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MetLife
MET
#458
Rank
A$74.68 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
A$116.07
Share price
1.96%
Change (1 day)
-7.07%
Change (1 year)
๐Ÿฆ Insurance
Categories
  1. MetLife
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-07

MetLife - 10-Q quarterly report FY


Text size:
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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 MARCH 31, 2026
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 April 30, 2026, 643,436,779 shares of the registrant’s common stock were outstanding.


Table of Contents
Page
Item 1.
Financial Statements (Unaudited) (at March 31, 2026 and December 31, 2025 and for the Three Months Ended March 31, 2026 and 2025)
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
15
Note 4 — Future Policy Benefits
15
Note 5 — Policyholder Account Balances
23
Note 6 — Market Risk Benefits
32
Note 7 — Separate Accounts
35
Note 8 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue
39
Note 9 — Investments
41
Note 10 — Derivatives
56
Note 11 — Fair Value
66
Note 12 — Subordinated Debt Securities
79
Note 13 — Equity
80
Note 14 — Other Revenues and Other Expenses
84
Note 15 — Employee Benefit Plans
85
Note 16 — Income Tax
85
Note 17 — Earnings Per Common Share
86
Note 18 — Contingencies, Commitments and Guarantees
86
Note 19 — Related Party Transactions
89
Item 2.
90
Item 3.
137
Item 4.
138
Item 1.
139
Item 1A.
139
Item 2.
139
Item 5.
140
Item 6.
141
142
145

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, changes in the value of assets under management, 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 sustainability 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
March 31, 2026 and December 31, 2025 (Unaudited)
(In millions, except share and per share data)

March 31, 2026December 31, 2025
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $273 and $249, respectively); and amortized cost: $342,191 and $337,201, respectively
$316,110 $315,931 
Equity securities, at estimated fair value927 858 
Contractholder-directed equity securities and fair value option securities, at estimated fair value (includes $1,665 and $1,751, respectively, relating to variable interest entities)
13,435 13,959 
Mortgage loans (net of allowance for credit loss of $1,213 and $1,193, respectively; includes $35 and $35, respectively, of mortgage loans held-for-sale)
83,726 84,593 
Policy loans8,455 8,547 
Real estate and real estate joint ventures (includes $303 and $378, respectively, under the fair value option; $164 and $132, respectively, of real estate held-for-sale; $376 and $302, respectively, relating to variable interest entities)
13,356 13,440 
Other limited partnership interests14,531 14,917 
Short-term investments, principally at estimated fair value4,948 3,601 
Other invested assets (includes $1,586 and $1,698, respectively, of leveraged and direct financing leases; $657 and $560, respectively, relating to variable interest entities)
17,624 16,332 
Total investments473,112 472,178 
Cash and cash equivalents, principally at estimated fair value (includes $132 and $96, respectively, relating to variable interest entities)
22,687 22,032 
Accrued investment income3,796 3,719 
Premiums, reinsurance and other receivables
50,335 49,059 
Market risk benefits, at estimated fair value392 458 
Deferred policy acquisition costs and value of business acquired21,269 21,107 
Current income tax recoverable455 660 
Deferred income tax asset2,901 2,585 
Goodwill9,565 9,613 
Other assets11,013 11,822 
Separate account assets147,686 151,933 
Total assets$743,211 $745,166 
Liabilities, Mezzanine Equity and Equity
Liabilities
Future policy benefits$206,628 $208,855 
Policyholder account balances239,836 236,857 
Market risk benefits, at estimated fair value2,522 2,406 
Other policy-related balances20,444 20,070 
Policyholder dividends payable337 356 
Payables for collateral under securities loaned and other transactions18,157 17,115 
Short-term debt (includes $113 and $117, respectively, relating to variable interest entities)
404 355 
Long-term debt (includes $68 and $28, respectively, relating to variable interest entities)
14,445 14,467 
Collateral financing arrangement299 352 
Subordinated debt securities5,143 4,155 
Notes issued by collateralized financing entities (includes all amounts: under the fair value option; and relating to variable interest entities)1,138 1,206 
Deferred income tax liability382 536 
Other liabilities (includes $139 and $167, respectively, relating to variable interest entities)
57,989 57,582 
Separate account liabilities147,686 151,933 
Total liabilities715,410 716,245 
Contingencies, Commitments and Guarantees (Note 18)
Mezzanine Equity
Redeemable noncontrolling interests206 241 
Equity
MetLife, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $2,905 aggregate liquidation preference
— — 
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,196,399,473 and 1,195,587,190 shares issued, respectively; 646,024,938 and 655,333,773 shares outstanding, respectively
12 12 
Additional paid-in capital32,921 32,858 
Retained earnings45,058 44,290 
Treasury stock, at cost; 550,374,535 and 540,253,417 shares, respectively
(31,440)(30,678)
Accumulated other comprehensive income (loss)(19,227)(18,084)
Total MetLife, Inc.’s stockholders’ equity27,324 28,398 
Noncontrolling interests271 282 
Total equity27,595 28,680 
Total liabilities, mezzanine equity and equity
$743,211 $745,166 
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 Ended March 31, 2026 and 2025 (Unaudited)
(In millions, except per share data)
Three Months
Ended
March 31,
20262025
Revenues
Premiums
$12,120 $11,723 
Universal life and investment-type product policy fees1,343 1,229 
Net investment income
5,355 4,885 
Other revenues
852 687 
Net investment gains (losses)(670)(387)
Net derivative gains (losses)74 432 
Total revenues
19,074 18,569 
Expenses
Policyholder benefits and claims11,864 11,806 
Policyholder liability remeasurement (gains) losses(13)(31)
Market risk benefit remeasurement (gains) losses
120 299 
Interest credited to policyholder account balances
1,674 1,647 
Policyholder dividends124 144 
Other expenses3,798 3,350 
Total expenses
17,567 17,215 
Income (loss) before provision for income tax
1,507 1,354 
Provision for income tax expense (benefit)
345 404 
Net income (loss)
1,162 950 
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
(23)5 
Net income (loss) attributable to MetLife, Inc.
1,185 945 
Less: Preferred stock dividends
45 66 
Net income (loss) available to MetLife, Inc.’s common shareholders
$1,140 $879 
Comprehensive income (loss)
$43 $2,960 
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests, net of income tax
1 3 
Comprehensive income (loss) attributable to MetLife, Inc.
$42 $2,957 
Net income (loss) available to MetLife, Inc.’s common shareholders per common share:
Basic
$1.75 $1.29 
Diluted
$1.74 $1.28 

See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.
Interim Condensed Consolidated Statements of Equity
Three Months Ended March 31, 2026 and 2025 (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, 2025$— $12 $32,858 $44,290 $(30,678)$(18,084)$28,398 $282 $28,680 
Treasury stock acquired in connection with share repurchases (includes $7 of excise tax)
(762)(762)(762)
Stock-based compensation63 63 63 
Dividends on preferred stock(45)(45)(45)
Dividends on common stock (declared per share of $0.568)
(372)(372)(372)
Change in equity of noncontrolling interests— (12)(12)
Net income (loss)1,185 1,185 5 1,190 
Other comprehensive income (loss), net of income tax(1,143)(1,143)(4)(1,147)
Balance at March 31, 2026$— $12 $32,921 $45,058 $(31,440)$(19,227)$27,324 $271 $27,595 
Preferred
Stock		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Treasury
Stock
at Cost		Accumulated
Other
Comprehensive
Income (Loss)		Total
MetLife, Inc.’s
Stockholders’
Equity		Noncontrolling
Interests		Total
Equity
Balance at December 31, 2024$— $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 $13 of excise tax)
(1,424)(1,424)(1,424)
Stock-based compensation29 29 29 
Dividends on preferred stock(66)(66)(66)
Dividends on common stock (declared per share of $0.545)
(374)(374)(374)
Change in equity of noncontrolling interests— 1 1 
Net income (loss)945 945 5 950 
Other comprehensive income (loss), net of income tax2,012 2,012 (2)2,010 
Balance at March 31, 2025$— $12 $33,820 $43,131 $(29,222)$(20,248)$27,493 $262 $27,755 
See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.
Interim Condensed Consolidated Statements of Cash Flows
Three Months Ended March 31, 2026 and 2025 (Unaudited)
(In millions)

Three Months
Ended
March 31,
20262025
Net cash provided by (used in) operating activities$2,687 $4,262 
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale19,845 14,062 
Equity securities8 9 
Mortgage loans4,226 3,234 
Real estate and real estate joint ventures128 48 
Other limited partnership interests437 301 
Short-term investments3,693 4,143 
Purchases and originations of:
Fixed maturity securities available-for-sale(23,656)(18,359)
Equity securities(128)(35)
Mortgage loans(3,608)(1,999)
Real estate and real estate joint ventures(215)(114)
Other limited partnership interests(381)(278)
Short-term investments(4,555)(4,443)
Cash received in connection with freestanding derivatives601 803 
Cash paid in connection with freestanding derivatives(1,458)(1,013)
Net change in policy loans54 (87)
Net change in other invested assets(423)457 
Other, net(23)(51)
Net cash provided by (used in) investing activities(5,455)(3,322)
Cash flows from financing activities
Policyholder account balances - deposits27,366 28,692 
Policyholder account balances - withdrawals(24,140)(26,916)
Net change in payables for collateral under securities loaned and other transactions1,068 233 
Long-term debt issued61 89 
Long-term debt repaid(53)(555)
Collateral financing arrangement repaid(53)(13)
Subordinated debt securities issued1,000 1,000 
Derivatives with certain financing elements and other derivative-related transactions, net(71)(71)
Proceeds from mortgage loan secured financing115 66 
Repayments of mortgage loan secured financing(495)(255)
Treasury stock acquired in connection with share repurchases(755)(1,411)
Dividends on preferred stock(45)(66)
Dividends on common stock(372)(374)
Other, net(67)(199)
Net cash provided by (used in) financing activities3,559 220 
Effect of change in foreign currency exchange rates on cash and cash equivalents balances(136)98 
Change in cash and cash equivalents655 1,258 
Cash and cash equivalents, beginning of period22,032 20,068 
Cash and cash equivalents, end of period$22,687 $21,326 
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest$243 $224 
Income tax$231 $147 
Non-cash transactions:
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions$715 $— 
Other invested assets received in connection with the sale of other limited partnership interests$347 $20 

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. In the fourth quarter of 2025, MetLife executed a reorganization to align with its strategic initiative to accelerate growth in asset management. As part of this reorganization, the Company adjusted its segment structure. MetLife Investment Management, the Company’s institutional asset management business (“MIM”), which was previously reported in Corporate & Other, became a reportable segment. MetLife Holdings was removed as a reportable segment, and its business is now primarily reported in Corporate & Other. Additionally, certain products formerly reported in MetLife Holdings were moved to Group Benefits and Retirement and Income Solutions (“RIS”). These changes were applied retrospectively for all periods presented, did not have an impact on prior period consolidated net income (loss) or consolidated adjusted earnings, and are collectively referred to as the “Strategic Reorganization.” As a result of the Strategic Reorganization, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MIM. In addition, the Company continues to report 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, 2025 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, 2025 (the “2025 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 2025 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 (“REJVs”) 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.
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 March 31, 2026 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 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans
The key amendments include expanding the population of acquired financial assets that are accounted for using the gross-up approach by creating a new category of assets called purchased seasoned loans (“PSLs”), which will be accounted for using the gross-up approach. The day-1 expected credit losses on PSLs are now reflected as an adjustment to the amortized cost basis rather than an expense.Effective for annual and interim periods beginning January 1, 2027, to be applied prospectively (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 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.
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 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.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
2. Segment Information
In the fourth quarter of 2025, MetLife completed the Strategic Reorganization. As a result, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; EMEA; and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other. See Note 1. In conjunction with the Strategic Reorganization, effective January 1, 2025, the Company amended agreements between MIM and other MetLife entities to manage general account investments at current market rate fees.
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.
MIM
MIM provides asset management and advisory services to institutional investors worldwide in public and private fixed income, real estate, equity, alternatives, multi-asset solutions and insurance solutions. MIM also manages investments for the Company’s general account.
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 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:
•Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance.
•Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment.
•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
•Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.
•Interest credited to policyholder account balances (“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 are made in calculating adjusted earnings:
•Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-owned real estate and REJVs.
•Net investment income and interest credited to PABs exclude certain amounts related to contractholder-directed equity securities.
•Net investment income and other expenses exclude Reinsurance activity (as defined below).
•Net investment income and interest expense on debt exclude amounts related to collateralized financing entities (“CFEs”) that are consolidated VIEs.
•Other revenues and other expenses exclude asset management distribution fees on funds that are passed through to distribution partners.
•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.
•Other expenses exclude (i) amortization and impairment of asset management intangible assets, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
2. Segment Information (continued)
Other expenses include (i) deductions for net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
•“Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from 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 run-off and developing 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, and the elimination of intersegment amounts (which generally relate to asset management fees and loans bearing interest rates commensurate with related borrowings).
The run-off businesses principally consist of operations relating to products and businesses that the Company no longer actively markets in the U.S. and were reported in the Company’s former MetLife Holdings segment. These products include: (i) variable, universal and term life insurance, (ii) whole life insurance, (iii) fixed and variable annuities, as well as the related guarantees, (iv) in-force block of assumed variable annuity guarantees from a third party, and (v) long-term care insurance, which offers protection against the potentially high costs of long-term health care services.
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 ended March 31, 2026 and 2025.

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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
2. Segment Information (continued)

Three Months Ended March 31, 2026Group
Benefits		RISAsiaLatin
America		EMEA
MIM
(In millions)
Revenues
Premiums$5,848 $2,212 $1,294 $1,485 $689 $— 
Universal life and investment-type product policy fees230 109 427 419 99 — 
Net investment income (1)352 2,252 1,461 409 67 5 
Other revenues461 69 17 (7)9 314 
Expenses
Policyholder benefits and claims and policyholder dividends5,147 3,066 1,088 1,349 337 — 
Policyholder liability remeasurement (gains) losses(2)(20)(15)— 3 — 
Interest credited to PABs70 883 833 85 21 — 
Other expenses:
Amortization of deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”) and negative VOBA
12 23 211 173 97 — 
Interest expense on debt1 3 — 5 — 1 
Direct and allocated expenses540 93 298 158 122 242 
Other segment expenses (2)568 36 95 206 141 13 
Provision for income tax expense (benefit)116 107 202 101 33 16 
Adjusted earnings$439 $451 $487 $229 $110 $47 

Three Months Ended March 31, 2025Group
Benefits		RISAsiaLatin
America		EMEA
MIM
(In millions)
Revenues
Premiums$5,763 $2,284 $1,260 $1,164 $582 $— 
Universal life and investment-type product policy fees233 104 406 340 78 — 
Net investment income (1)
353 2,190 1,204 408 58 1 
Other revenues434 69 15 9 8 218 
Expenses
Policyholder benefits and claims and policyholder dividends5,183 3,120 1,037 1,091 277 — 
Policyholder liability remeasurement (gains) losses(18)(15)(11)(3)— — 
Interest credited to PABs
72 883 711 98 17 — 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
6 19 216 129 94 — 
Interest expense on debt1 3 — 4 — — 
Direct and allocated expenses
529 98 306 135 109 173 
Other segment expenses (2)
542 34 92 176 120 9 
Provision for income tax expense (benefit)98 99 162 72 26 9 
Adjusted earnings$370 $406 $372 $219 $83 $28 
13
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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 March 31,
20262025
Group Benefits1 %1 %
RIS7 %5 %
Asia17 %11 %
Latin America1 %1 %
EMEA
1 %— %
(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
March 31,
20262025
(In millions)
Total segment adjusted earnings$1,763 $1,478 
Corporate & Other(132)(63)
Total consolidated adjusted earnings1,631 1,415 
Net investment gains (losses)(670)(387)
Net derivative gains (losses)74 432 
MRB remeasurement gains (losses)
(120)(299)
Investment hedge adjustments(84)(103)
Depreciation of wholly-owned real estate and REJVs
(61)
Other222 (131)
Provision for income tax (expense) benefit170 23 
Net income (loss) $1,162 $950 
Segment revenues:
Group$6,891 $6,783 
RIS4,642 4,647 
Asia3,199 2,885 
Latin America2,306 1,921 
EMEA864 726 
MIM (1)
319 219 
Total segment revenues18,221 17,181 
Net investment gains (losses)(670)(387)
Net derivative gains (losses)74 432 
Investment hedge adjustments(84)(103)
Unit-linked investment income
(318)(227)
Reinsurance activity
301 43 
Corporate & Other revenue
1,461 1,646 
Other89 (16)
Total consolidated revenues$19,074 $18,569 
_______________
14
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
2. Segment Information (continued)
(1)Includes intersegment asset management fees of $131 million and $129 million for the three months ended March 31, 2026 and 2025, respectively, earned in connection with management of general account investments of the Company.
3. Acquisition
Acquisition of PineBridge Investments
In the fourth quarter of 2025, the Company completed the acquisition of PineBridge Investments, which is reported in the MIM segment, for the preliminary purchase consideration of $885 million. The purchase consideration and the purchase price allocation are preliminary and are subject to adjustment during the measurement period, which is up to one year from the acquisition date. See Note 3 to the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for further information on the acquisition.
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 future policy benefits (“FPBs”) on the interim condensed consolidated balance sheets were as follows at:
March 31, 2026December 31, 2025
(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities
$78,651 $79,523 
Asia:
Whole and term life & endowments
9,236 10,140 
Accident & health
7,259 7,913 
Latin America - Fixed annuities
12,453 12,336 
Corporate & Other - Long-term care
14,978 15,224 
Deferred Profit Liabilities:
RIS - Annuities
3,877 3,855 
Asia:
Whole and term life & endowments
915 919 
Accident & health
984 993 
Latin America - Fixed annuities
540 562 
Additional Insurance Liabilities:
Asia:
Variable life
1,052 1,074 
Universal and variable universal life
327 330 
Corporate & Other - Universal and variable universal life
2,740 2,713 
Corporate & Other - Participating life
47,063 47,359 
Other long-duration (1)
11,209 11,148 
Short-duration and other
15,344 14,766 
Total
$206,628 $208,855 
_______________
(1)This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.
Rollforwards - Traditional and Limited-Payment Contracts
The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a
15
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable.
RIS - Annuities
The RIS segment’s annuity products include pension risk transfers (including assumed pension risk transfers from the United Kingdom (“U.K.”)), certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. The Company reinsures portions of certain pension risk transfers and structured settlements on a modified coinsurance basis. Information regarding these products was as follows:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$— $— 
Balance, beginning of period, at original discount rate$— $— 
Effect of actual variances from expected experience (1)
(13)(32)
Adjusted balance (13)(32)
Issuances
1,296 2,150 
Net premiums collected
(1,283)(2,118)
Ending balance at original discount rate— — 
Balance, end of period, at current discount rate at balance sheet date$— $— 
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$79,842 $66,621 
Balance, beginning of period, at original discount rate$81,498 $69,643 
Effect of actual variances from expected experience (1)
(46)(80)
Adjusted balance81,452 69,563 
Issuances
1,297 2,179 
Interest accrual
966 833 
Benefit payments
(1,828)(1,620)
Effect of foreign currency translation
(21)9 
Ending balance at original discount rate81,866 70,964 
Effect of changes in discount rate assumptions
(2,889)(2,533)
Balance, end of period, at current discount rate at balance sheet date78,977 68,431 
Cumulative amount of fair value hedging adjustments(326)(285)
Net liability for FPBs
78,651 68,146 
Less: Reinsurance recoverables
12,227 2,228 
Net liability for FPBs, net of reinsurance
$66,424 $65,918 
Undiscounted - Expected future benefit payments$146,398 $128,949 
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)$78,977 $68,431 
Weighted-average duration of the liability8 years8 years
Weighted-average interest accretion (original locked-in) rate4.8 %4.9 %
Weighted-average current discount rate at balance sheet date5.6 %5.5 %
_________________
(1)For the three months ended March 31, 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 $34 million.

