MetLife, Inc. (MET)

Business

From the FY2025 Form 10-K, accession 0001099219-26-000013.

MetLife sells life insurance, annuities, employee benefits and asset management to employers, institutions and individuals in the United States, Asia, Latin America, Europe and the Middle East. Most of its revenue comes from insurance premiums and policy fees, which made up $54.8 billion of 2025 revenue. Net investment income on its large general account portfolio added $22.6 billion. That portfolio is invested mainly in fixed income securities and mortgage loans, plus real estate, private equity and other limited partnerships. A growing share of revenue comes from fees for managing other institutions' money. MetLife says it is one of the largest institutional investors in the U.S. and operates in more than 40 markets.

Strategy. The company is in the second year of its "New Frontier" strategy, which it introduced at its December 2024 Investor Day. The strategy has four growth priorities:

• extend its leadership in U.S. Group Benefits;
• capitalize on its retirement platform;
• accelerate growth in asset management;
• expand in high-growth international markets.

Segment structure. In the fourth quarter of 2025 MetLife reorganized to emphasize asset management, and it now reports six segments. MetLife Investment Management (MIM), previously reported inside Corporate & Other, became a segment of its own. The former MetLife Holdings segment was dropped, and its run-off business now sits mainly in Corporate & Other. Prior periods were restated. The change did not alter consolidated net income or adjusted earnings. The segments are:

• Group Benefits (U.S.). Sells group term and variable/universal life, dental, short- and long-term disability, paid family and medical leave, accident & health, vision, prepaid legal and pet insurance, plus administrative-services-only arrangements. It sells through its own sales force and through brokers, consultants and affinity groups, and it covers certain U.S. Government employees. Employers increasingly favor voluntary (employee-paid) products. Claims vary with the seasons, and fourth-quarter expenses run higher because of enrollment costs.
• Retirement and Income Solutions (RIS, U.S.). Helps institutions fund and transfer employee-benefit liabilities. Products include stable value contracts (guaranteed interest contracts and synthetic "wraps"), pension risk transfer buyouts and buy-ins, institutional income annuities, structured settlements, and benefit funding solutions (company-owned life insurance and similar products). RIS also writes U.K. longevity and funded reinsurance and raises funding-agreement-backed notes and commercial paper through capital-markets programs.
• Asia. Operates in nine jurisdictions, with Japan the largest. Products are life insurance, accident & health, and fixed and variable annuities and savings. In Japan it sells through career and general agencies; elsewhere in Asia it also uses bancassurance.
• Latin America. Mexico and Chile are its largest markets. It sells individual and group life, accident & health, credit insurance, annuities and Chilean pension products through captive agents, direct marketing, brokers and government-employee programs.
• EMEA. Its largest operations are in the Gulf region, the U.K., Turkey and France. It plays a "niche" role in mature Western European markets and has a broader multi-channel presence in emerging markets.
• MetLife Investment Management (MIM). Manages institutional money in public and private fixed income, real estate, equity, alternatives and multi-asset strategies, and also manages MetLife's own general account. On December 30, 2025 MIM completed the acquisition of PineBridge Investments, a global asset manager. The preliminary price was $885 million in cash: $800 million of purchase consideration plus $85 million for the excess of cash and investments acquired over liabilities assumed. Of the price, $543 million was allocated to goodwill and $147 million to intangible assets for asset management and advisory agreements.

Corporate & Other holds run-off businesses: variable, universal, term and whole life, fixed and variable annuities with their guarantees, assumed variable annuity guarantees, and long-term care. It also carries unallocated capital, most of the holding company's interest expense, and enterprise-wide costs.

