include mutual fund interests without readily determinable fair values given prices are not published publicly. Valuation of these mutual funds is based upon quoted prices or reported NAV provided by the fund managers, which were based on observable inputs.
•
Unit-linked and FVO securities, short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments also include certain REJV and use the valuation approach and key inputs as described for OLPI below.
•
Short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and observable inputs used in their valuation are also similar to those described above.
Separate account assets and Separate account liabilities (1)
Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly
Key Input:•N/A
•quoted prices or reported NAV provided by the fund managers
OLPI
•N/A
Valued giving consideration to the underlying holdings of the partnerships and adjusting, if appropriate.
Key Input:
•
NAV
__________________
(1)Estimated fair value equals carrying value, based on the value of the underlying assets, including mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, OLPI, short-term investments and cash and cash equivalents. The estimated fair value of fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents is determined on a basis consistent with the assets described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.”
Derivatives
The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models.
The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. With respect to certain OTC-bilateral and OTC-cleared derivatives, management may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such derivatives.
Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Fair Value (continued)
The credit risk of both the counterparty and the Company is considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by the counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.
Freestanding Derivatives
Level 2 Valuation Approaches and Key Inputs:
This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3.
Level 3 Valuation Approaches and Key Inputs:
These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.
Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows:
InstrumentInterest RateForeign Currency
Exchange Rate		CreditEquity Market
Inputs common to Level 2 and Level 3 by instrument type
•
swap yield curves
•
swap yield curves
•
swap yield curves
•
swap yield curves
•
basis curves
•
basis curves
•
credit curves
•
spot equity index levels
•interest rate volatility (1)•
currency spot rates
•
recovery rates
•
dividend yield curves
•cross currency basis curves•
equity volatility (1)
•
currency volatility (1)
Level 3•
N/A
•
swap yield curves (2)
•
N/A
•
dividend yield curves (2)
•
basis curves (2)
•
equity volatility (1), (2)
•
cross currency basis curves (2)
•correlation between model inputs (1)
•
currency correlation
•
currency volatility (1)
__________________
(1)Option-based only.
(2)Extrapolation beyond the observable limits of the curve(s).
Embedded Derivatives
Embedded derivatives principally include equity-indexed annuity contracts and investment risk within funds withheld related to certain reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.
The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as described in “— Investments — Securities, Short-term Investments and Other Investments.” The estimated fair value of these
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Fair Value (continued)
embedded derivatives is included, along with their funds withheld hosts, in other liabilities on the interim condensed consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.
The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.
MRBs
See Note 6 for information on the Company’s valuation approaches and key inputs for MRBs.
Transfers between Levels
Overall, transfers between levels occur when there are changes in the observability of inputs and market activity.
Transfers into or out of Level 3:
Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Fair Value (continued)
Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)
The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:
September 30, 2025December 31, 2024Impact of
Increase in Input
on Estimated
Fair Value (2)
Valuation
Techniques		Significant
Unobservable Inputs		RangeWeighted
Average (1)		RangeWeighted
Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate•Matrix pricing•Offered quotes (4)42-1269447-12692Increase
•Market pricing•Quoted prices (4)—-1019413-10295Increase
•Consensus pricing•Offered quotes (4)90-1019447-10096Increase
RMBS•Market pricing•Quoted prices (4)33-19796—-12895Increase (5)
ABS & CLO•Market pricing•Quoted prices (4)3-160994-11397Increase (5)
Derivatives
Foreign currency exchange rate•Present value techniques•Swap yield (6)130-204200131-230222
Increase (7)
MRBs and Reinsured MRBs
Direct, assumed and ceded guaranteed minimum benefits•Option pricing techniques•Mortality rates:
Ages 0 - 400%-0.15%0.05%0%-0.15%0.05%
(8)
Ages 41 - 600.04%-0.79%0.22%0.04%-0.79%0.22%
(8)
Ages 61 - 1150%-100%1.23%0%-100%1.14%
(8)
•Lapse rates:
Durations 1 - 100.15%-20.10%13.37%0.14%-20.10%12.86%
Decrease (9)
Durations 11 - 200.38%-15%8.17%0.39%-15%6.05%
Decrease (9)
Durations 21 - 1160.38%-15%7.48%0.39%-15%8.20%
Decrease (9)
•Utilization rates0.20%-16.25%0.54%0.20%-22%0.79%
Increase (10)
•Withdrawal rates0%-20%4.92%0%-20%4.77%(11)
•Long-term equity volatilities14.23%-22.49%18.96%14.23%-22.27%18.77%
Increase (12)
•Nonperformance risk spread0.11%-1.45%0.58%0.11%-1.46%0.64%
Decrease (13)
__________________
(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data.
(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.
(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.
(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.
(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.
(6)Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.
(7)Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.
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13. Fair Value (continued)
(8)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on Company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.
(9)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.
(10)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.
(11)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.
(12)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.
(13)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRBs.
All other classes of securities classified within Level 3, including those within Unit-linked and FVO securities, Other investments, Separate account assets, and Embedded derivatives within funds withheld related to certain ceded reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table. The valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.”
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Fair Value (continued)
The following tables summarize the change of all assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), excluding MRBs (see Note 6):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities AFS
Corporate (6)Foreign
Government		Structured
Products		Municipals
Equity
Securities
Unit-linked
and FVO
Securities
(In millions)
Three Months Ended September 30, 2025
Balance, beginning of period
$28,637 $56 $3,700 $— $252 $1,265 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(33)— 1 — (13)72 
Total realized/unrealized gains (losses) included in AOCI
177 — 20 — — — 
Purchases (3)
1,285 2 1,577 — 15 93 
Sales (3)
(842)(5)(701)— (22)(89)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
287 — 33 — — 6 
Transfers out of Level 3 (4)(95)— (492)— — — 
Balance, end of period
$29,416 $53 $4,138 $— $232 $1,347 
Three Months Ended September 30, 2024
Balance, beginning of period
$29,240 $40 $5,867 $1 $262 $1,096 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(10)(8)6 — (15)56 
Total realized/unrealized gains (losses) included in AOCI
1,169 7 132 — — — 
Purchases (3)
2,080 2 1,080 — 9 135 
Sales (3)
(1,255)(1)(539)(1)(14)(111)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
94 1 31 — — — 
Transfers out of Level 3 (4)
(1,111)— (1,069)— — — 
Balance, end of period
$30,207 $41 $5,508 $— $242 $1,176 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2025 (5)
$(33)$— $2 $— $2 $72 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2024 (5)
$(6)$(8)$12 $— $(15)$57 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at September 30, 2025 (5)
$182 $(1)$19 $— $— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at September 30, 2024 (5)
$1,159 $7 $113 $— $— $— 
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Fair Value (continued)
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Short-term
Investments		Other
Investments		Net
Derivatives (7)		Net Embedded
Derivatives (8)		Separate
Accounts (9)
(In millions)
Three Months Ended September 30, 2025
Balance, beginning of period
$8 $1,153 $16 $90 $977 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— (26)(2)(223)4 
Total realized/unrealized gains (losses) included in AOCI
1 — (1)— — 
Purchases (3)
26 58 — — 37 
Sales (3)
(2)(16)— — (89)
Issuances (3)
— — — — — 
Settlements (3)
— — — 1 — 
Transfers into Level 3 (4)
— — — — 3 
Transfers out of Level 3 (4)— — (1)— (25)
Balance, end of period
$33 $1,169 $12 $(132)$907 
Three Months Ended September 30, 2024
Balance, beginning of period
$10 $1,073 $(75)$(55)$1,122 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— 9 21 (61)(9)
Total realized/unrealized gains (losses) included in AOCI
— — 7 — — 
Purchases (3)
1 6 — — 18 
Sales (3)
(8)(45)— — (93)
Issuances (3)
— — — — — 
Settlements (3)
— — 72 (3)— 
Transfers into Level 3 (4)
3 52 — — 1 
Transfers out of Level 3 (4)
— — (1)— (20)
Balance, end of period
$6 $1,095 $24 $(119)$1,019 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at September 30, 2025 (5)
$— $(24)$(1)$(222)$— 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at September 30, 2024 (5)
$— $11 $15 $(61)$— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at September 30, 2025 (5)
$1 $— $— $— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at September 30, 2024 (5)
$— $— $— $— $— 
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Fair Value (continued)
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities AFS
Corporate (6)Foreign
Government		Structured
Products
Municipals
Equity
Securities		Unit-linked
and FVO
Securities
(In millions)
Nine Months Ended September 30, 2025
Balance, beginning of period
$26,505 $41 $8,639 $7 $236 $1,190 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(55)— 14 1 18 149 
Total realized/unrealized gains (losses) included in AOCI
1,468 5 63 (1)— — 
Purchases (3)
3,313 13 2,379 — 36 106 
Sales (3)
(1,703)(5)(1,453)(7)(58)(104)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
273 — 42 — — 6 
Transfers out of Level 3 (4)(385)(1)(5,546)— — — 
Balance, end of period
$29,416 $53 $4,138 $— $232 $1,347 
Nine Months Ended September 30, 2024
Balance, beginning of period
$28,345 $51 $4,551 $— $249 $1,103 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(70)(6)19 — (26)121 
Total realized/unrealized gains (losses) included in AOCI
502 3 172 — — — 
Purchases (3)
4,618 1 1,614 — 31 139 
Sales (3)
(2,212)(1)(792)— (12)(167)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
55 1 179 — — — 
Transfers out of Level 3 (4)(1,031)(8)(235)— — (20)
Balance, end of period
$30,207 $41 $5,508 $— $242 $1,176 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at September 30, 2025 (5)
$(51)$— $15 $— $— $154 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at September 30, 2024 (5)
$(17)$(6)$23 $— $(20)$124 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at September 30, 2025 (5)
$1,432 $5 $58 $— $— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at September 30, 2024 (5)
$489 $3 $144 $— $— $— 
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Fair Value (continued)
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Short-term
Investments		Other
Investments		Net
Derivatives (7)		Net Embedded
Derivatives (8)		Separate
Accounts (9)
(In millions)
Nine Months Ended September 30, 2025
Balance, beginning of period
$5 $1,010 $5 $(9)$990 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— (43)8 (279)(10)
Total realized/unrealized gains (losses) included in AOCI
2 — — — — 
Purchases (3)
30 266 — — 64 
Sales (3)
(4)(85)— — (130)
Issuances (3)
— — — — — 
Settlements (3)
— — (1)156 — 
Transfers into Level 3 (4)
— 21 — — 4 
Transfers out of Level 3 (4)— — — — (11)
Balance, end of period
$33 $1,169 $12 $(132)$907 
Nine Months Ended September 30, 2024
Balance, beginning of period
$27 $975 $(143)$(93)$1,147 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
1 21 5 (21)(46)
Total realized/unrealized gains (losses) included in AOCI
(1)— (28)— — 
Purchases (3)
5 54 — — 15 
Sales (3)
(26)(186)— — (92)
Issuances (3)
— — — — — 
Settlements (3)
— — 201 (5)— 
Transfers into Level 3 (4)— 231 — — 2 
Transfers out of Level 3 (4)— — (11)— (7)
Balance, end of period
$6 $1,095 $24 $(119)$1,019 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at September 30, 2025 (5)
$— $(56)$10 $(278)$— 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at September 30, 2024 (5)
$1 $19 $2 $(21)$— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at September 30, 2025 (5)
$1 $— $— $— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at September 30, 2024 (5)
$— $— $— $— $— 
__________________
(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses), while changes in estimated fair value of Unit-linked and FVO securities are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.
(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward.
(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Fair Value (continued)
(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(6)Comprised of U.S. and foreign corporate securities.
(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.
(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.
Nonrecurring Fair Value Measurements
The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).
September 30, 2025December 31, 2024
(In millions)
Carrying value after measurement:
Mortgage loans (1)
$1,985 $1,075 
Other invested assets
$— $63 
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Realized gains (losses) net:
Mortgage loans (1)$(173)$(100)$(584)$(253)
__________________
(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 11.
Fair Value of Financial Instruments Carried at Other Than Fair Value
The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. The following tables exclude cash and cash equivalents, which are primarily classified as Level 1, and accrued investment income, payables for collateral under securities loaned and other transactions, short-term debt and those short-term investments that are not securities (i.e., time deposits), which are primarily classified as Level 2. The Company believes that due to the short-term nature of these excluded financial instruments, the estimated fair value approximates carrying value.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Fair Value (continued)
The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:
September 30, 2025
Fair Value Hierarchy 
Carrying
Value
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans
$85,843 $— $— $83,889 $83,889 
Policy loans
$8,589 $— $— $9,171 $9,171 
Other invested assets
$874 $— $700 $174 $874 
Premiums, reinsurance and other receivables
$7,762 $— $1,211 $6,365 $7,576 
Other assets
$253 $— $58 $202 $260 
Liabilities
PABs
$148,549 $— $— $145,625 $145,625 
Long-term debt
$15,294 $— $15,152 $— $15,152 
Collateral financing arrangement
$398 $— $— $349 $349 
Subordinated debt securities
$4,154 $— $4,729 $— $4,729 
Other liabilities
$13,191 $— $1,680 $11,250 $12,930 
Separate account liabilities
$76,452 $— $76,452 $— $76,452 

December 31, 2024
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans
$89,012 $— $— $84,217 $84,217 
Policy loans$8,545 $— $— $9,058 $9,058 
Other invested assets$1,202 $— $704 $498 $1,202 
Premiums, reinsurance and other receivables
$4,831 $— $881 $3,917 $4,798 
Other assets$228 $— $69 $167 $236 
Liabilities
PABs
$139,882 $— $— $134,612 $134,612 
Long-term debt$15,080 $— $14,498 $— $14,498 
Collateral financing arrangement$476 $— $— $425 $425 
Subordinated debt securities
$3,164 $— $3,587 $— $3,587 
Other liabilities$9,635 $— $734 $8,570 $9,304 
Separate account liabilities$70,359 $— $70,359 $— $70,359 
14. Long-term Debt
Senior Notes
In June 2025, in a private placement transaction, MetLife, Inc. issued the following fixed rate senior notes totaling $612 million, interest on which is payable semi-annually:
• ¥10.0 billion due June 2032 which bear interest annually at 2.140%;
• ¥15.0 billion due June 2035 which bear interest annually at 2.460%;
• ¥10.7 billion due June 2037 which bear interest annually at 2.590%;
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
14. Long-term Debt (continued)
• ¥12.1 billion due June 2040 which bear interest annually at 2.830%;
• ¥23.6 billion due June 2045 which bear interest annually at 3.290%; and
• ¥16.4 billion due June 2055 which bear interest annually at 3.620%.
In connection with the issuances, MetLife, Inc. incurred $5 million of related costs which will be amortized over the applicable term of each series of senior notes.
Facility Agreement for Senior Debt Issuances
In March 2025, MetLife, Inc. entered into a 30-year facility agreement (the “Facility Agreement”) with a Delaware trust (the “Trust”), upon the completion of the sale of Trust securities by the Trust for $1,250 million in private placements under Rule 144A of the Securities Act. The Trust invested the proceeds from the sale of its securities in a portfolio of principal and interest strips of U.S. Treasury securities (the “Strips”).
The Facility Agreement provides the Company the right to issue and sell to the Trust from time to time up to $1,250 million of its 5.740% Senior Notes due February 15, 2055 (the “5.740% Senior Notes”) in exchange for a corresponding amount of the Strips held by the Trust. In return, the Company agreed to pay a semi-annual facility fee to the Trust at a rate of 1.2373% per annum applied to the maximum amount of senior notes that MetLife, Inc. could issue and sell to the Trust. The Company can redeem the 5.740% Senior Notes at any time, in whole or in part, at a price equal to the greater of par or a make-whole redemption price. At September 30, 2025, the Company had no senior note issuances under the Facility Agreement.
The Company incurred $13 million of related costs, which were capitalized in other assets and will be amortized over the term of the Facility Agreement.
15. Subordinated Debt Securities
Subordinated Debt Issuance
In March 2025, MetLife, Inc. issued $1.0 billion of subordinated debentures (the “Subordinated Debt”) due March 2055 which bear interest at a fixed rate of 6.350%, payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $12 million of related costs which will be amortized over the term of the Subordinated Debt.
The Subordinated Debt ranks higher in priority than MetLife, Inc.’s junior subordinated debt securities and subordinate to its senior notes.
MetLife, Inc. previously entered into separate replacement capital covenants (the “RCCs”) in connection with (i) its 10.750% Fixed-to-Floating Rate Junior Subordinated Debentures due 2069 (the “10.750% JSDs due 2069”), (ii) its 9.250% Fixed-to-Floating Rate Junior Subordinated Debentures due 2068 (the “9.250% JSDs due 2068”) and (iii) the 7.875% Fixed-to-Floating-Rate Exchangeable Surplus Trust Securities of MetLife Capital Trust IV exchangeable into MetLife, Inc.’s 7.875% Fixed-to-Floating Rate Junior Subordinated Debentures due 2067 (the “7.875% JSDs due 2067”). The RCCs are not intended for the benefit of holders of those securities and may not be enforced by them. Rather, each RCC is for the benefit of the holders of a designated series of MetLife, Inc.’s other indebtedness (the “Covered Debt”). Pursuant to the terms of the RCCs, the Subordinated Debt, as of its issuance date, became Covered Debt under each RCC, and the initial Covered Debt, which consisted of the Company’s 5.70% Senior Notes due 2035, was no longer Covered Debt under the RCCs. The holders of the Subordinated Debt, as the holders of the Covered Debt under the RCCs relating to the 10.750% JSDs due 2069, the 9.250% JSDs due 2068 and the 7.875% JSDs due 2067, have irrevocably consented to the termination of these RCCs.
The 10.750% JSDs due 2069 remain the Covered Debt with respect to, and in accordance with, the terms of the RCC relating to MetLife, Inc.’s 6.40% Fixed-to-Floating Rate Junior Subordinated Debentures due 2066.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
16. Equity
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows:
September 30, 2025December 31, 2024
SeriesShares
Authorized		Shares Issued and
Outstanding		Shares
Authorized		Shares Issued and
Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A27,600,000 24,000,000 27,600,000 24,000,000 
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D500,000 500,000 500,000 500,000 
5.625% Non-Cumulative Preferred Stock, Series E32,200 32,200 32,200 32,200 
4.75% Non-Cumulative Preferred Stock, Series F40,000 40,000 40,000 40,000 
3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G
1,000,000 — 1,000,000 1,000,000 
Series A Junior Participating Preferred Stock10,000,000 — 10,000,000 — 
Not designated160,827,800 — 160,827,800 — 
Total200,000,000 24,572,200 200,000,000 25,572,200 
In September 2025, MetLife, Inc. delivered a notice of redemption to the holders of its 3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, liquidation preference of $1,000 per share (“Series G preferred stock”), pursuant to which it would redeem 1,000,000 shares of Series G preferred stock at a redemption price of $1,000 per share. All outstanding shares of Series G preferred stock were redeemed on the dividend payment date of September 15, 2025 for an aggregate redemption price of $1.0 billion in cash. In connection with the redemption, MetLife, Inc. recognized a preferred stock redemption premium of $12 million (calculated as the difference between the carrying value of the Series G preferred stock and the total amount paid by MetLife, Inc. to the holders of the Series G preferred stock in connection with the redemption), which was recorded as a reduction of retained earnings at September 30, 2025.
In October 2025, MetLife, Inc. filed a Certificate of Elimination (the “Certificate of Elimination”) of Series G preferred stock with the Secretary of State of the State of Delaware to eliminate all references to the Series G preferred stock in MetLife, Inc.’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), including the related Certificate of Designations. As a result of the filing of the Certificate of Elimination, MetLife, Inc.’s Certificate of Incorporation was amended to eliminate all references therein to the Series G preferred stock, and the shares that were designated to such series were returned to the status of authorized but unissued shares of preferred stock, par value $0.01 per share, of MetLife, Inc., without designation as to series. The Certificate of Elimination does not affect the total number of authorized shares of capital stock of MetLife, Inc. or the total number of authorized shares of preferred stock.
The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2025202420252024
SeriesPer ShareAggregatePer ShareAggregatePer ShareAggregatePer ShareAggregate
(In millions, except per share data)
(In millions, except per share data)
A$0.353 $8 $0.417 $10 $1.059 $25 $1.267 $30 
D$29.375 14 $29.375 14 $58.750 29 $58.750 29 
E$351.563 12 $351.563 11 $1,054.689 34 $1,054.689 34 
F$296.875 12 $296.875 12 $890.625 36 $890.625 36 
G$19.250 20 $19.250 20 $38.500 39 $38.500 39 
Total$66 $67 $163 $168 
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
16. Equity (continued)
Common Stock
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
Announcement DateAuthorization Amount
Authorization Remaining at
September 30, 2025 (1)
(In millions)
April 30, 2025$3,000 $2,502 
May 1, 2024$3,000 $— 
May 25, 2023$1,000 $— 
May 3, 2023$3,000 $— 
__________________
(1)The Inflation Reduction Act, signed into law on August 16, 2022, imposes a one percent excise tax, net of any allowable offsets, on certain corporate stock buybacks made after December 31, 2022. The authorization remaining at September 30, 2025 does not reflect the applicable excise tax payable.
Under these authorizations, MetLife, Inc. may purchase its common stock from the MetLife Policyholder Trust, in the open market (including pursuant to the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934), and in privately negotiated transactions. Common stock repurchases are subject to the discretion of MetLife, Inc.’s Board of Directors and will depend upon the Company’s capital position, liquidity, financial strength and credit ratings, general market conditions, the market price of MetLife, Inc.’s common stock compared to management’s assessment of the stock’s underlying value, applicable regulatory approvals, and other legal and accounting factors.