16
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
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:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$3,910 $4,023 
Balance, beginning of period, at original discount rate$4,337 $4,286 
Effect of actual variances from expected experience
(11)(14)
Adjusted balance4,326 4,272 
Issuances
207 149 
Interest accrual
23 19 
Net premiums collected
(167)(155)
Effect of foreign currency translation
(87)155 
Ending balance at original discount rate4,302 4,440 
Effect of changes in discount rate assumptions
(490)(318)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
7 (14)
Balance, end of period, at current discount rate at balance sheet date$3,819 $4,108 
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$14,050 $15,190 
Balance, beginning of period, at original discount rate$15,358 $15,252 
Effect of actual variances from expected experience
1 (12)
Adjusted balance15,359 15,240 
Issuances207 149 
Interest accrual98 91 
Benefit payments(256)(244)
Effect of foreign currency translation
(388)544 
Ending balance at original discount rate15,020 15,780 
Effect of changes in discount rate assumptions
(1,938)(22)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
(27)(85)
Balance, end of period, at current discount rate at balance sheet date13,055 15,673 
Net liability for FPBs
9,236 11,565 
Less: Amount due to reinsurer
(1)(2)
Net liability for FPBs, net of reinsurance
$9,237 $11,567 
Undiscounted:
Expected future gross premiums$9,147 $9,043 
Expected future benefit payments$25,998 $26,263 
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums$7,256 $7,512 
Expected future benefit payments$13,055 $15,673 
Weighted-average duration of the liability16 years18 years
Weighted -average interest accretion (original locked-in) rate2.8 %2.6 %
Weighted-average current discount rate at balance sheet date4.0 %2.8 %

17
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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:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$15,389 $17,203 
Balance, beginning of period, at original discount rate$18,243 $18,820 
Effect of actual variances from expected experience
(36)(125)
Adjusted balance18,207 18,695 
Issuances
245 338 
Interest accrual
53 55 
Net premiums collected
(449)(470)
Effect of foreign currency translation and other - net
(320)1,072 
Ending balance at original discount rate17,736 19,690 
Effect of changes in discount rate assumptions
(3,196)(2,017)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
46 (84)
Balance, end of period, at current discount rate at balance sheet date$14,586 $17,589 
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$23,153 $26,565 
Balance, beginning of period, at original discount rate$32,942 $32,838 
Effect of actual variances from expected experience
(39)(132)
Adjusted balance32,903 32,706 
Issuances245 337 
Interest accrual115 116 
Benefit payments(310)(310)
Effect of foreign currency translation and other - net
(640)1,661 
Ending balance at original discount rate32,313 34,510 
Effect of changes in discount rate assumptions
(10,805)(6,967)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
155 (325)
Balance, end of period, at current discount rate at balance sheet date21,663 27,218 
Cumulative impact of flooring the future policyholder benefits reserve
182 50 
Net liability for FPBs
7,259 9,679 
Less: Reinsurance recoverables
102 141 
Net liability for FPBs, net of reinsurance
$7,157 $9,538 
Undiscounted:
Expected future gross premiums$35,766 $38,785 
Expected future benefit payments$42,669 $45,242 
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums$25,297 $30,160 
Expected future benefit payments$21,663 $27,218 
Weighted-average duration of the liability16 years23 years
Weighted-average interest accretion (original locked-in) rate1.7 %1.7 %
Weighted-average current discount rate at balance sheet date4.2 %2.9 %

18
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
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:
Three Months
Ended
March 31,
20262025
(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 actual variances from expected experience
——
Adjusted balance——
Issuances
448330
Interest accrual
21
Net premiums collected
(450)(331)
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$12,336$9,600
Balance, beginning of period, at original discount rate$11,588$9,133
Effect of actual variances from expected experience
(1)(2)
Adjusted balance11,5879,131
Issuances454348
Interest accrual10688
Benefit payments(238)(188)
Inflation adjustment38120
Effect of foreign currency translation
(407)400
Ending balance at original discount rate11,5409,899
Effect of changes in discount rate assumptions
941468
Effect of foreign currency translation on the effect of changes in discount rate assumptions
(28)21
Balance, end of period, at current discount rate at balance sheet date12,45310,388
Net liability for FPBs
$12,453$10,388
Undiscounted - Expected future benefit payments$17,028$14,760
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)$12,453$10,388
Weighted-average duration of the liability11 years11 years
Weighted-average interest accretion (original locked-in) rate3.7 %3.7 %
Weighted-average current discount rate at balance sheet date2.7 %3.1 %

19
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
Corporate & Other - Long-term Care
Corporate & Other’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$5,548$5,475
Balance, beginning of period, at original discount rate$5,515$5,568
Effect of actual variances from expected experience
21(22)
Adjusted balance5,5365,546
Interest accrual
7171
Net premiums collected
(142)(140)
Ending balance at original discount rate5,4655,477
Effect of changes in discount rate assumptions
(42)(35)
Balance, end of period, at current discount rate at balance sheet date$5,423$5,442
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$20,772$20,012
Balance, beginning of period, at original discount rate$21,490$21,024
Effect of actual variances from expected experience
44(10)
Adjusted balance21,53421,014
Interest accrual283276
Benefit payments(250)(225)
Ending balance at original discount rate21,56721,065
Effect of changes in discount rate assumptions
(1,166)(907)
Balance, end of period, at current discount rate at balance sheet date20,40120,158
Net liability for FPBs
$14,978$14,716
Undiscounted:
Expected future gross premiums$10,229$10,450
Expected future benefit payments$44,517$44,745
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums$6,824$6,932
Expected future benefit payments$20,401$20,158
Weighted-average duration of the liability13 years13 years
Weighted-average interest accretion (original locked-in) rate5.4 %5.4 %
Weighted-average current discount rate at balance sheet date6.0 %5.8 %
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.
20
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
Asia - Variable Life and Universal and Variable Universal Life
The Asia segment’s variable life and universal 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:
Three Months
Ended
March 31,
2026202520262025
Variable Life
Universal and Variable Universal Life
(Dollars in millions)
Balance, beginning of period
$1,074$1,108$330$355
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment
——3210
Balance, beginning of period, before AOCI adjustment
1,0741,108298345
Effect of actual variances from expected experience(2)(2)(1)(2)
Adjusted balance
1,0721,106297343
Assessments accrual(1)(1)(2)—
Interest accrual4411
Excess benefits paid(8)(9)——
Effect of foreign currency translation and other, net
(15)57(4)18
Balance, end of period, before AOCI adjustment
1,0521,157292362
Add: AOCI adjustment
——3510
Balance, end of period
$1,052$1,157$327$372
Weighted-average duration of the liability16 years16 years42 years42 years
Weighted-average interest accretion rate1.5 %1.5 %1.5 %1.5 %
Corporate & Other - Universal and Variable Universal Life
Corporate & Other’s universal 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:
Three Months
Ended
March 31,
20262025
Universal and Variable Universal Life
(Dollars in millions)
Balance, beginning of period$2,713$2,496
Less: AOCI adjustment (13)(17)
Balance, beginning of period, before AOCI adjustment2,7262,513
Effect of actual variances from expected experience711
Adjusted balance2,7332,524
Assessments accrual2727
Interest accrual3734
Excess benefits paid(43)(42)
Balance, end of period, before AOCI adjustment2,7542,543
Add: AOCI adjustment(14)(15)
Balance, end of period2,7402,528
Less: Reinsurance recoverables
2,3892,197
Balance, end of period, net of reinsurance$351$331
Weighted-average duration of the liability14 years15 years
Weighted-average interest accretion rate5.5 %5.5 %
21
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
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 Corporate & Other’s participating life contracts, were as follows:
Three Months
Ended
March 31,
20262025
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
$1,338 $966 $2,150 $833 
Asia:
Whole and term life & endowments
328 75 294 72 
Accident & health
754 62 778 61 
Latin America - Fixed annuities
450 104 331 87 
Corporate & Other - Long-term care
179 212 180 205 
Deferred Profit Liabilities:
RIS - Annuities
N/A47 N/A46 
Asia:
Whole and term life & endowments
N/A12 N/A10 
Accident & health
N/A6 N/A5 
Latin America - Fixed annuities
N/A5 N/A5 
Additional Insurance Liabilities:
Asia:
Variable life
51 4 32 4 
Universal and variable universal life
16 1 — 1 
Corporate & Other - Universal and variable universal life
149 37 159 34 
Other long-duration
1,692 126 1,152 122 
 Total
$4,957 $1,657 $5,076 $1,485 
__________________
(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.
22
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:
Three Months
Ended
March 31,
20262025
(In millions)
Balance, beginning of period$17,130 $16,118 
Less: Reinsurance recoverables2,906 2,790 
Net balance, beginning of period14,224 13,328 
Incurred related to:
Current period7,380 7,354 
Prior periods (1)6 54 
Total incurred7,386 7,408 
Paid related to:
Current period(3,589)(3,480)
Prior periods(3,429)(3,356)
Total paid(7,018)(6,836)
Net balance, end of period14,592 13,900 
Add: Reinsurance recoverables3,048 2,905 
Balance, end of period (included in FPBs and other policy-related balances)
$17,640 $16,805 
__________________
(1)For the three months ended March 31, 2026 and 2025, 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:
March 31, 2026December 31, 2025
(In millions)
Group Benefits - Life
$11,085$11,005
RIS:
Capital markets investment products and stable value GICs
67,06965,592
Annuities and risk solutions
27,48926,406
Asia:
Universal and variable universal life
54,81254,374
Fixed annuities
43,95643,188
Corporate & Other:
Annuities6,1846,383
Life and other
7,0367,109
Other
22,20522,800
Total$239,836$236,857
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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
Life
The Group Benefits segment’s life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account portion of variable life insurance products. Information regarding this liability was as follows:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$11,005$7,632
Transfer (1)
—3,773
Deposits1,1391,005
Policy charges(167)(167)
Surrenders and withdrawals(956)(971)
Benefit payments(3)(4)
Net transfers from (to) separate accounts(1)1
Interest credited6871
Balance, end of period$11,085$11,340
Weighted-average annual crediting rate
2.5 %2.5 %
At period end:
Cash surrender value$11,015$11,275
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$269,900$266,816
__________________
(1)A product previously reported within the former MetLife Holdings segment was moved to the Group Benefits segment as part of the Strategic Reorganization. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
24
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
The Group Benefits segment’s 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)
March 31, 2026
Equal to or greater than 0% but less than 2%
$514$93$748$4,312$5,667
Equal to or greater than 2% but less than 4%
4,4729875—4,645
Equal to or greater than 4%
66124—56741
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A32
Total$5,647$215$823$4,368$11,085
March 31, 2025
Equal to or greater than 0% but less than 2%
$468$75$810$4,164$5,517
Equal to or greater than 2% but less than 4%
4,85110462—5,017
Equal to or greater than 4%
69327348771
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A35
Total$6,012$206$875$4,212$11,340
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:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$65,592$63,715
Deposits20,01522,694
Surrenders and withdrawals(18,767)(22,340)
Interest credited595601
Effect of foreign currency translation and other, net(366)477
Balance, end of period$67,069$65,147
Weighted-average annual crediting rate
3.7 %3.8 %
Cash surrender value at period end
$1,506$1,468
25
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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)
March 31, 2026
Equal to or greater than 0% but less than 2%
$—$—$—$2,436$2,436
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A64,633
Total$—$—$—$2,436$67,069
March 31, 2025
Equal to or greater than 0% but less than 2%
$—$—$—$2,376$2,376
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A62,771
Total$—$—$—$2,376$65,147
Annuities and Risk Solutions
The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income annuities, group and individual fixed deferred annuities, the fixed account portion of group variable deferred annuities, registered index-linked 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:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$26,406$20,699
Transfer (1)
—3,109
Deposits1,7011,113
Policy charges(50)(47)
Surrenders and withdrawals(588)(240)
Benefit payments(321)(288)
Net transfers from (to) separate accounts(6)15
Interest credited273239
Other7420
Balance, end of period$27,489$24,620
Weighted-average annual crediting rate
4.1 %4.0 %
At period end:
Cash surrender value$14,490$12,928
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$46,517$44,669
At annuitization or exercise of other living benefits$13$15
__________________
26
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
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)
March 31, 2026
Equal to or greater than 0% but less than 2%
$—$—$8$3,740$3,748
Equal to or greater than 2% but less than 4%
4262,2025411,5694,738
Equal to or greater than 4%
4,082—43164,519
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A14,484
Total$4,508$2,202$980$5,315$27,489
March 31, 2025
Equal to or greater than 0% but less than 2%
$—$—$7$2,545$2,552
Equal to or greater than 2% but less than 4%
3492,5076221,1934,671
Equal to or greater than 4%
4,4031142364,843
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A12,554
Total$4,752$2,518$1,052$3,744$24,620

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:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$54,374$50,801
Deposits1,5041,175
Policy charges(231)(231)
Surrenders and withdrawals(940)(698)
Benefit payments(134)(157)
Interest credited412369
Effect of foreign currency translation and other, net(173)704
Balance, end of period$54,812$51,963
Weighted-average annual crediting rate
3.1 %2.9 %
At period end:
Cash surrender value$48,823$45,470
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$80,365$86,430
27
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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)
March 31, 2026
Equal to or greater than 0% but less than 2%
$9,644$18$270$2,081$12,013
Equal to or greater than 2% but less than 4%
6,93215,9194,87511,98339,709
Equal to or greater than 4%
226———226
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A2,864
Total$16,802$15,937$5,145$14,064$54,812
March 31, 2025
Equal to or greater than 0% but less than 2%
$10,301$17$243$1,699$12,260
Equal to or greater than 2% but less than 4%
7,51315,8445,09810,55939,014
Equal to or greater than 4%
236———236
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A453
Total$18,050$15,861$5,341$12,258$51,963
Fixed Annuities
Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$43,188$38,421
Deposits1,4151,445
Policy charges(1)(1)
Surrenders and withdrawals(657)(470)
Benefit payments(483)(477)
Interest credited356289
Effect of foreign currency translation and other, net13894
Balance, end of period$43,956$39,301
Weighted-average annual crediting rate
3.3 %3.0 %
At period end:
Cash surrender value$39,758$34,369
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$2$1
28
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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)
March 31, 2026
Equal to or greater than 0% but less than 2%
$278$369$3,763$38,501$42,911
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/A1,041
Total$278$373$3,763$38,501$43,956
March 31, 2025
Equal to or greater than 0% but less than 2%
$310$480$4,624$32,683$38,097
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/A1,200
Total$310$484$4,624$32,683$39,301
Corporate & Other
Annuities
Corporate & Other’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:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$6,383$10,142
Transfer (1)
—(3,109)
Deposits2431
Policy charges(2)(2)
Surrenders and withdrawals(206)(245)
Benefit payments(67)(84)
Net transfers from (to) separate accounts424
Interest credited5054
Other(2)(4)
Balance, end of period$6,184$6,807
Weighted-average annual crediting rate
3.3 %3.2 %
At period end:
Cash surrender value$5,692$6,250
Net amount at risk, excluding offsets from reinsurance (2):
In the event of death
$2,425$2,577
At annuitization or exercise of other living benefits
$854$778
__________________
29
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
(2)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs, which are disclosed in “Corporate & Other – Annuities” in Note 6.
Corporate & Other’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)
March 31, 2026
Equal to or greater than 0% but less than 2%
$40$9$362$273$684
Equal to or greater than 2% but less than 4%
2,4581,533292564,339
Equal to or greater than 4%
6471744—825
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A336
Total$3,145$1,716$658$329$6,184
March 31, 2025
Equal to or greater than 0% but less than 2%
$15$126$409$78$628
Equal to or greater than 2% but less than 4%
2,0672,411352834,913
Equal to or greater than 4%
4903928—890
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A376
Total$2,572$2,929$769$161$6,807
30
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
Life and Other
Corporate & Other’s life and other PABs include universal life products, the fixed account portion of variable life insurance products and funding agreements. Information regarding this liability was as follows:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$7,109$11,132
Transfer (1)
—(3,773)
Deposits129115
Policy charges(161)(170)
Surrenders and withdrawals(74)(56)
Benefit payments(41)(45)
Net transfers from (to) separate accounts514
Interest credited7172
Other(2)3
Balance, end of period$7,036$7,292
Weighted-average annual crediting rate
4.1 %4.0 %
At period end:
Cash surrender value$6,508$6,743
Net amount at risk, excluding offsets from reinsurance (2):
In the event of death
$60,110$63,491
__________________
(1)A product previously reported within the former MetLife Holdings segment was moved to the Group Benefits segment as part of the Strategic Reorganization. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
(2)Including offsets from reinsurance, the net amount at risk at March 31, 2026 and 2025 would be reduced by 99% and 98%, respectively.
31
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
Corporate & Other’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)
March 31, 2026
Equal to or greater than 0% but less than 2%
$—$—$—$—$—
Equal to or greater than 2% but less than 4%
3621646051401,271
Equal to or greater than 4%
4,7203851205,126
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A639
Total$5,082$549$606$160$7,036
March 31, 2025
Equal to or greater than 0% but less than 2%
$—$—$—$—$—
Equal to or greater than 2% but less than 4%
3581682565271,309
Equal to or greater than 4%
4,814120400235,357
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A626
Total$5,172$288$656$550$7,292
6. Market Risk Benefits
The Company establishes assets and liabilities for 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:
March 31, 2026December 31, 2025
AssetLiability
Net Liability (Asset)
AssetLiability
Net Liability (Asset)
(In millions)
Corporate & Other - Annuities
$207 $2,152 $1,945$258 $2,043 $1,785
Other185 370 185200 363 163
Total$392$2,522$2,130$458$2,406$1,948