Regulation shapes the economics. U.S. insurers are regulated by the states. New York's Department of Financial Services is the lead regulator and can require asset-adequacy reserve changes through its annual Special Considerations Letters. MetLife's Statement-Based Combined RBC Ratio was above 350% at year-end 2025 (above 360% a year earlier), and its NAIC-based ratio was above 370%. Several other regimes also apply:

• Japan's economic-value-based solvency regime took effect for the fiscal year ending March 2026.
• Chile's 2025 pension reform introduces competitive bidding for up to 10% of certain pension accounts, expected to begin in 2027.
• A November 2025 Mexican tax change ended the value-added-tax deduction on certain insurance claim expenses. MetLife expected it to cut Latin America's 2026 adjusted earnings by about $50 million to $60 million.
• A 2023 SEC rule will require Treasury cash trades to be cleared from December 31, 2026, and Treasury repo trades from June 30, 2027.

Risk factors

From the FY2025 Form 10-K, accession 0001099219-26-000013. The Q3 2026 Form 10-Q (accession 0001099219-26-000062) reports no material changes to these risk factors.

MetLife's risks come mostly from its balance sheet: a large investment portfolio backing long-dated, guaranteed liabilities. The most material are:

• Interest rates. When rates rise quickly, policyholders may surrender policies, which can force asset sales at a loss and lower the fair value of fixed income holdings. Long periods of low rates squeeze investment spreads, increase reserves and are hard to offset because of guaranteed minimum crediting rates. Accounting asymmetry adds volatility: derivatives are marked to fair value through earnings, while many of the items they hedge are not.
• Credit, real estate and counterparty exposure. Issuer defaults, wider credit spreads and weakness in commercial and agricultural property can impair the fixed income and mortgage loan portfolios. Reinsurance concentration is significant. At December 31, 2025, net ceded reinsurance recoverables were $35.1 billion, and 87% of that was with the five largest reinsurers. Chariot Re and two other reinsurers accounted for 27%, 26% and 24% respectively.
• Equity markets and alternative investments. Variable annuity and life guarantees grow costlier when equity markets fall. Income from private equity, hedge funds and real estate funds is lumpy and can diverge from the public-market hedges. Asset management fees fall when assets under management fall.
• Currency. Exchange-rate moves, above all for the Japanese yen, change translated earnings and the value of non-dollar investments, and hedging may not fully offset them.
• Liquidity, collateral and ratings. In market stress MetLife may have to return securities-lending cash collateral or post derivative collateral at short notice. A ratings downgrade would raise funding costs, collateral calls and surrenders, and would hurt sales of funding agreements and other capital-markets products.
• Holding company cash flow. Dividends, buybacks and debt service depend on dividends from insurance subsidiaries, which state, Japanese and other regulators can restrict. Japan's Financial Services Agency can limit profit repatriation. Missed preferred dividends or subordinated-debt interest would block common dividends.
• Reserving and model risk. Actual mortality, longevity, morbidity, policyholder behavior or long-term-care experience can differ from assumptions. That can force reserve increases, impairments of acquired business values, or more volatility in guarantee liabilities. The closed block created when Metropolitan Life demutualized may need support from the general account.
• Regulation and tax. Possible risks include designation as a systemically important non-bank under revised Financial Stability Oversight Council guidance, and evolving NAIC capital rules (CLO risk weights, the interim negative-IMR relief that expires at end-2026, the group capital calculation). Others are Solvency II amendments, fiduciary-rule changes and antitrust exposure in dental and vision after the McCarran-Ferguson amendment. Tax risks include the IRS treating the 2017 Brighthouse spin-off as taxable, and global minimum-tax rules, which MetLife does not currently expect to be material.
• Litigation. MetLife faces a large number of suits and regulatory investigations, including asbestos claims against Metropolitan Life Insurance Company and a New York False Claims Act suit over unclaimed-property reporting.
• Cybersecurity and operations. MetLife depends on its own and vendors' systems, and the frequency and sophistication of attacks are rising. Legacy systems, data errors, fraud, model errors and gaps in internal controls could cause losses, fines and reputational harm.
• Competition and technology. Competitors include insurers, banks and asset managers. Asset management faces fee compression and a shift to passive products. Group business is re-underwritten periodically and can be lost. Generative AI brings both opportunity and a growing body of regulation.
• Catastrophes, pandemics and climate. Concentrated catastrophe or pandemic claims, climate-driven disasters and policy responses to climate change could hit both liabilities and investment values.
• Acquisitions and structural change. Integrating businesses such as PineBridge carries risks: unforeseen liabilities, loss of clients and staff, and synergies that fall short. Joint ventures carry counterparty and control risk.
• Governance. The MetLife Policyholder Trust can give the Board disproportionate influence over certain shareholder votes.

