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 MARCH 31, 2025

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: 000-55029

 ________________________________________

Metropolitan Life Insurance Company

(Exact name of registrant as specified in its charter)

New York			13-5581829
(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 class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

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 May 6, 2025, 494,466,664 shares of the registrant’s common stock were outstanding, all of which were owned directly by MetLife, Inc.

REDUCED DISCLOSURE FORMAT

The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is, therefore, filing this Form 10-Q with the reduced disclosure format.

Table of Contents

		Page
Part I — Financial Information
Item 1.	Financial Statements (Unaudited) (at March 31, 2025 and December 31, 2024 and for the Three Months Ended March 31, 2025 and 2024)
	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	10
	Note 3 — Future Policy Benefits	14
	Note 4 — Policyholder Account Balances	18
	Note 5 — Market Risk Benefits	23
	Note 6 — Separate Accounts	26
	Note 7 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue	29
	Note 8 — Closed Block	31
	Note 9 — Investments	33
	Note 10 — Derivatives	47
	Note 11 — Fair Value	56
	Note 12 — Equity	69
	Note 13 — Other Revenues and Other Expenses	71
	Note 14 — Income Tax	72
	Note 15 — Contingencies, Commitments and Guarantees	72
	Note 16 — Related Party Transactions	76
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	79
Item 4.	Controls and Procedures	87
Part II — Other Information
Item 1.	Legal Proceedings	87
Item 1A.	Risk Factors	87
Item 5.	Other Information	87
Item 6.	Exhibits	88
Glossary		89
Signatures		91

As used in this Form 10-Q, “MLIC,” the “Company,” “we,” “our” and “us” refer to Metropolitan Life Insurance Company, a New York corporation incorporated in 1868, and its subsidiaries. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”).

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 Metropolitan Life Insurance Company’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, real estate, obligors and counterparties, government default, derivatives, climate change and public health;

(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 environmental, social, and governance standards or to enhance our sustainability;

(11) investment defaults, downgrades, or volatility;

(12) investment sales or lending difficulties;

(13) collateral or derivative-related payments;

(14) investment valuations, allowances, or impairments changes;

(15) claims or other results that differ from our estimates, assumptions, or models;

(16) business competition;

(17) technological changes;

(18) catastrophes;

2

(19) climate changes or responses to it;

(20) deficiencies in our closed block;

(21) impairment of value of business acquired, value of distribution agreements acquired or value of customer relationships acquired;

(22) product guarantee volatility, costs, and counterparty risks;

(23) risk management failures;

(24) insufficient protection from operational risks;

(25) failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or disaster recovery failures;

(26) accounting standards changes;

(27) excessive risk-taking; and

(28) marketing and distribution difficulties.

Metropolitan Life Insurance Company does not undertake any obligation to publicly correct or update any forward-looking statement if Metropolitan Life Insurance Company later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures Metropolitan Life Insurance Company makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.

Note Regarding Reliance on Statements in Our Contracts

See “Exhibits — Note Regarding Reliance on Statements in Our Contracts” for information regarding agreements included as exhibits to this Quarterly Report on Form 10-Q.

3

Part I — Financial Information

Item 1. Financial Statements

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Balance Sheets

March 31, 2025 and December 31, 2024 (Unaudited)

(In millions, except share and per share data)

	March 31, 2025		December 31, 2024
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $86 and $112, respectively); and amortized cost: $156,152 and $153,744, respectively	$	145,465	$	140,832
Mortgage loans (net of allowance for credit loss of $629 and $503, respectively; includes $172 and $198, respectively, relating to variable interest entities)	58,902		60,025
Policy loans	5,693		5,601
Real estate and real estate joint ventures (includes $1,948 and $2,000, respectively, relating to variable interest entities, $377 and $378, respectively, under the fair value option)	8,844		8,902
Other limited partnership interests	6,773		7,054
Short-term investments, at estimated fair value	2,576		2,391
Other invested assets (includes $663 and $729, respectively, of leveraged and direct financing leases; $112 and $112, respectively, relating to variable interest entities)	16,081		17,674
Total investments	244,334		242,479
Cash and cash equivalents, principally at estimated fair value (includes $26 and $0 respectively, relating to variable interest entities)	6,182		7,271
Accrued investment income	2,030		1,986
Premiums, reinsurance and other receivables	28,559		28,084
Market risk benefits, at estimated fair value	196		246
Deferred policy acquisition costs and value of business acquired	3,090		3,136
Current income tax recoverable	156		245
Deferred income tax asset	2,577		2,883
Other assets	4,248		4,264
Separate account assets	74,948		79,202
Total assets	$	366,320	$	369,796
Liabilities and Equity
Liabilities
Future policy benefits	$	126,998	$	126,619
Policyholder account balances	102,642		102,140
Market risk benefits, at estimated fair value	2,590		2,339
Other policy-related balances	8,724		8,338
Policyholder dividends payable	226		231
Payables for collateral under securities loaned and other transactions	11,548		11,271
Long-term debt	1,554		1,553
Other liabilities	23,678		23,669
Separate account liabilities	74,948		79,202
Total liabilities	352,908		355,362
Contingencies, Commitments and Guarantees (Note 15)
Equity
Metropolitan Life Insurance Company stockholder’s equity:
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 494,466,664 shares issued and outstanding	5		5
Additional paid-in capital	12,475		12,475
Retained earnings	6,416		7,444
Accumulated other comprehensive income (loss)	(5,942)		(5,994)
Total Metropolitan Life Insurance Company stockholder’s equity	12,954		13,930
Noncontrolling interests	458		504
Total equity	13,412		14,434
Total liabilities and equity	$	366,320	$	369,796

See accompanying notes to the interim condensed consolidated financial statements.

4

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months Ended March 31, 2025 and 2024 (Unaudited)

(In millions)

	Three Months Ended March 31,
	2025		2024
Revenues
Premiums	$	6,695	$	6,214
Universal life and investment-type product policy fees	392		359
Net investment income	2,876		2,857
Other revenues	435		455
Net investment gains (losses)	(285)		(136)
Net derivative gains (losses)	(46)		(56)
Total revenues	10,067		9,693
Expenses
Policyholder benefits and claims	7,049		6,690
Policyholder liability remeasurement (gains) losses	(15)		13
Market risk benefit remeasurement (gains) losses	290		(586)
Interest credited to policyholder account balances	931		923
Policyholder dividends	113		115
Other expenses	1,313		1,389
Total expenses	9,681		8,544
Income (loss) before provision for income tax	386		1,149
Provision for income tax expense (benefit)	51		214
Net income (loss)	335		935
Less: Net income (loss) attributable to noncontrolling interests	(2)		(3)
Net income (loss) attributable to Metropolitan Life Insurance Company	$	337	$	938
Comprehensive income (loss)	$	1,461	$	1,079
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	(2)		(3)
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	1,463	$	1,082

See accompanying notes to the interim condensed consolidated financial statements.

5

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Statements of Equity

Three Months Ended March 31, 2025 and 2024 (Unaudited)

(In millions)

	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Metropolitan Life Insurance Company Stockholder’s Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2024	$	5	$	12,475	$	7,444	$	(5,994)	$	13,930	$	504	$	14,434
Cumulative effects of change in accounting principles for equity method investee at January 1, 2025							(1,074)		(1,074)				(1,074)
Dividends to MetLife, Inc.					(1,365)				(1,365)				(1,365)
Change in equity of noncontrolling interests									—		(44)		(44)
Net income (loss)					337				337		(2)		335
Other comprehensive income (loss), net of income tax							1,126		1,126				1,126
Balance at March 31, 2025	$	5	$	12,475	$	6,416	$	(5,942)	$	12,954	$	458	$	13,412

	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Metropolitan Life Insurance Company Stockholder’s Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2023	$	5	$	12,475	$	7,645	$	(6,872)	$	13,253	$	363	$	13,616
Cumulative effects of changes in accounting principles, net of income tax					(219)				(219)				(219)
Dividends to MetLife, Inc.					(1,200)				(1,200)				(1,200)
Change in equity of noncontrolling interests									—		17		17
Net income (loss)					938				938		(3)		935
Other comprehensive income (loss), net of income tax							144		144				144
Balance at March 31, 2024	$	5	$	12,475	$	7,164	$	(6,728)	$	12,916	$	377	$	13,293

See accompanying notes to the interim condensed consolidated financial statements.

6

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Statements of Cash Flows

Three Months Ended March 31, 2025 and 2024 (Unaudited)

(In millions)

	Three Months Ended March 31,
	2025		2024
Net cash provided by (used in) operating activities	$	1,565	$	1,397
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale	7,161		5,900
Equity securities	6		24
Mortgage loans	2,568		1,607
Real estate and real estate joint ventures	50		57
Other limited partnership interests	240		250
Short-term investments	2,494		2,090
Purchases and originations of:
Fixed maturity securities available-for-sale	(9,448)		(7,035)
Equity securities	(33)		(6)
Mortgage loans	(1,381)		(1,002)
Real estate and real estate joint ventures	(87)		(114)
Other limited partnership interests	(101)		(112)
Short-term investments	(2,576)		(1,095)
Cash received in connection with freestanding derivatives	489		312
Cash paid in connection with freestanding derivatives	(575)		(549)
Net change in policy loans	(92)		(67)
Net change in other invested assets	332		(14)
Other, net	24		15
Net cash provided by (used in) investing activities	(929)		261
Cash flows from financing activities
Policyholder account balances - deposits	21,763		17,712
Policyholder account balances - withdrawals	(22,366)		(18,513)
Net change in payables for collateral under securities loaned and other transactions	277		(162)
Long-term debt repaid	—		(150)
Derivatives with certain financing elements and other derivative-related transactions, net	11		(55)
Dividends paid to MetLife, Inc.	(1,365)		(1,200)
Other, net	(46)		18
Net cash provided by (used in) financing activities	(1,726)		(2,350)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	1		(2)
Change in cash and cash equivalents	(1,089)		(694)
Cash and cash equivalents, beginning of period	7,271		6,795
Cash and cash equivalents, end of period	$	6,182	$	6,101
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	7	$	14
Income tax	$	39	$	11
Non-cash transactions:
Other invested assets received in connection with the sale of other limited partnership interests	$	17	$	278

    

See accompanying notes to the interim condensed consolidated financial statements.

7

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

Metropolitan Life Insurance Company and its subsidiaries (collectively, “MLIC” or the “Company”) is a provider of insurance, annuities and employee benefits. MLIC is organized into three segments: Group Benefits, Retirement and Income Solutions (“RIS”), and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. See Note 2 for further information on the Company’s segments and Corporate & Other. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”).

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, 2024 consolidated balance sheet data was derived from audited consolidated financial statements included in Metropolitan Life Insurance Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 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 2024 Annual Report.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of Metropolitan Life Insurance Company 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 (“REJV”) 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.

Effective January 1, 2025, an operating joint venture engaged in insurance underwriting activities, for which the Company uses the equity method of accounting, adopted the accounting pronouncement related to targeted improvements to the accounting for long-duration contracts. See Note 12 for further information.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.

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.

8

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of 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 March 31, 2025 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.

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	Among other things, the amendments in this update require that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation; and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received).	Effective for annual periods beginning January 1, 2025, 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.
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 in this update 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 incurred 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.

9

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information

The Company is organized into three segments: Group Benefits, RIS 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 and accident & health insurance.

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, benefit funding solutions and capital markets investment products.

MetLife Holdings

The MetLife Holdings segment 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.

