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Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

Three Months Ended September 30, 2025						Group Benefits						RIS						Asia						Latin America						EMEA						MetLife Holdings
						(In millions)
Revenues
Premiums						$	5,662					$	1,045					$	1,290					$	1,288					$	638					$	621
Universal life and investment-type product policy fees						227						80						407						377						82						74
Net investment income (1)						321						2,166						1,377						414						67						1,025
Other revenues						417						61						20						(2)						7						34
Expenses
Policyholder benefits and claims and policyholder dividends						4,982						1,835						1,074						1,218						333						1,152
Policyholder liability remeasurement (gains) losses						(9)						(14)						(141)						(4)						3						4
Interest credited to PABs						45						864						804						92						21						89
Other expenses:
Amortization of deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”) and negative VOBA						7						18						207						149						85						53
Interest expense on debt						—						3						—						4						—						3
Direct and allocated expenses						498						77						303						147						111						154
Other segment expenses (2)						528						23						92						265						125						47
Provision for income tax expense (benefit)						121						110						212						59						28						49
Adjusted earnings						$	455					$	436					$	543					$	147					$	88					$	203

Three Months Ended September 30, 2024						Group Benefits						RIS						Asia						Latin America						EMEA						MetLife Holdings
						(In millions)
Revenues
Premiums						$	5,538					$	1,451					$	1,272					$	1,141					$	562					$	673
Universal life and investment-type product policy fees						231						67						420						346						84						80
Net investment income (1)						311						2,133						1,132						435						55						981
Other revenues						377						61						18						9						9						40
Expenses
Policyholder benefits and claims and policyholder dividends						4,927						2,247						1,035						1,091						276						1,221
Policyholder liability remeasurement (gains) losses						—						(148)						60						(18)						9						(35)
Interest credited to PABs						49						874						683						108						17						84
Other expenses:
Amortization of DAC, VOBA and negative VOBA						6						14						211						126						91						58
Interest expense on debt						—						4						—						4						—						4
Direct and allocated expenses						486						75						303						129						109						159
Other segment expenses (2)						517						55						119						182						114						57
Provision for income tax expense (benefit)						99						119						125						88						24						44
Adjusted earnings						$	373					$	472					$	306					$	221					$	70					$	182

Nine Months Ended September 30, 2025						Group Benefits						RIS						Asia						Latin America						EMEA						MetLife Holdings
						(In millions)
Revenues
Premiums						$	17,226					$	4,539					$	3,828					$	3,712					$	1,846					$	1,902
Universal life and investment-type product policy fees						700						250						1,212						1,088						244						240
Net investment income (1)						946						6,478						3,793						1,266						186						2,978
Other revenues						1,256						182						57						10						24						107
Expenses
Policyholder benefits and claims and policyholder dividends						15,326						6,999						3,162						3,525						919						3,516
Policyholder liability remeasurement (gains) losses						(31)						(28)						(164)						(7)						7						36
Interest credited to PABs						132						2,601						2,272						286						58						267
Other expenses:
Amortization of DAC, VOBA and negative VOBA						20						53						646						415						267						161
Interest expense on debt						1						9						—						12						—						9
Direct and allocated expenses						1,525						242						913						425						331						480
Other segment expenses (2)						1,608						69						275						607						365						139
Provision for income tax expense (benefit)						325						299						519						215						82						118
Adjusted earnings						$	1,222					$	1,205					$	1,267					$	598					$	271					$	501

Nine Months Ended September 30, 2024						Group Benefits						RIS						Asia						Latin America						EMEA						MetLife Holdings
						(In millions)
Revenues
Premiums						$	16,848					$	4,574					$	3,785					$	3,378					$	1,634					$	2,078
Universal life and investment-type product policy fees						682						215						1,280						1,089						238						252
Net investment income (1)						939						6,339						3,407						1,219						163						3,007
Other revenues						1,156						185						57						31						24						127
Expenses
Policyholder benefits and claims and policyholder dividends						14,943						6,966						3,090						3,092						799						3,724
Policyholder liability remeasurement (gains) losses						(1)						(170)						24						(29)						10						2
Interest credited to PABs						145						2,508						1,987						337						53						293
Other expenses:
Amortization of DAC, VOBA and negative VOBA						19						45						618						380						262						174
Interest expense on debt						1						11						—						11						—						11
Direct and allocated expenses						1,481						229						857						414						314						480
Other segment expenses (2)						1,532						111						315						561						326						170
Provision for income tax expense (benefit)						315						332						460						271						71						116
Adjusted earnings						$	1,190					$	1,281					$	1,178					$	680					$	224					$	494

__________________

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

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Group Benefits						1		%				—		%				1		%				1		%
RIS						10		%				2		%				6		%				3		%
Asia						19		%				13		%				14		%				11		%
Latin America						—		%				1		%				—		%				—		%
EMEA						1		%				—		%				1		%				—		%
MetLife Holdings						9		%				2		%				5		%				4		%

(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 September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
						(In millions)
Total segment adjusted earnings						$	1,872					$	1,624					$	5,064					$	5,047
Corporate & Other						(222)						(182)						(606)						(542)
Total consolidated adjusted earnings						1,650						1,442						4,458						4,505
Net investment gains (losses)						(325)						(77)						(985)						(873)
Net derivative gains (losses)						(929)						767						(1,293)						(720)
MRB remeasurement gains (losses)						263						(531)						241						345
Investment hedge adjustments						(100)						(129)						(305)						(477)
Other						120						64						30						54
Provision for income tax (expense) benefit						223						(195)						441						335
Net income (loss)						$	902					$	1,341					$	2,587					$	3,169
Segment revenues:
Group						$	6,627					$	6,457					$	20,128					$	19,625
RIS						3,352						3,712						11,449						11,313
Asia						3,094						2,842						8,890						8,529
Latin America						2,077						1,931						6,076						5,717
EMEA						794						710						2,300						2,059
MetLife Holdings						1,754						1,774						5,227						5,464
Total segment revenues						17,698						17,426						54,070						52,707
Net investment gains (losses)						(325)						(77)						(985)						(873)
Net derivative gains (losses)						(929)						767						(1,293)						(720)
Investment hedge adjustments						(100)						(129)						(305)						(477)
Unit-linked investment income						580						147						851						908
Reinsurance adjustments						177						—						267						—
Other						260						306						665						775
Total consolidated revenues						$	17,361					$	18,440					$	53,270					$	52,320

X

- 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

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- References

No definition available.

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