met-20250331

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, 2025


☐			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,

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 class	Trading 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 28, 2025, 671,297,826 shares of the registrant’s common stock were outstanding.

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		Page
Part I — Financial Information
Item 1.	Financial Statements (Unaudited) (at March 31, 2025 and December 31, 2024 and for the Three Months Ended March 31, 2025 and 2024)
	Interim Condensed Consolidated Balance Sheets	4
	Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	5
	Interim Condensed Consolidated Statements of Equity	6
	Interim Condensed Consolidated Statements of Cash Flows	7
	Notes to the Interim Condensed Consolidated Financial Statements:
	Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies	8
	Note 2 — Segment Information	10
	Note 3 — Acquisition	14
	Note 4 — Future Policy Benefits	14
	Note 5 — Policyholder Account Balances	24
	Note 6 — Market Risk Benefits	33
	Note 7 — Separate Accounts	37
	Note 8 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue	41
	Note 9 — Closed Block	42
	Note 10 — Investments	45
	Note 11 — Derivatives	60
	Note 12 — Fair Value	70
	Note 13 — Long-term Debt	83
	Note 14 — Subordinated Debt Securities	84
	Note 15 — Equity	84
	Note 16 — Other Revenues and Other Expenses	88
	Note 17 — Employee Benefit Plans	89
	Note 18 — Income Tax	89
	Note 19 — Earnings Per Common Share	90
	Note 20 — Contingencies, Commitments and Guarantees	90
	Note 21 — Subsequent Events	92
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	93
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	138
Item 4.	Controls and Procedures	139

Part II — Other Information
Item 1.	Legal Proceedings	140
Item 1A.	Risk Factors	140
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	140
Item 5.	Other Information	141
Item 6.	Exhibits	142

Glossary		143

Signatures		146

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As used in this Form 10‑Q, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.

Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10‑Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “are confident,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

Many factors determine Company results, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. We do not guarantee any future performance. Our results could differ materially from those we express or imply in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:

(1) economic condition difficulties, including risks relating to interest rates, the effects of announced or future tariff increases on the global economy, credit spreads, declining equity or debt markets, real estate, obligors and counterparties, government default, currency exchange rates, derivatives, climate change, public health and terrorism and security;

(2) global capital and credit market adversity;

(3) credit facility inaccessibility;

(4) financial strength or credit ratings downgrades;

(5) unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks;

(6) statutory life insurance reserve financing costs or limited market capacity;

(7) legal, regulatory, and supervisory and enforcement policy changes;

(8) changes in tax rates, tax laws or interpretations;

(9) litigation and regulatory investigations;

(10) unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;

(11) MetLife, Inc.’s inability to pay dividends and repurchase common stock;

(12) MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;

(13) investment defaults, downgrades, or volatility;

(14) investment sales or lending difficulties;

(15) collateral or derivative-related payments;

(16) investment valuations, allowances, or impairments changes;

(17) claims or other results that differ from our estimates, assumptions, or models;

(18) global political, legal, or operational risks;

(19) business competition;

(20) technological changes;

(21) catastrophes;

(22) climate changes or responses to it;

(23) deficiencies in our closed block;

(24) goodwill or other asset impairment, or deferred income tax asset allowance;

(25) impairment of value of business acquired, value of distribution agreements acquired or value of customer relationships acquired;

(26) product guarantee volatility, costs, and counterparty risks;

(27) risk management failures;

(28) insufficient protection from operational risks;

(29) failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or disaster recovery failures;

(30) accounting standards changes;

(31) excessive risk-taking;

(32) marketing and distribution difficulties;

(33) pension and other postretirement benefit assumption changes;

(34) inability to protect our intellectual property or avoid infringement claims;

(35) acquisition, integration, growth, disposition, or reorganization difficulties;

(36) Brighthouse Financial, Inc. separation risks;

(37) MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and

(38) legal- and corporate governance-related effects on business combinations.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.

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Corporate Information

We encourage investors and others to frequently visit our website (www.metlife.com), including our Investor Relations web pages (https://investor.metlife.com). We announce significant financial and other information to our investors and the public on the Investor Relations web pages, as well as in U.S. Securities and Exchange Commission filings, in 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, 2025 and December 31, 2024 (Unaudited)

(In millions, except share and per share data)


	March 31, 2025		December 31, 2024
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $137 and $160, respectively); and amortized cost: $315,474 and $307,421, respectively	$	291,735	$	281,043
Equity securities, at estimated fair value	747		712
Contractholder-directed equity securities and fair value option securities, at estimated fair value	10,725		10,672
Mortgage loans (net of allowance for credit loss of $981 and $800, respectively)	87,908		89,012
Policy loans	8,663		8,545
Real estate and real estate joint ventures (includes $377 and $378, respectively, under the fair value option; $79 and $65, respectively, of real estate held-for-sale; $197 and $183, respectively, relating to variable interest entities)	13,481		13,342
Other limited partnership interests	14,137		14,378
Short-term investments, principally at estimated fair value	5,543		5,156
Other invested assets (includes $1,846 and $1,851, respectively, of leveraged and direct financing leases; $520 and $424, respectively, relating to variable interest entities)	17,470		18,504
Total investments	450,409		441,364
Cash and cash equivalents, principally at estimated fair value	21,326		20,068
Accrued investment income	3,557		3,489
Premiums, reinsurance and other receivables (includes $0 and $47, respectively, relating to variable interest entities)	31,251		29,761
Market risk benefits, at estimated fair value	317		372
Deferred policy acquisition costs and value of business acquired	20,162		19,627
Current income tax recoverable	338		295
Deferred income tax asset	2,524		2,994
Goodwill	9,036		8,901
Other assets	11,253		11,082
Separate account assets	138,143		139,504
Total assets	$	688,316	$	677,457
Liabilities and Equity
Liabilities
Future policy benefits	$	197,667	$	193,646
Policyholder account balances	225,623		221,445
Market risk benefits, at estimated fair value	2,844		2,581
Other policy-related balances	19,523		18,899
Policyholder dividends payable	356		385
Payables for collateral under securities loaned and other transactions	17,440		17,128
Short-term debt (includes $97 and $133, respectively, relating to variable interest entities)	381		465
Long-term debt	14,695		15,086
Collateral financing arrangement	463		476
Subordinated debt securities	4,153		3,164
Deferred income tax liability	430		132
Other liabilities	38,843		36,843
Separate account liabilities	138,143		139,504
Total liabilities	660,561		649,754
Contingencies, Commitments and Guarantees (Note 20)
Equity
MetLife, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $3,905 aggregate liquidation preference	—		—
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,195,220,577 and 1,194,168,628 shares issued, respectively; 673,293,988 and 689,211,065 shares outstanding, respectively	12		12
Additional paid-in capital	33,820		33,791
Retained earnings	43,131		42,626
Treasury stock, at cost; 521,926,589 and 504,957,563 shares, respectively	(29,222)		(27,798)
Accumulated other comprehensive income (loss)	(20,248)		(21,186)
Total MetLife, Inc.’s stockholders’ equity	27,493		27,445
Noncontrolling interests	262		258
Total equity	27,755		27,703
Total liabilities and equity	$	688,316	$	677,457

See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.

Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months Ended March 31, 2025 and 2024 (Unaudited)

(In millions, except per share data)


	Three Months Ended March 31,
		2025		2024
Revenues
Premiums		$	11,723	$	10,053
Universal life and investment-type product policy fees		1,229		1,248
Net investment income		4,885		5,436
Other revenues		687		674
Net investment gains (losses)		(387)		(375)
Net derivative gains (losses)		432		(979)
Total revenues		18,569		16,057
Expenses
Policyholder benefits and claims		11,806		10,074
Policyholder liability remeasurement (gains) losses		(31)		(22)
Market risk benefit remeasurement (gains) losses		299		(694)
Interest credited to policyholder account balances		1,647		2,290
Policyholder dividends		144		147
Other expenses		3,350		3,217
Total expenses		17,215		15,012
Income (loss) before provision for income tax		1,354		1,045
Provision for income tax expense (benefit)		404		170
Net income (loss)		950		875
Less: Net income (loss) attributable to noncontrolling interests		5		8
Net income (loss) attributable to MetLife, Inc.		945		867
Less: Preferred stock dividends		66		67
Net income (loss) available to MetLife, Inc.’s common shareholders		$	879	$	800
Comprehensive income (loss)		$	2,960	$	347
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax		3		9
Comprehensive income (loss) attributable to MetLife, Inc.		$	2,957	$	338





Net income (loss) available to MetLife, Inc.’s common shareholders per common share:
Basic	$	1.29	$	1.11
Diluted	$	1.28	$	1.10

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, 2025 and 2024 (Unaudited)

(In millions)


	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 million of excise tax)									(1,424)				(1,424)				(1,424)
Stock-based compensation					29								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 tax											2,012		2,012		(2)		2,010
Balance at March 31, 2025	$	—	$	12	$	33,820	$	43,131	$	(29,222)	$	(20,248)	$	27,493	$	262	$	27,755


	Preferred Stock		Common Stock		Additional Paid-in Capital		Retained Earnings		Treasury Stock at Cost		Accumulated Other Comprehensive Income (Loss)		Total MetLife, Inc.’s Stockholders’ Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2023	$	—	$	12	$	33,690	$	40,146	$	(24,591)	$	(19,242)	$	30,015	$	238	$	30,253
Cumulative effects of changes in accounting principles, net of income tax							(219)						(219)				(219)
Treasury stock acquired in connection with share repurchases (includes $11 million of excise tax)									(1,183)				(1,183)				(1,183)
Stock-based compensation					28								28				28
Dividends on preferred stock							(67)						(67)				(67)
Dividends on common stock (declared per share of $0.520)							(377)						(377)				(377)
Change in equity of noncontrolling interests													—		14		14
Net income (loss)							867						867		8		875
Other comprehensive income (loss), net of income tax											(529)		(529)		1		(528)
Balance at March 31, 2024	$	—	$	12	$	33,718	$	40,350	$	(25,774)	$	(19,771)	$	28,535	$	261	$	28,796

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, 2025 and 2024 (Unaudited)

(In millions)


	Three Months Ended March 31,
	2025		2024
Net cash provided by (used in) operating activities	$	4,262	$	2,328
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale	14,062		11,469
Equity securities	9		37
Mortgage loans	3,234		2,217
Real estate and real estate joint ventures	48		143
Other limited partnership interests	301		402
Short-term investments	4,143		3,753
Purchases and originations of:
Fixed maturity securities available-for-sale	(18,359)		(14,692)
Equity securities	(35)		(7)
Mortgage loans	(1,999)		(1,914)
Real estate and real estate joint ventures	(114)		(175)
Other limited partnership interests	(278)		(295)
Short-term investments	(4,443)		(2,642)
Cash received in connection with freestanding derivatives	803		503
Cash paid in connection with freestanding derivatives	(1,013)		(1,052)
Net change in policy loans	(87)		(80)
Net change in other invested assets	457		(280)
Other, net	(51)		(14)
Net cash provided by (used in) investing activities	(3,322)		(2,627)
Cash flows from financing activities
Policyholder account balances - deposits	28,692		24,444
Policyholder account balances - withdrawals	(26,916)		(23,373)
Net change in payables for collateral under securities loaned and other transactions	233		50


Long-term debt issued	89		758
Long-term debt repaid	(555)		(264)
Collateral financing arrangement repaid	(13)		(47)
Subordinated debt securities issued	1,000		—
Derivatives with certain financing elements and other derivative-related transactions, net	(71)		(55)
Proceeds from mortgage loan secured financing	66		42
Repayments of mortgage loan secured financing	(255)		(161)
Treasury stock acquired in connection with share repurchases	(1,411)		(1,172)



Dividends on preferred stock	(66)		(67)
Dividends on common stock	(374)		(377)
Other, net	(199)		(39)
Net cash provided by (used in) financing activities	220		(261)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	98		(239)
Change in cash and cash equivalents	1,258		(799)




Cash and cash equivalents, beginning of period	$	20,068	$	20,639
Cash and cash equivalents, end of period	$	21,326	$	19,840


Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	224	$	231
Income tax	$	147	$	130
Non-cash transactions:




Other invested assets received in connection with the sale of other limited partnership interests	$	20	$	349

See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

“MetLife” and the “Company” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. MetLife is organized into six segments: Group Benefits; Retirement and Income Solutions (“RIS”); Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. See Note 2 for further information on the Company’s segments and Corporate & Other.

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2024 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2024 Annual Report.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions are eliminated.

The Company uses either the equity method of accounting or the fair value option (“FVO”) for its investments in joint ventures, including real estate joint ventures (“REJV”) and other limited partnership interests (“OLPI”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.

Effective January 1, 2025, certain operating joint ventures engaged in insurance underwriting activities, for which the Company uses the equity method of accounting, adopted the accounting pronouncement related to targeted improvements to the accounting for long-duration contracts. See Note 15 for further information.

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following table provides a description of ASUs recently issued by the FASB and the impact of their future adoption on the Company’s consolidated financial statements.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)

Future Adoption of Accounting Pronouncements

ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures. ASUs issued but not yet adopted as of March 31, 2025 that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are summarized in the table below.


Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	Among other things, the amendments in this update require that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation; and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received).	Effective for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption permitted).	The Company 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 in this update require disclosures in the notes to financial statements around employee compensation costs, depreciation, intangible asset amortization and certain other costs and expenses. Information on selling expenses incurred 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

MetLife is organized into six segments: Group Benefits, RIS, Asia, Latin America, EMEA and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. In the fourth quarter of 2024, the Company adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. As such, the disclosures have been enhanced to reflect the adoption of this update.

Group Benefits

The Group Benefits segment, based in the United States (“U.S.”), offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include term, variable and universal life insurance, dental, group and individual disability, accident & health insurance and vision.

RIS

The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include stable value and pension risk transfer products, institutional income annuities, structured settlements, longevity reinsurance solutions, benefit funding solutions, funded reinsurance solutions, and capital markets investment products.

Asia

The Asia segment offers a broad range of products and services to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, accident & health insurance and retirement and savings.

Latin America

The Latin America segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.

EMEA

The EMEA segment offers products to individuals, corporations, other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.

MetLife Holdings

The MetLife Holdings segment consists of operations relating to products and businesses that the Company no longer actively markets in the U.S. These include variable, universal, term and whole life insurance, variable, fixed and index-linked annuities and long-term care insurance. It also includes an in-force block of assumed variable annuity guarantees from a third party.

Financial Measure and Segment Accounting Policies

Adjusted earnings is used by the Company’s chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of the Company’s performance relative to its business plan and facilitate comparisons to industry results.

Consistent with GAAP guidance for segment reporting, adjusted earnings is the Company’s GAAP measure of segment performance and is reported below. The Company believes the presentation of adjusted earnings enhances its investors’ understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business.

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

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

divested businesses, and (iv) other adjustments. Also, adjusted earnings excludes results of discontinued operations under GAAP.

Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings for the Company’s segments excludes net investment gains (losses), net derivative gains (losses), market risk benefits (“MRBs”) remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method, and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.

Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings for the Company’s segments:

•Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment.

•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.

•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits (“FPBs”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.

•Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.

•Interest credited to policyholder account balances (“PABs”) excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.

“Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.

“Reinsurance adjustments” relate to balances subject to ceded reinsurance arrangements with third parties and the related investment returns and other expenses which are passed through to the third-party reinsurers.

Other adjustments, which are applicable to the Company’s segments, are made in calculating adjusted earnings:

•Net investment income and interest credited to PABs excludes certain amounts related to contractholder-directed equity securities. Net investment income excludes Reinsurance adjustments.

•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.

•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.

•Other expenses exclude (i) Reinsurance adjustments, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.

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.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

The Company’s segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements. In addition, segment accounting policies include the method of capital allocation described below.

Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in the Company’s business.

The Company’s economic capital model, coupled with considerations of local capital requirements, aligns segment allocated equity with emerging standards and consistent risk principles. The model applies statistics-based risk evaluation principles to the material risks to which the Company is exposed. These consistent risk principles include calibrating required economic capital shock factors to a specific confidence level and time horizon while applying an industry standard method for the inclusion of diversification benefits among risk types. The Company’s management is responsible for the ongoing production and enhancement of the economic capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards.

Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s consolidated net investment income, net income (loss) or adjusted earnings.

Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios adjusted for allocated equity. Expenses are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company’s product pricing.

Corporate & Other

Corporate & Other contains various start-up, developing and run-off businesses. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including external integration and disposition costs, internal resource costs for associates committed to acquisitions and dispositions and enterprise-wide strategic initiatives), interest expense related to the majority of the Company’s outstanding debt, expenses associated with certain legal proceedings and income tax audit issues, the elimination of intersegment amounts (which generally relate to investment expenses and intersegment loans bearing interest rates commensurate with related borrowings), and the Company’s institutional investment management business (through which the Company provides public fixed income, private capital and real estate investment solutions to institutional investors worldwide).

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, 2025 and 2024.

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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, 2025	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings
	(In millions)
Revenues
Premiums	$	5,763	$	2,284	$	1,260	$	1,164	$	582	$	657
Universal life and investment-type product policy fees	233		85		406		340		78		86
Net investment income (1)	315		2,167		1,206		407		58		989
Other revenues	434		61		15		9		8		37

Expenses
Policyholder benefits and claims and policyholder dividends	5,183		3,121		1,037		1,091		277		1,200
Policyholder liability remeasurement (gains) losses	(18)		(15)		(11)		(3)		—		16
Interest credited to PABs	44		859		711		98		17		88
Other expenses:
Amortization of deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”) and negative VOBA	6		17		216		129		94		55
Interest expense on debt	—		3		—		4		—		3
Direct and allocated expenses	524		85		306		135		109		168
Other segment expenses (2)	542		27		92		176		120		49
Provision for income tax expense (benefit)	97		99		162		72		26		36
Adjusted earnings	$	367	$	401	$	374	$	218	$	83	$	154


Three Months Ended March 31, 2024	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings
	(In millions)
Revenues
Premiums	$	5,711	$	675	$	1,297	$	1,115	$	536	$	713
Universal life and investment-type product policy fees	222		75		426		370		77		78
Net investment income (1)	315		2,089		1,108		386		54		1,010
Other revenues	397		63		21		11		7		50

Expenses
Policyholder benefits and claims and policyholder dividends	5,236		1,471		1,067		983		258		1,251
Policyholder liability remeasurement (gains) losses	(3)		1		(32)		(8)		—		20
Interest credited to PABs	48		796		647		114		19		103
Other expenses:
Amortization of DAC, VOBA and negative VOBA	6		15		205		125		90		59
Interest expense on debt	—		4		—		3		—		4
Direct and allocated expenses	505		80		282		140		101		165
Other segment expenses (2)	494		31		101		194		103		53
Provision for income tax expense (benefit)	75		105		159		98		26		37
Adjusted earnings	$	284	$	399	$	423	$	233	$	77	$	159

__________________

(1)The percentage of net investment income from equity method invested assets by segment was as follows:


	Three Months Ended March 31,
	2025		2024
Group Benefits	1	%	1	%
RIS	5	%	4	%
Asia	11	%	8	%
Latin America	1	%	—	%
MetLife Holdings	4	%	5	%

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

(2)Includes pension, postretirement and postemployment benefit costs; premium taxes, other taxes, and licenses & fees, as well as 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,
	2025		2024
	(In millions)
Total segment adjusted earnings	$	1,597	$	1,575
Corporate & Other	(182)		(174)
Total consolidated adjusted earnings	1,415		1,401
Net investment gains (losses)	(387)		(375)
Net derivative gains (losses)	432		(979)
MRB remeasurement gains (losses)	(299)		694
Investment hedge adjustments	(103)		(176)
Other	(131)		50
Provision for income tax (expense) benefit	23		260
Net income (loss)	$	950	$	875

Segment revenues:
Group	$	6,745	$	6,645
RIS	4,597		2,902
Asia	2,887		2,852
Latin America	1,920		1,882
EMEA	726		674
MetLife Holdings	1,769		1,851
Total segment revenues	18,644		16,806
Net investment gains (losses)	(387)		(375)
Net derivative gains (losses)	432		(979)
Investment hedge adjustments	(103)		(176)
Unit-linked investment income and Reinsurance adjustments	(184)		542
Other	167		239
Total consolidated revenues	$	18,569	$	16,057

3. Acquisition

Pending Acquisition of PineBridge Investments

In December 2024, the Company entered into a definitive agreement to acquire PineBridge Investments (“PineBridge”), a global asset manager, which upon close of the transaction will be part of MetLife Investment Management, the institutional investment management business of MetLife, Inc. The acquisition excludes PineBridge’s private equity funds group business and its joint venture in China. The transaction is comprised of $800 million in cash at closing, $200 million subject to achieving certain 2025 financial metrics and $200 million subject to a multi-year earnout. This transaction is expected to close in the second half of 2025, subject to regulatory approvals and other customary closing conditions.

4. Future Policy Benefits

The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated deferred profit liability (“DPL”), additional insurance liabilities, participating life and short-duration contracts.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

The Company’s FPBs on the interim condensed consolidated balance sheets was as follows at:


	March 31, 2025		December 31, 2024
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	68,146	$	66,262
Asia:
Whole and term life & endowments	11,565		11,167
Accident & health	9,679		9,406
Latin America - Fixed annuities	10,388		9,600
MetLife Holdings - Long-term care	14,716		14,537
Deferred Profit Liabilities:
RIS - Annuities	3,804		3,780
Asia:
Whole and term life & endowments	798		759
Accident & health	903		849
Latin America - Fixed annuities	521		498
Additional Insurance Liabilities:
Asia:
Variable life	1,157		1,108
Universal and variable universal life	372		355
MetLife Holdings - Universal and variable universal life	2,528		2,496
MetLife Holdings - Participating life	48,120		48,485
Other long-duration (1)	10,757		10,712
Short-duration and other	14,213		13,632
Total	$	197,667	$	193,646

_______________

(1)This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.

Rollforwards - Traditional and Limited-Payment Contracts

The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

RIS - Annuities

The RIS segment’s annuity products include pension risk transfers (including assumed pension risk transfers from the United Kingdom (“U.K.”)), certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. The Company reinsures portions of certain newly issued pension risk transfers on a modified coinsurance basis. Information regarding these products was as follows:


	Three Months Ended March 31,
	2025			2024
	(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)	(32)			(26)
Adjusted balance	(32)			(26)
Issuances	2,150			342
Net premiums collected	(2,118)			(316)
Ending balance at original discount rate	—			—
Balance, end of period, at current discount rate at balance sheet date	$	—		$	—

Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	66,621		$	64,515

Balance, beginning of period, at original discount rate	$	69,643		$	64,737
Effect of actual variances from expected experience (1)	(80)			(36)
Adjusted balance	69,563			64,701
Issuances	2,179			341
Interest accrual	833			759
Benefit payments	(1,620)			(1,492)
Effect of foreign currency translation	9			—
Ending balance at original discount rate	70,964			64,309
Effect of changes in discount rate assumptions	(2,533)			(1,649)
Balance, end of period, at current discount rate at balance sheet date	68,431			62,660

Cumulative amount of fair value hedging adjustments	(285)			(298)
Net liability for FPBs	68,146			62,362
Less: Reinsurance recoverables	2,228			256
Net liability for FPBs, net of reinsurance	$	65,918		$	62,106

Undiscounted - Expected future benefit payments	$	128,949		$	118,190
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	68,431		$	62,660
Weighted-average duration of the liability	8 years			9 years
Weighted-average interest accretion (original locked-in) rate	4.9		%	4.8		%
Weighted-average current discount rate at balance sheet date	5.5		%	5.4		%

_________________

(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. For the three months ended March 31, 2024, the net effect of actual variances from expected experience was substantially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $10 million.

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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,
		2025			2024
		(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date		$	4,023		$	4,561

Balance, beginning of period, at original discount rate		$	4,286		$	4,793
Effect of actual variances from expected experience (1)		(14)			(15)
Adjusted balance		4,272			4,778
Issuances		149			153
Interest accrual		19			17
Net premiums collected		(155)			(157)
Effect of foreign currency translation		155			(290)
Ending balance at original discount rate		4,440			4,501
Effect of changes in discount rate assumptions		(318)			(260)
Effect of foreign currency translation on the effect of changes in discount rate assumptions		(14)			16
Balance, end of period, at current discount rate at balance sheet date		$	4,108		$	4,257

Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date		$	15,190		$	17,435

Balance, beginning of period, at original discount rate		$	15,252		$	17,198
Effect of actual variances from expected experience (1)		(12)			(7)
Adjusted balance		15,240			17,191
Issuances		149			153
Interest accrual		91			93
Benefit payments		(244)			(263)
Effect of foreign currency translation		544			(1,042)
Ending balance at original discount rate		15,780			16,132
Effect of changes in discount rate assumptions		(22)			(36)
Effect of foreign currency translation on the effect of changes in discount rate assumptions		(85)			22
Balance, end of period, at current discount rate at balance sheet date		15,673			16,118


Net liability for FPBs		11,565			11,861
Less: Amount due to reinsurer		(2)			(1)
Net liability for FPBs, net of reinsurance		$	11,567		$	11,862

Undiscounted:
Expected future gross premiums		$	9,043		$	8,799
Expected future benefit payments		$	26,263		$	26,638
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	7,512		$	7,549
Expected future benefit payments		$	15,673		$	16,118
Weighted-average duration of the liability		18 years			17 years
Weighted -average interest accretion (original locked-in) rate		2.6		%	2.6		%
Weighted-average current discount rate at balance sheet date		2.8		%	2.7		%

_________________

(1)For the three months ended March 31, 2024, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment products due to the diversification and the underlying characteristics of the products.