For the nine months ended September 30, 2025 and 2024, MetLife, Inc. repurchased 29,852,023 shares and 39,373,496 shares of its common stock, respectively, through open market purchases for $2.4 billion and $2.8 billion, respectively, excluding applicable excise tax. The excise tax is reflected in treasury stock as part of the cost basis of the common stock repurchased.
Stock-Based Compensation Plans
Performance Shares and Performance Units
The MetLife, Inc. 2015 Stock and Incentive Compensation Plan (the “2015 Stock Plan”) expired on January 1, 2025. Although no further awards will be granted under this plan, all awards outstanding on the expiration date will continue until settlement, forfeiture or cancellation.
Performance Shares and Performance Units granted in 2022 were among the outstanding awards on the expiration date of the 2015 Stock Plan, which were settled in the first quarter of 2025. Performance Shares are paid in shares of MetLife, Inc.’s common stock. Performance Units are payable in cash equal to the closing price of MetLife, Inc.’s common stock on a date following the last day of the three-year performance period. The performance factor for the January 1, 2022 – December 31, 2024 performance period was 114.3%, which was determined within a possible range from 0% to 175%. This factor has been applied to the 873,665 Performance Shares and 102,582 Performance Units associated with that performance period that vested on December 31, 2024. As a result, in the first quarter of 2025, MetLife, Inc. issued 998,599 shares of its common stock (less withholding for taxes and other items, as applicable), excluding shares that payees choose to defer, and MetLife, Inc. or its affiliates paid the cash value of 117,251 Performance Units (less withholding for taxes and other items, as applicable).
Beginning January 1, 2025, MetLife, Inc. grants awards under the MetLife, Inc. 2025 Stock and Incentive Compensation Plan (successor to the 2015 Stock Plan). The MetLife, Inc. 2025 Stock and Incentive Compensation Plan was approved by MetLife, Inc. common stockholders in 2024.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
16. Equity (continued)
Dividend Restrictions
Insurance Operations
For the nine months ended September 30, 2025, Metropolitan Tower Life Insurance Company paid a dividend of $760 million to MetLife, Inc., for which regulatory approval was obtained as required.
See Note 19 of the Notes to Consolidated Financial Statements included in the 2024 Annual Report for additional information on dividend restrictions.
AOCI
Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:
Three Months
Ended
September 30, 2025
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument-
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(16,484)$(1,466)$5,876 $(64)$(6,314)$(1,407)$(19,859)
OCI before reclassifications2,352 149 (65)(24)154 (1)2,565 
Deferred income tax benefit (expense)(585)(42)217 5 (55)— (460)
AOCI before reclassifications, net of income tax(14,717)(1,359)6,028 (83)(6,215)(1,408)(17,754)
Amounts reclassified from AOCI62 154 — — — 22 238 
Deferred income tax benefit (expense)(12)(34)— — — (4)(50)
Amounts reclassified from AOCI, net of income tax50 120 — — — 18 188 
Balance, end of period$(14,667)$(1,239)$6,028 $(83)$(6,215)$(1,390)$(17,566)
Three Months
Ended
September 30, 2024
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument-
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(19,187)$99 $6,606 $(73)$(6,785)$(1,396)$(20,736)
OCI before reclassifications9,942 125 (5,891)99 349 3 4,627 
Deferred income tax benefit (expense)(2,082)(101)1,289 (22)90 (1)(827)
AOCI before reclassifications, net of income tax(11,327)123 2,004 4 (6,346)(1,394)(16,936)
Amounts reclassified from AOCI121 (607)— — — 32 (454)
Deferred income tax benefit (expense)(33)192 — — — (9)150 
Amounts reclassified from AOCI, net of income tax88 (415)— — — 23 (304)
Balance, end of period$(11,239)$(292)$2,004 $4 $(6,346)$(1,371)$(17,240)

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
16. Equity (continued)
Nine Months
Ended
September 30, 2025
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument-
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance at December 31, 2024
$(19,402)$370 $6,529 $(71)$(7,170)$(1,442)$(21,186)
Cumulative effects of change in accounting principles for equity method investees at January 1, 2025
70 — (1,144)— — — (1,074)
OCI before reclassifications5,464 (662)867 (15)934 (8)6,580 
Deferred income tax benefit (expense)(1,115)109 (224)3 21 2 (1,204)
AOCI before reclassifications, net of income tax(14,983)(183)6,028 (83)(6,215)(1,448)(16,884)
Amounts reclassified from AOCI403 (1,327)— — — 75 (849)
Deferred income tax benefit (expense)(87)271 — — — (17)167 
Amounts reclassified from AOCI, net of income tax 316 (1,056)— — — 58 (682)
Balance, end of period$(14,667)$(1,239)$6,028 $(83)$(6,215)$(1,390)$(17,566)
Nine Months
Ended
September 30, 2024
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument-
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(14,506)$183 $2,658 $27 $(6,158)$(1,446)$(19,242)
OCI before reclassifications3,450 (376)(807)(28)(136)(1)2,102 
Deferred income tax benefit (expense)(573)103 153 5 (52)— (364)
AOCI before reclassifications, net of income tax(11,629)(90)2,004 4 (6,346)(1,447)(17,504)
Amounts reclassified from AOCI514 (247)— — — 96 363 
Deferred income tax benefit (expense)(124)45 — — — (20)(99)
Amounts reclassified from AOCI, net of income tax390 (202)— — — 76 264 
Balance, end of period$(11,239)$(292)$2,004 $4 $(6,346)$(1,371)$(17,240)
__________________
(1)Primarily unrealized gains (losses) on fixed maturity securities.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
16. Equity (continued)
Information regarding amounts reclassified out of each component of AOCI was as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
AOCI Components
Amounts Reclassified from AOCI
Consolidated Statements of
Operations and
Comprehensive Income (Loss)
Locations
(In millions)
Unrealized investment gains (losses):
Unrealized investment gains (losses)$(73)$(122)$(455)$(531)Net investment gains (losses)
Unrealized investment gains (losses)(1)— (9)— Net investment income
Unrealized investment gains (losses)12 1 61 17 Net derivative gains (losses)
Unrealized investment gains (losses), before income tax(62)(121)(403)(514)
Income tax (expense) benefit
12 33 87 124 
Unrealized investment gains (losses), net of income tax(50)(88)(316)(390)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
4 5 27 18 Net investment income
Interest rate derivatives
(27)(1)(18)(2)Net investment gains (losses)
Foreign currency exchange rate derivatives
1 1 4 4 Net investment income
Foreign currency exchange rate derivatives
(133)602 1,313 226 Net investment gains (losses)
Credit derivatives1 — 1 1 Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax
(154)607 1,327 247 
Income tax (expense) benefit
34 (192)(271)(45)
Gains (losses) on cash flow hedges, net of income tax
(120)415 1,056 202 
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(25)(35)(84)(104)
Amortization of prior service (costs) credit
3 3 9 8 
Amortization of defined benefit plan items, before income tax
(22)(32)(75)(96)
Income tax (expense) benefit
4 9 17 20 
Amortization of defined benefit plan items, net of income tax
(18)(23)(58)(76)
Total reclassifications, net of income tax
$(188)$304 $682 $(264)
__________________
(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 18.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
17. Other Revenues and Other Expenses
Other Revenues
Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Vision fee for service arrangements$134 $126 $421 $402 
Prepaid legal plans160 144 479 437 
Asset management fees
123 99 344 295 
Administrative services-only contracts 72 69 219 205 
Recordkeeping and administrative services (1)36 38 106 113 
Other revenue from service contracts from customers96 78 267 237 
Total revenues from service contracts from customers621 554 1,836 1,689 
Other103 94 254 271 
Total other revenues$724 $648 $2,090 $1,960 
__________________
(1)Related to products and businesses no longer actively marketed by the Company.
Receivables related to revenues from service contracts from customers were $280 million and $238 million at September 30, 2025 and December 31, 2024, respectively.
Other Expenses
Information on other expenses was as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Amortization of DAC, VOBA and negative VOBA$522 $509 $1,569 $1,504 
Interest expense on debt271 257 798 778 
Direct:
Employee-related costs (1)962 892 2,889 2,742 
Third-party staffing costs380 371 1,169 1,082 
General and administrative expenses118 162 374 463 
Commissions and other variable expenses1,766 1,515 4,919 4,480 
Capitalization of DAC(852)(691)(2,337)(2,114)
Premium taxes, other taxes, and licenses & fees273 183 592 530 
Pension, postretirement and postemployment benefit costs69 65 205 195 
Total other expenses$3,509 $3,263 $10,178 $9,660 
__________________
(1)Includes ($54) million and ($135) million for the three months and nine months ended September 30, 2025, respectively, and ($58) million and ($135) million for the three months and nine months ended September 30, 2024, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
18. Employee Benefit Plans
Pension and Other Postretirement Benefit Plans
Certain subsidiaries of MetLife, Inc. sponsor a U.S. qualified and various U.S. and non-U.S. nonqualified defined benefit pension plans covering employees who meet specified eligibility requirements. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. and non-U.S. retired employees.
The components of net periodic benefit costs, reported in other expenses, were as follows:
Three Months
Ended
September 30,
20252024
Pension
Benefits		Other
Postretirement
Benefits		Pension
Benefits		Other
Postretirement
Benefits
(In millions)
Service costs
$37 $— $41 $— 
Interest costs
119 11 114 10 
Expected return on plan assets
(111)(6)(115)(14)
Amortization of net actuarial (gains) losses
42 (17)42 (7)
Amortization of prior service costs (credit)
(3)— (3)— 
Net periodic benefit costs (credit)
$84 $(12)$79 $(11)
Nine Months
Ended
September 30,
20252024
Pension
Benefits		Other
Postretirement
Benefits		Pension
Benefits		Other
Postretirement
Benefits
(In millions)
Service costs
$112 $2 $122 $2 
Interest costs
357 32 342 30 
Expected return on plan assets
(332)(27)(345)(42)
Amortization of net actuarial (gains) losses
126 (40)125 (21)
Amortization of prior service costs (credit)
(9)— (9)— 
Net periodic benefit costs (credit)
$254 $(33)$235 $(31)
19. Income Tax
For the three months and nine months ended September 30, 2025, the effective tax rate on income (loss) before provision for income tax was 25% and 27%, respectively. The Company’s effective tax rate for the three months ended September 30, 2025 differed from the U.S. statutory rate of 21% primarily due to tax charges from (i) foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates, partially offset by tax benefits from (i) non-taxable investment income; and (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments. The Company’s effective tax rate for the nine months ended September 30, 2025 differed from the U.S. statutory rate of 21% primarily due to tax charges from (i) foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates; and (ii) non-deductible losses, partially offset by tax benefits from (i) non-taxable investment income; and (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
19. Income Tax (continued)

For the three months and nine months ended September 30, 2024, the effective tax rate on income (loss) before provision for income tax was 33% and 25%, respectively. The Company’s effective tax rate for the three months ended September 30, 2024 differed from the U.S. statutory rate of 21% primarily due to tax charges from foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates, partially offset by tax benefits from (i) non-taxable investment income; and (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments. The Company’s effective tax rate for the nine months ended September 30, 2024 differed from the U.S. statutory rate of 21% primarily due to tax charges from foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates, partially offset by tax benefits from (i) non-taxable investment income; (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments; and (iii) the corporate tax deduction for stock compensation.
20. Earnings Per Common Share
The following table presents the weighted average shares, basic earnings per common share and diluted earnings per common share:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions, except per share data)
Weighted Average Shares:
Weighted average common stock outstanding - basic
664.7 699.3 672.5 710.9 
Incremental common shares from assumed exercise or issuance of stock-based awards
4.4 4.4 4.5 4.6 
Weighted average common stock outstanding - diluted
669.1 703.7 677.0 715.5 
Net Income (Loss):
Net income (loss)
$902 $1,341 $2,587 $3,169 
Less: Net income (loss) attributable to noncontrolling interests
6 (1)17 14 
Less: Preferred stock dividends66 67 163 168 
Preferred stock redemption premium12 — 12 — 
Net income (loss) available to MetLife, Inc.’s common shareholders$818 $1,275 $2,395 $2,987 
Basic
$1.23 $1.82 $3.56 $4.20 
Diluted
$1.22 $1.81 $3.54 $4.17 
21. Contingencies, Commitments and Guarantees
Contingencies
Litigation
The Company is a defendant in a large number of litigation matters. Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed below and those otherwise provided for in the Company’s interim condensed consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lender, employer, investor, investment advisor, broker-dealer, and taxpayer.
The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the U.S. Securities and Exchange Commission; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority, as well as from local and national regulators and government authorities in jurisdictions outside the U.S. where the Company conducts business. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
21. Contingencies, Commitments and Guarantees (continued)
It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. In certain circumstances where liabilities have been established, there may be coverage under one or more corporate insurance policies, pursuant to which there may be an insurance recovery. Insurance recoveries are recognized as gains when any contingencies relating to the insurance claim have been resolved, which is the earlier of when the gains are realized or realizable. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated at September 30, 2025. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. Given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods.
Matters as to Which an Estimate Can Be Made
For some matters, the Company is able to estimate a reasonably possible range of loss. For matters where a loss is believed to be reasonably possible, but not probable, the Company has not made an accrual. As of September 30, 2025, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $125 million.
Matters as to Which an Estimate Cannot Be Made
For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.
Asbestos-Related Claims
MLIC is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. MLIC has never engaged in the business of manufacturing or selling asbestos-containing products, nor has MLIC issued liability or workers’ compensation insurance to companies in the business of manufacturing or selling asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of MLIC’s employees during the period from the 1920s through approximately the 1950s and allege that MLIC learned or should have learned of certain health risks posed by asbestos and, among other things, improperly publicized or failed to disclose those health risks. MLIC believes that it should not have legal liability in these cases. The outcome of most asbestos litigation matters, however, is uncertain and can be impacted by numerous variables, including differences in legal rulings in various jurisdictions, the nature of the alleged injury and factors unrelated to the ultimate legal merit of the claims asserted against MLIC.
MLIC’s defenses include that: (i) MLIC owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of MLIC; (iii) MLIC’s conduct was not the cause of the plaintiffs’ injuries; and (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known. During the course of the litigation, certain trial courts have granted motions dismissing claims against MLIC, while other trial courts have denied MLIC’s motions. There can be no assurance that MLIC will receive favorable decisions on motions in the future. While most cases brought to date have settled, MLIC intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.
As reported in the 2024 Annual Report, MLIC received approximately 2,936 asbestos-related claims in 2024. For the nine months ended September 30, 2025 and 2024, MLIC received approximately 2,013 and 2,251 new asbestos-related claims, respectively. See Note 24 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for historical information concerning asbestos claims and MLIC’s update to its recorded liability at December 31, 2024. The number of asbestos cases that may be brought, the aggregate amount of any liability that MLIC
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
21. Contingencies, Commitments and Guarantees (continued)
may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year.
The ability of MLIC to estimate its ultimate asbestos exposure is subject to considerable uncertainty, and the conditions impacting its liability can be dynamic and subject to change. The availability of reliable data is limited and it is difficult to predict the numerous variables that can affect liability estimates, including the number of future claims, the cost to resolve claims, the disease mix and severity of disease in pending and future claims, the willingness of courts to allow plaintiffs to pursue claims against MLIC when exposure to asbestos took place after the dangers of asbestos exposure were well known, and the impact of any possible future adverse verdicts and their amounts.
The ability to make estimates regarding ultimate asbestos exposure declines significantly as the estimates relate to years further in the future. In the Company’s judgment, there is a future point after which losses cease to be probable and reasonably estimable. It is reasonably possible that the Company’s total exposure to asbestos claims may be materially greater than the asbestos liability currently accrued and that future charges to income may be necessary, but management does not believe any such charges are likely to have a material effect on the Company’s financial position.
The Company believes adequate provision has been made in its interim condensed consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. MLIC’s recorded asbestos liability covers pending claims, claims not yet asserted, and legal defense costs and is based on estimates and includes significant assumptions underlying its analysis.
MLIC reevaluates on a quarterly and annual basis its exposure from asbestos litigation, including studying its claims experience, reviewing external literature regarding asbestos claims experience in the U.S., assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. Based upon its regular reevaluation of its exposure from asbestos litigation, MLIC has updated its liability analysis for asbestos-related claims through September 30, 2025.
Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court of the State of New York, County of New York, filed December 27, 2017)
Total Asset Recovery Services (the “Relator”) brought an action under the qui tam provision of the New York False Claims Act (the “Act”) on behalf of itself and the State of New York. The Relator originally filed this action under seal in 2010, and the complaint was unsealed on December 19, 2017. The Relator alleges that MetLife, Inc., MLIC, and several other insurance companies violated the Act by filing false unclaimed property reports with the State of New York from 1986 to 2017, to avoid having to escheat the proceeds of more than 25,000 life insurance policies, including policies for which the defendants escheated funds as part of their demutualizations in the late 1990s. The Relator seeks treble damages and other relief. In December 2020, the Appellate Division of the New York State Supreme Court, First Department, reversed the court’s order granting MetLife, Inc. and MLIC’s motion to dismiss and remanded the case. The Relator filed a Fourth Amended Complaint in January 2023. On October 13, 2024, the trial court denied the defendants’ motion to dismiss the complaint. The Company intends to defend the action vigorously.
Commitments
Mortgage Loan Commitments
The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $3.1 billion and $1.9 billion at September 30, 2025 and December 31, 2024, respectively.
Commitments to Fund Partnership Investments, Bank Credit Facilities and Private Corporate Bond Investments
The Company commits to fund partnership investments and to lend funds under bank credit facilities and private corporate bond investments. The amounts of these unfunded commitments were $10.2 billion and $8.1 billion at September 30, 2025 and December 31, 2024, respectively.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
21. Contingencies, Commitments and Guarantees (continued)
Guarantees
In the normal course of its business, the Company has provided certain indemnities and guarantees to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $329 million, with a cumulative maximum of $642 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities or guarantees.
In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future.
The Company also has minimum fund yield requirements on certain pension funds. Since these guarantees are not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future.
The Company’s recorded liabilities were $19 million at both September 30, 2025 and December 31, 2024, for indemnities and guarantees.
22. Subsequent Events
To date, during the fourth quarter of 2025, the Company secured pension risk transfer mandates totaling approximately $12 billion.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Index to Management’s Discussion and Analysis of Financial Condition and Results of Operations
Page
Forward-Looking Statements and Other Financial Information
104
Industry Trends
104
Summary of Critical Accounting Estimates
106
Acquisitions and Dispositions
107
Business Overview & Strategy
107
Results of Operations
108
Investments
132
Derivatives
148
Liquidity and Capital Resources
149
Adopted Accounting Pronouncements
156
Future Adoption of Accounting Pronouncements
156
Non-GAAP and Other Financial Disclosures
156
Risk Management
158
Subsequent Events
158
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Forward-Looking Statements and Other Financial Information
For purposes of this discussion, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. This discussion should be read in conjunction with MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), the cautionary language regarding forward-looking statements included below, the “Risk Factors” set forth in Part II, Item 1A, and the additional risk factors referred to therein, “Quantitative and Qualitative Disclosures About Market Risk” and the Company’s interim condensed consolidated financial statements included elsewhere herein.
This Management’s Discussion and Analysis of Financial Condition and Results of Operations may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. See “Note Regarding Forward-Looking Statements” for cautionary language regarding forward-looking statements.
This Management’s Discussion and Analysis of Financial Condition and Results of Operations includes references to our performance measures, adjusted earnings and adjusted earnings available to common shareholders, that are not based on accounting principles generally accepted in the United States of America (“GAAP”). See “— Non-GAAP and Other Financial Disclosures” for definitions and a discussion of these and other financial measures, and “— Results of Operations” and “— Investments” for reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP measures.
Industry Trends
We continue to be impacted by the changing global financial and economic environment that has been affecting the industry.
Financial and Economic Environment
Our business and results of operations are materially affected by conditions in the global financial markets and the economy generally due to our market presence in numerous countries, our large investment portfolio and the sensitivity of our insurance liabilities and derivatives to changing market factors.
Governments and central banks around the world use fiscal and monetary policies to address uncertain economic conditions. In the United States (“U.S.”), citing growing concerns over the labor market, the Federal Open Market Committee recently cut interest rates. Future policy adjustments could be affected by the U.S. government shutdown. Other central banks have recently held rates steady but are signaling caution as they assess the implications of changing global trade policies on growth and inflation. We are closely monitoring these and other political and economic conditions that might contribute to global market volatility and impact our business operations, investment portfolio and derivatives, such as global inflation, supply chain disruptions, acts of war, banking sector volatility and employment and work policies of the federal government. We are also monitoring the imposition of tariffs, sanctions or other barriers to international trade, changes to international trade agreements, and their potential impacts on our business, results of operations and financial condition. See “— Investments — Current Environment,” as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Impact of Market Interest Rates — Effects of Inflation” in the 2024 Annual Report.
Impact of Market Interest Rates
Market interest rates are a key driver of our results. Increases and decreases in such rates, as well as extended periods of stagnation, may impact our business and investments in various ways. For a discussion of the potential impact of low and rising interest rates, and inflation, as well as management actions taken in response to the changing U.S. interest rate environment, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Impact of Market Interest Rates” and “Risk Factors — Economic Environment and Capital Markets Risks” included in the 2024 Annual Report.
Competitive Pressures
See “Business — Competition” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Competitive Pressures” in the 2024 Annual Report for information on our competitive position.
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Regulatory Developments
The following discussion on regulatory developments should be read in conjunction with “Business — Regulation” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Regulatory Developments” included in the 2024 Annual Report, as amended or supplemented.
