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MetLife
MET
#418
Rank
$61.66 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$97.03
Share price
-0.76%
Change (1 day)
28.86%
Change (1 year)
๐Ÿฆ Insurance
Categories
  1. MetLife
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

MetLife - 10-Q quarterly report FY2026 Q2


Text size:
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q
(Mark One)
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
Commission file number: 001-15787
 _____________________________________
MetLife, Inc.
(Exact name of registrant as specified in its charter)
Delaware13-4075851
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
200 Park Avenue,
New York,
NY
10166-0188
(Address of principal executive offices)(Zip Code)
(212) 578-9500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01
MET
New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock,
 Series A, par value $0.01
MET PRA
New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E
MET PRE
New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in
a share of 4.75% Non-Cumulative Preferred Stock, Series F
MET PRF
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

At July 31, 2026, 635,476,927 shares of the registrant’s common stock were outstanding.


Table of Contents
Page
Item 1.
Financial Statements (Unaudited) (at June 30, 2026 and December 31, 2025 and for the Three Months and Six Months Ended June 30, 2026 and 2025)
Interim Condensed Consolidated Balance Sheets
4
Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
5
Interim Condensed Consolidated Statements of Equity
6
Interim Condensed Consolidated Statements of Cash Flows
7
Notes to the Interim Condensed Consolidated Financial Statements:
Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies
8
Note 2 — Segment Information
9
Note 3 — Acquisitions and Dispositions
15
Note 4 — Future Policy Benefits
16
Note 5 — Policyholder Account Balances
24
Note 6 — Market Risk Benefits
33
Note 7 — Separate Accounts
36
Note 8 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue
40
Note 9 — Investments
42
Note 10 — Derivatives
58
Note 11 — Fair Value
70
Note 12 — Subordinated Debt Securities
85
Note 13 — Equity
86
Note 14 — Other Revenues and Other Expenses
91
Note 15 — Employee Benefit Plans
92
Note 16 — Income Tax
93
Note 17 — Earnings Per Common Share
93
Note 18 — Contingencies, Commitments and Guarantees
94
Note 19 — Related Party Transactions
97
Note 20 — Subsequent Events
97
Item 2.
98
Item 3.
147
Item 4.
148
Item 1.
149
Item 1A.
149
Item 2.
149
Item 5.
150
Item 6.
151
152
155

Table of Contents
As used in this Form 10‑Q, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.
Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10‑Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “are confident,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.
Many factors determine Company results, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. We do not guarantee any future performance. Our results could differ materially from those we express or imply in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:
(1) economic condition difficulties, including risks relating to interest rates, the effects of announced or future tariff increases on the global economy, credit spreads, declining equity or debt markets, changes in the value of assets under management, real estate, obligors and counterparties, government default or shutdown, currency exchange rates, derivatives, climate change, public health, terrorism and security;
(2) global capital and credit market adversity;
(3) credit facility inaccessibility;
(4) financial strength or credit ratings downgrades;
(5) unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks;
(6) statutory life insurance reserve financing costs or limited market capacity;
(7) legal, regulatory, and supervisory and enforcement policy changes;
(8) changes in tax rates, tax laws or interpretations;
(9) litigation and regulatory investigations;
(10) unsuccessful efforts to meet all sustainability standards or to enhance our sustainability;
(11) MetLife, Inc.’s inability to pay dividends and repurchase common stock;
(12) MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;
(13) investment defaults, downgrades, or volatility;
(14) investment sales or lending difficulties;
(15) collateral or derivative-related payments;
(16) investment valuations, allowances, or impairments changes;
(17) claims or other results that differ from our estimates, assumptions, or models;
(18) global political, legal, or operational risks;
(19) business competition;
(20) technological changes;
(21) catastrophes;
(22) climate changes or responses to it;
(23) deficiencies in our closed block;
(24) goodwill or other asset impairment, or deferred income tax asset allowance;
(25) impairment of value of business acquired, value of distribution agreements acquired or value of customer relationships acquired;
(26) product guarantee volatility, costs, and counterparty risks;
(27) risk management failures;
(28) insufficient protection from operational risks;
(29) failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or disaster recovery failures;
(30) accounting standards changes;
(31) excessive risk-taking;
(32) marketing and distribution difficulties;
(33) pension and other postretirement benefit assumption changes;
(34) inability to protect our intellectual property or avoid infringement claims;
(35) acquisition, integration, growth, disposition, or reorganization difficulties;
(36) Brighthouse Financial, Inc. separation risks;
(37) MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and
(38) legal- and corporate governance-related effects on business combinations.
MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.
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Corporate Information
We encourage investors and others to frequently visit our website (www.metlife.com), including our Investor Relations web pages (https://investor.metlife.com). We announce significant financial and other information to our investors and the public on the Investor Relations web pages, as well as in U.S. Securities and Exchange Commission filings, news releases, public conference calls and webcasts, fact sheets, social media posts, including those of our senior executives, 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.
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Part I — Financial Information
Item 1. Financial Statements
MetLife, Inc.
Interim Condensed Consolidated Balance Sheets
June 30, 2026 and December 31, 2025 (Unaudited)
(In millions, except share and per share data)

June 30, 2026December 31, 2025
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $224 and $249, respectively); and amortized cost: $347,781 and $337,201, respectively
$322,183 $315,931 
Equity securities, at estimated fair value932 858 
Contractholder-directed equity securities and fair value option securities, at estimated fair value (includes $1,985 and $1,751, respectively, relating to variable interest entities)
14,809 13,959 
Mortgage loans (net of allowance for credit loss of $1,358 and $1,193, respectively; includes $0 and $35, respectively, of mortgage loans held-for-sale)
82,856 84,593 
Policy loans8,226 8,547 
Real estate and real estate joint ventures (includes $377 and $378, respectively, under the fair value option; $178 and $132, respectively, of real estate held-for-sale; $431 and $302, respectively, relating to variable interest entities)
13,065 13,440 
Other limited partnership interests14,801 14,917 
Short-term investments, principally at estimated fair value8,016 3,601 
Other invested assets (includes $1,637 and $1,698, respectively, of leveraged and direct financing leases; $623 and $560, respectively, relating to variable interest entities)
17,675 16,332 
Total investments482,563 472,178 
Cash and cash equivalents, principally at estimated fair value (includes $357 and $96, respectively, relating to variable interest entities)
19,301 22,032 
Accrued investment income3,774 3,719 
Premiums, reinsurance and other receivables
50,635 49,059 
Market risk benefits, at estimated fair value490 458 
Deferred policy acquisition costs and value of business acquired21,571 21,107 
Current income tax recoverable426 660 
Deferred income tax asset3,167 2,585 
Goodwill9,536 9,613 
Other assets11,059 11,822 
Separate account assets156,850 151,933 
Total assets$759,372 $745,166 
Liabilities, Mezzanine Equity and Equity
Liabilities
Future policy benefits$206,150 $208,855 
Policyholder account balances245,458 236,857 
Market risk benefits, at estimated fair value2,235 2,406 
Other policy-related balances20,559 20,070 
Policyholder dividends payable349 356 
Payables for collateral under securities loaned and other transactions18,882 17,115 
Short-term debt (includes $114 and $117, respectively, relating to variable interest entities)
460 355 
Long-term debt (includes $69 and $28, respectively, relating to variable interest entities)
14,244 14,467 
Collateral financing arrangement286 352 
Subordinated debt securities5,144 4,155 
Notes issued by collateralized financing entities (includes all amounts: under the fair value option; and relating to variable interest entities)1,497 1,206 
Deferred income tax liability311 536 
Other liabilities (includes $374 and $167, respectively, relating to variable interest entities)
58,986 57,582 
Separate account liabilities156,850 151,933 
Total liabilities731,411 716,245 
Contingencies, Commitments and Guarantees (Note 18)
Mezzanine Equity
Redeemable noncontrolling interests220 241 
Equity
MetLife, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $2,905 aggregate liquidation preference
— — 
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,196,795,831 and 1,195,587,190 shares issued, respectively; 637,752,080 and 655,333,773 shares outstanding, respectively
12 12 
Additional paid-in capital32,933 32,858 
Retained earnings45,380 44,290 
Treasury stock, at cost; 559,043,751 and 540,253,417 shares, respectively
(32,141)(30,678)
Accumulated other comprehensive income (loss)(18,743)(18,084)
Total MetLife, Inc.’s stockholders’ equity27,441 28,398 
Noncontrolling interests300 282 
Total equity27,741 28,680 
Total liabilities, mezzanine equity and equity
$759,372 $745,166 
See accompanying notes to the interim condensed consolidated financial statements.
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MetLife, Inc.
Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Three Months and Six Months Ended June 30, 2026 and 2025 (Unaudited)
(In millions, except per share data)
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
Revenues
Premiums
$11,435 $10,810 $23,555 $22,533 
Universal life and investment-type product policy fees1,372 1,259 2,715 2,488 
Net investment income
6,702 5,661 12,057 10,546 
Other revenues
845 679 1,697 1,366 
Net investment gains (losses)(428)(273)(1,098)(660)
Net derivative gains (losses)(772)(796)(698)(364)
Total revenues
19,154 17,340 38,228 35,909 
Expenses
Policyholder benefits and claims11,335 10,767 23,199 22,573 
Policyholder liability remeasurement (gains) losses18 5 5 (26)
Market risk benefit remeasurement (gains) losses
(270)(277)(150)22 
Interest credited to policyholder account balances
3,067 2,400 4,741 4,047 
Policyholder dividends125 146 249 290 
Other expenses3,844 3,319 7,642 6,669 
Total expenses
18,119 16,360 35,686 33,575 
Income (loss) before provision for income tax
1,035 980 2,542 2,334 
Provision for income tax expense (benefit)
256 245 601 649 
Net income (loss)
779 735 1,941 1,685 
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
43 6 20 11 
Net income (loss) attributable to MetLife, Inc.
736 729 1,921 1,674 
Less: Preferred stock dividends
31 31 76 97 
Net income (loss) available to MetLife, Inc.’s common shareholders
$705 $698 $1,845 $1,577 
Comprehensive income (loss)
$1,251 $1,125 $1,294 $4,085 
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests, net of income tax
31 7 32 10 
Comprehensive income (loss) attributable to MetLife, Inc.
$1,220 $1,118 $1,262 $4,075 
Net income (loss) available to MetLife, Inc.’s common shareholders per common share:
Basic
$1.10 $1.04 $2.85 $2.33 
Diluted
$1.09 $1.03 $2.83 $2.32 

See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.
Interim Condensed Consolidated Statements of Equity
Six Months Ended June 30, 2026 and 2025 (Unaudited)
(In millions, except per share data)

Preferred
Stock		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Treasury
Stock
at Cost		Accumulated
Other
Comprehensive
Income (Loss)		Total
MetLife, Inc.’s
Stockholders’
Equity		Noncontrolling
Interests		Total
Equity
Balance at December 31, 2025$— $12 $32,858 $44,290 $(30,678)$(18,084)$28,398 $282 $28,680 
Treasury stock acquired in connection with share repurchases (includes $7 of excise tax)
(762)(762)(762)
Stock-based compensation63 63 63 
Dividends on preferred stock(45)(45)(45)
Dividends on common stock (declared per share of $0.568)
(372)(372)(372)
Change in equity of noncontrolling interests— (12)(12)
Net income (loss)1,185 1,185 5 1,190 
Other comprehensive income (loss), net of income tax(1,143)(1,143)(4)(1,147)
Balance at March 31, 2026$— $12 $32,921 $45,058 $(31,440)$(19,227)$27,324 $271 $27,595 
Treasury stock acquired in connection with share repurchase (includes $6 of excise tax)
(701)(701)(701)
Stock-based compensation12 12 12 
Dividends on preferred stock(31)(31)(31)
Dividends on common stock (declared per share of $0.593 )
(383)(383)(383)
Change in equity of noncontrolling interests— (2)(2)
Net income (loss)736 736 32 768 
Other comprehensive income (loss), net of income tax484 484 (1)483 
Balance at June 30, 2026$— $12 $32,933 $45,380 $(32,141)$(18,743)$27,441 $300 $27,741 
Preferred
Stock		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Treasury
Stock
at Cost		Accumulated
Other
Comprehensive
Income (Loss)		Total
MetLife, Inc.’s
Stockholders’
Equity		Noncontrolling
Interests		Total
Equity
Balance at December 31, 2024$— $12 $33,791 $42,626 $(27,798)$(21,186)$27,445 $258 $27,703 
Cumulative effects of change in accounting principles for equity method investees at
January 1, 2025
(1,074)(1,074)(1,074)
Treasury stock acquired in connection with share repurchases (includes $13 of excise tax)
(1,424)(1,424)(1,424)
Stock-based compensation29 29 29 
Dividends on preferred stock(66)(66)(66)
Dividends on common stock (declared per share of $0.545)
(374)(374)(374)
Change in equity of noncontrolling interests— 1 1 
Net income (loss)945 945 5 950 
Other comprehensive income (loss), net of income tax2,012 2,012 (2)2,010 
Balance at March 31, 2025$— $12 $33,820 $43,131 $(29,222)$(20,248)$27,493 $262 $27,755 
Treasury stock acquired in connection with share repurchases (includes $5 of excise tax)
(515)(515)(515)
Stock-based compensation2 2 2 
Dividends on preferred stock(31)(31)(31)
Dividends on common stock (declared per share of $0.568)
(382)(382)(382)
Change in equity of noncontrolling interests— (27)(27)
Net income (loss)729 729 6 735 
Other comprehensive income (loss), net of income tax389 389 1 390 
Balance at June 30, 2025$— $12 $33,822 $43,447 $(29,737)$(19,859)$27,685 $242 $27,927 
See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.
Interim Condensed Consolidated Statements of Cash Flows
Six Months Ended June 30, 2026 and 2025 (Unaudited)
(In millions)

Six Months
Ended
June 30,
20262025
Net cash provided by (used in) operating activities$4,915 $6,449 
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale40,933 27,503 
Equity securities82 54 
Fair value option securities154 — 
Mortgage loans8,241 6,421 
Real estate and real estate joint ventures635 72 
Other limited partnership interests682 504 
Short-term investments7,256 7,439 
Purchases and originations of:
Fixed maturity securities available-for-sale(50,384)(35,502)
Equity securities(173)(48)
Fair value option securities(256)— 
Mortgage loans(7,109)(4,214)
Real estate and real estate joint ventures(499)(387)
Other limited partnership interests(1,047)(650)
Short-term investments(11,050)(7,427)
Cash received in connection with freestanding derivatives1,091 1,438 
Cash paid in connection with freestanding derivatives(2,743)(1,959)
Net change in policy loans269 (30)
Net change in other invested assets(398)557 
Other, net(10)(74)
Net cash provided by (used in) investing activities(14,326)(6,303)
Cash flows from financing activities
Policyholder account balances - deposits57,020 55,756 
Policyholder account balances - withdrawals(50,094)(51,669)
Net change in payables for collateral under securities loaned and other transactions1,824 (118)
Long-term debt issued65 713 
Long-term debt repaid(217)(558)
Collateral financing arrangement repaid(66)(38)
Subordinated debt securities issued1,000 1,000 
Derivatives with certain financing elements and other derivative-related transactions, net(151)(74)
Proceeds from mortgage loan secured financing180 334 
Repayments of mortgage loan secured financing(836)(672)
Proceeds from notes issued by collateralized financing entities843 — 
Repayments of notes issued by collateralized financing entities(537)— 
Treasury stock acquired in connection with share repurchases(1,477)(1,921)
Dividends on preferred stock(76)(97)
Dividends on common stock(755)(756)
Other, net52 (231)
Net cash provided by (used in) financing activities6,775 1,669 
Effect of change in foreign currency exchange rates on cash and cash equivalents balances(95)295 
Change in cash and cash equivalents(2,731)2,110 
Cash and cash equivalents, beginning of period22,032 20,068 
Cash and cash equivalents, end of period$19,301 $22,178 
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest$531 $507 
Income tax$819 $930 
Non-cash transactions:
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions$1,170 $— 
Real estate and real estate joint ventures acquired in satisfaction of debt$182 $186 
Other invested assets received in connection with the sale of other limited partnership interests$347 $20 

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

1. Business, Basis of Presentation and Summary of Significant Accounting Policies
Business
“MetLife” and the “Company” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. In the fourth quarter of 2025, MetLife executed a reorganization to align with its strategic initiative to accelerate growth in asset management. As part of this reorganization, the Company adjusted its segment structure. MetLife Investment Management, the Company’s institutional asset management business (“MIM”), which was previously reported in Corporate & Other, became a reportable segment. MetLife Holdings was removed as a reportable segment, and its business is now primarily reported in Corporate & Other. Additionally, certain products formerly reported in MetLife Holdings were moved to Group Benefits and Retirement and Income Solutions (“RIS”). These changes were applied retrospectively for all periods presented, did not have an impact on prior period consolidated net income (loss) or consolidated adjusted earnings, and are collectively referred to as the “Strategic Reorganization.” As a result of the Strategic Reorganization, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other. See Note 2 for further information on the Company’s segments and Corporate & Other.
Basis of Presentation
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.
The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2025 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2025 Annual Report.
Consolidation
The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions are eliminated.
The Company uses either the equity method of accounting or the fair value option (“FVO”) for its investments in joint ventures, including real estate joint ventures (“REJVs”) and other limited partnership interests (“OLPI”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.
Recent Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following table provides a description of ASUs recently issued by the FASB and the impact of their future adoption on the Company’s consolidated financial statements.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)
Future Adoption of Accounting Pronouncements
ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures. ASUs issued but not yet adopted as of June 30, 2026 that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are summarized in the table below.
StandardDescriptionEffective Date and
Method of Adoption		Impact on Financial Statements
ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans
The key amendments include expanding the population of acquired financial assets that are accounted for using the gross-up approach by creating a new category of assets called purchased seasoned loans (“PSLs”), which will be accounted for using the gross-up approach. The day-1 expected credit losses on PSLs will be reflected as an adjustment to the amortized cost basis rather than an expense.Effective for annual and interim periods beginning January 1, 2027, to be applied prospectively (with early adoption permitted).The Company is evaluating the impact of the guidance on its consolidated financial statements.
ASU 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
The key amendments remove all references to prescriptive and sequential software development project stages and require that an entity capitalize software costs when both: (i) management has authorized and committed to funding the software project; and (ii) it is probable that the project will be completed and the software will be used to perform the function intended.
Effective for annual and interim periods beginning January 1, 2028, to be applied either prospectively, retrospectively, or using a modified transition approach (with early adoption permitted as of the beginning of an annual reporting period).The Company is evaluating the impact of the guidance on its consolidated financial statements.
ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as amended by ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying The Effective Date
The key amendments require disclosures in the notes to financial statements around employee compensation costs, depreciation, intangible asset amortization and certain other costs and expenses. Information on selling expenses is also required.
Effective for annual periods beginning January 1, 2027, and
interim periods beginning January 1, 2028, to be applied prospectively with an option for retrospective application (with early adoption permitted).		The Company is evaluating the impact of the guidance on its consolidated financial statements.
2. Segment Information
In the fourth quarter of 2025, MetLife completed the Strategic Reorganization. As a result, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; EMEA; and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other. See Note 1. In conjunction with the Strategic Reorganization, effective January 1, 2025, the Company amended agreements between MIM and other MetLife entities to manage general account investments at current market rate fees.
Group Benefits
The Group Benefits segment, based in the United States (“U.S.”), offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include term, variable and universal life insurance, dental, group and individual disability, accident & health insurance and vision.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
2. Segment Information (continued)
RIS
The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include stable value and pension risk transfer products, institutional income annuities, structured settlements, longevity reinsurance solutions, benefit funding solutions, funded reinsurance solutions, and capital markets investment products.
Asia
The Asia segment offers a broad range of products and services to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, accident & health insurance and retirement and savings.
Latin America
The Latin America segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.
EMEA
The EMEA segment offers products to individuals, corporations, other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.
MIM
MIM provides asset management and advisory services to institutional investors worldwide in public and private fixed income, real estate, equity, alternatives, multi-asset solutions and insurance solutions. MIM also manages investments for the Company’s general account.
Financial Measure and Segment Accounting Policies
Adjusted earnings is used by the Company’s chief operating decision maker, its Chief Executive Officer, to evaluate performance and allocate resources. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of the Company’s performance relative to its business plan and facilitate comparisons to industry results.
Consistent with GAAP guidance for segment reporting, adjusted earnings is the Company’s GAAP measure of segment performance and is reported below. The Company believes the presentation of adjusted earnings enhances its investors’ understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business.
Adjusted earnings focuses on the Company’s primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings excludes results of discontinued operations under GAAP.
Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit (“MRB”) remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method, and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
2. Segment Information (continued)
Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:
•Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance.
•Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment.
•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
•Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.
•Interest credited to policyholder account balances (“PABs”) excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
“Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.
Other adjustments are made in calculating adjusted earnings:
•Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-owned real estate and REJVs.
•Net investment income and interest credited to PABs exclude certain amounts related to contractholder-directed equity securities.
•Net investment income and other expenses exclude Reinsurance activity (as defined below).
•Net investment income and interest expense on debt exclude amounts related to collateralized financing entities (“CFEs”) that are consolidated VIEs.
•Other revenues and other expenses exclude asset management distribution fees on funds that are passed through to distribution partners.
•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.
•Other expenses exclude (i) amortization and impairment of asset management intangible assets, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
•“Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
The tax impact of the adjustments mentioned above is 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 run-off and developing businesses. Also included in Corporate & Other are the excess capital, as well as certain charges and activities, not allocated to the segments (including external integration and disposition costs, internal resource costs for associates committed to acquisitions and dispositions and enterprise-wide strategic initiatives), interest expense related to the majority of the Company’s outstanding debt, expenses associated with certain legal proceedings and income tax audit issues, and the elimination of intersegment amounts (which generally relate to asset management fees and loans bearing interest rates commensurate with related borrowings).
The run-off businesses principally consist of operations relating to products and businesses that the Company no longer actively markets in the U.S. and were reported in the Company’s former MetLife Holdings segment. These products include: (i) variable, universal and term life insurance, (ii) whole life insurance, (iii) fixed and variable annuities, as well as the related guarantees, (iv) in-force block of assumed variable annuity guarantees from a third party, and (v) long-term care insurance, which offers protection against the potentially high costs of long-term health care services.
The financial measure and accounting policies used to prepare the Company’s segment results are the same as those used to prepare results for Corporate & Other. See “— Financial Measure and Segment Accounting Policies.”
Set forth in the tables below is certain financial information with respect to the Company’s segments for the three months and six months ended June 30, 2026 and 2025.
12
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
2. Segment Information (continued)
Three Months Ended June 30, 2026Group BenefitsRISAsiaLatin
America		EMEA
MIM
(In millions)
Revenues
Premiums$5,819 $1,587 $1,237 $1,498 $698 $— 
Universal life and investment-type product policy fees242 113 441 416 98 — 
Net investment income (1)
357 2,219 1,375 587 67 2 
Other revenues451 69 20 (15)10 317 
Expenses
Policyholder benefits and claims and policyholder dividends5,053 2,466 1,030 1,471 335 — 
Policyholder liability remeasurement (gains) losses(2)3 (15)5 (5)— 
Interest credited to PABs69 908 862 101 21 — 
Other expenses:
Amortization of deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”) and negative VOBA8 24 214 186 110 — 
Interest expense on debt2 2 — 4 — 1 
Direct and allocated expenses529 86 299 171 120 227 
Other segment expenses (2)574 36 93 197 159 15 
Provision for income tax expense (benefit)
133 86 170 83 25 19 
Adjusted earnings$503 $377 $420 $268 $108 $57 

Three Months Ended June 30, 2025Group BenefitsRISAsiaLatin
America		EMEAMIM
(In millions)
Revenues
Premiums$5,801 $1,210 $1,278 $1,260 $626 $— 
Universal life and investment-type product policy fees240 102 399 371 84 — 
Net investment income (1)
345 2,166 1,204 445 61 2 
Other revenues405 70 22 3 9 237 
Expenses
Policyholder benefits and claims and policyholder dividends5,161 2,045 1,051 1,216 309 — 
Policyholder liability remeasurement (gains) losses(4)1 (12)— 4 — 
Interest credited to PABs73 903 757 96 20 — 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
7 21 223 137 88 — 
Interest expense on debt1 4 — 4 — — 
Direct and allocated expenses507 89 304 143 111 158 
Other segment expenses (2)538 25 91 166 120 9 
Provision for income tax expense (benefit)107 90 143 84 28 18 
Adjusted earnings$401 $370 $346 $233 $100 $54 
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
2. Segment Information (continued)
Six Months Ended June 30, 2026Group
Benefits		RISAsiaLatin
America		EMEA
MIM
(In millions)
Revenues
Premiums$11,667 $3,799 $2,531 $2,983 $1,387 $— 
Universal life and investment-type product policy fees472 222 868 835 197 — 
Net investment income (1)709 4,471 2,836 996 134 7 
Other revenues912 138 37 (22)19 631 
Expenses
Policyholder benefits and claims and policyholder dividends10,200 5,532 2,118 2,820 672 — 
Policyholder liability remeasurement (gains) losses(4)(17)(30)5 (2)— 
Interest credited to PABs139 1,791 1,695 186 42 — 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
20 47 425 359 207 — 
Interest expense on debt3 5 — 9 — 2 
Direct and allocated expenses1,069 179 597 329 242 469 
Other segment expenses (2)1,142 72 188 403 300 28 
Provision for income tax expense (benefit)249 193 372 184 58 35 
Adjusted earnings$942 $828 $907 $497 $218 $104 
Six Months Ended June 30, 2025Group
Benefits		RISAsiaLatin
America		EMEA
MIM
(In millions)
Revenues
Premiums$11,564 $3,494 $2,538 $2,424 $1,208 $— 
Universal life and investment-type product policy fees473 206 805 711 162 — 
Net investment income (1)
698 4,356 2,408 853 119 3 
Other revenues839 139 37 12 17 455 
Expenses
Policyholder benefits and claims and policyholder dividends10,344 5,165 2,088 2,307 586 — 
Policyholder liability remeasurement (gains) losses(22)(14)(23)(3)4 — 
Interest credited to PABs
145 1,786 1,468 194 37 — 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
13 40 439 266 182 — 
Interest expense on debt2 7 — 8 — — 
Direct and allocated expenses
1,036 187 610 278 220 331 
Other segment expenses (2)
1,080 59 183 342 240 18 
Provision for income tax expense (benefit)205 189 305 156 54 27 
Adjusted earnings$771 $776 $718 $452 $183 $82 
__________________
(1)The percentage of net investment income from equity method invested assets by segment was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Group Benefits
(1)%— %— %— %
RIS4 %4 %6 %5 %
Asia12 %10 %15 %10 %
Latin America
1 %— %1 %— %
EMEA
1 %— %1 %— %
(2)Includes pension, postretirement and postemployment benefit costs; premium taxes, other taxes, and licenses & fees; and commissions and other variable expenses. This line item is net of capitalization of DAC.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
2. Segment Information (continued)
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
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Total segment adjusted earnings$1,733 $1,504 $3,496 $2,982 
Corporate & Other(129)(111)(261)(174)
Total consolidated adjusted earnings1,604 1,393 3,235 2,808 
Net investment gains (losses)(428)(273)(1,098)(660)
Net derivative gains (losses)(772)(796)(698)(364)
MRB remeasurement gains (losses)
270 277 150 (22)
Investment hedge adjustments(170)(102)(254)(205)
Depreciation of wholly-owned real estate and REJVs
(54)(115)
Other95 41 317 (90)
Provision for income tax (expense) benefit234 195 404 218 
Net income (loss) $779 $735 $1,941 $1,685 
Segment revenues:
Group Benefits$6,869 $6,791 $13,760 $13,574 
RIS3,988 3,548 8,630 8,195 
Asia3,073 2,903 6,272 5,788 
Latin America2,486 2,079 4,792 4,000 
EMEA873 780 1,737 1,506 
MIM (1)
319 239 638 458 
Total segment revenues17,608 16,340 35,829 33,521 
Net investment gains (losses)(428)(273)(1,098)(660)
Net derivative gains (losses)(772)(796)(698)(364)
Investment hedge adjustments(170)(102)(254)(205)
Unit-linked investment income
998 498 680 271 
Reinsurance activity
331 47 632 90 
Corporate & Other revenue1,467 1,581 2,928 3,227 
Other120 45 209 29 
Total consolidated revenues$19,154 $17,340 $38,228 $35,909 
_______________
(1)Includes intersegment asset management fees of $133 million and $264 million for the three months and six months ended June 30, 2026, respectively, and $130 million and $259 million for the three months and six months ended June 30, 2025, respectively, earned in connection with management of general account investments of the Company.
3. Acquisitions and Dispositions
Acquisition of PineBridge Investments
In the fourth quarter of 2025, the Company completed the acquisition of PineBridge Investments, which is reported in the MIM segment, for the preliminary purchase consideration of $885 million. The purchase consideration and the purchase price allocation are preliminary and are subject to adjustment during the measurement period, which is up to one year from the acquisition date. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for further information on the acquisition.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
3. Acquisitions and Dispositions (continued)
Pending Disposition of MetLife Ukraine
In the second quarter of 2026, the Company 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 three months and six months ended June 30, 2026, and is reflected in net investment gains (losses). The transaction is expected to close in 2027 and is subject to regulatory approvals and satisfaction of other closing conditions.
4. Future Policy Benefits
The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated deferred profit liability (“DPL”), additional insurance liabilities, participating life and short-duration contracts.
The Company’s future policy benefits (“FPBs”) on the interim condensed consolidated balance sheets were as follows at:
June 30, 2026December 31, 2025
(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities
$78,936 $79,523 
Asia:
Whole and term life & endowments
8,565 10,140 
Accident & health
6,822 7,913 
Latin America - Fixed annuities
12,608 12,336 
Corporate & Other - Long-term care
15,345 15,224 
Deferred Profit Liabilities:
RIS - Annuities
3,859 3,855 
Asia:
Whole and term life & endowments
948 919 
Accident & health
992 993 
Latin America - Fixed annuities
555 562 
Additional Insurance Liabilities:
Asia:
Variable life
1,025 1,074 
Universal and variable universal life
318 330 
Corporate & Other - Universal and variable universal life
2,766 2,713 
Corporate & Other - Participating life
46,738 47,359 
Other long-duration (1)
11,300 11,148 
Short-duration and other
15,373 14,766 
Total
$206,150 $208,855 
_______________
(1)This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.
Rollforwards — Traditional and Limited-Payment Contracts
The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
RIS — Annuities
The RIS segment’s annuity products include pension risk transfers (including assumed pension risk transfers from the United Kingdom (“U.K.”)), certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. The Company reinsures portions of certain pension risk transfers and structured settlements on a modified coinsurance basis. Information regarding these products was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$— $— 
Balance, beginning of period, at original discount rate$— $— 
Effect of actual variances from expected experience (1)
(4)(39)
Adjusted balance (4)(39)
Issuances
2,169 2,769 
Net premiums collected
(2,165)(2,730)
Ending balance at original discount rate— — 
Balance, end of period, at current discount rate at balance sheet date$— $— 
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$79,842 $66,621 
Balance, beginning of period, at original discount rate$81,498 $69,643 
Effect of actual variances from expected experience (1)
(30)(100)
Adjusted balance81,468 69,543 
Issuances
2,187 2,797 
Interest accrual
1,943 1,676 
Benefit payments
(3,851)(3,288)
Effect of foreign currency translation
(19)27 
Ending balance at original discount rate81,728 70,755 
Effect of changes in discount rate assumptions
(2,434)(2,280)
Effect of foreign currency translation on the effect of changes in discount rate assumptions(1)— 
Balance, end of period, at current discount rate at balance sheet date79,293 68,475 
Cumulative amount of fair value hedging adjustments(357)(282)
Net liability for FPBs
78,936 68,193 
Less: Reinsurance recoverables
12,104 2,207 
Net liability for FPBs, net of reinsurance
$66,832 $65,986 
Undiscounted - Expected future benefit payments$146,583 $128,551 
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)$79,293 $68,475 
Weighted-average duration of the liability8 years8 years
Weighted-average interest accretion (original locked-in) rate4.9 %4.9 %
Weighted-average current discount rate at balance sheet date5.6 %5.5 %
_________________
(1)For the six months ended June 30, 2025, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $46 million.