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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,
	2025			2024
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	17,203		$	19,835

Balance, beginning of period, at original discount rate	$	18,820		$	21,232
Effect of actual variances from expected experience	(125)			(123)
Adjusted balance	18,695			21,109
Issuances	338			252
Interest accrual	55			56
Net premiums collected	(470)			(483)
Effect of foreign currency translation and other - net	1,072			(1,399)
Ending balance at original discount rate	19,690			19,535
Effect of changes in discount rate assumptions	(2,017)			(1,549)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	(84)			99
Balance, end of period, at current discount rate at balance sheet date	$	17,589		$	18,085

Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	26,565		$	30,480

Balance, beginning of period, at original discount rate	$	32,838		$	36,010
Effect of actual variances from expected experience	(132)			(130)
Adjusted balance	32,706			35,880
Issuances	337			252
Interest accrual	116			118
Benefit payments	(310)			(303)
Effect of foreign currency translation and other - net	1,661			(2,334)
Ending balance at original discount rate	34,510			33,613
Effect of changes in discount rate assumptions	(6,967)			(6,132)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	(325)			395
Balance, end of period, at current discount rate at balance sheet date	27,218			27,876

Cumulative impact of flooring the future policyholder benefits reserve	50			68
Net liability for FPBs	9,679			9,859
Less: Reinsurance recoverables	141			166
Net liability for FPBs, net of reinsurance	$	9,538		$	9,693

Undiscounted:
Expected future gross premiums	$	38,785		$	38,523
Expected future benefit payments	$	45,242		$	43,983
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	30,160		$	31,377
Expected future benefit payments	$	27,218		$	27,876
Weighted-average duration of the liability	23 years			24 years
Weighted-average interest accretion (original locked-in) rate	1.7		%	1.7		%
Weighted-average current discount rate at balance sheet date	2.9		%	2.7		%

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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,
	2025			2024
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	—		$	—

Balance, at beginning of period, at original discount rate	$	—		$	—
Effect of actual variances from expected experience (1)	—			—
Adjusted balance	—			—
Issuances	330			260
Interest accrual	1			1
Net premiums collected	(331)			(261)
Ending balance at original discount rate	—			—
Balance, end of period, at current discount rate at balance sheet date	$	—		$	—

Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	9,600		$	9,637

Balance, beginning of period, at original discount rate	$	9,133		$	9,249
Effect of actual variances from expected experience (1)	(2)			(5)
Adjusted balance	9,131			9,244
Issuances	348			265
Interest accrual	88			82
Benefit payments	(188)			(165)
Inflation adjustment	120			73
Effect of foreign currency translation	400			(976)
Ending balance at original discount rate	9,899			8,523
Effect of changes in discount rate assumptions	468			285
Effect of foreign currency translation on the effect of changes in discount rate assumptions	21			(37)
Balance, end of period, at current discount rate at balance sheet date	10,388			8,771

Net liability for FPBs	$	10,388		$	8,771

Undiscounted - Expected future benefit payments	$	14,760		$	12,863
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	10,388		$	8,771
Weighted-average duration of the liability	11 years			10 years
Weighted-average interest accretion (original locked-in) rate	3.7		%	3.7		%
Weighted-average current discount rate at balance sheet date	3.1		%	3.4		%

__________________

(1)For the three months ended March 31, 2024, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance coming from cohorts with no DPL.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

MetLife Holdings - Long-term Care

The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:


	Three Months Ended March 31,
	2025			2024
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	5,475		$	5,687

Balance, beginning of period, at original discount rate	$	5,568		$	5,566
Effect of actual variances from expected experience	(22)			(4)
Adjusted balance	5,546			5,562
Interest accrual	71			71
Net premiums collected	(140)			(143)
Ending balance at original discount rate	5,477			5,490
Effect of changes in discount rate assumptions	(35)			—
Balance, end of period, at current discount rate at balance sheet date	$	5,442		$	5,490

Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	20,012		$	20,927

Balance, beginning of period, at original discount rate	$	21,024		$	20,494
Effect of actual variances from expected experience	(10)			(1)
Adjusted balance	21,014			20,493
Interest accrual	276			269
Benefit payments	(225)			(212)
Ending balance at original discount rate	21,065			20,550
Effect of changes in discount rate assumptions	(907)			(215)
Balance, end of period, at current discount rate at balance sheet date	20,158			20,335

Net liability for FPBs	$	14,716		$	14,845

Undiscounted:
Expected future gross premiums	$	10,450		$	10,430
Expected future benefit payments	$	44,745		$	44,808
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	6,932		$	6,895
Expected future benefit payments	$	20,158		$	20,335
Weighted-average duration of the liability	13 years			14 years
Weighted-average interest accretion (original locked-in) rate	5.4		%	5.4		%
Weighted-average current discount rate at balance sheet date	5.8		%	5.5		%

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 where 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.

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

Asia

The Asia segment’s variable life, universal life, and variable universal life products in Japan offer a contract feature where the Company guarantees to the contractholder a secondary guarantee. Information regarding these additional insurance liabilities was as follows:


	Three Months Ended March 31,
	2025			2024			2025			2024
	Variable Life						Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	1,108		$	1,258		$	355		$	424
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment	—			—			10			(14)
Balance, beginning of period, before AOCI adjustment	1,108			1,258			345			438
Effect of actual variances from expected experience	(2)			(13)			(2)			(17)
Adjusted balance	1,106			1,245			343			421
Assessments accrual	(1)			(1)			—			—
Interest accrual	4			4			1			1
Excess benefits paid	(9)			(9)			—			—
Effect of foreign currency translation and other, net	57			(86)			18			(30)
Balance, end of period, before AOCI adjustment	1,157			1,153			362			392
Add: AOCI adjustment	—			—			10			(7)
Balance, end of period	$	1,157		$	1,153		$	372		$	385

Weighted-average duration of the liability	16 years			16 years			42 years			43 years
Weighted-average interest accretion rate	1.5		%	1.5		%	1.5		%	1.4		%

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

MetLife Holdings

The MetLife Holdings segment’s universal life and variable universal life products provide a contract feature where 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,
	2025			2024
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	2,496		$	2,362
Less: AOCI adjustment	(17)			(14)
Balance, beginning of period, before AOCI adjustment	2,513			2,376
Effect of actual variances from expected experience	11			14
Adjusted balance	2,524			2,390
Assessments accrual	27			26
Interest accrual	34			32
Excess benefits paid	(42)			(37)
Balance, end of period, before AOCI adjustment	2,543			2,411
Add: AOCI adjustment	(15)			(15)
Balance, end of period	2,528			2,396
Less: Reinsurance recoverables	2,197			2,086
Balance, end of period, net of reinsurance	$	331		$	310

Weighted-average duration of the liability	15 years			15 years
Weighted-average interest accretion rate	5.5		%	5.5		%

Table of Contents

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 MetLife Holdings’ participating life contracts, were as follows:


		Three Months Ended March 31,
		2025				2024
		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		$	2,150	$	833	$	344	$	759
Asia:
Whole and term life & endowments		294		72		290		76
Accident & health		778		61		811		62
Latin America - Fixed annuities		331		87		261		81
MetLife Holdings - Long-term care		180		205		181		198
Deferred Profit Liabilities:
RIS - Annuities		N/A		46		N/A		44
Asia:
Whole and term life & endowments		N/A		10		N/A		9
Accident & health		N/A		5		N/A		5
Latin America - Fixed annuities		N/A		5		N/A		5
Additional Insurance Liabilities:
Asia:
Variable life		32		4		29		4
Universal and variable universal life		—		1		(33)		1
MetLife Holdings - Universal and variable universal life		159		34		167		32
Other long-duration		1,152		122		1,158		121
Total		$	5,076	$	1,485	$	3,208	$	1,397

__________________

(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.

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,
	2025		2024
	(In millions)
Balance, beginning of period	$	16,118	$	16,468
Less: Reinsurance recoverables	2,790		2,592
Net balance, beginning of period	13,328		13,876
Incurred related to:
Current period	7,354		6,487
Prior periods (1)	54		157
Total incurred	7,408		6,644
Paid related to:
Current period	(3,480)		(3,115)
Prior periods	(3,356)		(3,564)
Total paid	(6,836)		(6,679)


Net balance, end of period	13,900		13,841
Add: Reinsurance recoverables	2,905		2,913
Balance, end of period (included in FPBs and other policy-related balances)	$	16,805	$	16,754

__________________

(1)For the three months ended March 31, 2025 and 2024, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the respective current period.

5. Policyholder Account Balances

The Company establishes liabilities for PABs, which are generally equal to the account value, and which includes accrued interest credited, but excludes 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, 2025		December 31, 2024
	(In millions)
Group Benefits - Group life	$	7,647	$	7,632
RIS:
Capital markets investment products and stable value GICs	65,147		63,715
Annuities and risk solutions	21,568		20,699
Asia:
Universal and variable universal life	51,963		50,801
Fixed annuities	39,301		38,421
EMEA - Variable annuities	2,305		2,337
MetLife Holdings:
Annuities	9,859		10,142
Life and other	10,986		11,132
Other	16,847		16,566
Total	$	225,623	$	221,445

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

Rollforwards

The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.

Group Benefits

Group Life

The Group Benefits segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	7,632	$	7,692
Deposits	928		1,083
Policy charges	(167)		(163)
Surrenders and withdrawals	(787)		(906)
Benefit payments	(4)		(4)
Net transfers from (to) separate accounts	1		(3)
Interest credited	44		48

Balance, end of period	$	7,647	$	7,747

Weighted-average annual crediting rate	2.3 %		2.5 %

At period end:
Cash surrender value	$	7,582	$	7,687
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	266,816	$	260,502

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 group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At 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, 2025
Equal to or greater than 0% but less than 2%	$	468	$	75	$	797	$	4,118	$	5,458
Equal to or greater than 2% but less than 4%	1,224		97		62		—		1,383
Equal to or greater than 4%	693		27		3		48		771
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		35
Total	$	2,385	$	199	$	862	$	4,166	$	7,647

March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	154	$	839	$	4,628	$	5,621
Equal to or greater than 2% but less than 4%	1,242		9		60		2		1,313
Equal to or greater than 4%	701		—		40		33		774
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		39
Total	$	1,943	$	163	$	939	$	4,663	$	7,747

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,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	63,715	$	64,140
Deposits	22,694		18,073

Surrenders and withdrawals	(22,340)		(18,070)


Interest credited	601		573
Effect of foreign currency translation and other, net	477		(447)
Balance, end of period	$	65,147	$	64,269

Weighted-average annual crediting rate	3.8 %		3.6 %
Cash surrender value at period end	$	1,468	$	1,992

Table of Contents

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 GMCR	At 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, 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/A		N/A		N/A		N/A		62,771
Total	$	—	$	—	$	—	$	2,376	$	65,147

March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,998	$	1,999


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		62,270
Total	$	—	$	—	$	1	$	1,998	$	64,269

Annuities and Risk Solutions

The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	20,699	$	17,711
Deposits	1,099		700
Policy charges	(47)		(15)
Surrenders and withdrawals	(139)		(58)
Benefit payments	(275)		(242)
Net transfers from (to) separate accounts	(2)		19
Interest credited	215		177
Other	18		(26)
Balance, end of period	$	21,568	$	18,266

Weighted-average annual crediting rate	4.1 %		3.9 %

At period end:
Cash surrender value	$	9,889	$	8,043
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	44,587	$	42,677

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

The RIS segment’s annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At 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, 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%	192		33		452		1,172		1,849
Equal to or greater than 4%	4,173		11		423		6		4,613
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		12,554
Total	$	4,365	$	44	$	882	$	3,723	$	21,568

March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	1,834	$	1,854
Equal to or greater than 2% but less than 4%	244		34		106		416		800
Equal to or greater than 4%	4,260		—		390		5		4,655
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		10,957
Total	$	4,504	$	34	$	516	$	2,255	$	18,266

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,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	50,801	$	49,739
Deposits	1,175		1,682
Policy charges	(231)		(282)
Surrenders and withdrawals	(698)		(826)
Benefit payments	(157)		(124)

Interest credited	369		382
Effect of foreign currency translation and other, net	704		(1,087)
Balance, end of period	$	51,963	$	49,484

Weighted-average annual crediting rate	2.9 %		3.1 %

At period end:
Cash surrender value	$	45,470	$	42,842
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	86,430	$	90,786

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

The Asia segment’s universal and variable universal life account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At 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, 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%	7,513		15,844		5,098		10,559		39,014
Equal to or greater than 4%	236		—		—		—		236
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		453
Total	$	18,050	$	15,861	$	5,341	$	12,258	$	51,963

March 31, 2024
Equal to or greater than 0% but less than 2%	$	9,960	$	21	$	230	$	1,149	$	11,360
Equal to or greater than 2% but less than 4%	7,732		15,644		5,550		8,387		37,313
Equal to or greater than 4%	246		—		—		—		246
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		565
Total	$	17,938	$	15,665	$	5,780	$	9,536	$	49,484

Fixed Annuities

Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:


	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	38,421	$	36,863
Deposits	1,445		1,665
Policy charges	(1)		—
Surrenders and withdrawals	(470)		(740)
Benefit payments	(477)		(649)

Interest credited	289		248
Effect of foreign currency translation and other, net	94		(418)
Balance, end of period	$	39,301	$	36,969

Weighted-average annual crediting rate	3.0 %		2.7 %

At period end:
Cash surrender value	$	34,369	$	32,072
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	1	$	3

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

The Asia segment’s fixed annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At 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, 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/A		N/A		N/A		N/A		1,200
Total	$	310	$	484	$	4,624	$	32,683	$	39,301

March 31, 2024
Equal to or greater than 0% but less than 2%	$	331	$	521	$	5,821	$	29,031	$	35,704
Equal to or greater than 2% but less than 4%	—		5		—		—		5

Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,260
Total	$	331	$	526	$	5,821	$	29,031	$	36,969

EMEA

Variable Annuities

Information regarding the EMEA segment’s variable annuity PABs in the U.K. was as follows:


	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	2,337	$	2,720
Deposits	1		1
Policy charges	(13)		(15)
Surrenders and withdrawals	(59)		(73)
Benefit payments	(30)		(31)

Interest credited (1)	(3)		54
Effect of foreign currency translation and other, net	72		(25)
Balance, end of period	$	2,305	$	2,631

Weighted-average annual crediting rate	(0.5 %)		8.4 %

At period end:
Cash surrender value	$	2,305	$	2,631
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	437	$	422
At annuitization or exercise of other living benefits	$	556	$	541

__________________

(1)Interest credited on EMEA’s variable annuity products represents gains or losses which are passed through to the policyholder based on the underlying Unit-linked investment fund returns, which may be positive or negative depending on market conditions. There are no GMCR on these products.

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

MetLife Holdings

Annuities

The MetLife Holdings segment’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	10,142	$	11,537
Deposits	45		38
Policy charges	(3)		(3)
Surrenders and withdrawals	(346)		(457)
Benefit payments	(97)		(108)
Net transfers from (to) separate accounts	41		27
Interest credited	78		91
Other	(1)		4
Balance, end of period	$	9,859	$	11,129

Weighted-average annual crediting rate	3.2 %		3.3 %

At period end:
Cash surrender value	$	9,289	$	10,507
Net amount at risk, excluding offsets from reinsurance (1):
In the event of death	$	2,659	$	2,486
At annuitization or exercise of other living benefits	$	793	$	614

__________________

(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs, which are disclosed in “MetLife Holdings – Annuities” in Note 6.

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

The MetLife Holdings segment’s annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At 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, 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%	2,224		4,885		522		104		7,735
Equal to or greater than 4%	720		392		8		—		1,120
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		376
Total	$	2,959	$	5,403	$	939	$	182	$	9,859

March 31, 2024
Equal to or greater than 0% but less than 2%	$	6	$	237	$	442	$	60	$	745
Equal to or greater than 2% but less than 4%	866		7,157		540		201		8,764
Equal to or greater than 4%	773		403		30		—		1,206
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		414
Total	$	1,645	$	7,797	$	1,012	$	261	$	11,129

Life and Other

The MetLife Holdings segment’s life and other PABs include retained asset accounts, universal life products, the fixed account of variable life insurance products and funding agreements. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	11,132	$	11,641
Deposits	193		206
Policy charges	(170)		(174)
Surrenders and withdrawals	(240)		(265)
Benefit payments	(45)		(39)
Net transfers from (to) separate accounts	14		11
Interest credited	99		106
Other	3		—
Balance, end of period	$	10,986	$	11,486

Weighted-average annual crediting rate	3.7 %		3.7 %

At period end:
Cash surrender value	$	10,436	$	11,038
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	63,491	$	66,684

__________________

(1)Including offsets from reinsurance, the net amount at risk at March 31, 2025 and December 31, 2024, would be reduced by 98% and 99%, respectively.

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

The MetLife Holdings segment’s life and other products account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At 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, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	13	$	46	$	59
Equal to or greater than 2% but less than 4%	3,986		175		256		527		4,944
Equal to or greater than 4%	4,814		120		400		23		5,357
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		626
Total	$	8,800	$	295	$	669	$	596	$	10,986

March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	17	$	54	$	71
Equal to or greater than 2% but less than 4%	4,351		171		275		546		5,343
Equal to or greater than 4%	5,022		124		410		15		5,571
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,373	$	295	$	702	$	615	$	11,486

6. Market Risk Benefits

The Company establishes liabilities for certain retirement assurance and variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:


	March 31, 2025						December 31, 2024
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Asia - Retirement Assurance	$	—	$	187	$	187	$	—	$	178	$	178
MetLife Holdings - Annuities	182		2,559		2,377		231		2,300		2,069
Other	135		98		(37)		141		103		(38)
Total	$	317	$	2,844	$	2,527	$	372	$	2,581	$	2,209

Rollforwards

The following information about the direct and assumed liabilities (assets) for MRBs includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Market Risk Benefits (continued)

Asia - Retirement Assurance

The Asia segment’s retirement assurance product in Japan offers a contract feature whereby the Company guarantees the greater of the account value or a return of premium accumulated at a guaranteed rate upon maturity. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025		2024
	(In millions)
Balance, beginning of period	$	178	$	203

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	179	$	205

Attributed fees collected	1		1
Benefit payments	(3)		(2)
Effect of changes in interest rates	2		2


Actual policyholder behavior different from expected behavior	—		(1)

Effect of foreign currency translation and other, net	9		(15)

Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	188		190
Cumulative effect of changes in the instrument-specific credit risk	(1)		(1)

Balance, end of period	$	187	$	189



At period end:
Net amount at risk, excluding offsets from hedging:

At annuitization or exercise of other living benefits	$	127	$	113
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits	58 years		58 years

Significant Methodologies and Assumptions

The Company issues certain retirement assurance products with guarantees that meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in other comprehensive income (loss) (“OCI”).

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 12 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument, which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Market Risk Benefits (continued)

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions, including changes in interest rates, equity indices, market volatility and foreign currency exchange rates, and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

MetLife Holdings - Annuities

The MetLife Holdings segment’s variable annuity products offer contract features where the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. This segment also includes an in-force block of assumed variable annuity guarantees from a third party. Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:


		Three Months Ended March 31,
		2025		2024
	(In millions)
Balance, beginning of period		$	2,069	$	2,722

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	1,992	$	2,772

Attributed fees collected		84		90
Benefit payments		(23)		(22)
Effect of changes in interest rates		123		(373)
Effect of changes in capital markets		83		(306)
Effect of changes in equity index volatility		14		34
Actual policyholder behavior different from expected behavior		73		69

Effect of foreign currency translation and other, net		(11)		(26)
Effect of changes in risk margin		16		(46)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,351		2,192
Cumulative effect of changes in the instrument-specific credit risk		24		39
Effect of foreign currency translation on the cumulative instrument-specific credit risk		2		—
Balance, end of period		$	2,377	$	2,231



At period end:
Net amount at risk, excluding offsets from hedging (1):
In the event of death		$	2,664	$	2,489
At annuitization or exercise of other living benefits		$	810	$	579
Weighted-average attained age of contractholders:
In the event of death		72 years		72 years
At annuitization or exercise of other living benefits		72 years		70 years

__________________

(1)Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 5.

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Market Risk Benefits (continued)

Significant Methodologies and Assumptions

The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI.

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.

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Market Risk Benefits (continued)

Other

In addition to the disaggregated MRB product rollforwards above, the Company offers other products with guaranteed minimum benefit features across various segments. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 12 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,
	2025		2024
	(In millions)
Balance, beginning of period	$	(38)	$	(32)

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	(53)	$	(50)

Attributed fees collected	11		13
Benefit payments	(1)		(2)
Effect of changes in interest rates	(3)		(42)
Effect of changes in capital markets	(2)		(13)
Effect of changes in equity index volatility	—		(1)
Actual policyholder behavior different from expected behavior	2		2

Effect of foreign currency translation and other, net	(7)		(4)
Effect of changes in risk margin	—		(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(53)		(98)
Cumulative effect of changes in the instrument-specific credit risk	15		23
Effect of foreign currency translation on the cumulative instrument-specific credit risk	1		—
Balance, end of period	(37)		(75)
Less: Reinsurance recoverable	15		13
Balance, end of period, net of reinsurance	$	(52)	$	(88)

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, 2025		December 31, 2024
	(In millions)
RIS:
Stable Value and Risk Solutions	$	38,141	$	40,319
Annuities	11,220		11,001
Latin America - Pensions	41,179		38,765
MetLife Holdings - Annuities	26,296		27,829
Other	21,307		21,590
Total	$	138,143	$	139,504

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Separate Accounts (continued)

Rollforwards

The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

The separate account liabilities are primarily comprised of the following: RIS stable value and risk solutions contracts, RIS annuities participating and non-participating group contracts, Latin America savings-oriented pension product in Chile under a mandatory privatized social security system, and MetLife Holdings variable annuities.

The balances of and changes in separate account liabilities were as follows:


	RIS Stable Value and Risk Solutions		RIS Annuities		Latin America Pensions		MetLife Holdings Annuities
	(In millions)
Three Months Ended March 31, 2025
Balance, beginning of period	$	40,319	$	11,001	$	38,765	$	27,829
Premiums and deposits	642		11		1,668		61
Policy charges	(67)		(5)		(69)		(135)
Surrenders and withdrawals	(2,297)		(178)		(1,218)		(846)
Benefit payments	(39)		—		(427)		(114)
Investment performance	609		291		708		(459)
Net transfers from (to) general account	1		1		—		(41)
Effect of foreign currency translation and other, net (1)	(1,027)		99		1,752		1
Balance, end of period	$	38,141	$	11,220	$	41,179	$	26,296
Three Months Ended March 31, 2024
Balance, beginning of period	$	41,343	$	11,659	$	41,320	$	29,224
Premiums and deposits	818		15		1,702		63
Policy charges	(64)		(5)		(67)		(144)
Surrenders and withdrawals	(1,828)		(172)		(1,276)		(885)
Benefit payments	(27)		—		(404)		(129)
Investment performance	310		(54)		1,797		1,767
Net transfers from (to) general account	(19)		—		—		(27)
Effect of foreign currency translation and other, net (1)	(1,082)		22		(4,560)		(3)
Balance, end of period	$	39,451	$	11,465	$	38,512	$	29,866

Cash surrender value at March 31, 2025 (2)	$	34,077	N/A		$	41,179	$	26,177
Cash surrender value at March 31, 2024 (2)	$	35,132	N/A		$	38,512	$	29,719

__________________

(1)The effect of foreign currency translation and other, net for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.

(2)Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.

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, 2025
	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Government and agency	$	—	$	9,665	$	1,177	$	11,140	$	3,292	$	—	$	25,274
Public utilities	—		1,095		187		—		—		—		1,282
Municipals	—		297		19		—		—		—		316
Corporate bonds:
Materials	—		281		—		—		1		—		282
Communications	—		746		14		—		—		—		760
Consumer	—		1,850		34		—		4		—		1,888
Energy	—		978		109		797		13		—		1,897
Financial	—		3,283		461		4,882		409		—		9,035
Industrial and other	—		768		42		2,448		—		—		3,258
Technology	—		599		—		—		—		—		599
Total corporate bonds	—		8,505		660		8,127		427		—		17,719
Total bonds	—		19,562		2,043		19,267		3,719		—		44,591
Mortgage-backed securities	—		8,296		—		—		—		—		8,296
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)	—		2,404		—		—		—		—		2,404
Redeemable preferred stock	—		8		—		—		—		—		8
Total fixed maturity securities	—		30,270		2,043		19,267		3,719		—		55,299
Equity securities	—		2,595		2,352		2,806		1,340		—		9,093
Mutual funds	1,241		10,669		3,066		15,114		195		32,689		62,974
Other invested assets	—		1,468		313		3,149		29		—		4,959
Total investments	1,241		45,002		7,774		40,336		5,283		32,689		132,325
Other assets	—		4,450		471		843		54		—		5,818
Total	$	1,241	$	49,452	$	8,245	$	41,179	$	5,337	$	32,689	$	138,143

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Separate Accounts (continued)


	December 31, 2024
	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Government and agency	$	—	$	9,950	$	1,115	$	10,545	$	3,017	$	15	$	24,642
Public utilities	—		1,090		188		—		—		7		1,285
Municipals	—		250		18		—		—		12		280
Corporate bonds:
Materials	—		245		—		—		—		1		246
Communications	—		811		15		—		—		4		830
Consumer	—		1,903		34		—		—		13		1,950
Energy	—		958		113		729		4		4		1,808
Financial	—		3,472		515		4,760		309		26		9,082
Industrial and other	—		775		46		2,231		7		2		3,061
Technology	—		518		—		—		—		2		520
Total corporate bonds	—		8,682		723		7,720		320		52		17,497
Total bonds	—		19,972		2,044		18,265		3,337		86		43,704
Mortgage-backed securities	—		9,021		—		—		—		38		9,059
ABS & CLO	—		2,145		—		—		—		17		2,162
Redeemable preferred stock	—		8		—		—		—		—		8
Total fixed maturity securities	—		31,146		2,044		18,265		3,337		141		54,933
Equity securities	—		2,830		2,324		2,353		1,200		—		8,707
Mutual funds	1,319		10,035		3,098		14,295		129		34,751		63,627
Other invested assets	—		1,398		312		2,557		43		—		4,310
Total investments	1,319		45,409		7,778		37,470		4,709		34,892		131,577
Other assets	—		6,011		453		1,295		166		2		7,927
Total	$	1,319	$	51,420	$	8,231	$	38,765	$	4,875	$	34,894	$	139,504

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue

DAC and VOBA

Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:


	Group Benefits		RIS		Asia (1)		Latin America (2)		EMEA (2)		MetLife Holdings (3)		Corporate & Other		Total
	(In millions)
DAC:
Balance at January 1, 2025	$	250	$	552	$	10,785	$	1,836	$	1,664	$	3,063	$	28	$	18,178
Capitalizations	5		37		351		172		126		4		3		698
Amortization	(6)		(16)		(205)		(120)		(91)		(54)		(2)		(494)
Effect of foreign currency translation and other, net	—		—		194		54		47		—		1		296
Balance at March 31, 2025	$	249	$	573	$	11,125	$	1,942	$	1,746	$	3,013	$	30	$	18,678

Balance at January 1, 2024	$	258	$	397	$	10,864	$	1,950	$	1,618	$	3,271	$	30	$	18,388
Capitalizations	4		61		361		178		128		5		3		740
Amortization	(6)		(14)		(190)		(114)		(87)		(58)		(2)		(471)
Effect of foreign currency translation and other, net	—		—		(361)		(14)		(41)		—		(3)		(419)
Balance at March 31, 2024	$	256	$	444	$	10,674	$	2,000	$	1,618	$	3,218	$	28	$	18,238

VOBA:
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

Balance at January 1, 2024	$	—	$	16	$	1,119	$	497	$	113	$	18	$	—	$	1,763

Amortization	—		(1)		(20)		(11)		(4)		(1)		—		(37)
Effect of foreign currency translation and other, net	—		—		(76)		(44)		(2)		—		—		(122)
Balance at March 31, 2024	$	—	$	15	$	1,023	$	442	$	107	$	17	$	—	$	1,604

Total DAC and VOBA:
Balance at March 31, 2025															$	20,162
Balance at March 31, 2024															$	19,842
Balance at December 31, 2024															$	19,627

__________________

(1)Includes DAC balances primarily related to accident & health, universal and variable universal life, variable life and fixed annuity products and VOBA balances primarily related to accident & health products.

(2)Includes DAC balances primarily related to universal life, variable universal life, ordinary life and accident & health products.

(3)Includes DAC balances primarily related to whole life, variable annuities, term life, universal life, variable universal life and long-term care products.

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue (continued)

Unearned Revenue

Information regarding the Company’s unearned revenue primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:


	Three Months Ended March 31, 2025
	RIS		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	27	$	3,076	$	841	$	622	$	69	$	4,635
Deferrals	1		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

	Three Months Ended March 31, 2024
	RIS		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	31	$	2,850	$	989	$	608	$	59	$	4,537
Deferrals	1		152		37		25		3		218
Amortization	(2)		(52)		(30)		(17)		(1)		(102)
Effect of foreign currency translation and other, net	—		(31)		4		(14)		—		(41)
Balance, end of period	$	30	$	2,919	$	1,000	$	602	$	61	$	4,612

9. Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company (“MLIC”) converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving MLIC’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC. See Note 10 to the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for further information on the closed block.

Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon policy count within the closed block.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Closed Block (continued)

Information regarding the liabilities and assets designated to the closed block was as follows at:


	March 31, 2025		December 31, 2024
	(In millions)
Closed Block Liabilities
FPBs	$	34,656	$	35,015
Other policy-related balances	341		315
Policyholder dividends payable	169		174
Policyholder dividend obligation	—		—
Current income tax payable	2		6
Other liabilities	940		854
Total closed block liabilities	36,108		36,364
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale (“AFS”), at estimated fair value	19,103		18,958
Equity securities, at estimated fair value	10		11
Mortgage loans	5,650		5,720
Policy loans	3,776		3,829
Real estate and REJV	654		659
Other invested assets	493		512
Total investments	29,686		29,689
Cash and cash equivalents	1,016		930
Accrued investment income	368		367
Premiums, reinsurance and other receivables	41		45
Deferred income tax asset	401		470
Total assets designated to the closed block	31,512		31,501
Excess of closed block liabilities over assets designated to the closed block	4,596		4,863
AOCI:
Unrealized investment gains (losses), net of income tax	(1,001)		(1,256)
Unrealized gains (losses) on derivatives, net of income tax	178		183
Total amounts included in AOCI	(823)		(1,073)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,773	$	3,790

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Closed Block (continued)

Information regarding the closed block revenues and expenses was as follows:


	Three Months Ended March 31,
	2025		2024
	(In millions)
Revenues
Premiums	$	207	$	218
Net investment income	325		343
Net investment gains (losses)	(17)		(7)
Net derivative gains (losses)	(1)		5
Total revenues	514		559
Expenses
Policyholder benefits and claims	387		404
Policyholder dividends	88		90
Other expenses	18		20
Total expenses	493		514
Revenues, net of expenses before provision for income tax expense (benefit)	21		45
Provision for income tax expense (benefit)	4		10
Revenues, net of expenses and provision for income tax expense (benefit)	$	17	$	35

MLIC charges the closed block with federal income taxes, state and local premium taxes and other state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan of Reorganization. MLIC also charges the closed block for expenses of maintaining the policies included in the closed block.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments

Fixed Maturity Securities AFS

Fixed Maturity Securities AFS by Sector

The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans, broadly syndicated bank loans, and other assets. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”


	March 31, 2025										December 31, 2024
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss (“ACL”)		Gains		Losses						ACL		Gains		Losses
	(In millions)
U.S. corporate	$	87,408	$	(40)	$	1,402	$	7,575	$	81,195	$	86,315	$	(59)	$	1,331	$	8,213	$	79,374
Foreign corporate	59,798		(6)		1,569		5,834		55,527		58,646		(18)		1,478		6,347		53,759
Foreign government	45,951		(57)		1,191		5,832		41,253		44,377		(57)		1,256		5,326		40,250
RMBS	41,371		(2)		507		2,468		39,408		37,085		(1)		314		2,977		34,421
U.S. government and agency	38,531		—		293		4,949		33,875		38,963		—		179		5,714		33,428
ABS & CLO	21,271		(7)		203		469		20,998		20,973		(9)		153		526		20,591
Municipals	11,131		—		167		1,394		9,904		11,205		—		166		1,498		9,873
CMBS	10,013		(25)		97		510		9,575		9,857		(16)		104		598		9,347
Total fixed maturity securities AFS	$	315,474	$	(137)	$	5,429	$	29,031	$	291,735	$	307,421	$	(160)	$	4,981	$	31,199	$	281,043

Maturities of Fixed Maturity Securities AFS

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at March 31, 2025:


	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Products		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost, net of ACL	$	12,288	$	48,556	$	53,248	$	128,624	$	72,621	$	315,337
Estimated fair value	$	12,275	$	48,436	$	51,736	$	109,307	$	69,981	$	291,735

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)

10. 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, 2025								December 31, 2024
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
Sector & Credit Quality	Estimated 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	$	15,654	$	1,413	$	36,179	$	6,139	$	17,222	$	1,586	$	35,940	$	6,599
Foreign corporate	9,410		604		24,220		5,226		10,516		709		24,454		5,625
Foreign government	7,536		680		16,082		5,149		6,462		581		16,338		4,740
RMBS	7,230		220		13,788		2,248		10,152		358		13,922		2,619
U.S. government and agency	5,446		426		14,048		4,523		9,337		687		14,082		5,027
ABS & CLO	5,567		89		4,735		380		2,840		88		5,831		436
Municipals	1,617		205		4,585		1,189		2,012		226		4,621		1,272
CMBS	1,402		38		4,451		463		1,272		39		4,788		559
Total fixed maturity securities AFS	$	53,862	$	3,675	$	118,088	$	25,317	$	59,813	$	4,274	$	119,976	$	26,877
Investment grade	$	50,168	$	3,525	$	114,273	$	24,841	$	56,946	$	4,132	$	116,072	$	26,325
Below investment grade	3,694		150		3,815		476		2,867		142		3,904		552
Total fixed maturity securities AFS	$	53,862	$	3,675	$	118,088	$	25,317	$	59,813	$	4,274	$	119,976	$	26,877
Total number of securities in an unrealized loss position	6,766				10,128				7,220				10,468

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

See Note 11 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for a description of the Company’s Evaluation and Measurement Methodologies of Fixed Maturity Securities AFS for Credit Loss.

Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

Gross unrealized losses on securities without an ACL decreased $2.2 billion for the three months ended March 31, 2025 to $29.0 billion primarily due to a decrease in interest rates.

As shown in the table above, most of the gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater at March 31, 2025, relate to investment grade securities. These unrealized losses are principally due to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.

As of March 31, 2025, $476 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, transportation, and communications 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.

At March 31, 2025, the Company did not intend to sell its securities in an unrealized loss position without an ACL, and it was not more likely than not that the Company would be required to sell these securities before the anticipated

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

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, 2025.

Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.

Rollforward of ACL for Fixed Maturity Securities AFS By Sector

The rollforward of ACL for fixed maturity securities AFS by sector is as follows:


	U.S. Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
	(In millions)
Three Months Ended March 31, 2025
Balance, at beginning of period	$	59	$	18	$	57	$	1	$	9	$	16	$	160
ACL not previously recorded	—		—		—		1		—		7		8
Changes for securities with previously recorded ACL	7		—		—		—		1		2		10
Securities sold or exchanged	(26)		(12)		—		—		(3)		—		(41)


Balance, at end of period	$	40	$	6	$	57	$	2	$	7	$	25	$	137
Three Months Ended March 31, 2024
Balance, at beginning of period	$	68	$	2	$	88	$	1	$	7	$	18	$	184
ACL not previously recorded	—		—		—		—		—		—		—
Changes for securities with previously recorded ACL	—		—		(4)		—		2		2		—
Securities sold or exchanged	(53)		—		(18)		—		—		—		(71)


Balance, at end of period	$	15	$	2	$	66	$	1	$	9	$	20	$	113

Equity Securities

The following table presents equity securities by security type:



	March 31, 2025						December 31, 2024
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Security Type
	(In millions)
Common stock (2)	$	454	$	185	$	639	$	451	$	167	$	618
Non-redeemable preferred stock	111		(3)		108		93		1		94
Total	$	565	$	182	$	747	$	544	$	168	$	712

________________

(1) Represents cumulative changes in estimated fair value, recognized in earnings.

(2) Includes common stock, exchange traded funds, certain mutual funds and certain real estate investment trusts.

Contractholder-Directed Equity Securities and FVO Securities

The following table presents these investments by asset type. Unit-linked investments are primarily equity securities (including mutual funds). FVO securities include fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)


	March 31, 2025						December 31, 2024

	Cost or Amortized Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost or Amortized Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Asset Type
	(In millions)
Unit-linked investments	$	7,625	$	1,493	$	9,118	$	7,398	$	1,699	$	9,097
FVO securities	940		667		1,607		886		689		1,575
Total	$	8,565	$	2,160	$	10,725	$	8,284	$	2,388	$	10,672

________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	March 31, 2025				December 31, 2024
Portfolio Segment	Carrying Value (1)		% of Total		Carrying Value (1)		% of Total
	(Dollars in millions)
Commercial	$	55,018	62.6	%	$	56,310	63.3	%
Agricultural	19,088		21.7		19,313		21.7
Residential	14,783		16.8		14,189		15.9
Total amortized cost	88,889		101.1		89,812		100.9
ACL	(981)		(1.1)		(800)		(0.9)




Total mortgage loans	$	87,908	100.0	%	$	89,012	100.0	%

__________________

(1)Includes certain mortgage loans originated for third parties of $7.4 billion at amortized cost ($7.1 billion commercial and $309 million agricultural) and the related ACL of $110 million, with the corresponding mortgage loan secured financing liability of $7.4 billion included in other liabilities on the consolidated balance sheet at March 31, 2025. The consolidated balance sheet at December 31, 2024 includes certain mortgage loans originated for third parties of $7.5 billion at amortized cost ($7.2 billion commercial and $283 million agricultural) and the related ACL of $77 million, with the corresponding mortgage loan secured financing liability of $7.5 billion included in other liabilities. The investment income on the mortgage loans originated for third parties and the interest expense on the mortgage loan secured financing liability was $81 million and $94 million for the three months ended March 31, 2025 and 2024, respectively, and recorded in investment income and investment expenses, within net investment income.

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($850) million and ($879) million at March 31, 2025 and December 31, 2024, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at March 31, 2025 was $245 million, $162 million and $130 million, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at December 31, 2024 was $249 million, $199 million and $117 million, respectively. The accrued interest income related to mortgage loans is included in accrued investment income on the interim condensed consolidated balance sheets.

Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $912 million and $484 million for the three months ended March 31, 2025 and 2024, respectively.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Rollforward of ACL for Mortgage Loans by Portfolio Segment

The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:


	Three Months Ended March 31,
	2025								2024
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	537	$	84	$	179	$	800	$	367	$	172	$	182	$	721
Provision (release)	160		11		10		181		94		16		(17)		93


Charge-offs, net of recoveries	—		—		—		—		—		—		—		—

Balance, end of period	$	697	$	95	$	189	$	981	$	461	$	188	$	165	$	814

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).

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Commercial and Agricultural Mortgage Loan Portfolio Segments

Within each loan portfolio segment, commercial and agricultural loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. 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)

10. 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 term extension. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any ACL recorded.

These mortgage loan modifications are summarized as follows:

Three Months Ended March 31,

2025

2024

Maturity
Extension

Weighted Average
Life Increase

Maturity

Extension

Weighted Average
Life Increase

Amortized

Cost

Affected Loans
(in Years)

% of Book

Value

Amortized

Cost

Affected Loans
(in Years)

% of Book

Value

(Dollars in millions)

Commercial

250

<1%

Less than one year

<1%

For the three months ended March 31, 2025, all commercial mortgage loans which were modified to borrowers experiencing financial difficulties and still outstanding were current. For the three months ended March 31, 2025, all commercial mortgage loans which were previously extended over the past 12 months were current. For the three months ended March 31, 2024, commercial mortgage loans with an amortized cost of $182 million which were extended over the past 12 months became delinquent.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

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, 2025:


Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	257	$	3,281	$	2,283	$	2,571	$	3,127	$	13,166	$	2,319	$	27,004	49.1	%
65% to 75%	—		788		492		3,135		1,775		4,684		—		10,874		19.8
76% to 80%	10		—		4		239		226		2,826		—		3,305		6.0
Greater than 80%	52		175		118		1,260		1,391		10,839		—		13,835		25.1
Total	$	319	$	4,244	$	2,897	$	7,205	$	6,519	$	31,515	$	2,319	$	55,018	100.0	%
DSCR:
> 1.20x	$	163	$	3,557	$	2,113	$	6,198	$	5,655	$	26,957	$	2,319	$	46,962	85.4	%
1.00x - 1.20x	—		398		452		386		716		2,343		—		4,295		7.8
<1.00x	156		289		332		621		148		2,215		—		3,761		6.8
Total	$	319	$	4,244	$	2,897	$	7,205	$	6,519	$	31,515	$	2,319	$	55,018	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2025:


Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	264	$	762	$	1,223	$	2,470	$	2,448	$	9,176	$	1,310	$	17,653	92.5	%
65% to 75%	—		8		51		268		316		608		80		1,331		7.0
76% to 80%	—		—		—		23		—		12		4		39		0.2
Greater than 80%	—		—		—		—		—		64		1		65		0.3
Total	$	264	$	770	$	1,274	$	2,761	$	2,764	$	9,860	$	1,395	$	19,088	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2025:


Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	61	$	2,093	$	891	$	2,371	$	1,778	$	7,089	$	—	$	14,283	96.6	%
Nonperforming (1)	—		27		44		92		34		303		—		500		3.4
Total	$	61	$	2,120	$	935	$	2,463	$	1,812	$	7,392	$	—	$	14,783	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $161 million and $140 million at March 31, 2025 and December 31, 2024, respectively.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. 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, 2025 and December 31, 2024. The Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:


	Past Due				Past Due and Still Accruing Interest				Nonaccrual
Portfolio Segment	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
	(In millions)
Commercial	$	972	$	773	$	97	$	—	$	1,399	$	1,123
Agricultural	333		341		248		262		95		89
Residential	500		464		18		18		482		446
Total	$	1,805	$	1,578	$	363	$	280	$	1,976	$	1,658

Real Estate and REJV

The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method REJV. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:


	March 31, 2025		December 31, 2024		Three Months Ended March 31,
					2025		2024
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	4,426	$	4,283	$	89	$	84
Other real estate	660		650		75		47
REJV	8,395		8,409		43		(121)
Total real estate and REJV	$	13,481	$	13,342	$	207	$	10

Depreciation expense on real estate investments was $29 million for both the three months ended March 31, 2025 and 2024. Real estate investments were net of accumulated depreciation of $1.1 billion and $1.0 billion at March 31, 2025 and December 31, 2024, respectively.

Leased Real Estate Investments - Operating Leases

The Company, as lessor, leases investment real estate, principally commercial real estate for office and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification and geographic diversification.

See Note 11 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for a summary of leased real estate investments and income earned, by property type.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. 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 $688 million and $714 million at March 31, 2025 and December 31, 2024, respectively. For the three months ended March 31, 2025 and 2024, income tax credits and other income tax benefits of $28 million and $37 million, respectively, and amortized expense of $23 million and $33 million, respectively, were recognized net as a component of income tax expense in the Company’s interim condensed consolidated statement of operations.

Cash Equivalents

Cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $11.3 billion and $11.9 billion, at estimated fair value, at March 31, 2025 and December 31, 2024, respectively.

Concentrations of Credit Risk

Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies:


	March 31, 2025		December 31, 2024
	(In millions)
Japan	$	18,845	$	18,886
South Korea	$	6,323	$	6,078
Mexico	$	3,841	$	3,468

Securities Lending Transactions and Repurchase Agreements

Securities, Collateral and Reinvestment Portfolio

A summary of these transactions and agreements accounted for as secured borrowings were as follows:


		March 31, 2025						December 31, 2024
		Securities (1)						Securities (1)
Agreement Type		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value
	(In millions)
Securities lending		$	11,534	$	11,757	$	11,642	$	11,119	$	11,404	$	11,202
Repurchase agreements		$	3,041	$	2,975	$	2,934	$	3,019	$	2,975	$	2,925

__________________

(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at March 31, 2025 and within fixed maturity securities AFS at December 31, 2024.

(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Contractual Maturities

Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:


	March 31, 2025										December 31, 2024
	Remaining Maturities										Remaining Maturities
Security Type	Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total		Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Cash collateral liability by security type:
Securities lending:
U.S. government and agency	$	3,434	$	3,495	$	3,472	$	—	$	10,401	$	2,987	$	4,986	$	2,089	$	—	$	10,062
Foreign government	—		1,054		139		—		1,193		—		677		493		—		1,170
Agency RMBS	—		101		62		—		163		—		108		64		—		172


Total	$	3,434	$	4,650	$	3,673	$	—	$	11,757	$	2,987	$	5,771	$	2,646	$	—	$	11,404

Repurchase agreements:
U.S. government and agency	$	—	$	2,975	$	—	$	—	$	2,975	$	—	$	2,975	$	—	$	—	$	2,975

__________________

(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell investments to meet the return obligation, it may have difficulty selling such collateral that is invested in a timely manner, be forced to sell investments in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both.

The securities lending and repurchase agreement reinvestment portfolios consist principally of high quality, liquid, publicly traded fixed maturity securities AFS, short-term investments, cash equivalents or cash. If the securities in the reinvestment portfolio become less liquid, liquidity resources within the general account are available to meet any potential cash demands when securities are put back by the counterparty.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, and were as follows at:


	March 31, 2025		December 31, 2024
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,529	$	1,515
Invested assets held in trust (external reinsurance agreements) (1)	1,293		1,255
Invested assets pledged as collateral (2)	28,883		27,125
Total invested assets on deposit, held in trust and pledged as collateral	$	31,705	$	29,895

__________________

(1)Represents assets held in trust related to third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $1.9 billion at both March 31, 2025 and December 31, 2024.

(2)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, repurchase agreements and a collateral financing arrangement (see Notes 5, 16 and 17 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 11.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements, and Note 9 for information regarding investments designated to the closed block. In addition, the Company’s investment in Federal Home Loan Bank of New York common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $699 million at redemption value at both March 31, 2025 and December 31, 2024.

Variable Interest Entities

The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity.

Consolidated VIEs

Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.

The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:


	March 31, 2025				December 31, 2024
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Investment funds (primarily other invested assets)	$	707	$	133	$	635	$	143

Renewable energy partnership (primarily other invested assets)	59		1		57		—
Total	$	766	$	134	$	692	$	143

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:


	March 31, 2025				December 31, 2024
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	65,608	$	65,608	$	60,386	$	60,386
OLPI	13,285		17,572		13,529		17,991
Other invested assets	1,028		1,178		1,085		1,242
Other investments (REJV, FVO securities and mortgage loans)	1,645		1,685		1,660		1,701
Total	$	81,566	$	86,043	$	76,660	$	81,320

__________________

(1)The maximum exposure to loss relating to fixed maturity securities AFS and FVO securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to OLPI, REJV and mortgage loans is equal to the carrying amounts plus any unrecognized unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities generally issued by trusts that do not have substantial equity.

In connection with the reinsurance transaction with subsidiaries of Global Atlantic Financial Group, collateral securing the reinsurance transaction was transferred to trusts that do not have substantial equity. The Company does not have a carrying amount related to the trusts but does manage a portion of the invested assets. For managing these assets, the Company will receive an investment management fee which represents a variable interest. The Company’s maximum exposure to loss is limited to the investment management fee revenue that has been earned but not yet received. See Note 9 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for further information on this reinsurance transaction.

As described in Note 20, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs for either the three months ended March 31, 2025 or 2024.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Net Investment Income

The composition of net investment income by asset type was as follows:


	Three Months Ended March 31,
Asset Type	2025		2024
	(In millions)
Fixed maturity securities AFS (1)	$	3,467	$	3,288
Equity securities	9		7
FVO securities	(20)		85
Mortgage loans (1)	1,139		1,194
Policy loans	107		113
Real estate and REJV	207		10
OLPI (1)	220		301
Cash, cash equivalents and short-term investments (1)	250		291
Operating joint ventures	20		22
Other	239		151
Subtotal investment income	5,638		5,462
Less: Investment expenses	526		568
Subtotal, net	5,112		4,894
Unit-linked investments	(227)		542
Net investment income	$	4,885	$	5,436

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)	$	43	$	68
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)	(289)		580
Net realized and unrealized gains (losses) recognized in net investment income	$	(246)	$	648

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	$	(260)	$	537

Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures)	$	267	$	210

__________________

(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)

10. 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 Type	2025		2024
	(In millions)
Fixed maturity securities AFS	$	(244)	$	(85)
Equity securities	(12)		28
Mortgage loans	(192)		(86)
Real estate and REJV (excluding changes in estimated fair value)	—		35
OLPI (excluding changes in estimated fair value) (1)	(1)		(50)
Other gains (losses)	(5)		6
Subtotal	(454)		(152)
Change in estimated fair value of OLPI and REJV	3		3
Non-investment portfolio gains (losses)	64		(226)
Subtotal	67		(223)
Net investment gains (losses)	$	(387)	$	(375)

Transaction Type
Realized gains (losses) on investments sold or disposed (1)	$	(301)	$	(135)
Impairment (losses)	(5)		—
Recognized gains (losses):
Change in ACL recognized in earnings	(159)		(46)
Unrealized net gains (losses) recognized in earnings	14		32
Total recognized gains (losses)	(145)		(14)
Non-investment portfolio gains (losses)	64		(226)
Net investment gains (losses)	$	(387)	$	(375)

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)	$	(10)	$	31

Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship	$	(1)	$	—


Foreign currency gains (losses)	$	75	$	(45)

Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)	$	(301)	$	(135)
Recognized in net investment income	43		68
Net realized investment gains (losses) from sales and disposals of investments	$	(258)	$	(67)

__________________

(1)Includes a net loss of $2 million and $43 million for the three months ended March 31, 2025 and 2024, respectively, for private equity investments sold. For the three months ended March 31, 2025 and 2024, the Company sold $43 million and $741 million, respectively, in portfolios of investments to a fund for proceeds of $41 million and

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

$698 million, respectively, in cash and receivables secured by the value of the fund. The Company’s institutional investment management business has entered into an agreement to serve as the investment manager of the fund for which it will receive a management fee.

Fixed Maturity Securities AFS and Equity Securities – Composition of Net Investment Gains (Losses)

The composition of net investment gains (losses) for these securities is as follows:


	Three Months Ended March 31,
Fixed Maturity Securities AFS	2025		2024
	(In millions)
Proceeds	$	7,241	$	6,352
Gross investment gains	$	86	$	156
Gross investment (losses)	(351)		(312)
Realized gains (losses) on sales and disposals	(265)		(156)
Net credit loss (provision) release (change in ACL recognized in earnings)	24		71
Impairment (losses)	(3)		—
Net credit loss (provision) release and impairment (losses)	21		71
Net investment gains (losses)	$	(244)	$	(85)

Equity Securities
Realized gains (losses) on sales and disposals	$	(22)	$	(2)
Unrealized net gains (losses) recognized in earnings	10		30
Net investment gains (losses)	$	(12)	$	28

11. Derivatives

Accounting for Derivatives

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for a description of the Company’s accounting policies for derivatives and Note 12 for information about the fair value hierarchy for derivatives.

Derivative Strategies

Types of Derivative Instruments and Derivative Strategies

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives. Commonly used derivative instruments include, but are not limited to:

•Interest rate derivatives: swaps, total return swaps, caps, floors, futures, swaptions, forwards and synthetic GICs;

•Foreign currency exchange rate derivatives: swaps, forwards, options and exchange-traded futures;

•Credit derivatives: purchased or written single name or index credit default swaps, and forwards; and

•Equity derivatives: index options, variance swaps, exchange-traded futures and total return swaps.

For detailed information on these contracts and the related strategies, see Note 12 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. 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, 2025						December 31, 2024
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
				Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	5,108	$	990	$	636	$	5,188	$	1,018	$	666
Foreign currency swaps	Foreign currency exchange rate	1,454		23		31		1,454		33		67
Foreign currency forwards	Foreign currency exchange rate	150		—		38		150		—		41
Subtotal		6,712		1,013		705		6,792		1,051		774
Cash flow hedges:
Interest rate swaps	Interest rate	4,135		13		321		4,154		—		359
Interest rate forwards	Interest rate	5,474		85		908		4,901		56		880
Foreign currency swaps	Foreign currency exchange rate	47,175		2,913		1,742		45,879		2,858		1,877
Subtotal		56,784		3,011		2,971		54,934		2,914		3,116
Net investment in a foreign operation (“NIFO”) hedges:
Foreign currency forwards	Foreign currency exchange rate	1,086		4		11		1,553		42		—
Currency options	Foreign currency exchange rate	3,000		522		—		3,000		536		—
Subtotal		4,086		526		11		4,553		578		—
Total qualifying hedges		67,582		4,550		3,687		66,279		4,543		3,890
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	30,504		1,575		1,326		29,238		1,414		1,263
Interest rate floors	Interest rate	6,040		71		—		6,169		38		—
Interest rate caps	Interest rate	16,648		86		—		17,998		133		1
Interest rate futures	Interest rate	2,229		3		12		1,667		1		1
Interest rate options	Interest rate	34,581		181		137		34,939		210		217
Interest rate forwards	Interest rate	3,261		202		76		3,128		135		77

Synthetic GICs	Interest rate	53,796		—		—		49,599		—		—
Foreign currency swaps	Foreign currency exchange rate	10,684		1,096		185		10,708		1,192		190
Foreign currency forwards	Foreign currency exchange rate	16,192		174		1,051		13,471		47		1,277
Currency futures	Foreign currency exchange rate	308		2		—		301		1		—

Credit default swaps — purchased	Credit	2,771		8		68		2,791		14		67
Credit default swaps — written	Credit	12,096		204		3		11,764		201		5
Equity futures	Equity market	1,811		37		2		1,840		9		6
Equity index options	Equity market	13,991		306		232		12,743		233		253
Equity variance swaps	Equity market	114		—		3		114		—		3
Equity total return swaps	Equity market	1,799		107		20		1,799		41		9
Longevity swaps	Longevity	1,000		—		—		1,000		—		—
Total non-designated or nonqualifying derivatives		207,825		4,052		3,115		199,269		3,669		3,369
Total		$	275,407	$	8,602	$	6,802	$	265,548	$	8,212	$	7,259

Included in the table above, the Company uses various over-the-counter (“OTC”) and exchange traded derivatives to hedge variable annuity guarantees. The table below presents the gross notional amount, estimated fair value and primary underlying risk exposure of the derivatives hedging variable annuity guarantees accounted for as MRBs:

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)


	March 31, 2025						December 31, 2024
Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
			Assets		Liabilities				Assets		Liabilities
	(In millions)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	$	8,964	$	14	$	727	$	8,913	$	11	$	768
Foreign currency exchange rate	409		6		1		378		—		2
Equity market	4,222		167		120		4,294		132		113
	$	13,595	$	187	$	848	$	13,585	$	143	$	883

The change in estimated fair values and earned income of derivatives hedging variable annuity guarantees, recorded in net derivative gains (losses), was $65 million and ($295) million for the three months ended March 31, 2025 and 2024, respectively.

Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at either March 31, 2025 or December 31, 2024. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules, (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship, (iii) derivatives that economically hedge MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs are already recorded in net income, and (iv) written credit default swaps and interest rate swaps that are used to synthetically create investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. 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, 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/A		N/A		N/A		N/A		N/A		N/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/A		N/A		N/A		N/A		N/A		N/A		121
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/A		N/A		N/A		N/A		N/A		N/A		—

Subtotal	19		2		—		—		—		—		(145)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		(72)
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		(14)
Subtotal	N/A		—		N/A		N/A		N/A		N/A		(86)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		98		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		245		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(9)		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		(27)		N/A		N/A		N/A		N/A
Equity derivatives (1)	17		N/A		59		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		(31)		N/A		N/A		N/A		N/A
Subtotal	17		N/A		335		N/A		N/A		N/A		N/A
Earned income on derivatives	95		—		110		2		(40)		—		—
Synthetic GICs	N/A		N/A		19		N/A		N/A		N/A		N/A
Embedded derivatives - ceded reinsurance	N/A		N/A		(35)		N/A		N/A		N/A		N/A
Embedded derivatives - other	N/A		N/A		3		N/A		N/A		N/A		N/A
Total	$	131	$	1	$	432	$	(2)	$	(38)	$	—	$	(231)

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)


	Three Months Ended March 31, 2024
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(109)	$	(43)	$	—	N/A
Hedged items	—		—		N/A		103		42		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	4		(31)		N/A		—		(24)		—		N/A
Hedged items	(2)		23		N/A		—		28		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		4		N/A		—		—		—		N/A
Subtotal	2		(4)		N/A		(6)		3		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	(218)
Amount of gains (losses) reclassified from AOCI into income	8		2		—		—		—		—		(10)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(123)
Amount of gains (losses) reclassified from AOCI into income	1		(368)		—		—		—		—		367
Foreign currency transaction gains (losses) on hedged items	—		351		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		—

Subtotal	9		(15)		—		—		—		—		16
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		160
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		20
Subtotal	N/A		—		N/A		N/A		N/A		N/A		180
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(353)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(706)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(7)		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		34		N/A		N/A		N/A		N/A
Equity derivatives (1)	(25)		N/A		(342)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		163		N/A		N/A		N/A		N/A
Subtotal	(25)		N/A		(1,211)		N/A		N/A		N/A		N/A
Earned income on derivatives	30		—		181		(4)		(49)		—		—
Synthetic GICs	N/A		N/A		19		N/A		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		32		N/A		N/A		N/A		N/A
Total	$	16	$	(19)	$	(979)	$	(10)	$	(46)	$	—	$	196

__________________

(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.

