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v3.25.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting Information, by Segment |
Three Months Ended June 30, 2025 |  | Group Benefits |  | RIS |  | Asia |  | Latin America |  | EMEA |  | MetLife Holdings
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Premiums |  | $ | 5,801 |  |  | $ | 1,210 |  |  | $ | 1,278 |  |  | $ | 1,260 |  |  | $ | 626 |  |  | $ | 624 |
Universal life and investment-type product policy fees |  | 240 |  |  | 85 |  |  | 399 |  |  | 371 |  |  | 84 |  |  | 80 |
Net investment income (1) |  | 310 |  |  | 2,145 |  |  | 1,210 |  |  | 445 |  |  | 61 |  |  | 964 |
Other revenues |  | 405 |  |  | 60 |  |  | 22 |  |  | 3 |  |  | 9 |  |  | 36 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Policyholder benefits and claims and policyholder dividends |  | 5,161 |  |  | 2,043 |  |  | 1,051 |  |  | 1,216 |  |  | 309 |  |  | 1,164 |
Policyholder liability remeasurement (gains) losses |  | (4) |  |  | 1 |  |  | (12) |  |  | — |  |  | 4 |  |  | 16 |
Interest credited to PABs |  | 43 |  |  | 878 |  |  | 757 |  |  | 96 |  |  | 20 |  |  | 90 |
Other expenses: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”) and negative VOBA |  | 7 |  |  | 18 |  |  | 223 |  |  | 137 |  |  | 88 |  |  | 53 |
Interest expense on debt |  | 1 |  |  | 3 |  |  | — |  |  | 4 |  |  | — |  |  | 3 |
Direct and allocated expenses |  | 503 |  |  | 80 |  |  | 304 |  |  | 143 |  |  | 111 |  |  | 158 |
Other segment expenses (2) |  | 538 |  |  | 19 |  |  | 91 |  |  | 166 |  |  | 120 |  |  | 43 |
Provision for income tax expense (benefit) |  | 107 |  |  | 90 |  |  | 145 |  |  | 84 |  |  | 28 |  |  | 33 |
Adjusted earnings |  | $ | 400 |  |  | $ | 368 |  |  | $ | 350 |  |  | $ | 233 |  |  | $ | 100 |  |  | $ | 144 |
Three Months Ended June 30, 2024 |  | Group Benefits |  | RIS |  | Asia |  | Latin America |  | EMEA |  | MetLife Holdings
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Premiums |  | $ | 5,599 |  |  | $ | 2,448 |  |  | $ | 1,216 |  |  | $ | 1,122 |  |  | $ | 536 |  |  | $ | 692 |
Universal life and investment-type product policy fees |  | 229 |  |  | 73 |  |  | 434 |  |  | 373 |  |  | 77 |  |  | 94 |
Net investment income (1) |  | 313 |  |  | 2,117 |  |  | 1,167 |  |  | 398 |  |  | 54 |  |  | 1,016 |
Other revenues |  | 382 |  |  | 61 |  |  | 18 |  |  | 11 |  |  | 8 |  |  | 37 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Policyholder benefits and claims and policyholder dividends |  | 4,780 |  |  | 3,248 |  |  | 988 |  |  | 1,018 |  |  | 265 |  |  | 1,252 |
Policyholder liability remeasurement (gains) losses |  | 2 |  |  | (23) |  |  | (4) |  |  | (3) |  |  | 1 |  |  | 17 |
Interest credited to PABs |  | 48 |  |  | 838 |  |  | 657 |  |  | 115 |  |  | 17 |  |  | 106 |
Other expenses: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of DAC, VOBA and negative VOBA |  | 7 |  |  | 16 |  |  | 202 |  |  | 129 |  |  | 81 |  |  | 57 |
Interest expense on debt |  | 1 |  |  | 3 |  |  | — |  |  | 4 |  |  | — |  |  | 3 |
Direct and allocated expenses |  | 490 |  |  | 74 |  |  | 272 |  |  | 145 |  |  | 104 |  |  | 156 |
Other segment expenses (2) |  | 521 |  |  | 25 |  |  | 95 |  |  | 185 |  |  | 109 |  |  | 60 |