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 benefits (“MRBs”) 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.

10

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

•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 MLIC 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 MLIC that do not meet the criteria to be included in results of discontinued operations under GAAP.

“Reinsurance adjustments” relate to balances subject to ceded reinsurance arrangements with third parties and the related investment returns and other expenses which are passed through to the third-party reinsurers.

Other adjustments, which are applicable to the Company’s segments, are made in calculating adjusted earnings:

•Net investment income and interest credited to PABs excludes certain amounts related to contractholder-directed equity securities. Net investment income excludes Reinsurance adjustments.

•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.

•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.

•Other expenses exclude (i) Reinsurance adjustments, (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 attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.

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 MetLife’s and the Company’s businesses.

MetLife’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. MetLife’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.

11

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

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, including the Company’s ancillary non-U.S. operations. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including 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 intersegment loans bearing interest rates commensurate with related borrowings).

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 ended March 31, 2025 and 2024.

Three Months Ended March 31, 2025	Group Benefits		RIS		MetLife Holdings
	(In millions)
Revenues
Premiums	$	5,502	$	669	$	525
Universal life and investment-type product policy fees	232		70		81
Net investment income (1)	305		1,653		887
Other revenues	195		58		36
Expenses
Policyholder benefits and claims and policyholder dividends	4,842		1,330		1,001
Policyholder liability remeasurement (gains) losses	(18)		(12)		15
Interest credited to PABs	44		703		84
Other expenses:
Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”)	6		10		47
Interest expense on debt	—		3		3
Other segment expenses (2)	911		84		159
Provision for income tax expense (benefit)	94		64		44
Adjusted earnings	$	355	$	268	$	176

12

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

Three Months Ended March 31, 2024	Group Benefits		RIS		MetLife Holdings
	(In millions)
Revenues
Premiums	$	5,467	$	176	$	572
Universal life and investment-type product policy fees	222		65		70
Net investment income (1)	305		1,676		910
Other revenues	189		62		50
Expenses
Policyholder benefits and claims and policyholder dividends	4,945		827		1,046
Policyholder liability remeasurement (gains) losses	(3)		(8)		24
Interest credited to PABs	48		676		94
Other expenses:
Amortization of DAC and VOBA	6		8		50
Interest expense on debt	—		4		4
Other segment expenses (2)	868		81		200
Provision for income tax expense (benefit)	69		82		36
Adjusted earnings	$	250	$	309	$	148

__________________

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

	Three Months Ended March 31,
	2025		2024
Group Benefits	1	%	1	%
RIS	5	%	4	%
MetLife Holdings	5	%	5	%

(2)Includes direct and allocated expenses, pension, postretirement and postemployment benefit costs, premium taxes, other taxes, and licenses & fees, as well as 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.

13

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

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 March 31,
	2025		2024
	(In millions)
Total segment adjusted earnings	$	799	$	707
Corporate & Other	76		(1)
Total consolidated adjusted earnings	875		706
Net investment gains (losses)	(285)		(136)
Net derivative gains (losses)	(46)		(56)
MRB remeasurement gains (losses)	(290)		586
Investment hedge adjustments	(50)		(126)
Other	(12)		22
Provision for income tax (expense) benefit	143		(61)
Net income (loss)	$	335	$	935
Segment revenues:
Group	$	6,234	$	6,183
RIS	2,450		1,979
MetLife Holdings	1,529		1,602
Total segment revenues	10,213		9,764
Net investment gains (losses)	(285)		(136)
Net derivative gains (losses)	(46)		(56)
Investment hedge adjustments	(50)		(126)
Other	235		247
Total consolidated revenues	$	10,067	$	9,693

3. 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 FPBs on the interim condensed consolidated balance sheets was as follows at:

	March 31, 2025		December 31, 2024
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	47,929	$	47,551
MetLife Holdings - Long-term care	14,716		14,537
Deferred Profit Liabilities:
RIS - Annuities	3,088		3,086
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	2,005		1,969
MetLife Holdings - Participating life	42,316		42,663
Other long-duration (1)	6,286		6,300
Short-duration and other	10,658		10,513
Total	$	126,998	$	126,619

__________________

(1) This balance represents liabilities for various smaller product lines across all segments.

14

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

3. Future Policy Benefits (continued)

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.

RIS - Annuities

The RIS segment’s annuity products include pension risk transfers, certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. Information regarding these products was as follows:

	Three Months Ended March 31,
	2025			2024
	(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)	1			(3)
Adjusted balance	1			(3)
Issuances	604			157
Net premiums collected	(605)			(154)
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	$	47,910		$	48,886
Balance, beginning of period, at original discount rate	$	49,191		$	47,991
Effect of actual variances from expected experience (1)	(37)			(26)
Adjusted balance	49,154			47,965
Issuances	610			157
Interest accrual	613			597
Benefit payments	(1,158)			(1,115)
Ending balance at original discount rate	49,219			47,604
Effect of changes in discount rate assumptions	(1,005)			(200)
Balance, end of period, at current discount rate at balance sheet date	48,214			47,404
Cumulative amount of fair value hedging adjustments	(285)			(298)
Net liability for FPBs	$	47,929		$	47,106
Undiscounted - Expected future benefit payments	$	93,608		$	88,345
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	48,214		$	47,404
Weighted-average duration of the liability	9 years			9 years
Weighted-average interest accretion (original locked-in) rate	5.1		%	5.1		%
Weighted-average current discount rate at balance sheet date	5.6		%	5.4		%

__________________

(1)For the three months ended March 31, 2025 and 2024, 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 $24 million and $15 million, respectively.

15

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

3. Future Policy Benefits (continued)

MetLife Holdings - Long-term Care

The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:

	Three Months Ended March 31,
		2025			2024
		(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date		$	5,475		$	5,687
Balance, beginning of period, at original discount rate		$	5,568		$	5,566
Effect of actual variances from expected experience		(22)			(4)
Adjusted balance		5,546			5,562
Interest accrual		71			71
Net premiums collected		(140)			(143)
Ending balance at original discount rate		5,477			5,490
Effect of changes in discount rate assumptions		(35)			—
Balance, end of period, at current discount rate at balance sheet date		$	5,442		$	5,490
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date		$	20,012		$	20,927
Balance, beginning of period, at original discount rate		$	21,024		$	20,494
Effect of actual variances from expected experience		(10)			(1)
Adjusted balance		21,014			20,493
Interest accrual		276			269
Benefit payments		(225)			(212)
Ending balance at original discount rate		21,065			20,550
Effect of changes in discount rate assumptions		(907)			(215)
Balance, end of period, at current discount rate at balance sheet date		20,158			20,335
Net liability for FPBs		$	14,716		$	14,845
Undiscounted:
Expected future gross premiums		$	10,450		$	10,430
Expected future benefit payments		$	44,745		$	44,808
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	6,932		$	6,895
Expected future benefit payments		$	20,158		$	20,335
Weighted-average duration of the liability		13 years			14 years
Weighted-average interest accretion (original locked-in) rate		5.4		%	5.4		%
Weighted-average current discount rate at balance sheet date		5.8		%	5.5		%

Rollforward - Additional Insurance Liabilities

The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for universal life and variable universal life contract features where 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 a disaggregated rollforward. The products grouped within the rollforward 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 the disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforward and accompanying financial information do not include a reduction for amounts ceded to reinsurers.

16

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

3. Future Policy Benefits (continued)

MetLife Holdings

The MetLife Holdings segment’s universal life and variable universal life products provide a contract feature where the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:

	Three Months Ended March 31,
	2025			2024
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	1,969		$	1,841
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment	(17)			(14)
Balance, beginning of period, before AOCI adjustment	1,986			1,855
Effect of actual variances from expected experience	10			11
Adjusted balance	1,996			1,866
Assessments accrual	23			22
Interest accrual	25			24
Excess benefits paid	(24)			(20)
Balance, end of period, before AOCI adjustment	2,020			1,892
Add: AOCI adjustment	(15)			(15)
Balance, end of period	2,005			1,877
Less: Reinsurance recoverables	2,005			1,877
Balance, end of period, net of reinsurance	$	—		$	—
Weighted-average duration of the liability	16 years			17 years
Weighted-average interest accretion rate	5.2		%	5.2		%

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 MetLife Holdings’ participating life contracts, were as follows:

	Three Months Ended March 31,
	2025				2024
	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	$	620	$	613	$	167	$	597
MetLife Holdings - Long-term care	180		205		181		198
Deferred Profit Liabilities:
RIS - Annuities	N/A		38		N/A		37
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	91		25		99		24
Other long-duration	178		76		177		77
Total	$	1,069	$	957	$	624	$	933

__________________

(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.

17

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

3. 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:

	Three Months Ended March 31,
	2025		2024
	(In millions)
Balance, beginning of period	$	11,698	$	11,609
Less: Reinsurance recoverables	2,004		1,740
Net balance, beginning of period	9,694		9,869
Incurred related to:
Current period	5,507		5,178
Prior periods (1)	(134)		(58)
Total incurred	5,373		5,120
Paid related to:
Current period	(2,180)		(2,152)
Prior periods	(2,823)		(3,000)
Total paid	(5,003)		(5,152)
Net balance, end of period	10,064		9,837
Add: Reinsurance recoverables	2,074		2,064
Balance, end of period (included in FPBs and other policy-related balances)	$	12,138	$	11,901

__________________

(1)For the three months ended March 31, 2025 and 2024, incurred claims and claim adjustment expenses associated with prior periods decreased due to favorable claims experience in the respective current period.

4. Policyholder Account Balances

The Company establishes liabilities for PABs, which are generally equal to the account value, and which includes accrued interest credited, but excludes 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:

	March 31, 2025		December 31, 2024
	(In millions)
Group Benefits - Group life	$	7,480	$	7,469
RIS:
Capital markets investment products and stable value GICs	58,652		57,799
Annuities and risk solutions	11,824		11,673
MetLife Holdings - Annuities	9,239		9,513
Other	15,447		15,686
Total	$	102,642	$	102,140

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.