Rollforwards
The following information about the direct and assumed liabilities (assets) for MRBs includes a disaggregated rollforward. The products grouped within this rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.
Corporate & Other
Corporate & Other’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 guarantee 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. Corporate & Other’s variable annuity products also include an in-force block of assumed variable annuity guarantees from
32
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
6. Market Risk Benefits (continued)
a third party. Information regarding Corporate & Other’s variable annuity products (including assumed reinsurance) was as follows:
Three Months
Ended
March 31,
20262025
(In millions)
Balance, beginning of period (1)
$1,785$2,069
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$1,665$1,992
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)
—(191)
Attributed fees collected
7480
Benefit payments
(24)(23)
Effect of changes in interest rates
(14)108
Effect of changes in capital markets
6176
Effect of changes in equity index volatility
6611
Actual policyholder behavior different from expected behavior
6672
Effect of foreign currency translation and other, net
(28)(14)
Effect of changes in risk margin
214
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk
1,8682,125
Cumulative effect of changes in the instrument-specific credit risk
7857
Effect of foreign currency translation on the cumulative instrument-specific credit risk
(1)2
Balance, end of period
1,9452,184
Less: Reinsurance recoverable373—
Balance, end of period, net of reinsurance
$1,572$2,184
At period end:
Net amount at risk, excluding offsets from hedging and reinsurance (2):
In the event of death
$2,428 $2,582 
At annuitization or exercise of other living benefits
$830 $795 
Weighted-average attained age of contractholders:
In the event of death
73 years72 years
At annuitization or exercise of other living benefits
72 years72 years
__________________
(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was ($165) million. See Note 1 for further information on the Strategic Reorganization.
(2)Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs, which are disclosed in “Corporate & Other – Annuities” in Note 5.
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 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
33
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
6. Market Risk Benefits (continued)
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 11 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.
Other
In addition to the disaggregated MRB product rollforward 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 11 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities (assets) was as follows:
Three Months
Ended
March 31,
20262025
(In millions)
Balance, beginning of period (1)
$163 $140 
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$160 $126 
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)
— 191 
Attributed fees collected15 16 
Benefit payments(4)(4)
Effect of changes in interest rates(6)14 
Effect of changes in capital markets1 5 
Effect of changes in equity index volatility31 4 
Actual policyholder behavior different from expected behavior7 3 
Effect of foreign currency translation and other, net (14)3 
Effect of changes in risk margin— 2 
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk190 360 
Cumulative effect of changes in the instrument-specific credit risk(4)(18)
Effect of foreign currency translation on the cumulative instrument-specific credit risk(1)1 
Balance, end of period185 343 
Less: Reinsurance recoverable10 15 
Balance, end of period, net of reinsurance$175 $328 
__________________
34
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
6. Market Risk Benefits (continued)
(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was $165 million. See Note 1 for further information on the Strategic Reorganization.
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:
March 31, 2026December 31, 2025
(In millions)
RIS:
Stable value and risk solutions
$38,286 $38,925 
Annuities
17,706 18,099 
Latin America - Pensions46,741 48,549 
Corporate & Other - Annuities
18,347 19,621 
Other26,606 26,739 
Total
$147,686 $151,933 
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 annuity participating and non-participating group contracts and group variable deferred annuities, Latin America savings-oriented pension product in Chile within the country’s mandatory individual capitalization pension system, and Corporate & Other variable annuities.
The balances of and changes in separate account liabilities were as follows:
35
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
7. Separate Accounts (continued)
RIS
Stable Value and
Risk Solutions		RIS
Annuities		Latin America
Pensions
Corporate & Other
Annuities
(In millions)
Three Months Ended March 31, 2026
Balance, beginning of period$38,925 $18,099 $48,549 $19,621 
Premiums and deposits623 62 1,915 14 
Policy charges(78)(27)(74)(104)
Surrenders and withdrawals(697)(431)(1,565)(592)
Benefit payments(42)(11)(611)(117)
Investment performance45 (287)254 (470)
Net transfers from (to) general account13 (7)— (4)
Effect of foreign currency translation and other, net
(503)308 (1,727)(1)
Balance, end of period$38,286 $17,706 $46,741 $18,347 
Three Months Ended March 31, 2025
Balance, beginning of period$40,319 $11,001 $38,765 $27,829 
Transfer, January 1 (1)
— 6,926 — (6,926)
Premiums and deposits642 56 1,668 16 
Policy charges(67)(27)(69)(113)
Surrenders and withdrawals(2,297)(370)(1,218)(654)
Benefit payments(39)(10)(427)(104)
Investment performance609 61 708 (229)
Net transfers from (to) general account1 (16)— (24)
Effect of foreign currency translation and other, net (2)
(1,027)100 1,752 — 
Balance, end of period$38,141 $17,721 $41,179 $19,795 
Cash surrender value at March 31, 2026 (3)
$34,431 $6,518 $46,741 $18,249 
Cash surrender value at March 31, 2025 (3)
$34,077 $6,492 $41,179 $19,685 
__________________
(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
(2)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.
(3)Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.
36
Table of Contents
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:
March 31, 2026
Group
Benefits
RIS
Asia
Latin
America
EMEA
Corporate & Other
Total
(In millions)
Fixed maturity securities:
Bonds:
Government and agency
$— $9,052 $1,048 $11,986 $4,478 $— $26,564 
Public utilities— 1,061 130 — — — 1,191 
Municipals— 294 20 — — — 314 
Corporate bonds
— 7,985 714 7,963 421 — 17,083 
Total bonds— 18,392 1,912 19,949 4,899 — 45,152 
Mortgage-backed securities
— 8,332 — — — — 8,332 
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)— 2,351 — — — — 2,351 
Redeemable preferred stock— 7 140 — — — 147 
Total fixed maturity securities— 29,082 2,052 19,949 4,899 — 55,982 
Equity securities— 2,678 4,032 4,050 2,141 — 12,901 
Mutual funds:
Bond funds
86 1,600 251 6,319 43 1,960 10,259 
Equity funds
1,084 6,275 3,053 12,841 60 12,779 36,092 
Balanced funds
80 91 — — — 3 174 
Other
115 10,819 379 — 28 10,490 21,831 
Total mutual funds
1,365 18,785 3,683 19,160 131 25,232 68,356 
Other invested assets
— 988 327 2,997 187 — 4,499 
Total investments1,365 51,533 10,094 46,156 7,358 25,232 141,738 
Other assets
— 4,559 740 585 64 — 5,948 
Total$1,365 $56,092 $10,834 $46,741 $7,422 $25,232 $147,686 
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
7. Separate Accounts (continued)
December 31, 2025
Group
Benefits
RIS
Asia
Latin
America
EMEA
Corporate & Other
Total
(In millions)
Fixed maturity securities:
Bonds:
Government and agency
$— $9,257 $1,128 $12,336 $4,326 $— $27,047 
Public utilities— 1,077 173 — — — 1,250 
Municipals— 307 17 — — — 324 
Corporate bonds
— 8,078 733 8,749 461 — 18,021 
 Total bonds
— 18,719 2,051 21,085 4,787 — 46,642 
Mortgage-backed securities
— 8,306 — — — — 8,306 
ABS & CLO— 2,388 — — — — 2,388 
Redeemable preferred stock— 8 138 — — — 146 
Total fixed maturity securities— 29,421 2,189 21,085 4,787 — 57,482 
Equity securities— 2,889 3,698 4,261 1,953 — 12,801 
Mutual funds:
Bond funds
87 1,270 191 5,657 44 2,041 9,290 
Equity funds
1,156 6,561 3,366 13,495 169 13,782 38,529 
Balanced funds
80 89 — — — 2 171 
Other
115 10,673 336 — 68 11,097 22,289 
Total mutual funds
1,438 18,593 3,893 19,152 281 26,922 70,279 
Other invested assets
— 1,198 312 3,753 118 — 5,381 
Total investments1,438 52,101 10,092 48,251 7,139 26,922 145,943 
Other assets
— 5,027 640 298 25 — 5,990 
Total$1,438 $57,128 $10,732 $48,549 $7,164 $26,922 $151,933 
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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)
Corporate &
Other (3)
Total
(In millions)
DAC:
Balance at January 1, 2026
$250 $785 $11,643 $2,343 $2,021 $2,691 $19,733 
Capitalizations6 87 465 240 155 6 959 
Amortization(12)(22)(201)(161)(95)(52)(543)
Effect of foreign currency translation and other, net— — (157)— (40)(1)(198)
Balance at March 31, 2026$244 $850 $11,750 $2,422 $2,041 $2,644 $19,951 
Balance at January 1, 2025
$250 $552 $10,785 $1,836 $1,664 $3,091 $18,178 
Transfer, January 1 (4)
— 98 — — — (98)— 
Capitalizations5 37 351 172126 7 698 
Amortization(6)(18)(205)(120)(91)(54)(494)
Effect of foreign currency translation and other, net— — 194 54 47 1 296 
Balance at March 31, 2025$249 $669 $11,125 $1,942 $1,746 $2,947 $18,678 
VOBA:
Balance at January 1, 2026
$— $10 $875 $393 $91 $5 $1,374 
Amortization— (1)(15)(12)(3)— (31)
Effect of foreign currency translation and other, net— — (13)(11)(1)— (25)
Balance at March 31, 2026$— $9 $847 $370 $87 $5 $1,318 
Balance at January 1, 2025
$— $13 $935 $393 $94 $14 $1,449 
Amortization— (1)(16)(9)(4)(1)(31)
Effect of foreign currency translation and other, net— — 47 16 3 — 66 
Balance at March 31, 2025$— $12 $966 $400 $93 $13 $1,484 
Total DAC and VOBA:
Balance at March 31, 2026
$21,269 
Balance at March 31, 2025
$20,162 
Balance at December 31, 2025
$21,107 
__________________
(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, and long-term care products. See Note 1 for further information on the Strategic Reorganization.
(4)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
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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 interest sensitive whole life, variable life and universal life products by segment, as well as Corporate & Other, included in other policy-related balances was as follows:
Three Months
Ended
March 31, 2026
RIS
AsiaLatin
 America		EMEA
Corporate & Other (1)
Total
(In millions)
Balance, beginning of period$23 $3,346 $997 $723 $73 $5,162 
Deferrals1 114 38 27 3 183 
Amortization(2)(58)(32)(19)(1)(112)
Effect of foreign currency translation and other, net— (28)(7)(14)— (49)
Balance, end of period$22 $3,374 $996 $717 $75 $5,184 
Three Months
Ended
March 31, 2025
RIS
AsiaLatin
 America		EMEA
Corporate & Other (1)
Total
(In millions)
Balance, beginning of period$27 $3,076 $841 $622 $69 $4,635 
Deferrals1 106 33 24 3 167 
Amortization(2)(61)(26)(18)(2)(109)
Effect of foreign currency translation and other, net— 6 16 19 — 41 
Balance, end of period$26 $3,127 $864 $647 $70 $4,734 
__________________
(1)See Note 1 for information on the Strategic Reorganization.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments
Fixed Maturity Securities Available-for-Sale
Fixed Maturity Securities Available-for-Sale by Sector
The following table presents fixed maturity securities available-for-sale (“AFS”) by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, nonqualified 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.”
March 31, 2026December 31, 2025
Gross UnrealizedEstimated
Fair
Value		Gross UnrealizedEstimated
Fair
Value
Sector
Amortized
Cost
Allowance
for
 Credit Loss
(“ACL”)
GainsLossesAmortized
Cost
ACL
Gains
Losses
(In millions)
U.S. corporate$95,266 $(134)$1,440 $7,602 $88,970 $92,855 $(138)$1,899 $6,657 $87,959 
Foreign corporate
63,323 (52)1,955 5,168 60,058 62,606 (7)2,443 4,453 60,589 
RMBS46,999 (1)595 2,040 45,553 46,567 (1)822 1,970 45,418 
Foreign government
47,427 (57)907 8,230 40,047 47,037 (57)1,068 7,300 40,748 
U.S. government and agency
41,753 — 224 6,028 35,949 42,877 — 303 5,658 37,522 
ABS & CLO
25,346 (5)177 482 25,036 23,028 (6)246 371 22,897 
Municipals12,069 — 174 1,411 10,832 12,195 — 225 1,356 11,064 
CMBS10,008 (24)95 414 9,665 10,036 (40)131 393 9,734 
Total fixed maturity securities AFS
$342,191 $(273)$5,567 $31,375 $316,110 $337,201 $(249)$7,137 $28,158 $315,931 
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 March 31, 2026:
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$12,593 $50,867 $57,639 $138,496 $82,323 $341,918 
Estimated fair value$12,728 $50,793 $56,532 $115,803 $80,254 $316,110 
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)
9. 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.
March 31, 2026December 31, 2025
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$21,890 $896 $35,810 $6,685 $8,564 $527 $37,884 $6,092 
Foreign corporate14,050 426 20,751 4,721 5,314 199 22,687 4,251 
RMBS
11,892 174 11,296 1,867 3,848 69 12,983 1,902 
Foreign government13,185 965 15,743 7,264 9,716 652 16,214 6,646 
U.S. government and agency8,947 253 16,336 5,775 8,544 181 16,341 5,477 
ABS & CLO11,832 131 3,867 351 5,349 49 4,000 322 
Municipals1,246 76 5,177 1,335 1,000 79 5,147 1,277 
CMBS2,240 60 3,498 351 1,164 36 3,660 355 
Total fixed maturity securities AFS$85,282 $2,981 $112,478 $28,349 $43,499 $1,792 $118,916 $26,322 
Investment grade$82,098 $2,856 $109,739 $28,007 $41,743 $1,707 $116,021 $26,002 
Below investment grade3,184 125 2,739 342 1,756 85 2,895 320 
Total fixed maturity securities AFS$85,282 $2,981 $112,478 $28,349 $43,499 $1,792 $118,916 $26,322 
Total number of securities in an unrealized loss position9,486 9,439 5,489 9,850 
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 2025 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 increased $3.2 billion for the three months ended March 31, 2026 to $31.3 billion primarily due to an increase 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 March 31, 2026, 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 March 31, 2026, $342 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 the consumer, communications, and transportation sectors within corporate securities and in foreign government 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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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
At March 31, 2026, 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 March 31, 2026.
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 March 31, 2026
Balance, beginning of period
$138 $7 $57 $1 $6 $40 $249 
ACL not previously recorded— 52 — — — 4 56 
Changes for securities with previously recorded ACL22 — — — (1)4 25 
Securities sold or exchanged(26)(7)— — — (24)(57)
Balance, end of period
$134 $52 $57 $1 $5 $24 $273 
Three Months Ended March 31, 2025
Balance, beginning of period
$59 $18 $57 $1 $9 $16 $160 
ACL not previously recorded— — — 1 — 7 8 
Changes for securities with previously recorded ACL7 — — — 1 2 10 
Securities sold or exchanged(26)(12)— — (3)— (41)
Balance, end of period
$40 $6 $57 $2 $7 $25 $137 
Equity Securities
The following table presents equity securities by security type:
March 31, 2026December 31, 2025
Net Unrealized
Gains (Losses) (1)
Estimated
Fair Value
Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Security TypeCostCost
(In millions)
Common stock (2)
$561 $235 $796 $498 $246 $744 
Non-redeemable preferred stock121 10 131 106 8 114 
Total
$682 $245 $927 $604 $254 $858 
________________
(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.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
Contractholder-Directed Equity Securities and FVO Securities
The following table presents these investments by asset type:
March 31, 2026December 31, 2025
Asset TypeCost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value		Cost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value
(In millions)
Contractholder-directed equity securities:
Equity securities$3,153 $750 $3,903 $3,164 $855 $4,019 
Series mutual funds and other securities5,103 1,249 6,352 5,089 1,640 6,729 
Total contractholder-directed equity securities
$8,256 $1,999 $10,255 $8,253 $2,495 $10,748 
FVO securities:
Securities held by CFEs
$1,243 $— $1,243 $1,283 $— $1,283 
General account and other securities1,110 827 1,937 1,149 779 1,928 
Total FVO securities:
$2,353 $827 $3,180 $2,432 $779 $3,211 
Total
$10,609 $2,826 $13,435 $10,685 $3,274 $13,959 
________________
(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:
 March 31, 2026December 31, 2025
Portfolio SegmentCarrying
Value (1)		% of
Total		Carrying
Value (1)		% of
Total
(Dollars in millions)
Commercial$48,029 57.4 %$49,400 58.4 %
Agricultural19,355 23.1 19,551 23.1 
Residential17,520 20.9 16,800 19.9 
Total amortized cost84,904 101.4 85,751 101.4 
ACL
(1,213)(1.4)(1,193)(1.4)
Total mortgage loans held-for-investment83,691 100.0 84,558 100.0 
Mortgage loans held-for-sale35 — 35 — 
Total mortgage loans$83,726 100.0 %$84,593 100.0 %
__________________
(1)Includes certain mortgage loans originated for third parties of $6.1 billion and $6.5 billion at amortized cost, with the corresponding mortgage loan secured financing liability of $6.1 billion and $6.5 billion included in other liabilities on the consolidated balance sheet at March 31, 2026 and December 31, 2025, respectively.
The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($759) million and ($789) million at March 31, 2026 and December 31, 2025, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at March 31, 2026 was $164 million, $170 million and $155 million, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at December 31, 2025 was $172 million, $206 million and $140 million, respectively. The accrued interest income related to mortgage loans is included in accrued investment income on the interim condensed consolidated balance sheets.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $1.4 billion and $912 million for the three months ended March 31, 2026 and 2025, respectively.
Sales of mortgage loans were $19 million for the three months ended March 31, 2026.
For the three months ended March 31, 2026, the Company acquired wholly-owned real estate by completing foreclosures on commercial mortgage loans with an amortized cost of $82 million.
Rollforward of ACL for Mortgage Loans by Portfolio Segment
The rollforward of ACL for mortgage loans, by portfolio segment, was as follows:
Three Months
Ended
March 31,
20262025
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Balance, beginning of period$807 $115 $271 $1,193 $537 $84 $179 $800 
Provision (release)
165 2 (50)117 160 11 10 181 
Charge-offs, net of recoveries
(87)(9)(1)(97)— — — — 
Balance, end of period$885 $108 $220 $1,213 $697 $95 $189 $981 
The gross charge-offs of mortgage loans by origination year and portfolio segment for the three months ended March 31, 2026 were as follows:
Portfolio Segment20262025202420232022PriorTotal
(In millions)
Commercial
$— $— $— $— $— $87 $87 
Agricultural— — — — — 9 9 
Residential
— — 1 — — — 1 
Total$— $— $1 $— $— $96 $97 
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
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
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 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.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
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 maturity 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:
Three Months Ended March 31,
2025
Amortized CostAffected Loans
(in Years)
Portfolio SegmentMaturity
Extension
Payment
Delay
Total
Weighted Average
 Life Increase		Average Years
Payment Deferral		% of Book
Value
(Dollars in millions)
Commercial$250 
$— $250 5 0<1%
For the three months ended March 31, 2026, 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 March 31, 2025, all commercial mortgage loans modified within the past 12 months to borrowers experiencing financial difficulties and still outstanding were current.
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 March 31, 2026:
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
Credit Quality Indicator20262025202420232022PriorRevolving LoansTotal% of Total
(Dollars in millions)
LTV ratios:
Less than 65%
$779 $2,595 $3,258 $1,957 $2,253 $13,786 $1,712 $26,340 54.8 %
65% to 75%
125 399 550 632 2,145 3,731 — 7,582 15.8 
76% to 80%
— 98 — 63 410 2,304 — 2,875 6.0 
Greater than 80%
— 187 187 65 783 10,010 — 11,232 23.4 
Total
$904 $3,279 $3,995 $2,717 $5,591 $29,831 $1,712 $48,029 100.0 %
DSCR:
> 1.20x
$755 $2,673 $3,665 $1,973 $4,555 $24,243 $1,712 $39,576 82.4 %
1.00x - 1.20x
— 318 6 384 459 3,443 — 4,610 9.6 
<1.00x
149 288 324 360 577 2,145 — 3,843 8.0 
Total
$904 $3,279 $3,995 $2,717 $5,591 $29,831 $1,712 $48,029 100.0 %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2026:
Credit Quality Indicator20262025202420232022PriorRevolving LoansTotal% of Total
(Dollars in millions)
LTV ratios:
Less than 65%
$428 $1,353 $682 $1,171 $2,130 $10,588 $1,412 $17,764 91.8 %
65% to 75%
— 84 47 77 286 825 18 1,337 6.9 
76% to 80%
— — — — 22 32 4 58 0.3 
Greater than 80%
— — 12 — 147 23 14 196 1.0 
Total
$428 $1,437 $741 $1,248 $2,585 $11,468 $1,448 $19,355 100.0 %
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2026:
Credit Quality Indicator20262025202420232022PriorRevolving LoansTotal% of Total
(Dollars in millions)
Performance indicators:
Performing
$111 $3,646 $2,085 $722 $2,108 $8,296 $— $16,968 96.8 %
Nonperforming (1)
— 24 59 53 98 318 — 552 3.2 
Total
$111 $3,670 $2,144 $775 $2,206 $8,614 $— $17,520 100.0 %
__________________
(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $179 million and $186 million at March 31, 2026 and December 31, 2025, respectively.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. 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 March 31, 2026 and December 31, 2025. The Company defines delinquency in a manner 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 SegmentMarch 31, 2026December 31, 2025March 31, 2026December 31, 2025March 31, 2026December 31, 2025
(In millions)
Commercial$828 $682 $10 $3 $1,894 $1,915 
Agricultural255 252 57 66 208 225 
Residential552 523 28 23 524 500 
Total$1,635 $1,457 $95 $92 $2,626 $2,640 
Real Estate and REJVs
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 REJVs. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:
 Three Months
Ended
March 31,
 March 31, 2026December 31, 202520262025
Income TypeCarrying ValueIncome
(In millions)
Wholly-owned real estate:
Leased real estate$4,379 $4,174 $85 $89 
Other real estate773 710 75 75 
REJVs
8,204 8,556 66 43 
Total real estate and REJVs
$13,356 $13,440 $226 $207 
Depreciation expense on real estate investments was $29 million for both the three months ended March 31, 2026 and 2025. Real estate investments were net of accumulated depreciation of $1.1 billion for both March 31, 2026 and December 31, 2025.
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 2025 Annual Report for a summary of leased real estate investments and earned income by property type.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. 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 $935 million and $676 million at March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026 and 2025, income tax credits and other income tax benefits of $25 million and $28 million, respectively, and amortized expenses of $22 million and $23 million, respectively, were recognized net as a component of income tax expense in the Company’s interim condensed consolidated statements 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 $11.2 billion and $11.5 billion, at estimated fair value, at March 31, 2026 and December 31, 2025, 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:
March 31, 2026December 31, 2025
(In millions)
Japan$15,609 $16,265 
South Korea$4,982 $5,971 