17
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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:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$3,910 $4,023 
Balance, beginning of period, at original discount rate$4,337 $4,286 
Effect of actual variances from expected experience
(32)(44)
Adjusted balance4,305 4,242 
Issuances
346 290 
Interest accrual
46 39 
Net premiums collected
(332)(313)
Effect of foreign currency translation
(148)340 
Ending balance at original discount rate4,217 4,598 
Effect of changes in discount rate assumptions
(528)(332)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
17 (25)
Balance, end of period, at current discount rate at balance sheet date$3,706 $4,241 
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$14,050 $15,190 
Balance, beginning of period, at original discount rate$15,358 $15,252 
Effect of actual variances from expected experience
(12)(43)
Adjusted balance15,346 15,209 
Issuances346 290 
Interest accrual195 188 
Benefit payments(504)(482)
Effect of foreign currency translation
(637)1,286 
Ending balance at original discount rate14,746 16,491 
Effect of changes in discount rate assumptions
(2,510)(433)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
32 27 
Balance, end of period, at current discount rate at balance sheet date12,268 16,085 
Cumulative impact of flooring the future policyholder benefits reserve
3 — 
Net liability for FPBs
8,565 11,844 
Less: Amount due to reinsurer
(2)(2)
Net liability for FPBs, net of reinsurance
$8,567 $11,846 
Undiscounted:
Expected future gross premiums$9,042 $9,474 
Expected future benefit payments$25,791 $27,843 
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums$7,096 $7,837 
Expected future benefit payments$12,268 $16,085 
Weighted-average duration of the liability15 years17 years
Weighted-average interest accretion (original locked-in) rate2.8 %2.6 %
Weighted-average current discount rate at balance sheet date4.5 %3.0 %

18
Table of Contents
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:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$15,389 $17,203 
Balance, beginning of period, at original discount rate$18,243 $18,820 
Effect of actual variances from expected experience
(73)(200)
Adjusted balance18,170 18,620 
Issuances
429 636 
Interest accrual
106 113 
Net premiums collected
(864)(939)
Effect of foreign currency translation and other - net
(677)1,836 
Ending balance at original discount rate17,164 20,266 
Effect of changes in discount rate assumptions
(3,453)(2,204)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
117 (161)
Balance, end of period, at current discount rate at balance sheet date$13,828 $17,901 
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$23,153 $26,565 
Balance, beginning of period, at original discount rate$32,942 $32,838 
Effect of actual variances from expected experience
(77)(208)
Adjusted balance32,865 32,630 
Issuances429 635 
Interest accrual229 239 
Benefit payments(636)(647)
Effect of foreign currency translation and other - net
(1,282)3,064 
Ending balance at original discount rate31,605 35,921 
Effect of changes in discount rate assumptions
(11,531)(8,209)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
395 (572)
Balance, end of period, at current discount rate at balance sheet date20,469 27,140 
Cumulative impact of flooring the future policyholder benefits reserve
181 156 
Net liability for FPBs
6,822 9,395 
Less: Reinsurance recoverables
96 132 
Net liability for FPBs, net of reinsurance
$6,726 $9,263 
Undiscounted:
Expected future gross premiums$34,799 $40,090 
Expected future benefit payments$41,866 $47,275 
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums$24,022 $30,717 
Expected future benefit payments$20,469 $27,140 
Weighted-average duration of the liability17 years21 years
Weighted-average interest accretion (original locked-in) rate1.7 %1.7 %
Weighted-average current discount rate at balance sheet date4.5 %3.2 %

19
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
Latin America — Fixed Annuities
The Latin America segment’s fixed annuity products in Chile and Mexico include fixed income annuities that provide for asset distribution needs. Information regarding these products was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$—$—
Balance, beginning of period, at original discount rate
$—$—
Effect of actual variances from expected experience
——
Adjusted balance——
Issuances
879740
Interest accrual
22
Net premiums collected
(881)(742)
Ending balance at original discount rate——
Balance, end of period, at current discount rate at balance sheet date$—$—
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$12,336$9,600
Balance, beginning of period, at original discount rate$11,588$9,133
Effect of actual variances from expected experience
4(1)
Adjusted balance11,5929,132
Issuances894778
Interest accrual214181
Benefit payments(483)(389)
Inflation adjustment328216
Effect of foreign currency translation
(270)621
Ending balance at original discount rate12,27510,539
Effect of changes in discount rate assumptions
335397
Effect of foreign currency translation on the effect of changes in discount rate assumptions
(2)28
Balance, end of period, at current discount rate at balance sheet date12,60810,964
Net liability for FPBs
$12,608$10,964
Undiscounted - Expected future benefit payments$18,052$15,671
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)$12,608$10,964
Weighted-average duration of the liability10 years10 years
Weighted-average interest accretion (original locked-in) rate3.6 %3.7 %
Weighted-average current discount rate at balance sheet date3.2 %3.1 %

20
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
Corporate & Other — Long-term Care
Corporate & Other’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$5,548$5,475
Balance, beginning of period, at original discount rate$5,515$5,568
Effect of actual variances from expected experience
57(3)
Adjusted balance5,5725,565
Interest accrual
141141
Net premiums collected
(288)(280)
Ending balance at original discount rate5,4255,426
Effect of changes in discount rate assumptions
(42)(6)
Balance, end of period, at current discount rate at balance sheet date$5,383$5,420
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$20,772$20,012
Balance, beginning of period, at original discount rate$21,490$21,024
Effect of actual variances from expected experience
10726
Adjusted balance21,59721,050
Interest accrual566553
Benefit payments(498)(452)
Ending balance at original discount rate21,66521,151
Effect of changes in discount rate assumptions
(937)(928)
Balance, end of period, at current discount rate at balance sheet date20,72820,223
Net liability for FPBs
$15,345$14,803
Undiscounted:
Expected future gross premiums$10,075$10,269
Expected future benefit payments$44,361$44,566
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums$6,745$6,870
Expected future benefit payments$20,728$20,223
Weighted-average duration of the liability13 years13 years
Weighted-average interest accretion (original locked-in) rate5.4 %5.4 %
Weighted-average current discount rate at balance sheet date5.8 %5.8 %
Rollforwards — Additional Insurance Liabilities
The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for variable life, universal life, and variable universal life contract features whereby the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.
The following information about the direct liability for additional insurance liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in these rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers.
21
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
Asia — Variable Life and Universal and Variable Universal Life
The Asia segment’s variable life and universal and variable universal life products in Japan offer a contract feature whereby the Company guarantees to the contractholder a secondary guarantee. Information regarding these additional insurance liabilities was as follows:
Six Months
Ended
June 30,
2026202520262025
Variable Life
Universal and Variable Universal Life
(Dollars in millions)
Balance, beginning of period
$1,074$1,108$330$355
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment
——3210
Balance, beginning of period, before AOCI adjustment
1,0741,108298345
Effect of actual variances from expected experience(4)(6)(2)(4)
Adjusted balance
1,0701,102296341
Assessments accrual(2)(2)(4)—
Interest accrual8923
Excess benefits paid(13)(19)——
Effect of foreign currency translation and other, net
(38)98(11)31
Balance, end of period, before AOCI adjustment
1,0251,188283375
Add: AOCI adjustment
——3511
Balance, end of period
$1,025$1,188$318$386
Weighted-average duration of the liability16 years16 years41 years42 years
Weighted-average interest accretion rate1.5 %1.5 %1.5 %1.5 %
Corporate & Other — Universal and Variable Universal Life
Corporate & Other’s universal and variable universal life products provide a contract feature whereby the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:
Six Months
Ended
June 30,
20262025
Universal and Variable Universal Life
(Dollars in millions)
Balance, beginning of period$2,713$2,496
Less: AOCI adjustment (13)(17)
Balance, beginning of period, before AOCI adjustment2,7262,513
Effect of actual variances from expected experience3118
Adjusted balance2,7572,531
Assessments accrual5554
Interest accrual7468
Excess benefits paid(107)(71)
Balance, end of period, before AOCI adjustment2,7792,582
Add: AOCI adjustment(13)(15)
Balance, end of period2,7662,567
Less: Reinsurance recoverables
2,4082,230
Balance, end of period, net of reinsurance$358$337
Weighted-average duration of the liability14 years15 years
Weighted-average interest accretion rate5.5 %5.5 %
22
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
4. Future Policy Benefits (continued)
The Company’s gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding Corporate & Other’s participating life contracts, were as follows:
Six Months
Ended
June 30,
20262025
Gross Premiums or
Assessments (1)		Interest Expense (2)Gross Premiums or
Assessments (1)		Interest Expense (2)
(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities
$2,264 $1,943 $2,799 $1,676 
Asia:
Whole and term life & endowments
653 149 600 149 
Accident & health
1,455 123 1,561 126 
Latin America - Fixed annuities
881 212 742 179 
Corporate & Other - Long-term care
363 425 359 412 
Deferred Profit Liabilities:
RIS - Annuities
N/A93 N/A91 
Asia:
Whole and term life & endowments
N/A25 N/A21 
Accident & health
N/A12 N/A11 
Latin America - Fixed annuities
N/A11 N/A10 
Additional Insurance Liabilities:
Asia:
Variable life
112 8 72 9 
Universal and variable universal life
31 2 1 3 
Corporate & Other - Universal and variable universal life
295 74 317 68 
Other long-duration
3,173 253 2,476 243 
 Total
$9,227 $3,330 $8,927 $2,998 
__________________
(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.
23
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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:
Six Months
Ended
June 30,
20262025
(In millions)
Balance, beginning of period$17,130 $16,118 
Less: Reinsurance recoverables2,906 2,790 
Net balance, beginning of period14,224 13,328 
Incurred related to:
Current period14,609 14,590 
Prior periods (1)109 138 
Total incurred14,718 14,728 
Paid related to:
Current period(9,214)(9,127)
Prior periods(5,069)(4,763)
Total paid(14,283)(13,890)
Net balance, end of period14,659 14,166 
Add: Reinsurance recoverables3,094 3,022 
Balance, end of period (included in FPBs and other policy-related balances)
$17,753 $17,188 
__________________
(1)For the six months ended June 30, 2026 and 2025, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the respective current period.
5. Policyholder Account Balances
The Company establishes liabilities for PABs, which are generally equal to the account value, and which include accrued interest credited, but exclude the impact of any applicable charge that may be incurred upon surrender.
The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:
June 30, 2026December 31, 2025
(In millions)
Group Benefits - Life
$11,109$11,005
RIS:
Capital markets investment products and stable value GICs
68,61665,592
Annuities and risk solutions
29,12226,406
Asia:
Universal and variable universal life
55,09054,374
Fixed annuities
45,09943,188
Corporate & Other:
Annuities6,0396,383
Life and other
6,9827,109
Other
23,40122,800
Total$245,458$236,857
24
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
Rollforwards
The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.
Group Benefits
Life
The Group Benefits segment’s life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account portion of variable life insurance products. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$11,005$7,632
Transfer (1)
—3,773
Deposits2,4652,000
Policy charges(333)(336)
Surrenders and withdrawals(2,158)(1,993)
Benefit payments(6)(5)
Net transfers from (to) separate accounts—1
Interest credited136141
Balance, end of period$11,109$11,213
Weighted-average annual crediting rate
2.5 %2.5 %
At period end:
Cash surrender value$11,037$11,149
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$269,231$267,754
__________________
(1)A product previously reported within the former MetLife Holdings segment was moved to the Group Benefits segment as part of the Strategic Reorganization. Accordingly, the reported balances for the six months ended June 30, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
25
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
The Group Benefits segment’s life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2026
Equal to or greater than 0% but less than 2%
$515$93$732$4,451$5,791
Equal to or greater than 2% but less than 4%
4,3739585—4,553
Equal to or greater than 4%
65124—59734
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A31
Total$5,539$212$817$4,510$11,109
June 30, 2025
Equal to or greater than 0% but less than 2%
$479$76$792$4,159$5,506
Equal to or greater than 2% but less than 4%
4,74710160—4,908
Equal to or greater than 4%
68726350766
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A33
Total$5,913$203$855$4,209$11,213
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:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$65,592$63,715
Deposits41,65342,621
Surrenders and withdrawals(39,388)(42,716)
Interest credited1,2051,202
Effect of foreign currency translation and other, net(446)1,735
Balance, end of period$68,616$66,557
Weighted-average annual crediting rate
3.7 %3.8 %
Cash surrender value at period end
$1,737$1,268
26
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
The RIS segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2026
Equal to or greater than 0% but less than 2%
$—$—$—$2,485$2,485
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A66,131
Total$—$—$—$2,485$68,616
June 30, 2025
Equal to or greater than 0% but less than 2%
$—$—$—$2,591$2,591
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A63,966
Total$—$—$—$2,591$66,557
Annuities and Risk Solutions
The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income annuities, group and individual fixed deferred annuities, the fixed account portion of group variable deferred annuities, registered index-linked annuities and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$26,406$20,699
Transfer (1)
—3,109
Deposits3,4642,012
Policy charges(102)(99)
Surrenders and withdrawals(895)(514)
Benefit payments(633)(564)
Net transfers from (to) separate accounts132
Interest credited560490
Other32118
Balance, end of period$29,122$25,183
Weighted-average annual crediting rate
4.1 %4.1 %
At period end:
Cash surrender value$15,912$13,162
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$47,144$46,711
At annuitization or exercise of other living benefits$18$12
__________________
27
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the six months ended June 30, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
The RIS segment’s annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2026
Equal to or greater than 0% but less than 2%
$—$—$8$4,474$4,482
Equal to or greater than 2% but less than 4%
4592,1145381,7104,821
Equal to or greater than 4%
4,185—29064,481
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A15,338
Total$4,644$2,114$836$6,190$29,122
June 30, 2025
Equal to or greater than 0% but less than 2%
$—$—$8$2,817$2,825
Equal to or greater than 2% but less than 4%
3702,4466011,2244,641
Equal to or greater than 4%
4,3791142364,819
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A12,898
Total$4,749$2,457$1,032$4,047$25,183

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:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$54,374$50,801
Deposits2,8782,817
Policy charges(457)(482)
Surrenders and withdrawals(1,877)(1,336)
Benefit payments(266)(292)
Interest credited886783
Effect of foreign currency translation and other, net(448)1,273
Balance, end of period$55,090$53,564
Weighted-average annual crediting rate
3.3 %3.1 %
At period end:
Cash surrender value$48,263$46,520
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$78,300$86,369
28
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
The Asia segment’s universal and variable universal life account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2026
Equal to or greater than 0% but less than 2%
$9,412$11$271$2,151$11,845
Equal to or greater than 2% but less than 4%
6,76515,8784,74912,24039,632
Equal to or greater than 4%
223———223
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A3,390
Total$16,400$15,889$5,020$14,391$55,090
June 30, 2025
Equal to or greater than 0% but less than 2%
$10,673$24$245$1,813$12,755
Equal to or greater than 2% but less than 4%
7,57515,9425,04711,06339,627
Equal to or greater than 4%
232———232
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A950
Total$18,480$15,966$5,292$12,876$53,564
Fixed Annuities
Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$43,188$38,421
Deposits3,2933,738
Policy charges(8)(2)
Surrenders and withdrawals(1,310)(828)
Benefit payments(974)(936)
Interest credited730601
Effect of foreign currency translation and other, net180425
Balance, end of period$45,099$41,419
Weighted-average annual crediting rate
3.4 %3.1 %
At period end:
Cash surrender value$40,312$36,270
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$4$1
29
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
The Asia segment’s fixed annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2026
Equal to or greater than 0% but less than 2%
$258$317$3,639$39,872$44,086
Equal to or greater than 2% but less than 4%
—4——4
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A1,009
Total$258$321$3,639$39,872$45,099
June 30, 2025
Equal to or greater than 0% but less than 2%
$293$457$4,443$35,016$40,209
Equal to or greater than 2% but less than 4%
—4——4
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A1,206
Total$293$461$4,443$35,016$41,419
Corporate & Other
Annuities
Corporate & Other’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$6,383$10,142
Transfer (1)
—(3,109)
Deposits5957
Policy charges(4)(5)
Surrenders and withdrawals(423)(462)
Benefit payments(135)(168)
Net transfers from (to) separate accounts5870
Interest credited99107
Other21
Balance, end of period$6,039$6,633
Weighted-average annual crediting rate
3.3 %3.2 %
At period end:
Cash surrender value$5,551$6,094
Net amount at risk, excluding offsets from reinsurance (2):
In the event of death
$2,114$2,413
At annuitization or exercise of other living benefits
$732$720
__________________
30
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the six months ended June 30, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
(2)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs, which are disclosed in “Corporate & Other – Annuities” in Note 6.
Corporate & Other’s annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCR
Greater than
0% but less
than 0.50%
above GMCR
Equal to or
greater than
0.50% but less
than 1.50%
above GMCR
Equal to or
greater than
1.50% above
GMCR
Total
Account
Value
(In millions)
June 30, 2026
Equal to or greater than 0% but less than 2%
$39$10$461$164$674
Equal to or greater than 2% but less than 4%
2,4851,463223474,218
Equal to or greater than 4%
6401704—814
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A333
Total$3,164$1,643$688$211$6,039
June 30, 2025
Equal to or greater than 0% but less than 2%
$29$25$492$66$612
Equal to or greater than 2% but less than 4%
2,5531,825323814,782
Equal to or greater than 4%
4903807—877
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A362
Total$3,072$2,230$822$147$6,633
31
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
Life and Other
Corporate & Other’s life and other PABs include universal life products, the fixed account portion of variable life insurance products and funding agreements. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$7,109$11,132
Transfer (1)
—(3,773)
Deposits269256
Policy charges(322)(336)
Surrenders and withdrawals(157)(132)
Benefit payments(75)(79)
Net transfers from (to) separate accounts2124
Interest credited140146
Other(3)3
Balance, end of period$6,982$7,241
Weighted-average annual crediting rate
4.1 %4.1 %
At period end:
Cash surrender value$6,456$6,696
Net amount at risk, excluding offsets from reinsurance (2):
In the event of death
$58,904$62,364
__________________
(1)A product previously reported within the former MetLife Holdings segment was moved to the Group Benefits segment as part of the Strategic Reorganization. Accordingly, the reported balances for the six months ended June 30, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
(2)Including offsets from reinsurance, the net amount at risk at June 30, 2026 and 2025 would be reduced by 98% and 99%, respectively.
32
Table of Contents
MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
5. Policyholder Account Balances (continued)
Corporate & Other’s life and other products account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCR
Greater than
0% but less
than 0.50%
above GMCR
Equal to or
greater than
0.50% but less
than 1.50%
above GMCR
Equal to or
greater than
1.50% above
GMCR
Total
Account
Value
(In millions)
June 30, 2026
Equal to or greater than 0% but less than 2%
$—$—$—$—$—
Equal to or greater than 2% but less than 4%
3621675881391,256
Equal to or greater than 4%
4,6693821205,072
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A654
Total$5,031$549$589$159$6,982
June 30, 2025
Equal to or greater than 0% but less than 2%
$—$—$—$—$—
Equal to or greater than 2% but less than 4%
3591706281441,301
Equal to or greater than 4%
4,8823971225,302
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A638
Total$5,241$567$629$166$7,241
6. Market Risk Benefits
The Company establishes assets and liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit, less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.
The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:
June 30, 2026December 31, 2025
AssetLiabilityNet Liability (Asset)AssetLiabilityNet Liability (Asset)
(In millions)
Corporate & Other - Annuities
$287 $1,896 $1,609$258 $2,043 $1,785
Other203 339 136200 363 163
Total$490$2,235$1,745$458$2,406$1,948