Management's discussion, fiscal 2025

From the FY2025 Form 10-K, accession 0001099219-26-000013.

Results. Total revenues rose to $77.08 billion from $70.99 billion, led by premiums of $49.78 billion (up from $44.95 billion) and net investment income of $22.56 billion (up from $21.27 billion). Net income available to common shareholders fell to $3.17 billion from $4.23 billion, but adjusted earnings available to common shareholders rose to $5.94 billion from $5.80 billion. The two measures moved apart because of market-driven items that adjusted earnings exclude:

• Market risk benefit remeasurement was $601 million less favorable before tax ($475 million after tax), because long-term U.S. rates rose less in 2025 than in 2024.
• Net derivative losses were $316 million worse before tax ($250 million after tax). This was mainly because of short equity futures and embedded derivatives on funds-withheld reinsurance, largely offset by gains on sell-dollar yen forwards.
• The effective tax rate rose to 27% from 21%, reflecting foreign earnings taxed at higher rates, prior-year adjustments and non-deductible losses.

Adjusted earnings drivers. Adjusted earnings available to common shareholders rose $147 million. The gains came from:

• volume growth: +$301 million, from higher invested assets in Asia and Latin America and sales growth in most segments;
• lower expenses in run-off Corporate & Other: +$152 million;
• market factors: +$130 million, mainly variable investment income from real estate, private equity and mortgage loan funds.

Partly offsetting them were:

• underwriting: −$219 million, from lower surrender charges and adverse claims in Asia, unfavorable Group Benefits morbidity and lower annuity fees in Corporate & Other;
• notable items: −$69 million, including the Mexican value-added-tax charge in Latin America;
• foreign currency: −$54 million;
• interest expense: −$20 million.

Adjusted premiums, fees and other revenues grew 10% to $57.41 billion. The growth came mainly from pension risk transfer and U.K. longevity reinsurance in RIS, from Latin America, and from core and voluntary products in Group Benefits.

Adjusted earnings available to common shareholders by segment, 2025 vs 2024, together these sum to the $5.94 billion consolidated figure:

• Group Benefits: $1,692 million vs $1,606 million
• RIS: $1,671 million vs $1,667 million
• Asia: $1,702 million vs $1,621 million
• Latin America: $798 million vs $881 million
• EMEA: $367 million vs $283 million
• MIM: $200 million vs $55 million (MIM began charging the general account market-rate fees from January 1, 2025)
• Corporate & Other: −$487 million vs −$317 million

Reinsurance reshaped the balance sheet in 2025. MetLife entered two funds-withheld agreements with Chariot Reinsurance, Ltd., a subsidiary of Chariot Holding Company, LP, a Bermuda partnership in which MetLife invested $216 million in the third quarter of 2025. One agreement ceded structured settlement and pension-risk-transfer annuities; the other ceded participating whole life. MetLife recorded $9.8 billion of reinsurance receivables for the two and also manages part of Chariot Re's assets. In November 2025 it ceded a block of pension-risk-transfer group annuities ($5.3 billion of receivables). In December 2025 it ceded variable annuity contracts and rider reserves to Talcott Resolution Life Insurance Company ($2.0 billion of receivables). Net ceded reinsurance recoverables rose to $35.1 billion at year-end 2025 from $17.6 billion a year earlier.

Outlook given with the annual report. MetLife ended 2025 with $3.6 billion of cash and liquid assets at its holding companies, within its $3.0 billion to $4.0 billion target. It returned about $4.4 billion to shareholders in 2025 and said it was on track for about $25.0 billion of free cash flow over 2025–2029. Its 2026 planning assumptions were:

• interest rates following the forward curve, with a 10-year Treasury yield of 4.40% at end-2026;
• a 5% S&P 500 return;
• 9% private equity returns, implying about $1.6 billion of pre-tax variable investment income.