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:

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)


Balance Sheet Line Item	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1)
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
	(In millions)
Fixed maturity securities AFS	$	230	$	241	$	—	$	—
Mortgage loans	$	163	$	130	$	—	$	(1)
FPBs	$	(2,563)	$	(2,583)	$	285	$	359
PABs	$	(2,386)	$	(2,170)	$	45	$	223

__________________

(1)Includes ($90) million and ($91) million of hedging adjustments on discontinued hedging relationships at March 31, 2025 and December 31, 2024, respectively.

For the Company’s foreign currency forwards, the change in the estimated fair value of the derivative related to the changes in the difference between the spot price and the forward price is excluded from the assessment of hedge effectiveness. The Company has elected to record changes in estimated fair value of excluded components in earnings. For all other derivatives, all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Cash Flow Hedges

The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.

In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into income. These amounts were $12 million and ($10) million for the three months ended March 31, 2025 and 2024, respectively.

At both March 31, 2025 and December 31, 2024, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed four years.

At March 31, 2025 and December 31, 2024, the balance in AOCI associated with cash flow hedges was $212 million and $357 million, respectively.

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

At March 31, 2025, the Company expected to reclassify ($48) million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.

NIFO Hedges

The Company uses foreign currency exchange rate derivatives, which may include foreign currency forwards and currency options, to hedge portions of its net investments in foreign operations against adverse movements in exchange rates. The Company also designates a portion of its foreign-denominated debt as a non-derivative hedging instrument of its net investments in foreign operations. The Company assesses hedge effectiveness of its derivatives based upon the change in forward rates and assesses its non-derivative hedging instruments based upon the change in spot rates. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

When net investments in foreign operations are sold or substantially liquidated, the amounts in AOCI are reclassified to the statement of operations.

At March 31, 2025 and December 31, 2024, the cumulative foreign currency translation gain (loss) recorded in AOCI related to NIFO hedges was $1.0 billion and $1.1 billion, respectively. At March 31, 2025 and December 31, 2024, the carrying amount of debt designated as a non-derivative hedging instrument was $281 million and $267 million, respectively.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

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, 2025					December 31, 2024
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)	$	1	$	96	1.7	$	1	$	72	1.9
Credit default swaps referencing indices	65		4,126		2.0	72		4,126		2.2
Subtotal	66		4,222		2.0	73		4,198		2.2
Baa
Single name credit default swaps (3)	1		71		1.2	1		102		1.6
Credit default swaps referencing indices	118		7,436		5.2	111		7,263		4.1
Subtotal	119		7,507		5.2	112		7,365		4.1
Ba
Single name credit default swaps (3)	—		—		0.0	—		17		1.1
Credit default swaps referencing indices	1		25		1.7	2		25		2.0
Subtotal	1		25		1.7	2		42		1.6
B
Single name credit default swaps (3)	—		23		1.0	—		—		0.0
Credit default swaps referencing indices	16		304		4.4	10		144		3.7
Subtotal	16		327		4.1	10		144		3.7
Caa

Credit default swaps referencing indices	(1)		15		1.7	(1)		15		2.0
Subtotal	(1)		15		1.7	(1)		15		2.0
Total	$	201	$	12,096	4.0	$	196	$	11,764	3.4

_________________

(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Global Ratings (“S&P”) and Fitch Ratings Inc. If no rating is available from a rating agency, then an internally developed rating is used.

(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)

11. 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. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third-party custodians.

The Company’s over-the-counter cleared (“OTC-cleared”) derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.

See Note 12 for a description of the impact of credit risk on the valuation of derivatives.

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. 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, 2025				December 31, 2024
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	8,527	$	6,425	$	8,224	$	6,966
OTC-cleared (1)	181		406		135		299
Exchange-traded	42		14		11		7
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	8,750		6,845		8,370		7,272
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(3,280)		(3,280)		(3,633)		(3,633)
OTC-cleared	(18)		(18)		(5)		(5)
Exchange-traded	(10)		(10)		(1)		(1)
Cash collateral: (3), (4)
OTC-bilateral	(2,522)		—		(2,597)		—
OTC-cleared	(141)		(380)		(126)		(289)
Exchange-traded	—		(3)		—		(6)
Securities collateral: (5)
OTC-bilateral	(2,554)		(3,139)		(1,955)		(3,325)
OTC-cleared	—		(8)		—		(4)
Exchange-traded	—		(1)		—		—
Net amount after application of master netting agreements and collateral	$	225	$	6	$	53	$	9

__________________

(1)At March 31, 2025 and December 31, 2024, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $148 million and $158 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $43 million and $13 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, 2025 and December 31, 2024, the Company received excess cash collateral of $45 million and $26 million, respectively, and provided excess cash collateral of $86 million at both periods, which is not included in the table above due to the foregoing limitation.

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

(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, 2025, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At March 31, 2025 and December 31, 2024, the Company received excess securities collateral with an estimated fair value of $357 million and $410 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At March 31, 2025 and December 31, 2024, the Company provided excess securities collateral with an estimated fair value of $1.4 billion and $1.2 billion, respectively, for its OTC-bilateral derivatives, $806 million and $835 million, respectively, for its OTC-cleared derivatives, and $188 million and $148 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

The Company’s collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the collateral amount owed by that counterparty reaches a minimum transfer amount. A small number of these arrangements also contain credit-contingent provisions that include a threshold below which collateral does not need to be posted. Such agreements provide for a reduction of these thresholds (on a sliding scale that converges toward zero) in the event of downgrades in the financial strength or credit ratings of the Company and/or the counterparty (or its guarantor, as applicable). At March 31, 2025, the amount of collateral not provided by the Company due to the existence of these thresholds was $15 million.

The Company’s netting agreements for derivatives generally contain provisions that require the counterparty (or its guarantor, if applicable) to maintain specified minimum credit ratings above investment grade level from Moody’s, S&P or both. In those agreements, if the credit rating of the counterparty (or its guarantor, if applicable) were to fall below the applicable minimum rating, that counterparty would be in violation of these provisions, and the Company could terminate the transactions and demand immediate settlement and payment based on reasonable valuation of the derivatives. A significant portion of the Company’s netting agreements for derivatives grant similar rights to the counterparty to terminate the transactions and demand immediate settlement and payment if the Company’s financial strength or credit rating were to fall below specified minimum levels above investment grade.

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.


	March 31, 2025						December 31, 2024
	Derivatives Subject to Credit- Contingent Provisions		Derivatives Not Subject to Credit- Contingent Provisions		Total		Derivatives Subject to Credit- Contingent Provisions		Derivatives Not Subject to Credit- Contingent Provisions		Total
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	3,078	$	67	$	3,145	$	3,213	$	120	$	3,333
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	3,797	$	76	$	3,873	$	3,829	$	124	$	3,953

__________________

(1)After taking into consideration the existence of netting agreements.

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.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

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 Location	March 31, 2025		December 31, 2024
		(In millions)


Embedded derivatives within liability host contracts:


Funds withheld on ceded reinsurance	Other liabilities	$	(127)	$	(163)
Fixed annuities with equity indexed returns	PABs	170		172

Total		$	43	$	9

12. 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:

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)


	March 31, 2025
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	68,622	$	12,573	$	81,195
Foreign corporate	—		40,588		14,939		55,527
Foreign government	—		41,196		57		41,253
RMBS	—		36,469		2,939		39,408
U.S. government and agency	16,375		17,500		—		33,875
ABS & CLO	—		19,689		1,309		20,998
Municipals	—		9,902		2		9,904
CMBS	—		9,016		559		9,575
Total fixed maturity securities AFS	16,375		242,982		32,378		291,735
Equity securities	424		75		248		747
Unit-linked and FVO securities (1)	7,365		2,185		1,175		10,725
Short-term investments (2)	4,032		1,148		9		5,189
Other investments	41		64		1,121		1,226
Derivative assets: (3)
Interest rate	3		3,203		—		3,206
Foreign currency exchange rate	2		4,706		26		4,734
Credit	—		212		—		212
Equity market	37		413		—		450
Total derivative assets	42		8,534		26		8,602
MRBs	—		—		317		317
Reinsured MRBs (4)	—		—		15		15
Separate account assets (5)	65,342		71,829		972		138,143
Total assets (6)	$	93,621	$	326,817	$	36,261	$	456,699
Liabilities
Derivative liabilities: (3)
Interest rate	$	12	$	3,404	$	—	$	3,416
Foreign currency exchange rate	—		3,053		5		3,058
Credit	—		71		—		71
Equity market	2		255		—		257
Total derivative liabilities	14		6,783		5		6,802
Embedded derivatives within liability host contracts (7)	—		—		43		43
MRBs	—		—		2,844		2,844
Separate account liabilities (5)	—		4		—		4
Total liabilities	$	14	$	6,787	$	2,892	$	9,693

Table of Contents

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)


	December 31, 2024
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	67,333	$	12,041	$	79,374
Foreign corporate	—		39,295		14,464		53,759
Foreign government	—		40,209		41		40,250
RMBS	—		32,771		1,650		34,421
U.S. government and agency	16,675		16,753		—		33,428
ABS & CLO	—		14,755		5,836		20,591
Municipals	—		9,866		7		9,873
CMBS	—		8,194		1,153		9,347
Total fixed maturity securities AFS	16,675		229,176		35,192		281,043
Equity securities	415		61		236		712
Unit-linked and FVO securities (1)	7,306		2,176		1,190		10,672
Short-term investments (2)	4,127		702		5		4,834
Other investments	37		63		1,010		1,110
Derivative assets: (3)
Interest rate	1		3,004		—		3,005
Foreign currency exchange rate	1		4,694		14		4,709
Credit	—		215		—		215
Equity market	9		271		3		283
Total derivative assets	11		8,184		17		8,212
MRBs	—		—		372		372
Reinsured MRBs (4)	—		—		12		12
Separate account assets (5)	63,979		74,535		990		139,504
Total assets (6)	$	92,550	$	314,897	$	39,024	$	446,471
Liabilities
Derivative liabilities: (3)
Interest rate	$	1	$	3,463	$	—	$	3,464
Foreign currency exchange rate	—		3,440		12		3,452
Credit	—		72		—		72
Equity market	6		265		—		271
Total derivative liabilities	7		7,240		12		7,259
Embedded derivatives within liability host contracts (7)	—		—		9		9
MRBs	—		—		2,581		2,581
Separate account liabilities (5)	—		2		—		2
Total liabilities	$	7	$	7,242	$	2,602	$	9,851

__________________

(1)Unit-linked and FVO securities were primarily comprised of Unit-linked investments at both March 31, 2025 and December 31, 2024.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

(2)Short-term investments as presented in the tables above differ from the amounts presented on the interim condensed consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis.

(3)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(4)Reinsured MRBs are presented within premiums, reinsurance and other receivables on the interim condensed consolidated balance sheets.

(5)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities.

(6)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. The estimated fair value of such investments was $49 million and $50 million at March 31, 2025 and December 31, 2024, respectively.

(7)Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets.

The following describes the valuation methodologies used to measure assets and liabilities at fair value.

Investments

Securities, Short-term Investments and Other Investments

When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings, and valuation of these securities does not involve management’s judgment.

When quoted prices in active markets are not available, the determination of estimated fair value of securities is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based, in large part, on management’s judgment or estimation and cannot be supported by reference to market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such investments.

The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein.

The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g., cash flows) to a single current, discounted amount. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. 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:

•

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.

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.

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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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

Instrument

Level 2

Observable Inputs

Level 3

Unobservable Inputs

Equity securities

Valuation Approaches: Principally the market approach.

Valuation Approaches: Principally the market and income approaches.

Key Input:

Key Inputs:

•

quoted prices in markets that are not considered active

•

credit ratings; issuance structures

•

quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2

•

independent non-binding broker quotations

Unit-linked and FVO securities, Short-term investments and Other investments

Valuation Approaches: Principally the market and income approaches.

Key Inputs:

•

Unit-linked and FVO securities include mutual fund interests without readily determinable fair values given prices are not published publicly. Valuation of these mutual funds is based upon quoted prices or reported NAV provided by the fund managers, which were based on observable inputs.

•

Unit-linked and FVO securities, short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments also include certain REJV and use the valuation approach and key inputs as described for OLPI below.

•

Short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and observable inputs used in their valuation are also similar to those described above.

Separate account assets and Separate account liabilities (1)

Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly

Key Input:

•

N/A

•

quoted prices or reported NAV provided by the fund managers

OLPI

•

N/A

Valued giving consideration to the underlying holdings of the partnerships and adjusting, if appropriate.

Key Inputs:

•

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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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. 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:

Instrument

Interest Rate

Foreign Currency
Exchange Rate

Credit

Equity 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)

12. Fair Value (continued)

embedded derivatives is included, along with their funds withheld hosts, in other liabilities on the interim condensed consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.

The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.

MRBs

See Note 6 for information on the Company’s valuation approaches and key inputs for MRBs.

Transfers between Levels

Overall, transfers between levels occur when there are changes in the observability of inputs and market activity.

Transfers into or out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. 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, 2025				December 31, 2024				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	46	-	125	92	47	-	126	92	Increase
	•	Market pricing	•	Quoted prices (4)	32	-	100	96	13	-	102	95	Increase
	•	Consensus pricing	•	Offered quotes (4)	47	-	100	94	47	-	100	96	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	34	-	131	95	—	-	128	95	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	3	-	194	99	4	-	113	97	Increase (5)

Derivatives


Foreign currency exchange rate	•	Present value techniques	•	Swap yield (6)	111	-	189	177	131	-	230	222	Increase (7)


MRBs and Reinsured MRBs
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.15%	0.05%	0%	-	0.15%	0.05%	(8)
				Ages 41 - 60	0.04%	-	0.79%	0.22%	0.04%	-	0.79%	0.22%	(8)
				Ages 61 - 115	0%	-	100%	1.14%	0%	-	100%	1.14%	(8)
			•	Lapse rates:
				Durations 1 - 10	0.14%	-	20.10%	12.86%	0.14%	-	20.10%	12.86%	Decrease (9)
				Durations 11 - 20	0.39%	-	15%	6.05%	0.39%	-	15%	6.05%	Decrease (9)
				Durations 21 - 116	0.39%	-	15%	8.20%	0.39%	-	15%	8.20%	Decrease (9)





			•	Utilization rates	0.20%	-	16.25%	0.79%	0.20%	-	22%	0.79%	Increase (10)
			•	Withdrawal rates	0%	-	20%	4.77%	0%	-	20%	4.77%	(11)
			•	Long-term equity volatilities	14.23%	-	22.27%	18.77%	14.23%	-	22.27%	18.77%	Increase (12)
			•	Nonperformance risk spread	0.12%	-	1.56%	0.64%	0.11%	-	1.46%	0.64%	Decrease (13)

__________________

(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data.

(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.

(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.

(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.

(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(6)Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(7)Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

(8)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.

(9)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(10)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(11)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(12)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(13)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRBs.

All other classes of securities classified within Level 3, including those within Unit-linked and FVO securities, Other investments, Separate account assets, and Embedded derivatives within funds withheld related to certain ceded reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table. The valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.”

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

The following tables summarize the change of all assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), excluding MRBs (see Note 6):


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Foreign Government		Structured Products		Municipals		Equity Securities		Unit-linked and FVO Securities
	(In millions)
Three Months Ended March 31, 2025
Balance, beginning of period	$	26,505	$	41	$	8,639	$	7	$	236	$	1,190
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(23)		—		3		1		15		(20)
Total realized/unrealized gains (losses) included in AOCI	423		3		40		(1)		—		—
Purchases (3)	1,314		15		1,949		2		20		106
Sales (3)	(448)		(1)		(140)		(7)		(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	$	2	$	248	$	1,175
Three Months Ended March 31, 2024
Balance, beginning of period	$	28,345	$	51	$	4,551	$	—	$	249	$	1,103
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(11)		2		3		—		2		31
Total realized/unrealized gains (losses) included in AOCI	(372)		—		45		—		—		—
Purchases (3)	1,232		1		906		—		5		129
Sales (3)	(536)		—		(170)		—		(3)		(153)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	87		—		79		—		—		7
Transfers out of Level 3 (4)	(242)		(9)		(137)		—		—		(24)
Balance, end of period	$	28,503	$	45	$	5,277	$	—	$	253	$	1,093
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 net income (loss) for the instruments still held at March 31, 2024 (5)	$	7	$	2	$	3	$	—	$	5	$	31
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2025 (5)	$	393	$	3	$	40	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2024 (5)	$	(379)	$	—	$	42	$	—	$	—	$	—

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Short-term Investments		Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Three Months Ended 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
Three Months Ended March 31, 2024
Balance, beginning of period	$	27	$	975	$	(143)	$	(93)	$	1,147
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		12		(35)		32		(28)
Total realized/unrealized gains (losses) included in AOCI	—		—		(28)		—		—
Purchases (3)	4		5		—		—		39
Sales (3)	(12)		—		—		—		(12)
Issuances (3)	—		—		(2)		—		—
Settlements (3)	—		—		71		(1)		—
Transfers into Level 3 (4)	—		179		—		—		3
Transfers out of Level 3 (4)	(5)		—		(2)		—		(7)
Balance, end of period	$	14	$	1,171	$	(139)	$	(62)	$	1,142
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 net income (loss) for the instruments still held at March 31, 2024 (5)	$	—	$	13	$	(34)	$	32	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2025 (5)	$	(3)	$	—	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2024 (5)	$	1	$	—	$	(20)	$	—	$	—

__________________

(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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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(6)Comprised of U.S. and foreign corporate securities.

(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).


	March 31, 2025		December 31, 2024
	(In millions)
Carrying value after measurement:
Mortgage loans (1)	$	1,901	$	1,075
Other invested assets	$	—	$	63


	Three Months Ended March 31,
	2025		2024
	(In millions)
Realized gains (losses) net:
Mortgage loans (1)	$	(171)	$	(48)

__________________

(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 10.

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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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. 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, 2025
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	87,908	$	—	$	—	$	84,675	$	84,675
Policy loans	$	8,663	$	—	$	—	$	9,250	$	9,250

Other invested assets	$	891	$	—	$	698	$	193	$	891
Premiums, reinsurance and other receivables	$	4,963	$	—	$	1,065	$	3,825	$	4,890
Other assets	$	248	$	—	$	62	$	188	$	250
Liabilities
PABs	$	142,851	$	—	$	—	$	138,851	$	138,851
Long-term debt	$	14,689	$	—	$	14,276	$	—	$	14,276
Collateral financing arrangement	$	463	$	—	$	—	$	414	$	414
Subordinated debt securities	$	4,153	$	—	$	4,585	$	—	$	4,585
Other liabilities	$	10,527	$	—	$	1,803	$	8,519	$	10,322
Separate account liabilities	$	72,231	$	—	$	72,231	$	—	$	72,231


	December 31, 2024
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	89,012	$	—	$	—	$	84,217	$	84,217
Policy loans	$	8,545	$	—	$	—	$	9,058	$	9,058

Other invested assets	$	1,202	$	—	$	704	$	498	$	1,202
Premiums, reinsurance and other receivables	$	4,831	$	—	$	881	$	3,917	$	4,798
Other assets	$	228	$	—	$	69	$	167	$	236
Liabilities
PABs	$	139,882	$	—	$	—	$	134,612	$	134,612
Long-term debt	$	15,080	$	—	$	14,498	$	—	$	14,498
Collateral financing arrangement	$	476	$	—	$	—	$	425	$	425
Subordinated debt securities	$	3,164	$	—	$	3,587	$	—	$	3,587
Other liabilities	$	9,635	$	—	$	734	$	8,570	$	9,304
Separate account liabilities	$	70,359	$	—	$	70,359	$	—	$	70,359

13. Long-term Debt

Facility Agreement for Senior Debt Issuances

In March 2025, MetLife, Inc. entered into a 30-year facility agreement (the “Facility Agreement”) with a Delaware trust (the “Trust”), upon the completion of the sale of Trust securities by the Trust for $1,250 million in private placements under Rule 144A of the Securities Act. The Trust invested the proceeds from the sale of its securities in a portfolio of principal and interest strips of U.S. Treasury securities (the “Strips”).

The Facility Agreement provides the Company the right to issue and sell to the Trust from time to time up to $1,250 million of its 5.740% Senior Notes due February 15, 2055 (the “5.740% Senior Notes”) in exchange for a

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

13. Long-term Debt (continued)

corresponding amount of the Strips held by the Trust. In return, the Company agreed to pay a semi-annual facility fee to the Trust at a rate of 1.2373% per annum applied to the maximum amount of senior notes that MetLife, Inc. could issue and sell to the Trust. The Company can redeem the 5.740% Senior Notes at any time, in whole or in part, at a price equal to the greater of par or a make-whole redemption price. At March 31, 2025, the Company had no senior note issuances under the Facility Agreement.

The Company incurred $13 million of related costs, which were capitalized in other assets and will be amortized over the term of the Facility Agreement.

14. Subordinated Debt Securities

Subordinated Debt Issuance

In March 2025, MetLife, Inc. issued $1.0 billion of subordinated debentures (the “Subordinated Debt”) due March 2055 which bear interest at a fixed rate of 6.350%, payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $12 million of related costs which will be amortized over the term of the Subordinated Debt.

The Subordinated Debt ranks higher in priority than MetLife, Inc.’s junior subordinated debt securities, and subordinate to its senior notes.

MetLife, Inc. previously entered into separate replacement capital covenants (the “RCCs”) in connection with (i) its 10.750% Fixed-to-Floating Rate Junior Subordinated Debentures due 2069 (the “10.750% JSDs”), (ii) its 9.250% Fixed-to-Floating Rate Junior Subordinated Debentures due 2068 and (iii) the 7.875% Fixed-to-Floating-Rate Exchangeable Surplus Trust Securities of MetLife Capital Trust IV exchangeable into MetLife, Inc.’s 7.875% Fixed-to-Floating Rate Junior Subordinated Debentures due 2067. The RCCs are not intended for the benefit of holders of those securities and may not be enforced by them. Rather, each RCC is for the benefit of the holders of a designated series of MetLife, Inc.’s other indebtedness (the “Covered Debt”). Pursuant to the terms of the RCCs, the Subordinated Debt, as of its issuance date, became Covered Debt under each RCC, and the initial Covered Debt, which consisted of the Company’s 5.70% Senior Notes due 2035, was no longer Covered Debt under the RCCs. The holders of the Subordinated Debt, as the holders of the Covered Debt under the RCCs, have irrevocably consented to the termination of the RCCs.

The 10.750% JSDs remain the Covered Debt with respect to, and in accordance with, the terms of the RCC relating to MetLife, Inc.’s 6.40% Fixed-to-Floating Rate Junior Subordinated Debentures due 2066.

15. Equity

Preferred Stock

Preferred stock authorized, issued and outstanding was as follows at both March 31, 2025 and December 31, 2024:


Series	Shares Authorized	Shares Issued and Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A	27,600,000	24,000,000
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D	500,000	500,000
5.625% Non-Cumulative Preferred Stock, Series E	32,200	32,200
4.75% Non-Cumulative Preferred Stock, Series F	40,000	40,000
3.85% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G	1,000,000	1,000,000
Series A Junior Participating Preferred Stock	10,000,000	—
Not designated	160,827,800	—
Total	200,000,000	25,572,200

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

15. Equity (continued)

The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:


		Three Months Ended March 31,
		2025				2024
Series		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A		$	0.355	$	9	$	0.420	$	10
D		$	29.375	15		$	29.375	15
E		$	351.563	11		$	351.563	11
F		$	296.875	12		$	296.875	12
G		$	19.250	19		$	19.250	19
Total				$	66			$	67

Common Stock

MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:


Announcement Date	Authorization Amount		Authorization Remaining at March 31, 2025 (1)
	(In millions)
May 1, 2024	$	3,000	$	514
May 25, 2023	$	1,000	$	—
May 3, 2023	$	3,000	$	—

__________________

(1)The Inflation Reduction Act, signed into law on August 16, 2022, imposes a one percent excise tax, net of any allowable offsets, on certain corporate stock buybacks made after December 31, 2022. The authorization remaining at March 31, 2025 does not reflect the applicable excise tax payable.

Under these authorizations, MetLife, Inc. may purchase its common stock from the MetLife Policyholder Trust, in the open market (including pursuant to the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934), and in privately negotiated transactions. Common stock repurchases are subject to the discretion of MetLife, Inc.’s Board of Directors and will depend upon the Company’s capital position, liquidity, financial strength and credit ratings, general market conditions, the market price of MetLife, Inc.’s common stock compared to management’s assessment of the stock’s underlying value, applicable regulatory approvals, and other legal and accounting factors.

For the three months ended March 31, 2025 and 2024, MetLife, Inc. repurchased 16,969,026 shares and 16,898,239 shares of its common stock, respectively, through open market purchases for $1.4 billion and $1.2 billion, respectively, excluding applicable excise tax. The excise tax is reflected in treasury stock as part of the cost basis of the common stock repurchased.

See Note 21 for information on a subsequent common stock repurchase authorization.

Stock-Based Compensation Plans

Performance Shares and Performance Units

The MetLife, Inc. 2015 Stock and Incentive Compensation Plan (the “2015 Stock Plan”) expired on January 1, 2025. Although no further awards will be granted under this plan, all awards outstanding on the expiration date will continue until settlement, forfeiture, or cancellation.

Performance Shares and Performance Units granted in 2022 were among the outstanding awards on the expiration date of the 2015 Stock Plan, which were settled in the first quarter of 2025. Performance Shares are paid in shares of MetLife, Inc.’s common stock. Performance Units are payable in cash equal to the closing price of MetLife, Inc.’s common stock on a date following the last day of the three-year performance period. The performance factor for the January 1, 2022 – December 31, 2024 performance period was 114.3%, which was determined within a possible range from 0% to

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

15. Equity (continued)

175%. This factor has been applied to the 873,665 Performance Shares and 102,582 Performance Units associated with that performance period that vested on December 31, 2024. As a result, in the first quarter of 2025, MetLife, Inc. issued 998,599 shares of its common stock (less withholding for taxes and other items, as applicable), excluding shares that payees choose to defer, and MetLife, Inc. or its affiliates paid the cash value of 117,251 Performance Units (less withholding for taxes and other items, as applicable).

Beginning January 1, 2025, MetLife, Inc. grants awards under the MetLife, Inc. 2025 Stock and Incentive Compensation Plan (successor to the 2015 Stock Plan). The MetLife, Inc. 2025 Stock and Incentive Compensation Plan was approved by MetLife, Inc. common stockholders in 2024.