18

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

Group Benefits

Group Life

The Group Benefits segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:

	Three Months Ended March 31,
	2025			2024
	(Dollars in millions)
Balance, beginning of period	$	7,469		$	7,605
Deposits	881			966
Policy charges	(167)			(163)
Surrenders and withdrawals	(744)			(856)
Benefit payments	(4)			(4)
Net transfers from (to) separate accounts	1			(3)
Interest credited	44			48
Balance, end of period	$	7,480		$	7,593
Weighted-average annual crediting rate	2.4		%	2.6		%
At period end:
Cash surrender value	$	7,415		$	7,533
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	266,816		$	260,502

The Group Benefits segment’s group 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 GMCR	At 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)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	468	$	—	$	705	$	4,118	$	5,291
Equal to or greater than 2% but less than 4%	1,224		97		62		—		1,383
Equal to or greater than 4%	693		27		3		48		771
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		35
Total	$	2,385	$	124	$	770	$	4,166	$	7,480
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	839	$	4,628	$	5,467
Equal to or greater than 2% but less than 4%	1,242		9		60		2		1,313
Equal to or greater than 4%	701		—		40		33		774
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		39
Total	$	1,943	$	9	$	939	$	4,663	$	7,593

19

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

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:

	Three Months Ended March 31,
	2025			2024
	(Dollars in millions)
Balance, beginning of period	$	57,799		$	58,554
Deposits	20,402			16,227
Surrenders and withdrawals	(20,561)			(16,502)
Interest credited	535			518
Effect of foreign currency translation and other, net	477			(447)
Balance, end of period	$	58,652		$	58,350
Weighted-average annual crediting rate	3.8		%	3.6		%
Cash surrender value at period end	$	1,054		$	1,515

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 GMCR	At 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)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,376	$	2,376
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		56,276
Total	$	—	$	—	$	—	$	2,376	$	58,652
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,998	$	1,999
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		56,351
Total	$	—	$	—	$	1	$	1,998	$	58,350

20

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

Annuities and Risk Solutions

The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income 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:

	Three Months Ended March 31,
	2025			2024
	(Dollars in millions)
Balance, beginning of period	$	11,673		$	10,650
Deposits	250			250
Policy charges	(43)			(12)
Surrenders and withdrawals	(45)			(55)
Benefit payments	(149)			(148)
Net transfers from (to) separate accounts	(2)			19
Interest credited	126			112
Other	14			(23)
Balance, end of period	$	11,824		$	10,793
Weighted-average annual crediting rate	4.4		%	4.2		%
At period end:
Cash surrender value	$	7,405		$	6,834
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	33,917		$	34,862

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 GMCR	At 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)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	7	$	2,148	$	2,155
Equal to or greater than 2% but less than 4%	192		33		352		27		604
Equal to or greater than 4%	3,461		11		293		6		3,771
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		5,294
Total	$	3,653	$	44	$	652	$	2,181	$	11,824
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	1,579	$	1,599
Equal to or greater than 2% but less than 4%	244		34		8		416		702
Equal to or greater than 4%	3,527		—		266		5		3,798
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		4,694
Total	$	3,771	$	34	$	294	$	2,000	$	10,793

21

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

MetLife Holdings

Annuities

The MetLife Holdings segment’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:

	Three Months Ended March 31,
	2025			2024
	(Dollars in millions)
Balance, beginning of period	$	9,513		$	10,888
Deposits	40			36
Policy charges	(3)			(3)
Surrenders and withdrawals	(327)			(440)
Benefit payments	(96)			(106)
Net transfers from (to) separate accounts	41			27
Interest credited	73			83
Other	(2)			4
Balance, end of period	$	9,239		$	10,489
Weighted-average annual crediting rate	3.2		%	3.2		%
At period end:
Cash surrender value	$	8,637		$	9,797
Net amount at risk, excluding offsets from reinsurance (1):
In the event of death	$	2,659		$	2,486
At annuitization or exercise of other living benefits	$	753		$	572

__________________

(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 5.

22

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

The MetLife Holdings segment’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 GMCR	At 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)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	15	$	126	$	409	$	78	$	628
Equal to or greater than 2% but less than 4%	2,224		4,879		517		104		7,724
Equal to or greater than 4%	389		148		2		—		539
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		348
Total	$	2,628	$	5,153	$	928	$	182	$	9,239
March 31, 2024
Equal to or greater than 0% but less than 2%	$	6	$	237	$	442	$	60	$	745
Equal to or greater than 2% but less than 4%	865		7,151		534		201		8,751
Equal to or greater than 4%	417		140		25		—		582
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		411
Total	$	1,288	$	7,528	$	1,001	$	261	$	10,489

5. Market Risk Benefits

The Company establishes 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:

	March 31, 2025						December 31, 2024
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
MetLife Holdings - Annuities	$	182	$	2,559	$	2,377	$	231	$	2,300	$	2,069
Other	14		31		17		15		39		24
Total	$	196	$	2,590	$	2,394	$	246	$	2,339	$	2,093

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.

23

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Market Risk Benefits (continued)

MetLife Holdings - Annuities

The MetLife Holdings segment’s variable annuity products offer contract features where 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 guarantees 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. Information regarding MetLife Holdings annuity products was as follows:

	Three Months Ended March 31,
		2025		2024
	(In millions)
Balance, beginning of period		$	2,069	$	2,702
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	2,026	$	2,741
Attributed fees collected		70		76
Benefit payments		(23)		(22)
Effect of changes in interest rates		137		(376)
Effect of changes in capital markets		67		(242)
Effect of changes in equity index volatility		15		34
Actual policyholder behavior different from expected behavior		58		57
Effect of foreign currency translation and other, net		2		(11)
Effect of changes in risk margin		16		(44)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,368		2,213
Cumulative effect of changes in the instrument-specific credit risk		9		18
Balance, end of period		$	2,377	$	2,231
At period end:
Net amount at risk, excluding offsets from hedging (1):
In the event of death		$	2,659	$	2,486
At annuitization or exercise of other living benefits		$	753	$	572
Weighted-average attained age of contractholders:
In the event of death		72 years		72 years
At annuitization or exercise of other living benefits		71 years		70 years

__________________

(1)    Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 4.

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.

24

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Market Risk Benefits (continued)

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.

Other

In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features. 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:

	Three Months Ended March 31,
	2025		2024
	(In millions)
Balance, beginning of period	$	24	$	(1)
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	29	$	2
Attributed fees collected	1		1
Effect of changes in interest rates	(3)		(12)
Effect of changes in capital markets	(2)		—
Actual policyholder behavior different from expected behavior	(4)		—
Effect of foreign currency translation and other, net	—		2
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	21		(7)
Cumulative effect of changes in the instrument-specific credit risk	(4)		(2)
Balance, end of period	$	17	$	(9)

25

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. 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:

	March 31, 2025		December 31, 2024
	(In millions)
RIS:
Stable Value and Risk Solutions	$	30,290	$	32,761
Annuities	11,220		11,001
MetLife Holdings - Annuities	26,236		27,766
Other	7,202		7,674
Total	$	74,948	$	79,202

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 annuities participating and non-participating group contracts, and MetLife Holdings variable annuities.

The balances of and changes in separate account liabilities were as follows:

	RIS Stable Value and Risk Solutions		RIS Annuities		MetLife Holdings Annuities
	(In millions)
Three Months Ended March 31, 2025
Balance, beginning of period	$	32,761	$	11,001	$	27,766
Premiums and deposits	636		11		61
Policy charges	(47)		(5)		(135)
Surrenders and withdrawals	(2,288)		(178)		(845)
Benefit payments	(35)		—		(114)
Investment performance	525		291		(457)
Net transfers from (to) general account	1		1		(41)
Other (1)	(1,263)		99		1
Balance, end of period	$	30,290	$	11,220	$	26,236
Three Months Ended March 31, 2024
Balance, beginning of period	$	35,562	$	11,659	$	29,162
Premiums and deposits	312		15		63
Policy charges	(49)		(5)		(143)
Surrenders and withdrawals	(1,804)		(172)		(880)
Benefit payments	(22)		—		(128)
Investment performance	246		(54)		1,761
Net transfers from (to) general account	(19)		—		(27)
Other (1)	(1,084)		22		(5)
Balance, end of period	$	33,142	$	11,465	$	29,803
Cash surrender value at March 31, 2025 (2)	$	26,910	N/A		$	26,117
Cash surrender value at March 31, 2024 (2)	$	29,496	N/A		$	29,656

__________________

26

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Separate Accounts (continued)

(1)    Other for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.

(2)    Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.

Separate Account Assets

The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:

	March 31, 2025
	Group Benefits		RIS		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Government and agency	$	—	$	9,587	$	—	$	9,587
Public utilities	—		1,073		—		1,073
Municipals	—		255		—		255
Corporate bonds:
Materials	—		278		—		278
Communications	—		731		—		731
Consumer	—		1,792		—		1,792
Energy	—		966		—		966
Financial	—		3,188		—		3,188
Industrial and other	—		757		—		757
Technology	—		589		—		589
Total corporate bonds	—		8,301		—		8,301
Total bonds	—		19,216		—		19,216
Mortgage-backed securities	—		8,063		—		8,063
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)	—		2,133		—		2,133
Redeemable preferred stock	—		8		—		8
Total fixed maturity securities	—		29,420		—		29,420
Equity securities	—		2,499		—		2,499
Mutual funds	1,241		3,938		32,107		37,286
Other invested assets	—		1,352		—		1,352
Total investments	1,241		37,209		32,107		70,557
Other assets	—		4,391		—		4,391
Total	$	1,241	$	41,600	$	32,107	$	74,948

27

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Separate Accounts (continued)

	December 31, 2024
	Group Benefits		RIS		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Government and agency	$	—	$	9,865	$	—	$	9,865
Public utilities	—		1,075		—		1,075
Municipals	—		219		—		219
Corporate bonds:
Materials	—		244		—		244
Communications	—		800		—		800
Consumer	—		1,862		—		1,862
Energy	—		952		—		952
Financial	—		3,403		—		3,403
Industrial and other	—		769		—		769
Technology	—		513		—		513
Total corporate bonds	—		8,543		—		8,543
Total bonds	—		19,702		—		19,702
Mortgage-backed securities	—		8,842		—		8,842
ABS & CLO	—		1,904		—		1,904
Redeemable preferred stock	—		8		—		8
Total fixed maturity securities	—		30,456		—		30,456
Equity securities	—		2,726		—		2,726
Mutual funds	1,319		4,069		34,024		39,412
Other invested assets	—		1,268		—		1,268
Total investments	1,319		38,519		34,024		73,862
Other assets	—		5,340		—		5,340
Total	$	1,319	$	43,859	$	34,024	$	79,202

28

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue

DAC and VOBA

Information regarding total DAC and VOBA, DAC by segment, and Corporate & Other, was as follows at:

	Group Benefits		RIS		MetLife Holdings (1)		Corporate & Other		Total
	(In millions)
DAC:
Balance at January 1, 2025	$	244	$	214	$	2,526	$	140	$	3,124
Capitalizations	4		17		1		—		22
Amortization	(6)		(9)		(47)		(5)		(67)
Balance at March 31, 2025	$	242	$	222	$	2,480	$	135	$	3,079
Balance at January 1, 2024	$	255	$	155	$	2,723	$	158	$	3,291
Capitalizations	4		21		—		—		25
Amortization	(6)		(8)		(50)		(6)		(70)
Balance at March 31, 2024	$	253	$	168	$	2,673	$	152	$	3,246
Total DAC and VOBA:
Balance at March 31, 2025									$	3,090
Balance at March 31, 2024									$	3,260
Balance at December 31, 2024									$	3,136

__________________

(1)Includes DAC balances primarily related to whole life, variable annuities, term life, long-term care and universal life products.

29

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue (continued)

Unearned Revenue

Information regarding the Company’s unearned revenue primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:

	Three Months Ended March 31, 2025
	RIS		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	14	$	5	$	19
Deferrals	1		—		1
Amortization	(1)		—		(1)
Balance, end of period	$	14	$	5	$	19
	Three Months Ended March 31, 2024
	RIS		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	16	$	5	$	21
Deferrals	1		—		1
Amortization	(1)		—		(1)
Balance, end of period	$	16	$	5	$	21

30

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving Metropolitan Life Insurance Company’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, Metropolitan Life Insurance Company established a closed block for the benefit of holders of certain individual life insurance policies of Metropolitan Life Insurance Company. See Note 9 to the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for further information on the closed block.

Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon policy count within the closed block.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

Information regarding the liabilities and assets designated to the closed block was as follows at:

	March 31, 2025		December 31, 2024
	(In millions)
Closed Block Liabilities
FPBs	$	34,656	$	35,015
Other policy-related balances	341		315
Policyholder dividends payable	169		174
Policyholder dividend obligation	—		—
Current income tax payable	2		6
Other liabilities	940		854
Total closed block liabilities	36,108		36,364
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale (“AFS”), at estimated fair value	19,103		18,958
Mortgage loans	5,650		5,720
Policy loans	3,776		3,829
Real estate and REJV	654		659
Other invested assets	503		523
Total investments	29,686		29,689
Cash and cash equivalents	1,016		930
Accrued investment income	368		367
Premiums, reinsurance and other receivables	41		45
Deferred income tax asset	401		470
Total assets designated to the closed block	31,512		31,501
Excess of closed block liabilities over assets designated to the closed block	4,596		4,863
AOCI:
Unrealized investment gains (losses), net of income tax	(1,001)		(1,256)
Unrealized gains (losses) on derivatives, net of income tax	178		183
Total amounts included in AOCI	(823)		(1,073)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,773	$	3,790

31

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Closed Block (continued)

Information regarding the closed block revenues and expenses was as follows:

	Three Months Ended March 31,
	2025		2024
	(In millions)
Revenues
Premiums	$	207	$	218
Net investment income	325		343
Net investment gains (losses)	(17)		(7)
Net derivative gains (losses)	(1)		5
Total revenues	514		559
Expenses
Policyholder benefits and claims	387		404
Policyholder dividends	88		90
Other expenses	18		20
Total expenses	493		514
Revenues, net of expenses before provision for income tax expense (benefit)	21		45
Provision for income tax expense (benefit)	4		10
Revenues, net of expenses and provision for income tax expense (benefit)	$	17	$	35

Metropolitan Life Insurance Company charges the closed block with federal income taxes, state and local premium taxes and other state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan of Reorganization. Metropolitan Life Insurance Company also charges the closed block for expenses of maintaining the policies included in the closed block.

32

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Investments

Fixed Maturity Securities AFS

Fixed Maturity Securities AFS by Sector

The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, non-qualified 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.”

	March 31, 2025										December 31, 2024
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss (“ACL”)		Gains		Losses						ACL		Gains		Losses
	(In millions)
U.S. corporate	$	50,454	$	(26)	$	766	$	3,429	$	47,765	$	50,394	$	(45)	$	609	$	3,830	$	47,128
Foreign corporate	27,548		(5)		332		3,112		24,763		27,536		(15)		248		3,484		24,285
U.S. government and agency	24,792		—		159		2,921		22,030		25,163		—		87		3,407		21,843
RMBS	25,818		(2)		312		1,734		24,394		23,080		(1)		203		2,069		21,213
ABS & CLO	13,460		(5)		100		279		13,276		13,432		(7)		86		306		13,205
CMBS	5,579		(12)		42		297		5,312		5,605		(8)		38		356		5,279
Municipals	5,271		—		103		506		4,868		5,373		—		100		542		4,931
Foreign government	3,230		(36)		105		242		3,057		3,161		(36)		97		274		2,948
Total fixed maturity securities AFS	$	156,152	$	(86)	$	1,919	$	12,520	$	145,465	$	153,744	$	(112)	$	1,468	$	14,268	$	140,832

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 March 31, 2025:

	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	$	5,520	$	24,247	$	26,783	$	54,678	$	44,838	$	156,066
Estimated fair value	$	5,448	$	23,790	$	25,789	$	47,456	$	42,982	$	145,465

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.

33

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of 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.

	March 31, 2025								December 31, 2024
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
Sector & Credit Quality	Estimated 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	$	7,358	$	187	$	21,708	$	3,226	$	8,413	$	273	$	21,608	$	3,536
Foreign corporate	3,963		167		13,185		2,943		5,143		253		13,141		3,221
U.S. government and agency	2,584		61		9,441		2,860		4,619		164		9,432		3,243
RMBS	3,224		44		10,547		1,689		4,483		93		10,674		1,976
ABS & CLO	3,188		20		3,488		258		1,388		15		4,296		289
CMBS	616		7		2,701		285		607		10		2,942		347
Municipals	670		20		1,896		486		724		22		1,895		520
Foreign government	597		17		1,161		223		691		23		1,181		246
Total fixed maturity securities AFS	$	22,200	$	523	$	64,127	$	11,970	$	26,068	$	853	$	65,169	$	13,378
Investment grade	$	19,640	$	428	$	61,958	$	11,758	$	24,320	$	767	$	62,876	$	13,122
Below investment grade	2,560		95		2,169		212		1,748		86		2,293		256
Total fixed maturity securities AFS	$	22,200	$	523	$	64,127	$	11,970	$	26,068	$	853	$	65,169	$	13,378
Total number of securities in an unrealized loss position	3,157				6,548				3,637				6,786

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

See Note 10 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for a description of the Company’s Evaluation and Measurement Methodologies of Fixed Maturity Securities AFS for Credit Loss.

Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

Gross unrealized losses on securities without an ACL decreased $1.7 billion for the three months ended March 31, 2025 to $12.5 billion primarily due to a decrease in interest rates and the impact of weakening foreign currencies on certain non-functional currency denominated fixed maturity securities.

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 March 31, 2025, 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 March 31, 2025, $212 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, transportation and communications 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.

At March 31, 2025, 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 March 31, 2025.

34

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Investments (continued)

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 is as follows:

	U.S.  Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
Three Months Ended March 31, 2025	(In millions)
Balance, at beginning of period	$	45	$	15	$	36	$	1	$	7	$	8	$	112
ACL not previously recorded	—		—		—		1		—		3		4
Changes for securities with previously recorded ACL	4		—		—		—		1		1		6
Securities sold or exchanged	(23)		(10)		—		—		(3)		—		(36)
Balance, at end of period	$	26	$	5	$	36	$	2	$	5	$	12	$	86
Three Months Ended March 31, 2024
Balance, at beginning of period	$	62	$	2	$	50	$	1	$	6	$	11	$	132
ACL not previously recorded	—		—		—		—		—		—		—
Changes for securities with previously recorded ACL	—		—		(2)		—		1		—		(1)
Securities sold or exchanged	(52)		—		(13)		—		—		—		(65)
Balance, at end of period	$	10	$	2	$	35	$	1	$	7	$	11	$	66

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:

	March 31, 2025				December 31, 2024
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	33,618	57.1	%	$	34,692	57.8	%
Agricultural	14,981		25.4		15,208		25.3
Residential	10,932		18.6		10,628		17.7
Total amortized cost	59,531		101.1		60,528		100.8
ACL	(629)		(1.1)		(503)		(0.8)
Total mortgage loans	$	58,902	100.0	%	$	60,025	100.0	%

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($768) million and ($791) million at March 31, 2025 and December 31, 2024, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at March 31, 2025 was $174 million, $128 million and $100 million, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at December 31, 2024 was $178 million, $158 million and $92 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, from unaffiliated parties, were $564 million and $255 million for the three months ended March 31, 2025 and 2024, respectively. See “— Related Party Investment Transactions” for information regarding transfers of mortgage loans to and from affiliates.

35

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of 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, is as follows:

	Three Months Ended March 31,
	2025								2024
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	312	$	63	$	128	$	503	$	210	$	152	$	147	$	509
Provision (release)	113		7		6		126		63		15		(18)		60
Charge-offs, net of recoveries	—		—		—		—		—		—		—		—
Balance, end of period	$	425	$	70	$	134	$	629	$	273	$	167	$	129	$	569

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).

36

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of 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. 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.

37

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Investments (continued)

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.

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 pooled 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 term extension. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any ACL recorded.

These mortgage loan modifications are summarized as follows:

	Three Months Ended March,31
	2025				2024
	Maturity Extension		Weighted Average Life Increase		Maturity Extension		Weighted Average Life Increase
	Amortized Cost		Affected Loans (in Years)	% of Book Value	Amortized Cost		Affected Loans (in Years)	% of Book Value
	(Dollars in millions)
Commercial	$	136	5	<1%	$	30	Less than one year	< 1%

38

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Investments (continued)

For the three months ended March 31, 2025, all commercial mortgage loans which were modified to borrowers experiencing financial difficulties and still outstanding were current. For the three months ended March 31, 2025, all commercial mortgage loans which were previously extended over the past 12 months were current. For the three months ended March 31, 2024, commercial mortgage loans with an amortized cost of $171 million which were extended over the past 12 months became delinquent.

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 March 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	166	$	1,915	$	1,391	$	1,209	$	1,615	$	8,571	$	2,319	$	17,186	51.1	%
65% to 75%	—		460		344		1,980		1,079		2,666		—		6,529		19.4
76% to 80%	—		—		—		149		132		1,646		—		1,927		5.8
Greater than 80%	19		167		112		708		880		6,090		—		7,976		23.7
Total	$	185	$	2,542	$	1,847	$	4,046	$	3,706	$	18,973	$	2,319	$	33,618	100.0	%
DSCR:
> 1.20x	$	80	$	2,063	$	1,291	$	3,256	$	3,234	$	15,956	$	2,319	$	28,199	83.9	%
1.00x - 1.20x	—		248		341		318		407		1,685		—		2,999		8.9
<1.00x	105		231		215		472		65		1,332		—		2,420		7.2
Total	$	185	$	2,542	$	1,847	$	4,046	$	3,706	$	18,973	$	2,319	$	33,618	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	180	$	557	$	802	$	1,750	$	1,370	$	7,898	$	1,196	$	13,753	91.8	%
65% to 75%	—		5		51		198		207		590		81		1,132		7.6
76% to 80%	—		—		—		24		—		7		4		35		0.2
Greater than 80%	—		—		—		—		—		60		1		61		0.4
Total	$	180	$	562	$	853	$	1,972	$	1,577	$	8,555	$	1,282	$	14,981	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	12	$	1,291	$	321	$	1,728	$	1,069	$	6,135	$	—	$	10,556	96.6	%
Nonperforming (1)	—		14		16		76		19		251		—		376		3.4
Total	$	12	$	1,305	$	337	$	1,804	$	1,088	$	6,386	$	—	$	10,932	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $129 million and $111 million at March 31, 2025 and December 31, 2024, respectively.

39

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Investments (continued)

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 March 31, 2025 and December 31, 2024. The Company defines delinquency 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 Due				Past Due and Still Accruing Interest				Nonaccrual
Portfolio Segment	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
	(In millions)
Commercial	$	492	$	378	$	72	$	—	$	738	$	578
Agricultural	203		243		124		171		88		82
Residential	376		337		—		—		376		337
Total	$	1,071	$	958	$	196	$	171	$	1,202	$	997

Real Estate and REJV

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 REJV. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:

	March 31, 2025		December 31, 2024		Three Months   Ended   March 31,
					2025		2024
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	1,630	$	1,640	$	43	$	38
Other real estate	532		538		73		43
REJV	6,682		6,724		13		(50)
Total real estate and REJV	$	8,844	$	8,902	$	129	$	31

Depreciation expense on real estate investments was $22 million and $21 million for the three months ended March 31, 2025 and 2024, respectively. Real estate investments were net of accumulated depreciation of $757 million and $734 million at March 31, 2025 and December 31, 2024, respectively.

Leased Real Estate Investments - Operating Leases

The Company, as lessor, leases investment real estate, principally commercial real estate for office, apartment 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 10 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for a summary of leased real estate investments and income earned, by property type.

40

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Investments (continued)

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 $688 million and $714 million at March 31, 2025 and December 31, 2024, respectively. For the three months ended March 31, 2025 and 2024, income tax credits and other income tax benefits of $28 million and $37 million, respectively, and amortized expense of $23 million and $33 million, respectively, were recognized net as a component of income tax expense in the Company’s interim condensed consolidated statement of operations.

FVO Securities and Equity Securities

The following table presents FVO securities and equity securities by asset type.