State Insurance Regulation
In 2023, the National Association of Insurance Commissioners (“NAIC”) adopted an interim solution with regard to the treatment of an insurer’s negative interest maintenance reserve (“IMR”) balance, which may occur in a rising interest rate environment and can impact how accurately the insurer’s surplus and financial strength are captured in its statutory financial statements due to lower surplus and risk-based capital (“RBC”) ratios. In August 2025, the NAIC extended its interim statutory accounting guidance to be effective until December 31, 2026, which permits an insurer with a company action level RBC ratio greater than 150% (or an authorized control level RBC ratio greater than 300%) to admit negative IMR for an amount up to 10% of its general account capital and surplus, subject to certain restrictions and reporting obligations. These interim changes had an immaterial impact on our RBC. The NAIC is developing a long-term solution for the accounting treatment of negative IMR.
In August 2025, the NAIC adopted a principle-based reserving (“PBR”) framework for non-variable annuities, located in Section VM-22 of the NAIC Valuation Manual (“VM”), similar to Section VM-20 for life insurance business and Section VM-21 for variable annuities. The framework for non-variable annuities applies to new issues for valuation dates on or after January 1, 2026, and companies have a three-year optional implementation period before Section VM-22 PBR requirements become mandatory to all applicable blocks of business. The ultimate financial impact from PBR on MetLife is uncertain.
Certain Non-U.S. Regulation
In October 2025, the tax law in Mexico was revised to no longer allow the value-added tax deduction of certain insurance claims-related expenses, including health insurance claims. We expect the value-added tax change to result in a reduction in Latin America’s adjusted earnings of approximately $50 million to $60 million in 2026, with little to no impact in 2027 and beyond. See “— Results of Operations — Segment Results and Corporate & Other — Latin America” for information on the current period notable item related to this industry-wide value-added tax matter.
Standards of Conduct, ERISA, Fiduciary Considerations, and Other Pension and Retirement Regulation
In 2021, the U.S. Department of Labor’s (the “DOL”) final version of the prohibited transaction exemption (“PTE”) 2020-02 went into effect, which allows investment advice fiduciaries to receive compensation without violating the Employee Retirement Income Security Act of 1974 (“ERISA”), subject to impartial conduct standards and disclosure obligations aligned with U.S. Securities and Exchange Commission (“SEC”) rules. In the preamble to PTE 2020-02, the DOL also provided its interpretation of the five-part test used to determine whether a person is acting as an ERISA investment advice fiduciary. In April 2024, DOL finalized and published a regulation to change the definition of “fiduciary” for purposes of ERISA and parallel provisions of the Internal Revenue Code of 1986, as amended, when a financial professional, including an insurance producer, provides investment advice, and to amend various existing PTEs that financial professionals rely on when making recommendations. Shortly thereafter, these changes were challenged in court, and in July 2024, two federal district courts entered separate stays of the effective date of the new regulation regarding the definition of “fiduciary” and the amendments to the PTEs, pending further orders of the courts. The DOL initially appealed these stay orders but has since indicated that it no longer intends to pursue those appeals and, instead, will revisit and re-evaluate the regulation and PTE amendments. Accordingly, it is unclear when, or whether, the regulation and PTE amendments will take effect.
In March 2025, Chile enacted the pension reform bill approved by the Chilean Congress in January 2025. This reform introduces structural changes to the pension system, including mandatory bidding of 10% of pension fund administrator customer portfolios every two years beginning in 2028 and the creation of a state-owned entity to manage new pay-as-you-go-contributions. The impact of this reform on our Chilean pension business continues to be evaluated, and will depend on specific regulations that are expected to be issued during the next two years.
Management of Climate Risk and ESG
In March 2025, the SEC voted to end its defense of final rules that it had adopted in March 2024 requiring registrants to provide additional climate-related information in their registration statements and annual reports, including in their financial statements.
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Derivatives Regulation and Clearing of Treasury Securities
In 2023, the SEC adopted rules to require that covered clearing agencies have policies and procedures reasonably designed to require every direct participant of the agency to submit for clearing eligible secondary market transactions in U.S. Treasury securities. Following a February 25, 2025 extension by the SEC, the rule effectively requires such participants to clear eligible cash transactions in U.S. Treasury securities beginning on December 31, 2026, and clear eligible repurchase and reverse repurchase transactions in U.S. Treasury securities beginning on June 30, 2027. As a result, certain transactions between such participants and us will be required to be cleared. The rule’s potential effect on the U.S. Treasury markets is uncertain.
Summary of Critical Accounting Estimates
The preparation of financial statements in conformity with GAAP requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. The most critical estimates include those used in determining:
(i)future policy benefit liabilities, market risk benefits (“MRBs”) and the accounting for reinsurance;
(ii)estimated fair values of investments in the absence of quoted market values;
(iii)investment allowance for credit loss (“ACL”) and impairments;
(iv)estimated fair values of freestanding derivatives;
(v)measurement of goodwill and related impairment;
(vi)measurement of employee benefit plan liabilities;
(vii)measurement of income taxes and the valuation of deferred tax assets; and
(viii)liabilities for litigation and regulatory matters.
In addition, the application of acquisition accounting requires the use of estimation techniques in determining the estimated fair values of assets acquired and liabilities assumed — the most significant of which relate to the aforementioned critical accounting estimates. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to our business and operations. Actual results could differ from these estimates.
The Company’s critical accounting estimates are described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Critical Accounting Estimates” and Note 1 of the Notes to the Consolidated Financial Statements in the 2024 Annual Report.
Goodwill
Goodwill is tested for impairment at least annually or more frequently if events or circumstances, such as adverse changes in the business climate, indicate that there may be justification for conducting an interim test.
For purposes of goodwill impairment testing, if the carrying value of a reporting unit exceeds its estimated fair value, an impairment charge would be recognized for the amount of the difference; however, the loss recognized would not exceed the total amount of goodwill allocated to that reporting unit. Additionally, the Company will consider income tax effects from any tax-deductible goodwill on the carrying value of the reporting unit when measuring the goodwill impairment loss, if applicable. The key inputs, judgments and assumptions necessary in determining estimated fair value of the reporting units include projected adjusted earnings, current book value, the level of economic capital required to support the mix of business, long-term growth rates, comparative market multiples, the account value of in-force business, projections of new and renewed business, as well as margins on such business, interest rate levels, credit spreads, equity market levels, and the discount rate that we believe is appropriate for the respective reporting unit.
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We apply significant judgment when determining the estimated fair value of our reporting units and when assessing the relationship of market capitalization to the aggregate estimated fair value of our reporting units. The valuation methodologies utilized are subject to key judgments and assumptions that are sensitive to change. Estimates of fair value are inherently uncertain and represent reasonable expectations regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based may differ from actual future results. The estimated fair value of the reporting units tested can be impacted by unexpected changes in the legislative, regulatory and macroeconomic environment. Declines in the estimated fair value of our reporting units could result in goodwill impairments in future periods which could materially adversely affect our results of operations or financial position.
In the third quarter of 2025, the Company performed its annual goodwill impairment tests on all reporting units using both qualitative and quantitative assessments. The quantitative assessment utilized the market multiple and/or a discounted cash flow valuation based on best available data as of June 30, 2025. The Company concluded that the estimated fair values of all such reporting units were substantially in excess of their carrying values and, therefore, goodwill was not impaired.
Acquisitions and Dispositions
Pending Acquisition of PineBridge Investments
For information regarding the Company’s pending acquisition of PineBridge Investments, a global asset manager, see Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements.
Business Overview & Strategy
See “Business — Business Overview & Strategy” included in the 2024 Annual Report for an overview of our business and strategy.
On July 1, 2025, MetLife completed an initial reinsurance transaction with Chariot Reinsurance, Ltd. For more information, see Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements.

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Results of Operations
Overview
MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. MetLife is organized into six segments: Group Benefits; Retirement and Income Solutions (“RIS”); Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. See Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s segments and Corporate & Other. Management continues to evaluate the Company’s segment performance and allocated resources and may adjust related measurements in the future to better reflect segment profitability.
Pending Reinsurance Transaction
On April 30, 2025, the Company entered into a definitive agreement with Talcott Resolution Life Insurance Company, a life insurance and annuities subsidiary of Talcott Financial Group, to reinsure approximately $10.0 billion of variable annuity and rider reserves, which are reported in the MetLife Holdings segment. At the closing of the transaction, the Company will enter into a reinsurance agreement on both a modified coinsurance and a funds withheld basis. The transaction is expected to close by the end of 2025 and is subject to regulatory approvals and other customary closing conditions.
Key Financial Highlights
•Net income available to MetLife, Inc.’s common shareholders of $818 million and $2.4 billion for the three months and nine months ended September 30, 2025, respectively, compared to $1.3 billion and $3.0 billion for the three months and nine months ended September 30, 2024, respectively.
•Adjusted earnings available to common shareholders of $1.6 billion and $4.3 billion for the three months and nine months ended September 30, 2025, respectively, compared to $1.4 billion and $4.3 billion for the three months and nine months ended September 30, 2024, respectively.
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Consolidated Results
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Revenues
Premiums
$10,555 $10,647 $33,088 $32,328 
Universal life and investment-type product policy fees
1,247 1,228 3,735 3,757 
Net investment income
6,089 5,227 16,635 15,868 
Other revenues
724 648 2,090 1,960 
Net investment gains (losses)
(325)(77)(985)(873)
Net derivative gains (losses)
(929)767 (1,293)(720)
Total revenues
17,361 18,440 53,270 52,320 
Expenses
Policyholder benefits and claims and policyholder dividends
10,503 10,747 33,366 32,601 
Policyholder liability remeasurement (gains) losses(159)(132)(185)(164)
Market risk benefit remeasurement (gains) losses
(263)531 (241)(345)
Interest credited to policyholder account balances
2,561 2,037 6,608 6,327 
Amortization of deferred policy acquisition costs, value of business acquired and negative value of business acquired522 509 1,569 1,504 
Interest expense on debt
271 257 798 778 
Other expenses, net of capitalization of deferred policy acquisition costs
2,716 2,497 7,811 7,378 
Total expenses
16,151 16,446 49,726 48,079 
Income (loss) before provision for income tax1,210 1,994 3,544 4,241 
Provision for income tax expense (benefit)308 653 957 1,072 
Net income (loss)902 1,341 2,587 3,169 
Less: Net income (loss) attributable to noncontrolling interests
6 (1)17 14 
Net income (loss) attributable to MetLife, Inc.896 1,342 2,570 3,155 
Less: Preferred stock dividends
66 67 163 168 
Preferred stock redemption premium12 — 12 — 
Net income (loss) available to MetLife, Inc.’s common shareholders$818 $1,275 $2,395 $2,987 
Three Months Ended September 30, 2025 Compared with the Three Months Ended September 30, 2024
Net income (loss) available to MetLife, Inc.’s common shareholders - Decreased $457 million primarily due to the following:
Net Investment Gains (Losses)(1) - Unfavorable change of $248 million ($196 million, net of income tax):
•Losses on foreign currency transactions in the current period compared to gains in the prior period
•Lower gains on sales of real estate investments
Partially offset by:
•Mark-to-market gains on equity securities in the current period compared to losses in the prior period
Net Derivative Gains (Losses)(2) - Unfavorable change of $1.7 billion ($1.3 billion, net of income tax)(3):
•The U.S. dollar strengthened against the Japanese yen in the current period compared to weakened in the prior period - unfavorable impact to the estimated fair value of sell-U.S. dollar currency forwards
•The U.S. and Japan long-term swap rates increased in the current period versus decreased in the prior period - unfavorable impact to the estimated fair value of receiver swaps, forwards and options
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•Key equity indexes increased more significantly in the current period compared to the prior period - unfavorable impact to the estimated fair value of options and short futures
Market Risk Benefit Remeasurement (Gains) Losses(4) - Favorable change of $794 million ($627 million, net of income tax):
•Long-term interest rates decreased less significantly in the current period compared to the prior period
•Key equity indexes increased more significantly in the current period compared to the prior period
Actuarial Assumption Review - Favorable change of $63 million ($38 million, net of income tax):
Three Months Ended September 30,
Variance
Assumptions20252024
(In millions, net of income tax)
Economic$(24)$(55)$31 
Mortality(9)110 (119)
Morbidity(20)53 (73)
Policyholder behavior38 (91)129 
Operational117 47 70 
Total$102 $64 $38 
•The actuarial assumption reviews resulted in gains of $102 million and $64 million for the three months ended September 30, 2025 and 2024, respectively:
◦Of the $102 million gain, gains of $12 million and $1 million were recognized in market risk benefit remeasurement (gains) losses and net derivative gains (losses), respectively, both of which are discussed above, and a gain of $89 million was recognized in adjusted earnings available to common shareholders, which is discussed below
◦Of the $64 million gain, losses of $5 million and $1 million were recognized in market risk benefit remeasurement (gains) losses and net derivative gains (losses), respectively, both of which are discussed above, and a gain of $70 million was recognized in adjusted earnings available to common shareholders, which is discussed below
◦The $38 million increase was primarily driven by (i) updates to policyholder behavior assumptions in the accident & health business in the Asia segment and in the deferred annuities business in the MetLife Holdings segment related to lapse experience, (ii) updates to operational assumptions in the MetLife Holdings segment related to future premium rate increases for the long-term care business, and (iii) favorable economic conditions in the current period for the Asia segment, largely offset by (i) less favorable mortality experience in the RIS segment, and (ii) updates made in the current period to morbidity assumptions in the MetLife Holdings segment associated with an increase in incidence rates for the long-term care business
Adjusted Earnings Available to Common Shareholders(5) - Favorable change of $209 million. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
Taxes - Favorable change in effective tax rate - 25% in the current period compared to 33% in the prior period:
•Current period effective tax rate on income before provision for income tax was 25% compared to the U.S. statutory rate of 21% primarily due to tax charges from:
◦Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates
Partially offset by tax benefits from:
◦Non-taxable investment income
◦Low income housing and other tax credits, partially offset by the impact of tax equity investments
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•Prior period effective tax rate on income before provision for income tax was 33% compared to the U.S. statutory rate of 21% primarily due to tax charges from:
◦Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates
Partially offset by tax benefits from:
◦Non-taxable investment income
◦Low income housing and other tax credits, partially offset by the impact of tax equity investments
Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024
Net income (loss) available to MetLife, Inc.’s common shareholders - Decreased $592 million primarily due to the following:
Net Investment Gains (Losses)(1) - Unfavorable change of $112 million ($88 million, net of income tax):
•Higher increase to the ACL on mortgage loans
•Lower gains on sales of real estate investments
Largely offset by:
•Mark-to-market gains on equity securities in the current period compared to losses in the prior period
•Higher gains on foreign currency transactions
Net Derivative Gains (Losses)(2) - Unfavorable change of $573 million ($453 million, net of income tax)(3):
•Japan long-term swap rates increased more significantly in the current period compared to the prior period - unfavorable impact to the estimated fair value of receiver swaps
•Key foreign equity indexes increased in the current period compared to decreased in the prior period - unfavorable impact to the estimated fair value of short futures
•Changes in the value of the underlying assets - unfavorable impact to embedded derivatives related to funds withheld on reinsurance agreements
Partially offset by:
•The U.S. dollar weakened against the Japanese yen in the current period compared to strengthened in the prior period - favorable impact to the estimated fair value of sell-U.S. dollar currency forwards
Market Risk Benefit Remeasurement (Gains) Losses(4) - Unfavorable change of $104 million ($82 million, net of income tax):
•Key U.S. equity indexes increased less significantly in the current period compared to the prior period
Actuarial Assumption Review - For the results of the actuarial assumption reviews, see “— Three Months Ended September 30, 2025 Compared with the Three Months Ended September 30, 2024 — Actuarial Assumption Review.”
Adjusted Earnings Available to Common Shareholders(5) - Unfavorable change of $42 million. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
Taxes - Unfavorable change in effective tax rate - 27% in the current period compared to 25% in the prior period:
•Current period effective tax rate on income before provision for income tax was 27% compared to the U.S. statutory rate of 21% primarily due to tax charges from:
◦Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates
◦Non-deductible losses
Partially offset by tax benefits from:
◦Non-taxable investment income
◦Low income housing and other tax credits, partially offset by the impact of tax equity investments
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•Prior period effective tax rate on income before provision for income tax was 25% compared to the U.S. statutory rate of 21% primarily due to tax charges from:
◦Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates
Partially offset by tax benefits from:
◦Non-taxable investment income
◦Low income housing and other tax credits, partially offset by the impact of tax equity investments
◦Corporate tax deduction for stock compensation
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(1)See “— Investments — Overview” and “— Investments — Investment Portfolio Results — Net Investment Gains (Losses)” for information regarding management of our investment portfolio.
(2)See “— Derivatives — Net Derivative Gains (Losses)” for information regarding the use of derivatives to hedge market risk.
(3)Includes amounts relating to investment hedge adjustments, which are also included in adjusted earnings available to common shareholders. See “— Investments — Investment Portfolio Results” for additional information.
(4)See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s MRBs.
(5)See “— Non-GAAP and Other Financial Disclosures” for information regarding adjusted earnings and related measures.
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Reconciliation of net income (loss) to adjusted earnings available to common shareholders and premiums, fees and other revenues to adjusted premiums, fees and other revenues
Three Months Ended September 30, 2025
Group BenefitsRISAsiaLatin AmericaEMEAMetLife HoldingsCorporate & OtherTotal
(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders$414 $200 $297 $112 $65 $38 $(308)$818 
Add: Preferred stock dividends— — — — — — 66 66 
Add: Preferred stock redemption premium— — — — — — 12 12 
Add: Net income (loss) attributable to noncontrolling interests— — — 2 2 — 2 6 
Net income (loss)414 200 297 114 67 38 (228)902 
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
Net investment gains (losses)(30)(173)(82)41 (13)(124)56 (325)
Net derivative gains (losses)(2)(214)(393)(64)(17)(268)29 (929)
Premiums— — — — — — — — 
Universal life and investment-type product policy fees— — — — — — — — 
Net investment income(18)172 274 26 308 (39)(74)649 
Other revenues2 13 — 12 — 33 5 65 
Expenses:
Policyholder benefits and claims and policyholder dividends(1)38 49 (2)— 16 — 100 
Policyholder liability remeasurement (gains) losses— (2)— — — — — (2)
Market risk benefit remeasurement gains (losses)— 27 26 — 14 196 — 263 
Interest credited to policyholder account balances ("PABs")— (31)(223)(57)(312)(23)— (646)
Capitalization of deferred policy acquisition costs ("DAC")— — — — — — — — 
Amortization of DAC, value of business acquired ("VOBA") and negative VOBA— — — — — — — — 
Interest expense on debt— — — — — — — — 
Other expenses(3)(126)— 1 (1)— (17)(146)
Goodwill impairment— — — — — — — — 
Provision for income tax (expense) benefit11 60 103 10 — 44 (5)223 
Adjusted earnings$455 $436 $543 $147 $88 $203 $(222)$1,650 
Less: Preferred stock dividends— — — — — — 66 66 
Adjusted earnings available to common shareholders$455 $436 $543 $147 $88 $203 $(288)$1,584 
Premiums, fees and other revenues$6,308 $1,199 $1,717 $1,675 $727 $762 $138 $12,526 
Less: adjustments to premiums, fees and other revenues2 13 — 12 — 33 5 65 
Adjusted premiums, fees and other revenues$6,306 $1,186 $1,717 $1,663 $727 $729 $133 $12,461 
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Three Months Ended September 30, 2024
Group BenefitsRISAsiaLatin AmericaEMEAMetLife HoldingsCorporate & OtherTotal
(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders$330 $246 $1,044 $258 $76 $(214)$(465)$1,275 
Add: Preferred stock dividends— — — — — — 67 67 
Add: Preferred stock redemption premium— — — — — — — — 
Add: Net income (loss) attributable to noncontrolling interests— — — (4)1 — 2 (1)
Net income (loss)330 246 1,044 254 77 (214)(396)1,341 
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
Net investment gains (losses)17 (125)273 12 8 (7)(255)(77)
Net derivative gains (losses)(56)(47)780 114 (4)(16)(4)767 
Premiums16 — — — — — — 16 
Universal life and investment-type product policy fees— — — — — — — — 
Net investment income(18)(45)16 (8)174 (43)8 84 
Other revenues— (19)— — — 50 5 36 
Expenses:
Policyholder benefits and claims and policyholder dividends(9)(1)52 (9)— 17 — 50 
Policyholder liability remeasurement (gains) losses— — — — — — — — 
Market risk benefit remeasurement gains (losses)— (49)(19)— 2 (464)(1)(531)
Interest credited to PABs— (1)44 (58)(170)(39)2 (222)
Capitalization of DAC— — — — — — — — 
Amortization of DAC, VOBA and negative VOBA— — — — — — — — 
Interest expense on debt— — — — — — — — 
Other expenses(5)— 2 2 (2)(1)(25)(29)
Goodwill impairment— — — — — — — — 
Provision for income tax (expense) benefit12 61 (410)(20)(1)107 56 (195)
Adjusted earnings$373 $472 $306 $221 $70 $182 $(182)$1,442 
Less: Preferred stock dividends— — — — — — 67 67 
Adjusted earnings available to common shareholders$373 $472 $306 $221 $70 $182 $(249)$1,375 
Adjusted earnings available to common shareholders on a constant currency basis (1)$373 $472 $305 $222 $71 $182 $(249)$1,376 
Premiums, fees and other revenues$6,162 $1,560 $1,710 $1,496 $655 $843 $97 $12,523 
Less: adjustments to premiums, fees and other revenues16 (19)— — — 50 5 52 
Adjusted premiums, fees and other revenues$6,146 $1,579 $1,710 $1,496 $655 $793 $92 $12,471 
Adjusted premiums, fees and other revenues on a constant currency basis (1)$6,146 $1,579 $1,704 $1,498 $668 $793 $92 $12,480 
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(1)Amounts for Group Benefits, RIS, MetLife Holdings and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.