AOCI

Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:


	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 reclassifications	2,204		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 AOCI	241		(379)		—		—		—		31		(107)
Deferred income tax benefit (expense)	(54)		76		—		—		—		(7)		15
Amounts reclassified from AOCI, net of income tax	187		(303)		—		—		—		24		(92)

Balance, end of period	$	(17,329)	$	179	$	5,334	$	(31)	$	(6,985)	$	(1,416)	$	(20,248)

	Three Months Ended March 31, 2024
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument- Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(14,506)	$	183	$	2,658	$	27	$	(6,158)	$	(1,446)	$	(19,242)
OCI before reclassifications	(3,119)		(341)		2,711		(94)		(217)		(2)		(1,062)
Deferred income tax benefit (expense)	699		76		(596)		20		(90)		—		109
AOCI before reclassifications, net of income tax	(16,926)		(82)		4,773		(47)		(6,465)		(1,448)		(20,195)
Amounts reclassified from AOCI	145		357		—		—		—		32		534
Deferred income tax benefit (expense)	(32)		(73)		—		—		—		(5)		(110)
Amounts reclassified from AOCI, net of income tax	113		284		—		—		—		27		424

Balance, end of period	$	(16,813)	$	202	$	4,773	$	(47)	$	(6,465)	$	(1,421)	$	(19,771)

__________________

(1)Primarily unrealized gains (losses) on fixed maturity securities.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

15. Equity (continued)

Information regarding amounts reclassified out of each component of AOCI was as follows:


	Three Months Ended March 31,
	2025		2024
AOCI Components	Amounts Reclassified from AOCI				Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	(In millions)
Unrealized investment gains (losses):
Unrealized investment gains (losses)	$	(285)	$	(159)	Net investment gains (losses)
Unrealized investment gains (losses)	—		(1)		Net investment income
Unrealized investment gains (losses)	44		15		Net derivative gains (losses)
Unrealized investment gains (losses), before income tax	(241)		(145)
Income tax (expense) benefit	54		32
Unrealized investment gains (losses), net of income tax	(187)		(113)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	17		8		Net investment income
Interest rate derivatives	—		2		Net investment gains (losses)

Foreign currency exchange rate derivatives	2		1		Net investment income
Foreign currency exchange rate derivatives	360		(368)		Net investment gains (losses)



Gains (losses) on cash flow hedges, before income tax	379		(357)
Income tax (expense) benefit	(76)		73
Gains (losses) on cash flow hedges, net of income tax	303		(284)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(34)		(35)
Amortization of prior service (costs) credit	3		3
Amortization of defined benefit plan items, before income tax	(31)		(32)
Income tax (expense) benefit	7		5
Amortization of defined benefit plan items, net of income tax	(24)		(27)
Total reclassifications, net of income tax	$	92	$	(424)

__________________

(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 17.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

16. 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,
		2025		2024
	(In millions)
Vision fee for service arrangements		$	154	$	146
Prepaid legal plans		161		148
Fee-based investment management		102		98
Administrative services-only contracts		74		67
Recordkeeping and administrative services (1)		36		38
Other revenue from service contracts from customers		84		80
Total revenues from service contracts from customers		611		577
Other		76		97
Total other revenues		$	687	$	674

__________________

(1)Related to products and businesses no longer actively marketed by the Company.

Receivables related to revenues from service contracts from customers were $254 million and $238 million at March 31, 2025 and December 31, 2024, respectively.

Other Expenses

Information on other expenses was as follows:


	Three Months Ended March 31,
	2025		2024

Amortization of DAC, VOBA and negative VOBA	$	519	$	502
Interest expense on debt	258		264
Direct:
Employee-related costs (1)	991		950
Third-party staffing costs	376		349
General and administrative expenses	126		148
Commissions and other variable expenses	1,547		1,503
Capitalization of DAC	(698)		(740)
Premium taxes, other taxes, and licenses & fees	161		176
Pension, postretirement and postemployment benefit costs	70		65
Total other expenses	$	3,350	$	3,217

__________________

(1)Includes ($23) million and ($50) million for the three months ended March 31, 2025 and 2024, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

17. 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,
	2025				2024
	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
	(In millions)
Service costs	$	37	$	1	$	40	$	1
Interest costs	119		11		114		10
Expected return on plan assets	(110)		(14)		(115)		(14)
Amortization of net actuarial (gains) losses	42		(8)		42		(8)
Amortization of prior service costs (credit)	(3)		—		(3)		—
Net periodic benefit costs (credit)	$	85	$	(10)	$	78	$	(11)

18. Income Tax

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.

For the three months ended March 31, 2024, the effective tax rate on income (loss) before provision for income tax was 16%. The Company’s effective tax rate for the three months ended March 31, 2024 differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) the reversal of previously non-deductible losses, (ii) non-taxable investment income, (iii) low income housing and other tax credits, partially offset by the impact of tax equity investments, and (iv) the corporate tax deduction for stock compensation.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

19. 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,
	2025		2024
	(In millions, except per share data)
Weighted Average Shares:
Weighted average common stock outstanding - basic	682.3		723.2
Incremental common shares from assumed exercise or issuance of stock-based awards	4.7		5.2
Weighted average common stock outstanding - diluted	687.0		728.4
Net Income (Loss):
Net income (loss)	$	950	$	875
Less: Net income (loss) attributable to noncontrolling interests	5		8
Less: Preferred stock dividends	66		67
Net income (loss) available to MetLife, Inc.’s common shareholders	$	879	$	800
Basic	$	1.29	$	1.11
Diluted	$	1.28	$	1.10

20. Contingencies, Commitments and Guarantees

Contingencies

Litigation

The Company is a defendant in a large number of litigation matters. Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed below and those otherwise provided for in the Company’s interim condensed consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lender, employer, investor, investment advisor, broker-dealer, and taxpayer.

The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the U.S. Securities and Exchange Commission; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority, as well as from local and national regulators and government authorities in jurisdictions outside the U.S. where the Company conducts business. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

20. Contingencies, Commitments and Guarantees (continued)

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. In certain circumstances where liabilities have been established, there may be coverage under one or more corporate insurance policies, pursuant to which there may be an insurance recovery. Insurance recoveries are recognized as gains when any contingencies relating to the insurance claim have been resolved, which is the earlier of when the gains are realized or realizable. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated at March 31, 2025. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. Given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods.

Matters as to Which an Estimate Can Be Made

For some matters, the Company is able to estimate a reasonably possible range of loss. For matters where a loss is believed to be reasonably possible, but not probable, the Company has not made an accrual. As of March 31, 2025, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $125 million.

Matters as to Which an Estimate Cannot Be Made

For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

Asbestos-Related Claims

MLIC is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. MLIC has never engaged in the business of manufacturing or selling asbestos-containing products, nor has MLIC issued liability or workers’ compensation insurance to companies in the business of manufacturing or selling asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of MLIC’s employees during the period from the 1920s through approximately the 1950s and allege that MLIC learned or should have learned of certain health risks posed by asbestos and, among other things, improperly publicized or failed to disclose those health risks. MLIC believes that it should not have legal liability in these cases. The outcome of most asbestos litigation matters, however, is uncertain and can be impacted by numerous variables, including differences in legal rulings in various jurisdictions, the nature of the alleged injury and factors unrelated to the ultimate legal merit of the claims asserted against MLIC.

MLIC’s defenses include that: (i) MLIC owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of MLIC; (iii) MLIC’s conduct was not the cause of the plaintiffs’ injuries; and (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known. During the course of the litigation, certain trial courts have granted motions dismissing claims against MLIC, while other trial courts have denied MLIC’s motions. There can be no assurance that MLIC will receive favorable decisions on motions in the future. While most cases brought to date have settled, MLIC intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.

As reported in the 2024 Annual Report, MLIC received approximately 2,936 asbestos-related claims in 2024. For the three months ended March 31, 2025 and 2024, MLIC received approximately 602 and 783 new asbestos-related claims, respectively. See Note 24 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for historical information concerning asbestos claims and MLIC’s update to its recorded liability at December 31, 2024. The number of asbestos cases that may be brought, the aggregate amount of any liability that MLIC may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

20. Contingencies, Commitments and Guarantees (continued)

The ability of MLIC to estimate its ultimate asbestos exposure is subject to considerable uncertainty, and the conditions impacting its liability can be dynamic and subject to change. The availability of reliable data is limited and it is difficult to predict the numerous variables that can affect liability estimates, including the number of future claims, the cost to resolve claims, the disease mix and severity of disease in pending and future claims, the willingness of courts to allow plaintiffs to pursue claims against MLIC when exposure to asbestos took place after the dangers of asbestos exposure were well known, and the impact of any possible future adverse verdicts and their amounts.

The ability to make estimates regarding ultimate asbestos exposure declines significantly as the estimates relate to years further in the future. In the Company’s judgment, there is a future point after which losses cease to be probable and reasonably estimable. It is reasonably possible that the Company’s total exposure to asbestos claims may be materially greater than the asbestos liability currently accrued and that future charges to income may be necessary, but management does not believe any such charges are likely to have a material effect on the Company’s financial position.

The Company believes adequate provision has been made in its interim condensed consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. MLIC’s recorded asbestos liability covers pending claims, claims not yet asserted, and legal defense costs and is based on estimates and includes significant assumptions underlying its analysis.

MLIC reevaluates on a quarterly and annual basis its exposure from asbestos litigation, including studying its claims experience, reviewing external literature regarding asbestos claims experience in the U.S., assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. Based upon its regular reevaluation of its exposure from asbestos litigation, MLIC has updated its liability analysis for asbestos-related claims through March 31, 2025.

Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court of the State of New York, County of New York, filed December 27, 2017)

Total Asset Recovery Services (the “Relator”) brought an action under the qui tam provision of the New York False Claims Act (the “Act”) on behalf of itself and the State of New York. The Relator originally filed this action under seal in 2010, and the complaint was unsealed on December 19, 2017. The Relator alleges that MetLife, Inc., MLIC, and several other insurance companies violated the Act by filing false unclaimed property reports with the State of New York from 1986 to 2017, to avoid having to escheat the proceeds of more than 25,000 life insurance policies, including policies for which the defendants escheated funds as part of their demutualizations in the late 1990s. The Relator seeks treble damages and other relief. In December 2020, the Appellate Division of the New York State Supreme Court, First Department, reversed the court’s order granting MetLife, Inc. and MLIC’s motion to dismiss and remanded the case. The Relator filed a Fourth Amended Complaint in January 2023. On October 13, 2024, the trial court denied the defendants’ motion to dismiss the complaint. The Company intends to defend the action vigorously.

Matters Related to Group Annuity Benefits

In 2018, the Company announced that it identified a material weakness in its internal control over financial reporting related to the practices and procedures for estimating reserves for certain group annuity benefits. Several regulators have made inquiries into the issue, and it is possible that other jurisdictions may pursue similar investigations or inquiries. The Company could be exposed to lawsuits and additional legal actions relating to the issue. These may result in payments, including damages, fines, penalties, interest and other amounts assessed or awarded by courts or regulatory authorities under applicable escheat, tax, securities, Employee Retirement Income Security Act of 1974, or other laws or regulations. The Company could incur significant costs in connection with these actions.

Commitments

Mortgage Loan Commitments

The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $1.9 billion at both March 31, 2025 and December 31, 2024.

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 $7.8 billion and $8.1 billion at March 31, 2025 and December 31, 2024, 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 $635 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities or guarantees.

In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future.

The Company also has minimum fund yield requirements on certain pension funds. Since these guarantees are not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future.

The Company’s recorded liabilities were $19 million at both March 31, 2025 and December 31, 2024, for indemnities and guarantees.

21. Subsequent Events

Common Stock Repurchase Authorization

On April 30, 2025, MetLife, Inc. announced that its Board of Directors authorized an additional $3.0 billion of common stock repurchases.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Index to Management’s Discussion and Analysis of Financial Condition and Results of Operations


			Page
Forward-Looking Statements and Other Financial Information			94
Industry Trends			94
Summary of Critical Accounting Estimates			95
Acquisitions and Dispositions			96
Business Overview & Strategy			96
Results of Operations			97
Investments			110
Derivatives			126
Liquidity and Capital Resources			127
Adopted Accounting Pronouncements			134
Future Adoption of Accounting Pronouncements			134
Non-GAAP and Other Financial Disclosures			134
Risk Management			137
Subsequent Events			137

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Forward-Looking Statements and Other Financial Information

For purposes of this discussion, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. This discussion should be read in conjunction with MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), the cautionary language regarding forward-looking statements included below, the “Risk Factors” set forth in Part II, Item 1A, and the additional risk factors referred to therein, “Quantitative and Qualitative Disclosures About Market Risk” and the Company’s interim condensed consolidated financial statements included elsewhere herein.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. See “Note Regarding Forward-Looking Statements” for cautionary language regarding forward-looking statements.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations includes references to our performance measures, adjusted earnings and adjusted earnings available to common shareholders, that are not based on accounting principles generally accepted in the United States of America (“GAAP”). See “— Non-GAAP and Other Financial Disclosures” for definitions and a discussion of these and other financial measures, and “— Results of Operations” and “— Investments” for reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP measures.

Industry Trends

We continue to be impacted by the changing global financial and economic environment that has been affecting the industry.

Financial and Economic Environment

We are closely monitoring political and economic conditions that might contribute to global market volatility and impact our business operations, investment portfolio and derivatives, such as global inflation, supply chain disruptions, acts of war, banking sector volatility and employment and work policies of the federal government. We are also monitoring the imposition of tariffs, sanctions or other barriers to international trade, changes to international trade agreements, and their potential impacts on our business, results of operations and financial condition. See “— Investments — Current Environment,” as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Impact of Market Interest Rates — Effects of Inflation” in the 2024 Annual Report.

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 2024 to promote economic stability, including lowering interest rates during the second half of the year. While rates have remained steady in 2025, labor market conditions, inflation and financial and international developments, as well as other factors, could result in policy adjustments later this year. The European Central Bank and Bank of England have also recently lowered interest rates, but forecasts for the remainder of 2025 are uncertain due to risks to economic growth, global trade and political change. The Bank of Japan raised interest rates in January 2025, taking the policy rate to its highest level since 2008.

Impact of Market Interest Rates

Market interest rates are a key driver of our results. Increases and decreases in such rates, as well as extended periods of stagnation, may impact our business and investments in various ways. For a discussion of the potential impact of low and rising interest rates, and inflation, as well as management actions taken in response to the changing U.S. interest rate environment, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Impact of Market Interest Rates” and “Risk Factors — Economic Environment and Capital Markets Risks” included in the 2024 Annual Report.

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Competitive Pressures

See “Business — Competition” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Competitive Pressures” in the 2024 Annual Report for information on our competitive position.

Regulatory Developments

The following discussion on regulatory developments should be read in conjunction with “Business — Regulation” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Regulatory Developments” included in the 2024 Annual Report, as amended or supplemented here.

Standards of Conduct, ERISA, Fiduciary Considerations, and Other Pension and Retirement Regulation

In 2021, the U.S. Department of Labor’s (the “DOL”) final version of the prohibited transaction exemption (“PTE”) 2020-02 went into effect, which allows investment advice fiduciaries to receive compensation without violating the Employee Retirement Income Security Act of 1974 (“ERISA”), subject to impartial conduct standards and disclosure obligations aligned with U.S. Securities and Exchange Commission (“SEC”) rules. In the preamble to PTE 2020-02, the DOL also provided its interpretation of the five-part test used to determine whether a person is acting as an ERISA investment advice fiduciary. In April 2024, DOL finalized and published a regulation to change the definition of “fiduciary” for purposes of ERISA and parallel provisions of the Internal Revenue Code of 1986, as amended, when a financial professional, including an insurance producer, provides investment advice, and to amend various existing PTEs that financial professionals rely on when making recommendations. Shortly thereafter, these changes were challenged in court, and in July 2024, two federal district courts entered separate stays of the effective date of the new regulation regarding the definition of “fiduciary” and the amendments to the PTEs, pending further orders of the courts. The DOL initially appealed these stay orders but has since indicated that it no longer intends to pursue those appeals and, instead, will revisit and re-evaluate the regulation and PTE amendments. Accordingly, it is unclear when, or whether, the regulation and PTE amendments will take effect.

In March 2025, Chile enacted the pension reform bill approved by the Chilean Congress in January 2025. This reform introduces structural changes to the pension system, including mandatory bidding of 10% of pension fund administrator customer portfolios every two years beginning in 2028 and the creation of a state-owned entity to manage new pay-as-you-go-contributions. The impact of this reform on our Chilean pension business continues to be evaluated, and will depend on specific regulations that are expected to be issued during the next two years.

Management of Climate Risk and ESG

In March 2025, the SEC voted to end its defense of final rules that it had adopted in March 2024 requiring registrants to provide additional climate-related information in their registration statements and annual reports, including in their financial statements.

Derivatives Regulation and Clearing of Treasury Securities

In 2023, the SEC adopted rules to require that covered clearing agencies have policies and procedures reasonably designed to require every direct participant of the agency to submit for clearing eligible secondary market transactions in U.S. Treasury securities. Following a February 25, 2025 extension by the SEC, the rule effectively requires such participants to clear eligible cash transactions in U.S. Treasury securities beginning on December 31, 2026, and clear eligible repurchase and reverse repurchase transactions in U.S. Treasury securities beginning on June 30, 2027. As a result, certain transactions between such participants and us will be required to be cleared. The rule’s potential effect on the U.S. Treasury markets is uncertain.

Summary of Critical Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. The most critical estimates include those used in determining:

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(i)future policy benefit liabilities, market risk benefits (“MRBs”) and the accounting for reinsurance;

(ii)estimated fair values of investments in the absence of quoted market values;

(iii)investment allowance for credit loss (“ACL”) and impairments;

(iv)estimated fair values of freestanding derivatives;

(v)measurement of goodwill and related impairment;

(vi)measurement of employee benefit plan liabilities;

(vii)measurement of income taxes and the valuation of deferred tax assets; and

(viii)liabilities for litigation and regulatory matters.

In addition, the application of acquisition accounting requires the use of estimation techniques in determining the estimated fair values of assets acquired and liabilities assumed — the most significant of which relate to the aforementioned critical accounting estimates. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to our business and operations. Actual results could differ from these estimates.

The Company’s critical accounting estimates are described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Critical Accounting Estimates” and Note 1 of the Notes to the Consolidated Financial Statements in the 2024 Annual Report.

Acquisitions and Dispositions

Pending Acquisition of PineBridge Investments

For information regarding the Company’s pending acquisition of PineBridge Investments, a global asset manager, see Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements.

Business Overview & Strategy

In the fourth quarter of 2024, MetLife and General Atlantic, L.P. (“General Atlantic”) announced the formation of a life and annuity reinsurance company, Chariot Reinsurance, Ltd. (“Chariot Re”), which is expected to launch in the first half of 2025, subject to regulatory approvals and other closing conditions. MetLife will own an equity interest in Chariot Re. MetLife is targeting ceding a block of liabilities composed of structured settlement annuity contracts and group annuity contracts associated with pension risk transfers to Chariot Re. MetLife Investment Management and General Atlantic will exclusively provide global investment management services to Chariot Re.

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Results of Operations

Overview

MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. MetLife is organized into six segments: Group Benefits; Retirement and Income Solutions (“RIS”); Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. See Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s segments and Corporate & Other.

Key Financial Highlights

•Net income available to MetLife, Inc.’s common shareholders of $879 million for the three months ended March 31, 2025, compared to $800 million for the three months ended March 31, 2024.

•Adjusted earnings available to common shareholders of $1.3 billion for both the three months ended March 31, 2025 and March 31, 2024.

Consolidated Results


	Three Months Ended March 31,
		2025		2024
		(In millions)
Revenues
Premiums		$	11,723	$	10,053
Universal life and investment-type product policy fees		1,229		1,248
Net investment income		4,885		5,436
Other revenues		687		674
Net investment gains (losses)		(387)		(375)
Net derivative gains (losses)		432		(979)
Total revenues		18,569		16,057
Expenses
Policyholder benefits and claims and policyholder dividends		11,950		10,221
Policyholder liability remeasurement (gains) losses		(31)		(22)
Market risk benefit remeasurement (gains) losses		299		(694)
Interest credited to policyholder account balances		1,647		2,290
Amortization of deferred policy acquisition costs, value of business acquired and negative value of business acquired		519		502
Interest expense on debt		258		264
Other expenses, net of capitalization of deferred policy acquisition costs		2,573		2,451
Total expenses		17,215		15,012
Income (loss) before provision for income tax		1,354		1,045
Provision for income tax expense (benefit)		404		170
Net income (loss)		950		875
Less: Net income (loss) attributable to noncontrolling interests		5		8
Net income (loss) attributable to MetLife, Inc.		945		867
Less: Preferred stock dividends		66		67
Net income (loss) available to MetLife, Inc.’s common shareholders		$	879	$	800

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Three Months Ended March 31, 2025 Compared with the Three Months Ended March 31, 2024

Net income (loss) available to MetLife, Inc.’s common shareholders - Increased $79 million primarily due to the following:

Net Investment Gains (Losses)(1) - Unfavorable change of $12 million ($9 million, net of income tax):

•Higher losses on sales of fixed maturity securities

•Higher increase to the allowance for credit loss on mortgage loans

•Gains on sales of real estate investments in the prior period

Partially offset by:

•Gains on foreign currency transactions in the current period compared to losses in the prior period

Net Derivative Gains (Losses)(2) - Favorable change of $1.4 billion ($1.1 billion, net of income tax)(3):

•The U.S. dollar weakened against the Japanese yen in the current period compared to strengthened in the prior period - favorable impact to the estimated fair value of sell-U.S. dollar currency forwards

•Key equity indexes decreased in the current period compared to increased in the prior period - favorable impact to the estimated fair value of short futures, long put options and total rate of return swaps

•Long-term interest rates decreased in the current period compared to increased in the prior period - favorable impact to the estimated fair value of receiver forwards, options and swaps

Market Risk Benefit Remeasurement (Gains) Losses(4) - Unfavorable change of $993 million ($784 million, net of income tax):

•Long-term interest rates decreased in the current period compared to increased in the prior period

•Key equity indexes decreased in the current period compared to increased in the prior period

Adjusted Earnings Available to Common Shareholders(5) - Favorable change of $15 million. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”

Taxes - Unfavorable change in effective tax rate - 30% in the current period compared to 16% in the prior period:

•Current 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

•Prior period effective tax rate on income before provision for income tax was 16% compared to the U.S. statutory rate of 21% primarily due to tax benefits from:

◦The reversal of previously non-deductible losses

◦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.

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(2)See “— Derivatives — Net Derivative Gains (Losses)” for information regarding the use of derivatives to hedge market risk.

(3)Includes amounts relating to investment hedge adjustments, which are also included in adjusted earnings available to common shareholders. See “— Investments — Investment Portfolio Results” for additional information.

(4)See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s MRBs.

(5)See “— Non-GAAP and Other Financial Disclosures” for information regarding adjusted earnings and related measures.

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Reconciliation of net income (loss) to adjusted earnings available to common shareholders and premiums, fees and other revenues to adjusted premiums, fees and other revenues

Three Months Ended March 31, 2025


		Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total
		(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders		$	300	$	126	$	489	$	228	$	75	$	(56)	$	(283)	$	879
Add: Preferred stock dividends		—		—		—		—		—		—		66		66
Add: Net income (loss) attributable to noncontrolling interests		—		—		—		2		1		—		2		5
Net income (loss)		300		126		489		230		76		(56)		(215)		950
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
	Net investment gains (losses)	(25)		(210)		34		3		(3)		(59)		(127)		(387)
	Net derivative gains (losses)	(43)		(45)		170		158		(11)		116		87		432
	Premiums	4		—		—		—		—		—		—		4
	Universal life and investment-type product policy fees	—		—		—		—		—		—		—		—
	Net investment income	(17)		(17)		(140)		(41)		(96)		(47)		30		(328)
	Other revenues	—		(19)		—		—		—		36		4		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)	—		1		(1)		—		1		(301)		1		(299)
	Interest credited to policyholder account balances ("PABs")	—		—		142		(41)		96		(27)		—		170
	Capitalization of deferred policy acquisition costs (" DAC")	—		—		—		—		—		—		—		—
	Amortization of DAC, value of business acquired ("VOBA") and negative VOBA	—		—		—		—		—		—		—		—
	Interest expense on debt	—		—		—		—		—		—		—		—
	Other expenses	(3)		(35)		—		2		(1)		—		(32)		(69)
	Goodwill impairment	—		—		—		—		—		—		—		—
	Provision for income tax (expense) benefit	18		74		(134)		(2)		7		56		4		23
Adjusted earnings		$	367	$	401	$	374	$	218	$	83	$	154	$	(182)	$	1,415
Less: Preferred stock dividends		—		—		—		—		—		—		66		66
Adjusted earnings available to common shareholders		$	367	$	401	$	374	$	218	$	83	$	154	$	(248)	$	1,349

Premiums, fees and other revenues		$	6,434	$	2,411	$	1,681	$	1,513	$	668	$	816	$	116	$	13,639
Less: adjustments to premiums, fees and other revenues		4		(19)		—		—		—		36		4		25
Adjusted premiums, fees and other revenues		$	6,430	$	2,430	$	1,681	$	1,513	$	668	$	780	$	112	$	13,614

100

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Three Months Ended March 31, 2024


		Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total
		(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders		$	291	$	290	$	26	$	42	$	50	$	188	$	(87)	$	800
Add: Preferred stock dividends		—		—		—		—		—		—		67		67
Add: Net income (loss) attributable to noncontrolling interests		—		—		—		2		—		—		6		8
Net income (loss)		291		290		26		44		50		188		(14)		875
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
	Net investment gains (losses)	(24)		(121)		(131)		(3)		(37)		(286)		227		(375)
	Net derivative gains (losses)	53		68		(572)		(202)		(14)		(299)		(13)		(979)
	Premiums	—		—		—		—		—		—		—		—
	Universal life and investment-type product policy fees	—		—		—		—		—		—		—		—
	Net investment income	(20)		(78)		232		16		263		(50)		5		368
	Other revenues	—		(20)		—		—		—		39		8		27
Expenses:
	Policyholder benefits and claims and policyholder dividends	—		—		67		(33)		—		19		—		53
	Policyholder liability remeasurement (gains) losses	—		—		—		—		—		—		—		—
	Market risk benefit remeasurement gains (losses)	—		12		13		—		29		640		—		694
	Interest credited to PABs	—		1		(236)		(40)		(262)		(26)		—		(563)
	Capitalization of DAC	—		—		—		—		—		—		—		—
	Amortization of DAC, VOBA and negative VOBA	—		—		—		—		—		—		—		—
	Interest expense on debt	—		—		—		—		—		—		—		—
	Other expenses	—		—		—		2		(1)		—		(12)		(11)
	Goodwill impairment	—		—		—		—		—		—		—		—
	Provision for income tax (expense) benefit	(2)		29		230		71		(5)		(8)		(55)		260
Adjusted earnings		$	284	$	399	$	423	$	233	$	77	$	159	$	(174)	$	1,401
Less: Preferred stock dividends		—		—		—		—		—		—		67		67
Adjusted earnings available to common shareholders		$	284	$	399	$	423	$	233	$	77	$	159	$	(241)	$	1,334

Adjusted earnings available to common shareholders on a constant currency basis (1)		$	284	$	399	$	411	$	204	$	73	$	159	$	(241)	$	1,289

Premiums, fees and other revenues		$	6,330	$	793	$	1,744	$	1,496	$	620	$	880	$	112	$	11,975
Less: adjustments to premiums, fees and other revenues		—		(20)		—		—		—		39		8		27
Adjusted premiums, fees and other revenues		$	6,330	$	813	$	1,744	$	1,496	$	620	$	841	$	104	$	11,948

Adjusted premiums, fees and other revenues on a constant currency basis (1)		$	6,330	$	813	$	1,682	$	1,322	$	594	$	841	$	104	$	11,686

__________________

(1)Amounts for Group Benefits, RIS, MetLife Holdings and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.

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Consolidated Results — Adjusted Earnings Available to Common Shareholders

Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2025 increased $1.7 billion, or 14%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $1.9 billion, or 16%, compared to the prior period primarily due to growth in the pension risk transfer business in the RIS segment.