Rollforwards
The following information about the direct and assumed liabilities (assets) for MRBs includes a disaggregated rollforward. The products grouped within this rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.
33
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
6. Market Risk Benefits (continued)
Corporate & Other
Corporate & Other’s variable annuity products offer contract features whereby the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantee contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. Corporate & Other’s variable annuity products also include an in-force block of assumed variable annuity guarantees from a third party. Information regarding Corporate & Other’s variable annuity products (including assumed reinsurance) was as follows:
Six Months
Ended
June 30,
20262025
(In millions)
Balance, beginning of period (1)
$1,785$2,069
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$1,665$1,992
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)
—(191)
Attributed fees collected
147160
Benefit payments
(49)(45)
Effect of changes in interest rates
(123)26
Effect of changes in capital markets
(276)(181)
Effect of changes in equity index volatility
48(3)
Actual policyholder behavior different from expected behavior
124139
Effect of foreign currency translation and other, net
(2)67
Effect of changes in risk margin
(30)(2)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk
1,5041,962
Cumulative effect of changes in the instrument-specific credit risk
10787
Effect of foreign currency translation on the cumulative instrument-specific credit risk
(2)2
Balance, end of period
1,6092,051
Less: Reinsurance recoverable209—
Balance, end of period, net of reinsurance
$1,400$2,051
At period end:
Net amount at risk, excluding offsets from hedging and reinsurance (2):
In the event of death
$2,116 $2,418 
At annuitization or exercise of other living benefits
$697 $711 
Weighted-average attained age of contractholders:
In the event of death
73 years72 years
At annuitization or exercise of other living benefits
72 years72 years
__________________
(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the six months ended June 30, 2025 have been updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was ($165) million. See Note 1 for further information on the Strategic Reorganization.
(2)Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs, which are disclosed in “Corporate & Other – Annuities” in Note 5.
34
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
6. Market Risk Benefits (continued)
Significant Methodologies and Assumptions
The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in 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 11 for additional information on significant unobservable inputs.
The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.
Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.
These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions, including changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
6. Market Risk Benefits (continued)
Other
In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features across various segments. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 11 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities (assets) was as follows:
Six Months
Ended
June 30,
20262025
(In millions)
Balance, beginning of period (1)
$163 $140 
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$160 $126 
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)
— 191 
Attributed fees collected29 32 
Benefit payments(9)(10)
Effect of changes in interest rates(33)(17)
Effect of changes in capital markets(50)(28)
Effect of changes in equity index volatility41 (1)
Actual policyholder behavior different from expected behavior16 7 
Effect of foreign currency translation and other, net (12)15 
Effect of changes in risk margin(2)(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk140 314 
Cumulative effect of changes in the instrument-specific credit risk(3)(10)
Effect of foreign currency translation on the cumulative instrument-specific credit risk(1)2 
Balance, end of period136 306 
Less: Reinsurance recoverable8 15 
Balance, end of period, net of reinsurance$128 $291 
__________________
(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the six months ended June 30, 2025 have been updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was $165 million. See Note 1 for further information on the Strategic Reorganization.
7. Separate Accounts
Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.
Separate Account Liabilities
The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:
June 30, 2026December 31, 2025
(In millions)
RIS:
Stable value and risk solutions
$38,165 $38,925 
Annuities
18,169 18,099 
Latin America - Pensions49,713 48,549 
Corporate & Other - Annuities
19,258 19,621 
Other31,545 26,739 
Total
$156,850 $151,933 
36
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 annuity participating and non-participating group contracts and group variable deferred annuities, Latin America savings-oriented pension product in Chile within the country’s mandatory individual capitalization pension system, and Corporate & Other variable annuities.
The balances of and changes in separate account liabilities were as follows:
RIS
Stable Value and
Risk Solutions		RIS
Annuities		Latin America
Pensions
Corporate & Other
Annuities
(In millions)
Six Months Ended June 30, 2026
Balance, beginning of period$38,925 $18,099 $48,549 $19,621 
Premiums and deposits1,059 135 4,018 34 
Policy charges(157)(54)(144)(214)
Surrenders and withdrawals(1,386)(868)(3,235)(1,229)
Benefit payments(104)(22)(1,240)(225)
Investment performance904 764 2,960 1,331 
Net transfers from (to) general account9 (10)— (59)
Effect of foreign currency translation and other, net (1)(1,085)125 (1,195)(1)
Balance, end of period$38,165 $18,169 $49,713 $19,258 
Six Months Ended June 30, 2025
Balance, beginning of period$40,319 $11,001 $38,765 $27,829 
Transfer, January 1 (2)— 6,926 — (6,926)
Premiums and deposits1,121 103 3,479 35 
Policy charges(140)(51)(137)(230)
Surrenders and withdrawals(3,258)(787)(2,565)(1,257)
Benefit payments(82)(20)(911)(208)
Investment performance1,416 879 2,597 1,082 
Net transfers from (to) general account30 (62)— (71)
Effect of foreign currency translation and other, net (1) (2,478)(151)2,599 63 
Balance, end of period$36,928 $17,838 $43,827 $20,317 
Cash surrender value at June 30, 2026 (3)
$34,871 $7,139 $49,713 $19,150 
Cash surrender value at June 30, 2025 (3)
$34,285 $6,938 $43,827 $20,127 
__________________
(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)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the six months ended June 30, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
(3)Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.
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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:
June 30, 2026
Group
Benefits
RIS
Asia
Latin
America
EMEA
Corporate & Other
Total
(In millions)
Fixed maturity securities:
Bonds:
Government and agency
$— $8,949 $948 $12,005 $4,794 $— $26,696 
Public utilities— 1,098 149 — — — 1,247 
Municipals— 276 19 — — — 295 
Corporate bonds
— 8,048 781 8,292 393 — 17,514 
Total bonds— 18,371 1,897 20,297 5,187 — 45,752 
Mortgage-backed securities
— 8,267 — — — — 8,267 
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)— 2,373 — — — — 2,373 
Redeemable preferred stock— 7 175 — — — 182 
Total fixed maturity securities— 29,018 2,072 20,297 5,187 — 56,574 
Equity securities— 2,973 6,253 4,157 2,394 — 15,777 
Mutual funds:
Bond funds
87 1,582 270 7,043 43 1,939 10,964 
Equity funds
1,232 6,948 4,117 14,436 69 14,177 40,979 
Balanced funds
89 104 — — — 3 196 
Other
125 11,342 349 — 29 10,836 22,681 
Total mutual funds
1,533 19,976 4,736 21,479 141 26,955 74,820 
Other invested assets (1)
— 651 366 3,150 159 — 4,326 
Total investments1,533 52,618 13,427 49,083 7,881 26,955 151,497 
Other assets
— 3,828 868 630 27 — 5,353 
Total$1,533 $56,446 $14,295 $49,713 $7,908 $26,955 $156,850 
__________________
(1)Other invested assets for Latin America includes derivatives. These derivatives are primarily interest rate swaps and foreign currency forward contracts used to manage capital market risks within the pension funds on behalf of the participants and are not designated as hedging instruments. Changes in the estimated fair value of these derivatives are offset by corresponding changes in separate account liabilities, as the investment performance of the related separate account assets accrues to the participants, and therefore do not have a material impact on the Company’s net income. These derivatives are subject to master netting agreements, and any collateral posting requirements are managed by the general account and not included in the table above. The Company recorded cash collateral received of $533 million at June 30, 2026 in connection with these derivatives, with a corresponding payable recorded within other liabilities.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
7. Separate Accounts (continued)
December 31, 2025
Group
Benefits
RIS
Asia
Latin
America
EMEA
Corporate & Other
Total
(In millions)
Fixed maturity securities:
Bonds:
Government and agency
$— $9,257 $1,128 $12,336 $4,326 $— $27,047 
Public utilities— 1,077 173 — — — 1,250 
Municipals— 307 17 — — — 324 
Corporate bonds
— 8,078 733 8,749 461 — 18,021 
 Total bonds
— 18,719 2,051 21,085 4,787 — 46,642 
Mortgage-backed securities
— 8,306 — — — — 8,306 
ABS & CLO— 2,388 — — — — 2,388 
Redeemable preferred stock— 8 138 — — — 146 
Total fixed maturity securities— 29,421 2,189 21,085 4,787 — 57,482 
Equity securities— 2,889 3,698 4,261 1,953 — 12,801 
Mutual funds:
Bond funds
87 1,270 191 5,657 44 2,041 9,290 
Equity funds
1,156 6,561 3,366 13,495 169 13,782 38,529 
Balanced funds
80 89 — — — 2 171 
Other
115 10,673 336 — 68 11,097 22,289 
Total mutual funds
1,438 18,593 3,893 19,152 281 26,922 70,279 
Other invested assets
— 1,198 312 3,753 118 — 5,381 
Total investments1,438 52,101 10,092 48,251 7,139 26,922 145,943 
Other assets
— 5,027 640 298 25 — 5,990 
Total$1,438 $57,128 $10,732 $48,549 $7,164 $26,922 $151,933 
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
8. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue
DAC and VOBA
Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows:
Six Months
Ended
June 30, 2026
Group
Benefits
RIS
Asia (1)
Latin
America (2)
EMEA (2)
Corporate &
Other (3)
Total
(In millions)
DAC:
Balance, beginning of period$250 $785 $11,643 $2,343 $2,021 $2,691 $19,733 
Capitalizations12 170 935 466 317 9 1,909 
Amortization(20)(47)(405)(337)(204)(96)(1,109)
Effect of foreign currency translation and other, net— — (263)63 (38)(2)(240)
Balance, end of period$242 $908 $11,910 $2,535 $2,096 $2,602 $20,293 
VOBA:
Balance, beginning of period$— $10 $875 $393 $91 $5 $1,374 
Amortization— (1)(29)(22)(5)(1)(58)
Effect of foreign currency translation and other, net— — (30)(6)(2)— (38)
Balance, end of period$— $9 $816 $365 $84 $4 $1,278 
Six Months
Ended
June 30, 2025
Group
Benefits
RIS
Asia (1)
Latin
America (2)
EMEA (2)
Corporate &
Other (3)
Total
(In millions)
DAC:
Balance, beginning of period
$250 $552 $10,785 $1,836 $1,664 $3,091 $18,178 
Transfer, January 1 (4)
— 98 — — — (98)— 
Capitalizations12 83 769 348262 11 1,485 
Amortization(13)(39)(417)(247)(178)(106)(1,000)
Effect of foreign currency translation and other, net— — 499 177 145 3 824 
Balance, end of period$249 $694 $11,636 $2,114 $1,893 $2,901 $19,487 
VOBA:
Balance, beginning of period$— $13 $935 $393 $94 $14 $1,449 
Amortization— (1)(33)(19)(6)(1)(60)
Effect of foreign currency translation and other, net— — 81 27 9 — 117 
Balance, end of period$— $12 $983 $401 $97 $13 $1,506 
Total DAC and VOBA:
Balance at June 30, 2026$21,571 
Balance at June 30, 2025$20,993 
Balance at December 31, 2025
$21,107 
__________________
(1)Includes DAC balances primarily related to accident & health, universal and variable universal life, variable life and fixed annuity products and VOBA balances primarily related to accident & health products.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
8. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue (continued)
(2)Includes DAC balances primarily related to universal life, variable universal life, ordinary life and accident & health products.
(3)Includes DAC balances primarily related to whole life, variable annuities, term life, universal life, and long-term care products. See Note 1 for further information on the Strategic Reorganization.
(4)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the six months ended June 30, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
Unearned Revenue
Information regarding the Company’s unearned revenue primarily related to interest sensitive whole life, variable life and universal life products by segment, as well as Corporate & Other, included in other policy-related balances was as follows:
Six Months
Ended
June 30, 2026
RIS
AsiaLatin
 America		EMEA
Corporate & Other (1)
Total
(In millions)
Balance, beginning of period$23 $3,346 $997 $723 $73 $5,162 
Deferrals1 231 77 55 5 369 
Amortization(3)(117)(65)(39)(2)(226)
Effect of foreign currency translation and other, net— (36)23 (5)— (18)
Balance, end of period$21 $3,424 $1,032 $734 $76 $5,287 
Six Months
Ended
June 30, 2025
RIS
AsiaLatin
 America		EMEA
Corporate & Other (1)
Total
(In millions)
Balance, beginning of period$27 $3,076 $841 $622 $69 $4,635 
Deferrals1 229 68 59 6 363 
Amortization(3)(124)(55)(37)(3)(222)
Effect of foreign currency translation and other, net— 52 81 39 — 172 
Balance, end of period$25 $3,233 $935 $683 $72 $4,948 
__________________
(1)See Note 1 for information on the Strategic Reorganization.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments
Fixed Maturity Securities Available-for-Sale
Fixed Maturity Securities Available-for-Sale by Sector
The following table presents fixed maturity securities available-for-sale (“AFS”) by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, nonqualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans, broadly syndicated bank loans, and other assets. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”
June 30, 2026December 31, 2025
Gross UnrealizedEstimated
Fair
Value		Gross UnrealizedEstimated
Fair
Value
Sector
Amortized
Cost
Allowance
for
 Credit Loss
(“ACL”)
GainsLossesAmortized
Cost
ACL
Gains
Losses
(In millions)
U.S. corporate$97,070 $(108)$1,424 $7,226 $91,160 $92,855 $(138)$1,899 $6,657 $87,959 
Foreign corporate
64,575 (35)1,900 4,768 61,672 62,606 (7)2,443 4,453 60,589 
RMBS47,495 (1)531 2,046 45,979 46,567 (1)822 1,970 45,418 
Foreign government
47,870 (56)886 8,476 40,224 47,037 (57)1,068 7,300 40,748 
U.S. government and agency
40,682 — 172 6,008 34,846 42,877 — 303 5,658 37,522 
ABS & CLO
27,939 — 199 451 27,687 23,028 (6)246 371 22,897 
Municipals11,997 — 198 1,378 10,817 12,195 — 225 1,356 11,064 
CMBS10,153 (24)85 416 9,798 10,036 (40)131 393 9,734 
Total fixed maturity securities AFS
$347,781 $(224)$5,395 $30,769 $322,183 $337,201 $(249)$7,137 $28,158 $315,931 
Maturities of Fixed Maturity Securities AFS
The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2026:
Due in One
Year or Less		Due After
One Year
Through
Five Years		Due After
Five Years
Through
Ten Years		Due After
Ten Years		Structured
Products
Total Fixed
Maturity
Securities
AFS
(In millions)
Amortized cost, net of ACL$11,145 $52,069 $59,819 $138,962 $85,562 $347,557 
Estimated fair value$11,256 $51,861 $58,802 $116,800 $83,464 $322,183 
Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector
The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.
June 30, 2026December 31, 2025
Less than 12 MonthsEqual to or Greater
than 12 Months		Less than 12 MonthsEqual to or Greater
than 12 Months
Sector & Credit QualityEstimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
(Dollars in millions)
U.S. corporate$22,437 $772 $35,107 $6,436 $8,564 $527 $37,884 $6,092 
Foreign corporate
12,826 329 20,840 4,427 5,314 199 22,687 4,251 
RMBS13,934 197 10,915 1,850 3,848 69 12,983 1,902 
Foreign government
11,093 950 15,860 7,525 9,716 652 16,214 6,646 
U.S. government and agency
9,475 208 16,738 5,800 8,544 181 16,341 5,477 
ABS & CLO
10,681 127 3,654 324 5,349 49 4,000 322 
Municipals1,170 86 5,089 1,292 1,000 79 5,147 1,277 
CMBS2,273 68 3,313 345 1,164 36 3,660 355 
Total fixed maturity securities AFS$83,889 $2,737 $111,516 $27,999 $43,499 $1,792 $118,916 $26,322 
Investment grade$80,782 $2,633 $108,904 $27,685 $41,743 $1,707 $116,021 $26,002 
Below investment grade3,107 104 2,612 314 1,756 85 2,895 320 
Total fixed maturity securities AFS$83,889 $2,737 $111,516 $27,999 $43,499 $1,792 $118,916 $26,322 
Total number of securities in an unrealized loss position8,452 9,256 5,489 9,850 
Evaluation of Fixed Maturity Securities AFS for Credit Loss
Evaluation and Measurement Methodologies
See “Fixed Maturity Securities AFS — Evaluation of Fixed Maturity Securities AFS for Credit Loss — Evaluation and Measurement Methodologies” in Note 11 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report.
Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position
Gross unrealized losses on securities without an ACL increased $2.6 billion for the six months ended June 30, 2026 to $30.7 billion primarily due to an increase in interest rates.
As shown in the table above, most of the gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater at June 30, 2026, relate to investment grade securities. These unrealized losses are principally due to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.
As of June 30, 2026, $314 million of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater on below investment grade securities were concentrated in the consumer, communications, and transportation sectors within corporate securities and in foreign government securities. These unrealized losses are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty and, with respect to fixed-rate securities, rising interest rates since purchase.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
At June 30, 2026, the Company did not intend to sell its securities in an unrealized loss position without an ACL, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost. Therefore, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at June 30, 2026.
Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.
Rollforward of ACL for Fixed Maturity Securities AFS By Sector
The rollforward of ACL for fixed maturity securities AFS by sector was as follows:
U.S.
 Corporate		Foreign
Corporate		Foreign
Government		RMBSABS & CLOCMBSTotal
(In millions)
Three Months Ended June 30, 2026
Balance, beginning of period
$134 $52 $57 $1 $5 $24 $273 
ACL not previously recorded— — — — — — — 
Changes for securities with previously recorded ACL— (4)— — — — (4)
Securities sold or exchanged(26)(13)(1)— (5)— (45)
Balance, end of period
$108 $35 $56 $1 $— $24 $224 
Three Months Ended June 30, 2025
Balance, beginning of period
$40 $6 $57 $2 $7 $25 $137 
ACL not previously recorded16 — — — — — 16 
Changes for securities with previously recorded ACL6 (2)— — (2)— 2 
Securities sold or exchanged— (4)— — — — (4)
Balance, end of period
$62 $— $57 $2 $5 $25 $151 
U.S.
 Corporate		Foreign
Corporate		Foreign
Government		RMBSABS & CLOCMBSTotal
(In millions)
Six Months Ended June 30, 2026
Balance, at beginning of period$138 $7 $57 $1 $6 $40 $249 
ACL not previously recorded— 52 — — — 4 56 
Changes for securities with previously recorded ACL22 (4)— — (1)4 21 
Securities sold or exchanged(52)(20)(1)— (5)(24)(102)
Balance, at end of period$108 $35 $56 $1 $— $24 $224 
Six Months Ended June 30, 2025
Balance, at beginning of period$59 $18 $57 $1 $9 $16 $160 
ACL not previously recorded16 — — 1 — 7 24 
Changes for securities with previously recorded ACL13 (2)— — (1)2 12 
Securities sold or exchanged(26)(16)— — (3)— (45)
Balance, at end of period$62 $— $57 $2 $5 $25 $151 
44
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
Equity Securities
The following table presents equity securities by security type:
June 30, 2026December 31, 2025
Net Unrealized
Gains (Losses) (1)
Estimated
Fair Value
Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Security TypeCostCost
(In millions)
Common stock (2)
$569 $253 $822 $498 $246 $744 
Non-redeemable preferred stock103 7 110 106 8 114 
Total
$672 $260 $932 $604 $254 $858 
________________
(1)    Represents cumulative changes in estimated fair value, recognized in earnings.
(2)    Includes common stock, exchange-traded funds, certain mutual funds and certain real estate investment trusts.
Contractholder-Directed Equity Securities and FVO Securities
The following table presents these investments by asset type:
June 30, 2026December 31, 2025
Asset TypeCost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value		Cost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value
(In millions)
Contractholder-directed equity securities:
Equity securities$3,264 $785 $4,049 $3,164 $855 $4,019 
Series mutual funds and other securities5,359 1,847 7,206 5,089 1,640 6,729 
Total contractholder-directed equity securities
$8,623 $2,632 $11,255 $8,253 $2,495 $10,748 
FVO securities:
Securities held by CFEs
$1,546 $(29)$1,517 $1,283 $— $1,283 
General account and other securities1,101 936 2,037 1,149 779 1,928 
Total FVO securities:
$2,647 $907 $3,554 $2,432 $779 $3,211 
Total
$11,270 $3,539 $14,809 $10,685 $3,274 $13,959 
________________
(1)Represents cumulative changes in estimated fair value, recognized in earnings.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
Mortgage Loans
Mortgage Loans by Portfolio Segment
Mortgage loans are summarized as follows at:
June 30, 2026December 31, 2025
Portfolio SegmentCarrying
Value (1)		% of
Total		Carrying
Value (1)		% of
Total
(Dollars in millions)
Commercial$45,948 55.4 %$49,400 58.4 %
Agricultural19,777 23.9 19,551 23.1 
Residential18,489 22.3 16,800 19.9 
Total amortized cost84,214 101.6 85,751 101.4 
ACL
(1,358)(1.6)(1,193)(1.4)
Total mortgage loans held-for-investment82,856 100.0 84,558 100.0 
Mortgage loans held-for-sale— — 35 — 
Total mortgage loans$82,856 100.0 %$84,593 100.0 %
__________________
(1)Includes certain mortgage loans originated for third parties of $5.8 billion and $6.5 billion at amortized cost, with the corresponding mortgage loan secured financing liability of $5.8 billion and $6.5 billion included in other liabilities on the consolidated balance sheet at June 30, 2026 and December 31, 2025, respectively.
The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($734) million and ($789) million at June 30, 2026 and December 31, 2025, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at June 30, 2026 was $163 million, $197 million and $159 million, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at December 31, 2025 was $172 million, $206 million and $140 million, respectively. The accrued interest income related to mortgage loans is included in accrued investment income on the interim condensed consolidated balance sheets.
Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $1.6 billion and $3.0 billion for the three months and six months ended June 30, 2026, respectively, and $797 million and $1.7 billion for the three months and six months ended June 30, 2025, respectively.
Sales of mortgage loans were $34 million and $53 million for the three months and six months ended June 30, 2026, respectively.
For both the three months and six months ended June 30, 2025, the Company exchanged, as part of loan restructurings, commercial mortgage loans with an amortized cost of $172 million for equity interests in REJVs.
For the three months and six months ended June 30, 2026, the Company acquired wholly-owned real estate by completing foreclosures on commercial mortgage loans with an amortized cost of $91 million and $173 million, respectively.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
Rollforward of ACL for Mortgage Loans by Portfolio Segment
The rollforward of ACL for mortgage loans, by portfolio segment, was as follows:
Six Months
Ended
June 30,
20262025
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Balance, beginning of period$807 $115 $271 $1,193 $537 $84 $179 $800 
Provision (release)
348 1 (33)316 410 10 27 447 
Charge-offs, net of recoveries
(139)(9)(3)(151)(51)— — (51)
Balance, end of period$1,016 $107 $235 $1,358 $896 $94 $206 $1,196 
The gross charge-offs of mortgage loans by origination year and portfolio segment for the six months ended June 30, 2026 were as follows:
Portfolio Segment20262025202420232022PriorTotal
(In millions)
Commercial
$— $— $— $— $24 $115 $139 
Agricultural— — — — — 9 9 
Residential
— — 1 — 1 1 3 
Total$— $— $1 $— $25 $125 $151 
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)
9. 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. In its evaluation, the Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for such loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.
Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.
For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio.
For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.
After commercial and agricultural mortgage loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that is not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
Residential Mortgage Loan Portfolio Segment
The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company reverts to industry historical loss experience using a straight-line basis over one year.
For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.
Modifications to Borrowers Experiencing Financial Difficulty
The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications, in materially impacted mortgage segments, where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means: principal forgiveness, interest rate reduction, other-than-insignificant payment delay or maturity extension. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any ACL recorded. All loans modified to borrowers experiencing financial difficulties are evaluated individually for credit loss as collateral dependent loans.
These mortgage loan modifications are summarized as follows:
Three Months Ended June 30,
2026
Amortized CostAffected Loans
(in Years)
Portfolio SegmentMaturity
Extension
Payment
Delay
Total
Weighted-Average
 Life Increase		Average Years
Payment Deferral		% of Book
Value
(Dollars in millions)
Commercial$250 
$— $250 2 years— <1%
Three Months Ended June 30,
2025
Amortized CostAffected Loans
(in Years)
Portfolio SegmentMaturity
Extension		Payment
Delay		TotalWeighted-Average
 Life Increase		Average Years
Payment Deferral		% of Book
Value
(Dollars in millions)
Commercial$339 $— $339 5 years— <1%
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
Six Months Ended June 30,
2026
Amortized CostAffected Loans
(in Years)
Portfolio SegmentMaturity
Extension
Payment
Delay
Total
Weighted-Average
 Life Increase		Average Years
Payment Deferral		% of Book
Value
(Dollars in millions)
Commercial$250 
$— $250 2 years$— <1%
Six Months Ended June 30,
2025
Amortized CostAffected Loans
(in Years)
Portfolio SegmentMaturity
Extension		Payment
Delay		TotalWeighted-Average
 Life Increase		Average Years
Payment Deferral		% of Book
Value
(Dollars in millions)
Commercial$589 $— $589 5 years$— 1.1 %
For the three months and six months ended June 30, 2026 and 2025, all commercial mortgage loans modified within the past 12 months to borrowers experiencing financial difficulties and still outstanding were current.
Credit Quality of Mortgage Loans by Portfolio Segment
The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2026:
Credit Quality Indicator20262025202420232022PriorRevolving LoansTotal% of Total
(Dollars in millions)
LTV ratios:
Less than 65%
$1,445 $2,596 $3,125 $1,890 $2,152 $12,180 $1,577 $24,965 54.3 %
65% to 75%
264 401 542 630 2,231 3,378 — 7,446 16.2 
76% to 80%
1 150 — 63 334 2,135 — 2,683 5.9 
Greater than 80%
3 135 190 — 705 9,821 — 10,854 23.6 
Total
$1,713 $3,282 $3,857 $2,583 $5,422 $27,514 $1,577 $45,948 100.0 %
DSCR:
> 1.20x
$1,394 $2,856 $3,352 $2,030 $4,488 $22,793 $1,577 $38,490 83.8 %
1.00x - 1.20x
45 374 6 428 392 2,502 — 3,747 8.1 
<1.00x
274 52 499 125 542 2,219 — 3,711 8.1 
Total
$1,713 $3,282 $3,857 $2,583 $5,422 $27,514 $1,577 $45,948 100.0 %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2026:
Credit Quality Indicator20262025202420232022PriorRevolving LoansTotal% of Total
(Dollars in millions)
LTV ratios:
Less than 65%
$1,120 $1,300 $679 $1,169 $2,118 $10,485 $1,316 $18,187 92.0 %
65% to 75%
— 119 47 77 284 761 57 1,345 6.8 
76% to 80%
— — — — 22 11 4 37 0.2 
Greater than 80%
18 — 12 — 146 22 10 208 1.0 
Total
$1,138 $1,419 $738 $1,246 $2,570 $11,279 $1,387 $19,777 100.0 %
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2026:
Credit Quality Indicator20262025202420232022PriorRevolving LoansTotal% of Total
(Dollars in millions)
Performance indicators:
Performing
$1,487 $3,607 $1,940 $685 $2,055 $8,178 $— $17,952 97.1 %
Nonperforming (1)
1 38 73 52 92 281 — 537 2.9 
Total
$1,488 $3,645 $2,013 $737 $2,147 $8,459 $— $18,489 100.0 %
__________________
(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $197 million and $186 million at June 30, 2026 and December 31, 2025, respectively.
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 June 30, 2026 and December 31, 2025. The Company defines delinquency in a manner consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:
Past DuePast Due
 and Still Accruing Interest		Nonaccrual
Portfolio SegmentJune 30, 2026December 31, 2025June 30, 2026December 31, 2025June 30, 2026December 31, 2025
(In millions)
Commercial$821 $682 $— $3 $1,685 $1,915 
Agricultural237 252 6 66 242 225 
Residential537 523 24 23 513 500 
Total$1,595 $1,457 $30 $92 $2,440 $2,640 
Real Estate and REJVs
The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method REJVs. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
June 30, 2026December 31, 20252026202520262025
Income TypeCarrying ValueIncome
(In millions)
Wholly-owned real estate:
Leased real estate$4,221 $4,174 $106 $89 $191 $178 
Other real estate712 710 93 96 168 171 
REJVs
8,132 8,556 49 54 115 97 
Total real estate and REJVs
$13,065 $13,440 $248 $239 $474 $446 
Depreciation expense on real estate investments was $40 million and $69 million for the three months and six months ended June 30, 2026, respectively, and $28 million and $57 million for the three months and six months ended June 30, 2025, respectively. Real estate investments were net of accumulated depreciation of $1.1 billion at both June 30, 2026 and December 31, 2025.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
Leased Real Estate Investments — Operating Leases
The Company, as lessor, leases investment real estate, principally commercial real estate for office and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification and geographic diversification.
See Note 11 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for a summary of leased real estate investments and earned income by property type.
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 $1.1 billion and $676 million at June 30, 2026 and December 31, 2025, respectively. For the three months and six months ended June 30, 2026, income tax credits and other income tax benefits of $31 million and $57 million, respectively, and amortized expenses of $27 million and $49 million, respectively, were recognized net as a component of income tax expense on the Company’s interim condensed consolidated statements of operations. For the three months and six months ended June 30, 2025, income tax credits and other income tax benefits of $31 million and $59 million, respectively, and amortized expenses of $34 million and $57 million, respectively, were recognized net as a component of income tax expense on the Company’s interim condensed consolidated statements of operations.
Cash Equivalents
Cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $7.6 billion and $11.5 billion, at estimated fair value, at June 30, 2026 and December 31, 2025, respectively.
Concentrations of Credit Risk
Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies:
June 30, 2026December 31, 2025
(In millions)
Japan$14,987 $16,265 
South Korea$4,632 $5,971 
Mexico$4,888 $4,190 
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
Securities Lending Transactions and Repurchase Agreements
Securities, Collateral and Reinvestment Portfolio
Transactions and agreements accounted for as secured borrowings were as follows:
June 30, 2026December 31, 2025
Securities (1)Securities (1)
Agreement TypeEstimated
Fair Value		Cash Collateral
Received from
Counterparties (2)		Reinvestment
Portfolio at
Estimated Fair
Value		Estimated
Fair Value		Cash Collateral
Received from
Counterparties (2)		Reinvestment
Portfolio at
Estimated Fair
Value
(In millions)
Securities lending$12,628 $13,034 $12,987 $11,866 $12,198 $12,082 
Repurchase agreements$3,352 $3,275 $3,254 $3,002 $2,975 $2,948 
__________________
(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at both June 30, 2026 and December 31, 2025. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge these securities.
(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.
Contractual Maturities
Contractual maturities of transactions and agreements accounted for as secured borrowings were as follows:
June 30, 2026December 31, 2025
Remaining MaturitiesRemaining Maturities
Cash collateral liability by security type:Open (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		TotalOpen (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		Total
(In millions)
Securities lending:
U.S. government and agency
$2,224 $4,359 $5,186 $— $11,769 $1,986 $3,911 $4,880 $— $10,777 
Foreign government
— 984 — — 984 — 755 355 — 1,110 
Agency RMBS— 281 — — 281 — 311 — — 311 
Total
$2,224 $5,624 $5,186 $— $13,034 $1,986 $4,977 $5,235 $— $12,198 
Repurchase agreements:
U.S. government and agency
$— $3,275 $— $— $3,275 $— $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.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
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:
June 30, 2026December 31, 2025
(In millions)
Invested assets on deposit (regulatory deposits)
$1,548 $1,396 
Invested assets held in trust (external reinsurance agreements) (1)5,380 1,775 
Invested assets pledged as collateral (2)29,877 27,663 
Total invested assets on deposit, held in trust and pledged as collateral
$36,805 $30,834 
__________________
(1)Represents assets held in trust related to assumed third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $1.8 billion at both June 30, 2026 and December 31, 2025.
(2)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, repurchase agreements and a collateral financing arrangement (see Notes 5, 16 and 17 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 10.
See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements. In addition, the Company’s investment in Federal Home Loan Bank of New York common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $702 million and $700 million at redemption value at June 30, 2026 and December 31, 2025, respectively.
The Company maintained invested assets and cash and cash equivalents that are subject to ceded reinsurance arrangements with third parties and joint ventures of $22.6 billion and $22.4 billion at June 30, 2026 and December 31, 2025, respectively, which includes cash and cash equivalents of $469 million and $1.2 billion at June 30, 2026 and December 31, 2025, respectively.
Variable Interest Entities
The Company has invested in legal entities that are VIEs. Legal entities are determined to be VIEs if (1) the equity investors lack (i) the ability to control the entity, (ii) the obligation to absorb losses or (iii) the rights to receive returns of the entity, or (2) the entity lacks sufficient equity to finance its activities without subordinated financial support.
For VIEs, the Company determines whether it is the primary beneficiary, which involves an evaluation of the purpose and design of the entity and whether, based on the design of the entity, the Company has both (1) the power to direct the activities of the entity which most significantly affect the economic performance of the entity and (2) the obligation to absorb losses or the right to receive benefits that are potentially significant to the VIE. Significant judgment is required in the primary beneficiary determination, which includes an evaluation of the substance of contractual arrangements and voting agreements, the rights of other investors in an entity and the potential financial results of the entity.
The Company continuously assesses if facts or circumstances indicate that a potential change in the primary beneficiary has occurred. This could include new contractual arrangements of an entity or changes in the investors of an entity. As a result of changes in circumstances, the Company may consolidate or deconsolidate a VIE.
Consolidated VIEs
The Company is the asset manager of certain CFEs, primarily collateralized loan obligations (“CLOs”), for which the Company earns asset management fees. The Company may invest in securities issued by these entities. The Company is also the asset manager of certain investment fund structures and partnership entities in which the Company also invests.
The Company has analyzed its relationships with the CLOs, investment fund structures and partnership entities and determined that it is the primary beneficiary of certain of these entities, which requires the Company to consolidate them as VIEs. This analysis includes a review of the rights and responsibilities as the asset manager, the rights of the investors in the entity, and the exposure of the Company to the potential losses and returns of the entity.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
The Company is also the primary beneficiary of certain investment funds and partnership entities in which the Company has invested but is not the asset manager.
The assets of the VIEs may only be used to satisfy the liabilities of the respective VIEs. The Company is not required to, and has not provided, material financial support to the VIEs, other than its investment in these VIEs.
The table below reflects the carrying amount and balance sheet classification in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the respective VIEs.
June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Instrument Type
Consolidated VIEs
for which the Company is the
Asset Manager
Other Consolidated VIEs
(In millions)
FVO securities primarily held by CFEs
$1,531 $1,300 $— $— 
Contractholder-directed equity securities454 451 — — 
Real estate and REJVs
236 81 195 221 
Investment funds (1)583 490 — — 
Renewable energy partnership (1)— — 40 45 
Leases (1)
— 25 — — 
Cash and cash equivalents
350 90 7 6 
Other
40 21 29 34 
Total assets of consolidated VIEs
$3,194 $2,458 $271 $306 
Short-term debt
$— $— $114 $117 
Long-term debt
69 28 — — 
Notes issued by CFEs1,497 1,206 — — 
Other liabilities
367 158 7 9 
Total liabilities of consolidated VIEs
$1,933 $1,392 $121 $126 
__________________
(1)Included in other invested assets.
Unconsolidated VIEs
The Company has determined that it is not the primary beneficiary of certain VIEs because the Company does not have both (1) the power to direct the activities of the entity which most significantly affect the economic performance of the entity and (2) the obligation to absorb losses or the right to receive benefits that are potentially significant to the VIE.
The Company invests in structured products issued by CFEs or securitization entities that are VIEs which typically do not have substantial equity. Its investments in these structured products are fixed maturity securities investments and include mortgage-backed securities, and ABS & CLOs. The Company’s exposure to losses of these entities is limited to the amount of its investment. See “— Fixed Maturity Securities Available-for-Sale” for details regarding amounts and classification of these assets.
The Company also invests in or provides loans to other legal entities that are VIEs. These primarily include hedge funds, private equity funds and similar entities that are classified within OLPIs, REJVs, other invested assets, fixed maturity securities, FVO securities and mortgage loans. The Company’s maximum exposure to loss for these VIEs is limited to the carrying value of the equity investment plus any unfunded capital commitments. The carrying value of these investments was $25.6 billion and $24.6 billion at June 30, 2026 and December 31, 2025, respectively, and the Company’s unfunded commitments were $6.1 billion and $6.2 billion at June 30, 2026 and December 31, 2025, respectively.
In connection with a certain reinsurance agreement, collateral securing the reinsurance agreement was transferred to trusts that do not have substantial equity. For managing these assets, MIM will recognize asset management fees which represent a variable interest. The Company’s maximum exposure to loss is limited to the asset management fee revenue that has been earned but not yet received.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
The Company did not provide financial or other support that it was not contractually obligated to provide to entities designated as VIEs for the six months ended June 30, 2026 or 2025.
Net Investment Income
The composition of net investment income by asset type was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
Asset Type2026202520262025
(In millions)
Fixed maturity securities AFS (1)
$4,094 $3,608 $7,994 $7,075 
Equity securities
4 3 10 12 
FVO securities
185 107 155 87 
Mortgage loans (1)
1,097 1,104 2,176 2,243 
Policy loans
108 113 217 220 
Real estate and REJVs
248 239 474 446 
OLPI (1)
138 124 596 344 
Cash, cash equivalents and short-term investments (1)
217 254 441 504 
Operating joint ventures
85 38 84 58 
Other
84 100 304 339 
Subtotal investment income6,260 5,690 12,451 11,328 
Less: Investment expenses
556 527 1,074 1,053 
Subtotal, net
5,704 5,163 11,377 10,275 
Unit-linked investments998 498 680 271 
Net investment income
$6,702 $5,661 $12,057 $10,546 
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)
$270 $102 $441 $145 
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)
814 452 265 163 
Net realized and unrealized gains (losses) recognized in net investment income
$1,084 $554 $706 $308 
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
$988 $532 $595 $248 
Equity method investments net investment income (primarily REJVs, OLPI, tax credit and renewable energy partnerships and operating joint ventures)
$282 $238 $815 $505 
________________
(1)Includes net investment income related to invested assets and cash and cash equivalents that are subject to ceded reinsurance with third parties.
Net Investment Gains (Losses)
Net Investment Gains (Losses) by Instrument Type and Transaction Type
The composition of net investment gains (losses) by instrument type and transaction type was as follows:
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
Three Months
Ended
June 30,		Six Months
Ended
June 30,
Instrument Type2026202520262025
(In millions)
Fixed maturity securities AFS
$(231)$(124)$(442)$(368)
Equity securities
20 45 4 33 
FVO securities
(32)— (32)— 
Mortgage loans
(200)(269)(326)(461)
Real estate and REJVs (excluding changes in estimated fair value)
7 3 (114)3 
OLPI (excluding changes in estimated fair value) (1)
3 21 (41)20 
Notes issued by CFEs
12 — 12 — 
Other gains (losses)24 (33)(8)(38)
Subtotal
(397)(357)(947)(811)
Change in estimated fair value of OLPI and REJVs
1 (3)4 — 
Non-investment portfolio gains (losses)
(32)87 (155)151 
Subtotal(31)84 (151)151 
Net investment gains (losses)
$(428)$(273)$(1,098)$(660)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)$(238)$(145)$(480)$(446)
Impairment (losses)(57)(2)(196)(7)
Recognized gains (losses):
Change in ACL recognized in earnings(100)(272)(255)(431)
Unrealized net gains (losses) recognized in earnings(1)59 (12)73 
Total recognized gains (losses)(101)(213)(267)(358)
Non-investment portfolio gains (losses)(32)87 (155)151 
Net investment gains (losses)$(428)$(273)$(1,098)$(660)
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)
$20 $46 $9 $38 
Changes in estimated fair value subsequent to purchase of FVO securities still held at the end of the respective periods and recognized in net investment gains (losses)$(28)$— $(28)$— 
Changes in estimated fair value subsequent to recognition of Notes issued by CFEs still outstanding at the end of the respective periods and recognized in net investment gains (losses)$12 $— $12 $— 
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedging relationship
$(15)$10 $(15)$9 
Gains (losses) on leveraged leases and renewable energy partnerships$20 $— $20 $— 
Foreign currency gains (losses)$47 $70 $(85)$145 
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)$(238)$(145)$(480)$(446)
Recognized in net investment income
270 102 441 145 
Net realized investment gains (losses) from sales and disposals of investments$32 $(43)$(39)$(301)
__________________
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
9. Investments (continued)
(1)Includes a net loss of $51 million and $2 million for the six months ended June 30, 2026 and 2025, respectively, for private equity investments sold. For the six months ended June 30, 2026 and 2025, the Company sold $745 million and $43 million, respectively, in portfolios of investments to funds for proceeds of $694 million and $41 million, respectively, in cash and receivables secured by the value of the respective funds. The Company has entered into agreements to serve as the asset manager of the funds for which it receives management fees.
Fixed Maturity Securities AFS and Equity Securities — Composition of Net Investment Gains (Losses)
The composition of net investment gains (losses) for these securities was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
Fixed Maturity Securities AFS2026202520262025
(In millions)
Proceeds$11,520 $6,143 $22,521 $13,384 
Gross investment gains$133 $63 $251 $149 
Gross investment (losses)(414)(171)(719)(522)
Realized gains (losses) on sales and disposals(281)(108)(468)(373)
Net credit loss (provision) release (change in ACL recognized in earnings)50 (14)29 10 
Impairment (losses)— (2)(3)(5)
Net credit loss (provision) release and impairment (losses)50 (16)26 5 
Net investment gains (losses)$(231)$(124)$(442)$(368)
Equity Securities
Realized gains (losses) on sales and disposals$4 $(18)$(3)$(40)
Unrealized net gains (losses) recognized in earnings16 63 7 73 
Net investment gains (losses)$20 $45 $4 $33 
10. Derivatives
Accounting for Derivatives
See Note 1 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for a description of the Company’s accounting policies for derivatives and Note 11 for information about the fair value hierarchy for derivatives.
Types of Derivative Instruments and Derivative Strategies
The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives. Commonly used derivative instruments include, but are not limited to:    
•Interest rate derivatives: swaps, total return swaps, caps, floors, futures, swaptions, forwards and synthetic GICs;
•Foreign currency exchange rate derivatives: swaps, forwards, options and exchange-traded futures;
•Credit derivatives: purchased or written single name or index credit default swaps, and forwards; and
•Equity derivatives: index options, variance swaps, exchange-traded futures and total return swaps.        
For detailed information on these contracts and the related strategies, see Note 12 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Derivatives (continued)
Primary Risks Managed by Derivatives
The following table presents the primary underlying risk exposure, gross notional amount and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:
June 30, 2026December 31, 2025
Estimated Fair ValueEstimated Fair Value
Primary Underlying Risk ExposureGross
Notional
Amount		AssetsLiabilitiesGross
Notional
Amount		AssetsLiabilities
(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swapsInterest rate$4,986 $910 $712 $4,924 $923 $706 
Foreign currency swapsForeign currency exchange rate4,480 71 19 1,607 33 22 
Subtotal9,466 981 731 6,531 956 728 
Cash flow hedges:
Interest rate swapsInterest rate3,754 — 256 4,002 — 267 
Interest rate forwardsInterest rate4,009 — 1,073 4,389 16 1,049 
Foreign currency swapsForeign currency exchange rate47,039 2,290 2,065 47,097 2,358 2,184 
Subtotal54,802 2,290 3,394 55,488 2,374 3,500 
Net investment in a foreign operation (“NIFO”) hedges:
Foreign currency forwardsForeign currency exchange rate1,209 30 6 1,052 32 10 
Currency optionsForeign currency exchange rate3,000 325 — 3,000 264 — 
Subtotal4,209 355 6 4,052 296 10 
Total qualifying hedges68,477 3,626 4,131 66,071 3,626 4,238 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swapsInterest rate24,151 1,355 1,579 24,623 1,409 1,434 
Interest rate floorsInterest rate5,390 33 — 5,640 34 — 
Interest rate capsInterest rate15,147 84 2 14,898 48 1 
Interest rate futuresInterest rate2,111 2 6 1,679 1 3 
Interest rate optionsInterest rate22,923 172 94 23,820 155 130 
Interest rate forwardsInterest rate1,724 — 276 2,731 16 176 
Synthetic GICsInterest rate52,056 — — 52,664 — — 
Foreign currency swapsForeign currency exchange rate11,423 1,242 143 10,210 1,167 175 
Foreign currency forwardsForeign currency exchange rate13,967 81 673 15,694 85 1,012 
Currency futuresForeign currency exchange rate283 1 2 292 — 1 
Credit default swaps — purchasedCredit2,646 1 51 2,739 2 58 
Credit default swaps — writtenCredit15,523 260 3 8,873 153 1 
Equity futuresEquity market1,086 10 7 1,380 5 2 
Equity index optionsEquity market17,937 682 353 16,253 337 281 
Equity variance swapsEquity market96 — 2 96 — 2 
Equity total return swapsEquity market1,367 — 91 2,413 7 34 
Longevity swaps
Longevity1,000 — — 1,000 — — 
Total non-designated or nonqualifying derivatives188,830 3,923 3,282 185,005 3,419 3,310 
Total$257,307 $7,549 $7,413 $251,076 $7,045 $7,548 
Included in the table above, the Company uses various over-the-counter (“OTC”) and exchange traded derivatives to hedge variable annuity guarantees. The table below presents the primary underlying risk exposure, gross notional amount and estimated fair value of the derivatives hedging variable annuity guarantees accounted for as MRBs:
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Derivatives (continued)
June 30, 2026December 31, 2025
Estimated Fair ValueEstimated Fair Value
Primary Underlying Risk ExposureGross
Notional
Amount		AssetsLiabilitiesGross
Notional
Amount		AssetsLiabilities
(In millions)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate$8,535 $17 $557 $8,450 $10 $524 
Foreign currency exchange rate217 — 3 328 2 9 
Equity market2,626 272 119 2,844 152 104 
$11,378 $289 $679 $11,622 $164 $637 
The change in estimated fair values and earned income of derivatives hedging variable annuity guarantees, recorded in net derivative gains (losses), was ($166) million and ($130) million for the six months ended June 30, 2026 and 2025, respectively.
Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at either June 30, 2026 or December 31, 2025. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules, (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship, (iii) derivatives that economically hedge MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs are already recorded in net income, and (iv) written credit default swaps and interest rate swaps that are used to synthetically create investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Derivatives (continued)
The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, NIFO, nonqualifying hedging relationships and embedded derivatives:

Three Months Ended June 30, 2026
Net
Investment
Income
Net
Investment
Gains
(Losses)
Net
Derivative
Gains
(Losses)
Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)$1 $— N/A$(33)$(27)$— N/A
Hedged items(1)— N/A28 26 — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)78 (2)N/A— — — N/A
Hedged items(78)1 N/A— 3 — N/A
Amount excluded from the assessment of hedge effectiveness— — N/A— — — (89)
Subtotal
— (1)N/A(5)2 — (89)
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A$(96)
Amount of gains (losses) reclassified from AOCI into income1 (16)— — — — 15 
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A(339)
Amount of gains (losses) reclassified from AOCI into income— (116)— — — — 116 
Foreign currency transaction gains (losses) on hedged items— 110 — — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income— — — — — — — 
Subtotal
1 (22)— — — — (304)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A40 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A5 
Subtotal
N/A— N/AN/AN/AN/A45 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)— N/A(202)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)— N/A(336)N/AN/AN/AN/A
Credit derivatives — purchased (1)— N/A(6)N/AN/AN/AN/A
Credit derivatives — written (1)— N/A65 N/AN/AN/AN/A
Equity derivatives (1)(48)N/A(480)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items— N/A99 N/AN/AN/AN/A
Subtotal
(48)N/A(860)N/AN/AN/AN/A
Earned income on derivatives(4)— 177 7 (37)— — 
Synthetic GICsN/AN/A20 N/AN/AN/AN/A
Embedded derivatives - ceded reinsurance
N/AN/A14 N/AN/AN/AN/A
Embedded derivatives - other
N/AN/A(123)N/AN/AN/AN/A
Total
$(51)$(23)$(772)$2 $(35)$— $(348)
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Derivatives (continued)
Three Months Ended June 30, 2025
Net
Investment
Income
Net
Investment
Gains
(Losses)
Net
Derivative
Gains
(Losses)
Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)$— $— N/A$2 $11 $— N/A
Hedged items— — N/A(8)(12)— N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)(18)5 N/A— 87 — N/A
Hedged items17 (4)N/A— (87)— N/A
Amount excluded from the assessment of hedge effectiveness— (1)N/A— — — N/A
Subtotal
(1)— N/A(6)(1)— N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A$(235)
Amount of gains (losses) reclassified from AOCI into income6 9 — — — — (15)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A(801)
Amount of gains (losses) reclassified from AOCI into income1 1,086 — — — — (1,087)
Foreign currency transaction gains (losses) on hedged items— (1,091)— — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income— — — — — — — 
Subtotal
7 4 — — — — (2,138)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A(71)
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A(9)
Subtotal
N/A— N/AN/AN/AN/A(80)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)— N/A(272)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)— N/A(317)N/AN/AN/AN/A
Credit derivatives — purchased (1)— N/A(6)N/AN/AN/AN/A
Credit derivatives — written (1)— N/A38 N/AN/AN/AN/A
Equity derivatives (1)(28)N/A(441)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items— N/A99 N/AN/AN/AN/A
Subtotal
(28)N/A(899)N/AN/AN/AN/A
Earned income on derivatives(9)— 106 2 (34)— — 
Synthetic GICsN/AN/A21 N/AN/AN/AN/A
Embedded derivatives - ceded reinsuranceN/AN/A(22)N/AN/AN/AN/A
Embedded derivatives - otherN/AN/A(2)N/AN/AN/AN/A
Total$(31)$4 $(796)$(4)$(35)$— $(2,218)
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Derivatives (continued)
Six Months Ended June 30, 2026
Net
Investment
Income		Net
Investment
Gains
(Losses)		Net
Derivative
Gains
(Losses)		Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$1 $— N/A$(39)$(41)$— N/A
Hedged items
(1)— N/A30 40 — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
54 (2)N/A— (7)— N/A
Hedged items
(54)1 N/A— 10 — N/A
Amount excluded from the assessment of hedge effectiveness
— — N/A— — — (23)
Subtotal
— (1)N/A(9)2 — (23)
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$(106)
Amount of gains (losses) reclassified from AOCI into income
2 (15)— — — — 13 
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A110 
Amount of gains (losses) reclassified from AOCI into income
1 (365)— — — — 364 
Foreign currency transaction gains (losses) on hedged items
— 350 — — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income— — — — — — — 
Subtotal
3 (30)— — — — 381 
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A108 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A9 
Subtotal
N/A— N/AN/AN/AN/A117 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
— N/A(294)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)
— N/A(381)N/AN/AN/AN/A
Credit derivatives — purchased (1)
— N/A(1)N/AN/AN/AN/A
Credit derivatives — written (1)
— N/A3 N/AN/AN/AN/A
Equity derivatives (1)
(32)N/A(531)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items
— N/A91 N/AN/AN/AN/A
Subtotal
(32)N/A(1,113)N/AN/AN/AN/A
Earned income on derivatives
83 — 277 14 (76)— — 
Synthetic GICsN/AN/A39 N/AN/AN/AN/A
Embedded derivatives - ceded reinsuranceN/AN/A205 N/AN/AN/AN/A
Embedded derivatives - otherN/AN/A(106)N/AN/AN/AN/A
Total
$54 $(31)$(698)$5 $(74)$— $475 
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Derivatives (continued)
Six Months Ended June 30, 2025
Net
Investment
Income
Net
Investment
Gains
(Losses)
Net
Derivative
Gains
(Losses)
Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$(1)$— N/A$77 $53 $— N/A
Hedged items
1 — N/A(87)(52)— N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
(28)13 N/A— 123 — N/A
Hedged items
27 (10)N/A— (123)— N/A
Amount excluded from the assessment of hedge effectiveness
— (4)N/A— — — N/A
Subtotal
(1)(1)N/A(10)1 — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$(122)
Amount of gains (losses) reclassified from AOCI into income
23 9 — — — — (32)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(680)
Amount of gains (losses) reclassified from AOCI into income
3 1,446 — — — — (1,449)
Foreign currency transaction gains (losses) on hedged items
— (1,449)— — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income
— — — — — — — 
Subtotal
26 6 — — — — (2,283)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A(143)
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A(23)
Subtotal
N/A— N/AN/AN/AN/A(166)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
— N/A(174)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)
— N/A(72)N/AN/AN/AN/A
Credit derivatives — purchased (1)
— N/A(15)N/AN/AN/AN/A
Credit derivatives — written (1)
— N/A11 N/AN/AN/AN/A
Equity derivatives (1)
(11)N/A(382)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items
— N/A68 N/AN/AN/AN/A
Subtotal
(11)N/A(564)N/AN/AN/AN/A
Earned income on derivatives
86 — 216 4 (74)— — 
Synthetic GICsN/AN/A40 N/AN/AN/AN/A
Embedded derivatives - ceded reinsurance
N/AN/A(57)N/AN/AN/AN/A
Embedded derivatives - otherN/AN/A1 N/AN/AN/AN/A
Total
$100 $5 $(364)$(6)$(73)$— $(2,449)
__________________
(1)Excludes earned income on derivatives.
Fair Value Hedges
The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities, and (iii) foreign currency forwards to hedge the foreign currency fair value exposure of foreign currency denominated investments.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Derivatives (continued)
The following table presents the balance sheet classification, carrying amount and cumulative fair value of hedging adjustments for items designated and qualifying as hedged items in fair value hedges:
June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Balance Sheet Line ItemCarrying Amount
 of the Hedged
Assets/(Liabilities)		Cumulative Amount
of Fair Value Hedging Adjustments
Included in the Carrying Amount of Hedged
Assets/(Liabilities) (1)
(In millions)
Fixed maturity securities AFS$3,779 $658 $— $— 
Mortgage loans$29 $51 $(1)$— 
FPBs$(2,404)$(2,509)$357 $319 
PABs$(2,412)$(2,559)$151 $(9)
__________________
(1)Includes ($57) million and ($67) million of hedging adjustments on discontinued hedging relationships at June 30, 2026 and December 31, 2025, respectively.
For the Company’s foreign currency forwards, changes in estimated fair value attributable to the difference between spot price and forward price are excluded from hedge effectiveness testing and are recognized in earnings. For certain foreign currency swaps, changes in estimated fair value related to cross-currency basis spreads are excluded from the effectiveness assessment and recorded in OCI. For all other derivatives, all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
Cash Flow Hedges
The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.
In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into income. These amounts were ($13) million and ($9) million for the three months and six months ended June 30, 2026, respectively, and $2 million and $14 million for the three months and six months ended June 30, 2025, respectively.
At both June 30, 2026 and December 31, 2025, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed three years.
At June 30, 2026 and December 31, 2025, the balance in AOCI associated with cash flow hedges was ($1.7) billion and ($2.1) billion, respectively.
All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
At June 30, 2026, the Company expected to reclassify ($96) million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.
NIFO Hedges
The Company uses foreign currency exchange rate derivatives, which may include foreign currency forwards and currency options, to hedge portions of its NIFO against adverse movements in exchange rates. The Company also designates a portion of its foreign-denominated debt as a non-derivative hedging instrument of its NIFO. The Company assesses hedge effectiveness of its derivatives based upon the change in forward rates and assesses its non-derivative hedging instruments based upon the change in spot rates. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
When NIFOs are sold or substantially liquidated, the amounts in AOCI are reclassified to the statements of operations.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Derivatives (continued)
At June 30, 2026 and December 31, 2025, the cumulative foreign currency translation gain (loss) recorded in AOCI related to NIFO hedges was $1.3 billion and $1.2 billion, respectively. At June 30, 2026 and December 31, 2025, the carrying amount of debt designated as a non-derivative hedging instrument was $258 million and $268 million, respectively.
Credit Derivatives
In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the effects of derivatives on the interim condensed consolidated statements of operations and comprehensive income (loss) table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps.
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:
June 30, 2026December 31, 2025
Rating Agency Designation of Referenced
Credit Obligations (1)		Estimated
Fair Value
of Credit
Default
Swaps		Maximum
Amount of Future
Payments under
Credit Default
Swaps		Weighted
Average
Years to
Maturity (2)		Estimated
Fair Value
of Credit
Default
Swaps		Maximum
Amount of Future
Payments under
Credit Default
Swaps		Weighted
Average
Years to
Maturity (2)
(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)
$1 $31 3.1$1 $59 2.5
Credit default swaps referencing indices
31 3,777 0.944 3,777 1.4
Subtotal
32 3,808 0.945 3,836 1.4
Baa
Single name credit default swaps (3)
1 56 3.21 46 3.8
Credit default swaps referencing indices
203 11,331 5.695 4,807 4.6
Subtotal
204 11,387 5.696 4,853 4.6
Ba
Credit default swaps referencing indices
— 24 0.51 24 1.0
Subtotal
— 24 0.51 24 1.0
B
Single name credit default swaps (3)
— 3 0.5— 16 0.6
Credit default swaps referencing indices
21 286 3.910 129 3.0
Subtotal
21 289 3.810 145 2.7
Caa
Credit default swaps referencing indices
— 15 0.5— 15 1.0
Subtotal
— 15 0.5— 15 1.0
Total
$257 $15,523 4.4$152 $8,873 3.2
__________________
(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Global Ratings (“S&P”) and Fitch Ratings Inc. If no rating is available from a rating agency, then an internally developed rating is used.
(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.
(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Derivatives (continued)
Credit Risk on Freestanding Derivatives
The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.
The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law.
The Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”) and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.
See Note 11 for a description of the impact of credit risk on the valuation of derivatives.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Derivatives (continued)
The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:
June 30, 2026December 31, 2025
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement AssetsLiabilitiesAssetsLiabilities
(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)
$7,390 $6,722 $7,053 $6,972 
OTC-cleared (1)
262 728 119 569 
Exchange-traded
13 15 6 6 
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)
7,665 7,465 7,178 7,547 
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral
(3,110)(3,110)(3,015)(3,015)
OTC-cleared
(16)(16)(7)(7)
Exchange-traded
(1)(1)— — 
Cash collateral: (3), (4)
OTC-bilateral
(2,270)— (1,808)— 
OTC-cleared
(230)(680)(105)(555)
Exchange-traded
— (2)— (1)
Securities collateral: (5)
OTC-bilateral
(1,978)(3,553)(2,211)(3,945)
OTC-cleared
— (32)— (6)
Exchange-traded
— (12)— (5)
Net amount after application of master netting agreements and collateral
$60 $59 $32 $13 
__________________
(1)At June 30, 2026 and December 31, 2025, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $116 million and $133 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $52 million and ($1) million, respectively.
(2)Gross estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.
(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives.
(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2026 and December 31, 2025, the Company received excess cash collateral of $73 million and $29 million, respectively, and provided excess cash collateral of $76 million and $68 million, respectively, which is not included in the table above due to the foregoing limitation.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. 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 June 30, 2026, none of the collateral had been sold and $5 million was 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 June 30, 2026 and December 31, 2025, the Company received excess securities collateral with an estimated fair value of $393 million and $381 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At both June 30, 2026 and December 31, 2025, the Company provided excess securities collateral with an estimated fair value of $1.3 billion for its OTC-bilateral derivatives, $752 million and $751 million, respectively, for its OTC-cleared derivatives, and $280 million and $215 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.
The Company’s collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the collateral amount owed by that counterparty reaches a minimum transfer amount. A small number of these arrangements also contain credit-contingent provisions that include a threshold below which collateral does not need to be posted. Such agreements provide for a reduction of these thresholds (on a sliding scale that converges toward zero) in the event of downgrades in the financial strength or credit ratings of the Company and/or the counterparty (or its guarantor, as applicable). At June 30, 2026, the amount of collateral not provided by the Company due to the existence of these thresholds was $15 million.
The Company’s netting agreements for derivatives generally contain provisions that require the counterparty (or its guarantor, if applicable) to maintain specified minimum credit ratings above investment grade level from Moody’s, S&P or both. In those agreements, if the credit rating of the counterparty (or its guarantor, if applicable) were to fall below the applicable minimum rating, that counterparty would be in violation of these provisions, and the Company could terminate the transactions and demand immediate settlement and payment based on reasonable valuation of the derivatives. A significant portion of the Company’s netting agreements for derivatives grant similar rights to the counterparty to terminate the transactions and demand immediate settlement and payment if the Company’s financial strength or credit rating were to fall below specified minimum levels above investment grade.
The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.
June 30, 2026December 31, 2025
Derivatives
Subject to
Credit-
Contingent
Provisions		Derivatives
Not Subject
to Credit-
Contingent
Provisions		TotalDerivatives
Subject to
Credit-
Contingent
Provisions		Derivatives
Not Subject
to Credit-
Contingent
Provisions		Total
(In millions)
Estimated fair value of derivatives in a net liability position
$3,612 $— $3,612 $3,946 $11 $3,957 
Estimated fair value of collateral provided:
Fixed maturity securities AFS
$4,190 $— $4,190 $4,661 $11 $4,672 
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
10. Derivatives (continued)
Embedded Derivatives
The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives.
The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:
Balance Sheet LocationJune 30, 2026December 31, 2025
(In millions)
Embedded derivatives within liability host contracts:
Funds withheld on ceded reinsurance (1)
Other liabilities$(228)$(10)
Fixed annuities with equity indexed returns
PABs
396 67 
Total
$168 $57 
__________________
(1)Includes ($78) million and $81 million at June 30, 2026 and December 31, 2025, respectively, related to Chariot Reinsurance, Ltd. (“Chariot Re”). See Note 19 for additional related party transactions.
11. Fair Value
Considerable judgment is often required in interpreting the market data used to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.
Recurring Fair Value Measurements
The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:
70
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
June 30, 2026
Fair Value Hierarchy
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $76,507 $14,653 $91,160 
Foreign corporate— 44,105 17,567 61,672 
RMBS
— 44,636 1,343 45,979 
Foreign government— 40,167 57 40,224 
U.S. government and agency
15,638 19,208 — 34,846 
ABS & CLO— 25,983 1,704 27,687 
Municipals— 10,817 — 10,817 
CMBS
— 9,377 421 9,798 
Total fixed maturity securities AFS
15,638 270,800 35,745 322,183 
Equity securities
439 146 347 932 
Contractholder-directed equity securities and FVO securities:
Contractholder-directed equity securities 
8,028 2,780 447 11,255 
FVO securities
602 1,531 1,421 3,554 
Total contractholder-directed equity securities and FVO securities:
8,630 4,311 1,868 14,809 
Short-term investments (1)
6,483 1,217 62 7,762 
Other investments
51 — 1,185 1,236 
Derivative assets: (2)
Interest rate
2 2,554 — 2,556 
Foreign currency exchange rate
1 4,009 30 4,040 
Credit
— 261 — 261 
Equity market
10 682 — 692 
Total derivative assets
13 7,506 30 7,549 
MRBs
— — 490 490 
Reinsured MRBs (3)
— — 217 217 
Separate account assets (4)
81,612 74,464 774 156,850 
Total assets (5)
$112,866 $358,444 $40,718 $512,028 
Liabilities
Derivative liabilities: (2)
Interest rate
$6 $3,992 $— $3,998 
Foreign currency exchange rate
2 2,903 3 2,908 
Credit
— 54 — 54 
Equity market
7 437 9 453 
Total derivative liabilities
15 7,386 12 7,413 
Embedded derivatives within liability host contracts (6)
— — 168 168 
Notes issued by CFEs— — 1,497 1,497 
MRBs
— — 2,235 2,235 
Total liabilities
$15 $7,386 $3,912 $11,313 
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
December 31, 2025
Fair Value Hierarchy
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $74,437 $13,522 $87,959 
Foreign corporate— 43,761 16,828 60,589 
RMBS
— 43,491 1,927 45,418 
Foreign government— 40,696 52 40,748 
U.S. government and agency
18,732 18,790 — 37,522 
ABS & CLO— 21,747 1,150 22,897 
Municipals
— 11,063 1 11,064 
CMBS
— 9,318 416 9,734 
Total fixed maturity securities AFS
18,732 263,303 33,896 315,931 
Equity securities
464 77 317 858 
Contractholder-directed equity securities and FVO securities:
Contractholder-directed equity securities 
7,983 2,571 194 10,748 
FVO securities
623 1,323 1,265 3,211 
Total contractholder-directed equity securities and FVO securities:
8,606 3,894 1,459 13,959 
Short-term investments (1)
2,761 537 42 3,340 
Other investments
46 — 1,137 1,183 
Derivative assets: (2)
Interest rate
1 2,601 — 2,602 
Foreign currency exchange rate
— 3,905 34 3,939 
Credit
— 155 — 155 
Equity market5 344 — 349 
Total derivative assets
6 7,005 34 7,045 
MRBs
— — 458 458 
Reinsured MRBs (3)
— — 293 293 
Separate account assets (4)
77,488 73,554 891 151,933 
Total assets (5)
$108,103 $348,370 $38,527 $495,000 
Liabilities
Derivative liabilities: (2)
Interest rate$3 $3,763 $— $3,766 
Foreign currency exchange rate1 3,403 — 3,404 
Credit— 59 — 59 
Equity market2 316 1 319 
Total derivative liabilities6 7,541 1 7,548 
Embedded derivatives within liability host contracts (6)
— — 57 57 
Notes issued by CFEs
— — 1,206 1,206 
MRBs
— — 2,406 2,406 
Total liabilities
$6 $7,541 $3,670 $11,217 
__________________
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
(1)Short-term investments as presented in the tables above differ from the amounts presented on the interim condensed consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis.
(2)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.    
(3)Reinsured MRBs are presented within premiums, reinsurance and other receivables on the interim condensed consolidated balance sheets.
(4)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities.
(5)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. The estimated fair value of such investments was $37 million and $41 million at June 30, 2026 and December 31, 2025, respectively.
(6)Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets.
The following describes the valuation methodologies used to measure assets and liabilities at fair value.
Investments
Securities, Short-term Investments and Other Investments
When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings, and valuation of these securities does not involve management’s judgment.
When quoted prices in active markets are not available, the determination of estimated fair value of securities is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based, in large part, on management’s judgment or estimation and cannot be supported by reference to market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such investments.
The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein.
The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g., cash flows) to a single current, discounted amount. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
Instrument
Level 2
Observable Inputs
Level 3
Unobservable Inputs
Fixed maturity securities AFS
U.S. corporate and Foreign corporate securities
Valuation Approaches: Principally the market and income approaches.
Valuation Approaches: Principally the market approach.
Key Inputs:
Key Inputs:
•
quoted prices in markets that are not active
•
illiquidity premium
•benchmark yields; spreads off benchmark yields; new issuances; issuer ratings•delta spread adjustments to reflect specific credit-related issues
•
trades of identical or comparable securities; duration
•credit spreads
•
privately-placed securities are valued using the additional key inputs:
•quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
•
market yield curve; call provisions
•independent non-binding broker quotations
•
observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer
•
delta spread adjustments to reflect specific credit-related issues
Foreign government securities, U.S. government and agency securities and Municipals
Valuation Approaches: Principally the market approach.
Valuation Approaches: Principally the market approach.
Key Inputs:
Key Inputs:
•
quoted prices in markets that are not active
•
independent non-binding broker quotations
•
benchmark U.S. Treasury yield or other yields
•quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
•
the spread off the U.S. Treasury yield curve for the identical security
•credit spreads
•issuer ratings and issuer spreads; broker-dealer quotations
•
comparable securities that are actively traded
Structured Products
Valuation Approaches: Principally the market and income approaches.
Valuation Approaches: Principally the market and income approaches.
Key Inputs:
Key Inputs:
•quoted prices in markets that are not active•
credit spreads
•
spreads for actively traded securities; spreads off benchmark yields
•quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
•
expected prepayment speeds and volumes
•
independent non-binding broker quotations
•
current and forecasted loss severity; ratings; geographic region
•credit ratings
•
weighted average coupon and weighted average maturity
•average delinquency rates; DSCR
•
credit ratings
•
issuance-specific information, including, but not limited to:
•collateral type; structure of the security; vintage of the loans
•payment terms of the underlying assets
•
payment priority within the tranche; deal performance
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
Instrument
Level 2
Observable Inputs
Level 3
Unobservable Inputs
Equity securities
Valuation Approaches: Principally the market approach.
Valuation Approaches: Principally the market and income approaches.
Key Input:
Key Inputs:
•
quoted prices in markets that are not considered active
•
credit ratings; issuance structures
•
quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
•
independent non-binding broker quotations
Contractholder-directed equity securities and FVO securities, Short-term investments and Other investments
Valuation Approaches: Principally the market and income approaches.Valuation Approaches: Principally the market and income approaches.
Key Inputs:Key Inputs:
•
Contractholder-directed equity securities and FVO securities include mutual fund interests without readily determinable fair values given prices are not published publicly. Valuation of these mutual funds is based upon quoted prices or reported NAV provided by the fund managers, which were based on observable inputs.
•
Contractholder-directed equity securities and FVO securities, short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments also include certain REJVs and use the valuation approach and key inputs as described for OLPI below.
•
Short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and observable inputs used in their valuation are also similar to those described above.
Separate account assets and Separate account liabilities (1)
Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly
Key Input:•N/A
•quoted prices or reported NAV provided by the fund managers
OLPI
•N/A
Valued giving consideration to the underlying holdings of the partnerships and adjusting, if appropriate.
Key Input:
•
NAV
__________________
(1)Estimated fair value equals carrying value, based on the value of the underlying assets, including mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, OLPI, short-term investments and cash and cash equivalents. The estimated fair value of fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents is determined on a basis consistent with the assets described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.”
Derivatives
The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models.
The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. With respect to certain OTC-bilateral and OTC-cleared derivatives, management may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such derivatives.
Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
The credit risk of both the counterparty and the Company is considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by the counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.
Freestanding Derivatives
Level 2 Valuation Approaches and Key Inputs:
This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3.
Level 3 Valuation Approaches and Key Inputs:
These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.
Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows:
InstrumentInterest RateForeign Currency
Exchange Rate		CreditEquity Market
Inputs common to Level 2 and Level 3 by instrument type
•
swap yield curves
•
swap yield curves
•
swap yield curves
•
swap yield curves
•
basis curves
•
basis curves
•
credit curves
•
spot equity index levels
•interest rate volatility (1)•
currency spot rates
•
recovery rates
•
dividend yield curves
•cross currency basis curves•
equity volatility (1)
•
currency volatility (1)
Level 3•
N/A
•
swap yield curves (2)
•
N/A
•
dividend yield curves (2)
•
basis curves (2)
•
equity volatility (1), (2)
•
cross currency basis curves (2)
•correlation between model inputs (1)
•
currency correlation
•
currency volatility (1)
__________________
(1)Option-based only.
(2)Extrapolation beyond the observable limits of the curve(s).
Embedded Derivatives
Embedded derivatives principally include equity-indexed annuity contracts and investment risk within funds withheld related to certain reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
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 embedded derivatives is included, along with their funds withheld hosts, in other liabilities on the interim condensed consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.
The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.
Notes Issued by CFEs
The estimated fair value of these notes is based on the estimated fair value of the corresponding securities which collateralize the notes. Since the notes are valued based on referenced collateral, they are classified as Level 3.
MRBs
See Note 6 for information on the Company’s valuation approaches and key inputs for MRBs.
Transfers between Levels
Overall, transfers between levels occur when there are changes in the observability of inputs and market activity.
Transfers into or out of Level 3:
Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)
The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:
June 30, 2026December 31, 2025Impact of
Increase in Input
on Estimated
Fair Value (2)
Valuation
Techniques		Significant
Unobservable Inputs		RangeWeighted
Average (1)		RangeWeighted
Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate•Matrix pricing•Offered quotes (4)2-1249832-12794Increase
•Market pricing•Quoted prices (4)—-10796—-10091Increase
•Consensus pricing•Offered quotes (4)—-10090—-10192Increase
RMBS•Market pricing•Quoted prices (4)31-1109633-11496Increase (5)
ABS & CLO•Market pricing•Quoted prices (4)—-1391013-142101Increase (5)
Derivatives
Foreign currency exchange rate•Present value techniques•Swap yield (6)166-225207154-203202
Increase (7)
MRBs and Reinsured MRBs
Direct, assumed and ceded guaranteed minimum benefits•Option pricing techniques•Mortality rates:
Ages 0 - 400%-0.15%0.05%0%-0.15%0.05%
(8)
Ages 41 - 600.04%-0.79%0.22%0.04%-0.79%0.22%
(8)
Ages 61 - 1150%-100%1.23%0%-100%1.23%
(8)
•Lapse rates:
Durations 1 - 100.15%-20.10%13.37%0.15%-20.10%13.37%
Decrease (9)
Durations 11 - 200.38%-15%8.17%0.38%-15%8.17%
Decrease (9)
Durations 21 - 1160.38%-15%7.48%0.38%-15%7.48%
Decrease (9)
•Utilization rates0.20%-16.25%0.54%0.20%-16.25%0.54%
Increase (10)
•Withdrawal rates0%-20%4.92%0%-20%4.92%(11)
•Long-term equity volatilities14.29%-22.49%18.96%14.29%-22.49%18.96%
Increase (12)
•Nonperformance risk spread0.11%-1.59%0.58%0.10%-1.41%0.58%
Decrease (13)
__________________
(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data.
(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.
(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.
(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.
(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.
(6)Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.
(7)Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
(8)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on Company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates results 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 results in a decrease (increase) in the estimated fair value of MRBs.
(9)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.
(10)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.
(11)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.
(12)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.
(13)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRBs.
All other classes of securities classified within Level 3, including those within contractholder-directed equity securities and FVO securities (collectively, “Unit-linked and FVO securities”), Other investments, Separate account assets, Notes issued by CFEs, and Embedded derivatives within funds withheld related to certain ceded reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table. The valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.”
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
The following tables summarize the change of all assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), excluding MRBs (see Note 6):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities AFS
Corporate (6)Foreign
Government		Structured
Products
Equity
Securities
Contractholder-directed Equity Securities and FVO Securities
(In millions)
Three Months Ended June 30, 2026
Balance, beginning of period
$31,190 $698 $4,063 $348 $1,515 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
9 — 11 1 163 
Total realized/unrealized gains (losses) included in AOCI
224 1 (25)— — 
Purchases (3)
2,121 1 1,032 16 140 
Sales (3)
(992)(5)(88)(2)(130)
Issuances (3)
— — — — — 
Settlements (3)
— — — — — 
Transfers into Level 3 (4)
53 11 102 — 200 
Transfers out of Level 3 (4)(385)(649)(1,627)(16)(20)
Balance, end of period
$32,220 $57 $3,468 $347 $1,868 
Three Months Ended June 30, 2025
Balance, beginning of period
$27,512 $57 $4,807 $248 $1,175 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(10)— 7 16 94 
Total realized/unrealized gains (losses) included in AOCI
872 1 11 — — 
Purchases (3)
1,154 7 511 20 95 
Sales (3)
(479)— (182)(32)(99)
Issuances (3)
— — — — — 
Settlements (3)
— — — — — 
Transfers into Level 3 (4)
156 — 215 — — 
Transfers out of Level 3 (4)
(568)(9)(1,669)— — 
Balance, end of period
$28,637 $56 $3,700 $252 $1,265 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2026 (5)
$17 $— $10 $8 $149 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2025 (5)
$(17)$— $9 $16 $94 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2026 (5)
$195 $1 $(27)$— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2025 (5)
$873 $1 $10 $— $— 
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Short-term
Investments		Other
Investments		Net
Derivatives (7)		Net Embedded
Derivatives (8)		Separate
Accounts (9)		Notes Issued by CFEs
(In millions)
Three Months Ended June 30, 2026
Balance, beginning of period
$101 $1,133 $36 $152 $794 $(1,138)
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— 55 (15)(185)2 12 
Total realized/unrealized gains (losses) included in AOCI
— — — — — — 
Purchases (3)
22 11 — — 17 — 
Sales (3)
(4)(14)— — (39)— 
Issuances (3)
— — — (140)— (574)
Settlements (3)
— — — 5 — 203 
Transfers into Level 3 (4)
— — — — — — 
Transfers out of Level 3 (4)(57)— (3)— — — 
Balance, end of period
$62 $1,185 $18 $(168)$774 $(1,497)
Three Months Ended June 30, 2025
Balance, beginning of period
$9 $1,121 $21 $(43)$972 $— 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— (18)(4)(24)(19)— 
Total realized/unrealized gains (losses) included in AOCI
— — — — — — 
Purchases (3)
5 61 — — 97 — 
Sales (3)
— (31)— — (69)— 
Issuances (3)
— — — — — — 
Settlements (3)
— — — 157 — — 
Transfers into Level 3 (4)
— 20 — — 1 — 
Transfers out of Level 3 (4)
(6)— (1)— (5)— 
Balance, end of period
$8 $1,153 $16 $90 $977 $— 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2026 (5)
$— $49 $(15)$(186)$— $12 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2025 (5)
$— $(32)$(4)$(24)$— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2026 (5)
$— $— $— $— $— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2025 (5)
$— $— $— $— $— $— 
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities AFS
Corporate (6)Foreign
Government		Structured
Products		Equity
Securities		Contractholder-directed Equity Securities and FVO Securities
(In millions)
Six Months Ended June 30, 2026
Balance, beginning of period$30,350 $52 $3,493 $317 $1,459 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
10 — 5 12 80 
Total realized/unrealized gains (losses) included in AOCI
(352)— (45)— — 
Purchases (3)
3,907 2 1,178 30 265 
Sales (3)
(1,462)(1)(291)(13)(118)
Issuances (3)
— — — — — 
Settlements (3)
— — — — — 
Transfers into Level 3 (4)
85 5 144 1 200 
Transfers out of Level 3 (4)(318)(1)(1,016)— (18)
Balance, end of period$32,220 $57 $3,468 $347 $1,868 
Six Months Ended June 30, 2025
Balance, beginning of period$26,505 $41 $8,639 $236 $1,190 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(28)— (12)9 76 
Total realized/unrealized gains (losses) included in AOCI
1,313 5 (78)— — 
Purchases (3)
2,093 12 1,217 30 102 
Sales (3)
(950)(1)(359)(23)(103)
Issuances (3)
— — — — — 
Settlements (3)
— — — — — 
Transfers into Level 3 (4)
95 — 169 — — 
Transfers out of Level 3 (4)(391)(1)(5,876)— — 
Balance, end of period
$28,637 $56 $3,700 $252 $1,265 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2026 (5)
$10 $— $4 $12 $66 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2025 (5)
$(19)$— $10 $15 $81 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2026 (5)
$(375)$— $(48)$— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2025 (5)
$1,289 $5 $45 $— $— 
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Short-term
Investments		Other
Investments		Net
Derivatives (7)		Net Embedded
Derivatives (8)		Separate
Accounts (9)
Notes Issued by CFEs
(In millions)
Six Months Ended June 30, 2026
Balance, beginning of period
$42 $1,137 $33 $(57)$891 $(1,206)
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— (35)(9)114 (9)12 
Total realized/unrealized gains (losses) included in AOCI
(3)— (1)— — — 
Purchases (3)
34 142 — — 37 — 
Sales (3)
(5)(59)— — (116)— 
Issuances (3)
— — — (232)— (574)
Settlements (3)
— — — 7 — 271 
Transfers into Level 3 (4)
— — — — 1 — 
Transfers out of Level 3 (4)(6)— (5)— (30)— 
Balance, end of period
$62 $1,185 $18 $(168)$774 $(1,497)
Six Months Ended June 30, 2025
Balance, beginning of period
$5 $1,010 $5 $(9)$990 $— 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— (16)11 (56)(14)— 
Total realized/unrealized gains (losses) included in AOCI
1 — 1 — — — 
Purchases (3)
6 208 — — 103 — 
Sales (3)
(3)(69)— — (92)— 
Issuances (3)
— — — — — — 
Settlements (3)
— — (1)155 — — 
Transfers into Level 3 (4)— 20 — — 1 — 
Transfers out of Level 3 (4)(1)— — — (11)— 
Balance, end of period
$8 $1,153 $16 $90 $977 $— 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2026 (5)
$— $(38)$(10)$113 $— $12 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2025 (5)
$— $(32)$10 $(56)$— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2026 (5)
$— $— $— $— $— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2025 (5)
$1 $— $— $— $— $— 
__________________
(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses), while changes in estimated fair value of Unit-linked and FVO securities are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.
(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward.
(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(6)Comprised of U.S. and foreign corporate securities.
(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.
(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss).
Fair Value Option
The Company has elected the FVO for certain invested assets held by, and notes issued by, CFEs.
The unpaid principal balance on the invested assets held by CFEs exceeded the estimated fair value by $68 million and $33 million at June 30, 2026 and December 31, 2025, respectively.
The unpaid principal balance on the notes issued by CFEs exceeded the estimated fair value by $16 million and $1 million at June 30, 2026 and December 31, 2025, respectively.
Nonrecurring Fair Value Measurements
The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).
June 30, 2026December 31, 2025
(In millions)
Carrying value after measurement:
Mortgage loans (1)
$1,699 $1,583 
Real estate and REJVs (2)
$237 $— 
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Net investment gains (losses):
Mortgage loans (1)$(187)$(241)$(351)$(412)
Real estate and REJVs (2)
$(58)$— $(194)$— 
__________________
(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 9.
(2)Estimated fair values of impaired real estate and REJVs are based on appraised values.
Fair Value of Financial Instruments Carried at Other Than Fair Value
The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. The following tables exclude cash and cash equivalents, which are primarily classified as Level 1, and accrued investment income, payables for collateral under securities loaned and other transactions, short-term debt and those short-term investments that are not securities (i.e., time deposits), which are primarily classified as Level 2. The Company believes that due to the short-term nature of these excluded financial instruments, the estimated fair value approximates carrying value.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
11. Fair Value (continued)
The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:
June 30, 2026
Fair Value Hierarchy
Carrying
Value
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans
$82,856 $— $— $80,570 $80,570 
Policy loans
$8,226 $— $— $8,679 $8,679 
Other invested assets
$1,221 $— $701 $520 $1,221 
Premiums, reinsurance and other receivables
$9,722 $— $1,592 $7,946 $9,538 
Other assets
$232 $— $40 $193 $233 
Liabilities
PABs
$155,163 $— $— $151,349 $151,349 
Long-term debt
$14,237 $— $13,579 $— $13,579 
Collateral financing arrangement
$286 $— $— $265 $265 
Subordinated debt securities
$5,144 $— $5,574 $— $5,574 
Other liabilities
$14,678 $— $2,189 $11,958 $14,147 
Separate account liabilities
$82,015 $— $82,015 $— $82,015 