Provision for income tax expense (benefit) |  | 141 |  |  | 108 |  |  | 176 |  |  | 85 |  |  | 21 |  |  | 35 |
Adjusted earnings |  | $ | 533 |  |  | $ | 410 |  |  | $ | 449 |  |  | $ | 226 |  |  | $ | 77 |  |  | $ | 153 |
Six Months Ended June 30, 2025 |  | Group Benefits |  | RIS |  | Asia |  | Latin America |  | EMEA |  | MetLife Holdings
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Premiums |  | $ | 11,564 |  |  | $ | 3,494 |  |  | $ | 2,538 |  |  | $ | 2,424 |  |  | $ | 1,208 |  |  | $ | 1,281 |
Universal life and investment-type product policy fees |  | 473 |  |  | 170 |  |  | 805 |  |  | 711 |  |  | 162 |  |  | 166 |
Net investment income (1) |  | 625 |  |  | 4,312 |  |  | 2,416 |  |  | 852 |  |  | 119 |  |  | 1,953 |
Other revenues |  | 839 |  |  | 121 |  |  | 37 |  |  | 12 |  |  | 17 |  |  | 73 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Policyholder benefits and claims and policyholder dividends |  | 10,344 |  |  | 5,164 |  |  | 2,088 |  |  | 2,307 |  |  | 586 |  |  | 2,364 |
Policyholder liability remeasurement (gains) losses |  | (22) |  |  | (14) |  |  | (23) |  |  | (3) |  |  | 4 |  |  | 32 |
Interest credited to PABs |  | 87 |  |  | 1,737 |  |  | 1,468 |  |  | 194 |  |  | 37 |  |  | 178 |
Other expenses: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of DAC, VOBA and negative VOBA |  | 13 |  |  | 35 |  |  | 439 |  |  | 266 |  |  | 182 |  |  | 108 |
Interest expense on debt |  | 1 |  |  | 6 |  |  | — |  |  | 8 |  |  | — |  |  | 6 |
Direct and allocated expenses |  | 1,027 |  |  | 165 |  |  | 610 |  |  | 278 |  |  | 220 |  |  | 326 |
Other segment expenses (2) |  | 1,080 |  |  | 46 |  |  | 183 |  |  | 342 |  |  | 240 |  |  | 92 |
Provision for income tax expense (benefit) |  | 204 |  |  | 189 |  |  | 307 |  |  | 156 |  |  | 54 |  |  | 69 |
Adjusted earnings |  | $ | 767 |  |  | $ | 769 |  |  | $ | 724 |  |  | $ | 451 |  |  | $ | 183 |  |  | $ | 298 |
Six Months Ended June 30, 2024 |  | Group Benefits |  | RIS |  | Asia |  | Latin America |  | EMEA |  | MetLife Holdings
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Premiums |  | $ | 11,310 |  |  | $ | 3,123 |  |  | $ | 2,513 |  |  | $ | 2,237 |  |  | $ | 1,072 |  |  | $ | 1,405 |
Universal life and investment-type product policy fees |  | 451 |  |  | 148 |  |  | 860 |  |  | 743 |  |  | 154 |  |  | 172 |
Net investment income (1) |  | 628 |  |  | 4,206 |  |  | 2,275 |  |  | 784 |  |  | 108 |  |  | 2,026 |
Other revenues |  | 779 |  |  | 124 |  |  | 39 |  |  | 22 |  |  | 15 |  |  | 87 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Policyholder benefits and claims and policyholder dividends |  | 10,016 |  |  | 4,719 |  |  | 2,055 |  |  | 2,001 |  |  | 523 |  |  | 2,503 |
Policyholder liability remeasurement (gains) losses |  | (1) |  |  | (22) |  |  | (36) |  |  | (11) |  |  | 1 |  |  | 37 |
Interest credited to PABs |  | 96 |  |  | 1,634 |  |  | 1,304 |  |  | 229 |  |  | 36 |  |  | 209 |
Other expenses: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of DAC, VOBA and negative VOBA |  | 13 |  |  | 31 |  |  | 407 |  |  | 254 |  |  | 171 |  |  | 116 |
Interest expense on debt |  | 1 |  |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Direct and allocated expenses |  | 995 |  |  | 154 |  |  | 554 |  |  | 285 |  |  | 205 |  |  | 321 |