	March 31, 2025						December 31, 2024
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Asset Type
			(In millions)
FVO securities (2)	$	287	$	552	$	839	$	296	$	576	$	872
Equity securities
Common stock (3)	$	134	$	24	$	158	$	139	$	9	$	148
Non-redeemable preferred stock	34		—		34		22		2		24
Total equity securities	$	168	$	24	$	192	$	161	$	11	$	172

__________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings.

(2)Includes fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

(3)Includes common stock and certain mutual funds.

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 $3.4 billion and $4.9 billion, at estimated fair value, at March 31, 2025 and December 31, 2024, respectively.

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at both March 31, 2025 and December 31, 2024.

41

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of 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

A summary of these transactions and agreements accounted for as secured borrowings were as follows:

	March 31, 2025						December 31, 2024
	Securities (1)						Securities (1)
Agreement Type	Estimated 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	$	6,380	$	6,515	$	6,425	$	6,038	$	6,202	$	6,098
Repurchase agreements	$	3,041	$	2,975	$	2,934	$	3,019	$	2,975	$	2,925

__________________

(1)These securities were included within fixed maturity securities AFS and short-term investments at March 31, 2025 and within fixed maturity securities AFS at December 31, 2024.

(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.

Contractual Maturities

Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:

	March 31, 2025										December 31, 2024
	Remaining Maturities										Remaining Maturities
Security Type	Open (1)		1 Month or Less		Over 1  Month to 6 Months		Over 6  Months  to 1 Year		Total		Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Cash collateral liability by security type:
Securities lending:
U.S. government and agency	$	1,726	$	2,765	$	2,024	$	—	$	6,515	$	1,767	$	3,023	$	1,412	$	—	$	6,202
Repurchase agreements:
U.S. government and agency	$	—	$	2,975	$	—	$	—	$	2,975	$	—	$	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.

42

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Investments (continued)

Invested Assets on Deposit and Pledged as Collateral

Invested assets on deposit 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:

	March 31, 2025		December 31, 2024
	(In millions)
Invested assets on deposit (regulatory deposits)	$	100	$	102
Invested assets pledged as collateral (1)	22,615		21,252
Total invested assets on deposit and pledged as collateral	$	22,715	$	21,354

__________________

(1)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements and secured debt (see Notes 4 and 14 of the Notes to the Consolidated Financial Statements included in the 2024 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, and Note 8 for information regarding investments designated to the closed block. 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 $628 million at redemption value at both March 31, 2025 and December 31, 2024.

Variable Interest Entities

The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity.

Consolidated VIEs

Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.

The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:

	March 31, 2025				December 31, 2024
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
REJV	$	1,954	$	2	$	2,004	$	3
Mortgage loan joint ventures	187		—		210		—
Renewable energy partnership (primarily other invested assets)	59		1		57		—
Investment funds (primarily other invested assets)	66		2		65		1
Total	$	2,266	$	5	$	2,336	$	4

43

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Investments (continued)

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:

	March 31, 2025				December 31, 2024
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	40,821	$	40,821	$	37,602	$	37,602
OLPI	6,463		8,203		6,746		8,590
Other invested assets	942		1,080		985		1,129
Other investments (REJV and mortgage loans)	472		567		475		661
Total	$	48,698	$	50,671	$	45,808	$	47,982

__________________

(1)The maximum exposure to loss relating to fixed maturity securities AFS and FVO securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to OLPI, REJV and mortgage loans is equal to the carrying amounts plus any unrecognized unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities generally issued by trusts that do not have substantial equity.

As described in Note 15, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs for either the three months ended March 31, 2025 or 2024.

44

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Investments (continued)

Net Investment Income

The composition of net investment income by asset type was as follows:

		Three Months Ended March 31,
Asset Type		2025		2024
	(In millions)
Fixed maturity securities AFS		$	1,868	$	1,830
Mortgage loans		763		828
Policy loans		70		70
Real estate and REJV		129		31
OLPI		113		158
Cash, cash equivalents and short-term investments		90		91
FVO securities		(33)		66
Operating joint venture		16		16
Equity securities		4		3
Other		154		81
Subtotal investment income		3,174		3,174
Less: Investment expenses		298		317
Net investment income		$	2,876	$	2,857
Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals		$	—	$	—
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and REJV)		(14)		87
Net realized and unrealized gains (losses) recognized in net investment income		$	(14)	$	87
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 income		$	(35)	$	64
Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and an operating joint venture)		$	132	$	136

45

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Investments (continued)

Net Investment Gains (Losses)

Net Investment Gains (Losses) by Asset Type and Transaction Type

The composition of net investment gains (losses) by asset type and transaction type was as follows:

		Three Months Ended March 31,
Asset Type		2025		2024
	(In millions)
Fixed maturity securities AFS		$	(126)	$	(79)
Equity securities		(9)		6
Mortgage loans		(129)		(71)
Real estate and REJV (excluding changes in estimated fair value)		—		27
OLPI (excluding changes in estimated fair value) (1)		(1)		(38)
Other gains (losses)		(1)		(5)
Subtotal		(266)		(160)
Change in estimated fair value of OLPI and REJV		3		3
Non-investment portfolio gains (losses)		(22)		21
Subtotal		(19)		24
Net investment gains (losses)		$	(285)	$	(136)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)		$	(176)	$	(173)
Impairment (losses)		(3)		—
Recognized gains (losses):
Change in ACL recognized in earnings		(100)		7
Unrealized net gains (losses) recognized in earnings		16		9
Total recognized gains (losses)		(84)		(157)
Non-investment portfolio gains (losses)		(22)		21
Net investment gains (losses)		$	(285)	$	(136)
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)		$	(8)	$	11
Foreign currency gains (losses)		$	(27)	$	9
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments:
Recognized in net investment gains (losses)		$	(176)	$	(173)
Recognized in net investment income		—		—
Net realized investment gains (losses) from sales and disposals of investments		$	(176)	$	(173)

__________________

(1)    Includes a net loss of $1 million and $36 million for the three months ended March 31, 2025 and 2024, respectively, for private equity investments sold. For the three months ended March 31, 2025 and 2024, the Company sold $36 million and $590 million, respectively, in portfolios of investments to a fund for proceeds of $35 million and $554 million, respectively, in cash and receivables secured by the value of the fund. An affiliate has entered into an agreement to serve as the investment manager of the fund for which it will receive a management fee.

46

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Investments (continued)

Fixed Maturity Securities AFS and Equity Securities – Composition of Net Investment Gains (Losses)

The composition of net investment gains (losses) for these securities is as follows:

		Three Months Ended March 31,
Fixed Maturity Securities AFS		2025		2024
	(In millions)
Proceeds		$	3,280	$	3,030
Gross investment gains		$	23	$	48
Gross investment (losses)		(172)		(193)
Realized gains (losses) on sales and disposals		(149)		(145)
Net credit loss (provision) release (change in ACL recognized in earnings)		26		66
Impairment (losses)		(3)		—
Net credit loss (provision) release and impairment (losses)		23		66
Net investment gains (losses)		$	(126)	$	(79)
Equity Securities
Realized gains (losses) on sales and disposals		$	(22)	$	(1)
Unrealized net gains (losses) recognized in earnings		13		7
Net investment gains (losses)		$	(9)	$	6

Related Party Investment Transactions

The Company transfers invested assets primarily consisting of fixed maturity securities AFS, mortgage loans, and real estate and REJV to and from affiliates. Invested assets transferred to and from affiliates were as follows:

	Three Months Ended March 31,
	2025		2024
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	—	$	140
Amortized cost of invested assets transferred to affiliates	$	1	$	137
Net investment gains (losses) recognized on transfers	$	—	$	3
Estimated fair value of invested assets transferred from affiliates	$	50	$	2

Recurring related party investments were as follows at:

		March 31, 2025		December 31, 2024
Investment Type/ Balance Sheet Category	Related Party	Carrying Value
		(In millions)
Affiliated investments (1)	MetLife, Inc.	$	1,065	$	1,014
Affiliated investments (2)	Metropolitan General Insurance Company	152		152
Affiliated funds withheld (3)	Metropolitan Tower Life Insurance Company (“MTL”)	2,589		2,604
Other invested assets		$	3,806	$	3,770

________________

(1)Represents an investment in affiliated senior unsecured notes which have maturity dates from July 2026 to December 2031 and bear interest, payable semi-annually, at rates per annum ranging from 1.61% to 2.16%. These affiliated investments earned investment income of $5 million and $3 million for the three months ended March 31, 2025 and 2024, respectively.

(2)Represents an investment in the affiliate’s unsecured note which matures December 2034 and bears interest, payable semi-annually, at a rate per annum of 6.47%.

(3)Represents affiliated funds withheld, reported in other invested assets, related to an agreement the Company, through its wholly-owned subsidiary, entered into to assume certain group annuity contracts issued in connection with a qualifying pension risk transfer on a modified coinsurance basis from MTL.

The Company incurred investment advisory charges from an affiliate of $108 million and $76 million for the three months March 31, 2025 and 2024, respectively.

See “— Variable Interest Entities” for information on investments in affiliated REJV and affiliated mortgage loan joint ventures.

10. Derivatives

Accounting for Derivatives

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2024 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.

Derivative Strategies

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 and forwards;

•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 11 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report.

47

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of 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:

		March 31, 2025						December 31, 2024
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
				Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	4,731	$	990	$	601	$	4,801	$	1,018	$	630
Foreign currency swaps	Foreign currency exchange rate	1,450		22		31		1,450		32		67
Subtotal		6,181		1,012		632		6,251		1,050		697
Cash flow hedges:
Interest rate swaps	Interest rate	3,769		13		300		3,788		—		329
Foreign currency swaps	Foreign currency exchange rate	34,116		2,297		901		32,634		2,305		1,018
Subtotal		37,885		2,310		1,201		36,422		2,305		1,347
Total qualifying hedges		44,066		3,322		1,833		42,673		3,355		2,044
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	15,467		1,545		683		15,405		1,400		742
Interest rate floors	Interest rate	5,390		66		—		5,519		34		—
Interest rate caps	Interest rate	14,950		83		—		15,700		128		—
Interest rate futures	Interest rate	744		3		—		93		—		—
Interest rate options	Interest rate	30,209		169		58		30,209		201		122
Synthetic GICs	Interest rate	5,201		—		—		6,042		—		—
Foreign currency swaps	Foreign currency exchange rate	4,165		413		25		4,170		496		2
Foreign currency forwards	Foreign currency exchange rate	1,381		2		17		1,288		22		8
Credit default swaps — purchased	Credit	707		8		2		729		13		1
Credit default swaps — written	Credit	9,653		158		2		9,519		152		5
Equity futures	Equity market	709		1		2		720		3		—
Equity index options	Equity market	12,625		263		179		11,336		166		198
Equity total return swaps	Equity market	1,799		107		20		1,799		42		9
Total non-designated or nonqualifying derivatives		103,000		2,818		988		102,529		2,657		1,087
Total		$	147,066	$	6,140	$	2,821	$	145,202	$	6,012	$	3,131

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 March 31, 2025 or December 31, 2024. 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.