Mexico$4,709 $4,190 
Securities Lending Transactions and Repurchase Agreements
Securities, Collateral and Reinvestment Portfolio
Transactions and agreements accounted for as secured borrowings were as follows:
March 31, 2026December 31, 2025
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$12,169 $12,552 $12,481 $11,866 $12,198 $12,082 
Repurchase agreements$3,124 $3,075 $3,043 $3,002 $2,975 $2,948 
__________________
(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at both March 31, 2026 and December 31, 2025. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge these securities.
(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)
9. Investments (continued)
Contractual Maturities
Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:
March 31, 2026December 31, 2025
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
$2,007 $4,852 $4,387 $— $11,246 $1,986 $3,911 $4,880 $— $10,777 
Foreign government
— 745 263 — 1,008 — 755 355 — 1,110 
Agency RMBS— 127 171 — 298 — 311 — — 311 
Total
$2,007 $5,724 $4,821 $— $12,552 $1,986 $4,977 $5,235 $— $12,198 
Repurchase agreements:
U.S. government and agency
$— $3,075 $— $— $3,075 $— $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:
March 31, 2026December 31, 2025
(In millions)
Invested assets on deposit (regulatory deposits)
$1,529 $1,396 
Invested assets held in trust (external reinsurance agreements) (1)3,646 1,775 
Invested assets pledged as collateral (2)28,548 27,663 
Total invested assets on deposit, held in trust and pledged as collateral
$33,723 $30,834 
__________________
(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 $1.8 billion at both March 31, 2026 and December 31, 2025.
(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 2025 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 10.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements. 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 at redemption value at both March 31, 2026 and December 31, 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 $22.3 billion and $22.4 billion at March 31, 2026 and December 31, 2025, respectively, which includes cash and cash equivalents of $1.0 billion and $1.2 billion at March 31, 2026 and December 31, 2025, respectively.
Variable Interest Entities
The Company has invested in legal entities that are VIEs. Legal entities are determined to be VIEs if (1) the equity investors lack (i) the ability to control the entity, (ii) the obligation to absorb losses or (iii) the rights to receive returns of the entity, or (2) the entity lacks sufficient equity to finance its activities without subordinated financial support.
For VIEs, the Company determines whether it is the primary beneficiary, which involves an evaluation of the purpose and design of the entity and whether, based on the design of the entity, the Company has both (1) the power to direct the activities of the entity which most significantly affect the economic performance of the entity and (2) the obligation to absorb losses or the right to receive benefits that are potentially significant to the VIE. Significant judgment is required in the primary beneficiary determination, which includes an evaluation of the substance of contractual arrangements and voting agreements, the rights of other investors in an entity and the potential financial results of the entity.
The Company continuously assesses if facts or circumstances indicate that a potential change in the primary beneficiary has occurred. This could include new contractual arrangements of an entity or changes in the investors of an entity. As a result of changes in circumstances, the Company may consolidate or deconsolidate a VIE.
Consolidated VIEs
The Company is the asset manager of certain asset-backed securitization entities, primarily collateralized loan obligations (“CLOs”), for which the Company earns asset management fees. The Company may invest in securities issued by these entities. The Company is also the asset manager of certain investment fund structures in which the Company also invests.
The Company has analyzed its relationships with the CLOs and investment fund structures and determined that it is the primary beneficiary of these entities. This analysis includes a review of the rights and responsibilities as the asset manager, the rights of the investors in the entity, and the exposure of the Company to the potential losses and returns of the entity.
The assets of the VIEs may only be used to satisfy the liabilities of the respective VIEs. The Company is not required to, and has not provided, material financial support to the VIEs, other than its investment in these VIEs.
The Company is also the primary beneficiary of certain investment funds and partnership entities in which the Company has invested but is not the asset manager.
The table below reflects the carrying amount and balance sheet classification in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the respective VIEs.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Asset Type
Consolidated VIEs
for which the Company is the
Asset Manager
Other Consolidated VIEs
(In millions)
FVO securities primarily held by CFEs
$1,257 $1,300 $— $— 
Contractholder-directed equity securities408 451 — — 
Real estate and REJVs
173 81 203 221 
Investment funds (1)590 490 — — 
Renewable energy partnership (1)— — 43 45 
Leases (1)
24 25 — — 
Cash and cash equivalents
121 90 11 6 
Other
23 21 25 34 
Total assets of consolidated VIEs
$2,596 $2,458 $282 $306 
Short-term debt
$— $— $113 $117 
Long-term debt
68 28 — — 
Notes issued by CFEs1,138 1,206 — — 
Other liabilities
132 158 7 9 
Total liabilities of consolidated VIEs
$1,338 $1,392 $120 $126 
__________________
(1)Included in other invested assets.
Unconsolidated VIEs
The Company has determined that it is not the primary beneficiary of certain VIEs because the Company does not have both (1) the power to direct the activities of the entity which most significantly affect the economic performance of the entity and (2) the obligation to absorb losses or the right to receive benefits that are potentially significant to the VIE.
The Company invests in structured products issued by CFEs or securitization entities that are VIEs which typically do not have substantial equity. Its investments in these structured products are fixed maturity securities investments and include mortgage-backed securities, and ABS & CLOs. The Company’s exposure to losses of these entities is limited to the amount of its investment. See “— Fixed Maturity Securities Available-for-Sale” for details regarding amounts and classification of these assets.
The Company also invests in or provides loans to other legal entities that are VIEs. These primarily include hedge funds, private equity funds and similar entities that are classified within OLPIs, REJVs, other invested assets, fixed maturity securities, FVO securities and mortgage loans. The Company’s maximum exposure to loss for these VIEs is limited to the carrying value of the equity investment plus any unfunded capital commitments. The carrying value of these investments was $24.4 billion and $24.6 billion at March 31, 2026 and December 31, 2025, respectively, and the Company’s unfunded commitments were $5.9 billion and $6.2 billion at March 31, 2026 and December 31, 2025, respectively.
In connection with a certain reinsurance agreement, collateral securing the reinsurance agreement was transferred to trusts that do not have substantial equity. For managing these assets, MIM will recognize asset management fees which represent 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.
The Company did not provide financial or other support that it was not contractually obligated to provide to entities designated as VIEs for the three months ended March 31, 2026 or 2025.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
Net Investment Income
The composition of net investment income by asset type was as follows:
Three Months
Ended
March 31,
Asset Type20262025
(In millions)
Fixed maturity securities AFS (1)
$3,900 $3,467 
Equity securities
6 9 
FVO securities
(30)(20)
Mortgage loans (1)
1,079 1,139 
Policy loans
109 107 
Real estate and REJVs
226 207 
OLPI (1)
458 220 
Cash, cash equivalents and short-term investments (1)
224 250 
Operating joint ventures
(1)20 
Other
221 239 
Subtotal investment income6,192 5,638 
Less: Investment expenses
518 526 
Subtotal, net
5,674 5,112 
Unit-linked investments(319)(227)
Net investment income
$5,355 $4,885 
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)
$171 $43 
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)
(549)(289)
Net realized and unrealized gains (losses) recognized in net investment income
$(378)$(246)
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
$(392)$(260)
Equity method investments net investment income (primarily REJVs, OLPI, tax credit and renewable energy partnerships and operating joint ventures)
$533 $267 
________________
(1)Includes net investment income related to invested assets and cash and cash equivalents that are subject to ceded reinsurance with third parties.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. 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
March 31,
Asset Type20262025
(In millions)
Fixed maturity securities AFS
$(211)$(244)
Equity securities
(16)(12)
Mortgage loans
(126)(192)
Real estate and REJVs (excluding changes in estimated fair value)
(121)— 
OLPI (excluding changes in estimated fair value) (1)
(44)(1)
Other gains (losses)
(32)(5)
Subtotal
(550)(454)
Change in estimated fair value of OLPI and REJVs
3 3 
Non-investment portfolio gains (losses)
(123)64 
Subtotal
(120)67 
Net investment gains (losses)$(670)$(387)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)
$(242)$(301)
Impairment (losses)
(139)(5)
Recognized gains (losses):
Change in ACL recognized in earnings
(155)(159)
Unrealized net gains (losses) recognized in earnings(11)14 
Total recognized gains (losses)(166)(145)
Non-investment portfolio gains (losses)(123)64 
Net investment gains (losses)$(670)$(387)
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)
$(11)$(10)
Foreign currency gains (losses)$(132)$75 
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)
$(242)$(301)
Recognized in net investment income
171 43 
Net realized investment gains (losses) from sales and disposals of investments$(71)$(258)
__________________
(1)Includes a net loss of $51 million and $2 million for the three months ended March 31, 2026 and 2025, respectively, for private equity investments sold. For the three months ended March 31, 2026 and 2025, the Company sold $745 million and $43 million, respectively, in portfolios of investments to funds for proceeds of $694 million and $41 million, respectively, in cash and receivables secured by the value of the respective funds. The Company has entered into agreements to serve as the asset manager of the funds for which it receives management fees.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
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
March 31,
Fixed Maturity Securities AFS20262025
(In millions)
Proceeds$11,001 $7,241 
Gross investment gains$118 $86 
Gross investment (losses)(305)(351)
Realized gains (losses) on sales and disposals(187)(265)
Net credit loss (provision) release (change in ACL recognized in earnings)(21)24 
Impairment (losses)(3)(3)
Net credit loss (provision) release and impairment (losses)(24)21 
Net investment gains (losses)$(211)$(244)
Equity Securities
Realized gains (losses) on sales and disposals$(7)$(22)
Unrealized net gains (losses) recognized in earnings(9)10 
Net investment gains (losses)$(16)$(12)
10. Derivatives
Accounting for Derivatives
See Note 1 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for a description of the Company’s accounting policies for derivatives and Note 11 for information about the fair value hierarchy for derivatives.
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 2025 Annual Report.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. 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:
March 31, 2026December 31, 2025
Estimated Fair ValueEstimated Fair Value
Primary Underlying Risk ExposureGross
Notional
Amount		AssetsLiabilitiesGross
Notional
Amount		AssetsLiabilities
(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swapsInterest rate$4,761 $924 $684 $4,924 $923 $706 
Foreign currency swapsForeign currency exchange rate3,342 75 15 1,607 33 22 
Subtotal8,103 999 699 6,531 956 728 
Cash flow hedges:
Interest rate swapsInterest rate3,773 1 248 4,002 — 267 
Interest rate forwardsInterest rate4,085 2 1,030 4,389 16 1,049 
Foreign currency swapsForeign currency exchange rate47,437 2,490 1,953 47,097 2,358 2,184 
Subtotal55,295 2,493 3,231 55,488 2,374 3,500 
Net investment in a foreign operation (“NIFO”) hedges:
Foreign currency forwardsForeign currency exchange rate1,263 48 3 1,052 32 10 
Currency optionsForeign currency exchange rate3,000 298 — 3,000 264 — 
Subtotal4,263 346 3 4,052 296 10 
Total qualifying hedges67,661 3,838 3,933 66,071 3,626 4,238 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swapsInterest rate25,514 1,420 1,503 24,623 1,409 1,434 
Interest rate floorsInterest rate6,140 45 — 5,640 34 — 
Interest rate capsInterest rate14,898 69 1 14,898 48 1 
Interest rate futuresInterest rate1,703 2 3 1,679 1 3 
Interest rate optionsInterest rate22,704 160 105 23,820 155 130 
Interest rate forwardsInterest rate1,958 — 231 2,731 16 176 
Synthetic GICsInterest rate52,257 — — 52,664 — — 
Foreign currency swapsForeign currency exchange rate10,798 1,241 134 10,210 1,167 175 
Foreign currency forwardsForeign currency exchange rate15,893 110 762 15,694 85 1,012 
Currency futuresForeign currency exchange rate287 3 — 292 — 1 
Credit default swaps — purchasedCredit2,684 3 50 2,739 2 58 
Credit default swaps — writtenCredit14,754 197 1 8,873 153 1 
Equity futuresEquity market1,129 23 12 1,380 5 2 
Equity index optionsEquity market17,639 450 257 16,253 337 281 
Equity variance swapsEquity market96 — 1 96 — 2 
Equity total return swapsEquity market2,336 104 — 2,413 7 34 
Longevity swaps
Longevity1,000 — — 1,000 — — 
Total non-designated or nonqualifying derivatives191,790 3,827 3,060 185,005 3,419 3,310 
Total$259,451 $7,665 $6,993 $251,076 $7,045 $7,548 
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)
10. Derivatives (continued)
March 31, 2026December 31, 2025
Estimated Fair ValueEstimated Fair Value
Primary Underlying Risk ExposureGross
Notional
Amount		AssetsLiabilitiesGross
Notional
Amount		AssetsLiabilities
(In millions)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate$8,503 $11 $535 $8,450 $10 $524 
Foreign currency exchange rate255 1 2 328 2 9 
Equity market2,719 198 89 2,844 152 104 
$11,477 $210 $626 $11,622 $164 $637 
The change in estimated fair values and earned income of derivatives hedging variable annuity guarantees, recorded in net derivative gains (losses), was $31 million and $65 million for the three months ended March 31, 2026 and 2025, 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 March 31, 2026 or December 31, 2025. 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)
10. 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 March 31, 2026
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)$(14)$— N/A
Hedged items
— — N/A2 14 — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
(24)—  N/A — (7)— N/A
Hedged items
24 —  N/A — 7 — N/A
Amount excluded from the assessment of hedge effectiveness
— —  N/A — — — 66 
Subtotal
— — N/A(4)— — 66 
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$(10)
Amount of gains (losses) reclassified from AOCI into income
1 1 — — — — (2)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A449 
Amount of gains (losses) reclassified from AOCI into income
1 (249)— — — — 248 
Foreign currency transaction gains (losses) on hedged items
— 240 — — — — — 
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— — — — — — — 
Subtotal
2 (8)— — — — 685 
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A68 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A4 
Subtotal
N/A— N/AN/AN/AN/A72 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
— N/A(92)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)
— N/A(45)N/AN/AN/AN/A
Credit derivatives — purchased (1)
— N/A5 N/AN/AN/AN/A
Credit derivatives — written (1)
— N/A(62)N/AN/AN/AN/A
Equity derivatives (1)
16 N/A(51)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items
— N/A(8)N/AN/AN/AN/A
Subtotal
16 N/A(253)N/AN/AN/AN/A
Earned income on derivatives
87 — 100 7 (39)— — 
Synthetic GICsN/AN/A19 N/AN/AN/AN/A
Embedded derivatives - ceded reinsuranceN/AN/A191 N/AN/AN/AN/A
Embedded derivatives - otherN/AN/A17 N/AN/AN/AN/A
Total
$105 $(8)$74 $3 $(39)$— $823 
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Derivatives (continued)
Three Months Ended March 31, 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$75 $42 $— N/A
Hedged items
1 — N/A(79)(40)— N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
(10)8 N/A— 36 — N/A
Hedged items
10 (6)N/A— (36)— N/A
Amount excluded from the assessment of hedge effectiveness
— (3)N/A— — — N/A
Subtotal
— (1)N/A(4)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$113 
Amount of gains (losses) reclassified from AOCI into income
17 — — — — — (17)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A121 
Amount of gains (losses) reclassified from AOCI into income
2 360 — — — — (362)
Foreign currency transaction gains (losses) on hedged items
— (358)— — — — — 
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
— — — — — — — 
Subtotal
19 2 — — — — (145)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A(72)
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A(14)
Subtotal
N/A— N/AN/AN/AN/A(86)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
— N/A98 N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)
— N/A245 N/AN/AN/AN/A
Credit derivatives — purchased (1)
— N/A(9)N/AN/AN/AN/A
Credit derivatives — written (1)
— N/A(27)N/AN/AN/AN/A
Equity derivatives (1)
17 N/A59 N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items
— N/A(31)N/AN/AN/AN/A
Subtotal
17 N/A335 N/AN/AN/AN/A
Earned income on derivatives
95 — 110 2 (40)— — 
Synthetic GICsN/AN/A19 N/AN/AN/AN/A
Embedded derivatives - ceded reinsurance
N/AN/A(35)N/AN/AN/AN/A
Embedded derivatives - otherN/AN/A3 N/AN/AN/AN/A
Total
$131 $1 $432 $(2)$(38)$— $(231)
__________________
(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)
10. Derivatives (continued)
The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
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)
(In millions)
Fixed maturity securities AFS$2,210 $658 $— $— 
Mortgage loans$51 $51 $— $— 
FPBs$(2,473)$(2,509)$326 $319 
PABs$(2,411)$(2,559)$136 $(9)
__________________
(1)Includes ($61) million and ($67) million of hedging adjustments on discontinued hedging relationships at March 31, 2026 and December 31, 2025, respectively.
For the Company’s foreign currency forwards, changes in estimated fair value attributable to the difference between spot price and forward price are excluded from hedge effectiveness testing and are recognized in earnings. For certain foreign currency swaps, changes in estimated fair value related to cross-currency basis spreads are excluded from the effectiveness assessment and recorded in OCI. 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 $4 million and $12 million for the three months ended March 31, 2026 and 2025, respectively.
At both March 31, 2026 and December 31, 2025, 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 three years.
At March 31, 2026 and December 31, 2025, the balance in AOCI associated with cash flow hedges was ($1.4) billion and ($2.1) billion, respectively.
All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
At March 31, 2026, the Company expected to reclassify ($42) 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 NIFO 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 NIFO. 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 NIFOs are sold or substantially liquidated, the amounts in AOCI are reclassified to the statements of operations.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Derivatives (continued)
At both March 31, 2026 and December 31, 2025, the cumulative foreign currency translation gain (loss) recorded in AOCI related to NIFO hedges was $1.2 billion. At March 31, 2026 and December 31, 2025, the carrying amount of debt designated as a non-derivative hedging instrument was $264 million and $268 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:
March 31, 2026December 31, 2025
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 $59 2.3$1 $59 2.5
Credit default swaps referencing indices
36 3,777 1.144 3,777 1.4
Subtotal
37 3,836 1.245 3,836 1.4
Baa
Single name credit default swaps (3)
1 46 3.61 46 3.8
Credit default swaps referencing indices
144 10,528 5.795 4,807 4.6
Subtotal
145 10,574 5.796 4,853 4.6
Ba
Credit default swaps referencing indices
1 24 0.71 24 1.0
Subtotal
1 24 0.71 24 1.0
B
Single name credit default swaps (3)
— 16 0.3— 16 0.6
Credit default swaps referencing indices
14 289 4.110 129 3.0
Subtotal
14 305 3.910 145 2.7
Caa
Credit default swaps referencing indices
(1)15 0.7— 15 1.0
Subtotal
(1)15 0.7— 15 1.0
Total
$196 $14,754 4.5$152 $8,873 3.2
__________________
(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.
(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.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Derivatives (continued)
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.
The Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”) 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 11 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)
10. 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:
March 31, 2026December 31, 2025
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement AssetsLiabilitiesAssetsLiabilities
(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)
$7,612 $6,400 $7,053 $6,972 
OTC-cleared (1)
174 621 119 569 
Exchange-traded
28 15 6 6 
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)
7,814 7,036 7,178 7,547 
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral
(2,951)(2,951)(3,015)(3,015)
OTC-cleared
(7)(7)(7)(7)
Exchange-traded
(2)(2)— — 
Cash collateral: (3), (4)
OTC-bilateral
(2,323)— (1,808)— 
OTC-cleared
(140)(609)(105)(555)
Exchange-traded
— (4)— (1)
Securities collateral: (5)
OTC-bilateral
(2,279)(3,436)(2,211)(3,945)
OTC-cleared
— (5)— (6)
Exchange-traded
— (9)— (5)
Net amount after application of master netting agreements and collateral
$112 $13 $32 $13 
__________________
(1)At March 31, 2026 and December 31, 2025, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $149 million and $133 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $43 million and ($1) million, respectively.
(2)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 March 31, 2026 and December 31, 2025, the Company received excess cash collateral of $66 million and $29 million, respectively, and provided excess cash collateral of $75 million and $68 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 March 31, 2026, 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)
10. Derivatives (continued)
March 31, 2026 and December 31, 2025, the Company received excess securities collateral with an estimated fair value of $392 million and $381 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At both March 31, 2026 and December 31, 2025, the Company provided excess securities collateral with an estimated fair value of $1.3 billion, for its OTC-bilateral derivatives, $765 million and $751 million, respectively, for its OTC-cleared derivatives, and $231 million and $215 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 March 31, 2026, 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.
March 31, 2026December 31, 2025
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
$3,434 $15 $3,449 $3,946 $11 $3,957 
Estimated fair value of collateral provided:
Fixed maturity securities AFS
$4,161 $16 $4,177 $4,661 $11 $4,672 