	Three Months Ended March 31,
		2025		2024
		(In millions)
Group Benefits		$	367	$	284
RIS		401		399
Asia		374		423
Latin America		218		233
EMEA		83		77
MetLife Holdings		154		159
Corporate & Other		(248)		(241)
Adjusted earnings available to common shareholders		$	1,349	$	1,334

Adjusted earnings available to common shareholders on a constant currency basis		$	1,349	$	1,289

Adjusted premiums, fees and other revenues		$	13,614	$	11,948
Adjusted premiums, fees and other revenues on a constant currency basis		$	13,614	$	11,686

Three Months Ended March 31, 2025 Compared with the Three Months Ended March 31, 2024

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings Available to Common Shareholders - Increased $15 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings available to common shareholders by $45 million, primarily in the Latin America and Asia segments

Market Factors - Decreased adjusted earnings available to common shareholders by $13 million:

•Higher interest credited expenses - higher average interest crediting rates on investment-type and certain insurance products, primarily in the RIS and Asia segments, as well as growth on long-duration products in the RIS segment

•Favorable change in market-sensitive policyholder liabilities in the Asia segment in the prior period

Substantially offset by:

•Recurring investment income increased - positive flows from pension risk transfer transactions and funding agreement issuances in the RIS segment and higher income on real estate investments, partially offset by lower yields on fixed income securities and lower income on derivatives

•Variable investment income increased - higher returns on real estate funds, partially offset by lower returns on private equity funds

Volume Growth - Increased adjusted earnings available to common shareholders by $40 million:

•Higher average invested assets, primarily in the Asia and Latin America segments

•Higher sales and business growth in the EMEA and Latin America segments

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Partially offset by:

•Increase in interest credited expenses on long-duration products, primarily in the Asia and Latin America segments

Underwriting and Other Insurance Adjustments - Increased adjusted earnings available to common shareholders by $74 million:

•Favorable mortality results, primarily in the Group Benefits segment, partially offset by lower surrender charges in the Asia segment

•Favorable change from refinements to certain insurance liabilities in both periods, primarily in the Group Benefits and MetLife Holdings segments, partially offset by favorable refinements to certain insurance liabilities in the Latin America segment in the prior period

Expenses - Decreased adjusted earnings available to common shareholders by $37 million:

•Higher legal plan utilization in the Group Benefits segment

•Higher direct expenses in the Group Benefits, Asia and EMEA segments

Partially offset by:

•Lower corporate-related expenses and lower litigation reserves in Corporate & Other

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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, 2025 increased $100 million, or 2%, compared to the prior period, primarily driven by growth in both core and voluntary products, partially offset by a decrease in premiums related to our participating life contracts, which can fluctuate with claims experience.


	Three Months Ended March 31,
		2025		2024
		(In millions)

















Adjusted earnings		$	367	$	284

Adjusted premiums, fees and other revenues		$	6,430	$	6,330

Three Months Ended March 31, 2025 Compared with the Three Months Ended March 31, 2024

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Increased $83 million primarily due to the following business drivers:

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $98 million:

•Favorable mortality - primarily due to lower claims incidence and severity in our life business

•Favorable change from refinements to certain insurance liabilities in both periods

Expenses - Decreased adjusted earnings by $26 million:

•Higher legal plan utilization and employee-related expenses, partially offset by a premium tax liability release, exceeded the corresponding increase in adjusted premiums, fees and other revenues

Retirement & Income Solutions

Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2025 increased $1.6 billion, or 199%, compared to the prior period. The increase was primarily due to growth in our pension risk transfer and United Kingdom (“U.K.”) longevity reinsurance businesses. Changes in premiums were more than offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance.


	Three Months Ended March 31,
		2025		2024
		(In millions)

















Adjusted earnings		$	401	$	399

Adjusted premiums, fees and other revenues		$	2,430	$	813

Three Months Ended March 31, 2025 Compared with the Three Months Ended March 31, 2024

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Increased $2 million primarily due to the following business drivers:

Market Factors - Decreased adjusted earnings by $17 million:

•Increase in interest credited expenses mainly driven by higher average interest crediting rates on investment-type products and growth on long-duration products

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Largely offset by:

•Recurring investment income increased - positive flows from pension risk transfer transactions and funding agreement issuances, largely offset by lower income on derivatives and lower yields on mortgage loans and fixed income securities

•Variable investment income increased - higher returns in real estate funds, partially offset by lower returns on private equity funds

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $20 million:

•Favorable mortality and unfavorable prior period refinements to certain insurance liabilities in our annuity businesses

Asia

Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2025 decreased $63 million, or 4%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, decreased $1 million, or less than 1%, compared to the prior period, as an increase in premiums in Korea was substantially offset by decreases in premiums from Japan’s accident & health and yen-denominated life products and lower fee income from Japan’s annuity and foreign currency life products.


	Three Months Ended March 31,
		2025		2024
		(In millions)

















Adjusted earnings		$	374	$	423

Adjusted earnings on a constant currency basis		$	374	$	411

Adjusted premiums, fees and other revenues		$	1,681	$	1,744
Adjusted premiums, fees and other revenues on a constant currency basis		$	1,681	$	1,682

Three Months Ended March 31, 2025 Compared with the Three Months Ended March 31, 2024

Adjusted Earnings - Decreased $49 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings by $12 million:

•Korean won, Australian dollar, and Japanese yen weakened against the U.S. dollar

Market Factors - Increased adjusted earnings by $5 million:

•Variable investment income increased - higher returns on real estate funds, partially offset by lower returns on private equity funds

•Recurring investment income increased - higher yields on fixed income securities

Largely offset by:

•Higher average interest crediting rates on investment-type and certain insurance products

•Favorable change in market-sensitive policyholder liabilities in the prior period

Volume Growth - Increased adjusted earnings by $15 million:

•Higher positive net flows resulted in higher average invested assets

Largely offset by:

•Increase in interest credited expenses on investment-type and certain insurance products

Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $25 million:

•Lower surrender charges in Japan and China

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•Unfavorable morbidity experience in Korea

Expenses - Decreased adjusted earnings by $14 million:

•Higher direct expenses and corporate overhead expenses

Taxes - Decreased adjusted earnings by $20 million:

•Unfavorable change in Japan - impact from a tax rate change in the current period

•Unfavorable change in Korea - tax benefits due to a tax audit settlement in the prior period

Latin America

Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2025 increased $17 million, or 1%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $191 million, or 14%, compared to the prior period, mainly driven by strong sales and solid persistency across the region.


	Three Months Ended March 31,
		2025		2024
		(In millions)


















Adjusted earnings		$	218	$	233

Adjusted earnings on a constant currency basis		$	218	$	204

Adjusted premiums, fees and other revenues		$	1,513	$	1,496
Adjusted premiums, fees and other revenues on a constant currency basis		$	1,513	$	1,322

Three Months Ended March 31, 2025 Compared with the Three Months Ended March 31, 2024

Adjusted Earnings - Decreased $15 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings by $29 million:

•Mexican peso weakened against the U.S. dollar

Market Factors - Decreased adjusted earnings by $8 million:

•Recurring investment income decreased - lower returns on our Chilean encaje within fair value option (“FVO”) securities, driven by a decrease in bond index returns, and lower yields on fixed income securities

Partially offset by:

•Favorable impact of higher inflation, primarily in Chile

•Variable investment income increased - higher returns on private equity funds

Volume Growth - Increased adjusted earnings by $28 million:

•Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets

•Higher sales, primarily in Mexico

Partially offset by:

•Increase in interest credited expenses on long-duration products

Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $20 million:

•Favorable refinements to certain insurance liabilities primarily in Chile and Mexico in the prior period

Taxes - Increased adjusted earnings by $14 million:

•Income tax refund in Chile

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•Tax adjustments in both periods - recurring tax item related to inflation in Chile and Mexico

EMEA

Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2025 increased $48 million, or 8%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $74 million, or 12%, compared to the prior period primarily due to increases in our (i) corporate solutions business in the Gulf, the U.K. and Egypt, (ii) credit life business in Turkey and Romania, and (iii) accident & health and ordinary life businesses across the region, as well as our pension business in Turkey.


	Three Months Ended March 31,
		2025		2024
		(In millions)


















Adjusted earnings		$	83	$	77

Adjusted earnings on a constant currency basis		$	83	$	73

Adjusted premiums, fees and other revenues		$	668	$	620
Adjusted premiums, fees and other revenues on a constant currency basis		$	668	$	594

Three Months Ended March 31, 2025 Compared with the Three Months Ended March 31, 2024

Adjusted Earnings - Increased $6 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings by $4 million:

•Turkish lira, euro and Egyptian pound 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 $16 million:

•Increase in sales and business growth:

◦Credit life and pension businesses in Turkey

◦Accident & health and ordinary life businesses across the region

◦Corporate solutions business in the Gulf, the U.K. and Egypt

Underwriting and Other Insurance Adjustments - No change to adjusted earnings:

•Favorable underwriting experience across the region

Offset by:

•Favorable change from refinements to certain insurance liabilities in the prior period

Expenses - Decreased adjusted earnings by $13 million:

•Higher direct expenses, including employee-related costs and various other operating expenses across the region

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MetLife Holdings

Business Overview. The MetLife Holdings segment consists of operations relating to products and businesses, previously included in our former retail business, that we no longer actively market in the U.S. As anticipated, adjusted premiums, fees and other revenues continue to decline from expected business run-off.


	Three Months Ended March 31,
		2025		2024
		(In millions)

















Adjusted earnings		$	154	$	159

Adjusted premiums, fees and other revenues		$	780	$	841

Three Months Ended March 31, 2025 Compared with the Three Months Ended March 31, 2024

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Decreased $5 million primarily due to the following business drivers:

Market Factors - Decreased adjusted earnings by $3 million:

•Recurring investment income decreased - lower average invested assets due to business run-off and lower income on derivatives, largely offset by higher income on real estate investments, as well as higher yields on fixed income securities and mortgage loans

Substantially offset by:

•Decrease in interest credited expenses on long-duration products

Volume Growth - Decreased adjusted earnings by $10 million, consistent with business run-off

Underwriting and Other Insurance Adjustments - Increased adjusted earnings slightly:

•Unfavorable reserve refinement in the prior period, partially offset by lower fees in our annuity business in the current period

Largely offset by:

•Unfavorable morbidity experience in our long-term care business

Expenses - Increased adjusted earnings by $5 million, consistent with business run-off

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Corporate & Other


	Three Months Ended March 31,
		2025		2024
		(In millions)



















Adjusted earnings available to common shareholders		$	(248)	$	(241)

Adjusted premiums, fees and other revenues		$	112	$	104

The table below presents adjusted earnings available to common shareholders by source:


	Three Months Ended March 31,
		2025		2024
		(In millions)
Business activities		$	9	$	6
Net investment income		78		102
Interest expense on debt		(258)		(265)
Corporate initiatives and projects		(10)		(6)
Other		(66)		(81)
Provision for income tax (expense) benefit and other tax-related items		65		70
Preferred stock dividends		(66)		(67)
Adjusted earnings available to common shareholders		$	(248)	$	(241)

Three Months Ended March 31, 2025 Compared with the Three Months Ended March 31, 2024

Adjusted Earnings Available to Common Shareholders - Decreased $7 million primarily due to the following:

Net Investment Income - Decreased adjusted earnings available to common shareholders by $19 million:

•Recurring investment income decreased - lower yields on fixed income securities and lower average invested assets, partially offset by higher income on real estate investments

Interest Expense on Debt - Increased adjusted earnings available to common shareholders by $6 million:

•Senior note repayment at maturity in April 2024

•Decreased interest expense on surplus notes

Partially offset by:

•Senior note issuances in March 2024, June 2024 and September 2024

•Subordinated debt securities issuance in March 2025

Other - Increased adjusted earnings available to common shareholders by $12 million:

•Lower corporate-related expenses

•Lower litigation reserves

Taxes - Unfavorable change in Corporate & Other’s taxes:

• Less favorable tax adjustments related to foreign operations

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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 appropriate level of diversification and asset quality.

We manage our investment portfolio using disciplined asset/liability management (“ALM”) principles, focusing on cash flow and duration to support our current and future liabilities. Our intent is to match the timing and amount of liability cash outflows with invested assets that have cash inflows of comparable timing and amount, while optimizing risk-adjusted investment income and risk-adjusted total return. Our investment portfolio is heavily weighted toward fixed income investments, with the vast majority of our portfolio invested in fixed maturity securities available-for-sale (“AFS”) and mortgage loans. These securities and loans have varying maturities and other characteristics which cause them to be generally well suited for matching the cash flow and duration of insurance liabilities.

Invested Assets and Cash and Cash Equivalents Subject to Ceded Reinsurance with Third Parties

The Company maintains invested assets and cash and cash equivalents that are subject to ceded reinsurance arrangements with third parties. “Reinsurance adjustments” relate to balances subject to ceded reinsurance arrangements with third parties and the related investment returns and other expenses which are passed through to the third-party reinsurers. Reinsurance adjustments, unless otherwise stated, have been excluded from the amounts within the Investments sections of Management’s Discussion and Analysis of Financial Condition and Results of Operations. See 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 2024 Annual Report for more information about Reinsurance adjustments and reinsurance, respectively.

The following table presents the carrying value of invested assets and cash and cash equivalents subject to ceded reinsurance at:


	March 31, 2025		December 31, 2024
	(In millions)
Fixed maturity securities AFS:
U.S. corporate	$	879	$	790
Foreign corporate	444		405
Foreign government	361		355
Residential mortgage-backed securities (“RMBS”)	325		286
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)	250		201
Commercial mortgage-backed securities (“CMBS”)	187		165
Municipals	140		111
U.S. government and agency	340		78
Total fixed maturity securities AFS	2,926		2,391
Net mortgage loans:
Commercial	82		82
Residential	—		3
Net mortgage loans	82		85
Other limited partnership interests	12		11
Short-term investments, cash and cash equivalents	7		206
Total invested assets and cash and cash equivalents subject to ceded reinsurance	$	3,027	$	2,693

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Current Environment

As a global insurance company, we continue to be impacted by the changing global financial and economic environment, the fiscal and monetary policy of governments and central banks around the world and other governmental measures. Global inflation, supply chain disruptions, acts of war and banking sector volatility continue to impact the global economy and financial markets and have caused volatility in the global equity, credit and real estate markets. See “— Industry Trends — Financial and Economic Environment” for further information regarding conditions in the global financial markets and the economy generally which may affect us. These factors may persist for some time and may continue to impact pricing levels of risk-bearing investments, as well as our business operations, investment portfolio and derivatives. See “— Results of Operations — Consolidated Results” and “— Results of Operations — Consolidated Results — Adjusted Earnings Available to Common Shareholders” for impacts on our derivatives and analysis of the period over period changes in investment portfolio results and “Investments — Fixed Maturity Securities AFS — Evaluation of Fixed Maturity Securities AFS for Credit Loss — Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position” in Note 10 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, 2025
Country	Sovereign (1)			Financial Services			Non-Financial Services			Total (2)
	(Dollars in millions)




Israel	$	99		$	27		$	96		$	222

Ukraine	18			—			2			20
Russian Federation	14			—			—			14


Total	$	131		$	27		$	98		$	256
Investment grade %	75.7		%	100.0		%	55.3		%	70.4		%

__________________

(1)Sovereign includes government and agency.

(2)The par value, amortized cost, net of ACL, and estimated fair value of these securities were $320 million, $287 million and $256 million, respectively, at March 31, 2025.

We manage direct and indirect investment exposure in the selected countries through fundamental analysis and we continually monitor and adjust our level of investment exposure. We do not expect that our general account investments in these countries will have a material adverse effect on our results of operations or financial condition.

Investment Portfolio Results

See “— Overview” for a discussion of our investment portfolio and a summary of how we manage our investment portfolio. The following tables present 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


	For the Three Months Ended March 31,
	2025		2024
	(In millions)
Net investment income — GAAP	$	4,885	$	5,436
Investment hedge adjustments	103		176
Unit-linked investment income and Reinsurance adjustments	184		(542)
Other	41		(2)
Adjusted net investment income (1)	$	5,213	$	5,068

__________________

(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


	For the Three Months Ended March 31,
	2025				2024
Asset Class	Yield % (1)		Amount		Yield % (1)		Amount
	(Dollars in millions)
Fixed maturity securities (2), (3)	4.36	%	$	3,259	4.38	%	$	3,200
Net mortgage loans (3), (4)	5.21		1,056		5.25		1,100
Real estate and real estate joint ventures	4.01		134		(2.74)		(90)
Policy loans	5.38		107		5.56		113
Equity securities	6.16		9		5.48		7
Other limited partnership interests	6.22		222		8.27		301
Cash and short-term investments	4.42		224		5.32		246
Other invested assets	—		365		—		348
Investment income	4.82		5,376		4.75		5,225
Investment fees and expenses	(0.15)		(162)		(0.14)		(157)
Net investment income including divested businesses (5)	4.67	%	$	5,214	4.61	%	$	5,068
Less: net investment income from divested businesses (5)			1				—
Adjusted net investment income			$	5,213			$	5,068

__________________

(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains (losses) from sales and disposals, and includes the impact of changes in foreign currency exchange rates. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for third parties, invested assets and cash and cash equivalents subject to ceded reinsurance with third parties, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

(2)Fixed maturity securities in the yield table includes FVO securities; accordingly, investment income (loss) from fixed maturity securities includes amounts from FVO securities of ($20) million and $85 million for the three months ended March 31, 2025 and 2024, respectively, and FVO securities asset carrying values 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 net mortgage loans includes prepayment fees.

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(4)Investment income from net mortgage loans excludes investment income from mortgage loans originated for third parties, respectively. See “— Net Mortgage Loans.”

(5)See “Financial Measure and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for a discussion of divested businesses.

See “— Results of Operations — Consolidated Results — Adjusted Earnings Available to Common Shareholders” for an analysis of the period over period changes in investment portfolio results.

Net Investment Gains (Losses)

We purchase investments to support our insurance liabilities and not to generate net investment gains and losses. However, net investment gains and losses are incurred and can change significantly from period to period due to changes in external influences, including changes in market factors such as interest rates, foreign currency exchange rates, credit spreads and equity markets; counterparty specific factors such as financial performance, credit rating and collateral valuation; and internal factors such as portfolio rebalancing. Changes in these factors from period to period can significantly impact the levels of provision for credit loss and impairments on our investment portfolio, as well as realized gains and losses on investments sold.

See “— Results of Operations — Consolidated Results” for an analysis of the period over period changes in realized gains (losses) on investments sold, provision (release) for credit loss and impairments and non-investment portfolio gains (losses).

Fixed Maturity Securities AFS and Equity Securities

The following table presents public and private fixed maturity securities AFS and equity securities held at:


	March 31, 2025					December 31, 2024
Securities by Type	Estimated Fair Value			% of Total		Estimated Fair Value			% of Total
	(Dollars in millions)
Fixed maturity securities AFS
Publicly traded	$	208,282		72.1	%	$	201,259		72.2	%
Privately-placed	80,527			27.9		77,393			27.8
Total fixed maturity securities AFS excluding Reinsurance adjustments	$	288,809		100.0	%	$	278,652		100.0	%
Reinsurance adjustments	2,926					2,391
Total fixed maturity securities AFS	$	291,735				$	281,043
Percentage of cash and invested assets excluding Reinsurance adjustments	61.6		%			60.7		%
Equity securities
Publicly traded	$	496		66.4	%	$	474		66.6	%
Privately-held	251			33.6		238			33.4
Total equity securities	$	747		100.0	%	$	712		100.0	%
Percentage of cash and invested assets	0.2		%			0.2		%

See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information about fixed maturity securities AFS by sector, contractual maturities, continuous gross unrealized losses and equity securities by security type and the related cost, net unrealized gains (losses) and estimated fair value of these securities; as well as realized gains (losses) on sales and disposals and unrealized net gains (losses) recognized in earnings.

Included within fixed maturity securities AFS are structured securities, including RMBS, ABS & CLO, and CMBS (collectively, “Structured Products”). See “— Structured Products” for further information.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Valuation of Securities” included in the 2024 Annual Report for further information on the processes used to value securities and the related controls.

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Fair Value of Fixed Maturity Securities AFS and Equity Securities

Fixed maturity securities AFS and equity securities measured at estimated fair value on a recurring basis and their corresponding fair value pricing sources were as follows:


	March 31, 2025
Level	Fixed Maturity Securities AFS				Equity Securities
	(Dollars in millions)
Level 1
Quoted prices in active markets for identical assets	$	16,040	5.6	%	$	424	56.8	%
Level 2
Independent pricing sources	$	241,030	83.4	%	$	72	9.6	%
Internal matrix pricing or discounted cash flow techniques	—		—		3		0.4
Significant other observable inputs	$	241,030	83.4	%	$	75	10.0	%
Level 3
Independent pricing sources	$	28,491	9.9	%	$	37	5.0	%
Internal matrix pricing or discounted cash flow techniques	2,675		0.9		207		27.7
Independent broker quotations	573		0.2		4		0.5
Significant unobservable inputs	$	31,739	11.0	%	$	248	33.2	%
Total at estimated fair value excluding Reinsurance adjustments	$	288,809	100.0	%	$	747	100.0	%
Reinsurance adjustments	2,926				—
Total at estimated fair value excluding Reinsurance adjustments	$	291,735			$	747

See Note 12 of the Notes to the Interim Condensed Consolidated Financial Statements for the fixed maturity securities AFS and equity securities fair value hierarchy; a rollforward of the fair value measurements for securities measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs; transfers into and/or out of Level 3; and further information about the valuation approaches and inputs by level by major classes of invested assets that affect the amounts reported above.

The majority of the Level 3 fixed maturity securities AFS and equity securities were concentrated in three sectors at March 31, 2025: foreign corporate securities, U.S. corporate securities and RMBS. During the three months ended March 31, 2025, Level 3 fixed maturity securities AFS decreased by $2.8 billion, or 8.2%. The decrease was driven by transfers out of Level 3 in excess of transfers into Level 3, partially offset by purchases in excess of sales.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Valuation of Securities” included in the 2024 Annual Report for further information on the estimates and assumptions that affect the amounts reported above.

Fixed Maturity Securities AFS

See Notes 1 and 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information about fixed maturity securities AFS by sector, contractual maturities and continuous gross unrealized losses.

Fixed Maturity Securities AFS Credit Quality — Ratings

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Fixed Maturity Securities AFS Credit Quality — Ratings” included in the 2024 Annual Report for a discussion of the credit quality ratings assigned by Nationally Recognized Statistical Rating Organizations (“NRSRO”), credit quality designations and designation categories assigned by the Securities Valuation Office of the 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, 2025								December 31, 2024
NRSRO Rating	NAIC Designation	Amortized 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/A	1	$	218,417	$	(18,949)	$	199,468	69.1	%	$	212,723	$	(20,624)	$	192,099	68.9	%
Baa	2	81,228		(4,116)		77,112		26.7		79,308		(4,963)		74,345		26.7
Subtotal investment grade		299,645		(23,065)		276,580		95.8		292,031		(25,587)		266,444		95.6
Ba	3	8,809		(135)		8,674		3.0		8,834		(154)		8,680		3.1
B	4	3,419		(221)		3,198		1.1		3,279		(244)		3,035		1.1
Caa and lower	5	342		(51)		291		0.1		478		(53)		425		0.2
In or near default	6	87		(21)		66		—		106		(38)		68		—
Subtotal below investment grade		12,657		(428)		12,229		4.2		12,697		(489)		12,208		4.4
Total fixed maturity securities AFS excluding Reinsurance adjustments		$	312,302	$	(23,493)	$	288,809	100.0	%	$	304,728	$	(26,076)	$	278,652	100.0	%
Reinsurance adjustments		3,035		(109)		2,926				2,533		(142)		2,391
Total fixed maturity securities AFS		$	315,337	$	(23,602)	$	291,735			$	307,261	$	(26,218)	$	281,043

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The following tables present total fixed maturity securities AFS, at estimated fair value, by sector and by NRSRO rating, except for non-agency RMBS and CMBS, which are presented using NAIC designations for modeled securities. In addition, in the following table, the applicable NAIC designation from the NAIC published comparison of the NRSRO ratings to NAIC designations is provided.


	Fixed Maturity Securities AFS — by Sector & Credit Quality Rating
NRSRO Rating	Aaa/Aa/A			Baa			Ba			B			Caa and Lower			In or Near Default			Total Estimated Fair Value
NAIC Designation	1			2			3			4			5			6
	(Dollars in millions)
March 31, 2025
U.S. corporate	$	41,516		$	33,883		$	3,276		$	1,426		$	185		$	30		$	80,316
Foreign corporate	18,754			32,716			3,199			366			37			11			55,083
Foreign government	32,296			5,610			1,628			1,311			30			17			40,892
RMBS	37,452			1,419			162			37			9			4			39,083
U.S. government and agency	33,166			369			—			—			—			—			33,535
ABS & CLO	17,404			2,887			388			42			25			2			20,748
Municipals	9,560			186			18			—			—			—			9,764
CMBS	9,320			42			3			16			5			2			9,388
Total fixed maturity securities AFS excluding Reinsurance adjustments	$	199,468		$	77,112		$	8,674		$	3,198		$	291		$	66		$	288,809
Percentage of total	69.1		%	26.7		%	3.0		%	1.1		%	0.1		%	—		%	100.0		%
Reinsurance adjustments	2,017			867			36			—			6			—			2,926
Total fixed maturity securities AFS	$	201,485		$	77,979		$	8,710		$	3,198		$	297		$	66		$	291,735
December 31, 2024
U.S. corporate	$	40,319		$	33,271		$	3,458		$	1,282		$	222		$	32		$	78,584
Foreign corporate	18,419			31,264			3,157			375			124			15			53,354
Foreign government	31,927			5,078			1,529			1,302			46			13			39,895
RMBS	32,860			1,144			81			38			8			4			34,135
U.S. government and agency	32,982			368			—			—			—			—			33,350
ABS & CLO	16,927			2,993			405			38			25			2			20,390
Municipals	9,557			183			22			—			—			—			9,762
CMBS	9,108			44			28			—			—			2			9,182
Total fixed maturity securities AFS excluding Reinsurance adjustments	$	192,099		$	74,345		$	8,680		$	3,035		$	425		$	68		$	278,652
Percentage of total	68.9		%	26.7		%	3.1		%	1.1		%	0.2		%	—		%	100.0		%
Reinsurance adjustments	1,592			783			10			—			6			—			2,391
Total fixed maturity securities AFS	$	193,691		$	75,128		$	8,690		$	3,035		$	431		$	68		$	281,043

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U.S. and Foreign Corporate Fixed Maturity Securities AFS

We maintain a broadly diversified portfolio of corporate fixed maturity securities AFS across many industries and issuers. This portfolio did not have any exposure to any single issuer in excess of 1% of total investments at either March 31, 2025 or December 31, 2024. The top 10 holdings comprised 1% of total investments at both March 31, 2025 and December 31, 2024. The table below presents our U.S. and foreign corporate securities portfolios by industry at:


	March 31, 2025				December 31, 2024
Industry	Estimated Fair Value		% of Total		Estimated Fair Value		% of Total
	(Dollars in millions)
Finance	$	30,844	22.8	%	$	30,381	23.1	%
Consumer (cyclical and non-cyclical)	27,646		20.4		26,823		20.3
Utility	25,539		18.9		25,029		19.0
Industrial (basic, capital goods and other)	15,278		11.3		14,681		11.1
Transportation	12,597		9.3		12,208		9.3
Communications	9,659		7.1		9,536		7.2
Energy	7,726		5.7		7,411		5.6
Technology	4,569		3.4		4,359		3.3
Other	1,541		1.1		1,510		1.1
Total excluding Reinsurance adjustments	$	135,399	100.0	%	$	131,938	100.0	%
Reinsurance adjustments	1,323				1,195
Total U.S. and Foreign Corporate fixed maturity securities AFS	$	136,722			$	133,133

Structured Products

Our investments in Structured Products are collateralized by residential mortgages, commercial mortgages, bank loans and other assets. Our investment selection criteria and monitoring include review of credit ratings, characteristics of the assets underlying the securities, borrower characteristics and the level of credit enhancement. We held $69.2 billion and $63.7 billion of Structured Products, at estimated fair value, at March 31, 2025 and December 31, 2024, respectively, as presented in the RMBS, ABS & CLO and CMBS sections below.