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Nine Months Ended September 30, 2025
Group BenefitsRISAsiaLatin AmericaEMEAMetLife HoldingsCorporate & OtherTotal
(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders$1,084 $396 $1,121 $542 $236 $(62)$(922)$2,395 
Add: Preferred stock dividends— — — — — — 163 163 
Add: Preferred stock redemption premium— — — — — — 12 12 
Add: Net income (loss) attributable to noncontrolling interests— — — 6 4 — 7 17 
Net income (loss)1,084 396 1,121 548 240 (62)(740)2,587 
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
Net investment gains (losses)(60)(585)21 42 (13)(253)(137)(985)
Net derivative gains (losses)(62)(389)(395)112 (43)(555)39 (1,293)
Premiums7 — — — — — — 7 
Universal life and investment-type product policy fees— — — — — — — — 
Net investment income(53)149 325 (2)483 (127)5 780 
Other revenues2 (27)— 20 — 103 14 112 
Expenses:
Policyholder benefits and claims and policyholder dividends(1)18 133 (91)— 49 — 108 
Policyholder liability remeasurement (gains) losses— (2)— — — — — (2)
Market risk benefit remeasurement gains (losses)— 43 39 — 14 145 — 241 
Interest credited to PABs— (30)(264)(151)(472)(75)— (992)
Capitalization DAC— — — — — — — — 
Amortization of DAC, VOBA and negative VOBA— — — — — — — — 
Interest expense on debt— — — — — — — — 
Other expenses(8)(198)— 6 (2)— (86)(288)
Goodwill impairment— — — — — — — — 
Provision for income tax (expense) benefit37 212 (5)14 2 150 31 441 
Adjusted earnings$1,222 $1,205 $1,267 $598 $271 $501 $(606)$4,458 
Less: Preferred stock dividends— — — — — — 163 163 
Adjusted earnings available to common shareholders$1,222 $1,205 $1,267 $598 $271 $501 $(769)$4,295 
Premiums, fees and other revenues$19,191 $4,944 $5,097 $4,830 $2,114 $2,352 $385 $38,913 
Less: adjustments to premiums, fees and other revenues9 (27)— 20 — 103 14 119 
Adjusted premiums, fees and other revenues$19,182 $4,971 $5,097 $4,810 $2,114 $2,249 $371 $38,794 
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Nine Months Ended September 30, 2024
Group BenefitsRISAsiaLatin AmericaEMEAMetLife HoldingsCorporate & OtherTotal
(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders$1,155 $731 $876 $528 $204 $126 $(633)$2,987 
Add: Preferred stock dividends— — — — — — 168 168 
Add: Preferred stock redemption premium— — — — — — — — 
Add: Net income (loss) attributable to noncontrolling interests— — — (1)3 — 12 14 
Net income (loss)1,155 731 876 527 207 126 (453)3,169 
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
Net investment gains (losses)(24)(377)(263)28 (31)(345)139 (873)
Net derivative gains (losses)34 103 (375)(36)(23)(427)4 (720)
Premiums16 — — — — — — 16 
Universal life and investment-type product policy fees— — — — — — — — 
Net investment income(57)(185)312 (37)592 (146)18 497 
Other revenues— (57)— — — 124 20 87 
Expenses:
Policyholder benefits and claims and policyholder dividends(9)(127)206 (94)— 54 — 30 
Policyholder liability remeasurement (gains) losses— — — — — — — — 
Market risk benefit remeasurement gains (losses)— (54)(5)— 43 361 — 345 
Interest credited to PABs— 1 (257)(75)(585)(88)— (1,004)
Capitalization of DAC— — — — — — — — 
Amortization of DAC, VOBA and negative VOBA— — — — — — — — 
Interest expense on debt— — — — — — — — 
Other expenses(5)— 2 6 (4)(1)(47)(49)
Goodwill impairment— — — — — — — — 
Provision for income tax (expense) benefit10 146 78 55 (9)100 (45)335 
Adjusted earnings$1,190 $1,281 $1,178 $680 $224 $494 $(542)$4,505 
Less: Preferred stock dividends— — — — — — 168 168 
Adjusted earnings available to common shareholders$1,190 $1,281 $1,178 $680 $224 $494 $(710)$4,337 
Adjusted earnings available to common shareholders on a constant currency basis (1)$1,190 $1,281 $1,165 $629 $221 $494 $(710)$4,270 
Premiums, fees and other revenues$18,702 $4,917 $5,122 $4,498 $1,896 $2,581 $329 $38,045 
Less: adjustments to premiums, fees and other revenues16 (57)— — — 124 20 103 
Adjusted premiums, fees and other revenues$18,686 $4,974 $5,122 $4,498 $1,896 $2,457 $309 $37,942 
Adjusted premiums, fees and other revenues on a constant currency basis (1)$18,686 $4,974 $5,108 $4,206 $1,893 $2,457 $309 $37,633 
__________________
(1)Amounts for Group Benefits, RIS, MetLife Holdings and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.
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Consolidated Results — Adjusted Earnings Available to Common Shareholders
Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2025 decreased $10 million, or less than 1%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, decreased $19 million, or less than 1%, compared to the prior period primarily due to lower premiums in the pension risk transfer business in the RIS segment, largely offset by strong sales and solid persistency in the Latin America segment, as well as growth in both core and voluntary products in the Group Benefits segment.
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Group Benefits$455 $373 $1,222 $1,190 
RIS436 472 1,205 1,281 
Asia543 306 1,267 1,178 
Latin America147 221 598 680
EMEA88 70 271 224
MetLife Holdings203 182 501 494
Corporate & Other(288)(249)(769)(710)
Adjusted earnings available to common shareholders$1,584 $1,375 $4,295 $4,337 
Adjusted earnings available to common shareholders on a constant currency basis $1,584 $1,376 $4,295 $4,270 
Adjusted premiums, fees and other revenues$12,461 $12,471 $38,794 $37,942 
Adjusted premiums, fees and other revenues on a constant currency basis$12,461 $12,480 $38,794 $37,633 
Three Months Ended September 30, 2025 Compared with the Three Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings Available to Common Shareholders - Increased $209 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Increased adjusted earnings available to common shareholders by $1 million
Market Factors - Increased adjusted earnings available to common shareholders by $203 million:
•Variable investment income increased - higher returns on private equity funds, partially offset by lower returns on corporate debt funds
Partially offset by:
•Recurring investment income decreased - impact from a reinsurance transaction, partially offset by positive flows from pension risk transfer transactions and funding agreement issuances, both in the RIS segment
•Higher interest credited expenses - higher average interest crediting rates on long-duration products in the Asia segment, largely offset by the impact of a reinsurance transaction in the RIS segment and lower average interest crediting rates on long-duration products in the Latin America segment
Volume Growth - Increased adjusted earnings available to common shareholders by $66 million:
•Higher average invested assets, primarily in the Asia and Latin America segments
•Higher sales and business growth in the EMEA segment
Partially offset by:
•Increase in interest credited expenses on long-duration products, primarily in the Asia segment
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Underwriting and Other Insurance Adjustments - Decreased adjusted earnings available to common shareholders by $61 million:
•Unfavorable mortality results, primarily in the RIS and MetLife Holdings segments
•Lower surrender charges and less favorable claims experience in the Asia segment
•Unfavorable change from refinements to certain insurance liabilities in both periods
Partially offset by:
•Lower dividend expense due to scale update in the MetLife Holdings segment
•Favorable morbidity results, primarily in the Group Benefits segment, largely offset by unfavorable morbidity results in the MetLife Holdings segment
Expenses - Increased adjusted earnings available to common shareholders by $23 million:
•Lower expenses in the MetLife Holdings and Group Benefits segments, partially offset by higher expenses in Corporate & Other
Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $11 million:
•Subordinated debt securities issuance in March 2025
•Senior note issuances in September 2024 and June 2025
Partially offset by:
•Senior note repayment at maturity in March 2025
Notable Items - Actuarial assumption review and other insurance adjustments, and tax adjustments - Increased adjusted earnings by $2 million on a reported basis:
Three Months Ended September 30,Variance
20252024
(In millions)
Group Benefits$(2)$(58)$56 
RIS13 104 (91)
Asia70 (41)111 
Latin America(75)4 (79)
EMEA(1)(5)4 
MetLife Holdings13 12 1 
Corporate & Other— — — 
Total$18 $16 $2 
Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings Available to Common Shareholders - Decreased $42 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings available to common shareholders by $67 million, primarily in the Latin America and Asia segments
Market Factors - Increased adjusted earnings available to common shareholders by $64 million:
•Variable investment income increased - higher returns on real estate funds, mortgage loan funds and private equity funds, partially offset by lower returns on corporate debt funds
•Recurring investment income increased - positive flows from pension risk transfer transactions and funding agreement issuances in the RIS segment and higher income on real estate investments, partially offset by lower income on derivatives and lower yields on fixed income securities
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Largely offset by:
•Higher interest credited expenses - higher average interest crediting rates on long-duration products in the Asia segment and growth in long-duration products in the RIS segment, partially offset by lower interest credited expenses on long-duration products in the MetLife Holdings and Latin America segments
Volume Growth - Increased adjusted earnings available to common shareholders by $172 million:
•Higher average invested assets, primarily in the Asia and Latin America segments
•Higher sales and business growth in the EMEA segment
Partially offset by:
•Increase in interest credited expenses on long-duration products, primarily in the Asia and Latin America segments
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings available to common shareholders by $188 million:
•Lower surrender charges and unfavorable claims experience in the Asia segment
•Unfavorable morbidity results, primarily in the Group Benefits and MetLife Holdings segments
Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $16 million:
•Subordinated debt securities issuance in March 2025
•Senior note issuances in March 2024, June 2024, September 2024, and June 2025
Partially offset by:
•Senior note repayment at maturity in April 2024 and March 2025
•Decreased interest expense on surplus notes
Notable Items - For the results of the notable items, see “— Three Months Ended September 30, 2025 Compared with the Three Months Ended September 30, 2024 — Notable Items.”
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Segment Results and Corporate & Other
Group Benefits
Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2025 increased $160 million, or 3%, compared to the prior period, primarily driven by growth in both core and voluntary products, partially offset by a decline in premiums related to our participating life contracts, which can fluctuate with claims experience.
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Adjusted earnings$455 $373 $1,222 $1,190 
Adjusted premiums, fees and other revenues$6,306 $6,146 $19,182 $18,686 
Three Months Ended September 30, 2025 Compared with the Three Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax.
Adjusted Earnings - Increased $82 million primarily due to the following business drivers:
Market Factors - Increased adjusted earnings by $10 million:
•Recurring investment income increased - higher yields on fixed income securities, partially offset by lower income on derivatives
•Variable investment income increased - higher returns on private equity funds
Volume Growth - Increased adjusted earnings by $10 million:
•Growth in both core and voluntary products
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $13 million:
•Unfavorable change from refinements to certain insurance liabilities in both periods
•Unfavorable mortality - primarily due to higher claims incidence in our life business in the current period
Largely offset by:
•Favorable morbidity - primarily due to favorable reserve development in the current period in our disability and dental businesses
Expenses - Increased adjusted earnings by $18 million:
•An increase in adjusted premiums, fees and other revenue exceeded a corresponding increase in direct expenses and higher legal plan utilization
Notable Items - Increased adjusted earnings by $56 million:
•Current period notable item - unfavorable impact of $2 million - actuarial assumption review
•Prior period notable items - unfavorable impact of $58 million - actuarial assumption review and other insurance adjustments, which includes an unfavorable refinement on certain life policies
Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax.
Adjusted Earnings - Increased $32 million primarily due to the following business drivers:
Market Factors - Increased adjusted earnings by $15 million:
•Interest credited expenses decreased due to lower average interest crediting rates on retained asset accounts
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Volume Growth - Increased adjusted earnings by $29 million:
•Growth in both core and voluntary products
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $72 million:
•Unfavorable change from refinements to certain insurance liabilities in both periods
•Unfavorable morbidity - unfavorable experience due to higher incidence and favorable reserve adjustments in the prior period in our disability business
Notable Items - Increased adjusted earnings by $56 million:
•Current period notable item - unfavorable impact of $2 million - actuarial assumption review
•Prior period notable items - favorable impact of $58 million - actuarial assumption review and other insurance adjustments, which includes an unfavorable refinement on certain life policies
Retirement & Income Solutions
Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2025 decreased $393 million, or 25%, compared to the prior period. The decrease was primarily due to lower premiums from our pension risk transfer business, partially offset by growth in our structured settlement and United Kingdom (“U.K.”) longevity reinsurance businesses. Changes in premiums were more than offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance.
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Adjusted earnings$436 $472 $1,205 $1,281 
Adjusted premiums, fees and other revenues$1,186 $1,579 $4,971 $4,974 
Three Months Ended September 30, 2025 Compared with the Three Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax.
Adjusted Earnings - Decreased $36 million primarily due to the following business drivers:
Market Factors - Increased adjusted earnings by $77 million:
•Variable investment income increased - higher returns on private equity funds
•Interest credited expenses decreased - impact from a reinsurance transaction, largely offset by growth in investment-type products and certain insurance products
Partially offset by:
•Recurring investment income decreased - impact from a reinsurance transaction coupled with lower yields on mortgage loans and lower income on derivatives, partially offset by higher yields on fixed income securities and positive flows from pension risk transfer transactions and funding agreement issuances
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $21 million:
•Less favorable mortality - mainly in pension risk transfer and risk solution businesses
Partially offset by:
•Favorable change from refinements to certain insurance liabilities in both periods
Notable Items - Decreased adjusted earnings by $91 million:
•Current period notable item - favorable impact of $13 million - actuarial assumption review
•Prior period notable item - favorable impact of $104 million - actuarial assumption review
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Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax.
Adjusted Earnings - Decreased $76 million primarily due to the following business drivers:
Market Factors - Increased adjusted earnings by $24 million:
•Variable investment income increased - higher returns on real estate funds, private equity funds and mortgage loan funds
•Recurring investment income increased - positive flows from pension risk transfer transactions and funding agreement issuances, largely offset by lower income on derivatives and lower yields on fixed income securities and mortgage loans
Largely offset by:
•Higher interest credited expenses - growth in investment-type and certain insurance products
Notable Items - Decreased adjusted earnings by $91 million:
•Current period notable item - favorable impact of $13 million - actuarial assumption review
•Prior period notable item - favorable impact of $104 million - actuarial assumption review
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Asia
Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2025 increased $7 million, or less than 1%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $13 million, or 1%, compared to the prior period, as an increase in premiums in life products in Korea was largely offset by lower fee income from Japan’s foreign currency-denominated life products and a decrease in premiums from Japan’s accident & health products.
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Adjusted earnings$543 $306 $1,267 $1,178 
Adjusted earnings on a constant currency basis$543 $305 $1,267 $1,165 
Adjusted premiums, fees and other revenues$1,717 $1,710 $5,097 $5,122 
Adjusted premiums, fees and other revenues on a constant currency basis$1,717$1,704$5,097$5,108
Three Months Ended September 30, 2025 Compared with the Three Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings - Increased $237 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings by $1 million
Market Factors - Increased adjusted earnings by $97 million:
•Variable investment income increased - higher returns on private equity funds
•Recurring investment income increased - higher yields on fixed income securities
Partially offset by:
•Higher interest credited expense - higher average interest crediting rates on investment-type and certain insurance products
Volume Growth - Increased adjusted earnings by $27 million:
•Business growth across the region, mainly driven by higher positive net flows, which resulted in higher average invested assets
Partially offset by:
•Increase in interest credited expenses on long-duration products
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $4 million:
•Lower surrender charges in Japan
•Unfavorable claims experience in Australia
Largely offset by:
•Favorable change from refinements to certain insurance liabilities in both periods
Notable Items - Increased adjusted earnings by $111 million on a reported basis:
•Current period notable item - favorable impact of $70 million - actuarial assumption review
•Prior period notable item - unfavorable impact of $41 million - actuarial assumption review
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Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings - Increased $89 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings by $13 million:
•Korean won and Australian dollar weakened against the U.S. dollar
Market Factors - Increased adjusted earnings by $38 million:
•Variable investment income increased - higher returns on real estate funds and private equity funds, partially offset by lower returns on corporate debt funds
•Recurring investment income increased - higher yields on fixed income securities
Largely offset by:
•Higher interest credited expense - higher average interest crediting rates on investment-type and certain insurance products
Volume Growth - Increased adjusted earnings by $77 million:
•Business growth across the region, mainly driven by higher positive net flows, which resulted in higher average invested assets
Largely offset by:
•Increase in interest credited expenses on long-duration products
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $82 million:
•Lower surrender charges in Japan
•Unfavorable claims experience in Australia
Partially offset by:
•Favorable change from refinements to certain insurance liabilities in both periods
Expenses - Decreased adjusted earnings by $14 million:
•Higher direct expenses and corporate overhead expenses
Taxes - Decreased adjusted earnings by $26 million:
•Unfavorable change in Japan - impact from a tax rate change in the current period
•Unfavorable change in Korea - higher dividend withholding tax in the current period and tax benefits due to a tax audit settlement in the prior period
Notable Items - Increased adjusted earnings by $111 million on a reported basis:
•Current period notable item - favorable impact of $70 million - actuarial assumption review
•Prior period notable item - unfavorable impact of $41 million - actuarial assumption review
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Latin America
Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2025 increased $167 million, or 11%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $165 million, or 11%, compared to the prior period, mainly driven by strong sales and solid persistency across the region.
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Adjusted earnings$147 $221 $598 $680 
Adjusted earnings on a constant currency basis$147 $222 $598 $629 
Adjusted premiums, fees and other revenues$1,663 $1,496 $4,810 $4,498 
Adjusted premiums, fees and other revenues on a constant currency basis$1,663 $1,498 $4,810 $4,206 
Three Months Ended September 30, 2025 Compared with the Three Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings - Decreased $74 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Increased adjusted earnings by $1 million
Market Factors - Decreased adjusted earnings by $13 million:
•Recurring investment income decreased - lower yields on fixed income securities and mortgage loans and lower returns on our Chilean encaje within fair value option (“FVO”) securities, driven by an decrease in bond index returns
•Variable investment income decreased - lower income on bond prepayment fees and lower returns on private equity funds
•Other revenues decreased - settlement of foreign currency hedges
Largely offset by:
•Interest credited expenses decreased - lower average interest crediting rates on investment-type products
Volume Growth - Increased adjusted earnings by $18 million:
•Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets
•Higher sales resulted in higher average invested assets in Mexico
Partially offset by:
•Increase in interest credited expenses on investment-type and certain insurance products
Notable Items - Decreased adjusted earnings by $79 million:
•Current period notable items - unfavorable impact of $4 million - actuarial assumption review and unfavorable impact of $71 million - tax adjustments related to the resolution of an industry-wide value-added tax matter in Mexico
•Prior period notable item - favorable impact of $4 million - actuarial assumption review
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Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings - Decreased $82 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings by $51 million:
•Mexican peso weakened against the U.S. dollar
Market Factors - Decreased adjusted earnings by $21 million:
•Recurring investment income decreased - lower yields on fixed income securities and mortgage loans; partially offset by higher returns on our Chilean encaje within FVO securities, driven by an increase in bond index returns
•Other revenues decreased - settlement of foreign currency hedges
Partially offset by:
•Interest credited expenses decreased - lower average interest crediting rates on investment-type products
Volume Growth - Increased adjusted earnings by $72 million:
•Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets
•Higher sales resulted in higher average invested assets in Mexico
Partially offset by:
•Increase in interest credited expenses on investment-type and certain insurance products
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $16 million:
•Favorable refinements to certain insurance liabilities primarily in Chile and Mexico in the prior period
Taxes - Increased adjusted earnings by $16 million:
•Income tax refund in Chile
•Tax adjustments in both periods - recurring tax item related to inflation and adjustments related to the filing of the tax returns in Chile and Mexico
Notable Items - Decreased adjusted earnings by $79 million:
•Current period notable items - unfavorable impact of $4 million - actuarial assumption review and unfavorable impact of $71 million - tax adjustments related to the resolution of an industry-wide value-added tax matter in Mexico
•Prior period notable item - favorable impact of $4 million - actuarial assumption review
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EMEA
Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2025 increased $72 million, or 11%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $59 million, or 9%, compared to the prior period primarily due to growth in our (i) corporate solutions business in the U.K., Egypt and the Gulf, (ii) credit life business in Turkey and Romania, and (iii) accident & health and ordinary life businesses across the region, as well as our pension business in Turkey.