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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. 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 LocationMarch 31, 2026December 31, 2025
(In millions)
Embedded derivatives within liability host contracts:
Funds withheld on ceded reinsurance (1)
Other liabilities$(292)$(10)
Fixed annuities with equity indexed returns
PABs
140 67 
Total
$(152)$57 
__________________
(1)Includes ($84) million and $81 million at March 31, 2026 and December 31, 2025, respectively, related to Chariot Reinsurance, Ltd. (“Chariot Re”). See Note 19 for additional related party transactions.
11. 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)
11. Fair Value (continued)
March 31, 2026
Fair Value Hierarchy
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $74,893 $14,077 $88,970 
Foreign corporate— 42,945 17,113 60,058 
RMBS
— 43,960 1,593 45,553 
Foreign government— 39,349 698 40,047 
U.S. government and agency
16,658 19,291 — 35,949 
ABS & CLO— 22,975 2,061 25,036 
Municipals— 10,832 — 10,832 
CMBS
— 9,256 409 9,665 
Total fixed maturity securities AFS
16,658 263,501 35,951 316,110 
Equity securities
436 143 348 927 
Contractholder-directed equity securities and FVO securities:
Contractholder-directed equity securities 
7,520 2,478 257 10,255 
FVO securities
614 1,308 1,258 3,180 
Total contractholder-directed equity securities and FVO securities:
8,134 3,786 1,515 13,435 
Short-term investments (1)
3,571 1,031 101 4,703 
Other investments
50 — 1,133 1,183 
Derivative assets: (2)
Interest rate
2 2,621 — 2,623 
Foreign currency exchange rate
3 4,227 35 4,265 
Credit
— 200 — 200 
Equity market
23 553 1 577 
Total derivative assets
28 7,601 36 7,665 
MRBs
— — 392 392 
Reinsured MRBs (3)
— — 383 383 
Separate account assets (4)
75,066 71,826 794 147,686 
Total assets (5)
$103,943 $347,888 $40,653 $492,484 
Liabilities
Derivative liabilities: (2)
Interest rate
$3 $3,802 $— $3,805 
Foreign currency exchange rate
— 2,867 — 2,867 
Credit
— 51 — 51 
Equity market
12 258 — 270 
Total derivative liabilities
15 6,978 — 6,993 
Embedded derivatives within liability host contracts (6)
— — (152)(152)
Notes issued by CFEs— — 1,138 1,138 
MRBs
— — 2,522 2,522 
Total liabilities
$15 $6,978 $3,508 $10,501 
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
December 31, 2025
Fair Value Hierarchy
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $74,437 $13,522 $87,959 
Foreign corporate— 43,761 16,828 60,589 
RMBS
— 43,491 1,927 45,418 
Foreign government— 40,696 52 40,748 
U.S. government and agency
18,732 18,790 — 37,522 
ABS & CLO— 21,747 1,150 22,897 
Municipals
— 11,063 1 11,064 
CMBS
— 9,318 416 9,734 
Total fixed maturity securities AFS
18,732 263,303 33,896 315,931 
Equity securities
464 77 317 858 
Contractholder-directed equity securities and FVO securities:
Contractholder-directed equity securities 
7,983 2,571 194 10,748 
FVO securities
623 1,323 1,265 3,211 
Total contractholder-directed equity securities and FVO securities:
8,606 3,894 1,459 13,959 
Short-term investments (1)
2,761 537 42 3,340 
Other investments
46 — 1,137 1,183 
Derivative assets: (2)
Interest rate
1 2,601 — 2,602 
Foreign currency exchange rate
— 3,905 34 3,939 
Credit
— 155 — 155 
Equity market5 344 — 349 
Total derivative assets
6 7,005 34 7,045 
MRBs
— — 458 458 
Reinsured MRBs (3)
— — 293 293 
Separate account assets (4)
77,488 73,554 891 151,933 
Total assets (5)
$108,103 $348,370 $38,527 $495,000 
Liabilities
Derivative liabilities: (2)
Interest rate$3 $3,763 $— $3,766 
Foreign currency exchange rate1 3,403 — 3,404 
Credit— 59 — 59 
Equity market2 316 1 319 
Total derivative liabilities6 7,541 1 7,548 
Embedded derivatives within liability host contracts (6)
— — 57 57 
Notes issued by CFEs
— — 1,206 1,206 
MRBs
— — 2,406 2,406 
Total liabilities
$6 $7,541 $3,670 $11,217 
__________________
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
(1)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.
(2)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.    
(3)Reinsured MRBs are presented within premiums, reinsurance and other receivables on the interim condensed consolidated balance sheets.
(4)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities.
(5)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 $40 million and $41 million at March 31, 2026 and December 31, 2025, respectively.
(6)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)
11. 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)
11. 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
Contractholder-directed equity securities 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:
•
Contractholder-directed equity securities 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.
•
Contractholder-directed equity securities 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 REJVs 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)
11. 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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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. 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.
Notes Issued by CFEs
The estimated fair value of these notes is based on the estimated fair value of the corresponding securities which collateralize the notes. Since the notes are valued based on referenced collateral, they are classified as Level 3.
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)
11. 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:
March 31, 2026December 31, 2025Impact 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)17-1249332-12794Increase
•Market pricing•Quoted prices (4)—-10894—-10091Increase
•Consensus pricing•Offered quotes (4)—-10090—-10192Increase
RMBS•Market pricing•Quoted prices (4)32-1519833-11496Increase (5)
ABS & CLO•Market pricing•Quoted prices (4)—-166993-142101Increase (5)
Derivatives
Foreign currency exchange rate•Present value techniques•Swap yield (6)(35)-191189154-203202
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%1.23%
(8)
•Lapse rates:
Durations 1 - 100.15%-20.10%13.37%0.15%-20.10%13.37%
Decrease (9)
Durations 11 - 200.38%-15%8.17%0.38%-15%8.17%
Decrease (9)
Durations 21 - 1160.38%-15%7.48%0.38%-15%7.48%
Decrease (9)
•Utilization rates0.20%-16.25%0.54%0.20%-16.25%0.54%
Increase (10)
•Withdrawal rates0%-20%4.92%0%-20%4.92%(11)
•Long-term equity volatilities14.29%-22.49%18.96%14.29%-22.49%18.96%
Increase (12)
•Nonperformance risk spread0.12%-1.75%0.58%0.10%-1.41%0.58%
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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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. 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 contractholder-directed equity securities and FVO securities (collectively, “Unit-linked and FVO securities”), Other investments, Separate account assets, Notes issued by CFEs, 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)
11. 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		Equity
Securities
Contractholder-directed equity securities and FVO securities
(In millions)
Three Months Ended March 31, 2026
Balance, beginning of period$30,350 $52 $3,493 $317 $1,459 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(5)— (5)12 (71)
Total realized/unrealized gains (losses) included in AOCI
(578)(1)(19)— — 
Purchases (3)
2,047 614 1,794 30 223 
Sales (3)
(518)(2)(223)(11)(101)
Issuances (3)
— — — — — 
Settlements (3)
— — — — — 
Transfers into Level 3 (4)
87 43 39 — 24 
Transfers out of Level 3 (4)(193)(8)(1,016)— (19)
Balance, end of period$31,190 $698 $4,063 $348 $1,515 
Three Months Ended March 31, 2025
Balance, beginning of period$26,505 $41 $8,639 $236 $1,190 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(23)— 3 15 (20)
Total realized/unrealized gains (losses) included in AOCI
423 3 40 — — 
Purchases (3)
1,314 15 1,949 20 106 
Sales (3)
(448)(1)(140)(23)(101)
Issuances (3)
— — — — — 
Settlements (3)
— — — — — 
Transfers into Level 3 (4)
116 — 7 — — 
Transfers out of Level 3 (4)(375)(1)(5,691)— — 
Balance, end of period
$27,512 $57 $4,807 $248 $1,175 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at March 31, 2026 (5)
$10 $— $(6)$12 $(65)
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at March 31, 2025 (5)
$(1)$— $3 $(4)$(14)
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at March 31, 2026 (5)
$(575)$(1)$(16)$— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at March 31, 2025 (5)
$393 $3 $40 $— $— 
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. 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)
Notes Issued by CFEs
(In millions)
Three Months Ended March 31, 2026
Balance, beginning of period
$42 $1,137 $33 $(57)$891 $(1,206)
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— (89)6 300 (10)— 
Total realized/unrealized gains (losses) included in AOCI
(3)— (1)— — — 
Purchases (3)
70 131 — — 23 — 
Sales (3)
(2)(46)— — (80)— 
Issuances (3)
— — — (92)— — 
Settlements (3)
— — — 1 — 68 
Transfers into Level 3 (4)
— — — — — — 
Transfers out of Level 3 (4)(6)— (2)— (30)— 
Balance, end of period
$101 $1,133 $36 $152 $794 $(1,138)
Three Months Ended March 31, 2025
Balance, beginning of period
$5 $1,010 $5 $(9)$990 $— 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— 2 17 (32)5 — 
Total realized/unrealized gains (losses) included in AOCI
(2)— 1 — — — 
Purchases (3)
10 147 — — 42 — 
Sales (3)
(1)(38)— — (58)— 
Issuances (3)
— — — — — — 
Settlements (3)
— — (1)(2)— — 
Transfers into Level 3 (4)— — — — 1 — 
Transfers out of Level 3 (4)(3)— (1)— (8)— 
Balance, end of period
$9 $1,121 $21 $(43)$972 $— 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at March 31, 2026 (5)
$— $(87)$6 $299 $— $— 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at March 31, 2025 (5)
$— $— $16 $(32)$— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at March 31, 2026 (5)
$2 $— $— $— $— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at March 31, 2025 (5)
$(3)$— $— $— $— $— 
__________________
(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)
11. 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).
Fair Value Option
The Company has elected the FVO for certain invested assets held by, and notes issued by, CFEs.
The unpaid principal balance on the invested assets held by CFEs exceeded the estimated fair value by $40 million and $33 million at March 31, 2026 and December 31, 2025, respectively.
The unpaid principal balance on the notes issued by CFEs exceeded the estimated fair value by $3 million and $1 million at March 31, 2026 and December 31, 2025, respectively.
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).
March 31, 2026December 31, 2025
(In millions)
Carrying value after measurement:
Mortgage loans (1)
$1,909 $1,583 
Real estate and REJVs (2)
$142 $— 
Three Months
Ended
March 31,
20262025
(In millions)
Net investment gains (losses):
Mortgage loans (1)$(164)$(171)
Real estate and REJVs (2)
$(136)$— 
__________________
(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 9.
(2)Estimated fair values of impaired real estate and REJVs are based on appraised values.
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)
11. 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:
March 31, 2026
Fair Value Hierarchy 
Carrying
Value
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans
$83,726 $— $— $81,689 $81,689 
Policy loans
$8,455 $— $— $8,949 $8,949 
Other invested assets
$1,231 $— $700 $531 $1,231 
Premiums, reinsurance and other receivables
$9,219 $— $1,591 $7,012 $8,603 
Other assets
$229 $— $46 $190 $236 
Liabilities
PABs
$150,842 $— $— $147,757 $147,757 
Long-term debt
$14,438 $— $13,717 $— $13,717 
Collateral financing arrangement
$299 $— $— $276 $276 
Subordinated debt securities
$5,143 $— $5,555 $— $5,555 
Other liabilities
$14,352 $— $2,125 $11,299 $13,424 
Separate account liabilities
$78,803 $— $78,803 $— $78,803 