48

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of 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, nonqualifying hedging relationships and embedded derivatives:

	Three Months Ended March 31, 2025
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	75	$	37	N/A
Hedged items	—		—		N/A		(79)		(35)		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(10)		—		N/A		—		36		N/A
Hedged items	10		—		N/A		—		(36)		N/A
Subtotal	—		—		N/A		(4)		2		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		$	64
Amount of gains (losses) reclassified from AOCI into income	20		—		—		—		—		(20)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		120
Amount of gains (losses) reclassified from AOCI into income	1		348		—		—		—		(349)
Foreign currency transaction gains (losses) on hedged items	—		(348)		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—
Subtotal	21		—		—		—		—		(185)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		91		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(126)		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(5)		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		(18)		N/A		N/A		N/A
Equity derivatives (1)	17		N/A		87		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		63		N/A		N/A		N/A
Subtotal	17		N/A		92		N/A		N/A		N/A
Earned income on derivatives	92		—		53		2		(39)		—
Synthetic GICs	N/A		N/A		2		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(193)		N/A		N/A		N/A
Total	$	130	$	—	$	(46)	$	(2)	$	(37)	$	(185)

49

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Derivatives (continued)

	Three Months Ended March 31, 2024
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(109)	$	(39)	N/A
Hedged items	—		—		N/A		103		38		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	4		—		N/A		—		(24)		N/A
Hedged items	(2)		—		N/A		—		28		N/A
Subtotal	2		—		N/A		(6)		3		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		$	(144)
Amount of gains (losses) reclassified from AOCI into income	8		2		—		—		—		(10)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		1
Amount of gains (losses) reclassified from AOCI into income	1		(270)		—		—		—		269
Foreign currency transaction gains (losses) on hedged items	—		263		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—
Subtotal	9		(5)		—		—		—		116
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(199)		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		74		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		—		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		23		N/A		N/A		N/A
Equity derivatives (1)	(25)		N/A		(281)		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		(36)		N/A		N/A		N/A
Subtotal	(25)		N/A		(419)		N/A		N/A		N/A
Earned income on derivatives	30		—		127		(4)		(48)		—
Synthetic GICs	N/A		N/A		2		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		234		N/A		N/A		N/A
Total	$	16	$	(5)	$	(56)	$	(10)	$	(45)	$	116

__________________

(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, and (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities.

50

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of 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 hedging adjustments for items designated and qualifying as hedged items in fair value hedges:

Balance Sheet Line Item	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1)
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
	(In millions)
Fixed maturity securities AFS	$	118	$	115	$	—	$	—
Mortgage loans	$	109	$	98	$	—	$	(1)
FPBs	$	(2,563)	$	(2,583)	$	285	$	359
PABs	$	(2,327)	$	(2,122)	$	20	$	187

__________________

(1)Includes ($90) million and ($91) million of hedging adjustments on discontinued hedging relationships at March 31, 2025 and December 31, 2024, respectively.

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 $8 million and $0 for the three months ended March 31, 2025 and 2024, respectively.

At both March 31, 2025 and December 31, 2024, 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 four years.

At March 31, 2025 and December 31, 2024, the balance in AOCI associated with cash flow hedges was $1.0 billion and $1.2 billion, respectively.

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

At March 31, 2025, the Company expected to reclassify $171 million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.

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.

51

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Derivatives (continued)

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:

	March 31, 2025					December 31, 2024
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
Credit default swaps referencing indices	$	65	$	4,126	2.0	$	72	$	4,126	2.2
Subtotal	65		4,126		2.0	72		4,126		2.2
Baa
Single name credit default swaps (3)	—		55		1.0	—		55		1.3
Credit default swaps referencing indices	78		5,183		5.4	68		5,209		4.1
Subtotal	78		5,238		5.4	68		5,264		4.1
Ba
Credit default swaps referencing indices	1		25		1.7	2		25		2.0
Subtotal	1		25		1.7	2		25		2.0
B
Credit default swaps referencing indices	13		249		4.5	6		89		3.5
Subtotal	13		249		4.5	6		89		3.5
Caa
Credit default swaps referencing indices	(1)		15		1.7	(1)		15		2.0
Subtotal	(1)		15		1.7	(1)		15		2.0
Total	$	156	$	9,653	3.9	$	147	$	9,519	3.3

__________________

(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.

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.

52

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Derivatives (continued)

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. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third-party custodians.

The Company’s over-the-counter cleared (“OTC-cleared”) derivatives are effected through central clearing counterparties 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.

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:

	March 31, 2025				December 31, 2024
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	6,143	$	2,863	$	6,033	$	3,132
OTC-cleared (1)	110		11		85		5
Exchange-traded	4		2		3		—
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	6,257		2,876		6,121		3,137
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,211)		(2,211)		(2,531)		(2,531)
OTC-cleared	(4)		(4)		(4)		(4)
Exchange-traded	(1)		(1)		—		—
Cash collateral: (3), (4)
OTC-bilateral	(1,945)		—		(2,000)		—
OTC-cleared	(93)		—		(78)		—
Securities collateral: (5)
OTC-bilateral	(1,866)		(651)		(1,487)		(601)
OTC-cleared	—		(7)		—		(1)
Exchange-traded	—		(1)		—		—
Net amount after application of master netting agreements and collateral	$	137	$	1	$	21	$	—

__________________

(1)At March 31, 2025 and December 31, 2024, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $117 million and $109 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $55 million and $6 million, respectively.

53

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Derivatives (continued)

(2)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.

(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 March 31, 2025 and December 31, 2024, the Company received excess cash collateral of $21 million and $16 million, respectively, and provided excess cash collateral of $4 million at both periods, which are not included in the table above due to the foregoing limitation.

(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 March 31, 2025, none of the collateral had been sold or 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 March 31, 2025 and December 31, 2024, the Company received excess securities collateral with an estimated fair value of $247 million and $355 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At March 31, 2025 and December 31, 2024, the Company provided excess securities collateral with an estimated fair value of $863 million and $824 million, respectively, for its OTC-bilateral derivatives, $423 million at both periods, for its OTC-cleared derivatives, and $74 million and $36 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. 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 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.

54

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Derivatives (continued)

	March 31, 2025						December 31, 2024
	Derivatives Subject to Financial Strength-Contingent Provisions		Derivatives Not Subject to Financial Strength-Contingent Provisions		Total		Derivatives Subject to Financial Strength-Contingent Provisions		Derivatives Not Subject to Financial Strength-Contingent Provisions		Total
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	628	$	23	$	651	$	580	$	21	$	601
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	1,051	$	23	$	1,074	$	962	$	23	$	985

__________________

(1)After taking into consideration the existence of netting agreements.

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 Location	March 31, 2025		December 31, 2024
		(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance	Other invested assets	$	56	$	181
Funds withheld on affiliated assumed reinsurance	Other invested assets	17		(13)
Total		$	73	$	168
Embedded derivatives within liability host contracts:
Funds withheld on affiliated ceded reinsurance	Other liabilities	(359)		(461)
Fixed annuities with equity indexed returns	PABs	170		172
Total		$	(189)	$	(289)

55

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

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:

	March 31, 2025
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total  Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	40,680	$	7,085	$	47,765
Foreign corporate	—		16,379		8,384		24,763
U.S. government and agency	9,982		12,048		—		22,030
RMBS	—		22,429		1,965		24,394
ABS & CLO	—		12,430		846		13,276
CMBS	—		5,112		200		5,312
Municipals	—		4,866		2		4,868
Foreign government	—		3,043		14		3,057
Total fixed maturity securities AFS	9,982		116,987		18,496		145,465
Short-term investments	2,446		130		—		2,576
Other investments	46		77		1,348		1,471
Derivative assets: (1)
Interest rate	3		2,866		—		2,869
Foreign currency exchange rate	—		2,734		—		2,734
Credit	—		166		—		166
Equity market	1		370		—		371
Total derivative assets	4		6,136		—		6,140
Embedded derivatives within asset host contracts (2)	—		—		73		73
MRBs	—		—		196		196
Separate account assets (3)	12,840		61,251		857		74,948
Total assets (4)	$	25,318	$	184,581	$	20,970	$	230,869
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,642	$	—	$	1,642
Foreign currency exchange rate	—		974		—		974
Credit	—		4		—		4
Equity market	2		199		—		201
Total derivative liabilities	2		2,819		—		2,821
Embedded derivatives within liability host contracts (2)	—		—		(189)		(189)
MRBs	—		—		2,590		2,590
Separate account liabilities (3)	—		4		—		4
Total liabilities	$	2	$	2,823	$	2,401	$	5,226

56

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Fair Value (continued)

	December 31, 2024
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	40,202	$	6,926	$	47,128
Foreign corporate	—		16,120		8,165		24,285
U.S. government and agency	10,254		11,589		—		21,843
RMBS	—		20,000		1,213		21,213
ABS & CLO	—		9,329		3,876		13,205
CMBS	—		4,778		501		5,279
Municipals	—		4,924		7		4,931
Foreign government	—		2,936		12		2,948
Total fixed maturity securities AFS	10,254		109,878		20,700		140,832
Short-term investments	2,350		40		1		2,391
Other investments	46		67		1,371		1,484
Derivative assets: (1)
Interest rate	—		2,781		—		2,781
Foreign currency exchange rate	—		2,855		—		2,855
Credit	—		165		—		165
Equity market	3		205		3		211
Total derivative assets	3		6,006		3		6,012
Embedded derivatives within asset host contracts (2)	—		—		168		168
MRBs	—		—		246		246
Separate account assets (3)	13,688		64,655		859		79,202
Total assets (4)	$	26,341	$	180,646	$	23,348	$	230,335
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,823	$	—	$	1,823
Foreign currency exchange rate	—		1,095		—		1,095
Credit	—		6		—		6
Equity market	—		207		—		207
Total derivative liabilities	—		3,131		—		3,131
Embedded derivatives within liability host contracts (2)	—		—		(289)		(289)
MRBs	—		—		2,339		2,339
Separate account liabilities (3)	—		2		—		2
Total liabilities	$	—	$	3,133	$	2,050	$	5,183

__________________

(1)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.

(2)Embedded derivatives within asset host contracts are presented within other invested assets on the interim condensed consolidated balance sheets. Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets.

57

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Fair Value (continued)

(3)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities.

(4)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 $45 million and $46 million at March 31, 2025 and December 31, 2024, respectively.

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.

58

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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
		•	observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer	•	independent non-binding broker quotations
		•	delta spread adjustments to reflect specific credit-related issues
U.S. government and agency securities, Municipals and Foreign government securities
	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
	•	issuer ratings and issuer spreads; broker-dealer quotations		•	credit spreads
	•	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
	•	current and forecasted loss severity; ratings; geographic region		•	independent non-binding broker quotations
	•	weighted average coupon and weighted average maturity		•	credit ratings
	•	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

59

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Fair Value (continued)

Instrument	Level 2 Observable Inputs		Level 3 Unobservable Inputs
Short-term investments and Other investments
	•	Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above; while certain other investments are similar to equity securities. The valuation approaches and observable inputs used in their valuation are also similar to those described above. Other investments contain equity securities valued using quoted prices in markets that are not considered active.	•	Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above, while certain other investments are similar to equity securities. The valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments contain equity securities that use key unobservable inputs such as credit ratings, issuance structures and those described above for fixed maturities AFS. Other investments also include certain REJV and use the valuation approach and key inputs as described for OLPI below.
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.

60

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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:

Instrument		Interest Rate		Foreign Currency Exchange Rate		Credit		Equity 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)
Level 3	•	N/A	•	N/A	•	N/A	•	dividend yield curves (2)
							•	equity volatility (1), (2)
							•	correlation between model inputs (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 related to certain affiliated reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

61

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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 affiliated reinsurance and experience refund related to certain assumed affiliated 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 reinsurance 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 underlying host contracts, in other liabilities and other invested assets 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.