On those assumptions it kept these targets:

• a two-year average free-cash-flow-to-adjusted-earnings ratio of 65% to 75%;
• adjusted return on equity of 15% to 17%;
• double-digit growth in adjusted earnings per share, all excluding notable items;
• a direct expense ratio of 12.1% for 2026 and 11.3% by 2029.

Current quarter, three months ended September 30, 2026

From the Q3 2026 Form 10-Q, accession 0001099219-26-000062, and the Q3 2026 earnings release and call presentation furnished on Form 8-K, accession 0001099219-26-000058.

Headline. MetLife called the quarter its highest-ever adjusted earnings per share. Revenue rose in every business segment, and higher variable investment income, volume growth and favorable underwriting all helped.

• Total revenues were $20.52 billion vs $17.36 billion. Premiums, fees and other revenues were $14.06 billion, up 12%; excluding pension risk transfer, adjusted premiums, fees and other revenues rose 8% to $13.53 billion.
• Net income available to common shareholders was $2.35 billion ($3.67 per diluted share) vs $818 million ($1.22). The increase came mainly from a swing in net derivative results to a $698 million gain from a $929 million loss. The gain came mostly from embedded derivatives on funds-withheld reinsurance, which rose because of higher U.S. interest rates; the agreements with Chariot Re alone contributed $465 million of net derivative gains in the quarter.
• Adjusted earnings available to common shareholders were $1.78 billion ($2.78 per share) vs $1.58 billion ($2.37), up 12%. Excluding notable items they were $1.83 billion ($2.85 per share), up 17% (22% per share).
• Variable investment income was $720 million before tax, up 49% and above the roughly $400 million quarterly run-rate implied by full-year guidance. Private equity drove the beat.
• The annual actuarial assumption review and other insurance adjustments reduced adjusted earnings by $46 million and net income by $56 million. The largest effects were lower mortality in RIS's pension risk transfer and structured settlement business (−$65 million) and long-term-care lapse and premium-rate assumptions in Corporate & Other. These were partly offset by favorable economic and mortality updates in Asia (+$52 million).
• Adjusted return on equity, excluding notable items, was 19.6%, above the 15% to 17% target. The direct expense ratio, excluding notable items and pension risk transfer, was 11.9%, under the 12.1% annual target. The quarter's effective tax rate was 20%.
• Book value per share fell 22% to $30.73. Adjusted book value per share, which excludes most components of accumulated other comprehensive income, rose 5% to $59.41. Accumulated other comprehensive loss, which book value includes, widened to $25.30 billion at September 30, 2026 from $18.08 billion at December 31, 2025; in the quarter alone, an other comprehensive loss of $6.56 billion outweighed net income attributable to MetLife of $2.40 billion, for a comprehensive loss of $4.16 billion. According to the 10-Q, gross unrealized losses on fixed maturity securities available for sale without an allowance for credit losses rose $15.8 billion over the nine months to $43.9 billion, primarily due to an increase in interest rates.

Segments (adjusted earnings, Q3 2026 vs Q3 2025).