December 31, 2025
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans
$84,593 $— $— $82,933 $82,933 
Policy loans$8,547 $— $— $9,083 $9,083 
Other invested assets$895 $— $700 $195 $895 
Premiums, reinsurance and other receivables
$8,681 $— $1,252 $6,835 $8,087 
Other assets$247 $— $53 $202 $255 
Liabilities
PABs
$147,826 $— $— $145,695 $145,695 
Long-term debt$14,461 $— $14,143 $— $14,143 
Collateral financing arrangement$352 $— $— $322 $322 
Subordinated debt securities
$4,155 $— $4,707 $— $4,707 
Other liabilities$11,993 $— $842 $10,747 $11,589 
Separate account liabilities$80,164 $— $80,164 $— $80,164 
12. Subordinated Debt Securities
Subordinated Debt Issuance
In February 2026, MetLife, Inc. issued $1.0 billion of 5.850% Fixed-to-Fixed Reset Rate Subordinated Debentures due March 2056 (the “5.850% Subordinated Debt”), interest on which is payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $12 million of related costs which will be amortized over the term of the debentures. The 5.850% Subordinated Debt ranks senior to MetLife, Inc.’s junior subordinated debt securities, subordinate to its senior notes and equal to its 6.350% Fixed-to-Fixed Reset Rate Subordinated Debentures due March 2055.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Equity
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows at both June 30, 2026 and December 31, 2025:
SeriesShares
Authorized		Shares Issued and
Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A27,600,000 24,000,000 
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D500,000 500,000 
5.625% Non-Cumulative Preferred Stock, Series E32,200 32,200 
4.75% Non-Cumulative Preferred Stock, Series F40,000 40,000 
Series A Junior Participating Preferred Stock10,000,000 — 
Not designated161,827,800 — 
Total200,000,000 24,572,200 
The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
SeriesPer ShareAggregatePer ShareAggregatePer ShareAggregatePer ShareAggregate
(In millions, except per share data)(In millions, except per share data)
A$0.312 $7 $0.351 $8 $0.627 $14 $0.706 $17 
D$— — $— — $29.375 15 $29.375 15 
E$351.563 12 $351.563 11 $703.126 23 $703.126 22 
F$296.875 12 $296.875 12 $593.750 24 $593.750 24 
G (1)
$— — $— — $— — $19.250 19 
Total$31 $31 $76 $97 
__________________
(1)Dividends were paid through the dividend payment date of September 15, 2025, when all outstanding shares of MetLife, Inc.’s 3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, were redeemed.
Common Stock
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
Announcement DateAuthorization AmountAuthorization Remaining at
June 30, 2026 (1)
(In millions)
April 30, 2025$3,000 $622 
May 1, 2024$3,000 $— 
__________________
(1)The Inflation Reduction Act, signed into law on August 16, 2022, imposes a one percent excise tax, net of any allowable offsets, on certain corporate stock buybacks made after December 31, 2022. The authorization remaining at June 30, 2026 does not reflect the applicable excise tax payable.
Under these authorizations, MetLife, Inc. may purchase its common stock from the MetLife Policyholder Trust, in the open market (including pursuant to the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934), and in privately negotiated transactions. Common stock repurchases are subject to the discretion of MetLife, Inc.’s Board of Directors and will depend upon the Company’s capital position, liquidity, financial strength and credit ratings, general market conditions, the market price of MetLife, Inc.’s common stock compared to management’s assessment of the stock’s underlying value, applicable regulatory approvals, and other legal and accounting factors.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Equity (continued)
For the six months ended June 30, 2026 and 2025, MetLife, Inc. repurchased 18,790,334 shares and 23,515,546 shares of its common stock, respectively, through open market purchases for $1.5 billion and $1.9 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 20 for information on a common stock repurchase authorization subsequent to June 30, 2026.
Stock-Based Compensation Plans
Performance Shares and Performance Units
The MetLife, Inc. 2015 Stock and Incentive Compensation Plan (the “2015 Stock Plan”) expired on January 1, 2025. Although no further awards will be granted under this plan, all awards outstanding on the expiration date will continue until settlement, forfeiture or cancellation. Beginning January 1, 2025, MetLife, Inc. grants awards under the MetLife, Inc. 2025 Stock and Incentive Compensation Plan (successor to the 2015 Stock Plan).
Performance Shares and Performance Units granted in 2023 were among the outstanding awards on the expiration date of the 2015 Stock Plan, which were settled in the first quarter of 2026. Performance Shares are paid in shares of MetLife, Inc.’s common stock. Performance Units are payable in cash equal to the closing price of MetLife, Inc.’s common stock on the date the Board of Directors approves the performance factor. The performance factor for the January 1, 2023 – December 31, 2025 performance period was 57.50%, which was determined within a possible range from 0% to 175%. This factor has been applied to the 906,696 Performance Shares and 107,041 Performance Units associated with the performance period that ended on December 31, 2025. As a result, in the first quarter of 2026, MetLife, Inc. issued 521,350 shares of its common stock (less withholding for taxes and other items, as applicable), excluding shares that payees choose to defer, and MetLife, Inc. or its affiliates paid the cash value of 61,549 Performance Units (less withholding for taxes and other items, as applicable).
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Equity (continued)
AOCI
Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:
Three Months
Ended
June 30, 2026
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument-
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(19,380)$(1,015)$9,001 $(56)$(6,403)$(1,374)$(19,227)
OCI before reclassifications626 (518)281 (30)37 (1)395 
Deferred income tax benefit (expense)(48)109 (218)6 (2)— (153)
AOCI before reclassifications, net of income tax(18,802)(1,424)9,064 (80)(6,368)(1,375)(18,985)
Amounts reclassified from AOCI161 131 — — — 22 314 
Deferred income tax benefit (expense)(36)(32)— — — (4)(72)
Amounts reclassified from AOCI, net of income tax125 99 — — — 18 242 
Balance, end of period$(18,677)$(1,325)$9,064 $(80)$(6,368)$(1,357)$(18,743)
Three Months
Ended
June 30, 2025
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument-
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(17,329)$179 $5,334 $(31)$(6,985)$(1,416)$(20,248)
OCI before reclassifications908 (1,028)884 (42)640 (9)1,353 
Deferred income tax benefit (expense)(142)256 (342)9 31 2 (186)
AOCI before reclassifications, net of income tax(16,563)(593)5,876 (64)(6,314)(1,423)(19,081)
Amounts reclassified from AOCI100 (1,102)— — — 22 (980)
Deferred income tax benefit (expense)(21)229 — — — (6)202 
Amounts reclassified from AOCI, net of income tax79 (873)— — — 16 (778)
Balance, end of period$(16,484)$(1,466)$5,876 $(64)$(6,314)$(1,407)$(19,859)
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Equity (continued)
Six Months
Ended
June 30, 2026
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument-
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(15,614)$(1,588)$6,871 $(97)$(6,263)$(1,393)$(18,084)
OCI before reclassifications(4,472)(19)3,003 22 (80)(1)(1,547)
Deferred income tax benefit (expense)1,116 (10)(810)(5)(25)— 266 
AOCI before reclassifications, net of income tax(18,970)(1,617)9,064 (80)(6,368)(1,394)(19,365)
Amounts reclassified from AOCI387 377 — — — 46 810 
Deferred income tax benefit (expense)(94)(85)— — — (9)(188)
Amounts reclassified from AOCI, net of income tax 293 292 — — — 37 622 
Balance, end of period$(18,677)$(1,325)$9,064 $(80)$(6,368)$(1,357)$(18,743)
Six Months
Ended
June 30, 2025
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument-
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance at December 31, 2024
$(19,402)$370 $6,529 $(71)$(7,170)$(1,442)$(21,186)
Cumulative effects of change in accounting principles for equity method investees at January 1, 2025
70 — (1,144)— — — (1,074)
OCI before reclassifications3,112 (811)932 9 780 (7)4,015 
Deferred income tax benefit (expense)(530)151 (441)(2)76 2 (744)
AOCI before reclassifications, net of income tax(16,750)(290)5,876 (64)(6,314)(1,447)(18,989)
Amounts reclassified from AOCI341 (1,481)— — — 53 (1,087)
Deferred income tax benefit (expense)(75)305 — — — (13)217 
Amounts reclassified from AOCI, net of income tax266 (1,176)— — — 40 (870)
Balance, end of period$(16,484)$(1,466)$5,876 $(64)$(6,314)$(1,407)$(19,859)
__________________
(1)Primarily unrealized gains (losses) on fixed maturity securities.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
13. Equity (continued)
Information regarding amounts reclassified out of each component of AOCI was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
AOCI ComponentsAmounts Reclassified from AOCIConsolidated Statements of
Operations and
Comprehensive Income (Loss)
Locations
(In millions)
Unrealized investment gains (losses):
Unrealized investment gains (losses)$(223)$(97)$(443)$(382)Net investment gains (losses)
Unrealized investment gains (losses)— (8)(1)(8)Net investment income
Unrealized investment gains (losses)62 5 57 49 Net derivative gains (losses)
Unrealized investment gains (losses), before income tax(161)(100)(387)(341)
Income tax (expense) benefit
36 21 94 75 
Unrealized investment gains (losses), net of income tax(125)(79)(293)(266)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
1 6 2 23 Net investment income
Interest rate derivatives
(16)9 (15)9 Net investment gains (losses)
Foreign currency exchange rate derivatives
— 1 1 3 Net investment income
Foreign currency exchange rate derivatives
(116)1,086 (365)1,446 Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax
(131)1,102 (377)1,481 
Income tax (expense) benefit
32 (229)85 (305)
Gains (losses) on cash flow hedges, net of income tax
(99)873 (292)1,176 
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(24)(25)(51)(59)
Amortization of prior service (costs) credit
2 3 5 6 
Amortization of defined benefit plan items, before income tax
(22)(22)(46)(53)
Income tax (expense) benefit
4 6 9 13 
Amortization of defined benefit plan items, net of income tax
(18)(16)(37)(40)
Total reclassifications, net of income tax
$(242)$778 $(622)$870 
__________________
(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 15.
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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

14. Other Revenues and Other Expenses
Other Revenues
Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Vision fee for service arrangements$144 $133 $303 $287 
Prepaid legal plans176 158 352 319 
Institutional Client asset management fees (1)
186 95 372 172 
Administrative services-only contracts 82 73 163 147 
Recordkeeping and administrative services (2)
35 34 69 70 
Other revenue related to service contracts from customers (1) (3)
101 111 199 220 
Total revenues related to service contracts from customers
724 604 1,458 1,215 
Other121 75 239 151 
Total other revenues$845 $679 $1,697 $1,366 
__________________
(1)As a result of the Strategic Reorganization, the presentation of the components of other revenues was revised to report MIM segment Institutional Client asset management fees herein and, as a result, $24 million and $49 million of revenue for the three months and six months ended June 30, 2025, respectively, were reclassified to other revenue related to service contracts from customers.
(2)Related to products and businesses no longer actively marketed by the Company.
(3)Includes $11 million and $22 million for the three months and six months ended June 30, 2026, respectively, and $12 million and $24 million for the three months and six months ended June 30, 2025, respectively, for asset management fees from management of general account equity method investments. See Note 19 for additional related party transactions.
Receivables for revenues related to service contracts from customers were $370 million and $272 million at June 30, 2026 and December 31, 2025, respectively.
Other Expenses
Information on other expenses was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Amortization of DAC, VOBA and negative VOBA$588 $528 $1,156 $1,047 
Interest expense on debt292 269 557 527 
Direct:
Employee-related costs (1)1,070 936 2,179 1,927 
Third-party staffing costs393 413 780 789 
General and administrative expenses154 130 286 256 
Commissions and other variable expenses2,033 1,606 4,060 3,153 
Capitalization of DAC(950)(787)(1,909)(1,485)
Premium taxes, other taxes, and licenses & fees194 158 393 319 
Pension, postretirement and postemployment benefit costs70 66 140 136 
Total other expenses$3,844 $3,319 $7,642 $6,669 
__________________
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
14. Other Revenues and Other Expenses (continued)

(1)Includes ($52) million and ($72) million for the three months and six months ended June 30, 2026, respectively, and ($58) million and ($81) million for the three months and six months ended June 30, 2025, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.
15. Employee Benefit Plans
Pension and Other Postretirement Benefit Plans
Certain subsidiaries of MetLife, Inc. sponsor a U.S. qualified and various U.S. and non-U.S. nonqualified defined benefit pension plans covering employees who meet specified eligibility requirements. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. and non-U.S. retired employees.
The components of net periodic benefit costs, reported in other expenses, were as follows:
Three Months
Ended
June 30,
20262025
Pension
Benefits		Other
Postretirement
Benefits		Pension
Benefits		Other
Postretirement
Benefits
(In millions)
Service costs
$38 $2 $38 $1 
Interest costs
119 12 119 10 
Expected return on plan assets
(112)(8)(111)(7)
Amortization of net actuarial (gains) losses
39 (11)42 (15)
Amortization of prior service costs (credit)
(2)— (3)— 
Net periodic benefit costs (credit)
$82 $(5)$85 $(11)
Six Months
Ended
June 30,
20262025
Pension
Benefits		Other
Postretirement
Benefits		Pension
Benefits		Other
Postretirement
Benefits
(In millions)
Service costs
$75 $2 $75 $2 
Interest costs
237 23 238 21 
Expected return on plan assets
(225)(15)(221)(21)
Amortization of net actuarial (gains) losses
77 (22)84 (23)
Amortization of prior service costs (credit)
(4)(1)(6)— 
Net periodic benefit costs (credit)
$160 $(13)$170 $(21)
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
16. Income Tax
For the three months and six months ended June 30, 2026, the effective tax rate on income (loss) before provision for income tax was 25% and 24%, respectively. The Company’s effective tax rate for the three months ended June 30, 2026 differed from the U.S. statutory rate of 21% primarily due to tax charges from (i) U.S. state and local taxes; (ii) the pending disposition of MetLife Ukraine; and (iii) non-deductible losses, partially offset by tax benefits from (i) non-taxable investment income; and (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments. The Company’s effective tax rate for the six months ended June 30, 2026 differed from the U.S. statutory rate of 21% primarily due to tax charges from (i) foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates; (ii) U.S. state and local taxes; (iii) the pending disposition of MetLife Ukraine; and (iv) non-deductible losses, partially offset by tax benefits from (i) non-taxable investment income; and (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments.
For the three months and six months ended June 30, 2025, the effective tax rate on income (loss) before provision for income tax was 25% and 28%, respectively. The Company’s effective tax rate for the three months ended June 30, 2025 differed from the U.S. statutory rate of 21% primarily due to tax charges from foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates, partially offset by tax benefits from (i) non-taxable investment income; (ii) a tax rate change in Japan; (iii) the reversal of previously non-deductible losses; and (iv) low income housing and other tax credits, partially offset by the impact of tax equity investments. The Company’s effective tax rate for the six months ended June 30, 2025 differed from the U.S. statutory rate of 21% primarily due to tax charges from (i) foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates; and (ii) non-deductible losses, partially offset by tax benefits from (i) non-taxable investment income; (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.
17. Earnings Per Common Share
The following table presents the weighted average shares, basic earnings per common share and diluted earnings per common share:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions, except per share data)
Weighted Average Shares:
Weighted average common stock outstanding - basic
642.6 670.8 647.3 676.5 
Incremental common shares from assumed exercise or issuance of stock-based awards
4.3 4.2 4.0 4.5 
Weighted average common stock outstanding - diluted
646.9 675.0 651.3 681.0 
Net Income (Loss):
Net income (loss)
$779 $735 $1,941 $1,685 
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
43 6 20 11 
Less: Preferred stock dividends31 31 76 97 
Net income (loss) available to MetLife, Inc.’s common shareholders$705 $698 $1,845 $1,577 
Basic
$1.10 $1.04 $2.85 $2.33 
Diluted
$1.09 $1.03 $2.83 $2.32 
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
18. Contingencies, Commitments and Guarantees
Contingencies
Litigation
The Company is a defendant in a large number of litigation matters. Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed below and those otherwise provided for in the Company’s interim condensed consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lender, employer, investor, investment advisor, broker-dealer, and taxpayer.
The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the U.S. Securities and Exchange Commission; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority, as well as from local and national regulators and government authorities in jurisdictions outside the U.S. where the Company conducts business. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries.
It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. In certain circumstances where liabilities have been established, there may be coverage under one or more corporate insurance policies, pursuant to which there may be an insurance recovery. Insurance recoveries are recognized as gains when any contingencies relating to the insurance claim have been resolved, which is the earlier of when the gains are realized or realizable. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated at June 30, 2026. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. Given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods.
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 June 30, 2026, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $125 million.
Matters as to Which an Estimate Cannot Be Made
For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
18. Contingencies, Commitments and Guarantees (continued)
Asbestos-Related Claims
Metropolitan Life Insurance Company (“MLIC”) is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. MLIC has never engaged in the business of manufacturing or selling asbestos-containing products, nor has MLIC issued liability or workers’ compensation insurance to companies in the business of manufacturing or selling asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of MLIC’s employees during the period from the 1920s through approximately the 1950s and allege that MLIC learned or should have learned of certain health risks posed by asbestos and, among other things, improperly publicized or failed to disclose those health risks. MLIC believes that it should not have legal liability in these cases. The outcome of most asbestos litigation matters, however, is uncertain and can be impacted by numerous variables, including differences in legal rulings in various jurisdictions, the nature of the alleged injury and factors unrelated to the ultimate legal merit of the claims asserted against MLIC.
MLIC’s defenses include that: (i) MLIC owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of MLIC; (iii) MLIC’s conduct was not the cause of the plaintiffs’ injuries; and (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known. During the course of the litigation, certain trial courts have granted motions dismissing claims against MLIC, while other trial courts have denied MLIC’s motions. There can be no assurance that MLIC will receive favorable decisions on motions in the future. While most cases brought to date have settled, MLIC intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.
As reported in the 2025 Annual Report, MLIC received approximately 2,782 asbestos-related claims in 2025. For the six months ended June 30, 2026 and 2025, MLIC received approximately 1,352 and 1,337 new asbestos-related claims, respectively. See Note 24 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for historical information concerning asbestos claims and MLIC’s update to its recorded liability at December 31, 2025. The number of asbestos cases that may be brought, the aggregate amount of any liability that MLIC may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year.
The ability of MLIC to estimate its ultimate asbestos exposure is subject to considerable uncertainty, and the conditions impacting its liability can be dynamic and subject to change. The availability of reliable data is limited and it is difficult to predict the numerous variables that can affect liability estimates, including the number of future claims, the cost to resolve claims, the disease mix and severity of disease in pending and future claims, the willingness of courts to allow plaintiffs to pursue claims against MLIC when exposure to asbestos took place after the dangers of asbestos exposure were well known, and the impact of any possible future adverse verdicts and their amounts.
The ability to make estimates regarding ultimate asbestos exposure declines significantly as the estimates relate to years further in the future. In the Company’s judgment, there is a future point after which losses cease to be probable and reasonably estimable. It is reasonably possible that the Company’s total exposure to asbestos claims may be materially greater than the asbestos liability currently accrued and that future charges to income may be necessary, but management does not believe any such charges are likely to have a material effect on the Company’s financial position.
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 June 30, 2026.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
18. Contingencies, Commitments and Guarantees (continued)
Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court of the State of New York, County of New York, filed December 27, 2017)
Total Asset Recovery Services (the “Relator”) brought an action under the qui tam provision of the New York False Claims Act (the “Act”) on behalf of itself and the State of New York. The Relator originally filed this action under seal in 2010, and the complaint was unsealed on December 19, 2017. The Relator alleges that MetLife, Inc., MLIC, and several other insurance companies violated the Act by filing false unclaimed property reports with the State of New York from 1986 to 2017, to avoid having to escheat the proceeds of more than 25,000 life insurance policies, including policies for which the defendants escheated funds as part of their demutualizations in the late 1990s. The Relator seeks treble damages and other relief. In December 2020, the Appellate Division of the New York State Supreme Court, First Department, reversed the court’s order granting MetLife, Inc. and MLIC’s motion to dismiss and remanded the case. The Relator filed a Fourth Amended Complaint in January 2023. On October 13, 2024, the trial court denied the defendants’ motion to dismiss the complaint. The Company intends to defend the action vigorously.
Commitments
Mortgage Loan Commitments
The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $2.4 billion at both June 30, 2026 and December 31, 2025.
Commitments to Fund Partnership Investments, Bank Credit Facilities and Private Corporate Bond Investments
The Company commits to fund partnership investments and to lend funds under bank credit facilities and private corporate bond investments. The amounts of these unfunded commitments were $11.8 billion and $11.1 billion at June 30, 2026 and December 31, 2025, respectively.
Guarantees
In the normal course of its business, the Company has provided certain indemnities and guarantees to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $329 million, with a cumulative maximum of $628 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities or guarantees.
In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future.
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 June 30, 2026 and December 31, 2025 for indemnities and guarantees.
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MetLife, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)
19. Related Party Transactions
In 2025, the Company invested in Chariot Holding Company, LP (“Chariot”), a Bermuda registered exempted limited partnership. The Company had unfunded contingent capital commitments to Chariot of $67 million and $94 million at June 30, 2026 and December 31, 2025, respectively. The Company accounts for its investment in Chariot under the equity method of accounting.
The Company has entered into reinsurance agreements with Chariot Re, a subsidiary of Chariot, and recorded premiums, reinsurance and other receivables of $10.9 billion and $9.8 billion and a funds withheld liability of $11.1 billion and $10.5 billion within other liabilities at June 30, 2026 and December 31, 2025, respectively. For the three and six months ended June 30, 2026, the Company also recorded net derivative gains (losses) of ($41) million and $66 million, respectively, other revenues of $34 million and $73 million, respectively, policyholder benefits and claims of ($82) million and ($156) million, respectively, and other expenses of $90 million and $182 million, respectively.
In addition, MetLife Investment Management, LLC has entered into investment management and advisory agreements with Chariot Re to manage a portion of Chariot Re’s assets. The Company recognized asset management fees from Chariot Re of $6 million and $12 million for the three months and six months ended June 30, 2026, respectively.
20. Subsequent Events
Common Stock Repurchase Authorization
On August 5, 2026, 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
99
99
99
101
101
102
118
135
136
143
143
143
146
146
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Forward-Looking Statements and Other Financial Information
For purposes of this discussion, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. This discussion should be read in conjunction with MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”), the cautionary language regarding forward-looking statements included below, the “Risk Factors” set forth in Part II, Item 1A, and the additional risk factors referred to therein, “Quantitative and Qualitative Disclosures About Market Risk” and the Company’s interim condensed consolidated financial statements included elsewhere herein.
This Management’s Discussion and Analysis of Financial Condition and Results of Operations may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. See “Note Regarding Forward-Looking Statements” for cautionary language regarding forward-looking statements.
This Management’s Discussion and Analysis of Financial Condition and Results of Operations includes references to our performance measures, adjusted earnings and adjusted earnings available to common shareholders, that are not based on accounting principles generally accepted in the United States of America (“GAAP”). See “— Non-GAAP and Other Financial Disclosures” for definitions and a discussion of these and other financial measures, and “— Results of Operations” and “— Investments” for reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP measures.
Business Overview
MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. In the fourth quarter of 2025, MetLife executed a reorganization to align with its strategic initiative to accelerate growth in asset management. As part of this reorganization, the Company adjusted its segment structure. MetLife Investment Management, the Company’s institutional asset management business (“MIM”), which was previously reported in Corporate & Other, became a reportable segment. MetLife Holdings was removed as a reportable segment, and its business is now primarily reported in Corporate & Other. Additionally, certain products formerly reported in MetLife Holdings were moved to Group Benefits and Retirement and Income Solutions (“RIS”). These changes were applied retrospectively for all periods presented, did not have an impact on prior period consolidated net income (loss) or consolidated adjusted earnings, and are collectively referred to as the “Strategic Reorganization.” As a result of the Strategic Reorganization, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other. See “Business — Segments and Corporate & Other” included in the 2025 Annual Report and Notes 1 and 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s segments and Corporate & Other and the Strategic Reorganization.
Industry Trends
We continue to be impacted by the changing global financial and economic environment that has been affecting the industry.
Financial and Economic Environment
Our business and results of operations are materially affected by conditions in the global financial markets and the economy generally due to our market presence in numerous countries, our large investment portfolio and the sensitivity of our insurance liabilities and derivatives to changing market factors.
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Governments and central banks around the world use fiscal and monetary policies to address uncertain economic conditions. In the United States (“U.S.”), the Federal Open Market Committee took various actions in 2025 to promote employment and combat inflation, including lowering interest rates in the second half of the year and ending the process of quantitative tightening. While rates have remained steady in 2026, labor market conditions, inflation, and financial and international developments, as well as other factors, could result in policy adjustments later this year. Other central banks have recently diverged on monetary policies, with some raising rates while others have held rates steady, reflecting differing local economic conditions and views on the impact of the foregoing factors. We are closely monitoring these and other political and economic conditions that might contribute to global market volatility and impact our business operations, investment portfolio, value of our assets under management (“AUM”), and derivatives, such as global inflation, supply chain disruptions, acts of war, banking sector volatility and employment and work policies of the U.S. 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 2025 Annual Report.
Impact of Market Interest Rates
Market interest rates are a key driver of our results. Increases and decreases in such rates, as well as extended periods of stagnation, may impact our business and investments in various ways. In our institutional asset management business, interest rate movements, as well as other changes to market factors such as credit spreads and equity prices, can impact the value of the AUM on which fees are earned. For a discussion of the potential impact of low and rising interest rates, and inflation, as well as management actions taken in response to the changing U.S. interest rate environment, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Impact of Market Interest Rates” and “Risk Factors — Economic Environment and Capital Markets Risks” included in the 2025 Annual Report.
Competitive Pressures
The life insurance and institutional asset management industries are highly competitive. See “Business — Competition,” “Business — Regulation,” “Risk Factors — Business Risks — We May Face Competition for Business,” “Risk Factors — Economic Environment and Capital Markets Risks — We May Face Difficult Economic Conditions” and “Risk Factors — Regulatory and Legal Risks — Changes in Laws or Regulation, or in Supervisory and Enforcement Policies, May Reduce Our Profitability, Limit Our Growth, or Otherwise Adversely Affect Us” in the 2025 Annual Report.
Regulatory Developments
The following discussion on regulatory developments should be read in conjunction with “Business — Regulation” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Regulatory Developments” included in the 2025 Annual Report, as amended or supplemented here.
Standards of Conduct, ERISA, Fiduciary Considerations, and Other Pension and Retirement Regulation
In 2021, the U.S. Department of Labor’s (“DOL”) final version of the prohibited transaction exemption (“PTE”) 2020-02 went into effect, which allows investment advice fiduciaries to receive compensation without violating the Employee Retirement Income Security Act of 1974 (“ERISA”), subject to impartial conduct standards and disclosure obligations aligned with U.S. Securities and Exchange Commission rules. In the preamble to PTE 2020-02, the DOL also provided its interpretation of the five-part test used to determine whether a person is acting as an ERISA investment advice fiduciary. In April 2024, the DOL finalized and published a regulation to change the definition of “fiduciary” for purposes of ERISA and parallel provisions of the Code, when a financial professional, including an insurance producer, provides investment advice, and to amend various existing PTEs that financial professionals rely on when making recommendations.
Shortly thereafter, litigation commenced challenging these changes and two federal district courts have since issued orders vacating the 2024 definition of an investment advice fiduciary and vacating the associated 2024 PTE amendments. Both of these orders were unopposed by the DOL. In light of the litigation, the DOL released a final rule vacating (i) the preamble to PTE 2020-02 (while leaving the original PTE intact) and (ii) its 2024 changes to the definition of an investment advice fiduciary as well as its associated 2024 changes to various PTEs. As a result, the DOL has officially reinstated the original 1975 five-part regulatory test defining an investment advice fiduciary.
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Summary of Critical Accounting Estimates
The preparation of financial statements in conformity with GAAP requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. The most critical estimates include those used in determining:
(i)future policy benefit liabilities, market risk benefits (“MRBs”) and reinsurance recoverables;
(ii)estimated fair values of investments in the absence of quoted market values;
(iii)investment allowance for credit loss (“ACL”) and impairments;
(iv)estimated fair values of freestanding derivatives;
(v)measurement of goodwill and related impairment;
(vi)measurement of employee benefit plan liabilities;
(vii)measurement of income taxes and the valuation of deferred tax assets; and
(viii)liabilities for litigation and regulatory matters.
In addition, the application of acquisition accounting requires the use of estimation techniques in determining the estimated fair values of assets acquired and liabilities assumed. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to our business and operations. Actual results could differ from these estimates.
The Company’s critical accounting estimates are described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Critical Accounting Estimates” and Note 1 of the Notes to the Consolidated Financial Statements in the 2025 Annual Report.
Acquisitions and Dispositions
Acquisitions
Acquisition of PineBridge Investments
For information regarding the Company’s acquisition of PineBridge Investments (“PineBridge”), a global asset manager, see Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements.
Dispositions
Pending Disposition of MetLife Ukraine
For information regarding the Company’s pending disposition of its wholly-owned subsidiary, PJSC MetLife (“MetLife Ukraine”), see Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements.
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Results of Operations
Overview
In the fourth quarter of 2025, MetLife completed the Strategic Reorganization. As a result, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; EMEA; and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other. In conjunction with the Strategic Reorganization, effective January 1, 2025, the Company amended agreements between MIM and other MetLife entities to manage general account investments at current market rate fees. See Notes 1 and 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Strategic Reorganization and the Company’s segments and Corporate & Other.
Reinsurance Transactions
In 2025, the Company entered into a number of reinsurance agreements. See Note 9 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for further information on these reinsurance transactions.
Key Financial Highlights
•Net income available to MetLife, Inc.’s common shareholders was $705 million and $1.8 billion for the three months and six months ended June 30, 2026, respectively, compared to $698 million and $1.6 billion for the three months and six months ended June 30, 2025, respectively.
•Adjusted earnings available to common shareholders was $1.6 billion and $3.2 billion for the three months and six months ended June 30, 2026, respectively, compared to $1.4 billion and $2.7 billion for the three months and six months ended June 30, 2025, respectively.
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Consolidated Results
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Revenues
Premiums$11,435 $10,810 $23,555 $22,533 
Universal life and investment-type product policy fees1,372 1,259 2,715 2,488 
Net investment income6,702 5,661 12,057 10,546 
Other revenues845 679 1,697 1,366 
Net investment gains (losses)(428)(273)(1,098)(660)
Net derivative gains (losses)(772)(796)(698)(364)
Total revenues19,154 17,340 38,228 35,909 
Expenses
Policyholder benefits and claims and policyholder dividends11,460 10,913 23,448 22,863 
Policyholder liability remeasurement (gains) losses18 5 5 (26)
Market risk benefit remeasurement (gains) losses(270)(277)(150)22 
Interest credited to policyholder account balances3,067 2,400 4,741 4,047 
Amortization of deferred policy acquisition costs, value of business acquired and negative value of business acquired588 528 1,156 1,047 
Interest expense on debt292 269 557 527 
Other expenses, net of capitalization of deferred policy acquisition costs2,964 2,522 5,929 5,095 
Total expenses18,119 16,360 35,686 33,575 
Income (loss) before provision for income tax1,035 980 2,542 2,334 
Provision for income tax expense (benefit)256 245 601 649 
Net income (loss)779 735 1,941 1,685 
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests43 6 20 11 
Net income (loss) attributable to MetLife, Inc.736 729 1,921 1,674 
Less: Preferred stock dividends31 31 76 97 
Net income (loss) available to MetLife, Inc.’s common shareholders$705 $698 $1,845 $1,577 
Three Months Ended June 30, 2026 Compared with the Three Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Net income (loss) available to MetLife, Inc.’s common shareholders increased $7 million primarily due to higher adjusted earnings available to common shareholders, largely offset by an unfavorable change in net investment gains (losses).
Adjusted earnings available to common shareholders(1) increased. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
Net investment gains (losses)(2) decreased net income (loss) available to MetLife, Inc.’s common shareholders due to (i) higher losses on sales of fixed maturity securities and subsidiaries; (ii) higher mark-to-market losses on fair value option (“FVO”) securities; and (iii) lower mark-to-market gains on equity securities, partially offset by lower increases to the ACL on mortgage loans.
Six Months Ended June 30, 2026 Compared with the Six Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
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Net income (loss) available to MetLife, Inc.’s common shareholders increased $268 million primarily due to higher adjusted earnings available to common shareholders, a favorable change in market risk benefit remeasurement (gains) losses, and a lower effective tax rate, largely offset by unfavorable changes in net investment gains (losses) and net derivative gains (losses).
Adjusted earnings available to common shareholders(1) increased. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
Market risk benefit remeasurement (gains) losses(3) contributed to the increase in net income (loss) available to MetLife, Inc.’s common shareholders due to U.S. long-term interest rates increasing in the current period compared to decreasing in the prior period and certain key equity indexes increasing more significantly in the current period than in the prior period, partially offset by ceded reinsurance.
Taxes contributed to the increase in net income (loss) available to MetLife, Inc.’s common shareholders due to a favorable change in the effective tax rate to 24% in the current period compared to 28% in the prior period. The current period effective tax rate on income before provision for income tax was 24% compared to 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) U.S. state and local taxes; (iii) the pending disposition of MetLife Ukraine; and (iv) non-deductible losses, partially offset by tax benefits from (i) non-taxable investment income; and (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments.
The prior period effective tax rate on income before provision for income tax was 28% compared to the U.S. statutory rate of 21% primarily due to tax charges from (i) foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates; and (ii) non-deductible losses, partially offset by tax benefits from (i) non-taxable investment income; (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.
Net investment gains (losses)(2) decreased net income (loss) available to MetLife, Inc.’s common shareholders due to (i) higher losses on sales of fixed maturity securities and private equity investments; (ii) losses on foreign currency transactions in the current period compared to gains in the prior period; and (iii) higher impairments on real estate investments, partially offset by lower increases to the ACL on mortgage loans.
Net derivative gains (losses)(4,5) decreased net income (loss) available to MetLife, Inc.’s common shareholders due to (i) the U.S. dollar strengthening against the Japanese yen in the current period compared to weakening in the prior period, which had an unfavorable impact on the estimated fair value of sell-U.S. dollar currency forwards; (ii) long-term swap rates increasing in the current period compared to either decreasing or increasing less significantly in the prior period, which had an unfavorable impact on the estimated fair value of receiver forwards and swaps; and (iii) certain key equity indexes increasing more significantly in the current period than in the prior period, which had an unfavorable impact on the estimated fair value of short futures, partially offset by changes in the estimated fair value of the underlying assets, which had a favorable impact on the estimated fair value of embedded derivatives related to funds withheld on reinsurance agreements.
__________________
(1)See “— Non-GAAP and Other Financial Disclosures” for information regarding adjusted earnings available to common shareholders and related measures.
(2)See “— Investments — Overview” and “— Investments — Investment Portfolio Results — Net Investment Gains (Losses)” for information regarding management of our investment portfolio.
(3)See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s MRBs.
(4)See “— Derivatives — Net Derivative Gains (Losses)” for information regarding the use of derivatives to hedge market risk.
(5)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.
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Reconciliations of net income (loss) available to MetLife, Inc.’s common shareholders to adjusted earnings available to common shareholders and premiums, fees and other revenues to adjusted premiums, fees and other revenues
Three Months Ended June 30, 2026
Group BenefitsRISAsiaLatin AmericaEMEAMIMCorporate & OtherTotal
(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders$470 $190 $48 $137 $70 $39 $(249)$705 
Add: Preferred stock dividends— — — — — — 31 31 
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests— — 26 2 14 — 1 43 
Net income (loss)470 190 74 139 84 39 (217)779 
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
Net investment gains (losses)(35)(263)(116)29 (13)(19)(11)(428)
Net derivative gains (losses)5 (96)(459)60 (16)— (266)(772)
Premiums— — — — — — — — 
Universal life and investment-type product policy fees— — — — — — 24 24 
Net investment income(11)265 343 (52)602 3 1 1,151 
Other revenues— 31 — 23 — 14 36 104 
Expenses:
Policyholder benefits and claims and policyholder dividends— 18 87 (162)— — 15 (42)
Policyholder liability remeasurement (gains) losses— 1 — — — — — 1 
Market risk benefit remeasurement gains (losses)— 31 19 — 8 — 212 270 
Interest credited to policyholder account balances (“PABs”)— (55)(346)(71)(589)— (27)(1,088)
Capitalization of deferred policy acquisition costs (“DAC”)— — — — — — — — 
Amortization of DAC, value of business acquired (“VOBA”) and negative VOBA— (1)— — — — (3)(4)
Interest expense on debt— — — — — (3)(16)(19)
Other expenses— (167)— — (1)(19)(69)(256)
Goodwill impairment— — — — — — — — 
Provision for income tax (expense) benefit8 49 126 44 (15)6 16 234 
Adjusted earnings$503 $377 $420 $268 $108 $57 $(129)$1,604 
Less: Preferred stock dividends— — — — — — 31 31 
Adjusted earnings available to common shareholders$503 $377 $420 $268 $108 $57 $(160)$1,573 
Premiums, fees and other revenues$6,512 $1,800 $1,698 $1,922 $806 $331 $583 $13,652 
Less: adjustments to premiums, fees and other revenues— 31 — 23 — 14 60 128 
Adjusted premiums, fees and other revenues$6,512 $1,769 $1,698 $1,899 $806 $317 $523 $13,524 
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Three Months Ended June 30, 2025
Group BenefitsRISAsiaLatin AmericaEMEAMIMCorporate & OtherTotal
(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders$366 $113 $335 $202 $96 $63 $(477)$698 
Add: Preferred stock dividends— — — — — — 31 31 
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests— — — 2 1 — 3 6 
Net income (loss)366 113 335 204 97 63 (443)735 
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
Net investment gains (losses)(4)(200)69 (2)3 17 (156)(273)
Net derivative gains (losses)(27)(139)(172)18 (15)— (461)(796)
Premiums3 — — — — — — 3 
Universal life and investment-type product policy fees— — — — — — — — 
Net investment income(15)13 195 13 271 — (18)459 
Other revenues— (21)— 8 — — 39 26 
Expenses:
Policyholder benefits and claims and policyholder dividends1 4 40 (22)— — 17 40 
Policyholder liability remeasurement (gains) losses— — — — — — — — 
Market risk benefit remeasurement gains (losses)— 54 14 — (1)— 210 277 
Interest credited to PABs— 1 (183)(53)(256)— (25)(516)
Capitalization of DAC— — — — — — — — 
Amortization of DAC, VOBA and negative VOBA— — — — — — — — 
Interest expense on debt— — — — — — — — 
Other expenses(2)(37)— 3 — (4)(33)(73)
Goodwill impairment— — — — — — — — 
Provision for income tax (expense) benefit9 68 26 6 (5)(4)95 195 
Adjusted earnings$401 $370 $346 $233 $100 $54 $(111)$1,393 
Less: Preferred stock dividends— — — — — — 31 31 
Adjusted earnings available to common shareholders$401 $370 $346 $233 $100 $54 $(142)$1,362 
Adjusted earnings available to common shareholders on a constant currency basis (1)$401 $370 $337 $258 $97 $54 $(142)$1,375 
Premiums, fees and other revenues$6,449 $1,361 $1,699 $1,642 $719 $237 $641 $12,748 
Less: adjustments to premiums, fees and other revenues3 (21)— 8 — — 39 29 
Adjusted premiums, fees and other revenues$6,446 $1,382 $1,699 $1,634 $719 $237 $602 $12,719 
Adjusted premiums, fees and other revenues on a constant currency basis (1)$6,446 $1,382 $1,603 $1,789 $717 $237 $602 $12,776 
__________________
(1)Amounts for Group Benefits, RIS, MIM and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.
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Six Months Ended June 30, 2026
Group BenefitsRISAsiaLatin AmericaEMEAMIMCorporate & OtherTotal
(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders$888 $770 $50 $375 $180 $69 $(487)$1,845 
Add: Preferred stock dividends— — — — — — 76 76 
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests— — 26 4 (13)— 3 20 
Net income (loss)888 770 76 379 167 69 (408)1,941 
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
Net investment gains (losses)(71)(400)(399)(9)(23)(37)(159)(1,098)
Net derivative gains (losses)27 175 (899)106 (13)— (94)(698)
Premiums— — — — — — — — 
Universal life and investment-type product policy fees— — — — — — 49 49 
Net investment income(24)475 174 (72)418 3 33 1,007 
Other revenues— 67 — 43 — 28 73 211 
Expenses:
Policyholder benefits and claims and policyholder dividends— 35 161 (160)— — 31 67 
Policyholder liability remeasurement (gains) losses— 2 — — — — — 2 
Market risk benefit remeasurement gains (losses)— 13 18 — 9 — 110 150 
Interest credited to PABs— (103)(197)(62)(431)— (50)(843)
Capitalization of DAC— — — — — — — — 
Amortization of DAC, VOBA and negative VOBA— (1)— — — — (6)(7)
Interest expense on debt— — — — — (3)(16)(19)
Other expenses— (336)— 1 (1)(38)(145)(519)
Goodwill impairment— — — — — — — — 
Provision for income tax (expense) benefit14 15 311 35 (10)12 27 404 
Adjusted earnings$942 $828 $907 $497 $218 $104 $(261)$3,235 
Less: Preferred stock dividends— — — — — — 76 76 
Adjusted earnings available to common shareholders$942 $828 $907 $497 $218 $104 $(337)$3,159 
Premiums, fees and other revenues$13,051 $4,226 $3,436 $3,839 $1,603 $659 $1,153 $27,967 
Less: adjustments to premiums, fees and other revenues— 67 — 43 — 28 122 260 
Adjusted premiums, fees and other revenues$13,051 $4,159 $3,436 $3,796 $1,603 $631 $1,031 $27,707 
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Six Months Ended June 30, 2025
Group BenefitsRISAsiaLatin AmericaEMEAMIMCorporate & OtherTotal
(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders$657 $222 $824 $430 $171 $62 $(789)$1,577 
Add: Preferred stock dividends— — — — — — 97 97 
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests— — — 4 2 — 5 11 
Net income (loss)657 222 824 434 173 62 (687)1,685 
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
Net investment gains (losses)(31)(413)103 1 — (18)(302)(660)
Net derivative gains (losses)(85)(198)(2)176 (26)— (229)(364)
Premiums7 — — — — — — 7 
Universal life and investment-type product policy fees— — — — — — — — 
Net investment income(29)15 58 (29)175 — (59)131 
Other revenues— (40)— 8 — — 79 47 
Expenses:
Policyholder benefits and claims and policyholder dividends— (20)84 (89)— — 33 8 
Policyholder liability remeasurement (gains) losses— — — — — — — — 
Market risk benefit remeasurement gains (losses)— 25 13 — — — (60)(22)
Interest credited to PABs— 1 (41)(94)(160)— (52)(346)
Capitalization of DAC— — — — — — — — 
Amortization of DAC, VOBA and negative VOBA— — — — — — — — 
Interest expense on debt— — — — — — — — 
Other expenses(5)(72)— 5 (1)(8)(61)(142)
Goodwill impairment— — — — — — — — 
Provision for income tax (expense) benefit29 148 (109)4 2 6 138 218 
Adjusted earnings$771 $776 $718 $452 $183 $82 $(174)$2,808 
Less: Preferred stock dividends— — — — — — 97 97 
Adjusted earnings available to common shareholders$771 $776 $718 $452 $183 $82 $(271)$2,711 
Adjusted earnings available to common shareholders on a constant currency basis (1)$771 $776 $709 $509 $183 $82 $(271)$2,759 
Premiums, fees and other revenues$12,883 $3,799 $3,380 $3,155 $1,387 $455 $1,328 $26,387 
Less: adjustments to premiums, fees and other revenues7 (40)— 8 — — 79 54 
Adjusted premiums, fees and other revenues$12,876 $3,839 $3,380 $3,147 $1,387 $455 $1,249 $26,333 
Adjusted premiums, fees and other revenues on a constant currency basis (1)$12,876 $3,839 $3,265 $3,493 $1,412 $455 $1,249 $26,589 
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(1)Amounts for Group Benefits, RIS, MIM and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.
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Consolidated Results — Adjusted Earnings Available to Common Shareholders
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2026 increased $805 million, or 6%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $748 million, or 6%, compared to the prior period due to contributions from all segments. In the RIS segment, higher premiums from our United Kingdom (“U.K.”) funded reinsurance, U.K. longevity reinsurance, and structured settlements businesses were partially offset by lower premiums from our pension risk transfer business. The Latin America and EMEA segments experienced increases in adjusted premiums, fees and other revenues across their respective regions while higher premiums in life products in Korea and growth in voluntary products were the primary drivers for the Asia and Group Benefits segments, respectively. The PineBridge acquisition in December 2025 drove the increase in other revenues in the MIM segment. The segment increases were partially offset by a decline in Corporate & Other from business run-off.
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Group Benefits$503 $401 $942 $771 
RIS377 370 828 776 
Asia420 346 907 718 
Latin America268 233 497 452
EMEA108 100 218 183
MIM57 54 104 82
Corporate & Other(160)(142)(337)(271)
Adjusted earnings available to common shareholders$1,573 $1,362 $3,159 $2,711 
Adjusted earnings available to common shareholders on a constant currency basis $1,573 $1,375 $3,159 $2,759 
Adjusted premiums, fees and other revenues$13,524 $12,719 $27,707 $26,333 
Adjusted premiums, fees and other revenues on a constant currency basis$13,524 $12,776 $27,707 $26,589 
Three Months Ended June 30, 2026 Compared with the Three Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings available to common shareholders increased $211 million on a reported basis primarily due to favorable underwriting and other insurance adjustments, higher market factors and volume growth, partially offset by higher expenses.
Underwriting and other insurance adjustments contributed to the increase in adjusted earnings available to common shareholders primarily reflecting favorable mortality results in the Group Benefits segment, as well as a favorable change resulting from refinements to certain insurance liabilities in both periods.
Market factors contributed to the increase in adjusted earnings available to common shareholders primarily driven by higher recurring investment income and variable investment income, partially offset by higher interest credited expenses. Higher recurring investment income reflected positive flows from pension risk transfer transactions and funding agreement issuances, higher income on real estate investments (which includes the impact of the fourth quarter 2025 change to the definition of adjusted earnings to exclude depreciation of wholly-owned real estate and real estate joint ventures (“REJVs”)), and higher yields on fixed income securities, partially offset by the impact from a reinsurance transaction in the RIS segment and lower average invested assets in Corporate & Other. Variable investment income increased due to higher income on bond prepayment fees, partially offset by lower returns on mortgage loan funds. Higher interest credited expenses were due to higher average interest crediting rates on investment-type and certain insurance products in the Asia segment.
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Volume growth contributed to the increase in adjusted earnings available to common shareholders primarily driven by higher average invested assets, primarily in the Asia and Latin America segments and business growth in the EMEA and Asia segments, partially offset by higher interest credited expenses on investment-type and certain insurance products, primarily in the Asia segment.
Expenses decreased adjusted earnings available to common shareholders primarily due to higher legal costs, corporate-related expenses and employee-related expenses in Corporate & Other, as well as higher expenses in the EMEA segment.
Six Months Ended June 30, 2026 Compared with the Six Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings available to common shareholders increased $448 million on a reported basis primarily due to higher market factors, favorable underwriting and other insurance adjustments and volume growth.
Market factors contributed to the increase in adjusted earnings available to common shareholders primarily from higher variable investment income and recurring investment income, partially offset by higher interest credited expenses. Variable investment income increased due to higher returns on private equity funds and higher income on bond prepayment fees, partially offset by lower returns on real estate funds and mortgage loan funds. Recurring investment income increased due to positive flows from pension risk transfer transactions and funding agreement issuances, higher income on real estate investments (which includes the impact of the aforementioned fourth quarter 2025 change to the definition of adjusted earnings) and higher yields on fixed income securities, partially offset by the impact from a reinsurance transaction in the RIS segment and lower average invested assets in Corporate & Other. Higher interest credited expenses were primarily due to higher average interest crediting rates on investment-type and certain insurance products in the Asia segment.
Underwriting and other insurance adjustments contributed to the increase in adjusted earnings available to common shareholders primarily due to favorable mortality results, particularly in the Group Benefits segment.
Volume growth contributed to the increase in adjusted earnings available to common shareholders primarily due to higher average invested assets, primarily in the Asia and Latin America segments, and business growth in the EMEA, Asia and Group Benefits segments, partially offset by an increase in interest credited expenses on investment-type and certain insurance products, primarily in the Asia segment.