MRBs

See Note 5 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.

62

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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:

					March 31, 2025				December 31, 2024				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	48	-	125	94	49	-	126	94	Increase
	•	Market pricing	•	Quoted prices (4)	32	-	100	96	13	-	100	94	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	34	-	131	95	—	-	128	95	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	90	-	194	99	44	-	113	98	Increase (5)
MRBs
Direct and assumed guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0.01%	-	0.13%	0.05%	0.01%	-	0.13%	0.05%	(6)
				Ages 41 - 60	0.05%	-	0.68%	0.22%	0.05%	-	0.68%	0.22%	(6)
				Ages 61 - 115	0.35%	-	100%	1.14%	0.35%	-	100%	1.14%	(6)
			•	Lapse rates:
				Durations 1 - 10	0.80%	-	20.10%	12.86%	0.80%	-	20.10%	12.86%	Decrease (7)
				Durations 11 - 20	3.10%	-	10.60%	6.05%	3.10%	-	10.10%	6.05%	Decrease (7)
				Durations 21 - 116	1%	-	10.10%	8.20%	1%	-	10.10%	8.20%	Decrease (7)
			•	Utilization rates	0.20%	-	16.25%	0.79%	0.20%	-	16.25%	0.79%	Increase (8)
			•	Withdrawal rates	0%	-	7.75%	4.77%	0%	-	7.75%	4.77%	(9)
			•	Long-term equity volatilities	16.63%	-	22.27%	18.77%	16.63%	-	22.27%	18.77%	Increase (10)
			•	Nonperformance risk spread	0.34%	-	0.69%	0.64%	0.33%	-	0.66%	0.64%	Decrease (11)

__________________

(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.

(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)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 result 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 result in a decrease (increase) in the estimated fair value of MRBs.

63

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Fair Value (continued)

(7)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.

(8)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.

(9)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.

(10)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.

(11)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 Other investments, Separate account assets, and Embedded derivatives within funds withheld related to certain ceded affiliated 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.”

64

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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 5):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Structured Products		Municipals		Foreign Government		Short-term Investments
	(In millions)
Three Months Ended March 31, 2025
Balance, beginning of period	$	15,091	$	5,590	$	7	$	12	$	1
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(25)		4		1		—		—
Total realized/unrealized gains (losses) included in  AOCI	227		18		(1)		4		—
Purchases (3)	698		1,155		2		—		—
Sales (3)	(355)		(96)		(7)		(1)		(1)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		—		—		—
Transfers into Level 3 (4)	112		19		—		—		—
Transfers out of Level 3 (4)	(279)		(3,679)		—		(1)		—
Balance, end of period	$	15,469	$	3,011	$	2	$	14	$	—
Three Months Ended March 31, 2024
Balance, beginning of period	$	17,115	$	3,196	$	—	$	14	$	15
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(15)		4		—		2		—
Total realized/unrealized gains (losses) included in  AOCI	(169)		39		—		(1)		—
Purchases (3)	711		494		—		—		2
Sales (3)	(380)		(153)		—		—		(1)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		—		—		—
Transfers into Level 3 (4)	81		51		—		—		—
Transfers out of Level 3 (4)	(189)		(88)		—		—		(5)
Balance, end of period	$	17,154	$	3,543	$	—	$	15	$	11
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2025 (5)	$	(3)	$	4	$	—	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2024 (5)	$	3	$	4	$	—	$	2	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2025 (5)	$	204	$	18	$	—	$	3	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2024 (5)	$	(179)	$	37	$	—	$	(1)	$	—

65

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Fair Value (continued)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Other  Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Three Months Ended March 31, 2025
Balance, beginning of period	$	1,371	$	3	$	457	$	859
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(11)		(3)		(193)		3
Total realized/unrealized gains (losses) included in  AOCI	—		—		—		—
Purchases (3)	21		—		—		42
Sales (3)	(33)		—		—		(42)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		(2)		—
Transfers into Level 3 (4)	—		—		—		1
Transfers out of Level 3 (4)	—		—		—		(6)
Balance, end of period	$	1,348	$	—	$	262	$	857
Three Months Ended March 31, 2024
Balance, beginning of period	$	1,317	$	(160)	$	52	$	968
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	84		(1)		234		(14)
Total realized/unrealized gains (losses) included in  AOCI	—		(28)		—		—
Purchases (3)	5		—		—		39
Sales (3)	(3)		—		—		(9)
Issuances (3)	—		(2)		—		—
Settlements (3)	—		70		(1)		—
Transfers into Level 3 (4)	—		—		—		3
Transfers out of Level 3 (4)	—		—		—		(7)
Balance, end of period	$	1,403	$	(121)	$	285	$	980
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2025 (5)	$	(29)	$	(3)	$	(193)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2024 (5)	$	86	$	—	$	234	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2025 (5)	$	—	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2024 (5)	$	—	$	(20)	$	—	$	—

__________________

(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). 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.

66

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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). Separate account assets and liabilities are presented net for the purposes of the rollforward.

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).

	March 31, 2025		December 31, 2024
	(In millions)
Carrying value after measurement:
Mortgage loans (1)	$	1,076	$	499

	Three Months Ended March 31,
	2025		2024
	(In millions)
Realized gains (losses) net:
Mortgage loans (1)	$	(125)	$	(37)

__________________

(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 9.

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.

67

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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:

	March 31, 2025
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	58,902	$	—	$	—	$	56,629	$	56,629
Policy loans	$	5,693	$	—	$	—	$	5,996	$	5,996
Other invested assets	$	1,874	$	—	$	1,870	$	17	$	1,887
Premiums, reinsurance and other receivables	$	13,409	$	—	$	411	$	13,139	$	13,550
Liabilities
PABs	$	86,738	$	—	$	—	$	85,348	$	85,348
Long-term debt	$	1,553	$	—	$	1,690	$	—	$	1,690
Other liabilities	$	11,395	$	—	$	616	$	10,728	$	11,344
Separate account liabilities	$	24,866	$	—	$	24,866	$	—	$	24,866

	December 31, 2024
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	60,025	$	—	$	—	$	56,824	$	56,824
Policy loans	$	5,601	$	—	$	—	$	5,863	$	5,863
Other invested assets	$	2,117	$	—	$	1,734	$	409	$	2,143
Premiums, reinsurance and other receivables	$	13,390	$	—	$	345	$	13,212	$	13,557
Liabilities
PABs	$	86,061	$	—	$	—	$	83,986	$	83,986
Long-term debt	$	1,552	$	—	$	1,632	$	—	$	1,632
Other liabilities	$	11,160	$	—	$	259	$	10,862	$	11,121
Separate account liabilities	$	25,873	$	—	$	25,873	$	—	$	25,873

68

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Equity

AOCI

Information regarding changes in the balances of each component of AOCI attributable to Metropolitan Life Insurance Company was as follows:

	Three Months Ended March 31, 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	$	(8,651)	$	959	$	1,972	$	(30)	$	(111)	$	(133)	$	(5,994)
Cumulative effects of change in accounting principles for equity method investee at January 1, 2025	70		—		(1,144)		—		—		—		(1,074)
OCI before reclassifications	1,865		184		(357)		33		(55)		(1)		1,669
Deferred income tax benefit (expense)	(431)		(39)		78		(7)		12		—		(387)
AOCI before reclassifications, net of income tax	(7,147)		1,104		549		(4)		(154)		(134)		(5,786)
Amounts reclassified from AOCI	168		(369)		—		—		—		2		(199)
Deferred income tax benefit (expense)	(35)		78		—		—		—		—		43
Amounts reclassified from AOCI, net of income tax	133		(291)		—		—		—		2		(156)
Balance, end of period	$	(7,014)	$	813	$	549	$	(4)	$	(154)	$	(132)	$	(5,942)

	Three Months Ended March 31, 2024
	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	$	(6,495)	$	705	$	(807)	$	33	$	(143)	$	(165)	$	(6,872)
OCI before reclassifications	(1,924)		(143)		1,804		(58)		39		—		(282)
Deferred income tax benefit (expense)	443		30		(379)		12		(8)		—		98
AOCI before reclassifications, net of income tax	(7,976)		592		618		(13)		(112)		(165)		(7,056)
Amounts reclassified from AOCI	159		259		—		—		—		3		421
Deferred income tax benefit (expense)	(37)		(55)		—		—		—		(1)		(93)
Amounts reclassified from AOCI, net of income tax	122		204		—		—		—		2		328
Balance, end of period	$	(7,854)	$	796	$	618	$	(13)	$	(112)	$	(163)	$	(6,728)

__________________

(1)Primarily unrealized gains (losses) on fixed maturity securities.

69

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Equity (continued)

Information regarding amounts reclassified out of each component of AOCI was as follows:

	Three Months Ended March 31,
	2025		2024
AOCI Components	Amounts Reclassified from AOCI				Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	(In millions)
Unrealized investment gains (losses):
Unrealized investment gains (losses)	$	(162)	$	(146)	Net investment gains (losses)
Unrealized investment gains (losses)	—		(1)		Net investment income
Unrealized investment gains (losses)	(6)		(12)		Net derivative gains (losses)
Unrealized investment gains (losses), before income tax	(168)		(159)
Income tax (expense) benefit	35		37
Unrealized investment gains (losses), net of income tax	(133)		(122)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	20		8		Net investment income
Interest rate derivatives	—		2		Net investment gains (losses)
Foreign currency exchange rate derivatives	1		1		Net investment income
Foreign currency exchange rate derivatives	348		(270)		Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax	369		(259)
Income tax (expense) benefit	(78)		55
Gains (losses) on cash flow hedges, net of income tax	291		(204)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(2)		(3)
Amortization of prior service (costs) credit	—		—
Amortization of defined benefit plan items, before income tax	(2)		(3)
Income tax (expense) benefit	—		1
Amortization of defined benefit plan items, net of income tax	(2)		(2)
Total reclassifications, net of income tax	$	156	$	(328)

__________________

(1)These AOCI components are included in the computation of net periodic benefit costs.

70

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

13. 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 March 31,
	2025		2024
	(In millions)
Prepaid legal plans	$	115	$	120
Administrative services-only contracts	73		66
Recordkeeping and administrative services (1)	35		38
Other revenue from service contracts from customers	16		9
Total revenues from service contracts from customers	239		233
Other (2)	196		222
Total other revenues	$	435	$	455

__________________

(1)Related to products and businesses no longer actively marketed by the Company.

(2)Primarily includes reinsurance ceded. See Note 16.

Other Expenses

Information on other expenses was as follows:

	Three Months Ended March 31,
	2025		2024
	(In millions)
Amortization of DAC and VOBA	$	68	$	70
Interest expense on debt	28		32
General and administrative expenses (1)	655		673
Commissions and other variable expenses	434		487
Capitalization of DAC	(22)		(25)
Premium taxes, other taxes, and licenses & fees	89		97
Pension, postretirement and postemployment benefit costs	61		55
Total other expenses	$	1,313	$	1,389

__________________

(1)Includes ($26) million and ($40) million for the three months ended March 31, 2025 and 2024, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

Affiliated Expenses

See Note 16 for a discussion of affiliated expenses included in the table above.

71

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

14. Income Tax

For the three months ended March 31, 2025, the effective tax rate on income (loss) before provision for income tax was 13%. The Company’s effective tax rate for the three months ended March 31, 2025 differed from the U.S. statutory rate of 21% primarily due to 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.