• Group Benefits: $523 million, up 15%. Mortality improved in life, and disability and dental claims were favorable; dental also benefited from rate actions. Adjusted revenues rose 3% to $6.51 billion, and year-to-date sales were up 12%.
• RIS: $413 million, down 6% because of the $65 million assumption-review charge. Excluding notable items earnings were $478 million, up 12%, on higher variable investment income and pension-risk-transfer and funding-agreement flows. Adjusted revenues rose 66% to $2.02 billion on U.K. funded and longevity reinsurance and benefit funding solutions.
• Asia: $602 million, up 11% (14% at constant currency), driven by private equity returns, higher yields and volume growth. Sales of $728 million were down 6% at constant currency against a strong prior-year quarter, but year-to-date sales were up 10%, led by Japan and Korea.
• Latin America: $215 million, up 45% because the prior-year quarter carried the Mexican value-added-tax charge. Excluding notable items earnings were up 3% (down 5% at constant currency), as lower returns on Chile's mandatory pension reserve (the encaje) offset volume growth. Adjusted revenues rose 22%.
• EMEA: $108 million, up 24% (32% at constant currency), on broad volume growth in accident & health, life, pensions in Romania and Turkey, and employee benefits in the U.K. and the Gulf. Sales were up 16% at constant currency.
• MIM: $63 million, up 9%. Other revenues rose 34% to $319 million because PineBridge added institutional client assets. Total assets under management were $723.4 billion, up 14%, including $308.0 billion of institutional client assets.
• Corporate & Other: adjusted loss of $144 million vs $146 million. The reinsurance transactions that closed in December 2025 reduced earnings, while lower preferred dividends after the September 2025 redemption of the Series G preferred stock helped.

Nine months. Net income available to common shareholders was $4.20 billion vs $2.40 billion. Adjusted earnings available to common shareholders were $4.94 billion vs $4.30 billion, up $644 million, on market factors, volume growth and favorable Group Benefits mortality. These gains were partly offset by higher expenses (including legal costs), an $84 million drag in Corporate & Other from the December 2025 reinsurance transactions, and notable items.

Capital and balance sheet.

• Holding company cash and liquid assets were $3.4 billion at quarter-end, within the $3.0 billion to $4.0 billion target.
• MetLife returned about $1.0 billion in the quarter: $380 million of common dividends and $650 million of buybacks (6.84 million shares at average prices of $92.56 to $96.44).
• $2.97 billion remained under the August 2026 repurchase authorization at September 30.
• Commercial mortgage loans have been cut 26% since end-2023 to $38.3 billion, with office loans down 28% to $14.2 billion. The portfolio averages a 70% loan-to-value ratio, but office loans average 85%.
• The annual goodwill test, performed in the third quarter, found every reporting unit's fair value substantially above carrying value.
• Expected U.S. statutory adjusted capital on an NAIC basis was about $17.0 billion at September 30, 2026. Japan's economic solvency ratio was 192% for the fiscal year ended March 31, 2026.

Pending disposition. In the second quarter of 2026 MetLife agreed to sell its wholly-owned Ukrainian subsidiary, PJSC MetLife, which is reported in EMEA. It recorded a $65 million after-tax impairment, and the sale is expected to close in 2027, subject to regulatory approvals. The filings do not disclose the buyer or the price.

Environment. The Federal Reserve raised interest rates in September 2026 after holding them steady for most of the year. The Department of Labor has vacated its 2024 fiduciary-rule changes and reinstated the original 1975 five-part test for investment-advice fiduciaries.

Litigation. The estimated range of reasonably possible losses above amounts accrued was $0 to $125 million at September 30, 2026. Metropolitan Life Insurance Company received about 2,047 new asbestos claims in the first nine months of 2026, compared with 2,013 a year earlier.

Subsequent events

From the Q3 2026 Form 10-Q, accession 0001099219-26-000062, and the Q3 2026 earnings call presentation, Form 8-K accession 0001099219-26-000058.

The Q3 2026 Form 10-Q has no subsequent-events note and reports no acquisitions, divestitures, financings or litigation outcomes after September 30, 2026. The only post-quarter items disclosed are:

• October share repurchases. MetLife bought back $265 million of common stock in October 2026, bringing year-to-date repurchases through October to $2.4 billion. 628,442,143 common shares were outstanding at October 30, 2026.
• Q3 results release. Third-quarter results were announced on November 4, 2026 and are summarized above.