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Segment Results and Corporate & Other
Group Benefits
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2026 increased $66 million, or 1%, compared to the prior period, primarily driven by growth in voluntary products, largely offset by a decrease in premiums related to our participating contracts, which can fluctuate with claims experience.
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Adjusted earnings$503 $401 $942 $771 
Adjusted premiums, fees and other revenues$6,512 $6,446 $13,051 $12,876 
Three Months Ended June 30, 2026 Compared with the Three Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings increased $102 million predominantly driven by favorable underwriting and other insurance adjustments.
Underwriting and other insurance adjustments contributed to the increase in adjusted earnings. Mortality results improved in the current period due to lower claims incidence and severity in the life business, while morbidity results benefited from favorable claims experience in the disability business and favorable rate actions within the dental business.
Six Months Ended June 30, 2026 Compared with the Six Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings increased $171 million primarily driven by favorable underwriting and other insurance adjustments and volume growth.
Underwriting and other insurance adjustments contributed $133 million to the increase in adjusted earnings. Mortality results improved in the current period, driven by lower claims incidence and severity in the life business. These favorable results were partially offset by unfavorable morbidity experience across products, although this impact was mitigated by favorable rate actions within the dental business.
Volume growth in both voluntary and core products contributed to the increase in adjusted earnings.
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Retirement & Income Solutions
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2026 increased $387 million, or 28%, compared to the prior period. The increase was primarily due to higher premiums from our U.K. funded reinsurance, U.K. longevity reinsurance, and structured settlements businesses, partially offset by lower premiums from our pension risk transfer business. 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
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Adjusted earnings$377 $370 $828 $776 
Adjusted premiums, fees and other revenues$1,769 $1,382 $4,159 $3,839 
Three Months Ended June 30, 2026 Compared with the Three Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings increased $7 million primarily due to market factors, partially offset by higher expenses.
Market factors contributed to the increase in adjusted earnings driven by higher recurring investment income, largely offset by higher interest credited expenses and lower variable investment income. Higher recurring investment income reflected positive flows from pension risk transfer transactions and funding agreement issuances, higher yields on fixed income securities, and higher income on real estate investments (which includes the impact of the aforementioned fourth quarter 2025 change to the definition of adjusted earnings), partially offset by the impact from a reinsurance transaction. The increase in interest credited expenses was primarily due to growth in certain insurance products and investment-type products, partially offset by the impact from a reinsurance transaction and lower average interest crediting rates on investment-type products. Lower variable investment income was driven by lower returns on private equity funds and mortgage loan funds, largely offset by higher income on bond prepayment fees.
Expenses decreased adjusted earnings primarily due to higher variable costs driven by growth, partially offset by lower direct expenses.
Six Months Ended June 30, 2026 Compared with the Six Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings increased $52 million predominantly due to market factors.
Market factors contributed to the increase in adjusted earnings driven by higher recurring investment income and variable investment income, partially offset by higher interest credited expenses. Higher recurring investment income reflected positive flows from pension risk transfer transactions and funding agreement issuances, higher yields on fixed income securities and mortgage loans, and higher income on real estate investments (which includes the impact of the aforementioned fourth quarter 2025 change to the definition of adjusted earnings), partially offset by the impact from a reinsurance transaction. Variable investment income also increased, driven by higher income on bond prepayment fees and higher returns on private equity funds, largely offset by lower returns on real estate funds and mortgage loan funds. The increase in interest credited expenses was primarily due to growth in certain insurance products and investment-type products, partially offset by the impact from a reinsurance transaction and lower average interest crediting rates on investment-type products.

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Asia
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2026 were essentially flat compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $95 million, or 6%, compared to the prior period, as increases in premiums in life products in Korea, and higher fee income from Japan’s foreign currency annuity and yen-denominated life products were partially offset by lower premiums from Japan’s accident & health products.
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Adjusted earnings$420 $346 $907 $718 
Adjusted earnings on a constant currency basis$420 $337 $907 $709 
Adjusted premiums, fees and other revenues$1,698 $1,699 $3,436 $3,380 
Adjusted premiums, fees and other revenues on a constant currency basis$1,698$1,603$3,436$3,265
Three Months Ended June 30, 2026 Compared with the Three Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings increased $74 million on a reported basis primarily driven by market factors and volume growth.
Market factors contributed $54 million to the increase in adjusted earnings driven by higher recurring investment income and variable investment income, partially offset by higher interest credited expenses. Higher recurring investment income was primarily due to higher yields on fixed income securities. Higher variable investment income was primarily due to higher returns on private equity funds. Higher interest credited expenses were primarily due to higher average interest crediting rates on investment-type and certain insurance products.
Volume growth contributed to the increase in adjusted earnings driven by business growth across the region, including higher fee income and higher positive net flows, which resulted in higher average invested assets. This increase was partially offset by higher interest credited expenses on investment-type and certain insurance products.
Six Months Ended June 30, 2026 Compared with the Six Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings increased $189 million on a reported basis primarily driven by market factors and volume growth.
Market factors contributed $135 million to the increase in adjusted earnings driven by higher variable investment income and higher recurring investment income, partially offset by higher interest credited expenses. Higher variable investment income was primarily due to higher returns on private equity funds. Higher recurring investment income was primarily due to higher yields on fixed income securities. Higher interest credited expenses were primarily due to higher average interest crediting rates on investment-type and certain insurance products.
Volume growth contributed to the increase in adjusted earnings driven by business growth across the region, including higher fee income and higher positive net flows, which resulted in higher average invested assets. This increase was partially offset by higher interest credited expenses on investment-type and certain insurance products.

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Latin America
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2026 increased $265 million, or 16%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $110 million, or 6%, compared to the prior period, mainly driven by strong sales and solid persistency across the region.
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Adjusted earnings$268 $233 $497 $452 
Adjusted earnings on a constant currency basis$268 $258 $497 $509 
Adjusted premiums, fees and other revenues$1,899 $1,634 $3,796 $3,147 
Adjusted premiums, fees and other revenues on a constant currency basis$1,899 $1,789 $3,796 $3,493 
Three Months Ended June 30, 2026 Compared with the Three Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings increased $35 million on a reported basis primarily due to favorable foreign currency impacts, volume growth and tax-related items, partially offset by unfavorable underwriting and other insurance adjustments.
Foreign currency movements contributed $25 million to the increase in adjusted earnings as the Mexican and Chilean peso strengthened against the U.S. dollar.
Volume growth contributed to the increase in adjusted earnings driven by strong sales of single premium immediate annuities in Chile, which resulted in higher average invested assets, as well as higher sales and higher average invested assets primarily in Mexico. These increases were partially offset by higher interest credited expenses on investment-type and certain insurance products.
Taxes contributed to the increase in adjusted earnings due to tax adjustments in both periods, including a recurring tax item related to inflation, primarily in Chile, and adjustments related to the filing of tax returns in Mexico and Chile.
Underwriting and other insurance adjustments decreased adjusted earnings due to the unfavorable impact of higher value-added tax in Mexico.
Six Months Ended June 30, 2026 Compared with the Six Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings increased $45 million on a reported basis primarily due to favorable foreign currency impacts and volume growth, partially offset by unfavorable underwriting and other insurance adjustments.
Foreign currency movements contributed $57 million to the increase in adjusted earnings as the Mexican and Chilean peso strengthened against the U.S. dollar.
Volume growth contributed to the increase in adjusted earnings driven by strong sales of single premium immediate annuities in Chile, which resulted in higher average invested assets, as well as higher sales and higher average invested assets primarily in Mexico. These increases were partially offset by higher interest credited expenses on investment-type and certain insurance products.
Underwriting and other insurance adjustments decreased adjusted earnings by $31 million due to the unfavorable impact of higher value-added tax in Mexico.

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EMEA
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2026 increased $87 million, or 12%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $89 million, or 12%, compared to the prior period primarily due to strong sales and solid renewal activity across the region.
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Adjusted earnings$108 $100 $218 $183 
Adjusted earnings on a constant currency basis$108 $97 $218 $183 
Adjusted premiums, fees and other revenues$806 $719 $1,603 $1,387 
Adjusted premiums, fees and other revenues on a constant currency basis$806 $717 $1,603 $1,412 
Three Months Ended June 30, 2026 Compared with the Three Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings increased $8 million on a reported basis primarily due to volume growth, partially offset by higher expenses.
Volume growth contributed to the increase in adjusted earnings driven by increased sales and business growth across the region for the accident & health and life businesses, as well as the employee benefits business in the U.K. and the Gulf.
Expenses decreased adjusted earnings due to higher direct expenses, including employee-related costs, as well as pension, postretirement and postemployment benefits costs and various other operating expenses, across the region.
Six Months Ended June 30, 2026 Compared with the Six Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings increased $35 million on a reported basis primarily due to volume growth and favorable market factors, partially offset by higher expenses.
Volume growth contributed $44 million to the increase in adjusted earnings driven by increased sales and business growth across the region for the accident & health and life businesses, as well as the employee benefits business in the U.K. and the Gulf.
Market factors contributed to the increase in adjusted earnings driven by higher recurring investment income, primarily due to higher yields on fixed income securities.
Expenses decreased adjusted earnings due to higher direct expenses, including employee-related costs, as well as pension, postretirement and postemployment benefits costs and various other operating expenses, across the region.
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MetLife Investment Management
Business Overview. Other revenues for the three months ended June 30, 2026 increased $80 million, or 34%, compared to the prior period, primarily as a result of the PineBridge acquisition in December 2025, which increased Institutional Client AUM. Organic business growth across public fixed income and private fixed income also contributed to the increase in Institutional Client revenues.
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Adjusted earnings$57 $54 $104 $82 
Other revenues by client segment:
Institutional Client$173 $95 $345 $172 
General Account144 142 286 283 
Other revenues$317 $237 $631 $455 
Three Months Ended June 30, 2026 Compared with the Three Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings increased $3 million primarily driven by higher revenues from higher Institutional Client AUM as a result of the PineBridge acquisition and organic business growth across public fixed income and private fixed income. Higher expenses driven by the PineBridge acquisition were partially offset by savings generated through synergy initiatives.
Six Months Ended June 30, 2026 Compared with the Six Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings increased $22 million primarily driven by higher revenues from higher Institutional Client AUM as a result of the PineBridge acquisition and organic business growth across public fixed income and private fixed income. Higher expenses driven by the PineBridge acquisition were partially offset by savings generated through synergy initiatives.



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Corporate & Other
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Adjusted earnings available to common shareholders$(160)$(142)$(337)$(271)
Adjusted premiums, fees and other revenues$523 $602 $1,031 $1,249 
Three Months Ended June 30, 2026 Compared with the Three Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings available to common shareholders decreased $18 million primarily due to higher expenses, and strategic reinsurance transactions, substantially offset by favorable underwriting and other insurance adjustments and higher market factors.
Other expenses decreased adjusted earnings available to common shareholders by $26 million driven by higher legal costs and increased corporate-related and employee-related expenses.
Strategic reinsurance transactions that closed in December 2025 decreased adjusted earnings available to common shareholders.
Underwriting and other insurance adjustments increased adjusted earnings available to common shareholders driven by favorable reserve refinements in the current period and lower dividend expense attributable to business run-off, partially offset by unfavorable claims experience in our long-term care business.
Market factors increased adjusted earnings available to common shareholders primarily due to higher recurring investment income driven by increased income from real estate investments (which includes the impact of the aforementioned fourth quarter 2025 change to the definition of adjusted earnings), largely offset by lower average invested assets and lower yields on fixed income securities.
Six Months Ended June 30, 2026 Compared with the Six Months Ended June 30, 2025
Discussions below are presented in order of magnitude.
Adjusted earnings available to common shareholders decreased $66 million primarily due to higher expenses and strategic reinsurance transactions, partially offset by favorable underwriting and other insurance adjustments and higher market factors.
Other expenses decreased adjusted earnings available to common shareholders by $55 million driven by higher legal costs and increased corporate-related and employee-related expenses.
Strategic reinsurance transactions that closed in December 2025 decreased adjusted earnings available to common shareholders.
Underwriting and other insurance adjustments increased adjusted earnings available to common shareholders driven by lower dividend expense attributable to business run-off and favorable reserve refinements in the current period, partially offset by unfavorable claims experience in our long-term care business.
Market factors increased adjusted earnings available to common shareholders primarily due to higher variable investment income and lower interest credited expenses, partially offset by lower recurring investment income. Higher variable investment income was primarily due to higher returns on private equity funds, partially offset by lower returns on real estate funds. Interest credited expenses decreased on long duration products. Lower recurring investment income was the result of lower average invested assets and lower yields on fixed income securities and mortgage loans, partially offset by higher income on real estate investments (which includes the impact of the aforementioned fourth quarter 2025 change to the definition of adjusted earnings).

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Investments
Overview
We maintain a diversified global general account investment portfolio to support our mix of liabilities in our global businesses. We position our portfolio based on relative value and our view of the economy and financial markets. We maintain our focus on the appropriate level of diversification and asset quality.
We manage our investment portfolio using disciplined asset/liability management (“ALM”) principles, focusing on cash flow and duration to support our current and future liabilities. Our intent is to match the timing and amount of liability cash outflows with invested assets that have cash inflows of comparable timing and amount, while optimizing risk-adjusted investment income and risk-adjusted total return. Our investment portfolio is heavily weighted toward fixed income investments, with most of our portfolio invested in fixed maturity securities available-for-sale (“AFS”) and mortgage loans. These securities and loans have varying maturities and other characteristics which cause them to be generally well suited for matching the cash flow and duration of insurance liabilities.
Invested Assets and Cash and Cash Equivalents Subject to Ceded Reinsurance
The Company maintains invested assets and cash and cash equivalents that are subject to ceded reinsurance arrangements with third parties and joint ventures. “Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents. Reinsurance activity, unless otherwise stated, has been excluded from the amounts within the Investments section of Management’s Discussion and Analysis of Financial Condition and Results of Operations. See Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements and Note 9 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for more information about Reinsurance activity and reinsurance, respectively.
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The following table presents the carrying value of invested assets and cash and cash equivalents subject to ceded reinsurance at:
June 30, 2026December 31, 2025
(In millions)
Fixed maturity securities AFS:
U.S. corporate$6,040 $4,911 
Foreign corporate2,475 2,329 
Foreign government885 720 
Residential mortgage-backed securities (“RMBS”)2,143 2,987 
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)3,334 2,139 
Commercial mortgage-backed securities (“CMBS”)753 812 
Municipals469 486 
U.S. government and agency1,447 3,816 
Total fixed maturity securities AFS17,546 18,200 
Equity securities120 105 
Mortgage loans:
Agricultural878 910 
Commercial903 829 
Residential1,332 720 
Total mortgage loans3,113 2,459 
Policy loans356 — 
Real estate and REJVs143 9 
Other limited partnership interests (“OLPI”)631 205 
Other invested assets - derivatives57 25 
Other invested assets - other147 114 
Short-term investments, cash and cash equivalents489 1,314 
Total invested assets and cash and cash equivalents subject to ceded reinsurance$22,602 $22,431 
Mortgage Loans Originated for Third Parties
The Company originates and acquires mortgage loans and, in certain cases, transfers proportional rights to cash flows from certain mortgage loans to third parties under participation agreements, which are recorded as secured borrowings. “Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets. Third-party mortgage loan activity, unless otherwise stated, has been excluded from the amounts within the Investments section of Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following table presents mortgage loan assets originated and acquired and transferred to third parties at:
June 30, 2026December 31, 2025
Portfolio SegmentCarrying Value
(In millions)
Commercial$5,234 $6,017 
Agricultural381 350 
Total mortgage loan assets originated and acquired and transferred to third parties$5,615 $6,367 
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Current Environment
As a global financial services company, we continue to be impacted by the changing global financial and economic environment, the fiscal and monetary policy of governments and central banks around the world and other governmental measures. Global inflation, supply chain disruptions and acts of war continue to impact the global economy and financial markets and have caused volatility in the global equity, credit and real estate markets. See “— Industry Trends — Financial and Economic Environment” for further information regarding conditions in the global financial markets and the economy generally which may affect us. These factors may persist for some time and may continue to impact pricing levels of risk-bearing investments, as well as our business operations, investment portfolio and derivatives. See “— Results of Operations — Consolidated Results” and “— Results of Operations — Consolidated Results — Adjusted Earnings Available to Common Shareholders” for impacts on our derivatives and analysis of the period over period changes in investment portfolio results and “Investments — Fixed Maturity Securities Available-for-Sale — Evaluation of Fixed Maturity Securities AFS for Credit Loss — Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position” in Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for impacts on the net unrealized gain (loss) on our fixed maturity securities AFS.
Selected Country Investments
We have a market presence in numerous countries and, therefore, our investment portfolio, which supports our insurance operations and related policyholder liabilities, as well as our global portfolio diversification objectives, is exposed to risks posed by local political and economic conditions. The countries included in the following table have been the most affected by these risks. The table below presents a summary of selected country fixed maturity securities AFS, at estimated fair value, on a “country of risk basis” (i.e., where the issuer primarily conducts business).
Selected Country Fixed Maturity Securities AFS at June 30, 2026
CountrySovereign (1)Non-Financial
Services		Total (2)
(Dollars in millions)
Ukraine$19 $2 $21 
Russian Federation14 — 14 
Total$33 $2 $35 
Investment grade %— %— %— %
__________________
(1)Sovereign includes government and agency.
(2)The par value and amortized cost, net of ACL, of these securities were $69 million and $36 million, respectively, at June 30, 2026.
We manage direct and indirect investment exposure in the selected countries through fundamental analysis and we continually monitor and adjust our level of investment exposure. We do not expect that our general account investments in these countries will have a material adverse effect on our results of operations or financial condition.
Investment Portfolio Results
See “— Overview” for a discussion of our investment portfolio and a summary of how we manage our investment portfolio. Below is a reconciliation of net investment income under GAAP to adjusted net investment income and our yield table. The yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
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Reconciliation of Net Investment Income under GAAP to Adjusted Net Investment Income
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(In millions)
Net investment income — GAAP$6,702 $5,661 $12,057 $10,546 
Investment hedge adjustments
170 102 254 205 
Unit-linked investment income(998)(498)(680)(271)
Reinsurance activity(331)(47)(632)(90)
Depreciation of wholly-owned real estate and REJVs54 115 
Consolidated collateralized financing entities
(23)— (23)— 
Other
(23)(16)(41)25 
Adjusted net investment income (1)$5,551 $5,202 $11,050 $10,415 
__________________
(1)See “Financial Measure and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for a discussion of the adjustments made to net investment income under GAAP in calculating adjusted net investment income.
Yield Table
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Asset ClassYield % (1)AmountYield % (1)AmountYield % (1)AmountYield % (1)Amount
(Dollars in millions)
Fixed maturity securities (2), (3)4.88 %$3,845 4.61 %$3,517 4.69 %$7,336 4.49 %$6,776 
Mortgage loans (3)5.31 992 5.12 1,026 5.25 1,971 5.17 2,082 
Real estate and REJVs4.77 155 3.47 120 4.20 275 3.74 254 
Policy loans5.89 108 5.64 113 5.78 217 5.51 220 
Equity securities2.78 4 2.30 3 3.55 10 4.24 12 
OLPI3.16 112 3.46 122 7.55 548 4.84 344 
Cash and short-term investments3.69 196 4.19 232 3.86 402 4.30 456 
Other invested assets— 315 — 218 — 656 — 583 
Investment income5.02 5,727 4.73 5,351 5.03 11,415 4.78 10,727 
Investment fees and expenses(0.16)(176)(0.13)(149)(0.16)(365)(0.14)(311)
Net investment income including divested businesses (4)4.86 %5,551 4.60 %5,202 4.87 %11,050 4.64 %10,416 
Less: net investment income from divested businesses (4)— — — 1 
Adjusted net investment income$5,551 $5,202 $11,050 $10,415 
__________________
(1)We calculate annualized yields using adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Third-party mortgage loan activity, Reinsurance activity collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and FVO securities held by collateralized financing entities (“CFEs”). 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.
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(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 $162 million and $107 million for the three months ended June 30, 2026 and 2025, respectively, and $132 million and $87 million for the six months ended June 30, 2026 and 2025, respectively. Asset carrying values of FVO securities are included in the calculation of average quarterly fixed maturity securities asset carrying values in the yield calculation.
(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4)See “Financial Measure and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for discussion of divested businesses.
See “— Results of Operations — Consolidated Results — Adjusted Earnings Available to Common Shareholders” for an analysis of the period over period changes in investment portfolio results.
Net Investment Gains (Losses)
We purchase investments to support our insurance liabilities and not to generate net investment gains and losses. However, net investment gains and losses are incurred and can change significantly from period to period due to changes in external influences, including changes in market factors such as interest rates, foreign currency exchange rates, credit spreads and equity markets; counterparty specific factors such as financial performance, credit rating and collateral valuation; and internal factors such as portfolio rebalancing. Changes in these factors from period to period can significantly impact the levels of provision for credit loss and impairments on our investment portfolio, as well as realized gains and losses on investments sold.
See “— Results of Operations — Consolidated Results” for an analysis of the period-over-period changes in realized gains (losses) on investments sold, provision (release) for credit loss and impairments and non-investment portfolio gains (losses).