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Adjusted earnings$88 $70 $271 $224 
Adjusted earnings on a constant currency basis$88 $71 $271 $221 
Adjusted premiums, fees and other revenues$727 $655 $2,114 $1,896 
Adjusted premiums, fees and other revenues on a constant currency basis$727 $668 $2,114 $1,893 
Three Months Ended September 30, 2025 Compared with the Three Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings - Increased $18 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Increased adjusted earnings by $1 million
Market Factors - Increased adjusted earnings by $7 million:
•Recurring investment income increased - higher yields on fixed income securities
Volume Growth - Increased adjusted earnings by $13 million:
•Increase in sales and business growth:
◦Credit life and pension businesses in Turkey
◦Accident & health and ordinary life businesses across the region
◦Corporate solutions business in the U.K. and Egypt
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $6 million:
•Unfavorable change from refinements to certain insurance liabilities in both periods
Partially offset by:
•Favorable underwriting experience across the region
Expenses - Increased adjusted earnings by $5 million:
•An increase in adjusted premiums, fees, and other revenues exceeded the corresponding increase in expenses
Other - Decreased adjusted earnings by $7 million:
•Unfavorable change from reinsurance refinements in both periods
Notable Items - Increased adjusted earnings by $4 million on a reported basis:
•Current period notable item - unfavorable impact of $1 million - actuarial assumption review
•Prior period notable item - unfavorable impact of $5 million - actuarial assumption review
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Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings - Increased $47 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings by $3 million:
•Turkish lira and Egyptian pound weakened against the U.S. dollar
Partially offset by:
•Euro and British pound strengthened against the U.S. dollar
Market Factors - Increased adjusted earnings by $17 million:
•Recurring investment income increased - higher yields on fixed income securities
Volume Growth - Increased adjusted earnings by $47 million:
•Increase in sales and business growth:
◦Credit life and pension businesses in Turkey
◦Accident & health and ordinary life businesses across the region
◦Corporate solutions business in the Gulf, the U.K. and Egypt
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $16 million:
•Unfavorable change from refinements to certain insurance liabilities in both periods
•Unfavorable underwriting experience across the region
Other - Decreased adjusted earnings by $4 million:
• Unfavorable change from reinsurance refinements in both periods
Notable Items - Increased adjusted earnings by $4 million on a reported basis:
•Current period notable item - unfavorable impact of $1 million - actuarial assumption review
•Prior period notable item - unfavorable impact of $5 million - actuarial assumption review
MetLife Holdings
Business Overview. The MetLife Holdings segment principally consists of operations relating to products and businesses that we no longer actively market in the U.S. Adjusted premiums, fees and other revenues continue to decline from expected business run-off.
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Adjusted earnings$203 $182 $501 $494 
Adjusted premiums, fees and other revenues$729 $793 $2,249 $2,457 
Three Months Ended September 30, 2025 Compared with the Three Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax.
Adjusted Earnings - Increased $21 million primarily due to the following business drivers:
Market Factors - Increased adjusted earnings by $30 million:
•Variable investment income increased - higher returns on private equity funds
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Partially offset by:
•Recurring investment income decreased - lower average invested assets due to business run-off and lower yields on fixed income securities, partially offset by higher income on real estate investments and higher yields on mortgage loans
Volume Growth - Decreased adjusted earnings by $10 million, consistent with business run-off
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $19 million:
•Unfavorable morbidity in our long-term care business
•Unfavorable mortality - lower fees in our annuity business, partially offset by favorable mortality in our life business, primarily driven by lower claim volume
•Favorable reserve refinement in the prior period
Partially offset by:
•Lower dividend expense due to scale update
Expenses - Increased adjusted earnings by $19 million, consistent with business run-off
Notable Items - Increased adjusted earnings by $1 million:
•Current period notable item - favorable impact of $13 million - actuarial assumption review
•Prior period notable items - favorable impact of $12 million - actuarial assumption review and other insurance adjustments
Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax.
Adjusted Earnings - Increased $7 million primarily due to the following business drivers:
Market Factors - Decreased adjusted earnings by $3 million:
•Recurring investment income decreased - lower average invested assets due to business run-off and lower income on derivatives, partially offset by higher income on real estate investments, as well as higher yields on mortgage loans
Substantially offset by:
•Variable investment income increased - higher returns on mortgage loan funds
•Decrease in interest credited expenses on long-duration products
Volume Growth - Decreased adjusted earnings by $30 million, consistent with business run-off
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $2 million:
•Unfavorable morbidity experience in our long-term care business
•Unfavorable mortality - lower fees in our annuity business, largely offset by lower claim volume and severity in our life business
Largely offset by:
•Lower dividend expense due to scale update
•Unfavorable reserve refinements in the prior period
Expenses - Increased adjusted earnings by $37 million, consistent with business run-off
Notable Items - Increased adjusted earnings by $1 million:
•Current period notable item - favorable impact of $13 million - actuarial assumption review
•Prior period notable items - favorable impact of $12 million - actuarial assumption review and other insurance adjustments

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Corporate & Other
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Adjusted earnings available to common shareholders$(288)$(249)$(769)$(710)
Adjusted premiums, fees and other revenues$133 $92 $371 $309 
The table below presents adjusted earnings available to common shareholders by source:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Business activities$38 $20 $76 $56 
Net investment income74 96 225 290 
Interest expense on debt(271)(256)(798)(776)
Corporate initiatives and projects(11)(8)(34)(21)
Other (100)(75)(235)(249)
Provision for income tax (expense) benefit and other tax-related items48 41 160 158 
Preferred stock dividends(66)(67)(163)(168)
Adjusted earnings available to common shareholders$(288)$(249)$(769)$(710)
Three Months Ended September 30, 2025 Compared with the Three Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax.
Adjusted Earnings Available to Common Shareholders - Decreased $39 million primarily due to the following:
Business Activities - Increased adjusted earnings available to common shareholders by $14 million:
•Higher revenues in certain of our businesses
Net Investment Income - Decreased adjusted earnings available to common shareholders by $17 million:
•Recurring investment income decreased - lower yields on fixed income securities
Partially offset by:
•Variable investment income increased - higher returns on private equity funds, partially offset by lower returns on corporate debt funds
Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $12 million:
•Subordinated debt securities issuance in March 2025
•Senior note issuances in September 2024 and June 2025
Partially offset by:
•Senior note repayment at maturity in March 2025
Other - Decreased adjusted earnings available to common shareholders by $20 million:
•Higher market-related employee costs
•Higher corporate-related expenses
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Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024
Unless otherwise stated, all amounts discussed below are net of income tax.
Adjusted Earnings Available to Common Shareholders - Decreased $59 million primarily due to the following:
Business Activities - Increased adjusted earnings available to common shareholders by $16 million:
•Higher revenues in certain of our businesses
Net Investment Income - Decreased adjusted earnings available to common shareholders by $51 million:
•Recurring investment income decreased - lower yields on fixed income securities and lower average invested assets, partially offset by higher income on real estate investments
•Variable investment income decreased - lower returns on corporate debt funds and private equity funds, partially offset by higher returns on real estate funds
Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $17 million:
•Subordinated debt securities issuance in March 2025
•Senior note issuances in March 2024, June 2024, September 2024, and June 2025
Partially offset by:
•Senior note repayment at maturity in April 2024 and March 2025
•Decreased interest expense on surplus notes

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Investments
Overview
We maintain a diversified global general account investment portfolio to support our mix of liabilities in our global businesses. We position our portfolio based on relative value and our view of the economy and financial markets. We maintain our focus on the appropriate level of diversification and asset quality.
We manage our investment portfolio using disciplined asset/liability management (“ALM”) principles, focusing on cash flow and duration to support our current and future liabilities. Our intent is to match the timing and amount of liability cash outflows with invested assets that have cash inflows of comparable timing and amount, while optimizing risk-adjusted investment income and risk-adjusted total return. Our investment portfolio is heavily weighted toward fixed income investments, with the vast majority of our portfolio invested in fixed maturity securities available-for-sale (“AFS”) and mortgage loans. These securities and loans have varying maturities and other characteristics which cause them to be generally well suited for matching the cash flow and duration of insurance liabilities.
Invested Assets and Cash and Cash Equivalents Subject to Ceded Reinsurance
The Company maintains invested assets and cash and cash equivalents that are subject to ceded reinsurance arrangements with third parties and joint ventures. “Reinsurance adjustments” relate to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents. Reinsurance adjustments, unless otherwise stated, have been excluded from the amounts within the Investments sections of Management’s Discussion and Analysis of Financial Condition and Results of Operations. See Notes 2 and 9 of the Notes to the Interim Condensed Consolidated Financial Statements and Note 9 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for more information about Reinsurance adjustments and reinsurance, respectively.
The following table presents the carrying value of invested assets and cash and cash equivalents subject to ceded reinsurance at:
September 30, 2025December 31, 2024
(In millions)
Fixed maturity securities AFS:
U.S. corporate$2,497 $790 
Foreign corporate1,626 405 
Foreign government614 355 
Residential mortgage-backed securities (“RMBS”)2,433 286 
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)1,387 201 
Commercial mortgage-backed securities (“CMBS”)509 165 
Municipals403 111 
U.S. government and agency397 78 
Total fixed maturity securities AFS9,866 2,391 
Net mortgage loans:
Commercial734 82 
Residential7133 
Agricultural823— 
Net mortgage loans2,270 85 
Other limited partnership interests15 11 
Other invested assets - derivatives51 — 
Other invested assets - other10 — 
Short-term investments, cash and cash equivalents342 206 
Total invested assets and cash and cash equivalents subject to ceded reinsurance$12,544 $2,693 


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Current Environment
As a global insurance company, we continue to be impacted by the changing global financial and economic environment, the fiscal and monetary policy of governments and central banks around the world and other governmental measures. Global inflation, supply chain disruptions, acts of war and banking sector volatility continue to impact the global economy and financial markets and have caused volatility in the global equity, credit and real estate markets. See “— Industry Trends — Financial and Economic Environment” for further information regarding conditions in the global financial markets and the economy generally which may affect us. These factors may persist for some time and may continue to impact pricing levels of risk-bearing investments, as well as our business operations, investment portfolio and derivatives. See “— Results of Operations — Consolidated Results” and “— Results of Operations — Consolidated Results — Adjusted Earnings Available to Common Shareholders” for impacts on our derivatives and analysis of the period over period changes in investment portfolio results and “Investments — Fixed Maturity Securities AFS — Evaluation of Fixed Maturity Securities AFS for Credit Loss — Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position” in Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for impacts on the net unrealized gain (loss) on our fixed maturity securities AFS.
Selected Country Investments
We have a market presence in numerous countries and, therefore, our investment portfolio, which supports our insurance operations and related policyholder liabilities, as well as our global portfolio diversification objectives, is exposed to risks posed by local political and economic conditions. The countries included in the following table have been the most affected by these risks. The table below presents a summary of selected country fixed maturity securities AFS, at estimated fair value, on a “country of risk basis” (i.e., where the issuer primarily conducts business).
 Selected Country Fixed Maturity Securities AFS at September 30, 2025
CountrySovereign (1)Financial
Services		Non-Financial
Services		Total (2)
 (Dollars in millions)
Israel$100 $37 $81 $218 
Ukraine18 — 2 20 
Russian Federation14 — — 14 
Total$132 $37 $83 $252 
Investment grade %75.7 %100.0 %53.3 %71.9 %
__________________
(1)Sovereign includes government and agency.
(2)The par value and amortized cost, net of ACL, of these securities were $311 million and $277 million, respectively, at September 30, 2025.
We manage direct and indirect investment exposure in the selected countries through fundamental analysis and we continually monitor and adjust our level of investment exposure. We do not expect that our general account investments in these countries will have a material adverse effect on our results of operations or financial condition.
Investment Portfolio Results
See “— Overview” for a discussion of our investment portfolio and a summary of how we manage our investment portfolio. Below is a reconciliation of net investment income under GAAP to adjusted net investment income and our yield table. The 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.
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Reconciliation of Net Investment Income under GAAP to Adjusted Net Investment Income
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
 (In millions)
Net investment income — GAAP$6,089 $5,227 $16,635 $15,868 
Investment hedge adjustments
100 129 305 477 
Unit-linked investment income(580)(147)(851)(908)
Reinsurance adjustments(177)— (267)— 
Other
8 (66)33 (66)
Adjusted net investment income (1)$5,440 $5,143 $15,855 $15,371 
__________________
(1)See “Financial Measure and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for a discussion of the adjustments made to net investment income under GAAP in calculating adjusted net investment income.
Yield Table
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Asset ClassYield % (1)AmountYield % (1)AmountYield % (1)AmountYield % (1)Amount
 (Dollars in millions)
Fixed maturity securities (2), (3)4.61 %$3,485 4.52 %$3,357 4.53 %$10,261 4.43 %$9,763 
Net mortgage loans (3), (4)5.22 1,009 5.32 1,097 5.18 3,091 5.29 3,293 
Real estate and real estate joint ventures1.83 63 1.67 57 3.09 317 (0.65)(65)
Policy loans5.76 115 5.72 116 5.59 335 5.57 339 
Equity securities3.46 4 3.47 4 3.98 16 4.79 18 
Other limited partnership interests11.89 431 2.45 87 7.22 775 6.62 713 
Cash and short-term investments4.36 239 5.23 257 4.32 695 5.06 712 
Other invested assets— 241 — 312 — 824 — 1,046 
Investment income4.99 5,587 4.75 5,287 4.85 16,314 4.77 15,819 
Investment fees and expenses(0.13)(147)(0.13)(144)(0.14)(458)(0.14)(448)
Net investment income including divested businesses (5)4.86 %5,440 4.62 %5,143 4.71 %15,856 4.63 %15,371 
Less: net investment income from divested businesses (5)— — 1 — 
Adjusted net investment income$5,440 $5,143 $15,855 $15,371 
__________________
(1)We calculate annualized yields using adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for third parties, Reinsurance adjustments, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities in the yield table includes FVO securities; accordingly, investment income (loss) from fixed maturity securities includes amounts from FVO securities of $99 million and $76 million for the three months ended September 30, 2025 and 2024, respectively, and $186 million and $183 million for the nine months ended September 30, 2025 and 2024, respectively. Asset carrying values of FVO securities are included in the calculation of average quarterly fixed maturity securities asset carrying values in the yield calculation.
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(3)Investment income from fixed maturity securities and net mortgage loans includes prepayment fees.
(4)Investment income from net mortgage loans excludes investment income from mortgage loans originated for third parties. See “— Net Mortgage Loans.”
(5)See “Financial Measure and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for a discussion of divested businesses.
See “— Results of Operations — Consolidated Results — Adjusted Earnings Available to Common Shareholders” for an analysis of the period over period changes in investment portfolio results.
Net Investment Gains (Losses)
We purchase investments to support our insurance liabilities and not to generate net investment gains and losses. However, net investment gains and losses are incurred and can change significantly from period to period due to changes in external influences, including changes in market factors such as interest rates, foreign currency exchange rates, credit spreads and equity markets; counterparty specific factors such as financial performance, credit rating and collateral valuation; and internal factors such as portfolio rebalancing. Changes in these factors from period to period can significantly impact the levels of provision for credit loss and impairments on our investment portfolio, as well as realized gains and losses on investments sold.
See “— Results of Operations — Consolidated Results” for an analysis of the period over period changes in realized gains (losses) on investments sold, provision (release) for credit loss and impairments and non-investment portfolio gains (losses).

Fixed Maturity Securities AFS and Equity Securities
The following table presents public and private fixed maturity securities AFS and equity securities held at:
September 30, 2025December 31, 2024
Securities by TypeEstimated Fair Value% of TotalEstimated Fair Value% of Total
(Dollars in millions)
Fixed maturity securities AFS
Publicly traded$212,309 72.0 %$201,259 72.2 %
Privately-placed82,470 28.0 77,393 27.8 
Total fixed maturity securities AFS, excluding Reinsurance adjustments
$294,779 100.0 %$278,652 100.0 %
Reinsurance adjustments
9,866 2,391 
Total fixed maturity securities AFS$304,645 $281,043 
Percentage of cash and invested assets, excluding Reinsurance adjustments
62.5 %60.7 %
Equity securities
Publicly traded
$557 70.7 %$474 66.6 %
Privately-held231 29.3 238 33.4 
Total equity securities$788 100.0 %$712 100.0 %
Percentage of cash and invested assets, excluding Reinsurance adjustments
0.2 %0.2 %
See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for information about fixed maturity securities AFS by sector, contractual maturities, continuous gross unrealized losses and equity securities by security type and the related cost, net unrealized gains (losses) and estimated fair value of these securities; as well as realized gains (losses) on sales and disposals and unrealized net gains (losses) recognized in earnings.
Included within fixed maturity securities AFS are structured securities, including RMBS, ABS & CLO, and CMBS (collectively, “Structured Products”). See “— Structured Products” for further information.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Valuation of Securities” included in the 2024 Annual Report for further information on the processes used to value securities and the related controls.
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Fair Value of Fixed Maturity Securities AFS and Equity Securities
Fixed maturity securities AFS and equity securities measured at estimated fair value on a recurring basis and their corresponding fair value pricing sources were as follows:
 September 30, 2025
LevelFixed Maturity
Securities AFS		Equity
Securities
 (Dollars in millions)
Level 1
Quoted prices in active markets for identical assets$14,797 5.0  %$475 60.3  %
Level 2
Independent pricing sources$248,497 84.3 %$78 9.9 %
Internal matrix pricing or discounted cash flow techniques— — 3 0.4 
Significant other observable inputs$248,497 84.3 %$81 10.3 %
Level 3
Independent pricing sources$29,172 9.9 %$39 4.9 %
Internal matrix pricing or discounted cash flow techniques1,837 0.6 187 23.7 
Independent broker quotations476 0.2 6 0.8 
Significant unobservable inputs$31,485 10.7 %$232 29.4 %
Total fixed maturity securities AFS and equity securities at estimated fair value, excluding Reinsurance adjustments
$294,779 100.0 %$788 100.0 %
Reinsurance adjustments9,866 — 
Total fixed maturity securities AFS and equity securities at estimated fair value$304,645 $788 
See Note 13 of the Notes to the Interim Condensed Consolidated Financial Statements for the fixed maturity securities AFS and equity securities fair value hierarchy; a rollforward of the fair value measurements for securities measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs; transfers into and/or out of Level 3; and further information about the valuation approaches and inputs by level by major classes of invested assets that affect the amounts reported above.
The majority of the Level 3 fixed maturity securities AFS and equity securities were concentrated in three sectors at September 30, 2025: foreign corporate securities, U.S. corporate securities and RMBS. During the three months ended September 30, 2025, Level 3 fixed maturity securities AFS decreased by $214 million, or 0.7%. The decrease was driven by an increase in Reinsurance adjustments, offset by purchases in excess of sales. During the nine months ended September 30, 2025, Level 3 fixed maturity securities AFS decreased by $3.1 billion, or 8.9%. The decrease was driven by transfers out of Level 3 in excess of transfers into Level 3 and an increase in Reinsurance adjustments, offset by purchases in excess of sales and an increase in estimated fair value recognized in other comprehensive income (loss).
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Valuation of Securities” included in the 2024 Annual Report for further information on the estimates and assumptions that affect the amounts reported above.
Fixed Maturity Securities AFS
See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for information about fixed maturity securities AFS by sector, contractual maturities and continuous gross unrealized losses.
Fixed Maturity Securities AFS Credit Quality — Ratings
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Fixed Maturity Securities AFS Credit Quality — Ratings” included in the 2024 Annual Report for a discussion of the credit quality ratings assigned by Nationally Recognized Statistical Rating Organizations (“NRSRO”), credit quality designations and designation categories assigned by the Securities Valuation Office of the NAIC for fixed maturity securities AFS and modeling methodologies adopted by the NAIC for non-agency RMBS and CMBS that estimate security level expected losses under a variety of economic scenarios.
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NRSRO ratings and NAIC designations are as of the dates shown below. Over time, credit ratings and designations can migrate, up or down, through the NRSRO’s and NAIC’s continuous monitoring process. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. 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, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
The following table presents total fixed maturity securities AFS by NRSRO rating, except for non-agency RMBS and CMBS, which are presented using NAIC designations for modeled securities. In addition, in the following table, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided.
  September 30, 2025December 31, 2024
NRSRO RatingNAIC DesignationAmortized
Cost net of ACL		Unrealized
Gains (Losses)
Estimated
Fair
Value
% of
Total
Amortized
Cost net of ACL		Unrealized
Gains (Losses)
Estimated
Fair
Value
% of
Total
  (Dollars in millions)
Aaa/Aa/A1$220,146 $(17,931)$202,215 68.7 %$212,723 $(20,624)$192,099 68.9 %
Baa281,909 (1,444)80,465 27.3 79,308 (4,963)74,345 26.7 
Subtotal investment grade302,055 (19,375)282,680 96.0 292,031 (25,587)266,444 95.6 
Ba38,264 100 8,364 2.8 8,834 (154)8,680 3.1 
B43,393 (14)3,379 1.1 3,279 (244)3,035 1.1 
Caa and lower5317 (59)258 0.1 478 (53)425 0.2 
In or near default6115 (17)98 — 106 (38)68 — 
Subtotal below investment grade12,089 10 12,099 4.0 12,697 (489)12,208 4.4 
Total fixed maturity securities AFS, excluding Reinsurance adjustments$314,144 $(19,365)$294,779 100.0 %$304,728 $(26,076)$278,652 100.0 %
Reinsurance adjustments10,441 (575)9,866 2,533 (142)2,391 
Total fixed maturity securities AFS$324,585 $(19,940)$304,645 $307,261 $(26,218)$281,043 
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The following tables present total fixed maturity securities AFS, at estimated fair value, by sector and by NRSRO rating, except for non-agency RMBS and CMBS, which are presented using NAIC designations for modeled securities. In addition, in the following table, the applicable NAIC designation from the NAIC published comparison of the NRSRO ratings to NAIC designations is provided.