Filings that contain financial statements

• Form 8-K filed November 4, 2026 (accession 0001099219-26-000058): third quarter 2026 earnings release (Exhibit 99.1) with a GAAP consolidated statement of operations and quarterly adjusted-earnings reconciliations for the three months ended September 30, 2026; Quarterly Financial Supplement (Exhibit 99.2) with GAAP consolidated statements of operations and balance sheets plus segment detail.
• Form 8-K filed August 5, 2026 (accession 0001099219-26-000048): same set for the quarter ended June 30, 2026.
• Form 8-K filed May 6, 2026 (accession 0001099219-26-000032): same set for the quarter ended March 31, 2026.
• Form 8-K filed February 4, 2026 (accession 0001099219-26-000008): same set for the quarter and full year ended December 31, 2025.
• Form 8-K filed January 9, 2026 (accession 0001099219-26-000005): Historical Results Financial Supplement (Exhibit 99.1) recasting the quarters ended December 31, 2024 and March 31, June 30 and September 30, 2025, and the year ended December 31, 2024, to the new six-segment format.

Earnings

• November 4, 2026 - third quarter 2026 results (0001099219-26-000058). Net income rose 187% to $2.4 billion ($3.67 per share). Adjusted earnings rose 12% to $1.8 billion ($2.78 per share, up 17%). Excluding total notable items, adjusted earnings per share were $2.85, up 22%, which the release calls the highest quarter in the company's history. Notable items were a net $46 million reduction to adjusted earnings from the annual actuarial assumption review. Premiums, fees and other revenues rose 12% to $14.1 billion; adjusted premiums, fees and other revenues excluding pension risk transfers rose 8% to $13.5 billion. Book value per share was $30.73 (down 22%) and adjusted book value per share $59.41 (up 5%). About $1 billion was returned to shareholders through buybacks and common dividends, and holding company cash and liquid assets were $3.4 billion. Management said it is on track for its free cash flow ratio and direct expense ratio targets for the year.
• August 5, 2026 - second quarter 2026 results (0001099219-26-000048). Net income up 1% to $705 million ($1.09 per share); adjusted earnings up 15% to $1.6 billion ($2.43 per share, up 20%); premiums, fees and other revenues up 7% to $13.7 billion; over $1.1 billion returned to shareholders; holding company cash $3.4 billion.
• May 6, 2026 - first quarter 2026 results (0001099219-26-000032). Net income up 30% to $1.1 billion ($1.74 per share); adjusted earnings up 18% to $1.6 billion ($2.42 per share, up 23%); premiums, fees and other revenues up 5% to $14.3 billion; variable investment income up 58% to $518 million.
• February 4, 2026 - fourth quarter and full year 2025 results and 2026 outlook (0001099219-26-000008). About $4.4 billion was returned to shareholders in 2025, and holding company cash was $3.6 billion at year end against a $3.0 to $4.0 billion target. The Item 8.01 outlook maintained near-term targets of adjusted return on equity of 15%-17% (excluding notable items) and double-digit adjusted earnings per share growth; set direct expense ratio targets of 12.1% for 2026 and 11.3% for 2029; and kept the roughly $25.0 billion five-year (2025-2029) free cash flow goal and a 65%-75% two-year average free cash flow to adjusted earnings ratio. The 2026 variable investment income assumption was about $1.6 billion pre-tax.

Preliminary variable investment income disclosures (Item 7.01)

• April 7, 2026 (0001099219-26-000019): first quarter 2026 variable investment income estimated at about $475 million to $525 million pre-tax.
• June 29, 2026 (0001099219-26-000045): second quarter 2026 estimated at about $220 million to $270 million pre-tax.
• September 24, 2026 (0001099219-26-000055): third quarter 2026 estimated at at least $600 million pre-tax.
• Each compared against full-year 2026 guidance of about $1.6 billion pre-tax. The third quarter earnings call presentation (Exhibit 99.4 to 0001099219-26-000058) shows third quarter variable investment income of $720 million.