Fixed Maturity Securities AFS and Equity Securities
The following table presents public and private fixed maturity securities AFS and equity securities held at:
June 30, 2026December 31, 2025
Securities by TypeEstimated Fair Value% of TotalEstimated Fair Value% of Total
(Dollars in millions)
Fixed maturity securities AFS
Publicly traded$216,464 71.1 %$213,182 71.6 %
Privately-placed88,173 28.9 84,549 28.4 
Total fixed maturity securities AFS, excluding Reinsurance activity$304,637 100.0 %$297,731 100.0 %
Reinsurance activity17,546 18,200 
Total fixed maturity securities AFS$322,183 $315,931 
Percentage of cash and invested assets, excluding Reinsurance activity63.6 %63.1 %
Equity securities
Publicly traded
$586 72.2 %$543 72.1 %
Privately-held226 27.8 210 27.9 
Total equity securities, excluding Reinsurance activity$812 100.0 %$753 100.0 %
Reinsurance activity120 105 
Total equity securities$932 $858 
Percentage of cash and invested assets, excluding Reinsurance activity0.2 %0.2 %
See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information about fixed maturity securities AFS by sector, contractual maturities, continuous gross unrealized losses and equity securities by security type and the related cost, net unrealized gains (losses) and estimated fair value of these securities; as well as realized gains (losses) on sales and disposals and unrealized net gains (losses) recognized in earnings.
Included within fixed maturity securities AFS are structured securities, including RMBS, ABS & CLO, and CMBS (collectively, “Structured Products”). See “— Structured Products” for further information.
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See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Valuation of Securities” included in the 2025 Annual Report for further information on the processes used to value securities and the related controls.
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:
June 30, 2026
LevelFixed Maturity
Securities AFS		Equity
Securities
(Dollars in millions)
Level 1
Quoted prices in active markets for identical assets$14,940 4.9  %$439 54.0  %
Level 2
Independent pricing sources$257,557 84.5 %$142 17.4 %
Internal matrix pricing or discounted cash flow techniques— — 4 0.5 
Significant other observable inputs$257,557 84.5 %$146 17.9 %
Level 3
Independent pricing sources$30,635 10.1 %$108 13.5 %
Internal matrix pricing or discounted cash flow techniques1,083 0.4 110 13.5 
Independent broker quotations422 0.1 9 1.1 
Significant unobservable inputs$32,140 10.6 %$227 28.1 %
Total fixed maturity securities AFS and equity securities at estimated fair value, excluding Reinsurance activity$304,637 100.0 %$812 100.0 %
Reinsurance activity17,546 120 
Total fixed maturity securities AFS and equity securities at estimated fair value$322,183 $932 
See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for the fixed maturity securities AFS and equity securities fair value hierarchy; a rollforward of the fair value measurements for securities measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs; transfers into and/or out of Level 3; and further information about the valuation approaches and inputs by level by major classes of invested assets that affect the amounts reported above.
The majority of the Level 3 fixed maturity securities AFS and equity securities were concentrated in four sectors at June 30, 2026: foreign corporate securities, U.S. corporate securities, ABS & CLO and RMBS. During the three months ended June 30, 2026, Level 3 fixed maturity securities AFS decreased by $432 million, or 1.3%. The decrease was driven by transfers out of Level 3 in excess of transfers into Level 3, offset by purchases in excess of sales and an increase in estimated fair value recognized in other comprehensive income (loss). During the six months ended June 30, 2026, Level 3 fixed maturity securities AFS increased by $873 million, or 2.8%. The increase was driven by purchases in excess of sales, offset by transfers out of Level 3 in excess of transfers into Level 3 and a decrease in estimated fair value recognized in other comprehensive income (loss).
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Valuation of Securities” included in the 2025 Annual Report for further information on the estimates and assumptions that affect the amounts reported above.
Fixed Maturity Securities AFS
See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information about fixed maturity securities AFS by sector, contractual maturities and continuous gross unrealized losses.
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Fixed Maturity Securities AFS Credit Quality — Ratings
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Fixed Maturity Securities AFS Credit Quality — Ratings” included in the 2025 Annual Report for a discussion of the credit quality ratings assigned by Nationally Recognized Statistical Rating Organizations (“NRSRO”), credit quality designations and designation categories assigned by the Securities Valuation Office of the National Association of Insurance Commissioners (“NAIC”) for fixed maturity securities AFS and modeling methodologies adopted by the NAIC for non-agency RMBS and CMBS that estimate security level expected losses under a variety of economic scenarios.
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.
June 30, 2026December 31, 2025
NRSRO RatingNAIC DesignationAmortized
Cost net of ACL		Unrealized
Gains (Losses)
Estimated
Fair
Value
% of
Total
Amortized
Cost net of ACL		Unrealized
Gains (Losses)
Estimated
Fair
Value
% of
Total
(Dollars in millions)
Aaa/Aa/A1$230,467 $(22,091)$208,376 68.4 %$222,728 $(18,870)$203,858 68.5 %
Baa286,520 (2,333)84,187 27.6 83,314 (1,437)81,877 27.5 
Subtotal investment grade316,987 (24,424)292,563 96.0 306,042 (20,307)285,735 96.0 
Ba38,428 (23)8,405 2.8 8,212 61 8,273 2.8 
B43,366 (55)3,311 1.1 3,460 (81)3,379 1.1 
Caa and lower5284 (14)270 0.1 284 (35)249 0.1 
In or near default6119 (31)88 — 110 (15)95 — 
Subtotal below investment grade12,197 (123)12,074 4.0 12,066 (70)11,996 4.0 
Total fixed maturity securities AFS, excluding Reinsurance activity$329,184 $(24,547)$304,637 100.0 %$318,108 $(20,377)$297,731 100.0 %
Reinsurance activity18,373 (827)17,546 18,844 (644)18,200 
Total fixed maturity securities AFS$347,557 $(25,374)$322,183 $336,952 $(21,021)$315,931 
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The following tables present total fixed maturity securities AFS, at estimated fair value, by sector and by NRSRO rating, except for non-agency RMBS and CMBS, which are presented using NAIC designations for modeled securities. In addition, in the following table, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided.
Fixed Maturity Securities AFS — by Sector & Credit Quality Rating
NRSRO RatingAaa/Aa/ABaaBaBCaa and LowerIn or Near
Default		Total
Estimated
Fair Value
NAIC Designation123456
(Dollars in millions)
June 30, 2026
U.S. corporate$44,631 $35,840 $3,130 $1,393 $98 $27 $85,119 
Foreign corporate20,756 35,115 2,788 417 82 40 59,198 
RMBS42,317 1,372 118 21 4 4 43,836 
Foreign government28,036 7,745 2,085 1,427 40 6 39,339 
U.S. government and agency33,088 311 — — — — 33,399 
ABS & CLO20,690 3,317 260 52 33 1 24,353 
Municipals9,926 398 24 — — — 10,348 
CMBS8,932 89 — 1 13 10 9,045 
Total fixed maturity securities AFS, excluding Reinsurance activity$208,376 $84,187 $8,405 $3,311 $270 $88 $304,637 
Percentage of total68.4 %27.6 %2.8 %1.1 %0.1 %— %100.0 %
Reinsurance activity11,246 5,846 266 52 135 1 17,546 
Total fixed maturity securities AFS$219,622 $90,033 $8,671 $3,363 $405 $89 $322,183 
December 31, 2025
U.S. corporate$43,731 $34,802 $2,930 $1,451 $88 $46 $83,048 
Foreign corporate19,541 35,132 3,038 470 71 8 58,260 
RMBS40,736 1,502 166 19 4 4 42,431 
Foreign government30,069 6,679 1,828 1,398 34 20 40,028 
U.S. government and agency33,387 319 — — — — 33,706 
ABS & CLO17,455 2,944 285 41 31 1 20,757 
Municipals10,161 392 26 — — — 10,579 
CMBS8,778 107 — — 21 16 8,922 
Total fixed maturity securities AFS, excluding Reinsurance activity$203,858 $81,877 $8,273 $3,379 $249 $95 $297,731 
Percentage of total68.5 %27.5 %2.8 %1.1 %0.1 %— %100.0 %
Reinsurance activity13,134 4,684 206 96 80 — 18,200 
Total fixed maturity securities AFS$216,992 $86,561 $8,479 $3,475 $329 $95 $315,931 
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U.S. and Foreign Corporate Fixed Maturity Securities AFS
We maintain a broadly diversified portfolio of corporate fixed maturity securities AFS across many industries and issuers. This portfolio did not have any exposure to any single issuer in excess of 1% of total investments at either June 30, 2026 or December 31, 2025. The top 10 holdings comprised 1% of total investments at both June 30, 2026 and December 31, 2025. The table below presents our U.S. and foreign corporate securities portfolios by industry at:
June 30, 2026December 31, 2025
IndustryEstimated
Fair
Value		% of
Total		Estimated
Fair
Value		% of
Total
(Dollars in millions)
Finance $34,006 23.6 %$33,265 23.5 %
Consumer (cyclical and non-cyclical)29,035 20.1 28,297 20.0 
Utility 27,674 19.2 26,853 19.0 
Industrial (basic, capital goods and other)14,497 10.0 15,085 10.7 
Transportation13,930 9.7 13,572 9.6 
Communications9,862 6.8 9,651 6.8 
Energy8,520 5.9 8,160 5.8 
Technology5,220 3.6 4,907 3.5 
Other1,573 1.1 1,518 1.1 
Total U.S. and foreign corporate fixed maturity securities AFS, excluding Reinsurance activity$144,317 100.0 %$141,308 100.0 %
Reinsurance activity8,515 7,240 
Total U.S. and foreign corporate fixed maturity securities AFS
$152,832 $148,548 
Structured Products 
Our investments in Structured Products are collateralized by residential mortgages, commercial mortgages, bank loans and other assets. Our investment selection criteria and monitoring include review of credit ratings, characteristics of the assets underlying the securities, borrower characteristics and the level of credit enhancement. We held $77.2 billion and $72.1 billion of Structured Products at estimated fair value, at June 30, 2026 and December 31, 2025, respectively, as presented in the RMBS, ABS & CLO, and CMBS sections below.
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RMBS
Our RMBS portfolio is broadly diversified by security type and risk profile. The following table presents our RMBS portfolio by security type, risk profile and ratings profile at:
June 30, 2026December 31, 2025
Estimated
Fair
Value		% of
Total		Net
Unrealized
Gains (Losses)		Estimated
Fair
Value		% of
Total		Net
Unrealized
Gains (Losses)
(Dollars in millions)
Security type
Collateralized mortgage obligations$26,787 61.1 %$(678)$25,704 60.6 %$(468)
Pass-through mortgage-backed securities17,049 38.9 (792)16,727 39.4 (669)
Total RMBS, excluding Reinsurance activity$43,836 100.0 %$(1,470)$42,431 100.0 %$(1,137)
Reinsurance activity2,143 (45)2,987 (11)
Total RMBS$45,979 $(1,515)$45,418 $(1,148)
Risk profile
Agency$27,186 61.9 %$(1,224)$27,064 63.8 %$(972)
Non-Agency
Prime and prime investor9,102 20.8 (180)8,303 19.6 (119)
Nonqualified residential mortgage ("NQM") and alternative residential mortgage loans ("Alt-A")1,924 4.4 18 1,780 4.2 11 
Reperforming and sub-prime3,266 7.5 (78)3,355 7.9 (67)
Other (1)2,358 5.4 (6)1,929 4.5 10 
Subtotal Non-Agency16,650 38.1 %(246)15,367 36.2 %(165)
Total RMBS, excluding Reinsurance activity$43,836 100.0 %$(1,470)$42,431 100.0 %$(1,137)
Reinsurance activity2,143 (45)2,987 (11)
Total RMBS$45,979 $(1,515)$45,418 $(1,148)
Ratings profile
Rated Aaa and Aa $39,082 89.2 %$37,374 88.1 %
Designated NAIC 1$42,319 96.5 %$40,736 96.0 %
__________________
(1)Other Non-Agency RMBS are broadly diversified across several subsectors and issuers, including securities collateralized by the following mortgage loan types: single family rental, early buyout securitization and small business commercial.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Structured Products — RMBS” included in the 2025 Annual Report for further information about collateralized mortgage obligations and pass-through mortgage-backed securities, as well as agency, prime, prime investor, NQM, Alt-A, reperforming and sub-prime mortgage-backed securities.
We manage our exposure to reperforming and sub-prime RMBS holdings by focusing primarily on senior tranche securities, stress testing the portfolio with severe loss assumptions and closely monitoring the performance of the portfolio. Our reperforming RMBS are generally newer vintage securities and higher quality at purchase, and most are investment grade under NAIC designations (e.g., NAIC 1 and NAIC 2). Our sub-prime RMBS portfolio consists predominantly of securities that were purchased at significant discounts to par value and discounts to the expected principal recovery value of these securities, and most are investment grade under NAIC designations.
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ABS & CLO
Our non-mortgage loan-backed structured securities are comprised of two broad categories of securitizations: ABS and CLO. These portfolios are broadly diversified by collateral type and issuer. The following table presents our ABS & CLO portfolios by collateral type and ratings profile at:
June 30, 2026December 31, 2025
Estimated
Fair
Value		% of
Total		Net
Unrealized
Gains (Losses) 		Estimated
Fair
Value		% of
Total		Net
Unrealized
Gains (Losses)
(Dollars in millions)
ABS
Collateral type
Digital infrastructure$2,810 11.5 %$(25)$2,070 10.0 %$(8)
Consumer loans1,131 4.6 (6)1,203 5.8 (2)
Student loans1,100 4.5 (25)896 4.3 (19)
Vehicle and equipment loans1,079 4.5 4 886 4.3 8 
Credit card919 3.8 7 855 4.1 15 
Franchise845 3.5 (22)739 3.6 (16)
Other (1)8,729 35.8 (179)7,103 34.2 (123)
Total16,613 68.2 %(246)13,752 66.3 %(145)
CLO (2)7,740 31.8 %4 7,005 33.7 %8 
Total ABS & CLO, excluding Reinsurance activity$24,353 100.0 %$(242)$20,757 100.0 %$(137)
Reinsurance activity3,334 (10)2,140 12 
Total ABS & CLO$27,687 $(252)$22,897 $(125)
ABS ratings profile
Rated Aaa and Aa$4,618 27.8 %$3,781 27.5 %
Designated NAIC 1$13,423 80.8 %$10,945 79.6 %
CLO ratings profile
Rated Aaa and Aa$5,533 71.5 %$5,137 73.3 %
Designated NAIC 1$7,265 93.9 %$6,555 93.6 %
ABS & CLO ratings profile
Rated Aaa and Aa$10,151 41.7 %$8,918 43.0 %
Designated NAIC 1$20,688 85.0 %$17,500 84.3 %
_________________
(1)Other ABS are broadly diversified across several subsectors and issuers, including securities with the following collateral types: foreign residential loans, transportation equipment and renewable energy.
(2)Includes primarily securities collateralized by broadly syndicated bank loans.
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CMBS
Our CMBS portfolio is comprised primarily of conduit, single asset and single borrower securities. Conduit securities are collateralized by many commercial mortgage loans and are broadly diversified by property type, borrower and geography. The following tables present our CMBS portfolio by collateral type and ratings profile at:
June 30, 2026December 31, 2025
Estimated
Fair
 Value		% of TotalNet
Unrealized
Gains (Losses) 		Estimated
Fair
 Value		% of TotalNet
Unrealized
Gains (Losses)
(Dollars in millions)
Collateral type
Conduit$4,288 47.3 %$(161)$4,314 48.4 %$(124)
Single asset and single borrower2,425 26.8 (27)2,259 25.3 (35)
Agency 1,236 13.7 (114)1,206 13.5 (100)
Commercial real estate CLO168 1.9 1 150 1.7 1 
Other928 10.3 (19)993 11.1 (4)
Total CMBS, excluding Reinsurance activity$9,045 100.0 %$(320)$8,922 100.0 %$(262)
Reinsurance activity753 (11)812 — 
Total CMBS $9,798 $(331)$9,734 $(262)
Ratings profile
Rated Aaa and Aa$7,231 79.9 %$7,017 78.6 %
Designated NAIC 1$8,932 98.8 %$8,779 98.4 %
Evaluation of Fixed Maturity Securities AFS for Credit Loss, Rollforward of ACL and Credit Loss on Fixed Maturity Securities AFS Recognized in Earnings
See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information about the evaluation of fixed maturity securities AFS for credit loss, rollforward of the ACL, net credit loss provision (release) and impairment (losses), as well as realized gross gains (losses) on sales and disposals of fixed maturity securities AFS at and for the six months ended June 30, 2026.
Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs
We participate in securities lending transactions, repurchase agreements and third-party custodian administered programs with unaffiliated financial institutions in the normal course of business for the purpose of enhancing the total return on our investment portfolio.
Securities lending transactions and repurchase agreements: We account for these arrangements as secured borrowings and record a liability in the amount of the cash received. We obtain collateral, usually cash, from the borrower, which must be returned to the borrower when the securities are returned to us. Through these arrangements, we were liable for cash collateral under our control of $16.3 billion and $15.2 billion at June 30, 2026 and December 31, 2025, respectively, including a portion that may require the immediate return of cash collateral we hold. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements, as well as “Summary of Significant Accounting Policies — Investments — Securities Lending Transactions and Repurchase Agreements” in Note 1 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for further information about the secured borrowings accounting and the classification of revenues and expenses.
Third-party custodian administered programs: The estimated fair value of securities we own which are loaned in connection with these programs was $606 million and $640 million at June 30, 2026 and December 31, 2025, respectively. The estimated fair value of the related non-cash collateral on deposit with third-party custodians on our behalf, which is not reflected in our interim condensed consolidated financial statements and cannot be sold or re-pledged, was $668 million and $658 million at June 30, 2026 and December 31, 2025, respectively.
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Mortgage Loans
Our mortgage loan investments are principally collateralized by commercial, agricultural and residential properties. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements, as well as Note 1 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report, for further information.
Mortgage loans carried at amortized cost and the related ACL are summarized as follows at:
June 30, 2026December 31, 2025
Portfolio Segment
Amortized Cost
% of
Total
ACL
ACL as % of
Amortized Cost
Amortized Cost
% of
Total
ACL
ACL as % of
Amortized Cost
(Dollars in millions)
Commercial $39,632 52.6 %$837 2.1 %$42,406 55.2 %$659 1.6 %
Agricultural18,512 24.6 101 0.5 %18,284 23.8 108 0.6 %
Residential17,135 22.8 213 1.2 %16,060 20.9 251 1.6 %
Mortgage loans held-for-sale— — — — %35 0.1 — — %
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity$75,279 100.0 %$1,151 1.5 %$76,785 100.0 %$1,018 1.3 %
Reinsurance activity3,143 30 2,487 28 
Third-party mortgage loan activity5,792 177 6,514 147 
Mortgage loans$84,214 $1,358 $85,786 $1,193 
We diversify our mortgage loan investments by both geographic region and property type to reduce the risk of concentration. Of our commercial and agricultural mortgage loans carried at amortized cost, 87% are collateralized by properties located in the U.S., with the remaining 13% collateralized by properties located primarily in Mexico, the U.K. and Chile at June 30, 2026. The carrying values of our commercial and agricultural mortgage loans collateralized by properties located in California, Texas and New York were 18%, 7% and 7%, respectively, of total commercial and agricultural mortgage loans at June 30, 2026. Additionally, we manage risk when originating commercial and agricultural mortgage loan investments by generally lending up to 75% of the estimated fair value of the underlying real estate collateral.
We manage our residential mortgage loans carried at amortized cost in a similar manner to reduce risk of concentration, with 91% collateralized by properties located in the U.S., and the remaining 9% collateralized by properties located in Chile, at June 30, 2026. The carrying values of our residential mortgage loans collateralized by properties located in California, Florida and New York were 32%, 11% and 7%, respectively, of total residential mortgage loans at June 30, 2026.
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Commercial Mortgage Loans by Geographic Region and Property Type. Commercial mortgage loans are the largest mortgage loan portfolio segment. The tables below present, at amortized cost, the diversification of these investments across geographic regions and property types:
June 30, 2026December 31, 2025
Amount% of
Total		Amount% of
Total
(Dollars in millions)
Region
Pacific$8,275 20.9 %$8,395 19.8 %
Non-U.S.6,729 17.0 7,076 16.7 
Middle Atlantic4,965 12.5 5,699 13.4 
South Atlantic4,918 12.4 5,205 12.3 
West South Central2,956 7.5 3,260 7.7 
Mountain2,318 5.8 2,348 5.5 
New England2,096 5.3 2,249 5.3 
East North Central1,145 2.9 1,185 2.8 
East South Central430 1.1 451 1.1 
West North Central398 1.0 401 0.9 
Multi-Region and Other5,402 13.6 6,137 14.5 
Total amortized cost, excluding Reinsurance activity and Third-party mortgage loan activity$39,632 100.0 %$42,406 100.0 %
Reinsurance activity906 832 
Third-party mortgage loan activity5,410 6,162 
Total amortized cost$45,948 $49,400 
Less: ACL1,016 807 
Carrying value, net of ACL$44,932 $48,593 
Property Type
Office (1)$14,746 37.2 %$16,088 38.0 %
Apartment (1)7,641 19.3 7,669 18.1 
Retail5,980 15.1 6,013 14.2 
Single Family Rental3,538 8.9 4,221 9.9 
Industrial (1)3,345 8.4 3,611 8.5 
Hotel2,719 6.9 3,134 7.4 
Warehouse Revolvers (1)1,577 4.0 1,578 3.7 
Other86 0.2 92 0.2 
Total amortized cost, excluding Reinsurance activity and Third-party mortgage loan activity39,632 100.0 %42,406 100.0 %
Reinsurance activity906 832 
Third-party mortgage loan activity5,410 6,162 
Total amortized cost$45,948 $49,400 
Less: ACL1,016 807 
Carrying value, net of ACL$44,932 $48,593 
_________________
(1)Certain amounts in prior periods are reclassified to conform to current period presentation.
Our commercial mortgage loan investments are well positioned with exposures concentrated in high quality underlying properties located in primary markets typically with institutional investors who are better positioned to manage their assets during periods of market volatility. Our portfolio is comprised primarily of lower risk loans with higher debt service coverage ratios (“DSCR”) and lower loan-to-value (“LTV”) ratios, as shown below.
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Credit Quality — Monitoring Process. We monitor our mortgage loan investments on an ongoing basis, including a review by credit quality indicator and by the performance indicators of current, past due, restructured and under foreclosure. See below for further information on mortgage loans by credit quality indicator. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on mortgage loans by performance indicator.
We review our commercial mortgage loan investments on an ongoing basis. These reviews may include an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. The monitoring process for agricultural mortgage loan investments is generally similar, with a focus on higher risk loans, such as loans with higher LTV ratios. Agricultural mortgage loan investments are reviewed on an ongoing basis which include property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, including reviews on a geographic and property-type basis. We review our residential mortgage loan investments on an ongoing basis, with a focus on higher risk loans, such as nonperforming loans. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information on our evaluation of residential mortgage loan investments and related ACL methodology.
LTV ratios and DSCR are common measures in the assessment of the quality of commercial mortgage loan investments. LTV ratios are a common measure in the assessment of the quality of agricultural mortgage loan investments. LTV ratios compare the amount of the loan to the estimated fair value of the underlying collateral. An LTV ratio greater than 100% indicates that the loan amount is greater than the collateral value. An LTV ratio of less than 100% indicates an excess of collateral value over the loan amount. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. For our commercial mortgage loans, our average LTV ratio was 69% and 68% at June 30, 2026 and December 31, 2025, respectively, and our average DSCR was 2.1x at both June 30, 2026 and December 31, 2025. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of our ongoing review of our commercial mortgage loan investments. For our agricultural mortgage loans, our average LTV ratio was 45% and 46% at June 30, 2026 and December 31, 2025, respectively. The values utilized in calculating the LTV ratio of our agricultural mortgage loan investments are developed in connection with the ongoing review of our portfolio and are routinely updated.
The distribution of our commercial mortgage loan portfolios totaling $39.6 billion at amortized cost at June 30, 2026 by key credit quality indicators of LTV and DSCR was as follows:
June 30, 2026
DSCR
LTV
> 1.2x
1.0-1.2x
< 1.0x
Total
<65%53.3 %1.3 %1.4 %56.0 %
65% - 75%12.7 %1.6 %1.3 %15.6 %
76% - 80%4.6 %0.1 %0.6 %5.3 %
>80%13.8 %4.9 %4.4 %23.1 %
Total84.4 %7.9 %7.7 %100.0 %
The distribution of our agricultural mortgage loan portfolios totaling $18.5 billion at amortized cost at June 30, 2026 by the key credit quality indicator of LTV was as follows:
June 30, 2026
LTV
Total
<65%92.0 %
65% - 75%6.8 %
76% - 80%0.2 %
>80%1.0 %
Total100.0 %
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Mortgage Loan ACL. Our ACL is established for both pools of loans with similar risk characteristics and for mortgage loan investments with dissimilar risk characteristics, such as collateral dependent loans, individually and on a loan specific basis. We record an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loan investments that the Company does not expect to collect, resulting in mortgage loan investments being presented at the net amount expected to be collected.
In determining our ACL, management (i) pools mortgage loans that share similar risk characteristics, (ii) considers expected lifetime credit loss over contractual terms of mortgage loans, as adjusted for expected prepayments and any extensions, and (iii) considers past events and current and forecasted economic conditions. Actual credit loss realized could be different from the amount of the ACL recorded. These evaluations and assessments are revised as conditions change and new information becomes available, which can cause the ACL to increase or decrease over time as such evaluations are revised. Negative credit migration, including an actual or expected increase in the level of problem loans, will result in an increase in the ACL. Positive credit migration, including an actual or expected decrease in the level of problem loans, will result in a decrease in the ACL. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information on how the ACL is established and monitored, and activity in and balances of the ACL.
Real Estate and REJVs
Our real estate investments are comprised of wholly-owned properties, and interests in both REJVs and real estate funds which invest in a wide variety of properties and property types, consisting of single and multi-property projects, and are broadly diversified across multiple property types and geographies.
The carrying value of our real estate investments was $12.9 billion and $13.4 billion at June 30, 2026 and December 31, 2025, respectively, or 2.7% and 2.8% of cash and invested assets at June 30, 2026 and December 31, 2025, respectively.
Our real estate investments are typically stabilized properties that we intend to hold for the longer-term for portfolio diversification and long-term appreciation. Our real estate investment portfolio had appreciated to a $3.7 billion unrealized gain position at June 30, 2026.
We continuously monitor and assess our real estate investments for impairment when facts and circumstances indicate that the real estate may be impaired. As a result of our impairment analysis, we recorded an impairment loss of $193 million and $1 million for the six months ended June 30, 2026 and 2025, respectively.
We diversify our real estate investments by property type, form of equity interest (wholly-owned, joint venture and funds) and geographic region to reduce risk of concentration. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for a summary of our real estate investments by income type, as well as income earned.
OLPI
OLPI are comprised of investments in private funds, including private equity funds. At June 30, 2026 and December 31, 2025, the carrying value of OLPI was $14.2 billion and $14.7 billion, respectively. OLPI were 3.0% and 3.1% of cash and invested assets at June 30, 2026 and December 31, 2025, respectively. Cash distributions on these investments are generated from investment gains, operating income from the underlying investments of the funds and liquidation of the underlying investments of the funds.
We use the equity method of accounting for most of our private equity funds. We generally recognize our share of a private equity fund’s earnings in net investment income on a three-month lag, which is when the information is reported to us. Accordingly, changes in equity market levels, which can impact the underlying results of these private equity funds, are recognized in earnings within our net investment income on a three-month lag.
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Other Invested Assets
The following table presents the carrying value of our other invested assets by type at:
June 30, 2026December 31, 2025
Asset TypeCarrying
Value		% of
Total		Carrying
Value		% of
Total
(Dollars in millions)
Freestanding derivatives with positive estimated fair values$7,491 42.9 %$7,020 43.4 %
Company-owned life insurance policies (“COLI”)1,866 10.7 1,832 11.3 
Direct financing leases1,343 7.7 1,333 8.2 
Annuities funding structured settlement claims 1,246 7.1 1,244 7.7 
Operating joint ventures 1,315 7.5 1,235 7.6 
Federal Home Loan Bank of New York (“FHLBNY”) common stock 702 4.0 700 4.3 
Tax credit and renewable energy partnerships1,053 6.0 676 4.2 
Funds withheld461 2.6 478 3.0 
Leveraged leases294 1.7 365 2.3 
Other1,701 9.8 1,310 8.0 
Total other invested assets, excluding Reinsurance activity$17,472 100.0 %$16,193 100.0 %
Reinsurance activity203 139 
Total other invested assets$17,675 $16,332 
Percentage of cash and invested assets, excluding Reinsurance activity3.6 %3.4 %
See Notes 1, 11 and 12 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for information regarding freestanding derivatives with positive estimated fair values, COLI, direct financing and leveraged leases, annuities funding structured settlement claims, operating joint ventures, FHLBNY common stock, tax credit and renewable energy partnerships, and funds withheld.
Investment Commitments
We enter into the following commitments in the normal course of business for the purpose of enhancing the total return on our investment portfolio: mortgage loan commitments and commitments to fund partnership investments, bank credit facilities and private corporate bond investments. See Note 18 of the Notes to the Interim Condensed Consolidated Financial Statements for the amount of our unfunded investment commitments at June 30, 2026 and December 31, 2025. See “Net Investment Income” and “Net Investment Gains (Losses)” in Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information on the investment income, investment expense, gains and losses from such investments and the liability for credit loss for unfunded mortgage loan commitments. See also “— Fixed Maturity Securities AFS and Equity Securities,” “— Mortgage Loans,” “— Real Estate and REJVs” and “— OLPI.”
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Derivatives
Overview
We are exposed to various risks relating to our ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. We use a variety of strategies to manage these risks, including the use of derivatives, such as market standard purchased and written credit default swap contracts. See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for: 
•A comprehensive description of the nature of our derivatives, including the strategies for which derivatives are used in managing various risks.
•Information about the primary underlying risk exposure, gross notional amount, and estimated fair value of our derivatives by type of hedge designation, excluding embedded derivatives held at June 30, 2026 and December 31, 2025.
•The statement of operations effects of derivatives in net investments in foreign operations, cash flow, fair value, or nonqualifying hedging relationships for the three months and six months ended June 30, 2026 and 2025.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Critical Accounting Estimates — Freestanding Derivatives” in the 2025 Annual Report for further information on the estimates and assumptions that affect derivatives. See also “Quantitative and Qualitative Disclosures About Market Risk — Management of Market Risk Exposures — Hedging Activities” in the 2025 Annual Report for more information about our use of derivatives by major hedge program.
Net Derivative Gains (Losses)
A portion of our derivatives are designated and qualify as accounting hedges, which reduce volatility in earnings. For those derivatives not designated as accounting hedges, changes in market factors lead to the recognition of fair value changes in net derivative gains (losses) generally without an offsetting gain or loss recognized in earnings for the item being hedged, which creates volatility in earnings. We actively evaluate market risk hedging needs and strategies to ensure our free cash flow and capital objectives are met under a range of market conditions.
Certain variable annuity products with guaranteed minimum benefits are accounted for as MRBs and measured at estimated fair value. We use freestanding derivatives to hedge the market risks inherent in these variable annuity guarantees.
We continuously review and refine our hedging strategy in light of changing economic and market conditions, evolving NAIC and the New York Department of Financial Services statutory requirements, and accounting rule changes. As a part of our current hedging strategy, we maintain portfolio level derivatives in our macro hedge program. These macro hedge program derivatives mitigate the potential deterioration in our capital positions from significant adverse economic conditions.
See “— Results of Operations — Consolidated Results” for an analysis of the period over period changes in net derivative gains (losses).
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Liquidity and Capital Resources
Overview
Our business and results of operations are materially affected by conditions in the global financial markets and the economy generally due to our market presence in numerous countries, large investment portfolio and the sensitivity of our insurance liabilities and derivatives to changing market factors. Such conditions may affect our financing costs and market interest for our debt or equity securities. For further information regarding market factors that could affect our ability to meet liquidity and capital needs, see “— Industry Trends” and “— Investments — Current Environment.”
This discussion should be read in conjunction with the following sections included elsewhere herein for additional information regarding the topics noted below:
Notes to the Interim Condensed Consolidated Financial Statements:
Note
Topic
3Acquisitions and dispositions
12Subordinated debt securities issuance
13
Preferred stock, including the calculation and timing of dividend payments, and MetLife, Inc.’s common stock repurchase authorizations
Additionally, this discussion should be read in conjunction with the following sections included in the 2025 Annual Report for additional information regarding the topics noted below:
Notes to the Consolidated Financial Statements:
Note
Topic
3Acquisition
5
Funding agreements, reported in PABs and the related pledged collateral
16
Long-term debt, short-term debt, credit and committed facilities, debt and facility covenants and facility agreement for senior debt issuances
17
Collateral financing arrangement and the related pledged collateral
18
Subordinated debt securities and the related replacement capital covenant
19
Preferred stock and common stock, including the calculation and timing of dividend payments, restrictions on dividends, “dividend stopper” provisions, and MetLife, Inc.’s common stock repurchase authorizations
Notes to the MetLife, Inc. (Parent Company Only) Condensed Financial Information included in Schedule II of the Financial Statement Schedules:
NoteTopic
3
Affiliated long-term debt
4
Support agreements
Risk Factors:
“— Capital Risks”
“— Investment Risks — We May Have Difficulty Selling Holdings in Our Investment Portfolio or in Our Securities Lending Program in a Timely Manner to Realize Their Full Value”
“— Economic Environment and Capital Markets Risks — We May Lose Business Due to a Downgrade or a Potential Downgrade in Our Financial Strength or Credit Ratings”
“— Economic Environment and Capital Markets Risks — We May Not Meet Our Liquidity Needs, Access Capital, or May Face Significantly Increased Cost of Capital Due to Adverse Capital and Credit Market Conditions”
Liquidity Management
Liquidity refers to the ability to generate adequate amounts of cash to meet our needs. Based upon our trusted global brand, diversified and resilient businesses, strong financial fundamentals and the substantial funding sources available to us as described herein, we continue to believe we have access to ample liquidity to meet business requirements under current market conditions and reasonably possible stress scenarios. We continuously monitor and adjust our liquidity and capital plans for MetLife, Inc. and its subsidiaries in light of market conditions, as well as changing needs and opportunities. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Liquidity” included in the 2025 Annual Report.
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Short-term Liquidity and Liquid Assets
At June 30, 2026 and December 31, 2025, our short-term liquidity position was $18.8 billion and $18.1 billion, respectively, while liquid assets were $182.7 billion and $184.5 billion, respectively.
Short-term liquidity consists of cash and cash equivalents and short-term investments. Liquid assets includes these short-term liquidity amounts, plus publicly traded securities. Both short-term liquidity and liquid assets exclude assets pledged or otherwise committed, such as amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block.
Capital Management
We have established several senior management committees as part of our capital management process. These committees, including the Capital Management Committee and the Enterprise Risk Committee (“ERC”), regularly review actual and projected capital levels (under a variety of scenarios including stress scenarios) and our annual capital plan in accordance with our capital policy. The Capital Management Committee is comprised of members of senior management, including MetLife, Inc.’s Chief Financial Officer (“CFO”), Treasurer, and Chief Risk Officer (“CRO”). The ERC is also comprised of members of senior management, including MetLife, Inc.’s CFO, CRO and Chief Investment Officer.
MetLife, Inc.’s Board of Directors (“Board of Directors”) and senior management are directly involved in the development and maintenance of our capital policy. The capital policy sets forth, among other things, minimum and target capital levels and the governance of the capital management process. All capital actions, including proposed changes to the annual capital plan, capital targets or capital policy, are reviewed by the Finance and Risk Committee of the Board of Directors prior to obtaining full Board of Directors approval. The Board of Directors approves the capital policy and the annual capital plan and authorizes capital actions, as required.
The Company
Liquidity
In the event of significant cash requirements beyond anticipated liquidity needs, we have various alternatives available depending on market conditions and the amount and timing of the liquidity need. These available alternatives include cash flows from operations, sales of liquid assets, global funding sources including commercial paper and various credit and committed facilities.
Capital
We manage our capital position to maintain our financial strength and credit ratings. Our capital position is supported by our ability to generate strong cash flows within our operating companies and borrow funds at competitive rates, as well as by our demonstrated ability to raise additional capital to meet operating and growth needs despite adverse market and economic conditions.
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Summary of the Company’s Primary Sources and Uses of Liquidity and Capital
Our primary sources and uses of liquidity and capital are summarized as follows:
Six Months
Ended
June 30,
20262025
(In millions)
Sources:
Operating activities, net$4,915 $6,449 
Net change in PABs6,926 4,087 
Net change in payables for collateral under securities loaned and other transactions1,824 — 
Long-term debt issued65 713 
Subordinated debt securities issued
1,000 1,000 
Net change in notes issued by CFEs306 — 
Other, net52 — 
Effect of change in foreign currency exchange rates on cash and cash equivalents— 295 
Total sources15,088 12,544 
Uses:
Investing activities, net14,326 6,303 
Net change in payables for collateral under securities loaned and other transactions— 118 
Long-term debt repaid217 558 
Collateral financing arrangement repaid66 38 
Derivatives with certain financing elements and other derivative-related transactions, net151 74 
Net change in mortgage loan secured financing656 338 
Treasury stock acquired in connection with share repurchases1,477 1,921 
Dividends on preferred stock76 97 
Dividends on common stock755 756 
Other, net— 231 
Effect of change in foreign currency exchange rates on cash and cash equivalents95 — 
Total uses17,819 10,434 
Net increase (decrease) in cash and cash equivalents$(2,731)$2,110 
Cash Flows from Operations
The principal cash inflows from our insurance activities come from insurance premiums, net investment income, annuity considerations and deposit funds. The principal cash outflows are the result of various life insurance, annuity and pension products, operating expenses and income tax, as well as interest expense.
Cash Flows from Investments
The principal cash inflows from our investment activities come from repayments of principal, proceeds from maturities and sales of investments and settlements of freestanding derivatives. The principal cash outflows relate to purchases of investments, issuances of policy loans and settlements of freestanding derivatives. In addition, cash inflows and outflows relate to sales and purchases of businesses. We typically have a net cash outflow from investing activities because cash inflows from insurance operations are reinvested in accordance with our ALM discipline to fund insurance liabilities. We closely monitor and manage these risks through our comprehensive investment risk management process.
Cash Flows from Financing
The principal cash inflows from our financing activities come from issuances of debt and other securities, deposits of funds associated with PABs and lending of securities. The principal cash outflows come from repayments of debt and the collateral financing arrangement, payments of dividends on and repurchases or redemptions of MetLife, Inc.’s securities, withdrawals associated with PABs and the return of securities on loan.
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Liquidity and Capital Sources and Uses
Liquidity and capital are provided by a variety of global funding sources, including: (i) preferred and common stock; (ii) short-term debt, which includes commercial paper; (iii) issuances of long-term debt and the collateral financing arrangement; (iv) PABs, which includes funding agreements; (v) credit and committed facilities; (vi) the facility agreement for senior debt issuances; (vii) a shelf registration statement, which permits the issuance of public debt, equity and hybrid securities, provides for automatic effectiveness upon filing and has no stated issuance capacity; and (viii) dispositions.
The primary uses of liquidity and capital include: (i) repayments, repurchases and/or redemptions of common stock, preferred stock and debt; (ii) dividends on common and preferred stock; (iii) contractual obligations, including PABs and insurance liabilities; (iv) pledged collateral; (v) securities lending transactions, repurchase agreements and third-party custodian administered programs; (vi) mortgage loan secured financing; and (vii) acquisitions.
Additional details regarding certain of our primary sources and uses of liquidity and capital are discussed below and included in the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2025 Annual Report referenced in “— Overview.”
The diversity of our global funding sources enhances our funding flexibility, limits dependence on any one market or source of funds and generally lowers the cost of funds. We have no reason to believe that our lending counterparties will be unable to fulfill their respective contractual obligations under our credit and committed facilities. As commitments under these facilities may expire unused, these amounts do not necessarily reflect our actual future cash funding requirements.
Credit and Committed Facilities
At June 30, 2026, the Company maintained its unsecured revolving credit facility (the “Credit Facility”), as well as certain committed facilities (the “Committed Facilities”). When drawn upon, these facilities bear interest at varying rates in accordance with the respective agreements.
Information on the Credit Facility and Committed Facilities at June 30, 2026 was as follows:
Account Party/Borrower(s)Maximum CapacityLetters of Credit IssuedDrawdownsUnused Commitments
(In millions)
Credit Facility:
MetLife, Inc. and MetLife Funding, Inc.$3,000 $304 $— $2,696 
Committed Facilities:
MetLife Reinsurance Company of Vermont and MetLife, Inc.$350 $350 $— $— 
MetLife Reinsurance Company of Vermont and MetLife, Inc.2,874 2,423 — 451 
Total Committed Facilities$3,224 $2,773 $— $451 
Debt Outstanding
The following table summarizes our outstanding debt at:
June 30, 2026December 31, 2025
(In millions)
Short-term debt (1)$460 $355 
Long-term debt (2)$14,244 $14,467 
Collateral financing arrangement$286 $352 
Subordinated debt securities (3)
$5,144 $4,155 
__________________
(1)This is non-recourse to MetLife, Inc., subject to customary exceptions. Certain subsidiaries have pledged assets to secure this debt.
(2)Includes $418 million and $411 million of long-term debt that is non-recourse to MetLife, Inc. and Metropolitan Life Insurance Company (“MLIC”), subject to customary exceptions, at June 30, 2026 and December 31, 2025, respectively. Certain investment subsidiaries have pledged assets to secure this debt.
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(3)Includes $1.0 billion of subordinated debt issued in February 2026. See Note 12 of the Notes to the Interim Condensed Consolidated Financial Statements for additional information.
Certain of our debt instruments and Committed Facilities, as well as our Credit Facility, contain various administrative, reporting, legal and financial covenants. We believe we were in compliance with all applicable financial covenants at June 30, 2026.
Debt Repurchases, Redemptions and Exchanges
We may from time to time seek to retire or purchase our outstanding debt through cash purchases, redemptions and/or exchanges for other securities, in open market purchases, privately negotiated transactions or otherwise. Any such repurchases, redemptions, or exchanges will be dependent upon several factors, including our liquidity requirements, contractual restrictions, general market conditions, and applicable regulatory, legal and accounting factors. Whether or not to repurchase or redeem any debt and the size and timing of any such repurchases or redemptions will be determined at our discretion.
Common Stock and Preferred Stock Repurchases and Dividends
Certain provisions of MetLife, Inc.’s preferred stock and subordinated debt securities may restrict payments of dividends and interest or restrict repurchases of its common or preferred stock. See Note 19 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for additional information regarding “dividend stopper” provisions in MetLife, Inc.’s preferred stock and subordinated debt securities.
For the six months ended June 30, 2026 and 2025, MetLife, Inc. paid dividends on its preferred stock of $76 million and $97 million, respectively. For the six months ended June 30, 2026 and 2025, MetLife, Inc. paid dividends on its common stock of $755 million and $756 million, respectively.
See Note 20 of the Notes to the Interim Condensed Consolidated Financial Statements for information on a common stock repurchase authorization subsequent to June 30, 2026.
Pledged Collateral
We pledge collateral to, and have collateral pledged to us by counterparties in connection with our derivatives, the collateral financing arrangement related to the reinsurance of closed block liabilities, and with funding and advance agreements. See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for additional information regarding derivatives.
Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs
See “— Investments — Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs.”
Mortgage Loan Secured Financing
See “— Investments — Mortgage Loans.”
Insurance Liabilities
Liabilities arising from our insurance activities primarily relate to benefit payments under various life insurance, annuity and group pension products, as well as payments for policy surrenders, withdrawals and loans. For annuity or deposit type products, surrender or lapse behavior differs somewhat by segment. In Corporate & Other, which includes individual annuities, lapses and surrenders tend to occur in the normal course of business. For the six months ended June 30, 2026, general account surrenders and withdrawals from annuity products were $423 million. 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 June 30, 2026, there were funding agreements totaling $122 million that could be put back to the Company.
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MetLife, Inc.
Liquidity and Capital Management
Liquidity and capital are managed to preserve stable, reliable and cost-effective sources of cash to meet all current and future financial obligations and are provided by a variety of sources, including a portfolio of liquid assets, a diversified mix of short- and long-term funding sources from the wholesale financial markets and the ability to borrow through credit and committed facilities. Liquidity is monitored through the use of internal liquidity risk metrics, including the composition and level of the liquid asset portfolio, timing differences in short-term cash flow obligations, access to the financial markets for capital and debt transactions and exposure to contingent draws on MetLife, Inc.’s liquidity. MetLife, Inc. is an active participant in the global financial markets through which it obtains a significant amount of funding. These markets, which serve as cost-effective sources of funds, are critical components of MetLife, Inc.’s liquidity and capital management. Decisions to access these markets are based upon relative costs, prospective views of balance sheet growth and a targeted liquidity profile and capital structure. A disruption in the financial markets could limit MetLife, Inc.’s access to liquidity.
MetLife, Inc.’s ability to maintain regular access to competitively priced wholesale funds is fostered by its current credit ratings from the major credit rating agencies. We view our capital ratios, credit quality, stable and diverse earnings streams, diversity of liquidity sources and our liquidity monitoring procedures as critical to retaining such credit ratings. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Rating Agencies” included in the 2025 Annual Report.
Liquid Assets
At June 30, 2026 and December 31, 2025, MetLife holding companies had $3.4 billion and $3.6 billion, respectively, in liquid assets. Of these amounts, $2.6 billion and $2.0 billion were held by MetLife, Inc., and $812 million and $1.6 billion were held by other MetLife holding companies at June 30, 2026 and December 31, 2025, respectively.
Liquid assets held in non-U.S. holding companies are generated in part through dividends from non-U.S. insurance operations. Such dividends are subject to local insurance regulatory requirements, as discussed in “— Liquidity and Capital Sources and Uses — Dividends from Subsidiaries.”
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Consolidated Company Outlook” included in the 2025 Annual Report for the targeted level of liquid assets at the holding companies. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — MetLife, Inc. — Liquid Assets” included in the 2025 Annual Report for additional information on the sources and uses of liquid assets, as well as sources and uses of liquid assets included in free cash flow for MetLife, Inc. and other MetLife holding companies.
Liquidity and Capital Sources and Uses
MetLife, Inc.’s primary sources of liquidity and capital are provided by a variety of global funding sources, including: (i) dividends from subsidiaries; (ii) issuances of long-term debt and the collateral financing arrangement; (iii) credit and committed facilities; and (iv) dispositions.
MetLife, Inc.’s primary uses of liquidity and capital include: (i) debt service; (ii) cash dividends on common and preferred stock; (iii) capital contributions to subsidiaries; (iv) repayments, repurchases and/or redemptions of common stock, preferred stock and debt; (v) payment of general operating expenses; (vi) support agreements; and (vii) acquisitions.
Additional details regarding certain of MetLife, Inc.’s primary sources of liquidity and capital are included in “— The Company — Liquidity and Capital Sources and Uses,” as well as the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2025 Annual Report referenced in “— Overview” and are further discussed below.
Based on our analysis and comparison of our current and future cash inflows from the dividends we receive from subsidiaries that are permitted to be paid without prior insurance regulatory approval, our investment portfolio and other cash flows and anticipated access to the capital markets, we believe there will be sufficient liquidity and capital to enable MetLife, Inc. to make payments on debt, pay cash dividends on its common and preferred stock, contribute capital to its subsidiaries, repurchase its common stock and certain of its other securities, pay all general operating expenses and meet its cash needs under current market conditions and reasonably possible stress scenarios.
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Dividends from Subsidiaries
MetLife, Inc. relies, in part, on dividends from its subsidiaries to meet its cash requirements. MetLife, Inc.’s insurance subsidiaries are subject to regulatory restrictions on the payment of dividends imposed by the regulators of their respective domiciles. The dividend limitation for U.S. insurance subsidiaries is generally based on the surplus to policyholders at the end of the immediately preceding calendar year and statutory net gain from operations for the immediately preceding calendar year. Statutory accounting practices, as prescribed by insurance regulators of various states in which we conduct business, differ in certain respects from accounting principles used in financial statements prepared in conformity with GAAP. The significant differences relate to the treatment of DAC, certain deferred income tax, required investment liabilities, statutory reserve calculation assumptions, goodwill and surplus notes.
The table below sets forth the dividends permitted to be paid in 2026 by MetLife, Inc.’s primary U.S. insurance subsidiaries without insurance regulatory approval and the actual dividends paid for the six months ended June 30, 2026:
CompanyPaid (1)Permitted Without
Approval (2)
(In millions)
MLIC$1,363 $2,121 
American Life Insurance Company$1,333 $2,219 
Metropolitan Tower Life Insurance Company$— $547 
__________________
(1)Reflects all amounts paid, including those where regulatory approval was obtained as required.
(2)Reflects dividend amounts that may be paid during 2026 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2026, some or all of such dividends may require regulatory approval.
In addition to the amounts presented in the table above, for the six months ended June 30, 2026, MetLife, Inc. also received from certain other subsidiaries cash dividends totaling $152 million and cash returns of capital totaling $12 million.
The dividend capacity of our non-U.S. operations is subject to similar restrictions established by the local regulators. The non-U.S. regulatory regimes also commonly limit dividend payments to the parent company to a portion of the subsidiary’s prior year statutory income, as determined by the local accounting principles. The regulators of our non-U.S. operations, including Japan’s Financial Services Agency, may also limit or not permit profit repatriations or other transfers of funds to the U.S. if such transfers are deemed to be detrimental to the solvency or financial strength of the non-U.S. operations, or for other reasons. Most of our non-U.S. subsidiaries are second tier subsidiaries which are owned by various non-U.S. holding companies. The capital and rating considerations applicable to our first-tier subsidiaries may also impact the dividend flow into MetLife, Inc.
We proactively manage target and excess capital levels and dividend flows and forecast local capital positions as part of the financial planning cycle. The dividend capacity of certain U.S. and non-U.S. subsidiaries is also subject to business targets in excess of the minimum capital necessary to maintain the desired rating or level of financial strength in the relevant market.
Long-term Debt Outstanding
The following table summarizes the outstanding long-term debt of MetLife, Inc. at:
June 30, 2026December 31, 2025
(In millions)
Long-term debt — unaffiliated
$13,768 $13,999 
Long-term debt — affiliated
$1,408 $1,451 
Subordinated debt securities
$4,450 $3,461 
Affiliated Capital and Lending Transactions
For the six months ended June 30, 2026 and 2025, MetLife, Inc. invested a net amount of $153 million and $28 million, respectively, in various subsidiaries.
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MetLife, Inc. lends funds, as necessary, through credit agreements or otherwise to its subsidiaries and affiliates, some of which are regulated, to meet their capital requirements or to provide liquidity. MetLife, Inc. had loans to subsidiaries outstanding of $255 million and $0 at June 30, 2026 and December 31, 2025, respectively. In March 2026, MetLife Services and Solutions, LLC (“MSS”) issued a $300 million short-term note to MetLife, Inc., bearing interest at the three-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate plus 1.24%. In June 2026, MSS repaid $60 million of the short-term note to MetLife, Inc. in cash.
Adopted Accounting Pronouncements
See Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements.
Future Adoption of Accounting Pronouncements
See Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements.
Non-GAAP and Other Financial Disclosures
In this report, the Company presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance our investors’ understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.
The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:Comparable GAAP financial measures:
(i)
adjusted premiums, fees and other revenues
(i)
premiums, fees and other revenues
(ii)adjusted earnings(ii)net income (loss)
(iii)adjusted earnings available to common
shareholders		(iii)net income (loss) available to MetLife, Inc.’s common shareholders
(iv)
adjusted net investment income
(iv)
net investment income
Any financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period (“constant currency basis”).
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in “— Results of Operations” and “— Investments.” Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income (loss).
Our definitions of non-GAAP and other financial measures discussed in this report may differ from those used by other companies.
Adjusted earnings and related measures:
•adjusted earnings;
•adjusted earnings available to common shareholders; and
•adjusted earnings available to common shareholders, on a constant currency basis.
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Adjusted earnings is used by the Company’s chief operating decision maker, its Chief Executive Officer (“CEO”), to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is our GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of the Company’s performance relative to its business plan and facilitate comparisons to industry results.
Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. For additional information relating to adjusted earnings, see “Financial Measure and Segment Accounting Policies” and “Corporate & Other” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements.
In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.
Return on equity, allocated equity and related measures:
•Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits (“FPBs”) discount rate remeasurement gains (losses), MRBs instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and the embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses) passed through to reinsurers), 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, FPBs discount rate remeasurement gains (losses), MRBs instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI, the embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses) passed through to reinsurers) and total notable items, all net of income tax.
•Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.
•Allocated equity: the portion of total MetLife, Inc.’s adjusted common stockholders’ equity that management allocates to each of its segments based on local capital requirements and economic capital. See “— Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Economic Capital” in the 2025 Annual Report.
The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and FPBs discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility.
Expense ratio and direct expense ratio:
•Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
•Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.
•Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers: direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding pension risk transfers.
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Assets under management:
•Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below).
•MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that MIM manages or advises.
•General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account (“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, FVO securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and REJVs included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and REJVs that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate and REJVs and include them as commercial mortgage loans.
•Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement.
◦Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
◦Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
◦Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements.
Other items:
The following additional information is relevant to an understanding of our performance:
•We sometimes refer to sales activity for various products. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. Further, sales statistics for our Asia, Latin America, and EMEA segments are on a constant currency basis.
•Volume growth, where cited, represents the change in certain measures of our segment results, including adjusted earnings, attributable to business growth, applying a model in which certain margins and factors are held constant, the most significant of which are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates.
•Operating margin is calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues.
•Pension risk transfers include U.K. funded reinsurance.
•“Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets.
•Near-term represents one to three years.
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•We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.
•Notable items reflect the unexpected impact of events that affect the Company’s results, but that were unknown and that the Company could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of the Company’s results and to evaluate and forecast those results. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders.
•The Company uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. The Company defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders.
Risk Management
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management” in the 2025 Annual Report for information on our risk management.
Subsequent Events
See Note 20 of the Notes to the Interim Condensed Consolidated Financial Statements for information on an additional 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 2025 Annual Report. There have been no material changes to our market risk exposures from those previously disclosed in the 2025 Annual Report.
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Item 4. Controls and Procedures
Management, with the participation of the CEO and CFO, has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of the end of the period covered by this report. Based on that evaluation, the CEO and CFO have concluded that these disclosure controls and procedures are effective.
There were no material changes to the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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Part II — Other Information
Item 1. Legal Proceedings
See Note 18 of the Notes to the Interim Condensed Consolidated Financial Statements.
Item 1A. Risk Factors
Certain factors that may affect the Company’s business or operations are described under “Risk Factors” in Part I, Item 1A, of the 2025 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2025 Annual Report.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
Purchases of MetLife, Inc. common stock made by or on behalf of MetLife, Inc. or its affiliates during the quarter ended June 30, 2026 are set forth below:
Period
Total Number of
Shares Purchased (1)
Average Price
Paid per Share
Total Number of
Shares
Purchased as Part of
Publicly Announced
Plans or Programs
Maximum Number (or
Approximate Dollar Value)
of Shares that May Yet
Be Purchased Under the
Plans or Programs (2)
April 1 - April 30, 20262,610,199 $74.52 2,610,199 $1,122,489,017 
May 1 - May 31, 20263,406,311 $81.03 3,406,311 $846,489,489 
June 1 - June 30, 20262,652,706 $84.44 2,652,706 $622,489,077 
Total8,669,216 8,669,216 
__________________
(1)During the periods presented, separate account index funds did not purchase any MetLife, Inc. common stock on the open market in non-discretionary transactions.
(2)In April 2025, MetLife, Inc. announced that its Board of Directors authorized an additional $3.0 billion of common stock repurchases. At June 30, 2026, MetLife, Inc. had $622 million of common stock repurchases remaining under its authorization. Neither the authorization remaining, nor the amount repurchased, reflect the applicable excise tax payable in connection with such repurchases. On August 5, 2026, MetLife, Inc. announced that its Board of Directors authorized an additional $3.0 billion of common stock repurchases. For more information on our common stock authorizations and common stock repurchases, including the excise tax payable in connection therewith, see Note 13 of the Notes to the Interim Condensed Consolidated Financial Statements. See also “Risk Factors — Capital Risks — We May Not be Able to Pay Dividends or Repurchase Our Stock Due to Legal and Regulatory Restrictions or Cash Buffer Needs” included in the 2025 Annual Report.
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Item 5. Other Information
Securities trading plans
During the three months ended June 30, 2026, none of our Section 16 officers or directors (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any “non-Rule 10b5-1 trading arrangement” (as defined in Section 408(c) of Regulation S-K).
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Item 6. Exhibits
Incorporated by Reference
Exhibit No.DescriptionForm File NumberExhibit Filing DateFiled or Furnished Herewith
31.1X
31.2X
32.1X
32.2X
101.SCHInline XBRL Taxonomy Extension Schema Document.X
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
X
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document.
X
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.
X
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.X
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document.X
104
Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).
X