December 31, 2025
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans
$84,593 $— $— $82,933 $82,933 
Policy loans$8,547 $— $— $9,083 $9,083 
Other invested assets$895 $— $700 $195 $895 
Premiums, reinsurance and other receivables
$8,681 $— $1,252 $6,835 $8,087 
Other assets$247 $— $53 $202 $255 
Liabilities
PABs
$147,826 $— $— $145,695 $145,695 
Long-term debt$14,461 $— $14,143 $— $14,143 
Collateral financing arrangement$352 $— $— $322 $322 
Subordinated debt securities
$4,155 $— $4,707 $— $4,707 
Other liabilities$11,993 $— $842 $10,747 $11,589 
Separate account liabilities$80,164 $— $80,164 $— $80,164 
12. Subordinated Debt Securities
Subordinated Debt Issuance
In February 2026, MetLife, Inc. issued $1.0 billion of 5.850% Fixed-to-Fixed Reset Rate Subordinated Debentures due March 2056 (the “5.850% Subordinated Debt”), interest on which is 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 debentures. The 5.850% Subordinated Debt ranks higher in priority than MetLife, Inc.’s junior subordinated debt securities, subordinate to its senior notes and equal to its 6.350% Fixed-to-Fixed Reset Rate Subordinated Debentures due March 2055.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Equity
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows at both March 31, 2026 and December 31, 2025:
SeriesShares
Authorized		Shares Issued and
Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A27,600,000 24,000,000 
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D500,000 500,000 
5.625% Non-Cumulative Preferred Stock, Series E32,200 32,200 
4.75% Non-Cumulative Preferred Stock, Series F40,000 40,000 
Series A Junior Participating Preferred Stock10,000,000 — 
Not designated161,827,800 — 
Total200,000,000 24,572,200 
The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:
Three Months Ended March 31,
20262025
SeriesPer ShareAggregatePer ShareAggregate
(In millions, except per share data)
A$0.315 $7 $0.355 $9 
D$29.375 15 $29.375 15 
E$351.563 11 $351.563 11 
F$296.875 12 $296.875 12 
G (1)
$— — $19.250 19 
Total$45 $66 
__________________
(1)Dividends were paid through the dividend payment date of September 15, 2025, when all outstanding shares of MetLife, Inc.’s 3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G were redeemed.
Common Stock
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
Announcement DateAuthorization Amount
Authorization Remaining at
March 31, 2026 (1)
(In millions)
April 30, 2025$3,000 $1,317 
May 1, 2024$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 March 31, 2026 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 three months ended March 31, 2026 and 2025, MetLife, Inc. repurchased 10,121,118 shares and 16,969,026 shares of its common stock, respectively, through open market purchases for $755 million and $1.4 billion, respectively,
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Equity (continued)
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. Beginning January 1, 2025, MetLife, Inc. grants awards under the MetLife, Inc. 2025 Stock and Incentive Compensation Plan (successor to the 2015 Stock Plan).
Performance Shares and Performance Units granted in 2023 were among the outstanding awards on the expiration date of the 2015 Stock Plan, which were settled in the first quarter of 2026. 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 the date the Board of Directors approves the performance factor. The performance factor for the January 1, 2023 – December 31, 2025 performance period was 57.50%, which was determined within a possible range from 0% to 175%. This factor has been applied to the 906,696 Performance Shares and 107,041 Performance Units associated with that performance period that vested on December 31, 2025. As a result, in the first quarter of 2026, MetLife, Inc. issued 521,350 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 61,549 Performance Units (less withholding for taxes and other items, as applicable).
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Equity (continued)
AOCI
Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:
Three Months
Ended
March 31, 2026
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$(15,614)$(1,588)$6,871 $(97)$(6,263)$(1,393)$(18,084)
OCI before reclassifications(5,098)499 2,722 52 (117)— (1,942)
Deferred income tax benefit (expense)1,164 (119)(592)(11)(23)— 419 
AOCI before reclassifications, net of income tax(19,548)(1,208)9,001 (56)(6,403)(1,393)(19,607)
Amounts reclassified from AOCI226 246 — — — 24 496 
Deferred income tax benefit (expense)(58)(53)— — — (5)(116)
Amounts reclassified from AOCI, net of income tax 168 193 — — — 19 380 
Balance, end of period$(19,380)$(1,015)$9,001 $(56)$(6,403)$(1,374)$(19,227)
Three Months
Ended
March 31, 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 reclassifications2,204 217 48 51 140 2 2,662 
Deferred income tax benefit (expense)(388)(105)(99)(11)45 — (558)
AOCI before reclassifications, net of income tax(17,516)482 5,334 (31)(6,985)(1,440)(20,156)
Amounts reclassified from AOCI241 (379)— — — 31 (107)
Deferred income tax benefit (expense)(54)76 — — — (7)15 
Amounts reclassified from AOCI, net of income tax187 (303)— — — 24 (92)
Balance, end of period$(17,329)$179 $5,334 $(31)$(6,985)$(1,416)$(20,248)
__________________
(1)Primarily unrealized gains (losses) on fixed maturity securities.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Equity (continued)
Information regarding amounts reclassified out of each component of AOCI was as follows:
Three Months
Ended
March 31,
20262025
AOCI ComponentsAmounts Reclassified from AOCIConsolidated Statements of
Operations and
Comprehensive Income (Loss)
Locations
(In millions)
Unrealized investment gains (losses):
Unrealized investment gains (losses)$(220)$(285)Net investment gains (losses)
Unrealized investment gains (losses)(1)— Net investment income
Unrealized investment gains (losses)(5)44 Net derivative gains (losses)
Unrealized investment gains (losses), before income tax(226)(241)
Income tax (expense) benefit
58 54 
Unrealized investment gains (losses), net of income tax(168)(187)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
1 17 Net investment income
Interest rate derivatives
1 — Net investment gains (losses)
Foreign currency exchange rate derivatives
1 2 Net investment income
Foreign currency exchange rate derivatives
(249)360 Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax
(246)379 
Income tax (expense) benefit
53 (76)
Gains (losses) on cash flow hedges, net of income tax
(193)303 
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(27)(34)
Amortization of prior service (costs) credit
3 3 
Amortization of defined benefit plan items, before income tax
(24)(31)
Income tax (expense) benefit
5 7 
Amortization of defined benefit plan items, net of income tax
(19)(24)
Total reclassifications, net of income tax
$(380)$92 
__________________
(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 15.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

14. 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
March 31,
20262025
(In millions)
Vision fee for service arrangements$159 $154 
Prepaid legal plans176 161 
Institutional Client asset management fees (1)
186 77 
Administrative services-only contracts 81 74 
Recordkeeping and administrative services (2)
34 36 
Other revenue related to service contracts from customers (1) (3)
98 109 
Total revenues related to service contracts from customers
734 611 
Other118 76 
Total other revenues$852 $687 
__________________
(1)As a result of the Strategic Reorganization, the presentation of the components of other revenues was revised to report MIM segment Institutional Client asset management fees herein and, as a result, $25 million of revenue for the three months ended March 31, 2025, was reclassified to other revenue related to service contracts from customers.
(2)Related to products and businesses no longer actively marketed by the Company.
(3)Includes $11 million and $12 million for the three months ended March 31, 2026 and 2025, respectively, for asset management fees from management of general account equity method investments. See Note 19 for additional related party transactions.
Receivables for revenues related to service contracts from customers were $393 million and $272 million at March 31, 2026 and December 31, 2025, respectively.
Other Expenses
Information on other expenses was as follows:
Three Months
Ended
March 31,
20262025
(In millions)
Amortization of DAC, VOBA and negative VOBA$568 $519 
Interest expense on debt265 258 
Direct:
Employee-related costs (1)1,109 991 
Third-party staffing costs387 376 
General and administrative expenses132 126 
Commissions and other variable expenses2,027 1,547 
Capitalization of DAC(959)(698)
Premium taxes, other taxes, and licenses & fees199 161 
Pension, postretirement and postemployment benefit costs70 70 
Total other expenses$3,798 $3,350 
__________________
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
14. Other Revenues and Other Expenses (continued)

(1)Includes ($20) million and ($23) million for the three months ended March 31, 2026 and 2025, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.
15. 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
March 31,
20262025
Pension
Benefits		Other
Postretirement
Benefits		Pension
Benefits		Other
Postretirement
Benefits
(In millions)
Service costs
$37 $— $37 $1 
Interest costs
118 11 119 11 
Expected return on plan assets
(113)(7)(110)(14)
Amortization of net actuarial (gains) losses
38 (11)42 (8)
Amortization of prior service costs (credit)
(2)(1)(3)— 
Net periodic benefit costs (credit)
$78 $(8)$85 $(10)
16. Income Tax
For the three months ended March 31, 2026, the effective tax rate on income (loss) before provision for income tax was 23%. The Company’s effective tax rate for the three months ended March 31, 2026 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) U.S. state and local taxes, 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.
For the three months ended March 31, 2025, the effective tax rate on income (loss) before provision for income tax was 30%. The Company’s effective tax rate for the three months ended March 31, 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, (ii) non-deductible losses, and (iii) a tax rate change in Japan, 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.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
17. 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
March 31,
20262025
(In millions, except per share data)
Weighted Average Shares:
Weighted average common stock outstanding - basic
652.0 682.3 
Incremental common shares from assumed exercise or issuance of stock-based awards
3.7 4.7 
Weighted average common stock outstanding - diluted
655.7 687.0 
Net Income (Loss):
Net income (loss)
$1,162 $950 
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
(23)5 
Less: Preferred stock dividends45 66 
Net income (loss) available to MetLife, Inc.’s common shareholders$1,140 $879 
Basic
$1.75 $1.29 
Diluted
$1.74 $1.28 
18. 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.
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 March 31, 2026. 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.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
18. Contingencies, Commitments and Guarantees (continued)
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 March 31, 2026, 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
Metropolitan Life Insurance Company (“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 2025 Annual Report, MLIC received approximately 2,782 asbestos-related claims in 2025. For the three months ended March 31, 2026 and 2025, MLIC received approximately 712 and 602 new asbestos-related claims, respectively. See Note 24 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for historical information concerning asbestos claims and MLIC’s update to its recorded liability at December 31, 2025. The number of asbestos cases that may be brought, the aggregate amount of any liability that MLIC 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.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
18. Contingencies, Commitments and Guarantees (continued)
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 March 31, 2026.
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 $2.4 billion at both March 31, 2026 and December 31, 2025.
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 $11.2 billion and $11.1 billion at March 31, 2026 and December 31, 2025, respectively.
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 $628 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.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
18. Contingencies, Commitments and Guarantees (continued)
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 March 31, 2026 and December 31, 2025, for indemnities and guarantees.
19. Related Party Transactions
In 2025, the Company invested in Chariot Holding Company, LP (“Chariot”), a Bermuda registered exempted limited partnership. The Company had unfunded contingent capital commitments to Chariot of $94 million at both March 31, 2026 and December 31, 2025. The Company accounts for its investment in Chariot under the equity method of accounting.
The Company has entered into reinsurance agreements with Chariot Re, a subsidiary of Chariot, and recorded premiums, reinsurance and other receivables of $10.2 billion and $9.8 billion and a funds withheld liability of $10.6 billion and $10.5 billion within other liabilities at March 31, 2026 and December 31, 2025, respectively. The Company also recorded net derivative gains of $106 million, other revenues of $39 million, policyholder benefits and claims of ($74) million and other expenses of $92 million for the three months ended March 31, 2026.
In addition, MetLife Investment Management, LLC has entered into investment management and advisory agreements with Chariot Re to manage a portion of Chariot Re’s assets. The Company recognized asset management fees from Chariot Re of $6 million for the three months ended March 31, 2026.
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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
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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, 2025 (the “2025 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.
Business Overview
MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. In the fourth quarter of 2025, MetLife executed a reorganization to align with its strategic initiative to accelerate growth in asset management. As part of this reorganization, the Company adjusted its segment structure. MetLife Investment Management, the Company’s institutional asset management business (“MIM”), which was previously reported in Corporate & Other, became a reportable segment. MetLife Holdings was removed as a reportable segment, and its business is now primarily reported in Corporate & Other. Additionally, certain products formerly reported in MetLife Holdings were moved to Group Benefits and Retirement and Income Solutions (“RIS”). These changes were applied retrospectively for all periods presented, did not have an impact on prior period consolidated net income (loss) or consolidated adjusted earnings, and are collectively referred to as the “Strategic Reorganization.” As a result of the Strategic Reorganization, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other. See “Business — Segments and Corporate & Other” included in the 2025 Annual Report and Notes 1 and 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s segments and Corporate & Other and the Strategic Reorganization.
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.”), the Federal Open Market Committee took various actions in 2025 to promote employment and combat inflation, including lowering interest rates in the second half of the year and ending the process of quantitative tightening. While rates have remained steady in 2026, labor market conditions, inflation, and financial and international developments, as well as other factors, could result in policy adjustments later this year. Other central banks have recently diverged on monetary policies, reflecting differing local economic conditions and views on the impact of the foregoing factors. 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, value of our assets under management (“AUM”), 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
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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 2025 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. In our institutional asset management business, interest rate movements, as well as other changes to market factors such as credit spreads and equity prices, can impact the value of the AUM on which fees are earned. 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 2025 Annual Report.
Competitive Pressures
The life insurance and institutional asset management industries are highly competitive. See “Business — Competition,” “Business — Regulation,” “Risk Factors — Business Risks — We May Face Competition for Business,” “Risk Factors — Economic Environment and Capital Markets Risks — We May Face Difficult Economic Conditions” and “Risk Factors — Regulatory and Legal Risks — Changes in Laws or Regulation, or in Supervisory and Enforcement Policies, May Reduce Our Profitability, Limit Our Growth, or Otherwise Adversely Affect Us” in the 2025 Annual Report.
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 2025 Annual Report, as amended or supplemented here.
Standards of Conduct, ERISA, Fiduciary Considerations, and Other Pension and Retirement Regulation
In 2021, the U.S. Department of Labor’s (“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 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, the DOL finalized and published a regulation to change the definition of “fiduciary” for purposes of ERISA and parallel provisions of the Code, 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, litigation commenced challenging these changes and two federal district courts have since issued orders vacating the 2024 definition of an investment advice fiduciary and vacated the associated 2024 PTE amendments. Both of these orders were unopposed by the DOL. In light of the litigation, the DOL released a final rule vacating (i) the preamble to PTE 2020-02 (while leaving the original PTE intact) and (ii) its 2024 changes to the definition of an investment advice fiduciary as well as its associated 2024 changes to various PTEs. As a result, the DOL has officially reinstated the original 1975 five-part regulatory test defining an investment advice fiduciary.
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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 reinsurance recoverables;
(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. 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 2025 Annual Report.
Acquisitions and Dispositions
Acquisition of PineBridge Investments
For information regarding the Company’s acquisition of PineBridge Investments (“PineBridge”), a global asset manager, see Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements.