 Fixed Maturity Securities AFS — by Sector & Credit Quality Rating
NRSRO RatingAaa/Aa/ABaaBaBCaa and LowerIn or Near
Default		Total
Estimated
Fair Value
NAIC Designation123456
 (Dollars in millions)
September 30, 2025
U.S. corporate$43,002 $34,061 $3,033 $1,456 $95 $73 $81,720 
Foreign corporate19,501 34,859 2,947 405 86 — 57,798 
Foreign government31,888 6,394 1,845 1,434 30 19 41,610 
RMBS39,465 1,606 181 26 11 3 41,292 
U.S. government and agency31,993 322 — — — — 32,315 
ABS & CLO17,120 2,789 330 42 31 1 20,313 
Municipals10,069 391 26 — — — 10,486 
CMBS9,177 43 2 16 5 2 9,245 
Total fixed maturity securities AFS, excluding Reinsurance adjustments$202,215 $80,465 $8,364 $3,379 $258 $98 $294,779 
Percentage of total68.7 %27.3 %2.8 %1.1 %0.1 %— %100.0 %
Reinsurance adjustments6,631 3,032 181 18 4 — 9,866 
Total fixed maturity securities AFS$208,846 $83,497 $8,545 $3,397 $262 $98 $304,645 
December 31, 2024
U.S. corporate$40,319 $33,271 $3,458 $1,282 $222 $32 $78,584 
Foreign corporate18,419 31,264 3,157 375 124 15 53,354 
Foreign government31,927 5,078 1,529 1,302 46 13 39,895 
RMBS32,860 1,144 81 38 8 4 34,135 
U.S. government and agency32,982 368 — — — — 33,350 
ABS & CLO16,927 2,993 405 38 25 2 20,390 
Municipals9,557 183 22 — — — 9,762 
CMBS9,108 44 28 — — 2 9,182 
Total fixed maturity securities AFS, excluding Reinsurance adjustments$192,099 $74,345 $8,680 $3,035 $425 $68 $278,652 
Percentage of total68.9 %26.7 %3.1 %1.1 %0.2 %— %100.0 %
Reinsurance adjustments1,592 783 10 — 6 — 2,391 
Total fixed maturity securities AFS$193,691 $75,128 $8,690 $3,035 $431 $68 $281,043 
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U.S. and Foreign Corporate Fixed Maturity Securities AFS
We maintain a broadly diversified portfolio of corporate fixed maturity securities AFS across many industries and issuers. This portfolio did not have any exposure to any single issuer in excess of 1% of total investments at either September 30, 2025 or December 31, 2024. The top 10 holdings comprised 1% of total investments at both September 30, 2025 and December 31, 2024. The table below presents our U.S. and foreign corporate securities portfolios by industry at:
 September 30, 2025December 31, 2024
IndustryEstimated
Fair
Value		% of
Total		Estimated
Fair
Value		% of
Total
 (Dollars in millions)
Finance $32,415 23.3 %$30,381 23.1 %
Consumer (cyclical and non-cyclical)28,108 20.1 26,823 20.3 
Utility 26,509 19.0 25,029 19.0 
Industrial (basic, capital goods and other)15,376 11.0 14,681 11.1 
Transportation13,365 9.6 12,208 9.3 
Communications9,572 6.9 9,536 7.2 
Energy7,853 5.6 7,411 5.6 
Technology4,784 3.4 4,359 3.3 
Other1,536 1.1 1,510 1.1 
Total U.S. and foreign corporate fixed maturity securities AFS, excluding Reinsurance adjustments
$139,518 100.0 %$131,938 100.0 %
Reinsurance adjustments4,123 1,195 
Total U.S. and foreign corporate fixed maturity securities AFS
$143,641 $133,133 
Structured Products 
Our investments in Structured Products are collateralized by residential mortgages, commercial mortgages, bank loans and other assets. Our investment selection criteria and monitoring include review of credit ratings, characteristics of the assets underlying the securities, borrower characteristics and the level of credit enhancement. We held $70.9 billion and $63.7 billion of Structured Products, at estimated fair value, at September 30, 2025 and December 31, 2024, respectively, as presented in the RMBS, ABS & CLO, and CMBS sections below.
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RMBS
Our RMBS portfolio is broadly diversified by security type and risk profile. The following table presents our RMBS portfolio by security type, risk profile and ratings profile at:
September 30, 2025December 31, 2024
Estimated
Fair
Value		% of
Total		Net
Unrealized
Gains (Losses)		Estimated
Fair
Value		% of
Total		Net
Unrealized
Gains (Losses)
(Dollars in millions)
Security type
Collateralized mortgage obligations$26,162 63.4 %$(562)$21,568 63.2 %$(1,370)
Pass-through mortgage-backed securities15,130 36.6 (806)12,567 36.8 (1,294)
Total RMBS, excluding Reinsurance adjustments$41,292 100.0 %$(1,368)$34,135 100.0 %$(2,664)
Reinsurance adjustments2,433 (18)286 1 
Total RMBS$43,725 $(1,386)$34,421 $(2,663)
Risk profile
Agency$25,766 62.4 %$(1,144)$20,660 60.5 %$(2,058)
Non-Agency
Prime and prime investor8,381 20.3 (155)6,390 18.7 (374)
Non-qualified residential mortgage (“NQM”) and alternative (“Alt-A”) 1,947 4.7 6 1,699 5.0 (37)
Reperforming and sub-prime3,289 8.0 (84)3,579 10.5 (173)
Other (1)1,909 4.6 9 1,807 5.3 (22)
Subtotal Non-Agency15,526 37.6 %(224)13,475 39.5 %(606)
Total RMBS, excluding Reinsurance adjustments$41,292 100.0 %$(1,368)$34,135 100.0 %$(2,664)
Reinsurance adjustments2,433 (18)286 1 
Total RMBS$43,725 $(1,386)$34,421 $(2,663)
Ratings profile
Rated Aaa and Aa $36,038 87.3 %$29,158 85.4 %
Designated NAIC 1$39,465 95.6 %$32,860 96.3 %
__________________
(1)Other Non-Agency RMBS are broadly diversified across several subsectors and issuers, including securities collateralized by the following mortgage loan types: single family rental, early buyout securitization and small business commercial.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Structured Products — RMBS” included in the 2024 Annual Report for further information about collateralized mortgage obligations and pass-through mortgage-backed securities, as well as agency, prime, prime investor, NQM, Alt-A, reperforming and sub-prime mortgage-backed securities.
We manage our exposure to reperforming and sub-prime RMBS holdings by focusing primarily on senior tranche securities, stress testing the portfolio with severe loss assumptions and closely monitoring the performance of the portfolio. Our reperforming RMBS are generally newer vintage securities and higher quality at purchase and the vast majority are investment grade under NAIC designations (e.g., NAIC 1 and NAIC 2). Our sub-prime RMBS portfolio consists predominantly of securities that were purchased at significant discounts to par value and discounts to the expected principal recovery value of these securities, and the vast majority are investment grade under NAIC designations.
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ABS & CLO
Our non-mortgage loan-backed structured securities are comprised of two broad categories of securitizations: ABS & CLO. These portfolios are broadly diversified by collateral type and issuer. The following table presents our ABS & CLO portfolios by collateral type and ratings profile at:
 September 30, 2025December 31, 2024
 Estimated
Fair
Value		% of
Total		Net
Unrealized
Gains (Losses) 		Estimated
Fair
Value		% of
Total		Net
Unrealized
Gains (Losses)
 (Dollars in millions)
ABS
Collateral type
Digital infrastructure$2,021 9.9 %$(6)$1,938 9.5 %$(22)
Vehicle and equipment loans945 4.7 7 1,328 6.5 (1)
Consumer loans1,217 6.0 (5)1,173 5.8 (34)
Credit card1,014 5.0 14 1,122 5.5 7 
Franchise738 3.6 (16)816 4.0 (35)
Student loans919 4.5 (21)671 3.3 (37)
Other (1)6,359 31.3 (111)6,197 30.4 (263)
Total13,213 65.0 %(138)13,245 65.0 %(385)
CLO (2)7,100 35.0 %16 7,145 35.0 %11 
Total ABS & CLO, excluding Reinsurance adjustments$20,313 100.0 %$(122)$20,390 100.0 %$(374)
Reinsurance adjustments1,387 18 201 1 
Total ABS & CLO$21,700 $(104)$20,591 $(373)
ABS ratings profile
Rated Aaa and Aa$3,924 29.7 %$3,977 30.0 %
Designated NAIC 1$10,538 79.8 %$10,366 78.3 %
CLO ratings profile
Rated Aaa and Aa$5,263 74.1 %$5,313 74.4 %
Designated NAIC 1$6,605 93.0 %$6,386 89.4 %
ABS & CLO ratings profile
Rated Aaa and Aa$9,187 45.2 %$9,290 45.6 %
Designated NAIC 1$17,143 84.4 %$16,752 82.2 %
_________________
(1)Other ABS are broadly diversified across several subsectors and issuers, including securities with the following collateral types: foreign residential loans, transportation equipment and renewable energy.
(2)Includes primarily securities collateralized by broadly syndicated bank loans.
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CMBS
Our CMBS portfolio is comprised primarily of conduit, single asset and single borrower securities. Conduit securities are collateralized by many commercial mortgage loans and are broadly diversified by property type, borrower and geography. The following tables present our CMBS portfolio by collateral type and ratings profile at:
September 30, 2025December 31, 2024
Estimated Fair Value% of TotalNet Unrealized Gains (Losses) Estimated Fair Value% of TotalNet Unrealized Gains (Losses)
(Dollars in millions)
Collateral type
Conduit$4,513 48.8 %$(146)$5,097 55.5 %$(325)
Single asset and single borrower2,366 25.6 (43)2,197 23.9 (75)
Agency 1,198 13.0 (105)715 7.8 (116)
Commercial real estate collateralized loan obligations208 2.2 — 249 2.7 (1)
Other960 10.4 3 924 10.1 20 
Total CMBS, excluding Reinsurance adjustments$9,245 100.0 %$(291)$9,182 100.0 %$(497)
Reinsurance adjustments509 (1)165 3 
Total CMBS $9,754 $(292)$9,347 $(494)
Ratings profile
Rated Aaa and Aa$7,447 80.6 %$7,467 81.3 %
Designated NAIC 1$9,177 99.3 %$9,108 99.2 %
Evaluation of Fixed Maturity Securities AFS for Credit Loss, Rollforward of Allowance for Credit Loss and Credit Loss on Fixed Maturity Securities AFS Recognized in Earnings
See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for information about the evaluation of fixed maturity securities AFS for credit loss, rollforward of the ACL, net credit loss provision (release) and impairment (losses), as well as realized gains (losses) on sales and disposals of fixed maturity securities AFS at and for the nine months ended September 30, 2025.
Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs
We participate in securities lending transactions, repurchase agreements and third-party custodian administered programs with unaffiliated financial institutions in the normal course of business for the purpose of enhancing the total return on our investment portfolio.
Securities lending transactions and repurchase agreements: We account for these arrangements as secured borrowings and record a liability in the amount of the cash received. We obtain collateral, usually cash, from the borrower, which must be returned to the borrower when the securities are returned to us. Through these arrangements, we were liable for cash collateral under our control of $15.2 billion and $14.4 billion at September 30, 2025 and December 31, 2024, respectively, including a portion that may require the immediate return of cash collateral we hold. See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements, as well as “Summary of Significant Accounting Policies — Investments — Securities Lending Transactions and Repurchase Agreements” in Notes 1 and 11 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for further information about the secured borrowings accounting and the classification of revenues and expenses.
Third-party custodian administered programs: The estimated fair value of securities we own which are loaned in connection with these programs was $583 million and $433 million at September 30, 2025 and December 31, 2024, respectively. The estimated fair value of the related non-cash collateral on deposit with third-party custodians on our behalf, which is not reflected in our interim condensed consolidated financial statements and cannot be sold or re-pledged, was $599 million and $443 million at September 30, 2025 and December 31, 2024, respectively.
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Net Mortgage Loans
Our mortgage loan investments are principally collateralized by commercial, agricultural and residential properties. The Company originates and acquires mortgage loans and, in certain cases, transfers proportional rights to cash flows of certain mortgage loans to third parties under participation agreements, which are recorded as secured borrowings. The net mortgage loan information presented herein does not include mortgage loans originated for third parties and the related ACL. See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for further information.
Net mortgage loans carried at amortized cost and the related ACL are summarized as follows at:
September 30, 2025December 31, 2024
Portfolio Segment
Amortized Cost (1)
% of
Total
ACL (1)
ACL as % of
Amortized Cost
Amortized Cost (1)
% of
Total
ACL (1)
ACL as % of
Amortized Cost
(Dollars in millions)
Commercial $44,953 57.7 %$779 1.7 %$48,967 59.6 %$461 0.9 %
Agricultural18,045 23.1 85 0.5 %19,030 23.1 83 0.4 %
Residential14,968 19.2 206 1.4 %14,186 17.3 179 1.3 %
Net mortgage loans, excluding Reinsurance adjustments
77,966 100.0 %1,070 1.4 %82,183 100.0 %723 0.9 %
Reinsurance adjustments2,295 25 85 — 
Net mortgage loans
$80,261 $1,095 $82,268 $723 
_________________
(1)Does not include mortgage loans originated for third parties of $6.8 billion at amortized cost ($6.5 billion commercial and $340 million agricultural) or the related ACL of $166 million at September 30, 2025, and $7.5 billion at amortized cost ($7.2 billion commercial and $283 million agricultural) or the related ACL of $77 million at December 31, 2024.
We diversify our mortgage loan investments by both geographic region and property type to reduce the risk of concentration. Of our net commercial and agricultural mortgage loans carried at amortized cost, 87% are collateralized by properties located in the U.S., with the remaining 13% collateralized by properties located primarily in Mexico, the U.K. and Chile at September 30, 2025. The carrying values of our net commercial and agricultural mortgage loans collateralized by properties located in California, New York and Texas were 17%, 8% and 6%, respectively, of total net commercial and agricultural mortgage loans at September 30, 2025. Additionally, we manage risk when originating commercial and agricultural mortgage loan investments by generally lending up to 75% of the estimated fair value of the underlying real estate collateral.
We manage our residential mortgage loans carried at amortized cost in a similar manner to reduce risk of concentration, with 91% collateralized by properties located in the U.S., and the remaining 9% collateralized by properties located in Chile, at September 30, 2025. The carrying values of our residential mortgage loans located in California, Florida and New York were 33%, 10% and 8%, respectively, of total residential mortgage loans at September 30, 2025.
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Net Commercial Mortgage Loans by Geographic Region and Property Type. Net commercial mortgage loans are the largest mortgage loan portfolio segment. The tables below present, at amortized cost, the diversification of these investments across geographic regions and property types:
September 30, 2025December 31, 2024
Amount% of
Total		Amount% of
Total
(Dollars in millions)
Region
Pacific$8,617 19.2 %$8,738 17.8 %
Non-U.S.7,555 16.8 7,901 16.1 
Middle Atlantic6,369 14.2 6,938 14.2 
South Atlantic5,321 11.8 5,890 12.0 
West South Central3,195 7.1 3,228 6.6 
New England2,340 5.2 2,680 5.5 
Mountain 2,369 5.3 2,317 4.7 
East North Central1,398 3.1 1,453 3.0 
East South Central453 1.0 481 1.0 
West North Central405 0.9 410 0.8 
Multi-Region and Other6,931 15.4 8,931 18.3 
Total amortized cost, excluding Reinsurance adjustments$44,953 100.0 %$48,967 100.0 %
Reinsurance adjustments735 82 
Total amortized cost$45,688 $49,049 
Less: ACL780 461 
Carrying value, net of ACL$44,908 $48,588 
Property Type
Office$17,253 38.4 %$18,269 37.3 %
Apartment9,713 21.6 10,472 21.4 
Retail6,505 14.5 6,612 13.5 
Single Family Rental4,481 9.9 5,355 10.9 
Industrial3,764 8.4 4,999 10.2 
Hotel3,151 7.0 3,178 6.5 
Other86 0.2 82 0.2 
Total amortized cost, excluding Reinsurance adjustments44,953 100.0 %48,967 100.0 %
Reinsurance adjustments735 82 
Total amortized cost$45,688 $49,049 
Less: ACL780 461 
Carrying value, net of ACL$44,908 $48,588 
Our commercial mortgage loan investments are well positioned with exposures concentrated in high quality underlying properties located in primary markets typically with institutional investors who are better positioned to manage their assets during periods of market volatility. Our portfolio is comprised primarily of lower risk loans with higher debt service coverage ratios (“DSCR”) and lower loan-to-value (“LTV”) ratios, as shown below.
Credit Quality — Monitoring Process. We monitor our mortgage loan investments on an ongoing basis, including a review by credit quality indicator and by the performance indicators of current, past due, restructured and under foreclosure. See below for further information on net mortgage loans by credit quality indicator. See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for further information by performance indicator.
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We review our commercial mortgage loan investments on an ongoing basis. These reviews may include an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. The monitoring process for agricultural mortgage loan investments is generally similar, with a focus on higher risk loans, such as loans with higher LTV ratios. Agricultural mortgage loan investments are reviewed on an ongoing basis which include property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, including reviews on a geographic and property-type basis. We review our residential mortgage loan investments on an ongoing basis, with a focus on higher risk loans, such as nonperforming loans. See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for information on our evaluation of residential mortgage loan investments and related ACL methodology.
LTV ratios and DSCR are common measures in the assessment of the quality of commercial mortgage loan investments. LTV ratios are a common measure in the assessment of the quality of agricultural mortgage loan investments. LTV ratios compare the amount of the loan to the estimated fair value of the underlying collateral. An LTV ratio greater than 100% indicates that the loan amount is greater than the collateral value. An LTV ratio of less than 100% indicates an excess of collateral value over the loan amount. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. For our net commercial mortgage loans, our average LTV ratio was 69% at both September 30, 2025 and December 31, 2024 and our average DSCR was 2.1x at both September 30, 2025 and December 31, 2024. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of our ongoing review of our commercial mortgage loan investments. For our net agricultural mortgage loans, our average LTV ratio was 45% and 46% at September 30, 2025 and December 31, 2024, respectively. The values utilized in calculating the LTV ratio of our agricultural mortgage loan investments are developed in connection with the ongoing review of our portfolio and are routinely updated.
The distribution of our net commercial mortgage loan portfolios totaling $45.0 billion at amortized cost at September 30, 2025 by key credit quality indicators of LTV and DSCR was as follows:
September 30, 2025
DSCR
LTV
> 1.2x
1.0-1.2x
< 1.0x
Total
<65%50.0 %1.9 %1.3 %53.2 %
65% - 75%15.5 %1.9 %0.6 %18.0 %
76% - 80%3.9 %0.9 %0.2 %5.0 %
>80%13.6 %4.9 %5.3 %23.8 %
Total83.0 %9.6 %7.4 %100.0 %
The distribution of our net agricultural mortgage loan portfolios totaling $18.0 billion at amortized cost at September 30, 2025 by the key credit quality indicator of LTV was as follows:
September 30, 2025
LTV
Total
<65%92.1 %
65% - 75%7.2 %
76% - 80%0.3 %
>80%0.4 %
Total100.0 %
Mortgage Loan Allowance for Credit Loss. Our ACL is established for both pools of loans with similar risk characteristics and for mortgage loan investments with dissimilar risk characteristics, such as collateral dependent loans, individually and on a loan specific basis. We record an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loan investments that the Company does not expect to collect, resulting in mortgage loan investments being presented at the net amount expected to be collected.
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In determining our ACL, management (i) pools mortgage loans that share similar risk characteristics, (ii) considers expected lifetime credit loss over contractual terms of mortgage loans, as adjusted for expected prepayments and any extensions, and (iii) considers past events and current and forecasted economic conditions. Actual credit loss realized could be different from the amount of the ACL recorded. These evaluations and assessments are revised as conditions change and new information becomes available, which can cause the ACL to increase or decrease over time as such evaluations are revised. Negative credit migration, including an actual or expected increase in the level of problem loans, will result in an increase in the ACL. Positive credit migration, including an actual or expected decrease in the level of problem loans, will result in a decrease in the ACL. See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for information on how the ACL is established and monitored, and activity in and balances of the ACL.
Real Estate and Real Estate Joint Ventures
Our real estate investments are comprised of wholly-owned properties, and interests in both real estate joint ventures and real estate funds which invest in a wide variety of properties and property types, consisting of single and multi-property projects, and are broadly diversified across multiple property types and geographies.
The carrying value of our real estate investments was $13.9 billion and $13.3 billion at September 30, 2025 and December 31, 2024, respectively, or 3.0% and 2.9% of cash and invested assets at September 30, 2025 and December 31, 2024, respectively.
Our real estate investments are typically stabilized properties that we intend to hold for the longer-term for portfolio diversification and long-term appreciation. Our real estate investment portfolio had appreciated to a $3.7 billion unrealized gain position at September 30, 2025.
We continuously monitor and assess our real estate investments for impairment when facts and circumstances indicate that the real estate may be impaired. As a result of our impairment analysis, we recorded an impairment loss of $18 million and $17 million for the nine months ended September 30, 2025 and 2024, respectively.
We diversify our real estate investments by property type, form of equity interest (wholly-owned, joint venture and funds) and geographic region to reduce risk of concentration. See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for a summary of our real estate investments, by income type, as well as income earned.
Other Limited Partnership Interests
Other limited partnership interests are comprised of investments in private funds, including private equity funds. At September 30, 2025 and December 31, 2024, the carrying value of other limited partnership interests was $14.7 billion and $14.4 billion, respectively. Other limited partnership interests were 3.1% and 3.1% of cash and invested assets at September 30, 2025 and December 31, 2024, respectively. Cash distributions on these investments are generated from investment gains, operating income from the underlying investments of the funds and liquidation of the underlying investments of the funds.
We use the equity method of accounting for most of our private equity funds. We generally recognize our share of a private equity fund’s earnings in net investment income on a three-month lag, which is when the information is reported to us. Accordingly, changes in equity market levels, which can impact the underlying results of these private equity funds, are recognized in earnings within our net investment income on a three-month lag.