Capital actions

• August 5, 2026 - new $3.0 billion share repurchase authorization (0001099219-26-000048, Item 8.01). The Board approved the new authorization alongside second quarter results.
• February 26, 2026 - $1.0 billion subordinated debt issued (0001193125-26-076647). MetLife issued $1,000,000,000 of 5.850% Fixed-to-Fixed Reset Rate Subordinated Debentures due 2056 under its shelf registration; the underwriting and pricing agreements were dated February 24, 2026. The issuance closed February 26, 2026.
• Preferred stock dividends declared on the Series A, D, E and F preferred stock: February 17, 2026 (0001099219-26-000010), with Series A confirmed March 5, 2026 (0001099219-26-000015); May 15, 2026 (0001099219-26-000037; Series A, E and F); August 17, 2026 (0001099219-26-000052; Series A, D, E and F, payable September 15, 2026). Series E and F amounts were unchanged at $351.5625 and $296.875 per share per quarter; the Series D semi-annual dividend was $29.375 per share.

Segment reporting change

• January 9, 2026 (0001099219-26-000005). Following a fourth quarter 2025 reorganization, MetLife Investment Management became a reportable segment and MetLife Holdings ceased to be one, now reported primarily in Corporate & Other. MetLife now reports six segments: Group Benefits; Retirement and Income Solutions; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Investment Management. Prior-period net income and adjusted earnings were unchanged by the recast.

M&A

• No acquisition or divestiture was announced on Form 8-K in 2026; the quarterly report discloses the following.
• Pending divestiture, MetLife Ukraine (Form 10-Q, accession 0001099219-26-000062, Note 3, "Pending Disposition of MetLife Ukraine"). In the second quarter of 2026 MetLife entered into a definitive agreement to sell its wholly-owned subsidiary PJSC MetLife ("MetLife Ukraine"), which is reported in the EMEA segment. In connection with the anticipated disposal, an impairment loss of $65 million, net of income tax, was recorded for the nine months ended September 30, 2026 and is reflected in net investment gains (losses). The sale is pending: the transaction is expected to close in 2027 and is subject to regulatory approvals and satisfaction of other closing conditions. No buyer or price is disclosed there.
• The PineBridge Investments acquisition was completed on December 30, 2025 (FY2025 Form 10-K, accession 0001099219-26-000013, Note 3), per the quarterly report for the period ended September 30, 2026 (Form 10-Q, accession 0001099219-26-000062), which gives preliminary purchase consideration of $885 million; the 2026 earnings releases cite PineBridge as a driver of higher MetLife Investment Management revenues and earnings.

Governance

• February 24, 2026 (0001193125-26-067070). The Board expanded from eleven to thirteen directors and elected Daniel S. Glaser and Michelle R. Seitz, both independent.
• June 22, 2026 (0001099219-26-000041). At the June 16, 2026 annual meeting shareholders elected eleven directors, ratified Deloitte & Touche LLP as auditor for 2026, and approved executive compensation on an advisory basis.

About this file

MET annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

MET quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Non GAAP and other measures: sources. Adjusted earnings available to common shareholders and its segment split: MD&A of accession 0001099219-26-000062. Per-share adjusted earnings and book value per common share: Exhibit 99.1 to the Q3 2026 earnings release Form 8-K (accession 0001099219-26-000058).

MET year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Non GAAP and other measures: sources. Adjusted earnings available to common shareholders and its segment split: MD&A of accession 0001099219-26-000062. Per-share adjusted earnings and book value per common share: Exhibit 99.1 to the Q3 2026 earnings release Form 8-K (accession 0001099219-26-000058).

MET trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. FY2025 (10-K) plus nine months ended September 30, 2026 less nine months ended September 30, 2025 (10-Q)
• Non GAAP and other measures: sources. Derived from MD&A figures in accessions 0001099219-26-000013 and 0001099219-26-000062.