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RMBS

Our RMBS portfolio is broadly diversified by security type and risk profile. The following table presents our RMBS portfolio by security type, risk profile and ratings profile at:


	March 31, 2025						December 31, 2024
	Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)		Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)
	(Dollars in millions)
Security type
Collateralized mortgage obligations	$	25,472	65.2	%	$	(920)	$	21,568	63.2	%	$	(1,370)
Pass-through mortgage-backed securities	13,611		34.8		(1,045)		12,567		36.8		(1,294)
Total RMBS excluding Reinsurance adjustments	$	39,083	100.0	%	$	(1,965)	$	34,135	100.0	%	$	(2,664)
Reinsurance adjustments	325				4		286				1
Total RMBS	$	39,408			$	(1,961)	$	34,421			$	(2,663)
Risk profile
Agency	$	23,692	60.6	%	$	(1,555)	$	20,660	60.5	%	$	(2,058)
Non-Agency
Prime and prime investor	7,265		18.6		(267)		6,390		18.7		(374)
Non-qualified residential mortgage (“NQM”) and alternative (“Alt-A”)	1,693		4.3		(14)		1,699		5.0		(37)
Reperforming and sub-prime	3,676		9.4		(124)		3,579		10.5		(173)
Other (1)	2,757		7.1		(5)		1,807		5.3		(22)
Subtotal Non-Agency	15,391		39.4	%	(410)		13,475		39.5	%	(606)
Total RMBS excluding Reinsurance adjustments	$	39,083	100.0	%	$	(1,965)	$	34,135	100.0	%	$	(2,664)
Reinsurance adjustments	325				$	4	286				1
Total RMBS	$	39,408			$	(1,961)	$	34,421			$	(2,663)
Ratings profile
Rated Aaa and Aa	$	33,847	86.6	%			$	29,158	85.4	%
Designated NAIC 1	$	37,454	95.8	%			$	32,860	96.3	%

__________________

(1)Other Non-Agency RMBS are broadly diversified across several subsectors and issuers, including securities collateralized by the following mortgage loan types: single family rental, early buyout securitization and small business commercial.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Structured Products — RMBS” included in the 2024 Annual Report for further information about collateralized mortgage obligations and pass-through mortgage-backed securities, as well as agency, prime, prime investor, NQM, Alt-A, reperforming and sub-prime mortgage-backed securities.

We manage our exposure to reperforming and sub-prime RMBS holdings by focusing primarily on senior tranche securities, stress testing the portfolio with severe loss assumptions and closely monitoring the performance of the portfolio. Our reperforming RMBS are generally newer vintage securities and higher quality at purchase and the vast majority are investment grade under NAIC designations (e.g., NAIC 1 and NAIC 2). Our sub-prime RMBS portfolio consists predominantly of securities that were purchased at significant discounts to par value and discounts to the expected principal recovery value of these securities, and the vast majority are investment grade under NAIC designations.

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ABS & CLO

Our non-mortgage loan-backed structured securities are comprised of two broad categories of securitizations: ABS & CLO. These portfolios are broadly diversified by collateral type and issuer. The following table presents our ABS & CLO portfolios by collateral type and ratings profile at:


	March 31, 2025						December 31, 2024
	Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)		Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)
	(Dollars in millions)
ABS
Collateral type
Digital infrastructure	$	2,061	9.9	%	$	(9)	$	1,938	9.5	%	$	(22)
Vehicle and equipment loans	1,484		7.2		(11)		1,328		6.5		(1)
Consumer loans	1,294		6.2		(22)		1,173		5.8		(34)
Credit card	1,128		5.4		6		1,122		5.5		7

Franchise	764		3.7		(31)		816		4.0		(35)
Student loans	681		3.3		(26)		671		3.3		(37)
Other (1)	6,345		30.6		(175)		6,197		30.4		(263)
Total	13,757		66.3	%	(268)		13,245		65.0	%	(385)
CLO (2)	6,991		33.7	%	—		7,145		35.0	%	11
Total ABS & CLO excluding Reinsurance adjustments	$	20,748	100.0	%	$	(268)	$	20,390	100.0	%	$	(374)
Reinsurance adjustments	250				2		201				1
Total ABS & CLO	$	20,998			$	(266)	$	20,591			$	(373)
ABS ratings profile
Rated Aaa and Aa	$	4,313	31.4	%			$	3,977	30.0	%
Designated NAIC 1	$	11,037	80.2	%			$	10,366	78.3	%
CLO ratings profile
Rated Aaa and Aa	$	5,149	73.7	%			$	5,313	74.4	%
Designated NAIC 1	$	6,343	90.7	%			$	6,386	89.4	%
ABS & CLO ratings profile
Rated Aaa and Aa	$	9,462	45.1	%			$	9,290	45.6	%
Designated NAIC 1	$	17,380	82.8	%			$	16,752	82.2	%

_________________

(1)Other ABS are broadly diversified across several subsectors and issuers, including securities with the following collateral types: foreign residential loans, transportation equipment and renewable energy.

(2)Includes primarily securities collateralized by broadly syndicated bank loans.

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CMBS

Our CMBS portfolio is comprised primarily of conduit, single asset and single borrower securities. Conduit securities are collateralized by many commercial mortgage loans and are broadly diversified by property type, borrower and geography. The following tables present our CMBS portfolio by collateral type and ratings profile at:


	March 31, 2025						December 31, 2024
	Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)		Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)
	(Dollars in millions)
Collateral type
Conduit	$	4,936	52.5	%	$	(238)	$	5,097	55.5	%	$	(325)
Single asset and single borrower	2,308		24.6		(64)		2,197		23.9		(75)
Agency	919		9.8		(99)		715		7.8		(116)
Commercial real estate collateralized loan obligations	222		2.4		(1)		249		2.7		(1)
Other	1,003		10.7		(12)		924		10.1		20
Total CMBS excluding Reinsurance adjustments	$	9,388	100.0	%	$	(414)	$	9,182	100.0	%	$	(497)
Reinsurance adjustments	187				1		165				3
Total CMBS	$	9,575			$	(413)	$	9,347			$	(494)
Ratings profile
Rated Aaa and Aa	$	7,615	81.1	%			$	7,467	81.3	%
Designated NAIC 1	$	9,320	99.3	%			$	9,108	99.2	%

Evaluation of Fixed Maturity Securities AFS for Credit Loss, Rollforward of Allowance for Credit Loss and Credit Loss on Fixed Maturity Securities AFS Recognized in Earnings

See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information about the evaluation of fixed maturity securities AFS for credit loss, rollforward of the ACL, net credit loss provision (release) and impairment (losses), as well as realized gains (losses) on sales and disposals of fixed maturity securities AFS at and for the three months ended March 31, 2025.

Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs

We participate in securities lending transactions, repurchase agreements and third-party custodian administered programs with unaffiliated financial institutions in the normal course of business for the purpose of enhancing the total return on our investment portfolio.

Securities lending transactions and repurchase agreements: We account for these arrangements as secured borrowings and record a liability in the amount of the cash received. We obtain collateral, usually cash, from the borrower, which must be returned to the borrower when the securities are returned to us. Through these arrangements, we were liable for cash collateral under our control of $14.7 billion and $14.4 billion at March 31, 2025 and December 31, 2024, respectively, including a portion that may require the immediate return of cash collateral we hold. See Note 10 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 and Note 11 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for further information about the secured borrowings accounting and the classification of revenues and expenses.

Third-party custodian administered programs: The estimated fair value of securities we own which are loaned in connection with these programs was $591 million and $433 million at March 31, 2025 and December 31, 2024, respectively. The estimated fair value of the related non-cash collateral on deposit with third-party custodians on our behalf, which is not reflected in our interim condensed consolidated financial statements and cannot be sold or re-pledged, was $605 million and $443 million at March 31, 2025 and December 31, 2024, respectively.

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Net Mortgage Loans

Our mortgage loan investments are principally collateralized by commercial, agricultural and residential properties. The Company originates and acquires mortgage loans and, in certain cases, transfers proportional rights to cash flows of certain mortgage loans to third parties under participation agreements, which are recorded as secured borrowings. The net mortgage loan information presented herein does not include mortgage loans originated for third parties and the related ACL. See Notes 1 and 10 of the Notes to the Interim Condensed Consolidated Financial Statements for further information.

Net mortgage loans carried at amortized cost and the related ACL are summarized as follows at:


	March 31, 2025									December 31, 2024
Portfolio Segment		Amortized Cost (1)		% of Total		ACL (1)		ACL as % of Amortized Cost		Amortized Cost (1)		% of Total		ACL (1)		ACL as % of Amortized Cost
		(Dollars in millions)
Commercial		$	47,890	58.8	%	$	589	1.2	%	$	48,967	59.6	%	$	461	0.9	%
Agricultural		18,779		23.1		93		0.5	%	19,030		23.1		83		0.4	%
Residential		14,783		18.1		189		1.3	%	14,186		17.3		179		1.3	%
Total excluding Reinsurance adjustments		81,452		100.0	%	871		1.1	%	82,183		100.0	%	723		0.9	%
Reinsurance adjustments		82				—				85				—
Net mortgage loans		$	81,534			$	871			$	82,268			$	723

_________________

(1)Does not include mortgage loans originated for third parties of $7.4 billion at amortized cost ($7.1 billion commercial and $309 million agricultural) or the related ACL of $110 million at March 31, 2025, and $7.5 billion at amortized cost ($7.2 billion commercial and $283 million agricultural) or the related ACL of $77 million at December 31, 2024.

We diversify our mortgage loan investments by both geographic region and property type to reduce the risk of concentration. Of our net commercial and agricultural mortgage loans carried at amortized cost, 87% are collateralized by properties located in the U.S., with the remaining 13% collateralized by properties located primarily in Mexico, the U.K. and Australia at March 31, 2025. The carrying values of our net commercial and agricultural mortgage loans collateralized by properties located in California, New York and Texas were 16%, 9% and 6%, respectively, of total net commercial and agricultural mortgage loans at March 31, 2025. Additionally, we manage risk when originating commercial and agricultural mortgage loan investments by generally lending up to 75% of the estimated fair value of the underlying real estate collateral.

We manage our residential mortgage loans carried at amortized cost in a similar manner to reduce risk of concentration, with 91% collateralized by properties located in the U.S., and the remaining 9% collateralized by properties located in Chile, at March 31, 2025. The carrying values of our residential mortgage loans located in California, Florida and New York were 33%, 10% and 7%, respectively, of total residential mortgage loans at March 31, 2025.

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Net Commercial Mortgage Loans by Geographic Region and Property Type. Net commercial mortgage loans are the largest mortgage loan portfolio segment. The tables below present, at amortized cost, the diversification of these investments across geographic regions and property types:


	March 31, 2025				December 31, 2024
	Amount		% of Total		Amount		% of Total
	(Dollars in millions)
Region
Pacific	$	8,677	18.1	%	$	8,738	17.8	%
Non-U.S.	7,802		16.3		7,901		16.1
Middle Atlantic	6,877		14.4		6,938		14.2
South Atlantic	5,796		12.1		5,890		12.0
West South Central	3,214		6.7		3,228		6.6
New England	2,501		5.2		2,680		5.5
Mountain	2,455		5.1		2,317		4.7
East North Central	1,453		3.0		1,453		3.0
East South Central	481		1.0		481		1.0
West North Central	408		0.9		410		0.8
Multi-Region and Other	8,226		17.2		8,931		18.3
Total amortized cost excluding Reinsurance adjustments	$	47,890	100.0	%	$	48,967	100.0	%
Reinsurance adjustments	82				82
Total	$	47,972			$	49,049
Less: ACL	589				461
Carrying value, net of ACL	$	47,383			$	48,588
Property Type
Office	$	18,134	37.9	%	$	18,269	37.3	%
Apartment	10,549		22.0		10,472		21.4
Retail	6,502		13.6		6,612		13.5
Single Family Rental	4,844		10.1		5,355		10.9
Industrial	4,506		9.4		4,999		10.2
Hotel	3,268		6.8		3,178		6.5
Other	87		0.2		82		0.2
Total amortized cost excluding Reinsurance adjustments	47,890		100.0	%	48,967		100.0	%
Reinsurance adjustments	82				82
Total	$	47,972			$	49,049
Less: ACL	589				461
Carrying value, net of ACL	$	47,383			$	48,588

Our commercial mortgage loan investments are well positioned with exposures concentrated in high quality underlying properties located in primary markets typically with institutional investors who are better positioned to manage their assets during periods of market volatility. Our portfolio is comprised primarily of lower risk loans with higher debt service coverage ratios (“DSCR”) and lower loan-to-value (“LTV”) ratios, as shown below.

Credit Quality — Monitoring Process. We monitor our mortgage loan investments on an ongoing basis, including a review by credit quality indicator and by the performance indicators of current, past due, restructured and under foreclosure. See below for further information on net mortgage loans by credit quality indicator. See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for further information by performance indicator.

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We review our commercial mortgage loan investments on an ongoing basis. These reviews may include an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. The monitoring process for agricultural mortgage loan investments is generally similar, with a focus on higher risk loans, such as loans with higher LTV ratios. Agricultural mortgage loan investments are reviewed on an ongoing basis which include property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, including reviews on a geographic and property-type basis. We review our residential mortgage loan investments on an ongoing basis, with a focus on higher risk loans, such as nonperforming loans. See Notes 1 and 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information on our evaluation of residential mortgage loan investments and related ACL methodology.

LTV ratios and DSCR are common measures in the assessment of the quality of commercial mortgage loan investments. LTV ratios are a common measure in the assessment of the quality of agricultural mortgage loan investments. LTV ratios compare the amount of the loan to the estimated fair value of the underlying collateral. An LTV ratio greater than 100% indicates that the loan amount is greater than the collateral value. An LTV ratio of less than 100% indicates an excess of collateral value over the loan amount. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. For our net commercial mortgage loans, our average LTV ratio was 69% at both March 31, 2025 and December 31, 2024 and our average DSCR was 2.1x at both March 31, 2025 and December 31, 2024. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of our ongoing review of our commercial mortgage loan investments. For our net agricultural mortgage loans, our average LTV ratio was 46% at both March 31, 2025 and December 31, 2024. The values utilized in calculating our agricultural mortgage loan investments LTV ratio are developed in connection with the ongoing review of our portfolio and are routinely updated.

The distribution of our net commercial mortgage loan portfolios totaling $47.9 billion at amortized cost at March 31, 2025 by key credit quality indicators of LTV and DSCR was as follows:




	March 31, 2025
	DSCR
LTV	> 1.2x		1.0-1.2x		< 1.0x		Total
<65%	46.5	%	2.9	%	1.4	%	50.8	%
65% - 75%	17.3	%	1.3	%	0.7	%	19.3	%
76% - 80%	5.5	%	0.1	%	0.5	%	6.1	%
>80%	16.1	%	3.7	%	4.0	%	23.8	%
Total	85.4	%	8.0	%	6.6	%	100.0	%

The distribution of our net agricultural mortgage loan portfolios totaling $18.8 billion at amortized cost at March 31, 2025 by the key credit quality indicator of LTV was as follows:





	March 31, 2025
LTV	Total
<65%	92.4	%
65% - 75%	7.1	%
76% - 80%	0.2	%
>80%	0.3	%
Total	100.0	%

Mortgage Loan Allowance for Credit Loss. Our ACL is established for both pools of loans with similar risk characteristics and for mortgage loan investments with dissimilar risk characteristics, such as collateral dependent loans, individually and on a loan specific basis. We record an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loan investments that the Company does not expect to collect, resulting in mortgage loan investments being presented at the net amount expected to be collected.

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In determining our ACL, management (i) pools mortgage loans that share similar risk characteristics, (ii) considers expected lifetime credit loss over contractual terms of mortgage loans, as adjusted for expected prepayments and any extensions, and (iii) considers past events and current and forecasted economic conditions. Actual credit loss realized could be different from the amount of the ACL recorded. These evaluations and assessments are revised as conditions change and new information becomes available, which can cause the ACL to increase or decrease over time as such evaluations are revised. Negative credit migration, including an actual or expected increase in the level of problem loans, will result in an increase in the ACL. Positive credit migration, including an actual or expected decrease in the level of problem loans, will result in a decrease in the ACL. See Notes 1 and 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information on how the ACL is established and monitored, and activity in and balances of the ACL.

Real Estate and Real Estate Joint Ventures

Our real estate investments are comprised of wholly-owned properties, and interests in both real estate joint ventures and real estate funds which invest in a wide variety of properties and property types, consisting of single and multi-property projects, and are broadly diversified across multiple property types and geographies.

The carrying value of our real estate investments was $13.5 billion and $13.3 billion at March 31, 2025 and December 31, 2024, respectively, or 2.9% of cash and invested assets at both March 31, 2025 and December 31, 2024.

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 $3.6 billion unrealized gain position at March 31, 2025.

We continuously monitor and assess our real estate investments for impairment when facts and circumstances indicate that the real estate may be impaired. As a result of our impairment analysis, we recorded an impairment loss of $1 million for the three months ended March 31, 2025. There was no impairment loss recognized on our real estate investments for the three months ended March 31, 2024.

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 10 of the Notes to the Interim Condensed Consolidated Financial Statements for a summary of our real estate investments, by income type, as well as income earned.

Other Limited Partnership Interests

Other limited partnership interests are comprised of investments in private funds, including private equity funds. At March 31, 2025 and December 31, 2024, the carrying value of other limited partnership interests was $14.1 billion and $14.4 billion. Other limited partnership interests were 3.0% and 3.1% of cash and invested assets at March 31, 2025 and December 31, 2024, respectively. Cash distributions on these investments are generated from investment gains, operating income from the underlying investments of the funds and liquidation of the underlying investments of the funds.

We use the equity method of accounting for most of our private equity funds. We generally recognize our share of a private equity fund’s earnings in net investment income on a three-month lag, which is when the information is reported to us. Accordingly, changes in equity market levels, which can impact the underlying results of these private equity funds, are recognized in earnings within our net investment income on a three-month lag.

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Other Invested Assets

The following table presents the carrying value of our other invested assets by type at:


	March 31, 2025					December 31, 2024
Asset Type	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Freestanding derivatives with positive estimated fair values	$	8,602		49.2	%	$	8,212		44.4	%
Operating joint ventures	748			4.3		2,006			10.8
Company-owned life insurance policies	1,760			10.1		1,738			9.4
Annuities funding structured settlement claims	1,249			7.1		1,248			6.7
Direct financing leases	1,283			7.3		1,228			6.6
Tax credit and renewable energy partnerships	688			3.9		714			3.9
Federal Home Loan Bank of New York (“FHLBNY”) common stock	699			4.0		699			3.8
Leveraged leases	563			3.2		623			3.4
Funds withheld	435			2.5		433			2.3
Other	1,443			8.4		1,603			8.7
Total	$	17,470		100.0	%	$	18,504		100.0	%
Percentage of cash and invested assets	3.7		%			4.0		%

__________________

See Notes 1, 11 and 12 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for information regarding freestanding derivatives with positive estimated fair values, tax credit and renewable energy partnerships, annuities funding structured settlement claims, direct financing and leveraged leases, operating joint ventures, FHLBNY common stock, and funds withheld.

Investment Commitments

We enter into the following commitments in the normal course of business for the purpose of enhancing the total return on our investment portfolio: mortgage loan commitments and commitments to fund partnerships, bank credit facilities, bridge loans and private corporate bond investments. See Note 20 of the Notes to the Interim Condensed Consolidated Financial Statements for the amount of our unfunded investment commitments at March 31, 2025 and December 31, 2024. See “Net Investment Income” and “Net Investment Gains (Losses)” in Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information on the investment income, investment expense, gains and losses from such investments and the liability for credit loss for unfunded mortgage loan commitments. See also “— Fixed Maturity Securities AFS and Equity Securities,” “— Net Mortgage Loans,” “— Real Estate and Real Estate Joint Ventures” and “— Other Limited Partnership Interests.”

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Derivatives

Overview

We are exposed to various risks relating to our ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. We use a variety of strategies to manage these risks, including the use of derivatives, such as market standard purchased and written credit default swap contracts. See Note 11 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, 2025 and December 31, 2024.

•The statement of operations effects of derivatives in net investments in foreign operations, cash flow, fair value, or nonqualifying hedging relationships for the three months ended March 31, 2025 and 2024.

See “— Summary of Critical Accounting Estimates — Derivatives” in the 2024 Annual Report for further information on the estimates and assumptions that affect derivatives. See also “Quantitative and Qualitative Disclosures About Market Risk — Management of Market Risk Exposures — Hedging Activities” in the 2024 Annual Report for more information about our use of derivatives by major hedge program.

Net Derivative Gains (Losses)

A portion of our derivatives are designated and qualify as accounting hedges, which reduce volatility in earnings. For those derivatives not designated as accounting hedges, changes in market factors lead to the recognition of fair value changes in net derivative gains (losses) generally without an offsetting gain or loss recognized in earnings for the item being hedged, which creates volatility in earnings. We actively evaluate market risk hedging needs and strategies to ensure our free cash flow and capital objectives are met under a range of market conditions.

Certain variable annuity products with guaranteed minimum benefits are accounted for as MRBs and measured at estimated fair value. We use freestanding derivatives to hedge the market risks inherent in these variable annuity guarantees.

We continuously review and refine our hedging strategy in light of changing economic and market conditions, evolving NAIC and the New York Department of Financial Services statutory requirements, and accounting rule changes. As a part of our current hedging strategy, we maintain portfolio level derivatives in our macro hedge program. These macro hedge program derivatives mitigate the potential deterioration in our capital positions from significant adverse economic conditions.

See “— Results of Operations — Consolidated Results” for an analysis of the period over period changes in net derivative gains (losses).

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Liquidity and Capital Resources

Overview

This discussion should be read in conjunction with the following sections included elsewhere herein for additional information regarding the topics noted below:

•Notes to the Interim Condensed Consolidated Financial Statements:

◦Note 13 (facility agreement for senior debt issuances);

◦Note 14 (subordinated debt issuance); and

◦Note 15 (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 2024 Annual Report for additional information regarding the topics noted below:

•Notes to the Consolidated Financial Statements:

◦Note 3 (acquisitions and dispositions);

◦Note 5 (funding agreements, reported in PABs, and the related pledged collateral);

◦Note 16 (long-term debt, short-term debt, credit and committed facilities, and debt and facility covenants);

◦Note 17 (collateral financing arrangement and the related pledged collateral);

◦Note 18 (junior subordinated debt securities and the related replacement capital covenant); and

◦Note 19 (preferred stock and common stock, including the calculation and timing of dividend payments, restrictions on dividends, “dividend stopper” provisions, and MetLife, Inc.’s common stock repurchase authorizations).

•Notes to the MetLife, Inc. (Parent Company Only) Condensed Financial Information included in Schedule II of the Financial Statement Schedules:

◦Note 3 (affiliated long-term debt); and

◦Note 4 (support agreements).

•Risk Factors:

◦“— Capital Risks”;

◦“— Investment Risks — We May Have Difficulty Selling Holdings in Our Investment Portfolio or in Our Securities Lending Program in a Timely Manner to Realize Their Full Value”;

◦“— Economic Environment and Capital Markets Risks — We May Not Meet Our Liquidity Needs, Access Capital, or May Face Significantly Increased Cost of Capital Due to Adverse Capital and Credit Market Conditions”; and

◦“— Economic Environment and Capital Markets Risks — We May Lose Business Due to a Downgrade or a Potential Downgrade in Our Financial Strength or Credit Ratings.”

Our business and results of operations are materially affected by conditions in the global financial markets and the economy generally due to our market presence in numerous countries, large investment portfolio and the sensitivity of our insurance liabilities and derivatives to changing market factors. Such conditions may affect our financing costs and market interest for our debt or equity securities. For further information regarding market factors that could affect our ability to meet liquidity and capital needs, see “— Industry Trends” and “— Investments — Current Environment.”

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Liquidity Management

Based upon the strength of our franchise, diversification of our businesses, strong financial fundamentals and the substantial funding sources available to us as described herein, we continue to believe we have access to ample liquidity to meet business requirements under current market conditions and reasonably possible stress scenarios. We continuously monitor and adjust our liquidity and capital plans for MetLife, Inc. and its subsidiaries in light of market conditions, as well as changing needs and opportunities. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Liquidity” included in the 2024 Annual Report.

Short-term Liquidity and Liquid Assets

An integral part of our liquidity management includes managing our level of liquid assets. At March 31, 2025 and December 31, 2024, our short-term liquidity position was $20.6 billion and $18.6 billion, respectively, and liquid assets were $178.3 billion and $172.8 billion, respectively.

Short-term liquidity includes cash and cash equivalents and short-term investments, excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, and secured borrowings, as well as amounts held in the closed block.

Liquid assets include short-term liquidity and publicly traded securities, excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block.

Capital Management

We have established several senior management committees as part of our capital management process. These committees, including the Capital Management Committee and the Enterprise Risk Committee (“ERC”), regularly review actual and projected capital levels (under a variety of scenarios including stress scenarios) and our annual capital plan in accordance with our capital policy. The Capital Management Committee is comprised of members of senior management, including MetLife, Inc.’s Chief Financial Officer (“CFO”), Treasurer, and Chief Risk Officer (“CRO”). The ERC is also comprised of members of senior management, including MetLife, Inc.’s CFO, CRO and Chief Investment Officer.

MetLife, Inc.’s Board of Directors (“Board of Directors”) and senior management are directly involved in the development and maintenance of our capital policy. The capital policy sets forth, among other things, minimum and target capital levels and the governance of the capital management process. All capital actions, including proposed changes to the annual capital plan, capital targets or capital policy, are reviewed by the Finance and Risk Committee of the Board of Directors prior to obtaining full Board of Directors approval. The Board of Directors approves the capital policy and the annual capital plan and authorizes capital actions, as required.

The Company

Liquidity

Liquidity refers to the ability to generate adequate amounts of cash to meet our needs. In the event of significant cash requirements beyond anticipated liquidity needs, we have various alternatives available depending on market conditions and the amount and timing of the liquidity need. These available alternatives include cash flows from operations, sales of liquid assets, global funding sources including commercial paper and various credit and committed facilities.

Capital

We manage our capital position to maintain our financial strength and credit ratings. Our capital position is supported by our ability to generate strong cash flows within our operating companies and borrow funds at competitive rates, as well as by our demonstrated ability to raise additional capital to meet operating and growth needs despite adverse market and economic conditions.

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Summary of the Company’s Primary Sources and Uses of Liquidity and Capital

Our primary sources and uses of liquidity and capital are summarized as follows:


	Three Months Ended March 31,
	2025		2024
	(In millions)
Sources:
Operating activities, net	$	4,262	$	2,328
Net change in PABs	1,776		1,071
Net change in payables for collateral under securities loaned and other transactions	233		50
Long-term debt issued	89		758
Subordinated debt securities issued	1,000		—
Effect of change in foreign currency exchange rates on cash and cash equivalents	98		—
Total sources	7,458		4,207
Uses:
Investing activities, net	3,322		2,627
Long-term debt repaid	555		264
Collateral financing arrangement repaid	13		47
Derivatives with certain financing elements and other derivative-related transactions, net	71		55
Net change in mortgage loan secured financing	189		119
Treasury stock acquired in connection with share repurchases	1,411		1,172
Dividends on preferred stock	66		67
Dividends on common stock	374		377
Other, net	199		39
Effect of change in foreign currency exchange rates on cash and cash equivalents	—		239
Total uses	6,200		5,006
Net increase (decrease) in cash and cash equivalents	$	1,258	$	(799)

Cash Flows from Operations

The principal cash inflows from our insurance activities come from insurance premiums, net investment income, annuity considerations and deposit funds. The principal cash outflows are the result of various life insurance, annuity and pension products, operating expenses and income tax, as well as interest expense.