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Other Invested Assets
The following table presents the carrying value of our other invested assets by type at:
 September 30, 2025December 31, 2024
Asset TypeCarrying
Value		% of
Total		Carrying
Value		% of
Total
 (Dollars in millions)
Freestanding derivatives with positive estimated fair values$7,296 43.3 %$8,212 44.4 %
Operating joint ventures 1,608 9.5 2,006 10.8 
Company-owned life insurance policies1,808 10.7 1,738 9.4 
Annuities funding structured settlement claims 1,242 7.4 1,248 6.7 
Direct financing leases1,252 7.4 1,228 6.6 
Tax credit and renewable energy partnerships707 4.2 714 3.9 
Federal Home Loan Bank of New York (“FHLBNY”) common stock 700 4.1 699 3.8 
Leveraged leases370 2.2 623 3.4 
Funds withheld486 2.9 433 2.3 
Other1,402 8.3 1,603 8.7 
Total other invested assets, excluding Reinsurance adjustments$16,871 100.0 %$18,504 100.0 %
Reinsurance adjustments61 — 
Total other invested assets$16,932 $18,504 
Percentage of cash and invested assets, excluding Reinsurance adjustments3.6 %4.0 %
__________________
See Notes 1, 11 and 12 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for information regarding freestanding derivatives with positive estimated fair values, tax credit and renewable energy partnerships, annuities funding structured settlement claims, direct financing and leveraged leases, operating joint ventures, FHLBNY common stock, and funds withheld.
Investment Commitments
We enter into the following commitments in the normal course of business for the purpose of enhancing the total return on our investment portfolio: mortgage loan commitments and commitments to fund partnerships, bank credit facilities, bridge loans and private corporate bond investments. See Note 21 of the Notes to the Interim Condensed Consolidated Financial Statements for the amount of our unfunded investment commitments at September 30, 2025 and December 31, 2024. See “Net Investment Income” and “Net Investment Gains (Losses)” in Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for information on the investment income, investment expense, gains and losses from such investments and the liability for credit loss for unfunded mortgage loan commitments. See also “— Fixed Maturity Securities AFS and Equity Securities,” “— Net Mortgage Loans,” “— Real Estate and Real Estate Joint Ventures” and “— Other Limited Partnership Interests.”
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Derivatives
Overview
We are exposed to various risks relating to our ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. We use a variety of strategies to manage these risks, including the use of derivatives, such as market standard purchased and written credit default swap contracts. See Note 12 of the Notes to the Interim Condensed Consolidated Financial Statements for: 
•A comprehensive description of the nature of our derivatives, including the strategies for which derivatives are used in managing various risks.
•Information about the primary underlying risk exposure, gross notional amount, and estimated fair value of our derivatives by type of hedge designation, excluding embedded derivatives held at September 30, 2025 and December 31, 2024.
•The statement of operations effects of derivatives in net investments in foreign operations, cash flow, fair value, or nonqualifying hedging relationships for the three months and nine months ended September 30, 2025 and 2024.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Critical Accounting Estimates — Derivatives” in the 2024 Annual Report for further information on the estimates and assumptions that affect derivatives. See also “Quantitative and Qualitative Disclosures About Market Risk — Management of Market Risk Exposures — Hedging Activities” in the 2024 Annual Report for more information about our use of derivatives by major hedge program.
Net Derivative Gains (Losses)
A portion of our derivatives are designated and qualify as accounting hedges, which reduce volatility in earnings. For those derivatives not designated as accounting hedges, changes in market factors lead to the recognition of fair value changes in net derivative gains (losses) generally without an offsetting gain or loss recognized in earnings for the item being hedged, which creates volatility in earnings. We actively evaluate market risk hedging needs and strategies to ensure our free cash flow and capital objectives are met under a range of market conditions.
Certain variable annuity products with guaranteed minimum benefits are accounted for as MRBs and measured at estimated fair value. We use freestanding derivatives to hedge the market risks inherent in these variable annuity guarantees.
We continuously review and refine our hedging strategy in light of changing economic and market conditions, evolving NAIC and the New York Department of Financial Services statutory requirements, and accounting rule changes. As a part of our current hedging strategy, we maintain portfolio level derivatives in our macro hedge program. These macro hedge program derivatives mitigate the potential deterioration in our capital positions from significant adverse economic conditions.
See “— Results of Operations — Consolidated Results” for an analysis of the period over period changes in net derivative gains (losses).
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Liquidity and Capital Resources
Overview
This discussion should be read in conjunction with the following sections included elsewhere herein for additional information regarding the topics noted below:
•Notes to the Interim Condensed Consolidated Financial Statements:
◦Note 3 (pending acquisition of PineBridge Investments);
◦Note 14 (senior note issuances and facility agreement for senior debt issuances);
◦Note 15 (subordinated debt issuance and changes to replacement capital covenants (“RCCs”) of junior subordinated debt securities); and
◦Note 16 (preferred stock, including redemption and the calculation and timing of dividend payments, and MetLife, Inc.’s common stock repurchase authorizations).
Additionally, this discussion should be read in conjunction with the following sections included in the 2024 Annual Report for additional information regarding the topics noted below:
•Notes to the Consolidated Financial Statements:
◦Note 3 (acquisitions and dispositions);
◦Note 5 (funding agreements, reported in PABs, and the related pledged collateral);
◦Note 16 (long-term debt, short-term debt, credit and committed facilities, and debt and facility covenants);
◦Note 17 (collateral financing arrangement and the related pledged collateral);
◦Note 18 (junior subordinated debt securities and the related RCCs); and
◦Note 19 (preferred stock and common stock, including the calculation and timing of dividend payments, restrictions on dividends, “dividend stopper” provisions, and MetLife, Inc.’s common stock repurchase authorizations).
•Notes to the MetLife, Inc. (Parent Company Only) Condensed Financial Information included in Schedule II of the Financial Statement Schedules:
◦Note 3 (affiliated long-term debt); and
◦Note 4 (support agreements).
•Risk Factors:
◦“— Capital Risks”;
◦“— Investment Risks — We May Have Difficulty Selling Holdings in Our Investment Portfolio or in Our Securities Lending Program in a Timely Manner to Realize Their Full Value”;
◦“— Economic Environment and Capital Markets Risks — We May Not Meet Our Liquidity Needs, Access Capital, or May Face Significantly Increased Cost of Capital Due to Adverse Capital and Credit Market Conditions”; and
◦“— Economic Environment and Capital Markets Risks — We May Lose Business Due to a Downgrade or a Potential Downgrade in Our Financial Strength or Credit Ratings.”
Our business and results of operations are materially affected by conditions in the global financial markets and the economy generally due to our market presence in numerous countries, large investment portfolio and the sensitivity of our insurance liabilities and derivatives to changing market factors. Such conditions may affect our financing costs and market interest for our debt or equity securities. For further information regarding market factors that could affect our ability to meet liquidity and capital needs, see “— Industry Trends” and “— Investments — Current Environment.”
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Liquidity Management
Based upon the strength of our franchise, diversification of our businesses, strong financial fundamentals and the substantial funding sources available to us as described herein, we continue to believe we have access to ample liquidity to meet business requirements under current market conditions and reasonably possible stress scenarios. We continuously monitor and adjust our liquidity and capital plans for MetLife, Inc. and its subsidiaries in light of market conditions, as well as changing needs and opportunities. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Liquidity” included in the 2024 Annual Report.
Short-term Liquidity and Liquid Assets
An integral part of our liquidity management includes managing our level of liquid assets. At September 30, 2025 and December 31, 2024, our short-term liquidity position was $19.9 billion and $18.6 billion, respectively, and liquid assets were $181.6 billion and $172.8 billion, respectively.
Short-term liquidity includes cash and cash equivalents and short-term investments, excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, and secured borrowings, as well as amounts held in the closed block.
Liquid assets include short-term liquidity and publicly traded securities, excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block.
Capital Management
We have established several senior management committees as part of our capital management process. These committees, including the Capital Management Committee and the Enterprise Risk Committee (“ERC”), regularly review actual and projected capital levels (under a variety of scenarios including stress scenarios) and our annual capital plan in accordance with our capital policy. The Capital Management Committee is comprised of members of senior management, including MetLife, Inc.’s Chief Financial Officer (“CFO”), Treasurer, and Chief Risk Officer (“CRO”). The ERC is also comprised of members of senior management, including MetLife, Inc.’s CFO, CRO and Chief Investment Officer.
MetLife, Inc.’s Board of Directors (“Board of Directors”) and senior management are directly involved in the development and maintenance of our capital policy. The capital policy sets forth, among other things, minimum and target capital levels and the governance of the capital management process. All capital actions, including proposed changes to the annual capital plan, capital targets or capital policy, are reviewed by the Finance and Risk Committee of the Board of Directors prior to obtaining full Board of Directors approval. The Board of Directors approves the capital policy and the annual capital plan and authorizes capital actions, as required.
The Company
Liquidity
Liquidity refers to the ability to generate adequate amounts of cash to meet our needs. In the event of significant cash requirements beyond anticipated liquidity needs, we have various alternatives available depending on market conditions and the amount and timing of the liquidity need. These available alternatives include cash flows from operations, sales of liquid assets, global funding sources including commercial paper and various credit and committed facilities.
Capital
We manage our capital position to maintain our financial strength and credit ratings. Our capital position is supported by our ability to generate strong cash flows within our operating companies and borrow funds at competitive rates, as well as by our demonstrated ability to raise additional capital to meet operating and growth needs despite adverse market and economic conditions.
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Summary of the Company’s Primary Sources and Uses of Liquidity and Capital
Our primary sources and uses of liquidity and capital are summarized as follows:
Nine Months
Ended
September 30,
20252024
(In millions)
Sources:
Operating activities, net$10,016 $9,987 
Net change in PABs5,788 2,535 
Long-term debt issued743 1,547 
Subordinated debt securities issued
1,000 — 
Other, net
— 140 
Effect of change in foreign currency exchange rates on cash and cash equivalents
309 — 
Total sources17,856 14,209 
Uses:
Investing activities, net11,321 6,129 
Net change in payables for collateral under securities loaned and other transactions
90 394 
Long-term debt repaid609 1,742 
Collateral financing arrangement repaid78 108 
Derivatives with certain financing elements and other derivative-related transactions, net132 41 
Net change in mortgage loan secured financing526 431 
Treasury stock acquired in connection with share repurchases2,423 2,801 
Redemption of preferred stock
988 — 
Preferred stock redemption premium
12 — 
Dividends on preferred stock163 168 
Dividends on common stock1,134 1,149 
Other, net215 — 
Effect of change in foreign currency exchange rates on cash and cash equivalents— 120 
Total uses17,691 13,083 
Net increase (decrease) in cash and cash equivalents$165 $1,126 
Cash Flows from Operations
The principal cash inflows from our insurance activities come from insurance premiums, net investment income, annuity considerations and deposit funds. The principal cash outflows are the result of various life insurance, annuity and pension products, operating expenses and income tax, as well as interest expense.
Cash Flows from Investments
The principal cash inflows from our investment activities come from repayments of principal, proceeds from maturities and sales of investments and settlements of freestanding derivatives. The principal cash outflows relate to purchases of investments, issuances of policy loans and settlements of freestanding derivatives. In addition, cash inflows and outflows relate to sales and purchases of businesses. We typically have a net cash outflow from investing activities because cash inflows from insurance operations are reinvested in accordance with our ALM discipline to fund insurance liabilities. We closely monitor and manage these risks through our comprehensive investment risk management process.
Cash Flows from Financing
The principal cash inflows from our financing activities come from issuances of debt and other securities, deposits of funds associated with PABs and lending of securities. The principal cash outflows come from repayments of debt and the collateral financing arrangement, payments of dividends on and repurchases or redemptions of MetLife, Inc.’s securities, withdrawals associated with PABs and the return of securities on loan.
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Liquidity and Capital Sources
Liquidity and capital are provided by a variety of global funding sources, including: (i) preferred and common stock; (ii) short-term debt, which includes commercial paper; (iii) long-term debt; collateral financing arrangement; and subordinated debt securities; (iv) PABs, which includes funding agreements; (v) credit and committed facilities; (vi) shelf registration statement, which permits the issuance of public debt, equity and hybrid securities and provides for automatic effectiveness upon filing and has no stated issuance capacity; and (vii) dispositions. Additional details regarding certain of our primary sources of liquidity and capital are included in the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2024 Annual Report referenced in “— Overview” and are discussed below.
The diversity of our global funding sources enhances our funding flexibility, limits dependence on any one market or source of funds and generally lowers the cost of funds. We have no reason to believe that our lending counterparties will be unable to fulfill their respective contractual obligations under our credit and committed facilities. As commitments under these facilities may expire unused, these amounts do not necessarily reflect our actual future cash funding requirements.
Facility Agreement for Senior Debt Issuances
In March 2025, we expanded our sources of liquidity by entering into a 30-year facility agreement with a Delaware trust (the “Trust”) which gives the Company the right to issue and sell to the Trust from time to time up to $1,250 million of senior notes in exchange for a corresponding amount of U.S. Treasury securities. See Note 14 of the Notes to the Interim Condensed Consolidated Financial Statements for additional information.
Credit and Committed Facilities
At September 30, 2025, the Company maintained its unsecured revolving credit facility (the “Credit Facility”), as well as certain committed facilities (the “Committed Facilities”). When drawn upon, these facilities bear interest at varying rates in accordance with the respective agreements.
Information on the Credit Facility and Committed Facilities at September 30, 2025 was as follows:
Account Party/Borrower(s)Maximum CapacityLetters of Credit IssuedDrawdownsUnused Commitments
(In millions)
Credit Facility:
MetLife, Inc. and MetLife Funding, Inc.$3,000 $298 $— $2,702 
Committed Facilities:
MetLife Reinsurance Company of Vermont and MetLife, Inc.$350 $350 $— $— 
MetLife Reinsurance Company of Vermont and MetLife, Inc.2,896 2,465 — 431 
Total Committed Facilities$3,246 $2,815 $— $431 
Outstanding Debt
The following table summarizes our outstanding debt at:
September 30, 2025December 31, 2024
(In millions)
Short-term debt (1)$378 $465 
Long-term debt (2)$15,300 $15,086 
Collateral financing arrangement$398 $476 
Subordinated debt securities (3)
$4,154 $3,164 
__________________
(1)This is all short-term debt that is non-recourse to MetLife, Inc., subject to customary exceptions. Certain subsidiaries have pledged assets to secure this debt.
(2)Includes $359 million and $348 million of long-term debt that is non-recourse to MetLife, Inc. and Metropolitan Life Insurance Company (“MLIC”), subject to customary exceptions, at September 30, 2025 and December 31, 2024, respectively. Certain investment subsidiaries have pledged assets to secure this debt.
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(3)Includes $1.0 billion of subordinated debt issued in March 2025. See Note 15 of the Notes to the Interim Condensed Consolidated Financial Statements for additional information.
Certain of our debt instruments and Committed Facilities, as well as our Credit Facility, contain various administrative, reporting, legal and financial covenants. We believe we were in compliance with all applicable financial covenants at September 30, 2025.
Liquidity and Capital Uses
The primary uses of liquidity and capital include: (i) common stock repurchases; (ii) dividends on common and preferred stock; (iii) preferred stock redemptions; (iv) debt repayments; (v) debt repurchases, redemptions and exchanges; (vi) contractual obligations, including PABs and insurance liabilities; (vii) pledged collateral; (viii) securities lending transactions, repurchase agreements and third-party custodian administered programs; (ix) mortgage loan secured financing; and (x) acquisitions. Additional details regarding certain of our primary uses of liquidity and capital are included in the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2024 Annual Report referenced in “— Overview” and are discussed below.
Common Stock and Preferred Stock Repurchases and Dividends
Among other factors that could restrict MetLife, Inc.’s ability to repurchase or pay dividends on its common stock are the “dividend stopper” provisions in MetLife, Inc.’s preferred stock and junior subordinated debentures. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Liquidity and Capital Uses — ‘Dividend Stopper’ Provisions in MetLife’s Preferred Stock and Junior Subordinated Debentures” included in the 2024 Annual Report.
For the nine months ended September 30, 2025 and 2024, MetLife, Inc. paid dividends on its preferred stock of $163 million and $168 million, respectively. For both the nine months ended September 30, 2025 and 2024, MetLife, Inc. paid dividends on its common stock of $1.1 billion.
Debt Repurchases, Redemptions and Exchanges
We may from time to time seek to retire or purchase our outstanding debt through cash purchases, redemptions and/or exchanges for other securities, in open market purchases, privately negotiated transactions or otherwise. Any such repurchases, redemptions, or exchanges will be dependent upon several factors, including our liquidity requirements, contractual restrictions, general market conditions, and applicable regulatory, legal and accounting factors. Whether or not to repurchase or redeem any debt and the size and timing of any such repurchases or redemptions will be determined at our discretion.
Pledged Collateral
We pledge collateral to, and have collateral pledged to us by counterparties in connection with our derivatives, the collateral financing arrangement related to the reinsurance of closed block liabilities, and with funding and advance agreements. See Note 12 of the Notes to the Interim Condensed Consolidated Financial Statements for additional information regarding derivatives.
Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs
See “— Investments — Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs.”
Mortgage Loan Secured Financing
See “— Investments — Net Mortgage Loans.”
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Insurance Liabilities
Liabilities arising from our insurance activities primarily relate to benefit payments under various life insurance, annuity and group pension products, as well as payments for policy surrenders, withdrawals and loans. For annuity or deposit type products, surrender or lapse behavior differs somewhat by segment. In the MetLife Holdings segment, which includes individual annuities, lapses and surrenders tend to occur in the normal course of business. For the nine months ended September 30, 2025 and 2024, general account surrenders and withdrawals from annuity products were $1.0 billion and $1.3 billion, respectively. In the RIS segment, which includes pension risk transfers, bank-owned life insurance and other fixed annuity contracts, as well as funding agreements and other capital market products, most of the products offered have fixed maturities or fairly predictable surrenders or withdrawals. With regard to the RIS business products that provide customers with limited rights to accelerate payments, at September 30, 2025, there were funding agreements totaling $127 million that could be put back to the Company.
MetLife, Inc.
Liquidity and Capital Management
Liquidity and capital are managed to preserve stable, reliable and cost-effective sources of cash to meet all current and future financial obligations and are provided by a variety of sources, including a portfolio of liquid assets, a diversified mix of short- and long-term funding sources from the wholesale financial markets and the ability to borrow through credit and committed facilities. Liquidity is monitored through the use of internal liquidity risk metrics, including the composition and level of the liquid asset portfolio, timing differences in short-term cash flow obligations, access to the financial markets for capital and debt transactions and exposure to contingent draws on MetLife, Inc.’s liquidity. MetLife, Inc. is an active participant in the global financial markets through which it obtains a significant amount of funding. These markets, which serve as cost-effective sources of funds, are critical components of MetLife, Inc.’s liquidity and capital management. Decisions to access these markets are based upon relative costs, prospective views of balance sheet growth and a targeted liquidity profile and capital structure. A disruption in the financial markets could limit MetLife, Inc.’s access to liquidity.
MetLife, Inc.’s ability to maintain regular access to competitively priced wholesale funds is fostered by its current credit ratings from the major credit rating agencies. We view our capital ratios, credit quality, stable and diverse earnings streams, diversity of liquidity sources and our liquidity monitoring procedures as critical to retaining such credit ratings. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Rating Agencies” included in the 2024 Annual Report.
Liquid Assets
At September 30, 2025 and December 31, 2024, MetLife holding companies had $4.9 billion and $5.1 billion, respectively, in liquid assets. Of these amounts, $3.4 billion and $4.2 billion were held by MetLife, Inc. and $1.5 billion and $944 million were held by other MetLife holding companies at September 30, 2025 and December 31, 2024, respectively. Liquid assets include cash and cash equivalents, short-term investments and publicly traded securities, excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with derivatives and the collateral financing arrangement.
Liquid assets held in non-U.S. holding companies are generated in part through dividends from non-U.S. insurance operations. Such dividends are subject to local insurance regulatory requirements, as discussed in “— Liquidity and Capital Sources — Dividends from Subsidiaries.”
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Consolidated Company Outlook” included in the 2024 Annual Report for the targeted level of liquid assets at the holding companies. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — MetLife, Inc. — Liquid Assets” included in the 2024 Annual Report for additional information on the sources and uses of liquid assets, as well as sources and uses of liquid assets included in free cash flow for MetLife, Inc. and other MetLife holding companies.
Liquidity and Capital Sources
MetLife, Inc.’s primary sources of liquidity and capital are provided by a variety of global funding sources, including: (i) dividends from subsidiaries; (ii) issuances of long-term debt; (iii) collateral financing arrangement and subordinated debentures; (iv) credit and committed facilities; and (v) dispositions. Additional details regarding certain of MetLife, Inc.’s primary sources of liquidity and capital are included in “— The Company — Liquidity and Capital Sources,” the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2024 Annual Report referenced in “— Overview” and are discussed below.
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Dividends from Subsidiaries
MetLife, Inc. relies, in part, on dividends from its subsidiaries to meet its cash requirements. MetLife, Inc.’s insurance subsidiaries are subject to regulatory restrictions on the payment of dividends imposed by the regulators of their respective domiciles. The dividend limitation for U.S. insurance subsidiaries is generally based on the surplus to policyholders at the end of the immediately preceding calendar year and statutory net gain from operations for the immediately preceding calendar year. Statutory accounting practices, as prescribed by insurance regulators of various states in which we conduct business, differ in certain respects from accounting principles used in financial statements prepared in conformity with GAAP. The significant differences relate to the treatment of DAC, certain deferred income tax, required investment liabilities, statutory reserve calculation assumptions, goodwill and surplus notes.
The table below sets forth the dividends permitted to be paid in 2025 by MetLife, Inc.’s primary U.S. insurance subsidiaries without insurance regulatory approval and the actual dividends paid for the nine months ended September 30, 2025:
CompanyPaid (1)Permitted Without
Approval (2)
(In millions)
MLIC$2,185 $2,732 
American Life Insurance Company$200 $751 
Metropolitan Tower Life Insurance Company$760 $358 
__________________
(1)Reflects all amounts paid, including those where regulatory approval was obtained as required.