Adjustments

Notes

• Schema: insurer. MetLife is a life insurer, annuity and employee-benefits provider and asset manager, so the record follows its own statement of operations (premiums, policy fees, net investment income, investment and derivative gains or losses, policyholder benefits, interest credited, other expenses) rather than a revenue / cost of goods / capital expenditure frame. Line items keep the same names in every period.
• Annual figures for FY2025, FY2024 and FY2023 are from the FY2025 Form 10-K (accession 0001099219-26-000013). The 10-K presents balance sheets only at December 31, 2025 and 2024, so FY2023 carries no balance sheet.
• Quarterly figures are the three months ended September 30, 2026 and September 30, 2025 from the Q3 2026 Form 10-Q (accession 0001099219-26-000062). The 10-Q presents cash flows only for the nine-month periods, so the quarters carry no cash flow statement; cash flows appear in the nine-month year-to-date block. The 10-Q presents balance sheets at September 30, 2026 and December 31, 2025 only, so Q3 FY2025 carries no balance sheet; the December 31, 2025 balance sheet is shown under FY2025 and is identical in both filings.
• Sign conventions follow the filings: 'net investment gains (losses)' and 'net derivative gains (losses)' are negative when losses; the remeasurement lines are expense lines captioned '(gains) losses', so a negative value there is a gain; cash outflows are negative. The 10-Q prints net derivative gains (losses) for the nine months ended September 30, 2026 as a dash, recorded here as zero.
• Net income here is consolidated net income (loss); diluted EPS is struck on net income available to MetLife, Inc.'s common shareholders, after noncontrolling interests, preferred stock dividends and, in 2025, a $12 million preferred stock redemption premium.
• Weighted average basic and diluted shares are from the earnings per common share notes (Note 23 of the 10-K, Note 17 of the 10-Q), printed in millions. Common shares outstanding are the period-end counts printed on the face of each balance sheet.
• Dividends declared per common share are from the statements of equity. The nine-month figures are the sum of the two amounts the 10-Q prints for each year (2026: $1.160 for the first six months plus $0.593 for the third quarter; 2025: $1.113 plus $0.568).
• Debt is shown as the four lines the balance sheet prints (short-term debt, long-term debt, collateral financing arrangement, subordinated debt securities); the company prints no single total-debt line, and none is derived here. The cash flow statement has no capital expenditure line, so no free cash flow figure is derived.
• Adjusted earnings available to common shareholders is MetLife's non-GAAP performance measure (also the measure its chief operating decision maker uses for segments). Totals and the segment split are from MD&A in the 10-K and 10-Q. Adjusted earnings per diluted common share, book value per common share and adjusted book value per common share are not printed in the 10-Q and are taken from Exhibit 99.1 of the Q3 2026 earnings release Form 8-K (accession 0001099219-26-000058).
• Segments: in the fourth quarter of 2025 MetLife reorganized its segments (MetLife Investment Management became a reportable segment; MetLife Holdings was removed and its business moved mainly to Corporate & Other). Consolidated figures were not affected. The 10-K states that the move of certain former MetLife Holdings products into Group Benefits and RIS was applied only to 2025, so the 10-K's FY2024 and FY2023 segment split is not fully comparable to FY2025; the 10-Q applies the reorganization to all periods it presents.
• Trailing twelve months ended September 30, 2026 is derived as FY2025 (10-K) plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025 (10-Q). Per-share figures are not derived for this view.
• In Q3 2026 MetLife reported comprehensive loss of $4.16 billion despite net income of $2.41 billion: the statement of equity shows an other comprehensive loss of $6.56 billion for the quarter, and accumulated other comprehensive loss widened from $18.08 billion at December 31, 2025 to $25.30 billion at September 30, 2026, taking total MetLife, Inc. stockholders' equity from $28.40 billion to $22.23 billion.
• No stock splits in the periods covered; MetLife is a US domestic filer reporting in US dollars, so no currency conversion or ADS adjustment applies.

Uncertainties

• Three-month cash flows for Q3 FY2026 and Q3 FY2025 are not shown: the Q3 10-Q prints cash flows for nine months only, and deriving the quarter would require the six-month cash flow statement from the Q2 10-Q, which is a different filing.
• The fourth quarter of 2025 is not shown as a quarter: neither filing prints it as a discrete three-month period.
• The Q3 2026 earnings release's expense-detail table prints 'Other expenses' of $3,965 million for Q3 2026 and $3,568 million for Q3 2025, while the 10-Q statement of operations prints $3,893 million and $3,509 million; total expenses agree ($17,522 million and $16,151 million). This record uses the statement of operations.

Company details

Fiscal period

Source filings