Other segment expenses (2) |  | 1,015 |  |  | 56 |  |  | 196 |  |  | 379 |  |  | 212 |  |  | 113 |
Provision for income tax expense (benefit) |  | 216 |  |  | 213 |  |  | 335 |  |  | 183 |  |  | 47 |  |  | 72 |
Adjusted earnings |  | $ | 817 |  |  | $ | 809 |  |  | $ | 872 |  |  | $ | 459 |  |  | $ | 154 |  |  | $ | 312 |
__________________ (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,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Group Benefits |  | — | % |  | — | % |  | — | % |  | 1 | %
RIS |  | 4 | % |  | 4 | % |  | 5 | % |  | 4 | %
Asia |  | 10 | % |  | 12 | % |  | 10 | % |  | 10 | %
MetLife Holdings |  | 3 | % |  | 5 | % |  | 4 | % |  | 5 | %
(2)Includes pension, postretirement and postemployment benefit costs; premium taxes, other taxes, and licenses & fees; and commissions and other variable expenses. This line item is net of capitalization of DAC. The 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, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
|  | (In millions) |  | (In millions) |  |
Total segment adjusted earnings |  | $ | 1,595 |  |  | $ | 1,848 |  |  | $ | 3,192 |  |  | $ | 3,423 |  |  |
Corporate & Other |  | (202) |  |  | (186) |  |  | (384) |  |  | (360) |  |  |
Total consolidated adjusted earnings |  | 1,393 |  |  | 1,662 |  |  | 2,808 |  |  | 3,063 |  |  |
Net investment gains (losses) |  | (273) |  |  | (421) |  |  | (660) |  |  | (796) |  |  |
Net derivative gains (losses) |  | (796) |  |  | (508) |  |  | (364) |  |  | (1,487) |  |  |
MRB remeasurement gains (losses) |  | 277 |  |  | 182 |  |  | (22) |  |  | 876 |  |  |
Investment hedge adjustments |  | (102) |  |  | (172) |  |  | (205) |  |  | (348) |  |  |
Other |  | 41 |  |  | (60) |  |  | (90) |  |  | (10) |  |  |
Provision for income tax (expense) benefit |  | 195 |  |  | 270 |  |  | 218 |  |  | 530 |  |  |
Net income (loss) |  | $ | 735 |  |  | $ | 953 |  |  | $ | 1,685 |  |  | $ | 1,828 |  |  |
Segment revenues: |  |  |  |  |  |  |  |  |  |
Group |  | $ | 6,756 |  |  | $ | 6,523 |  |  | $ | 13,501 |  |  | $ | 13,168 |  |  |
RIS |  | 3,500 |  |  | 4,699 |  |  | 8,097 |  |  | 7,601 |  |  |
Asia |  | 2,909 |  |  | 2,835 |  |  | 5,796 |  |  | 5,687 |  |  |
Latin America |  | 2,079 |  |  | 1,904 |  |  | 3,999 |  |  | 3,786 |  |  |
EMEA |  | 780 |  |  | 675 |  |  | 1,506 |  |  | 1,349 |  |  |
MetLife Holdings |  | 1,704 |  |  | 1,839 |  |  | 3,473 |  |  | 3,690 |  |  |
Total segment revenues |  | 17,728 |  |  | 18,475 |  |  | 36,372 |  |  | 35,281 |  |  |
Net investment gains (losses) |  | (273) |  |  | (421) |  |  | (660) |  |  | (796) |  |  |
Net derivative gains (losses) |  | (796) |  |  | (508) |  |  | (364) |  |  | (1,487) |  |  |
Investment hedge adjustments |  | (102) |  |  | (172) |  |  | (205) |  |  | (348) |  |  |
Unit-linked investment income and Reinsurance adjustments |  | 545 |  |  | 219 |  |  | 361 |  |  | 761 |  |  |
Other |  | 238 |  |  | 230 |  |  | 405 |  |  | 469 |  |  |
Total consolidated revenues |  | $ | 17,340 |  |  | $ | 17,823 |  |  | $ | 35,909 |  |  | $ | 33,880 |  |  |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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