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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Investments:    
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $248 and $160, respectively); and amortized cost: $324,833 and $307,421, respectively $ 304,645 $ 281,043
Equity securities 788 712
Contractholder-directed equity securities and fair value option securities, at estimated fair value 12,270 10,672
Mortgage loans (net of allowance for credit loss of $1,261 and $800, respectively) 85,843 89,012
Policy loans 8,589 8,545
Real estate and real estate joint ventures (includes $382 and $378, respectively, under the fair value option; $208 and $65, respectively, of real estate held-for-sale; $296 and $183, respectively, relating to variable interest entities) 13,932 13,342
Other limited partnership interests 14,741 14,378
Short-term investments, principally at estimated fair value 5,962 5,156
Other invested assets (includes $1,622 and $1,851, respectively, of leveraged and direct financing leases; $517 and $424, respectively, relating to variable interest entities) 16,932 18,504
Total investments 463,702 441,364
Cash and cash equivalents, principally at estimated fair value 20,233 20,068
Accrued investment income 3,791 3,489
Premiums, reinsurance and other receivables (includes $0 and $47, respectively, relating to variable interest entities) 40,329 29,761
Market risk benefits, at estimated fair value 392 372
Deferred policy acquisition costs and value of business acquired 21,175 19,627
Current income tax recoverable 374 295
Deferred income tax asset 2,719 2,994
Goodwill 9,095 8,901
Other assets 11,572 11,082
Separate account assets 146,344 139,504
Total assets 719,726 677,457
Liabilities    
Future policy benefits 199,169 193,646
Policyholder account balances 235,312 221,445
Market risk benefits, at estimated fair value 2,585 2,581
Other policy-related balances 20,361 18,899
Policyholder dividends payable 369 385
Payables for collateral under securities loaned and other transactions 17,139 17,128
Short-term debt (includes $107 and $133, respectively, relating to variable interest entities) 378 465
Long-term debt (includes $45 and $0, respectively, relating to variable interest entities) 15,300 15,086
Collateral financing arrangement 398 476
Subordinated debt securities 4,154 3,164
Deferred income tax liability 574 132
Other liabilities (includes $54 and $0, respectively, relating to variable interest entities) 48,452 36,843
Separate account liabilities 146,344 139,504
Total liabilities 690,535 649,754
Contingencies, Commitments and Guarantees (Note 21)
MetLife, Inc.’s stockholders’ equity:    
Preferred stock, par value $0.01 per share; $2,905 and $3,905, respectively, aggregate liquidation preference 0 0
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,195,534,313 and 1,194,168,628 shares issued, respectively; 660,724,727 and 689,211,065 shares outstanding, respectively 12 12
Additional paid-in capital 32,855 33,791
Retained earnings 43,887 42,626
Treasury stock, at cost; 534,809,586 and 504,957,563 shares, respectively (30,244) (27,798)
Accumulated other comprehensive income (loss) (17,566) (21,186)
Total MetLife, Inc.’s stockholders’ equity 28,944 27,445
Noncontrolling interests 247 258
Total equity 29,191 27,703
Total liabilities and equity $ 719,726 $ 677,457