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Results of Operations
Overview
In the fourth quarter of 2025, MetLife completed the Strategic Reorganization. As a result, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; EMEA; and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other. In conjunction with the Strategic Reorganization, effective January 1, 2025, the Company amended agreements between MIM and other MetLife entities to manage general account investments at current market rate fees. See Notes 1 and 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Strategic Reorganization and the Company’s segments and Corporate & Other.
Reinsurance Transactions
In 2025, the Company entered into a number of reinsurance agreements. See Note 9 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for further information on these reinsurance transactions.
Key Financial Highlights
•Net income available to MetLife, Inc.’s common shareholders was $1.1 billion for the three months ended March 31, 2026, compared to $879 million for the three months ended March 31, 2025.
•Adjusted earnings available to common shareholders was $1.6 billion for the three months ended March 31, 2026, compared to $1.3 billion for the three months ended March 31, 2025.
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Consolidated Results
Three Months
Ended
March 31,
20262025
(In millions)
Revenues
Premiums
$12,120 $11,723 
Universal life and investment-type product policy fees
1,343 1,229 
Net investment income
5,355 4,885 
Other revenues
852 687 
Net investment gains (losses)
(670)(387)
Net derivative gains (losses)
74 432 
Total revenues
19,074 18,569 
Expenses
Policyholder benefits and claims and policyholder dividends
11,988 11,950 
Policyholder liability remeasurement (gains) losses(13)(31)
Market risk benefit remeasurement (gains) losses
120 299 
Interest credited to policyholder account balances
1,674 1,647 
Amortization of deferred policy acquisition costs, value of business acquired and negative value of business acquired568 519 
Interest expense on debt
265 258 
Other expenses, net of capitalization of deferred policy acquisition costs
2,965 2,573 
Total expenses
17,567 17,215 
Income (loss) before provision for income tax1,507 1,354 
Provision for income tax expense (benefit)345 404 
Net income (loss)1,162 950 
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
(23)5 
Net income (loss) attributable to MetLife, Inc.1,185 945 
Less: Preferred stock dividends
45 66 
Net income (loss) available to MetLife, Inc.’s common shareholders$1,140 $879 
Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025
Net income (loss) available to MetLife, Inc.’s common shareholders - Increased $261 million primarily due to the following:
Net Investment Gains (Losses)(1) - Unfavorable change of $283 million ($224 million, net of income tax):
•Losses on foreign currency transactions in the current period compared to gains in the prior period
•Higher impairments on real estate investments
•Higher losses on sales of private equity investments
Partially offset by:
•Lower losses on sales of fixed maturity securities
Net Derivative Gains (Losses)(2) - Unfavorable change of $358 million ($283 million, 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 on the estimated fair value of sell-U.S. dollar currency forwards
•Long-term swap rates increased in the current period compared to decreased in the prior period - unfavorable impact on the estimated fair value of receiver forwards and swaps
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•Certain key equity indexes increased more significantly in the current period than in the prior period - unfavorable impact on the estimated fair value of short futures
Partially offset by:
•Changes in the estimated fair value of the underlying assets - favorable impact on the estimated fair value of embedded derivatives related to funds withheld on reinsurance agreements
Market Risk Benefit Remeasurement (Gains) Losses(4) - Favorable change of $179 million ($141 million, net of income tax):
•U.S. long-term interest rates increased in the current period compared to decreased in the prior period
Adjusted Earnings Available to Common Shareholders(5) - Favorable change of $237 million. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
Taxes - Favorable change in effective tax rate - 23% in the current period compared to 30% in the prior period:
•Current period effective tax rate on income before provision for income tax was 23% 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
◦U.S. state and local taxes
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
•Prior period effective tax rate on income before provision for income tax was 30% 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
◦Tax rate change in Japan
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
__________________
(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 available to common shareholders and related measures.
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Reconciliations of net income (loss) available to MetLife, Inc.’s common shareholders to adjusted earnings available to common shareholders and premiums, fees and other revenues to adjusted premiums, fees and other revenues
Three Months Ended March 31, 2026
Group BenefitsRISAsiaLatin AmericaEMEA
MIM
Corporate & OtherTotal
(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders$418 $580 $2 $238 $110 $30 $(238)$1,140 
Add: Preferred stock dividends— — — — — — 45 45 
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests— — — 2 (27)— 2 (23)
Net income (loss)418 580 2 240 83 30 (191)1,162 
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
Net investment gains (losses)(36)(137)(283)(38)(10)(18)(148)(670)
Net derivative gains (losses)22 271 (440)46 3 — 172 74 
Premiums— — — — — — — — 
Universal life and investment-type product policy fees— — — — — — 25 25 
Net investment income(13)210 (169)(20)(184)— 32 (144)
Other revenues— 36 — 20 — 14 37 107 
Expenses:
Policyholder benefits and claims and policyholder dividends— 17 74 2 — — 16 109 
Policyholder liability remeasurement (gains) losses— 1 — — — — — 1 
Market risk benefit remeasurement gains (losses)— (18)(1)— 1 — (102)(120)
Interest credited to policyholder account balances (“PABs”)
— (48)149 9 158 — (23)245 
Capitalization of deferred policy acquisition costs (“DAC”)
— — — — — — — — 
Amortization of DAC, value of business acquired (“VOBA”) and negative VOBA— — — — — — (3)(3)
Interest expense on debt— — — — — — — — 
Other expenses— (169)— 1 — (19)(76)(263)
Goodwill impairment— — — — — — — — 
Provision for income tax (expense) benefit6 (34)185 (9)5 6 11 170 
Adjusted earnings$439 $451 $487 $229 $110 $47 $(132)$1,631 
Less: Preferred stock dividends— — — — — — 45 45 
Adjusted earnings available to common shareholders$439 $451 $487 $229 $110 $47 $(177)$1,586 
Premiums, fees and other revenues$6,539 $2,426 $1,738 $1,917 $797 $328 $570 $14,315 
Less: adjustments to premiums, fees and other revenues— 36 — 20 — 14 62 132 
Adjusted premiums, fees and other revenues$6,539 $2,390 $1,738 $1,897 $797 $314 $508 $14,183 
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Three Months Ended March 31, 2025
Group BenefitsRISAsiaLatin AmericaEMEA
MIM
Corporate & OtherTotal
(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders$291 $109 $489 $228 $75 $(1)$(312)$879 
Add: Preferred stock dividends— — — — — — 66 66 
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests— — — 2 1 — 2 5 
Net income (loss)291 109 489 230 76 (1)(244)950 
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
Net investment gains (losses)(27)(213)34 3 (3)(35)(146)(387)
Net derivative gains (losses)(58)(59)170 158 (11)— 232 432 
Premiums4 — — — — — — 4 
Universal life and investment-type product policy fees— — — — — — — — 
Net investment income(14)2 (137)(42)(96)— (41)(328)
Other revenues— (19)— — — — 40 21 
Expenses:
Policyholder benefits and claims and policyholder dividends(1)(24)44 (67)— — 16 (32)
Policyholder liability remeasurement (gains) losses— — — — — — — — 
Market risk benefit remeasurement gains (losses)— (29)(1)— 1 — (270)(299)
Interest credited to PABs— — 142 (41)96 — (27)170 
Capitalization of DAC— — — — — — — — 
Amortization of DAC, VOBA and negative VOBA— — — — — — — — 
Interest expense on debt— — — — — — — — 
Other expenses(3)(35)— 2 (1)(4)(28)(69)
Goodwill impairment— — — — — — — — 
Provision for income tax (expense) benefit20 80 (135)(2)7 10 43 23 
Adjusted earnings$370 $406 $372 $219 $83 $28 $(63)$1,415 
Less: Preferred stock dividends— — — — — — 66 66 
Adjusted earnings available to common shareholders$370 $406 $372 $219 $83 $28 $(129)$1,349 
Adjusted earnings available to common shareholders on a constant currency basis (1)$370 $406 $372 $251 $86 $28 $(129)$1,384 
Premiums, fees and other revenues$6,434 $2,438 $1,681 $1,513 $668 $218 $687 $13,639 
Less: adjustments to premiums, fees and other revenues4 (19)— — — — 40 25 
Adjusted premiums, fees and other revenues$6,430 $2,457 $1,681 $1,513 $668 $218 $647 $13,614 
Adjusted premiums, fees and other revenues on a constant currency basis (1)$6,430 $2,457 $1,662 $1,704 $695 $218 $647 $13,813 
__________________
(1)Amounts for Group Benefits, RIS, MIM 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 March 31, 2026 increased $569 million, or 4%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $370 million, or 3%, compared to the prior period, primarily due to strong sales and solid persistency in the Latin America segment, growth in both voluntary and core products in the Group Benefits segment, growth across the region in the EMEA segment, and the PineBridge acquisition that was completed in December 2025 in the MIM segment, partially offset by a decline in Corporate & Other from business run-off.
Three Months
Ended
March 31,
20262025
(In millions)
Group Benefits$439 $370 
RIS451 406 
Asia487 372 
Latin America229 219
EMEA110 83
MIM
47 28
Corporate & Other(177)(129)
Adjusted earnings available to common shareholders$1,586 $1,349 
Adjusted earnings available to common shareholders on a constant currency basis $1,586 $1,384 
Adjusted premiums, fees and other revenues$14,183 $13,614 
Adjusted premiums, fees and other revenues on a constant currency basis$14,183 $13,813 
Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025
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 $237 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Increased adjusted earnings available to common shareholders by $35 million, primarily in the Latin America segment
Strategic Transactions - Decreased adjusted earnings available to common shareholders by $33 million, primarily as a result of reinsurance transactions in Corporate & Other that closed in December 2025
Market Factors - Increased adjusted earnings available to common shareholders by $102 million:
•Variable investment income increased - higher returns on private equity funds, partially offset by lower returns on real estate funds
Partially offset by:
•Interest credited expenses increased - higher average interest crediting rates on investment-type and certain insurance products in the Asia segment, partially offset by lower average interest crediting rates on investment-type products in the Latin America segment
Volume Growth - Increased adjusted earnings available to common shareholders by $70 million:
•Higher average invested assets, primarily in the Asia and Latin America segments
•Higher sales and business growth in the EMEA, Asia and Group Benefits segments
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Partially offset by:
•Increase in interest credited expenses on investment-type and certain insurance products, primarily in the Asia segment
Underwriting and Other Insurance Adjustments - Increased adjusted earnings available to common shareholders by $40 million:
•Favorable mortality results, primarily in the Group Benefits segment
Largely offset by:
•Unfavorable change from refinements to certain insurance liabilities in both periods
•Unfavorable morbidity results, primarily in the Group Benefits segment


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Segment Results and Corporate & Other
Group Benefits
Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $109 million, or 2%, compared to the prior period, primarily driven by growth in both voluntary and core products, partially offset by a decrease in premiums related to our participating contracts, which can fluctuate with claims experience.
Three Months
Ended
March 31,
20262025
(In millions)
Adjusted earnings$439 $370 
Adjusted premiums, fees and other revenues$6,539 $6,430 
Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025
Unless otherwise stated, all amounts discussed below are net of income tax.
Adjusted Earnings - Increased $69 million primarily due to the following business drivers:
Volume Growth - Increased adjusted earnings by $15 million:
•Growth in both voluntary and core products
Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $42 million:
•Favorable mortality - primarily due to favorable prior period development, as well as lower claims incidence and severity in the life business in the current period
Partially offset by:
•Unfavorable morbidity - primarily due to higher claims incidence and severity in the disability business and unfavorable prior period development in the accident & health business, partially offset by favorable rate actions within the dental business
•Unfavorable change from refinements to certain insurance liabilities in the prior period
Expenses - Increased adjusted earnings by $15 million:
•Higher commissions and direct expenses, partially offset by lower legal plan utilization, were more than offset by a corresponding increase in adjusted premiums, fees and other revenues
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Retirement & Income Solutions
Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 decreased $67 million, or 3%, compared to the prior period. The decrease was primarily due to lower premiums from our pension risk transfer business, substantially offset by growth in our United Kingdom (“U.K.”) funded reinsurance, U.K. longevity reinsurance, postretirement benefit, and structured settlement businesses. Changes in premiums were largely offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance.
Three Months
Ended
March 31,
20262025
(In millions)
Adjusted earnings$451 $406 
Adjusted premiums, fees and other revenues$2,390 $2,457 
Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025
Unless otherwise stated, all amounts discussed below are net of income tax.
Adjusted Earnings - Increased $45 million primarily due to the following business drivers:
Market Factors - Increased adjusted earnings by $34 million:
•Variable investment income increased - higher returns on private equity funds, partially offset by lower returns on real estate funds
•Recurring investment income increased - positive flows from pension risk transfer transactions and funding agreement issuances, higher yields on fixed income securities and higher income on real estate investments, partially offset by the impact from a reinsurance transaction
Partially offset by:
•Interest credited expenses increased - growth in certain insurance products and investment-type products, partially offset by the impact from a reinsurance transaction and lower average interest crediting rates on investment-type products
Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $11 million:
•Favorable mortality - mainly in pension risk transfer and benefit funding solutions businesses

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Asia
Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $57 million, or 3%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $76 million, or 5%, compared to the prior period, as increases in premiums in life products in Korea and Australia, and higher fee income from Japan’s yen-denominated life and foreign currency annuity products, were partially offset by lower fee income from Japan’s foreign currency-denominated life products.
Three Months
Ended
March 31,
20262025
(In millions)
Adjusted earnings$487 $372 
Adjusted earnings on a constant currency basis$487 $372 
Adjusted premiums, fees and other revenues$1,738 $1,681 
Adjusted premiums, fees and other revenues on a constant currency basis$1,738$1,662
Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025
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 $115 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - No change to adjusted earnings
Market Factors - Increased adjusted earnings by $81 million:
•Variable investment income increased - higher returns on private equity funds
•Recurring investment income increased - higher yields on fixed income securities
Partially offset by:
•Interest credited expenses increased - higher average interest crediting rates on investment-type and certain insurance products
Volume Growth - Increased adjusted earnings by $19 million:
•Higher sales and business growth across the region, driven by higher fee income and higher positive net flows, which resulted in higher average invested assets
Largely offset by:
•Increase in interest credited expenses on investment-type and certain insurance products
Expenses - Increased adjusted earnings by $12 million:
•Lower direct expenses
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Latin America
Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $384 million, or 25%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $193 million, or 11%, compared to the prior period, mainly driven by strong sales and solid persistency across the region.
Three Months
Ended
March 31,
20262025
(In millions)
Adjusted earnings$229 $219 
Adjusted earnings on a constant currency basis$229 $251 
Adjusted premiums, fees and other revenues$1,897 $1,513 
Adjusted premiums, fees and other revenues on a constant currency basis$1,897 $1,704 
Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025
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 $10 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Increased adjusted earnings by $32 million
•Mexican and Chilean peso strengthened against the U.S. dollar
Market Factors - Decreased adjusted earnings by $14 million:
•Recurring investment income decreased - lower yields on fixed income securities and lower returns on our Chilean encaje within fair value option (“FVO”) securities, driven by a decrease in bond index returns
•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 $14 million:
•Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets
•Higher sales and higher average invested assets primarily 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 $11 million:
•Unfavorable impact related to higher value-added tax in Mexico
Partially offset by:
•Favorable mortality - lower claim experience and higher fees primarily in Mexico
Expenses - Increased adjusted earnings by $5 million:
•An increase in adjusted premiums, fees and other revenues combined with a favorable change in certain other expenses, primarily in Mexico and Brazil
Taxes - Decreased adjusted earnings by $15 million:
•Income tax refund in Chile in the prior period
•Tax adjustments in both periods - recurring tax item related to inflation primarily in Chile
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EMEA
Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $129 million, or 19%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $102 million, or 15%, compared to the prior period primarily due to increases in our (i) accident & health, variable life and ordinary life businesses across the region, (ii) corporate solutions business in the U.K., the Gulf and Egypt, and (iii) credit life and pension businesses in Turkey and Romania.
Three Months
Ended
March 31,
20262025
(In millions)
Adjusted earnings$110 $83 
Adjusted earnings on a constant currency basis$110 $86 
Adjusted premiums, fees and other revenues$797 $668 
Adjusted premiums, fees and other revenues on a constant currency basis$797 $695 
Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025
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 $27 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Increased adjusted earnings by $3 million:
•Euro and British pound strengthened against the U.S. dollar
Largely offset by:
•Turkish lira weakened against the U.S. dollar
Market Factors - Increased adjusted earnings by $5 million:
•Recurring investment income increased - higher yields on fixed income securities
Volume Growth - Increased adjusted earnings by $24 million:
•Increase in sales and business growth:
◦Accident & health, variable life and ordinary life businesses across the region
◦Credit life and pension businesses in Turkey and Romania
◦Corporate solutions business in the Gulf and Egypt
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $11 million:
•Unfavorable underwriting experience across the region
Partially offset by:
•Favorable change from refinements to certain insurance liabilities in the current period
Expenses - Increased adjusted earnings by $2 million:
•An increase in adjusted premiums, fees and other revenues exceeded the corresponding increase in expenses
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MetLife Investment Management
Business Overview. Other revenues for the three months ended March 31, 2026 increased $96 million, or 44%, compared to the prior period, primarily as a result of the PineBridge acquisition that was completed in December 2025, which increased Institutional Client AUM. Organic business growth across public fixed income and private fixed income also contributed to the increase in Institutional Client revenues.
Three Months
Ended
March 31,
20262025
(In millions)
Adjusted earnings$47 $28 
Other revenues by client segment:
Institutional Client
$172 $77 
General Account
142 141 
Other revenues
$314 $218 
Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025
Unless otherwise stated, all amounts discussed below are net of income tax.
Adjusted Earnings - Increased $19 million primarily due to the following business drivers:
Volume Growth
•PineBridge acquisition that was completed in December 2025
•Higher Institutional Client revenues - higher Institutional Client AUM from organic business growth across public fixed income and private fixed income
Operating Margin Expansion
•Primarily due to expense management

