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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information 2. Segment Information
MetLife is organized into six segments: Group Benefits, RIS, Asia, Latin America, EMEA and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. In the fourth quarter of 2024, the Company adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. As such, the disclosures have been enhanced to reflect the adoption of this update.
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.
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.
MetLife Holdings
The MetLife Holdings segment principally consists of operations relating to products and businesses that the Company no longer actively markets in the U.S. These include variable, universal, term and whole life insurance, variable, fixed and index-linked annuities and long-term care insurance. It also includes an in-force block of assumed variable annuity guarantees from a third party.
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 for the Company’s segments 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.
Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings for the Company’s segments:
•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) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits (“FPBs”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) 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, which are applicable to the Company’s segments, are made in calculating adjusted earnings:
•Net investment income and interest credited to PABs exclude certain amounts related to contractholder-directed equity securities.
•Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.
•Net investment income and other expenses also exclude Reinsurance adjustments (as defined below).
•Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.
•“Reinsurance adjustments” relate 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 are 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.
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 start-up, developing and run-off 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, the elimination of intersegment amounts (which generally relate to investment expenses and intersegment loans bearing interest rates commensurate with related borrowings), and the Company’s institutional asset management business (through which the Company provides asset management solutions to institutional investors worldwide in insurance solutions, fixed income, private capital, real estate and small to medium cap equities).
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 nine months ended September 30, 2025 and 2024.
Three Months Ended September 30, 2025Group BenefitsRISAsiaLatin
America		EMEAMetLife
Holdings
(In millions)
Revenues
Premiums$5,662 $1,045 $1,290 $1,288 $638 $621 
Universal life and investment-type product policy fees227 80 407 377 82 74 
Net investment income (1)
321 2,166 1,377 414 67 1,025 
Other revenues417 61 20 (2)7 34 
Expenses
Policyholder benefits and claims and policyholder dividends4,982 1,835 1,074 1,218 333 1,152 
Policyholder liability remeasurement (gains) losses(9)(14)(141)(4)3 4 
Interest credited to PABs45 864 804 92 21 89 
Other expenses:
Amortization of deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”) and negative VOBA7 18 207 149 85 53 
Interest expense on debt— 3 — 4 — 3 
Direct and allocated expenses498 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, 2024Group BenefitsRISAsiaLatin
America		EMEAMetLife
Holdings
(In millions)
Revenues
Premiums$5,538 $1,451 $1,272 $1,141 $562 $673 
Universal life and investment-type product policy fees231 67 420 346 84 80 
Net investment income (1)
311 2,133 1,132 435 55 981 
Other revenues377 61 18 9 9 40 
Expenses
Policyholder benefits and claims and policyholder dividends4,927 2,247 1,035 1,091 276 1,221 
Policyholder liability remeasurement (gains) losses— (148)60 (18)9 (35)
Interest credited to PABs49 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 expenses486 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, 2025Group
Benefits		RISAsiaLatin
America		EMEAMetLife
Holdings
(In millions)
Revenues
Premiums$17,226 $4,539 $3,828 $3,712 $1,846 $1,902 
Universal life and investment-type product policy fees700 250 1,212 1,088 244 240 
Net investment income (1)946 6,478 3,793 1,266 186 2,978 
Other revenues1,256 182 57 10 24 107 
Expenses
Policyholder benefits and claims and policyholder dividends15,326 6,999 3,162 3,525 919 3,516 
Policyholder liability remeasurement (gains) losses(31)(28)(164)(7)7 36 
Interest credited to PABs132 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 debt1 9 — 12 — 9 
Direct and allocated expenses1,525 242 913 425 331 480 
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, 2024Group
Benefits		RISAsiaLatin
America		EMEAMetLife
Holdings
(In millions)
Revenues
Premiums$16,848 $4,574 $3,785 $3,378 $1,634 $2,078 
Universal life and investment-type product policy fees682 215 1,280 1,089 238 252 
Net investment income (1)
939 6,339 3,407 1,219 163 3,007 
Other revenues1,156 185 57 31 24 127 
Expenses
Policyholder benefits and claims and policyholder dividends14,943 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 debt1 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,
2025202420252024
Group Benefits1 %— %1 %1 %
RIS10 %2 %6 %3 %
Asia19 %13 %14 %11 %
Latin America— %1 %— %— %
EMEA
1 %— %1 %— %
MetLife Holdings9 %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 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
September 30,		Nine Months
Ended
September 30,
2025202420252024
(In millions)
Total segment adjusted earnings$1,872 $1,624 $5,064 $5,047 
Corporate & Other(222)(182)(606)(542)
Total consolidated adjusted earnings1,650 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)
Other120 64 30 54 
Provision for income tax (expense) benefit223 (195)441 335 
Net income (loss) $902 $1,341 $2,587 $3,169 
Segment revenues:
Group$6,627 $6,457 $20,128 $19,625 
RIS3,352 3,712 11,449 11,313 
Asia3,094 2,842 8,890 8,529 
Latin America2,077 1,931 6,076 5,717 
EMEA794 710 2,300 2,059 
MetLife Holdings1,754 1,774 5,227 5,464 
Total segment revenues17,698 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 — 
Other260 306 665 775 
Total consolidated revenues$17,361 $18,440 $53,270 $52,320