(2)Reflects dividend amounts that may be paid during 2025 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2025, some or all of such dividends may require regulatory approval.
In addition to the amounts presented in the table above, for the nine months ended September 30, 2025, MetLife, Inc. also received from certain other subsidiaries cash dividends totaling $188 million, as well as cash returns of capital of $12 million.
The dividend capacity of our non-U.S. operations is subject to similar restrictions established by the local regulators. The non-U.S. regulatory regimes also commonly limit dividend payments to the parent company to a portion of the subsidiary’s prior year statutory income, as determined by the local accounting principles. The regulators of our non-U.S. operations, including Japan’s Financial Services Agency, may also limit or not permit profit repatriations or other transfers of funds to the U.S. if such transfers are deemed to be detrimental to the solvency or financial strength of the non-U.S. operations, or for other reasons. Most of our non-U.S. subsidiaries are second tier subsidiaries which are owned by various non-U.S. holding companies. The capital and rating considerations applicable to our first-tier subsidiaries may also impact the dividend flow into MetLife, Inc.
We proactively manage target and excess capital levels and dividend flows and forecast local capital positions as part of the financial planning cycle. The dividend capacity of certain U.S. and non-U.S. subsidiaries is also subject to business targets in excess of the minimum capital necessary to maintain the desired rating or level of financial strength in the relevant market.
Long-term Debt Outstanding
The following table summarizes the outstanding long-term debt of MetLife, Inc. at:
September 30, 2025December 31, 2024
(In millions)
Long-term debt — unaffiliated
$14,634 $14,431 
Long-term debt — affiliated (1)
$1,524 $1,447 
Subordinated debt securities
$3,460 $2,470 
__________________
(1)In June 2025, a $250 million senior unsecured floating rate note issued to MetLife Insurance K.K., an affiliate of MetLife, Inc., matured and was refinanced, extending the maturity to June 2032.
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Liquidity and Capital Uses
MetLife, Inc.’s primary uses of liquidity and capital include: (i) debt service; (ii) cash dividends on common and preferred stock; (iii) capital contributions to subsidiaries; (iv) common stock, preferred stock and debt repurchases and/or redemptions; (v) payment of general operating expenses; (vi) support agreements; and (vii) acquisitions. Additional details regarding certain of MetLife, Inc.’s primary uses of liquidity and capital are included in “— The Company — Liquidity and Capital Uses,” the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2024 Annual Report referenced in “— Overview” and are discussed below.
Based on our analysis and comparison of our current and future cash inflows from the dividends we receive from subsidiaries that are permitted to be paid without prior insurance regulatory approval, our investment portfolio and other cash flows and anticipated access to the capital markets, we believe there will be sufficient liquidity and capital to enable MetLife, Inc. to make payments on debt, pay cash dividends on its common and preferred stock, contribute capital to its subsidiaries, repurchase its common stock and certain of its other securities, pay all general operating expenses and meet its cash needs under current market conditions and reasonably possible stress scenarios.
Affiliated Capital and Debt Transactions
For the nine months ended September 30, 2025 and 2024, MetLife, Inc. invested a net amount of $25 million and $224 million, respectively, in various subsidiaries.
MetLife, Inc. lends funds, as necessary, through credit agreements or otherwise to its subsidiaries and affiliates, some of which are regulated, to meet their capital requirements or to provide liquidity. MetLife, Inc. had loans to subsidiaries outstanding of $135 million and $285 million at September 30, 2025 and December 31, 2024, respectively. In September 2025, loans totaling $210 million were repaid ahead of their scheduled maturities.
Adopted Accounting Pronouncements
See Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements.
Future Adoption of Accounting Pronouncements
See Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements.
Non-GAAP and Other Financial Disclosures
In this report, the Company presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance our investors’ understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our 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)
adjusted premiums, fees and other revenues
(i)
premiums, fees and other revenues
(ii)adjusted earnings(ii)net income (loss)
(iii)adjusted earnings available to common
shareholders		(iii)net income (loss) available to MetLife, Inc.’s common shareholders
(iv)
adjusted net investment income
(iv)
net investment income
Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period (“constant currency basis”).
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Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in “— Results of Operations” and “— Investments.” Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income.
Our definitions of non-GAAP and other financial measures discussed in this report may differ from those used by other companies.
Adjusted earnings and related measures:
•adjusted earnings;
•adjusted earnings available to common shareholders; and
•adjusted earnings available to common shareholders, on a constant currency basis.
Adjusted earnings is used by the Company’s chief operating decision maker, its Chief Executive Officer (“CEO”), to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is our 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 our performance relative to our business plan and facilitate comparisons to industry results.
Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. For additional information relating to adjusted earnings, see “Financial Measure and Segment Accounting Policies” and “Corporate & Other” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements.
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.
Return on equity, allocated 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), MRBs instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and the estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income tax.
•Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), MRBs 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.
•Allocated equity: the portion of total MetLife, Inc.’s adjusted common stockholders’ equity that management allocates to each of its segments based on local capital requirements and economic capital. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Economic Capital” in the 2024 Annual Report.
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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 and direct expense ratio:
•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 pension risk transfers: direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding pension risk transfers.
The following additional information is relevant to an understanding of our performance:
•We sometimes refer to sales activity for various products. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. Further, sales statistics for our Asia, Latin America and EMEA segments are on a constant currency basis.
•Volume growth, where cited, represents the change in certain measures of our segment results, including adjusted earnings, attributable to business growth, applying a model in which certain margins and factors are held constant, the most significant of which are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates.
•Pension risk transfers include U.K. funded reinsurance.
•Near-term represents one to three years.
•We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.
•Notable items reflect the unexpected impact of events that affect the Company’s results, but that were unknown and that the Company 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 the Company’s results and to evaluate and forecast those results. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders.
•The Company uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. The Company defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders.
Risk Management
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management” in the 2024 Annual Report for information on our risk management.
Subsequent Events
See Note 22 of the Notes to the Interim Condensed Consolidated Financial Statements.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
We regularly analyze our exposure to interest rate, equity market price and foreign currency exchange rate risks. As a result of that analysis, we have determined that the estimated fair values of certain assets and liabilities are materially exposed to changes in interest rates, foreign currency exchange rates and changes in the equity markets. We have exposure to such market risks through our insurance operations and investment activities. We use a variety of strategies to manage these risks, including the use of derivatives. A description of our market risk exposures may be found under “Quantitative and Qualitative Disclosures About Market Risk” included in the 2024 Annual Report. There have been no material changes to our market risk exposures from those previously disclosed in the 2024 Annual Report.
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Item 4. Controls and Procedures
Management, with the participation of the CEO and CFO, has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of the end of the period covered by this report. Based on that evaluation, the CEO and CFO have concluded that these disclosure controls and procedures are effective.
There were no material changes to the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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Part II — Other Information
Item 1. Legal Proceedings
See Note 21 of the Notes to the Interim Condensed Consolidated Financial Statements.
Item 1A. Risk Factors
Certain factors that may affect the Company’s business or operations are described under “Risk Factors” in Part I, Item 1A, of the 2024 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2024 Annual Report.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
Purchases of MetLife, Inc. common stock made by or on behalf of MetLife, Inc. or its affiliates during the quarter ended September 30, 2025 are set forth below:
Period
Total Number of
Shares Purchased (1)
Average Price
Paid per Share
Total Number of
Shares
Purchased as Part of
Publicly Announced
Plans or Programs
Maximum Number (or
Approximate Dollar Value)
of Shares that May Yet
Be Purchased Under the
Plans or Programs (2)
July 1 — July 31, 20251,824,638 $78.37 1,824,638 $2,860,966,829 
August 1 — August 31, 20252,452,867 $78.68 2,452,867 $2,667,967,523 
September 1 — September 30, 20252,058,972 $80.38 2,058,972 $2,502,468,107 
Total6,336,477 6,336,477 
__________________
(1)During the periods presented, separate account index funds did not purchase any MetLife, Inc. common stock on the open market in non-discretionary transactions.
(2)In April 2025, MetLife, Inc. announced that its Board of Directors authorized an additional $3.0 billion of common stock repurchases. At September 30, 2025, MetLife, Inc. had $2.5 billion of common stock repurchases remaining under its authorization. Neither the authorization remaining, nor the amount repurchased, reflect the applicable excise tax payable in connection with such repurchases. For more information on our common stock authorizations and common stock repurchases, including the excise tax payable in connection therewith, see Note 16 of the Notes to the Interim Condensed Consolidated Financial Statements. See also “Risk Factors — Capital Risks — We May Not be Able to Pay Dividends or Repurchase Our Stock Due to Legal and Regulatory Restrictions or Cash Buffer Needs” included in the 2024 Annual Report.
Purchases of MetLife, Inc. preferred stock made by or on behalf of MetLife, Inc. or its affiliates during the quarter ended September 30, 2025 are set forth below:
Period
Total Number of
Shares Purchased (1)
Average Price
Paid per Share
Total Number of
Shares
Purchased as Part of
Publicly Announced
Plans or Programs
Maximum Number (or
Approximate Dollar Value)
of Shares that May Yet
Be Purchased Under the
Plans or Programs
July 1 — July 31, 2025— $— — $— 
August 1 — August 31, 2025— $— — $— 
September 1 — September 30, 20251,000,000 $1,000.00 1,000,000 $— 
Total1,000,000 1,000,000 
__________________
(1)In September 2025, MetLife, Inc. delivered a notice of redemption to the holders of its 3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, liquidation preference of $1,000 per share (“Series G preferred stock”), pursuant to which it would redeem 1,000,000 shares of Series G preferred stock at a redemption price of $1,000 per share. All outstanding shares of Series G preferred stock were redeemed on the dividend payment date of September 15, 2025 for an aggregate redemption price of $1.0 billion in cash. See Note 16 of the Notes to the Interim Condensed Consolidated Financial Statements.
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Item 5. Other Information
Securities trading plans
During the three months ended September 30, 2025, none of our Section 16 officers or directors (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any “non-Rule 10b5-1 trading arrangement” (as defined in Section 408(c) of Regulation S-K).
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Item 6. Exhibits
(Note Regarding Reliance on Statements in Our Contracts: In reviewing the agreements included as exhibits to this Quarterly Report on Form 10-Q, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about MetLife, Inc., its subsidiaries or affiliates, or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and (i) should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; (iii) may apply standards of materiality in a way that is different from what may be viewed as material to investors; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about MetLife, Inc., its subsidiaries and affiliates may be found elsewhere in this Quarterly Report on Form 10-Q and MetLife, Inc.’s other public filings, which are available without charge through the U.S. Securities and Exchange Commission website at www.sec.gov.)
 Incorporated by Reference
Exhibit No.DescriptionForm File NumberExhibit Filing DateFiled or Furnished Herewith
3.1.1
Amended and Restated Certificate of Incorporation of MetLife, Inc.
10-K001-157873.1March 1,
2017
3.1.2
Certificate of Retirement of Series B Contingent Convertible Junior Participating Non-Cumulative Perpetual Preferred Stock of MetLife, Inc., filed with the Secretary of State of Delaware on November 5, 2013.
10-Q001-157873.6November 7,
2013
3.1.3
Certificate of Amendment of Amended and Restated Certificate of Incorporation of MetLife, Inc., dated April 29, 2015.
8-K001-157873.1April 30,
2015
3.1.4
Certificate of Elimination of 6.500% Non-Cumulative Preferred Stock, Series B, of MetLife, Inc., filed with the Secretary of State of Delaware on November 3, 2015.
10-Q001-157873.7November 5,
2015
3.1.5
Certificate of Amendment of Amended and Restated Certificate of Incorporation of MetLife, Inc., dated April 29, 2011.
10-K001-157873.4March 1,
2017
3.1.6
Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock of MetLife, Inc., filed with the Secretary of State of Delaware on April 7, 2000.
10-K001-157873.2March 1,
2017
3.1.7
Certificate of Designations of Floating Rate Non-Cumulative Preferred Stock, Series A, of MetLife, Inc., filed with the Secretary of State of Delaware on June 10, 2005.
10-K001-157873.3March 1,
2017
3.1.8
Certificate of Amendment of Amended and Restated Certificate of Incorporation of MetLife, Inc., dated October 23, 2017.
8-K001-157873.1October 24,
2017
3.1.9
Certificate of Designations of 5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D, of MetLife, Inc., filed with the Secretary of State of Delaware on March 21, 2018.
8-K001-157873.1March 22,
2018
3.1.10
Certificate of Designations of 5.625% Non-Cumulative Preferred Stock, Series E, of MetLife, Inc., filed with the Secretary of the State of Delaware on May 31, 2018.
8-K001-157873.1June 4,
2018
3.1.11
Certificate of Designations of 4.75% Non-Cumulative Preferred Stock, Series F, of MetLife, Inc., filed with the Secretary of the State of Delaware on January 8, 2020.
8-K001-157873.1January 9,
2020
3.1.12
Certificate of Elimination of 5.250% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, of MetLife, Inc., filed with the Secretary of State of Delaware on June 29, 2021.
8-K001-157873.1June 29,
2021
3.1.13
Certificate of Elimination of 3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, of MetLife, Inc., filed with the Secretary of State of Delaware, on October 14, 2025.
8-K
001-157873.1October 14,
2025
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31.1
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
X
31.2
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
X
32.1
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
X
32.2
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
X
101.SCHInline XBRL Taxonomy Extension Schema Document.X
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
X
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document.
X
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.
X
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.X
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document.X
104
Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).
X


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Glossary
Throughout this Form 10-Q, the Company may use certain abbreviations, acronyms and terms which are further detailed below.
A.M. BestA.M. Best Company, Inc.CSRDCorporate Sustainability Reporting Directive
ABOAccumulated Benefit ObligationsCybersecurity Model LawNAIC’s Insurance Data Security Model Law
ABS & CLOAsset-Backed Securities and Collateralized Loan ObligationsDACDeferred Policy Acquisition Costs
ACLAllowance For Credit LossDeferred SharesAwards that have become payable in shares but the issuance of which has been deferred
AD&DAccidental Death and DismembermentDelaware CommissionerDelaware Commissioner of Insurance
AFSAvailable-For-SaleDodd-FrankDodd-Frank Wall Street Reform and Consumer Protection Act
AIArtificial IntelligenceDOL
U.S. Department of Labor
ALMAsset/Liability ManagementDPLDeferred Profit Liability
Alt-AAlternative Residential Mortgage LoansDSCRDebt Service Coverage Ratios
American LifeAmerican Life Insurance CompanyEEAEuropean Economic Area
AOCI
Accumulated Other Comprehensive Income (Loss)
EMEAEurope, the Middle East And Africa
APBOAccumulated Postretirement Benefit ObligationERCEnterprise Risk Committee
ASOAdministrative Services-OnlyERISAEmployee Retirement Income Security Act of 1974
ASUAccounting Standards UpdateERMEnterprise Risk Management
Authorized Control Level RBCAuthorized Control Level RBC, calculated in the manner prescribed by the NAICESGEnvironmental, Social and Governance
BrighthouseBrighthouse Financial, Inc. and its SubsidiariesEUEuropean Union
CBIRCThe China Banking and Insurance Regulatory CommissionEU AI ActEuropean Union’s Artificial Intelligence Act
CCPA
California Consumer Privacy Act
Exchange Act
Securities Exchange Act of 1934
CEOChief Executive OfficerFarmer MacFederal Agricultural Mortgage Corporation
CFOChief Financial OfficerFASBFinancial Accounting Standards Board
CFPBConsumer Financial Protection BureauFCTAForeign Currency Translation Adjustments
CFTCCommodity Futures Trading CommissionFDICFederal Deposit Insurance Corporation
Chariot ReChariot Reinsurance, Ltd.Federal ReserveFederal Reserve Board & Federal Reserve Bank of New York
CISOChief Information Security OfficerFederal Reserve BoardBoard of Governors of the Federal Reserve System
CLOsCollateralized Loan ObligationsFHLBNYFederal Home Loan Bank of New York
CMBSCommercial Mortgage-Backed SecuritiesFINRAFinancial Industry Regulatory Authority
CODMChief Operating Decision MakerFIOFederal Insurance Office
Committed FacilitiesCredit Facility, as well as certain committed facilitiesFitchFitch Ratings Inc.
Company Action Level RBCMinimum level of TAC before corrective action commences is twice authorized control level RBCFPBFuture Policy Benefits
Credit FacilityUnsecured revolving credit facilityFSAFinancial Services Agency
CROChief Risk OfficerFSBFinancial Stability Board
C-ROSSChina Risk Oriented Solvency SystemFSOCFinancial Stability Oversight Council
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Table of Contents
FVOFair Value OptionMoody’sMoody’s Investors Service, Inc.
GAAPAccounting principles generally accepted in the United States of America MoReMissouri Reinsurance, Inc.
GCCGroup Capital CalculationMrB
MetLife Reinsurance Company of Bermuda, Ltd.
GDPRGeneral Data Protection Regulation
MRB
Market Risk Benefit
General AtlanticGeneral Atlantic, L.P.MRC
MetLife Reinsurance Company of Charleston
GHGGreenhouse GasMrHMetLife Reinsurance Company of Hamilton, Ltd.
GICsGuaranteed Interest ContractsMRV
MetLife Reinsurance Company of Vermont
GILTIGlobal Intangible Low-Taxed IncomeMSS
MetLife Services and Solutions, LLC
Global AtlanticGlobal Atlantic Financial GroupMTLMetropolitan Tower Life Insurance Company
GMABsGuaranteed Minimum Accumulation BenefitsNAIC
National Association of Insurance Commissioners
GMCR
Guaranteed Minimum Crediting RatesNAVNet Asset Value
GMDBsGuaranteed Minimum Death BenefitsNebraska DirectorDirector of the Nebraska Department of Insurance
GMIBsGuaranteed Minimum Income BenefitsNFRANational Financial Regulatory Administration
GMWBsGuaranteed Minimum Withdrawal BenefitsNGEsNon-Guaranteed Elements
GMXBsGuaranteed Minimum BenefitsNIFONet investment in a foreign operation
IAIGsInternationally Active Insurance GroupsNon-Bank SIFINon-Bank Systemically Important Financial Institution
IAISInternational Association of Insurance SupervisorsNPRNet Premium Ratio
IBNPIncurred But Not PaidNQMNon-Qualified Residential Mortgage
IBNRIncurred But Not ReportedNRSRONationally Recognized Statistical Rating Organizations
IMRInterest Maintenance ReserveNYDFSNew York State Department of Financial Services
Invested PlansAssets of the qualified pension plans and postretirement medical plansOCIOther Comprehensive Income (Loss)
IRSInternal Revenue ServiceOLPIOther Limited Partnership Interests
LDTILong-Duration Targeted ImprovementsORSAOwn Risk and Solvency Assessment
LDTI Transition Date
January 1, 2021
OTCOver-the-Counter
LIBORLondon Interbank Offered RateOTC-bilateralBilateral contracts between two counterparties
LTVLoan-To-ValueOTC-clearedOTC derivatives are cleared and settled through central clearing counterparties
MetLife Malaysia
AmMetLife Insurance Berhad (Malaysia) and AmMetLife Takaful Berhad (Malaysia)
PABsPolicyholder Account Balances
MetLife Poland and GreeceWholly-owned subsidiaries in Poland and GreecePBOProjected Benefit Obligation
MIMMetLife Investment Management, LLC and certain of its affiliates PCAOBPublic Company Accounting Oversight Board
MLICMetropolitan Life Insurance CompanyPhantom Stock-Based AwardsCash-settled awards based in whole or in part on the price of shares or changes in the price of shares
PineBridge
PineBridge Investments
SSGStructured Securities Group
PNB MetLife
PNB MetLife India Insurance Company Limited
Statement-Based Combined RBC RatioInternally defined Combined RBC Ratio
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PTE
Prohibited Transaction Exemption
Statutory CodificationCodification of Statutory Accounting Principles
RBCRisk-Based CapitalStructured ProductsRMBS, ABS & CLO and CMBS
RCCs
Replacement Capital Covenants
SuperintendentNew York Superintendent of Financial Services
REJVReal Estate Joint VenturesTACTotal Adjusted Capital, calculated in the manner prescribed by the NAIC
RISRetirement and Income SolutionsTRRsTotal Rate of Return Swaps
RMBSResidential Mortgage-Backed SecuritiesU.K.United Kingdom
ROU
Right-of-Use
U.S.
United States
S&PStandard & Poor’s Global RatingsULSG
Universal and Variable Universal Life Policies with Secondary Guarantees
SCLSpecial Considerations LetterUnit-linked and FVO SecuritiesContractholder-directed equity securities and Fair Value Option securities
SEC
U.S. Securities and Exchange Commission
Unit-linked investmentsContractholder-directed investments supporting unit-linked variable annuity type liabilities
Separation
Distribution of shares of Brighthouse Financial, Inc. common stock to the MetLife, Inc. common shareholders
UREVUnearned Revenue
Series A preferred stockNon-Cumulative Preferred Stock, Series AVIEsVariable Interest Entities
Series D preferred stock5.875% Fixed-To-Floating Rate Non-Cumulative Preferred Stock, Series D
VM
Valuation Manual
Series E preferred stock5.625% Non-Cumulative Preferred Stock, Series EVOBAValue of Business Acquired
Series F preferred stock4.75% Non-Cumulative Preferred Stock, Series FVOCRAValue of Customer Relationships Acquired
Series G preferred stock
3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G
VODAValue of Distribution Agreements
SOFRSecured Overnight Financing Rate
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. 
METLIFE, INC.
By:
/s/ Adrienne O’Neill

Name:  Adrienne O’Neill
Title:    Executive Vice President
             and Chief Accounting Officer
             (Authorized Signatory and Principal
             Accounting Officer)
            
Date: November 6, 2025
168

Source: View Original Filing on SEC EDGAR

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