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Corporate & Other
Three Months
Ended
March 31,
20262025
(In millions)
Adjusted earnings available to common shareholders$(177)$(129)
Adjusted premiums, fees and other revenues$508 $647 
Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025
Unless otherwise stated, all amounts discussed below are net of income tax.
Adjusted Earnings Available to Common Shareholders - Decreased $48 million primarily due to the following business drivers:
Strategic Transactions - Decreased adjusted earnings available to common shareholders by $33 million as a result of reinsurance transactions that closed in December 2025
Market Factors - Decreased adjusted earnings available to common shareholders by $1 million:
•Recurring investment income decreased - lower average invested assets due to business run-off, lower returns on FVO securities and lower yields on fixed income securities
Largely offset by:
•Variable investment income increased - higher returns on private equity funds, partially offset by lower returns on real estate funds
Volume Growth - Decreased adjusted earnings available to common shareholders by $6 million:
•Decline due to business run-off
Underwriting and Other Insurance Adjustments - Increased adjusted earnings available to common shareholders by $4 million:
•Lower dividend expense due to business run-off
Substantially offset by:
•Unfavorable claims experience in our long-term care business
•Unfavorable reserve refinements in the current period
Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $5 million:
•Subordinated debt securities issuances in March 2025 and February 2026
•Senior note issuances in June 2025
Partially offset by:
•Senior note repayments at maturity in March 2025 and November 2025
•Decreased interest expense on surplus notes
Other Expenses - Decreased adjusted earnings available to common shareholders by $29 million:
•Higher corporate-related and employee-related expenses
Partially offset by:
•Lower expenses consistent with business run-off
Preferred Stock Dividends - Increased adjusted earnings available to common shareholders by $21 million:
•Redemption of Series G preferred stock in September 2025
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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 most 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 activity” relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents. Reinsurance activity, unless otherwise stated, has been excluded from the amounts within the Investments section of Management’s Discussion and Analysis of Financial Condition and Results of Operations. See Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements and Note 9 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for more information about Reinsurance activity and reinsurance, respectively.
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The following table presents the carrying value of invested assets and cash and cash equivalents subject to ceded reinsurance at:
March 31, 2026December 31, 2025
(In millions)
Fixed maturity securities AFS:
U.S. corporate$5,692 $4,911 
Foreign corporate2,331 2,329 
Foreign government798 720 
Residential mortgage-backed securities (“RMBS”)2,438 2,987 
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)2,795 2,139 
Commercial mortgage-backed securities (“CMBS”)740 812 
Municipals468 486 
U.S. government and agency2,745 3,816 
Total fixed maturity securities AFS18,007 18,200 
Equity securities123 105 
Mortgage loans:
Agricultural897 910 
Commercial792 829 
Residential821 720 
Total mortgage loans2,510 2,459 
Policy loans358 — 
Real estate and real estate joint ventures (“REJVs”)80 9 
Other limited partnership interests (“OLPI”)309 205 
Other invested assets - derivatives124 25 
Other invested assets - other109 114 
Short-term investments, cash and cash equivalents1,029 1,314 
Total invested assets and cash and cash equivalents subject to ceded reinsurance$22,649 $22,431 
Mortgage Loans Originated for Third Parties
The Company originates and acquires mortgage loans and, in certain cases, transfers proportional rights to cash flows from certain mortgage loans to third parties under participation agreements, which are recorded as secured borrowings. “Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets. Third-party mortgage loan activity, unless otherwise stated, has been excluded from the amounts within the Investments section of Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following table presents the information of mortgage loan assets originated and acquired and transferred to third parties:
March 31, 2026December 31, 2025
Portfolio SegmentCarrying Value
(In millions)
Commercial$5,570 $6,017 
Agricultural356 350 
Total mortgage loan assets originated and acquired and transferred to third parties$5,926 $6,367 
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Current Environment
As a global financial services 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 and acts of war 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 9 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 March 31, 2026
CountrySovereign (1)Non-Financial
Services		Total (2)
 (Dollars in millions)
Ukraine$18 $2 $20 
Russian Federation14 — 14 
Total$32 $2 $34 
Investment grade %— %— %— %
__________________
(1)Sovereign includes government and agency.
(2)The par value and amortized cost, net of ACL, of these securities were $66 million and $35 million, respectively, at March 31, 2026.
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
March 31,
 20262025
 (In millions)
Net investment income — GAAP$5,355 $4,885 
Investment hedge adjustments
84 103 
Unit-linked investment income318 227 
Reinsurance activity(301)(43)
Depreciation of wholly-owned real estate and REJVs61 
Other
(18)41 
Adjusted net investment income (1)$5,499 $5,213 
__________________
(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
March 31,
 20262025
Asset ClassYield % (1)AmountYield % (1)Amount
 (Dollars in millions)
Fixed maturity securities (2), (3)4.50 %$3,491 4.36 %$3,259 
Mortgage loans (3)5.19 979 5.21 1,056 
Real estate and REJVs3.64 120 4.01 134 
Policy loans5.67 109 5.38 107 
Equity securities4.36 6 6.16 9 
OLPI11.75 436 6.22 222 
Cash and short-term investments4.04 206 4.42 224 
Other invested assets— 341 — 365 
Investment income5.03 5,688 4.82 5,376 
Investment fees and expenses(0.17)(189)(0.15)(162)
Net investment income including divested businesses (4)4.86 %5,499 4.67 %5,214 
Less: net investment income from divested businesses (4)— 1 
Adjusted net investment income$5,499 $5,213 
__________________
(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), Third-party mortgage loan activity, Reinsurance activity collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and FVO securities held by collateralized financing entities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities in the yield table includes FVO securities; accordingly, investment income (loss) from fixed maturity securities includes amounts from FVO securities of ($30) million and ($20) million for the three months ended March 31, 2026 and 2025, 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.
(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
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(4)See “Financial Measure and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for 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:
March 31, 2026December 31, 2025
Securities by TypeEstimated Fair Value% of TotalEstimated Fair Value% of Total
(Dollars in millions)
Fixed maturity securities AFS
Publicly traded$213,071 71.5 %$213,182 71.6 %
Privately-placed85,032 28.5 84,549 28.4 
Total fixed maturity securities AFS, excluding Reinsurance activity$298,103 100.0 %$297,731 100.0 %
Reinsurance activity18,007 18,200 
Total fixed maturity securities AFS$316,110 $315,931 
Percentage of cash and invested assets, excluding Reinsurance activity63.0 %63.1 %
Equity securities
Publicly traded
$580 72.1 %$543 72.1 %
Privately-held224 27.9 210 27.9 
Total equity securities, excluding Reinsurance activity$804 100.0 %$753 100.0 %
Reinsurance activity123 105 
Total equity securities$927 $858 
Percentage of cash and invested assets, excluding Reinsurance activity0.2 %0.2 %
See Note 9 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 2025 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:
 March 31, 2026
LevelFixed Maturity
Securities AFS		Equity
Securities
 (Dollars in millions)
Level 1
Quoted prices in active markets for identical assets$14,782 5.0  %$436 54.2  %
Level 2
Independent pricing sources$250,749 84.1 %$140 17.4 %
Internal matrix pricing or discounted cash flow techniques— — 3 0.4 
Significant other observable inputs$250,749 84.1 %$143 17.8 %
Level 3
Independent pricing sources$31,098 10.4 %$108 13.4 %
Internal matrix pricing or discounted cash flow techniques1,055 0.4 110 13.7 
Independent broker quotations419 0.1 7 0.9 
Significant unobservable inputs$32,572 10.9 %$225 28.0 %
Total fixed maturity securities AFS and equity securities at estimated fair value, excluding Reinsurance activity$298,103 100.0 %$804 100.0 %
Reinsurance activity18,007 123 
Total fixed maturity securities AFS and equity securities at estimated fair value$316,110 $927 
See Note 11 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 four sectors at March 31, 2026: foreign corporate securities, U.S. corporate securities, RMBS and ABS & CLO. During the three months ended March 31, 2026, Level 3 fixed maturity securities AFS increased by $1.3 billion, or 4.2%. The increase was driven by purchases in excess of sales, offset by transfers out of Level 3 in excess of transfers into Level 3 and a decrease 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 2025 Annual Report for further information on the estimates and assumptions that affect the amounts reported above.
Fixed Maturity Securities AFS
See Note 9 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 2025 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 National Association of Insurance Commissioners (“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.
  March 31, 2026December 31, 2025
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$226,323 $(21,960)$204,363 68.6 %$222,728 $(18,870)$203,858 68.5 %
Baa284,700 (2,739)81,961 27.5 83,314 (1,437)81,877 27.5 
Subtotal investment grade311,023 (24,699)286,324 96.1 306,042 (20,307)285,735 96.0 
Ba38,176 (73)8,103 2.7 8,212 61 8,273 2.8 
B43,342 (91)3,251 1.1 3,460 (81)3,379 1.1 
Caa and lower5299 — 299 0.1 284 (35)249 0.1 
In or near default6146 (20)126 — 110 (15)95 — 
Subtotal below investment grade11,963 (184)11,779 3.9 12,066 (70)11,996 4.0 
Total fixed maturity securities AFS, excluding Reinsurance activity$322,986 $(24,883)$298,103 100.0 %$318,108 $(20,377)$297,731 100.0 %
Reinsurance activity18,932 (925)18,007 18,844 (644)18,200 
Total fixed maturity securities AFS$341,918 $(25,808)$316,110 $336,952 $(21,021)$315,931 
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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 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)
March 31, 2026
U.S. corporate$43,934 $34,859 $2,951 $1,364 $128 $43 $83,279 
Foreign corporate19,541 34,758 2,849 439 91 49 57,727 
RMBS41,655 1,312 122 19 3 4 43,115 
Foreign government28,715 7,163 1,896 1,424 32 19 39,249 
U.S. government and agency32,889 315 — — — — 33,204 
ABS & CLO18,882 3,059 261 5 32 2 22,241 
Municipals9,941 398 24 — — — 10,363 
CMBS8,806 97 — — 13 9 8,925 
Total fixed maturity securities AFS, excluding Reinsurance activity$204,363 $81,961 $8,103 $3,251 $299 $126 $298,103 
Percentage of total68.6 %27.5 %2.7 %1.1 %0.1 %— %100.0 %
Reinsurance activity12,264 5,404 258 23 53 5 18,007 
Total fixed maturity securities AFS$216,627 $87,365 $8,361 $3,274 $352 $131 $316,110 
December 31, 2025
U.S. corporate$43,731 $34,802 $2,930 $1,451 $88 $46 $83,048 
Foreign corporate19,541 35,132 3,038 470 71 8 58,260 
RMBS40,736 1,502 166 19 4 4 42,431 
Foreign government30,069 6,679 1,828 1,398 34 20 40,028 
U.S. government and agency33,387 319 — — — — 33,706 
ABS & CLO17,455 2,944 285 41 31 1 20,757 
Municipals10,161 392 26 — — — 10,579 
CMBS8,778 107 — — 21 16 8,922 
Total fixed maturity securities AFS, excluding Reinsurance activity$203,858 $81,877 $8,273 $3,379 $249 $95 $297,731 
Percentage of total68.5 %27.5 %2.8 %1.1 %0.1 %— %100.0 %
Reinsurance activity13,134 4,684 206 96 80 — 18,200 
Total fixed maturity securities AFS$216,992 $86,561 $8,479 $3,475 $329 $95 $315,931 
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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 March 31, 2026 or December 31, 2025. The top 10 holdings comprised 1% of total investments at both March 31, 2026 and December 31, 2025. The table below presents our U.S. and foreign corporate securities portfolios by industry at:
 March 31, 2026December 31, 2025
IndustryEstimated
Fair
Value		% of
Total		Estimated
Fair
Value		% of
Total
 (Dollars in millions)
Finance $32,979 23.4 %$33,265 23.5 %
Consumer (cyclical and non-cyclical)28,291 20.1 28,297 20.0 
Utility 26,837 19.0 26,853 19.0 
Industrial (basic, capital goods and other)14,700 10.4 15,085 10.7 
Transportation13,486 9.6 13,572 9.6 
Communications9,618 6.8 9,651 6.8 
Energy8,414 6.0 8,160 5.8 
Technology5,073 3.6 4,907 3.5 
Other1,608 1.1 1,518 1.1 
Total U.S. and foreign corporate fixed maturity securities AFS, excluding Reinsurance activity$141,006 100.0 %$141,308 100.0 %
Reinsurance activity8,022 7,240 
Total U.S. and foreign corporate fixed maturity securities AFS
$149,028 $148,548 
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 $74.3 billion and $72.1 billion of Structured Products at estimated fair value, at March 31, 2026 and December 31, 2025, 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:
March 31, 2026December 31, 2025
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$26,118 60.6 %$(646)$25,704 60.6 %$(468)
Pass-through mortgage-backed securities16,997 39.4 (763)16,727 39.4 (669)
Total RMBS, excluding Reinsurance activity$43,115 100.0 %$(1,409)$42,431 100.0 %$(1,137)
Reinsurance activity2,438 (36)2,987 (11)
Total RMBS$45,553 $(1,445)$45,418 $(1,148)
Risk profile
Agency$27,027 62.7 %$(1,187)$27,064 63.8 %$(972)
Non-Agency
Prime and prime investor8,856 20.5 (165)8,303 19.6 (119)
Nonqualified residential mortgage ("NQM") and alternative residential mortgage loans ("Alt-A")1,896 4.4 11 1,780 4.2 11 
Reperforming and sub-prime3,279 7.6 (70)3,355 7.9 (67)
Other (1)2,057 4.8 2 1,929 4.5 10 
Subtotal Non-Agency16,088 37.3 %(222)15,367 36.2 %(165)
Total RMBS, excluding Reinsurance activity$43,115 100.0 %$(1,409)$42,431 100.0 %$(1,137)
Reinsurance activity2,438 (36)2,987 (11)
Total RMBS$45,553 $(1,445)$45,418 $(1,148)
Ratings profile
Rated Aaa and Aa $38,438 89.2 %$37,374 88.1 %
Designated NAIC 1$41,655 96.6 %$40,736 96.0 %
__________________
(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 2025 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 most 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 most 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 and 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:
 March 31, 2026December 31, 2025
 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$2,400 10.8 %$(21)$2,070 10.0 %$(8)
Consumer loans1,106 5.0 (5)1,203 5.8 (2)
Student loans1,068 4.8 (23)896 4.3 (19)
Vehicle and equipment loans989 4.4 6 886 4.3 8 
Credit card945 4.2 10 855 4.1 15 
Franchise736 3.3 (28)739 3.6 (16)
Other (1)7,798 35.1 (215)7,103 34.2 (123)
Total15,042 67.6 %(276)13,752 66.3 %(145)
CLO (2)7,199 32.4 %(14)7,005 33.7 %8 
Total ABS & CLO, excluding Reinsurance activity$22,241 100.0 %$(290)$20,757 100.0 %$(137)
Reinsurance activity2,795 (15)2,140 12 
Total ABS & CLO$25,036 $(305)$22,897 $(125)
ABS ratings profile
Rated Aaa and Aa$4,469 29.7 %$3,781 27.5 %
Designated NAIC 1$12,159 80.8 %$10,945 79.6 %
CLO ratings profile
Rated Aaa and Aa$5,235 72.7 %$5,137 73.3 %
Designated NAIC 1$6,729 93.5 %$6,555 93.6 %
ABS & CLO ratings profile
Rated Aaa and Aa$9,704 43.6 %$8,918 43.0 %
Designated NAIC 1$18,888 84.9 %$17,500 84.3 %
_________________
(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:
March 31, 2026December 31, 2025
Estimated
Fair
 Value		% of TotalNet
Unrealized
Gains (Losses) 		Estimated
Fair
 Value		% of TotalNet
Unrealized
Gains (Losses)
(Dollars in millions)
Collateral type
Conduit$4,324 48.4 %$(157)$4,314 48.4 %$(124)
Single asset and single borrower2,247 25.2 (32)2,259 25.3 (35)
Agency 1,213 13.6 (109)1,206 13.5 (100)
Commercial real estate collateralized loan obligations179 2.0 1 150 1.7 1 
Other962 10.8 (14)993 11.1 (4)
Total CMBS, excluding Reinsurance activity$8,925 100.0 %$(311)$8,922 100.0 %$(262)
Reinsurance activity740 (8)812 — 
Total CMBS $9,665 $(319)$9,734 $(262)
Ratings profile
Rated Aaa and Aa$7,103 79.6 %$7,017 78.6 %
Designated NAIC 1$8,805 98.7 %$8,779 98.4 %
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 9 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 gross gains (losses) on sales and disposals of fixed maturity securities AFS at and for the three months ended March 31, 2026.
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 $15.6 billion and $15.2 billion at March 31, 2026 and December 31, 2025, respectively, including a portion that may require the immediate return of cash collateral we hold. See Note 9 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 Note 1 of the Notes to the Consolidated Financial Statements included in the 2025 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 $638 million and $640 million at March 31, 2026 and December 31, 2025, 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 $660 million and $658 million at March 31, 2026 and December 31, 2025, respectively.
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Mortgage Loans
Our mortgage loan investments are principally collateralized by commercial, agricultural and residential properties. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements, as well as Note 1 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report, for further information.
Mortgage loans carried at amortized cost and the related ACL are summarized as follows at:
March 31, 2026December 31, 2025
Portfolio Segment
Amortized Cost
% of
Total
ACL
ACL as % of
Amortized Cost
Amortized Cost
% of
Total
ACL
ACL as % of
Amortized Cost
(Dollars in millions)
Commercial $41,509 54.4 %$727 1.8 %$42,406 55.2 %$659 1.6 %
Agricultural18,095 23.7 101 0.6 %18,284 23.8 108 0.6 %
Residential16,682 21.9 203 1.2 %16,060 20.9 251 1.6 %
Mortgage loans held-for-sale35 — — — %35 0.1 — — %
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity$76,321 100.0 %$1,031 1.4 %$76,785 100.0 %$1,018 1.3 %
Reinsurance activity2,535 25 2,487 28 
Third-party mortgage loan activity6,083 157 6,514 147 
Mortgage loans$84,939 $1,213 $85,786 $1,193 
We diversify our mortgage loan investments by both geographic region and property type to reduce the risk of concentration. Of our 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 March 31, 2026. The carrying values of our commercial and agricultural mortgage loans collateralized by properties located in California, New York and Texas were 17%, 8% and 7%, respectively, of total commercial and agricultural mortgage loans at March 31, 2026. 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 March 31, 2026. The carrying values of our residential mortgage loans collateralized by properties located in California, Florida and New York were 33%, 11% and 7%, respectively, of total residential mortgage loans at March 31, 2026.
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Commercial Mortgage Loans by Geographic Region and Property Type. 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:
March 31, 2026December 31, 2025
Amount% of
Total		Amount% of
Total
(Dollars in millions)
Region
Pacific$8,466 20.4 %$8,395 19.8 %
Non-U.S.6,824 16.5 7,076 16.7 
Middle Atlantic5,385 13.0 5,699 13.4 
South Atlantic4,988 12.0 5,205 12.3 
West South Central3,122 7.5 3,260 7.7 
Mountain2,341 5.6 2,348 5.5 
New England2,248 5.4 2,249 5.3 
East North Central1,148 2.8 1,185 2.8 
East South Central430 1.0 451 1.1 
West North Central399 1.0 401 0.9 
Multi-Region and Other6,158 14.8 6,137 14.5 
Total amortized cost, excluding Reinsurance activity and Third-party mortgage loan activity$41,509 100.0 %$42,406 100.0 %
Reinsurance activity795 832 
Third-party mortgage loan activity5,725 6,162 
Total amortized cost$48,029 $49,400 
Less: ACL885 807 
Carrying value, net of ACL$47,144 $48,593 
Property Type
Office (1)$15,474 37.3 %$16,088 38.0 %
Apartment (1)7,895 19.0 7,669 18.1 
Retail5,975 14.4 6,013 14.2 
Single Family Rental4,160 10.0 4,221 9.9 
Industrial (1)3,353 8.1 3,611 8.5 
Hotel2,851 6.9 3,134 7.4 
Warehouse Revolvers (1)1,712 4.1 1,578 3.7 
Other89 0.2 92 0.2 
Total amortized cost, excluding Reinsurance activity and Third-party mortgage loan activity41,509 100.0 %42,406 100.0 %
Reinsurance activity795 832 
Third-party mortgage loan activity5,725 6,162 
Total amortized cost$48,029 $49,400 
Less: ACL885 807 
Carrying value, net of ACL$47,144 $48,593 
_________________
(1)Certain amounts in prior periods are reclassified to conform to current period presentation.
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.
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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 mortgage loans by credit quality indicator. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for further information by performance indicator.
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 9 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 commercial mortgage loans, our average LTV ratio was 68% at both March 31, 2026 and December 31, 2025, and our average DSCR was 2.1x at both March 31, 2026 and December 31, 2025. 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 agricultural mortgage loans, our average LTV ratio was 45% and 46% at March 31, 2026 and December 31, 2025, 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 commercial mortgage loan portfolios totaling $41.5 billion at amortized cost at March 31, 2026 by key credit quality indicators of LTV and DSCR was as follows:
March 31, 2026
DSCR
LTV
> 1.2x
1.0-1.2x
< 1.0x
Total
<65%54.0 %0.7 %1.6 %56.3 %
65% - 75%11.9 %2.1 %1.5 %15.5 %
76% - 80%4.8 %0.2 %0.4 %5.4 %
>80%11.6 %6.7 %4.5 %22.8 %
Total82.3 %9.7 %8.0 %100.0 %
The distribution of our agricultural mortgage loan portfolios totaling $18.1 billion at amortized cost at March 31, 2026 by the key credit quality indicator of LTV was as follows:
March 31, 2026
LTV
Total
<65%91.8 %
65% - 75%6.9 %
76% - 80%0.3 %
>80%1.0 %
Total100.0 %
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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.
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 9 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 REJVs
Our real estate investments are comprised of wholly-owned properties, and interests in both REJVs 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 $13.3 billion and $13.4 billion at March 31, 2026 and December 31, 2025, respectively, or 2.8% of cash and invested assets at both March 31, 2026 and December 31, 2025.
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 $3.4 billion unrealized gain position at March 31, 2026.
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 $136 million and $1 million for the three months ended March 31, 2026 and 2025, 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 9 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.
OLPI
OLPI are comprised of investments in private funds, including private equity funds. At March 31, 2026 and December 31, 2025, the carrying value of OLPI was $14.2 billion and $14.7 billion, respectively. OLPI were 3.0% and 3.1% of cash and invested assets at March 31, 2026 and December 31, 2025, 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:
 March 31, 2026December 31, 2025
Asset TypeCarrying
Value		% of
Total		Carrying
Value		% of
Total
 (Dollars in millions)
Freestanding derivatives with positive estimated fair values$7,541 43.4 %$7,020 43.4 %
Company-owned life insurance policies (“COLI”)1,839 10.6 1,832 11.3 
Direct financing leases1,280 7.4 1,333 8.2 
Annuities funding structured settlement claims 1,243 7.1 1,244 7.7 
Operating joint ventures 1,341 7.7 1,235 7.6 
Federal Home Loan Bank of New York (“FHLBNY”) common stock 700 4.0 700 4.3 
Tax credit and renewable energy partnerships935 5.4 676 4.2 
Funds withheld459 2.6 478 3.0 
Leveraged leases306 1.8 365 2.3 
Other1,747 10.0 1,310 8.0 
Total other invested assets, excluding Reinsurance activity$17,391 100.0 %$16,193 100.0 %
Reinsurance activity233 139 
Total other invested assets$17,624 $16,332 
Percentage of cash and invested assets, excluding Reinsurance activity3.7 %3.4 %
__________________
See Notes 1, 11 and 12 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for information regarding freestanding derivatives with positive estimated fair values, COLI, direct financing and leveraged leases, annuities funding structured settlement claims, operating joint ventures, FHLBNY common stock, tax credit and renewable energy partnerships, 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 partnership investments, bank credit facilities and private corporate bond investments. See Note 18 of the Notes to the Interim Condensed Consolidated Financial Statements for the amount of our unfunded investment commitments at March 31, 2026 and December 31, 2025. See “Net Investment Income” and “Net Investment Gains (Losses)” in Note 9 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,” “— Mortgage Loans,” “— Real Estate and REJVs” and “— OLPI.”
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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 10 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 March 31, 2026 and December 31, 2025.
•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 ended March 31, 2026 and 2025.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Critical Accounting Estimates — Freestanding Derivatives” in the 2025 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 2025 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
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.”
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
Topic
3
Acquisition
12Subordinated debt securities issuance
13
Preferred stock, including 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 2025 Annual Report for additional information regarding the topics noted below:
Notes to the Consolidated Financial Statements:
Note
Topic
3
Acquisition
5
Funding agreements, reported in PABs and the related pledged collateral
16
Long-term debt, short-term debt, credit and committed facilities, debt and facility covenants and facility agreement for senior debt issuances
17
Collateral financing arrangement and the related pledged collateral
18
Subordinated debt securities and the related replacement capital covenant
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:
NoteTopic
3
Affiliated long-term debt
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 Lose Business Due to a Downgrade or a Potential Downgrade in Our Financial Strength or Credit Ratings”
“— 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”
Liquidity Management
Liquidity refers to the ability to generate adequate amounts of cash to meet our needs. Based upon our trusted global brand, diversified and resilient 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 2025 Annual Report.
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Short-term Liquidity and Liquid Assets
At March 31, 2026 and December 31, 2025, our short-term liquidity position was $18.7 billion and $18.1 billion, respectively, while liquid assets were $181.8 billion and $184.5 billion, respectively.
Short-term liquidity consists of cash and cash equivalents and short-term investments. Liquid assets includes these short-term liquidity amounts, plus publicly traded securities. Both short-term liquidity and liquid assets exclude assets pledged or otherwise committed, such as 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
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:
Three Months
Ended
March 31,
20262025
(In millions)
Sources:
Operating activities, net$2,687 $4,262 
Net change in PABs3,226 1,776 
Net change in payables for collateral under securities loaned and other transactions1,068 233 
Long-term debt issued61 89 
Subordinated debt securities issued
1,000 1,000 
Effect of change in foreign currency exchange rates on cash and cash equivalents
— 98 
Total sources8,042 7,458 
Uses:
Investing activities, net5,455 3,322 
Long-term debt repaid53 555 
Collateral financing arrangement repaid53 13 
Derivatives with certain financing elements and other derivative-related transactions, net71 71 
Net change in mortgage loan secured financing380 189 
Treasury stock acquired in connection with share repurchases755 1,411 
Dividends on preferred stock45 66 
Dividends on common stock372 374 
Other, net67 199 
Effect of change in foreign currency exchange rates on cash and cash equivalents136 — 
Total uses7,387 6,200 
Net increase (decrease) in cash and cash equivalents$655 $1,258 
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 and Uses
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) issuances of long-term debt, including subordinated debt securities, and the collateral financing arrangement; (iv) PABs, which includes funding agreements; (v) credit and committed facilities; (vi) the facility agreement for senior debt issuances; (vii) a 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 (viii) dispositions.
The primary uses of liquidity and capital include: (i) repayments, repurchases and/or redemptions of common stock, preferred stock and debt; (ii) dividends on common and preferred stock; (iii) contractual obligations, including PABs and insurance liabilities; (iv) pledged collateral; (v) securities lending transactions, repurchase agreements and third-party custodian administered programs; (vi) mortgage loan secured financing; and (vii) acquisitions.
Additional details regarding certain of our primary sources and uses of liquidity and capital are discussed below and included in the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2025 Annual Report referenced in “— Overview.”
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.
Credit and Committed Facilities
At March 31, 2026, 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 March 31, 2026 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 $304 $— $2,696 
Committed Facilities:
MetLife Reinsurance Company of Vermont and MetLife, Inc.$350 $350 $— $— 
MetLife Reinsurance Company of Vermont and MetLife, Inc.2,882 2,439 — 443 
Total Committed Facilities$3,232 $2,789 $— $443 
Debt Outstanding
The following table summarizes our outstanding debt at:
March 31, 2026December 31, 2025
(In millions)
Short-term debt (1)$404 $355 
Long-term debt (2)$14,445 $14,467 
Collateral financing arrangement$299 $352 
Subordinated debt securities (3)
$5,143 $4,155 
__________________
(1)This is non-recourse to MetLife, Inc., subject to customary exceptions. Certain subsidiaries have pledged assets to secure this debt.
(2)Includes $420 million and $411 million of long-term debt that is non-recourse to MetLife, Inc. and Metropolitan Life Insurance Company (“MLIC”), subject to customary exceptions, at March 31, 2026 and December 31, 2025, 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 February 2026. See Note 12 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 March 31, 2026.
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.
Common Stock and Preferred Stock Repurchases and Dividends
Certain provisions of MetLife, Inc.’s preferred stock and subordinated debt securities may restrict payments of dividends and interest or restrict repurchases of its common or preferred stock. See Note 19 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for additional information regarding “dividend stopper” provisions in MetLife, Inc.’s preferred stock and subordinated debt securities.
For the three months ended March 31, 2026 and 2025, MetLife, Inc. paid dividends on its preferred stock of $45 million and $66 million, respectively. For the three months ended March 31, 2026 and 2025, MetLife, Inc. paid dividends on its common stock of $372 million and $374 million, respectively.
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 10 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 — Mortgage Loans.”
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 Corporate & Other, which includes individual annuities, lapses and surrenders tend to occur in the normal course of business. For the three months ended March 31, 2026 and 2025, general account surrenders and withdrawals from annuity products were $206 million and $346 million, 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 March 31, 2026, there were funding agreements totaling $125 million that could be put back to the Company.
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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 2025 Annual Report.
Liquid Assets
At March 31, 2026 and December 31, 2025, MetLife holding companies had $3.9 billion and $3.6 billion, respectively, in liquid assets. Of these amounts, $2.7 billion and $2.0 billion were held by MetLife, Inc., and $1.2 billion and $1.6 billion were held by other MetLife holding companies at March 31, 2026 and December 31, 2025, respectively.
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 and Uses — Dividends from Subsidiaries.”
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Consolidated Company Outlook” included in the 2025 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 2025 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 and Uses
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, including subordinated debt securities, and the collateral financing arrangement; (iii) credit and committed facilities; and (iv) dispositions.
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) repayments, repurchases and/or redemptions of common stock, preferred stock and debt; (v) payment of general operating expenses; (vi) support agreements; and (vii) acquisitions.
Additional details regarding certain of MetLife, Inc.’s primary sources of liquidity and capital are included in “— The Company — Liquidity and Capital Sources and Uses,” the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2025 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.
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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 2026 by MetLife, Inc.’s primary U.S. insurance subsidiaries without insurance regulatory approval and the actual dividends paid for the three months ended March 31, 2026:
CompanyPaid (1)Permitted Without
Approval (2)
(In millions)
MLIC$1,309 $2,121 
American Life Insurance Company$402 $2,219 
Metropolitan Tower Life Insurance Company$— $547 
__________________
(1)Reflects all amounts paid, including those where regulatory approval was obtained as required.
(2)Reflects dividend amounts that may be paid during 2026 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 2026, some or all of such dividends may require regulatory approval.
In addition to the amounts presented in the table above, for the three months ended March 31, 2026, MetLife, Inc. also received from certain other subsidiaries cash dividends totaling $32 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:
March 31, 2026December 31, 2025
(In millions)
Long-term debt — unaffiliated
$13,968 $13,999 
Long-term debt — affiliated
$1,433 $1,451 
Subordinated debt securities
$4,449 $3,461 
Affiliated Capital and Lending Transactions
For the three months ended March 31, 2026 and 2025, MetLife, Inc. invested a net amount of $54 million and $26 million, respectively, in various subsidiaries.
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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 $315 million and $0 at March 31, 2026 and December 31, 2025, respectively. In March 2026, MetLife Services and Solutions, LLC issued a $300 million short-term note to MetLife, Inc., bearing interest at the three-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate plus 1.24%.
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”).
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 (loss).
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 the Company’s performance relative to its business plan and facilitate comparisons to industry results.
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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 2025 Annual Report.
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.
Assets under management:
•Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below).
•MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that MIM manages or advises.
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•General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account (“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, FVO securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and REJVs included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and REJVs that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate and REJVs and include them as commercial mortgage loans.
•Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement.
◦Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
◦Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
◦Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements.
Other items:
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.
•Operating margin is calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues.
•Pension risk transfers include U.K. funded reinsurance.
•“Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets.
•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.
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•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 2025 Annual Report for information on our risk management.
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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 2025 Annual Report. There have been no material changes to our market risk exposures from those previously disclosed in the 2025 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 March 31, 2026 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 18 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 2025 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2025 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 March 31, 2026 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)
January 1 - January 31, 20262,558,592 $78.17 2,558,592 $1,872,488,893 
February 1 - February 28, 20263,321,439 $77.07 3,321,439 $1,616,489,444 
March 1 - March 31, 20264,241,087 $70.62 4,241,087 $1,316,989,303 
Total10,121,118 10,121,118 
__________________
(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 March 31, 2026, MetLife, Inc. had $1.3 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 13 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 2025 Annual Report.
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Item 5. Other Information
Securities trading plans
During the three months ended March 31, 2026, 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 https://www.sec.gov.)
 Incorporated by Reference
Exhibit No.DescriptionForm File NumberExhibit Filing DateFiled or Furnished Herewith
4.1Certain instruments defining the rights of holders of long-term debt of MetLife, Inc. and its consolidated subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. MetLife, Inc. hereby agrees to furnish to the Securities and Exchange Commission, upon request, copies of such instruments.
31.1X
31.2X
32.1X
32.2X
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.Company Action Level RBCMinimum level of TAC before corrective action commences is twice authorized control level RBC
ABOAccumulated Benefit ObligationsCredit FacilityUnsecured revolving credit facility
ABS & CLOAsset-Backed Securities and Collateralized Loan ObligationsCROChief Risk Officer
ACLAllowance For Credit LossC-ROSSChina Risk Oriented Solvency System
AD&DAccidental Death and DismembermentCSRDCorporate Sustainability Reporting Directive
AFSAvailable-For-SaleCybersecurity Model LawNAIC’s Insurance Data Security Model Law
AIArtificial IntelligenceDACDeferred Policy Acquisition Costs
ALMAsset/Liability ManagementDeferred SharesAwards that have become payable in shares but the issuance of which has been deferred
Alt-AAlternative Residential Mortgage LoansDelaware CommissionerDelaware Commissioner of Insurance
American LifeAmerican Life Insurance CompanyDodd-FrankDodd-Frank Wall Street Reform and Consumer Protection Act
AOCI
Accumulated Other Comprehensive Income (Loss)
DOL
U.S. Department of Labor
APBOAccumulated Postretirement Benefit ObligationDPLDeferred Profit Liability
ASOAdministrative Services-OnlyDSCRDebt Service Coverage Ratios
ASUAccounting Standards UpdateEEAEuropean Economic Area
AUMAssets Under ManagementEMEA
Europe, the Middle East and Africa
Authorized Control Level RBCAuthorized Control Level RBC, calculated in the manner prescribed by the NAICERCEnterprise Risk Committee
BrighthouseBrighthouse Financial, Inc. and its SubsidiariesERISAEmployee Retirement Income Security Act of 1974
CBIRCThe China Banking and Insurance Regulatory CommissionERMEnterprise Risk Management
CCPA
California Consumer Privacy Act
EUEuropean Union
CEOChief Executive OfficerEU AI ActEuropean Union’s Artificial Intelligence Act
CFEs
Collateralized Financing Entities
Exchange Act
Securities Exchange Act of 1934
CFOChief Financial OfficerFarmer MacFederal Agricultural Mortgage Corporation
CFPBConsumer Financial Protection BureauFASBFinancial Accounting Standards Board
CFTCCommodity Futures Trading CommissionFDICFederal Deposit Insurance Corporation
Chariot
Chariot Holding Company, LP
Federal ReserveFederal Reserve Board & Federal Reserve Bank of New York
Chariot ReChariot Reinsurance, Ltd.Federal Reserve BoardBoard of Governors of the Federal Reserve System
CISOChief Information Security OfficerFHLBNYFederal Home Loan Bank of New York
CLO Investments
CLO Fund Investments
FINRAFinancial Industry Regulatory Authority
CLOsCollateralized Loan ObligationsFIOFederal Insurance Office
CMBSCommercial Mortgage-Backed SecuritiesFitchFitch Ratings Inc.
COLICompany-Owned Life Insurance Policies
FPBs
Future Policy Benefits
Committed FacilitiesCredit Facility, as well as certain committed facilitiesFSAFinancial Services Agency in Japan
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FSBFinancial Stability BoardMRVMetLife Reinsurance Company of Vermont
FSOCFinancial Stability Oversight CouncilMSSMetLife Services and Solutions, LLC
FVOFair Value OptionMTLMetropolitan Tower Life Insurance Company
GAAPAccounting principles generally accepted in the United States of America NAICNational Association of Insurance Commissioners
GCCGroup Capital CalculationNAVNet Asset Value
GDPRGeneral Data Protection RegulationNebraska DirectorDirector of the Nebraska Department of Insurance
GICsGuaranteed Interest ContractsNGEsNon-Guaranteed Elements
GILTIGlobal Intangible Low-Taxed IncomeNIFONet investment in a foreign operation
GMABsGuaranteed Minimum Accumulation BenefitsNon-Bank SIFINon-Bank Systemically Important Financial Institution
GMCRGuaranteed Minimum Crediting RatesNPRNet Premium Ratio
GMDBsGuaranteed Minimum Death BenefitsNQMNonqualified Residential Mortgage
GMIBsGuaranteed Minimum Income BenefitsNRSRONationally Recognized Statistical Rating Organizations
GMWBsGuaranteed Minimum Withdrawal BenefitsNYDFSNew York State Department of Financial Services
GMXBsGuaranteed Minimum BenefitsOCIOther Comprehensive Income (Loss)
IAIGsInternationally Active Insurance GroupsOLPIOther Limited Partnership Interests
IAISInternational Association of Insurance SupervisorsOTCOver-the-Counter
IBNPIncurred But Not PaidOTC-bilateralBilateral contracts between two counterparties
IBNRIncurred But Not ReportedOTC-clearedOTC derivatives are cleared and settled through central clearing counterparties
IMRInterest Maintenance ReservePABsPolicyholder Account Balances
Invested PlansAssets of the qualified pension plans and postretirement medical plansPBOProjected Benefit Obligation
IRSInternal Revenue ServicePCAOBPublic Company Accounting Oversight Board
LDTILong-Duration Targeted ImprovementsPhantom Stock-Based AwardsCash-settled awards based in whole or in part on the price of shares or changes in the price of shares
LDTI Transition DateJanuary 1, 2021PineBridgePineBridge Investments
LIBORLondon Interbank Offered RatePTEProhibited Transaction Exemption
LTVLoan-To-ValueRBCRisk-Based Capital
MetLife MalaysiaAmMetLife Insurance Berhad (Malaysia) and AmMetLife Takaful Berhad (Malaysia)RCCReplacement Capital Covenant
MIMMetLife Investment Management, the Company’s institutional asset management businessREJVsReal Estate Joint Ventures
MLICMetropolitan Life Insurance CompanyRetiree VEBAU.S. Retiree Health and Welfare Benefit Obligations
Moody’sMoody’s Investors Service, Inc.RISRetirement and Income Solutions
MoReMissouri Reinsurance, Inc.RMBSResidential Mortgage-Backed Securities
MrBMetLife Reinsurance Company of Bermuda, Ltd.ROURight-of-Use
MRBMarket Risk BenefitSCLSpecial Considerations Letter
MRCMetLife Reinsurance Company of CharlestonSECU.S. Securities and Exchange Commission
MrHMetLife Reinsurance Company of Hamilton, Ltd.SeparationDistribution of shares of Brighthouse Financial, Inc. common stock to the MetLife, Inc. common shareholders
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Series A preferred stockNon-Cumulative Preferred Stock, Series ATRRsTotal Rate of Return Swaps
Series D preferred stock5.875% Fixed-To-Floating Rate Non-Cumulative Preferred Stock, Series DU.K.United Kingdom
Series E preferred stock5.625% Non-Cumulative Preferred Stock, Series EU.S.United States
Series F preferred stock4.75% Non-Cumulative Preferred Stock, Series FULSGUniversal and Variable Universal Life Policies with Secondary Guarantees
Series G preferred stock3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series GUnit-linked and FVO Securities
Contractholder-directed equity securities and FVO securities
SOFRSecured Overnight Financing RateUnit-linked investmentsContractholder-directed investments supporting unit-linked variable annuity type liabilities
SSGStructured Securities GroupUREVUnearned Revenue
Statement-Based Combined RBC RatioInternally defined Combined RBC RatioVIEsVariable Interest Entities
Statutory CodificationCodification of Statutory Accounting PrinciplesVMValuation Manual
Structured ProductsRMBS, ABS & CLO and CMBSVOBAValue of Business Acquired
SuperintendentNew York Superintendent of Financial ServicesVOCRAValue of Customer Relationships Acquired
S&PStandard & Poor’s Global RatingsVODAValue of Distribution Agreements
TACTotal Adjusted Capital, calculated in the manner prescribed by the NAIC
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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: May 7, 2026
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