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Glossary
Throughout this Form 10-Q, the Company may use certain abbreviations, acronyms and terms which are further detailed below.
A.M. BestA.M. Best Company, Inc.Company Action Level RBCMinimum level of TAC before corrective action commences is twice authorized control level RBC
ABOAccumulated Benefit ObligationsCredit FacilityUnsecured revolving credit facility
ABS & CLOAsset-Backed Securities and Collateralized Loan ObligationsCROChief Risk Officer
ACLAllowance For Credit LossC-ROSSChina Risk Oriented Solvency System
AD&DAccidental Death and DismembermentCSRDCorporate Sustainability Reporting Directive
AFSAvailable-For-SaleCybersecurity Model LawNAIC’s Insurance Data Security Model Law
AIArtificial IntelligenceDACDeferred Policy Acquisition Costs
ALMAsset/Liability ManagementDeferred SharesAwards that have become payable in shares but the issuance of which has been deferred
Alt-AAlternative Residential Mortgage LoansDelaware CommissionerDelaware Commissioner of Insurance
American LifeAmerican Life Insurance CompanyDodd-FrankDodd-Frank Wall Street Reform and Consumer Protection Act
AOCIAccumulated Other Comprehensive Income (Loss)DOLU.S. Department of Labor
APBOAccumulated Postretirement Benefit ObligationDPLDeferred Profit Liability
ASOAdministrative Services-OnlyDSCRDebt Service Coverage Ratios
ASUAccounting Standards UpdateEEAEuropean Economic Area
AUMAssets Under ManagementEMEAEurope, the Middle East and Africa
Authorized Control Level RBCAuthorized Control Level RBC, calculated in the manner prescribed by the NAICERCEnterprise Risk Committee
BrighthouseBrighthouse Financial, Inc. and its SubsidiariesERISAEmployee Retirement Income Security Act of 1974
CBIRCThe China Banking and Insurance Regulatory CommissionERMEnterprise Risk Management
CCPACalifornia Consumer Privacy ActEUEuropean Union
CEOChief Executive OfficerEU AI ActEuropean Union’s Artificial Intelligence Act
CFEsCollateralized Financing EntitiesExchange ActSecurities Exchange Act of 1934, as amended
CFOChief Financial OfficerFarmer MacFederal Agricultural Mortgage Corporation
CFPBConsumer Financial Protection BureauFASBFinancial Accounting Standards Board
CFTCCommodity Futures Trading CommissionFDICFederal Deposit Insurance Corporation
ChariotChariot Holding Company, LPFederal ReserveFederal Reserve Board & Federal Reserve Bank of New York
Chariot ReChariot Reinsurance, Ltd.Federal Reserve BoardBoard of Governors of the Federal Reserve System
CISOChief Information Security OfficerFHLBNYFederal Home Loan Bank of New York
CLO InvestmentsCLO Fund InvestmentsFINRAFinancial Industry Regulatory Authority
CLOsCollateralized Loan ObligationsFIOFederal Insurance Office
CMBSCommercial Mortgage-Backed SecuritiesFitchFitch Ratings Inc.
COLICompany-Owned Life Insurance PoliciesFPBsFuture Policy Benefits
Committed FacilitiesCredit Facility, as well as certain committed facilitiesFSAFinancial Services Agency in Japan
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FSBFinancial Stability BoardMRVMetLife Reinsurance Company of Vermont
FSOCFinancial Stability Oversight CouncilMSSMetLife Services and Solutions, LLC
FVOFair Value OptionMTLMetropolitan Tower Life Insurance Company
GAAPAccounting principles generally accepted in the United States of America NAICNational Association of Insurance Commissioners
GCCGroup Capital CalculationNAVNet Asset Value
GDPRGeneral Data Protection RegulationNebraska DirectorDirector of the Nebraska Department of Insurance
GICsGuaranteed Interest ContractsNGEsNon-Guaranteed Elements
GILTIGlobal Intangible Low-Taxed IncomeNIFONet investment in a foreign operation
GMABsGuaranteed Minimum Accumulation BenefitsNon-Bank SIFINon-Bank Systemically Important Financial Institution
GMCRGuaranteed Minimum Crediting RatesNPRNet Premium Ratio
GMDBsGuaranteed Minimum Death BenefitsNQMNonqualified Residential Mortgage
GMIBsGuaranteed Minimum Income BenefitsNRSRONationally Recognized Statistical Rating Organizations
GMWBsGuaranteed Minimum Withdrawal BenefitsNYDFSNew York State Department of Financial Services
GMXBsGuaranteed Minimum BenefitsOCIOther Comprehensive Income (Loss)
IAIGsInternationally Active Insurance GroupsOLPIOther Limited Partnership Interests
IAISInternational Association of Insurance SupervisorsOTCOver-the-Counter
IBNPIncurred But Not PaidOTC-bilateralBilateral contracts between two counterparties
IBNRIncurred But Not ReportedOTC-clearedOTC derivatives are cleared and settled through central clearing counterparties
IMRInterest Maintenance ReservePABsPolicyholder Account Balances
Invested PlansAssets of the qualified pension plans and postretirement medical plansPBOProjected Benefit Obligation
IRSInternal Revenue ServicePCAOBPublic Company Accounting Oversight Board
LDTILong-Duration Targeted ImprovementsPhantom Stock-Based AwardsCash-settled awards based in whole or in part on the price of shares or changes in the price of shares
LDTI Transition DateJanuary 1, 2021PineBridgePineBridge Investments
LIBORLondon Interbank Offered RatePTEProhibited Transaction Exemption
LTVLoan-To-ValueRBCRisk-Based Capital
MetLife MalaysiaAmMetLife Insurance Berhad (Malaysia) and AmMetLife Takaful Berhad (Malaysia)RCCReplacement Capital Covenant
MIMMetLife Investment Management, the Company’s institutional asset management businessREJVsReal Estate Joint Ventures
MLICMetropolitan Life Insurance CompanyRetiree VEBAU.S. Retiree Health and Welfare Benefit Obligations
Moody’sMoody’s Investors Service, Inc.RISRetirement and Income Solutions
MoReMissouri Reinsurance, Inc.RMBSResidential Mortgage-Backed Securities
MrBMetLife Reinsurance Company of Bermuda, Ltd.ROURight-of-Use
MRBMarket Risk BenefitSCLSpecial Considerations Letter
MRCMetLife Reinsurance Company of CharlestonSECU.S. Securities and Exchange Commission
MrHMetLife Reinsurance Company of Hamilton, Ltd.SeparationDistribution of shares of Brighthouse Financial, Inc. common stock to the MetLife, Inc. common shareholders
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Series A preferred stockNon-Cumulative Preferred Stock, Series ATRRsTotal Rate of Return Swaps
Series D preferred stock5.875% Fixed-To-Floating Rate Non-Cumulative Preferred Stock, Series DU.K.United Kingdom
Series E preferred stock5.625% Non-Cumulative Preferred Stock, Series EU.S.United States
Series F preferred stock4.75% Non-Cumulative Preferred Stock, Series FULSGUniversal and Variable Universal Life Policies with Secondary Guarantees
Series G preferred stock3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series GUnit-linked and FVO SecuritiesContractholder-directed equity securities and FVO securities
SOFRSecured Overnight Financing RateUnit-linked investmentsContractholder-directed investments supporting unit-linked variable annuity type liabilities
SSGStructured Securities GroupUREVUnearned Revenue
Statement-Based Combined RBC RatioInternally defined Combined RBC RatioVIEsVariable Interest Entities
Statutory CodificationCodification of Statutory Accounting PrinciplesVMValuation Manual
Structured ProductsRMBS, ABS & CLO and CMBSVOBAValue of Business Acquired
SuperintendentNew York Superintendent of Financial ServicesVOCRAValue of Customer Relationships Acquired
S&PStandard & Poor’s Global RatingsVODAValue of Distribution Agreements
TACTotal Adjusted Capital, calculated in the manner prescribed by the NAIC
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
METLIFE, INC.
By:/s/ Adrienne O’Neill

Name:  Adrienne O’Neill
Title:    Executive Vice President
             and Chief Accounting Officer
             (Authorized Signatory and Principal
             Accounting Officer)
            
Date: August 6, 2026
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