Cash Flows from Investments

The principal cash inflows from our investment activities come from repayments of principal, proceeds from maturities and sales of investments and settlements of freestanding derivatives. The principal cash outflows relate to purchases of investments, issuances of policy loans and settlements of freestanding derivatives. In addition, cash inflows and outflows relate to sales and purchases of businesses. We typically have a net cash outflow from investing activities because cash inflows from insurance operations are reinvested in accordance with our ALM discipline to fund insurance liabilities. We closely monitor and manage these risks through our comprehensive investment risk management process.

Cash Flows from Financing

The principal cash inflows from our financing activities come from issuances of debt and other securities, deposits of funds associated with PABs and lending of securities. The principal cash outflows come from repayments of debt and the collateral financing arrangement, payments of dividends on and repurchases or redemptions of MetLife, Inc.’s securities, withdrawals associated with PABs and the return of securities on loan.

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Liquidity and Capital Sources

Liquidity and capital are provided by a variety of global funding sources, including: (i) preferred and common stock; (ii) short-term debt, which includes commercial paper; (iii) long-term debt; collateral financing arrangement; and subordinated debt securities; (iv) PABs, which includes funding agreements; (v) credit and committed facilities; (vi) shelf registration statement, which permits the issuance of public debt, equity and hybrid securities and provides for automatic effectiveness upon filing and has no stated issuance capacity; and (vii) dispositions. Additional details regarding certain of our primary sources of liquidity and capital are included in the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2024 Annual Report referenced in “— Overview” and are discussed below.

The diversity of our global funding sources enhances our funding flexibility, limits dependence on any one market or source of funds and generally lowers the cost of funds. We have no reason to believe that our lending counterparties will be unable to fulfill their respective contractual obligations under our credit and committed facilities. As commitments under these facilities may expire unused, these amounts do not necessarily reflect our actual future cash funding requirements.

Facility Agreement for Senior Debt Issuances

In March 2025, we expanded our sources of liquidity by entering into a 30-year facility agreement with a Delaware trust (the “Trust”) which gives the Company the right to issue and sell to the Trust from time to time up to $1,250 million of senior notes in exchange for a corresponding amount of U.S. Treasury securities. See Note 13 of the Notes to the Interim Condensed Consolidated Financial Statements for additional information.

Credit and Committed Facilities

At March 31, 2025, the Company maintained its unsecured revolving credit facility (the “Credit Facility”), as well as certain committed facilities (the “Committed Facilities”). When drawn upon, these facilities bear interest at varying rates in accordance with the respective agreements.

Information on the Credit Facility and Committed Facilities at March 31, 2025 was as follows:


Account Party/Borrower(s)	Maximum Capacity		Letters of Credit Issued		Drawdowns		Unused Commitments
	(In millions)
Credit Facility:
MetLife, Inc. and MetLife Funding, Inc.	$	3,000	$	296	$	—	$	2,704

Committed Facilities:
MetLife Reinsurance Company of Vermont and MetLife, Inc.	$	350	$	350	$	—	$	—
MetLife Reinsurance Company of Vermont and MetLife, Inc.	2,896		2,482		—		414
Total Committed Facilities	$	3,246	$	2,832	$	—	$	414

Outstanding Debt

The following table summarizes our outstanding debt at:


	March 31, 2025		December 31, 2024
	(In millions)
Short-term debt (1)	$	381	$	465
Long-term debt (2)	$	14,695	$	15,086
Collateral financing arrangement	$	463	$	476
Subordinated debt securities (3)	$	4,153	$	3,164

__________________

(1)This is all short-term debt that is non-recourse to MetLife, Inc., subject to customary exceptions. Certain subsidiaries have pledged assets to secure this debt.

(2)Includes $370 million and $348 million of long-term debt that is non-recourse to MetLife, Inc. and Metropolitan Life Insurance Company (“MLIC”), subject to customary exceptions, at March 31, 2025 and December 31, 2024, respectively. Certain investment subsidiaries have pledged assets to secure this debt.

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(3)Includes $1.0 billion of subordinated debt issued in March 2025. See Note 14 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, 2025.

Liquidity and Capital Uses

The primary uses of liquidity and capital include: (i) common stock repurchases; (ii) dividends on common and preferred stock; (iii) preferred stock redemptions; (iv) debt repayments; (v) debt repurchases, redemptions and exchanges; (vi) contractual obligations, including PABs and insurance liabilities; (vii) pledged collateral; (viii) securities lending transactions, repurchase agreements and third-party custodian administered programs; (ix) mortgage loan secured financing; and (x) acquisitions. Additional details regarding certain of our primary uses of liquidity and capital are included in the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2024 Annual Report referenced in “— Overview” and are discussed below.

Common Stock and Preferred Stock Repurchases and Dividends

Among other factors that could restrict MetLife, Inc.’s ability to repurchase or pay dividends on its common stock are the “dividend stopper” provisions in MetLife, Inc.’s preferred stock and junior subordinated debentures. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Liquidity and Capital Uses — ‘Dividend Stopper’ Provisions in MetLife’s Preferred Stock and Junior Subordinated Debentures” included in the 2024 Annual Report.

For the three months ended March 31, 2025 and 2024, MetLife, Inc. paid dividends on its preferred stock of $66 million and $67 million, respectively. For the three months ended March 31, 2025 and 2024, MetLife, Inc. paid dividends on its common stock of $374 million and $377 million, respectively.

We intend to use the net proceeds from the March 2025 subordinated debt issuance for general corporate purposes, which may include the redemption or repurchase in whole or in part of MetLife, Inc.’s 3.85% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G.

See Note 21 of the Notes to the Interim Condensed Consolidated Financial Statements for information on a subsequent common stock repurchase authorization.

Debt Repurchases, Redemptions and Exchanges

We may from time to time seek to retire or purchase our outstanding debt through cash purchases, redemptions and/or exchanges for other securities, in open market purchases, privately negotiated transactions or otherwise. Any such repurchases, redemptions, or exchanges will be dependent upon several factors, including our liquidity requirements, contractual restrictions, general market conditions, and applicable regulatory, legal and accounting factors. Whether or not to repurchase or redeem any debt and the size and timing of any such repurchases or redemptions will be determined at our discretion.

Pledged Collateral

We pledge collateral to, and have collateral pledged to us by counterparties in connection with our derivatives, the collateral financing arrangement related to the reinsurance of closed block liabilities, and with funding and advance agreements. See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for additional information regarding derivatives.

Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs

See “— Investments — Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs.”

Mortgage Loan Secured Financing

See “— Investments — Net Mortgage Loans.”

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Insurance Liabilities

Liabilities arising from our insurance activities primarily relate to benefit payments under various life insurance, annuity and group pension products, as well as payments for policy surrenders, withdrawals and loans. For annuity or deposit type products, surrender or lapse behavior differs somewhat by segment. In the MetLife Holdings segment, which includes individual annuities, lapses and surrenders tend to occur in the normal course of business. For the three months ended March 31, 2025 and 2024, general account surrenders and withdrawals from annuity products were $346 million and $458 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, 2025, there were funding agreements totaling $131 million that could be put back to the Company.

MetLife, Inc.

Liquidity and Capital Management

Liquidity and capital are managed to preserve stable, reliable and cost-effective sources of cash to meet all current and future financial obligations and are provided by a variety of sources, including a portfolio of liquid assets, a diversified mix of short- and long-term funding sources from the wholesale financial markets and the ability to borrow through credit and committed facilities. Liquidity is monitored through the use of internal liquidity risk metrics, including the composition and level of the liquid asset portfolio, timing differences in short-term cash flow obligations, access to the financial markets for capital and debt transactions and exposure to contingent draws on MetLife, Inc.’s liquidity. MetLife, Inc. is an active participant in the global financial markets through which it obtains a significant amount of funding. These markets, which serve as cost-effective sources of funds, are critical components of MetLife, Inc.’s liquidity and capital management. Decisions to access these markets are based upon relative costs, prospective views of balance sheet growth and a targeted liquidity profile and capital structure. A disruption in the financial markets could limit MetLife, Inc.’s access to liquidity.

MetLife, Inc.’s ability to maintain regular access to competitively priced wholesale funds is fostered by its current credit ratings from the major credit rating agencies. We view our capital ratios, credit quality, stable and diverse earnings streams, diversity of liquidity sources and our liquidity monitoring procedures as critical to retaining such credit ratings. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Rating Agencies” included in the 2024 Annual Report.

Liquid Assets

At March 31, 2025 and December 31, 2024, MetLife holding companies had $4.5 billion and $5.1 billion, respectively, in liquid assets. Of these amounts, $3.4 billion and $4.2 billion were held by MetLife, Inc. and $1.1 billion and $944 million were held by other MetLife holding companies at March 31, 2025 and December 31, 2024, respectively. Liquid assets include cash and cash equivalents, short-term investments and publicly traded securities, excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with derivatives and the collateral financing arrangement.

Liquid assets held in non-U.S. holding companies are generated in part through dividends from non-U.S. insurance operations. Such dividends are subject to local insurance regulatory requirements, as discussed in “— Liquidity and Capital Sources — Dividends from Subsidiaries.”

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Consolidated Company Outlook” included in the 2024 Annual Report for the targeted level of liquid assets at the holding companies. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — MetLife, Inc. — Liquid Assets” included in the 2024 Annual Report for additional information on the sources and uses of liquid assets, as well as sources and uses of liquid assets included in free cash flow for MetLife, Inc. and other MetLife holding companies.

Liquidity and Capital Sources

MetLife, Inc.’s primary sources of liquidity and capital are provided by a variety of global funding sources, including: (i) dividends from subsidiaries; (ii) issuances of long-term debt; (iii) collateral financing arrangement and subordinated debentures; (iv) credit and committed facilities; and (v) dispositions. Additional details regarding certain of MetLife, Inc.’s primary sources of liquidity and capital are included in “— The Company — Liquidity and Capital Sources,” the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2024 Annual Report referenced in “— Overview” and are discussed below.

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Dividends from Subsidiaries

MetLife, Inc. relies, in part, on dividends from its subsidiaries to meet its cash requirements. MetLife, Inc.’s insurance subsidiaries are subject to regulatory restrictions on the payment of dividends imposed by the regulators of their respective domiciles. The dividend limitation for U.S. insurance subsidiaries is generally based on the surplus to policyholders at the end of the immediately preceding calendar year and statutory net gain from operations for the immediately preceding calendar year. Statutory accounting practices, as prescribed by insurance regulators of various states in which we conduct business, differ in certain respects from accounting principles used in financial statements prepared in conformity with GAAP. The significant differences relate to the treatment of DAC, certain deferred income tax, required investment liabilities, statutory reserve calculation assumptions, goodwill and surplus notes.

The table below sets forth the dividends permitted to be paid in 2025 by MetLife, Inc.’s primary U.S. insurance subsidiaries without insurance regulatory approval and the actual dividends paid for the three months ended March 31, 2025:


Company	Paid (1)		Permitted Without Approval (2)
	(In millions)
MLIC	$	1,365	$	2,732
American Life Insurance Company	$	—	$	751
Metropolitan Tower Life Insurance Company	$	—	$	358

__________________

(1)Reflects all amounts paid, including those where regulatory approval was obtained as required.

(2)Reflects dividend amounts that may be paid during 2025 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2025, some or all of such dividends may require regulatory approval.

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.

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Long-term Debt Outstanding

The following table summarizes the outstanding long-term debt of MetLife, Inc. at:


	March 31, 2025		December 31, 2024
	(In millions)
Long-term debt — unaffiliated	$	14,018	$	14,431
Long-term debt — affiliated	$	1,508	$	1,447
Subordinated debt securities	$	3,459	$	2,470

Liquidity and Capital Uses

MetLife, Inc.’s primary uses of liquidity and capital include: (i) debt service; (ii) cash dividends on common and preferred stock; (iii) capital contributions to subsidiaries; (iv) common stock, preferred stock and debt repurchases and/or redemptions; (v) payment of general operating expenses; (vi) support agreements; and (vii) acquisitions. Additional details regarding certain of MetLife, Inc.’s primary uses of liquidity and capital are included in “— The Company — Liquidity and Capital Uses,” the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2024 Annual Report referenced in “— Overview” and are discussed below.

Based on our analysis and comparison of our current and future cash inflows from the dividends we receive from subsidiaries that are permitted to be paid without prior insurance regulatory approval, our investment portfolio and other cash flows and anticipated access to the capital markets, we believe there will be sufficient liquidity and capital to enable MetLife, Inc. to make payments on debt, pay cash dividends on its common and preferred stock, contribute capital to its subsidiaries, repurchase its common stock and certain of its other securities, pay all general operating expenses and meet its cash needs under current market conditions and reasonably possible stress scenarios.

Affiliated Capital and Debt Transactions

For the three months ended March 31, 2025 and 2024, MetLife, Inc. invested a net amount of $26 million and $111 million, respectively, in various subsidiaries.

MetLife, Inc. lends funds, as necessary, through credit agreements or otherwise to its subsidiaries and affiliates, some of which are regulated, to meet their capital requirements or to provide liquidity. MetLife, Inc. had loans to subsidiaries outstanding of $510 million and $285 million at March 31, 2025 and December 31, 2024, respectively.

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

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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.

Our definitions of non-GAAP and other financial measures discussed in this report may differ from those used by other companies.

Adjusted earnings and related measures:

•adjusted earnings;

•adjusted earnings available to common shareholders; and

•adjusted earnings available to common shareholders on a constant currency basis.

Adjusted earnings is used by the Company’s chief operating decision maker, its Chief Executive Officer (“CEO”), to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is our GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of our performance relative to our business plan and facilitate comparisons to industry results.

Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. For 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 (“AOCI”) and the estimated fair value of certain ceded reinsurance-related embedded derivatives (see Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for information about Reinsurance adjustments), 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 (see Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for information about Reinsurance adjustments) 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.

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•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.

•Allocated equity: the portion of total MetLife, Inc.’s adjusted common stockholders’ equity that management allocates to each of its segments based on local capital requirements and economic capital. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Economic Capital” in the 2024 Annual Report.

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 (see Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for information about Reinsurance adjustments), 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: adjusted 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: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding pension risk transfers.

The following additional information is relevant to an understanding of our performance results and outlook:

•We sometimes refer to sales activity for various products. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. Further, sales statistics for our Asia, Latin America and EMEA segments are on a constant currency basis.

•Volume growth, where cited, represents the change in certain measures of our segment results, including adjusted earnings, attributable to business growth, applying a model in which certain margins and factors are held constant, the most significant of which are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates.

•Pension risk transfers include U.K. funded reinsurance.

•Near-term represents one to three years.

•We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.

•Notable items reflect the unexpected impact of events that affect the Company’s results, but that were unknown and that the Company could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of the Company’s results and to evaluate and forecast those results. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders.

•The Company uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. The Company defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders.

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Risk Management

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management” in the 2024 Annual Report for information on our risk management.

Subsequent Events

On April 30, 2025, the Company entered into a definitive agreement with Talcott Resolution Life Insurance Company, a life insurance and annuities subsidiary of Talcott Financial Group, to reinsure approximately $10.0 billion of variable annuity and rider reserves, which are reported in the MetLife Holdings segment. At the closing of the transaction, the Company will enter into a reinsurance agreement on both a modified coinsurance and a funds withheld basis. The transaction is expected to close in the second half of 2025 and is subject to regulatory approvals and other customary closing conditions.

See also Note 21 of the Notes to the Interim Condensed Consolidated Financial Statements for information on a subsequent common stock repurchase authorization.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We regularly analyze our exposure to interest rate, equity market price and foreign currency exchange rate risks. As a result of that analysis, we have determined that the estimated fair values of certain assets and liabilities are materially exposed to changes in interest rates, foreign currency exchange rates and changes in the equity markets. We have exposure to such market risks through our insurance operations and investment activities. We use a variety of strategies to manage these risks, including the use of derivatives. A description of our market risk exposures may be found under “Quantitative and Qualitative Disclosures About Market Risk” included in the 2024 Annual Report. There have been no material changes to our market risk exposures from those previously disclosed in the 2024 Annual Report.

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Item 4. Controls and Procedures

Management, with the participation of the CEO and CFO, has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of the end of the period covered by this report. Based on that evaluation, the CEO and CFO have concluded that these disclosure controls and procedures are effective.

There were no material changes to the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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Part II — Other Information

Item 1. Legal Proceedings

See Note 20 of the Notes to the Interim Condensed Consolidated Financial Statements.

Item 1A. Risk Factors

Certain factors that may affect the Company’s business or operations are described under “Risk Factors” in Part I, Item 1A, of the 2024 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2024 Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

Purchases of MetLife, Inc. common stock made by or on behalf of MetLife, Inc. or its affiliates during the quarter ended March 31, 2025 are set forth below:


Period	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2)
January 1 — January 31, 2025	5,567,078	$	84.42	5,567,078	$	1,455,295,041
February 1 — February 28, 2025	5,313,977	$	83.25	5,312,281	$	1,013,032,930
March 1 — March 31, 2025	6,089,667	$	81.94	6,089,667	$	514,052,870
Total	16,970,722			16,969,026

__________________

(1)During the periods January 1 — January 31, 2025, February 1 — February 28, 2025 and March 1 — March 31, 2025, separate account index funds purchased 0 shares, 1,696 shares and 0 shares, respectively, of MetLife, Inc. common stock on the open market in non-discretionary transactions.

(2)In May 2024, MetLife, Inc. announced that its Board of Directors authorized $3.0 billion of common stock repurchases. At March 31, 2025, MetLife, Inc. had $514 million of common stock repurchases remaining under the authorization. Neither the authorization remaining, nor the amount repurchased, reflects the applicable excise tax payable in connection with such repurchases. On April 30, 2025, MetLife, Inc. announced that its Board of Directors authorized an additional $3.0 billion of common stock repurchases. For more information on common stock repurchases, including excise tax payable in connection therewith, see Note 15 of the Notes to the Interim Condensed Consolidated Financial Statements. See also “Risk Factors — Capital Risks — We May Not be Able to Pay Dividends or Repurchase Our Stock Due to Legal and Regulatory Restrictions or Cash Buffer Needs” included in the 2024 Annual Report.

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Item 5. Other Information

Securities trading plans

During the three months ended March 31, 2025, none of our Section 16 officers or directors (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any “non-Rule 10b5-1 trading arrangement” (as defined in Section 408(c) of Regulation S-K).

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Item 6. Exhibits

(Note Regarding Reliance on Statements in Our Contracts: In reviewing the agreements included as exhibits to this Quarterly Report on Form 10-Q, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about MetLife, Inc., its subsidiaries or affiliates, or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and (i) should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; (iii) may apply standards of materiality in a way that is different from what may be viewed as material to investors; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about MetLife, Inc., its subsidiaries and affiliates may be found elsewhere in this Quarterly Report on Form 10-Q and MetLife, Inc.’s other public filings, which are available without charge through the U.S. Securities and Exchange Commission website at www.sec.gov.)

Incorporated by Reference

Exhibit No.

Description

Form

File Number

Exhibit

Filing Date

Filed or Furnished Herewith

4.1

Certain 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.

31.1

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.SCH

Inline XBRL Taxonomy Extension Schema Document.

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

101.INS

XBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

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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. Best

A.M. Best Company, Inc.

CSRD

Corporate Sustainability Reporting Directive

ABO

Accumulated Benefit Obligations

Cybersecurity Model Law

NAIC’s Insurance Data Security Model Law

ABS & CLO

Asset-Backed Securities and Collateralized Loan Obligations

DAC

Deferred Policy Acquisition Costs

ACL

Allowance For Credit Loss

Deferred Shares

Awards that have become payable in shares but the issuance of which has been deferred

AD&D

Accidental Death and Dismemberment

Delaware Commissioner

Delaware Commissioner of Insurance

AFS

Available-For-Sale

Dodd-Frank

Dodd-Frank Wall Street Reform and Consumer Protection Act

Artificial Intelligence

DOL

U.S. Department of Labor

ALM

Asset/Liability Management

DPL

Deferred Profit Liability

Alt-A

Alternative Residential Mortgage Loans

DSCR

Debt Service Coverage Ratios

American Life

American Life Insurance Company

EEA

European Economic Area

AOCI

Accumulated Other Comprehensive Income (Loss)

EMEA

Europe, the Middle East And Africa

APBO

Accumulated Postretirement Benefit Obligation

ERC

Enterprise Risk Committee

ASO

Administrative Services-Only

ERISA

Employee Retirement Income Security Act of 1974

ASU

Accounting Standards Update

ERM

Enterprise Risk Management

Authorized Control Level RBC

Authorized Control Level RBC, calculated in the manner prescribed by the NAIC

ESG

Environmental, Social and Governance

Brighthouse

Brighthouse Financial, Inc. and its Subsidiaries

European Union

CBIRC

The China Banking and Insurance Regulatory Commission

EU AI Act

European Union’s Artificial Intelligence Act

CCPA

California Consumer Privacy Act

Exchange Act

Securities Exchange Act of 1934

CEO

Chief Executive Officer

Farmer Mac

Federal Agricultural Mortgage Corporation

CFO

Chief Financial Officer

FASB

Financial Accounting Standards Board

CFPB

Consumer Financial Protection Bureau

FCTA

Foreign Currency Translation Adjustments

CFTC

Commodity Futures Trading Commission

FDIC

Federal Deposit Insurance Corporation

Chariot Re

Chariot Reinsurance, Ltd.

Federal Reserve

Federal Reserve Board & Federal Reserve Bank of New York

CISO

Chief Information Security Officer

Federal Reserve Board

Board of Governors of the Federal Reserve System

CLOs

Collateralized Loan Obligations

FHLBNY

Federal Home Loan Bank of New York

CMBS

Commercial Mortgage-Backed Securities

FINRA

Financial Industry Regulatory Authority

CODM

Chief Operating Decision Maker

FIO

Federal Insurance Office

Committed Facilities

Credit Facility, as well as certain committed facilities

Fitch

Fitch Ratings Inc.

Company Action Level RBC

Minimum level of TAC before corrective action commences is twice authorized control level RBC

FPB

Future Policy Benefits

Credit Facility

Unsecured revolving credit facility

FSA

Financial Services Agency

CRO

Chief Risk Officer

FSB

Financial Stability Board

C-ROSS

China Risk Oriented Solvency System

FSOC

Financial Stability Oversight Council

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FVO

Fair Value Option

Moody’s

Moody’s Investors Service, Inc.

GAAP

Accounting principles generally accepted in the United States of America

Missouri Reinsurance, Inc.

GCC

Group Capital Calculation

MrB

MetLife Reinsurance Company of Bermuda, Ltd.

GDPR

General Data Protection Regulation

MRBs

Market Risk Benefits

General Atlantic

General Atlantic, L.P.

MRC

MetLife Reinsurance Company of Charleston

GHG

Greenhouse Gas

MrH

MetLife Reinsurance Company of Hamilton, Ltd.

GICs

Guaranteed Interest Contracts

MRV

MetLife Reinsurance Company of Vermont

GILTI

Global Intangible Low-Taxed Income

MSS

MetLife Services and Solutions, LLC

Global Atlantic

Global Atlantic Financial Group

MTL

Metropolitan Tower Life Insurance Company

GMABs

Guaranteed Minimum Accumulation Benefits

NAIC

National Association of Insurance Commissioners

GMCR

Guaranteed Minimum Crediting Rates

NAV

Net Asset Value

GMDBs

Guaranteed Minimum Death Benefits

Nebraska Director

Director of the Nebraska Department of Insurance

GMIBs

Guaranteed Minimum Income Benefits

NFRA

National Financial Regulatory Administration

GMWBs

Guaranteed Minimum Withdrawal Benefits

NGEs

Non-Guaranteed Elements

GMXBs

Guaranteed Minimum Benefits

NIFO

Net investment in a foreign operation

IAIGs

Internationally Active Insurance Groups

Non-Bank SIFI

Non-Bank Systemically Important Financial Institution

IAIS

International Association of Insurance Supervisors

NPR

Net Premium Ratio

IBNP

Incurred But Not Paid

NQM

Non-Qualified Residential Mortgage

IBNR

Incurred But Not Reported

NRSRO

Nationally Recognized Statistical Rating Organizations

IMR

Interest Maintenance Reserve

NYDFS

New York State Department of Financial Services

Invested Plans

Assets of the qualified pension plans and postretirement medical plans

OCI

Other Comprehensive Income (Loss)

IRS

Internal Revenue Service

OLPI

Other Limited Partnership Interests

LDTI

Long-Duration Targeted Improvements

ORSA

Own Risk and Solvency Assessment

LDTI Transition Date

January 1, 2021

OTC

Over-the-Counter

LIBOR

London Interbank Offered Rate

OTC-bilateral

Bilateral contracts between two counterparties

LTV

Loan-To-Value

OTC-cleared

OTC derivatives are cleared and settled through central clearing counterparties

MetLife Malaysia

AmMetLife Insurance Berhad (Malaysia) and AmMetLife Takaful Berhad (Malaysia)

PABs

Policyholder Account Balances

MetLife Poland and Greece

Wholly-owned subsidiaries in Poland and Greece

PBO

Projected Benefit Obligation

MIM

MetLife Investment Management, LLC and certain of its affiliates

PCAOB

Public Company Accounting Oversight Board

MLIC

Metropolitan Life Insurance Company

Phantom Stock-Based Awards

Cash-settled awards based in whole or in part on the price of shares or changes in the price of shares

PineBridge

PineBridge Investments

SSG

Structured Securities Group

PNB MetLife

PNB MetLife India Insurance Company Limited

Statement-Based Combined RBC Ratio

Internally defined Combined RBC Ratio

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PTE

Prohibited Transaction Exemption

Statutory Codification

Codification of Statutory Accounting Principles

RBC

Risk-Based Capital

Structured Products

RMBS, ABS & CLO and CMBS

RCC

Replacement Capital Covenant

Superintendent

New York Superintendent of Financial Services

REJV

Real Estate Joint Ventures

TAC

Total Adjusted Capital, calculated in the manner prescribed by the NAIC

RIS

Retirement and Income Solutions

TRRs

Total Rate of Return Swaps

RMBS

Residential Mortgage-Backed Securities

U.K.

United Kingdom

ROU

Right-of-Use

U.S.

United States

S&P

Standard & Poor’s Global Ratings

ULSG

Universal and Variable Life Policies with Secondary Guarantees

SCL

Special Considerations Letter

Unit-linked and FVO Securities

Contractholder-directed equity securities and Fair Value Option securities

SEC

U.S. Securities and Exchange Commission

Unit-linked investments

Contractholder-directed investments supporting unit-linked variable annuity type liabilities

Separation

Distribution of shares of Brighthouse Financial, Inc. common stock to the MetLife, Inc. common shareholders

UREV

Unearned Revenue

Series A preferred stock

Non-Cumulative Preferred Stock, Series A

VIEs

Variable Interest Entities

Series D preferred stock

5.875% Fixed-To-Floating Rate Non-Cumulative Preferred Stock, Series D

VOBA

Value of Business Acquired

Series E preferred stock

5.625% Non-Cumulative Preferred Stock, Series E

VOCRA

Value of Customer Relationships Acquired

Series F preferred stock

4.75% Non-Cumulative Preferred Stock, Series F

VODA

Value of Distribution Agreements

SOFR

Secured Overnight Financing Rate

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


METLIFE, INC.

By:						/s/ Toby S. Brown
						Name: Toby S. Brown Title: Executive Vice President, Global Head of Reinsurance and Interim Chief Accounting Officer (Authorized Signatory and Principal Accounting Officer)

Date: May 1, 2025

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