For the three months ended March 31, 2024, the effective tax rate on income (loss) before provision for income tax was 19%. The Company’s effective tax rate for the three months ended March 31, 2024 differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) non-taxable investment income, (ii) the corporate tax deduction for stock compensation, and (iii) low income housing and other tax credits, partially offset by the impact of tax equity investments.

15. 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 March 31, 2025. 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 March 31, 2025, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $125 million.

72

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

15. Contingencies, Commitments and Guarantees (continued)

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.

Asbestos-Related Claims

Metropolitan Life Insurance Company 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. Metropolitan Life Insurance Company has never engaged in the business of manufacturing or selling asbestos-containing products, nor has Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company’s employees during the period from the 1920s through approximately the 1950s and allege that Metropolitan Life Insurance Company 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. Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company.

Metropolitan Life Insurance Company’s defenses include that: (i) Metropolitan Life Insurance Company owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of Metropolitan Life Insurance Company; (iii) Metropolitan Life Insurance Company’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 Metropolitan Life Insurance Company, while other trial courts have denied Metropolitan Life Insurance Company’s motions. There can be no assurance that Metropolitan Life Insurance Company will receive favorable decisions on motions in the future. While most cases brought to date have settled, Metropolitan Life Insurance Company intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.

As reported in the 2024 Annual Report, Metropolitan Life Insurance Company received approximately 2,936 asbestos-related claims in 2024. For the three months ended March 31, 2025 and 2024, Metropolitan Life Insurance Company received approximately 602 and 783 new asbestos-related claims, respectively. See Note 19 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for historical information concerning asbestos claims and Metropolitan Life Insurance Company’s update to its recorded liability at December 31, 2024. The number of asbestos cases that may be brought, the aggregate amount of any liability that Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company 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.

73

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

15. Contingencies, Commitments and Guarantees (continued)

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. Metropolitan Life Insurance Company’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.

Metropolitan Life Insurance Company 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, Metropolitan Life Insurance Company has updated its liability analysis for asbestos-related claims through March 31, 2025.

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., Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company’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.

Matters Related to Group Annuity Benefits

In 2018, the Company announced that it identified a material weakness in its internal control over financial reporting related to the practices and procedures for estimating reserves for certain group annuity benefits. Several regulators have made inquiries into the issue, and it is possible that other jurisdictions may pursue similar investigations or inquiries. The Company could be exposed to lawsuits, and additional legal actions relating to the issue. These may result in payments, including damages, fines, penalties, interest and other amounts assessed or awarded by courts or regulatory authorities under applicable escheat, tax, securities, Employee Retirement Income Security Act of 1974, or other laws or regulations. The Company could incur significant costs in connection with these actions.

Commitments

Mortgage Loan Commitments

The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $1.6 billion and $1.5 billion at March 31, 2025 and December 31, 2024, respectively.

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 $3.7 billion and $4.0 billion at March 31, 2025 and December 31, 2024, respectively.

74

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

15. Contingencies, Commitments and Guarantees (continued)

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 $521 million, with a cumulative maximum of $619 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’s recorded liabilities were $2 million at both March 31, 2025 and December 31, 2024, for indemnities and guarantees.

75

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

16. Related Party Transactions

Service Agreements

The Company has entered into various agreements with affiliates for services necessary to conduct its activities. Typical services provided under these agreements include personnel, policy administrative functions and distribution services. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual cost incurred by the Company and/or its affiliates. Expenses and fees incurred with affiliates related to these agreements, recorded in other expenses, were $778 million and $722 million for the three months ended March 31, 2025 and 2024, respectively. Total revenues received from affiliates related to these agreements were $20 million and $11 million for the three months ended March 31, 2025 and 2024, respectively.

The Company had net payables to affiliates, related to the items discussed above, of $81 million and $88 million at March 31, 2025 and December 31, 2024, respectively.

See Note 9 for additional information on related party transactions.

76

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

16. Related Party Transactions (continued)

Related Party Reinsurance Transactions

The Company has reinsurance agreements with certain of MetLife, Inc.’s subsidiaries, including MetLife Reinsurance Company of Charleston (“MRC”), MetLife Reinsurance Company of Vermont, MTL, Superior Vision Insurance, Inc. and MetLife Insurance K.K., all of which are related parties.

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated statements of operations and comprehensive income (loss) was as follows:

	Three Months Ended March 31,
	2025		2024
	(In millions)
Premiums
Reinsurance assumed	$	4	$	1
Reinsurance ceded	(110)		(103)
Net premiums	$	(106)	$	(102)
Universal life and investment-type product policy fees
Reinsurance assumed	$	9	$	3
Reinsurance ceded	(1)		—
Net universal life and investment-type product policy fees	$	8	$	3
Other revenues
Reinsurance assumed	$	25	$	28
Reinsurance ceded	112		115
Net other revenues	$	137	$	143
Policyholder benefits and claims
Reinsurance assumed	$	10	$	12
Reinsurance ceded	(89)		(86)
Net policyholder benefits and claims	$	(79)	$	(74)
Policyholder liability remeasurement (gains) losses
Reinsurance assumed	$	(1)	$	—
Reinsurance ceded	(1)		2
Net policyholder liability remeasurement (gains) losses	$	(2)	$	2
Interest credited to PABs
Reinsurance assumed	$	86	$	89
Reinsurance ceded	(2)		(3)
Net interest credited to PABs	$	84	$	86
Other expenses
Reinsurance assumed	$	11	$	12
Reinsurance ceded	(21)		56
Net other expenses	$	(10)	$	68

77

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

16. Related Party Transactions (continued)

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated balance sheets was as follows at:

	March 31, 2025				December 31, 2024
	Assumed		Ceded		Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	162	$	11,051	$	163	$	11,048
DAC and VOBA	135		(154)		140		(156)
Total assets	$	297	$	10,897	$	303	$	10,892
Liabilities
FPBs	$	2,016	$	—	$	2,028	$	—
PABs	8,740		—		8,845		—
Other policy-related balances	68		(49)		66		(47)
Other liabilities	841		9,718		856		9,748
Total liabilities	$	11,665	$	9,669	$	11,795	$	9,701

The Company ceded two blocks of business to an affiliate on a 75% coinsurance with funds withheld basis. Certain contractual features of this reinsurance agreement qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company’s interim condensed consolidated balance sheets. The embedded derivatives related to the funds withheld associated with this agreement are included within other liabilities and were ($42) million and ($46) million at March 31, 2025 and December 31, 2024, respectively. Net derivative gains (losses) associated with these embedded derivatives were ($4) million and $3 million for the three months ended March 31, 2025 and 2024, respectively.

Certain contractual features of the closed block agreement with MRC qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company’s interim condensed consolidated balance sheets. The embedded derivative related to the funds withheld associated with this reinsurance agreement was included within other liabilities and was ($317) million and ($415) million at March 31, 2025 and December 31, 2024, respectively. Net derivative gains (losses) associated with the embedded derivative were ($98) million and $79 million for the three months ended March 31, 2025 and 2024, respectively.

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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
Forward-Looking Statements and Other Financial Information	80
Business	80
Results of Operations	81
Adopted Accounting Pronouncements	84
Future Adoption of Accounting Pronouncements	84
Non-GAAP and Other Financial Disclosures	85
Risk Management	85
Subsequent Events	86

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Forward-Looking Statements and Other Financial Information

For purposes of this discussion, “MLIC,” the “Company,” “we,” “our” and “us” refer to Metropolitan Life Insurance Company, a New York corporation incorporated in 1868, and its subsidiaries. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”). Management’s narrative analysis of the Company’s results of operations is presented pursuant to General Instruction H(2)(a) of Form 10-Q. This narrative analysis should be read in conjunction with Metropolitan Life Insurance Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 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, and the Company’s interim condensed consolidated financial statements included elsewhere herein.

This narrative analysis 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 narrative analysis includes references to our performance measure, adjusted earnings, that is 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 this and other financial measures, and “— Results of Operations” for reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP measures.

Business

Current Market Conditions

In the United States (“U.S.”), the Federal Open Market Committee took various actions in 2024 to promote economic stability, including lowering interest rates during the second half of the year. While rates have remained steady in 2025, labor market conditions, inflation and financial and international developments, as well as other factors, could result in policy adjustments later this year.

Regulatory Developments

The following discussion on regulatory developments should be read in conjunction with “Business — Regulation” in the 2024 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 (the “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 (“SEC”) 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, DOL finalized and published a regulation to change the definition of “fiduciary” for purposes of ERISA and parallel provisions of the Internal Revenue Code of 1986, as amended, 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, these changes were challenged in court, and in July 2024, two federal district courts entered separate stays of the effective date of the new regulation regarding the definition of “fiduciary” and the amendments to the PTEs, pending further orders of the courts. The DOL initially appealed these stay orders but has since indicated that it no longer intends to pursue those appeals and, instead, will revisit and re-evaluate the regulation and PTE amendments. Accordingly, it is unclear when, or whether, the regulation and PTE amendments will take effect.

Management of Climate Risk and ESG

In March 2025, the SEC voted to end its defense of final rules that it had adopted in March 2024 requiring registrants to provide additional climate-related information in their registration statements and annual reports, including in their financial statements.

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Results of Operations

Overview

MLIC is a provider of insurance, annuities and employee benefits. MLIC is organized into three segments: Group Benefits; Retirement and Income Solutions (“RIS”); and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. See Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s segments and Corporate & Other.

Key Financial Highlights     

•Net income attributable to MLIC of $337 million for the three months ended March 31, 2025, compared to $938 million for the three months ended March 31, 2024.

•Adjusted earnings of $875 million for the three months ended March 31, 2025, compared to $706 million for the three months ended March 31, 2024.

Consolidated Results

	Three Months Ended March 31,
	2025		2024
	(In millions)
Revenues
Premiums	$	6,695	$	6,214
Universal life and investment-type product policy fees	392		359
Net investment income	2,876		2,857
Other revenues	435		455
Net investment gains (losses)	(285)		(136)
Net derivative gains (losses)	(46)		(56)
Total revenues	10,067		9,693
Expenses
Policyholder benefits and claims and policyholder dividends	7,162		6,805
Policyholder liability remeasurement (gains) losses	(15)		13
Market risk benefit remeasurement (gains) losses	290		(586)
Interest credited to policyholder account balances	931		923
Amortization of deferred policy acquisition costs and value of business acquired	68		70
Interest expense on debt	28		32
Other expenses, net of capitalization of deferred policy acquisition costs	1,217		1,287
Total expenses	9,681		8,544
Income (loss) before provision for income tax	386		1,149
Provision for income tax expense (benefit)	51		214
Net income (loss)	335		935
Less: Net income (loss) attributable to noncontrolling interests	(2)		(3)
Net income (loss) attributable to Metropolitan Life Insurance Company	$	337	$	938

Three Months Ended March 31, 2025 Compared with the Three Months Ended March 31, 2024

Net income (loss) attributable to MLIC - Increased $601 million primarily due to the following:

Net Investment Gains (Losses) - Unfavorable change of $149 million ($118 million, net of income tax):

•Higher increase to the allowance for credit loss on mortgage loans

•Higher losses on sales of fixed maturity securities

•Losses on foreign currency transactions in the current period

•Gains on sales of real estate investments in the prior period

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Net Derivative Gains (Losses) - Favorable change of $10 million ($8 million, net of income tax)(1):

•Long-term interest rates decreased in the current period compared to increased in the prior period - favorable impact to the estimated fair value of receiver swaps and options

•Key equity indexes decreased in the current period compared to increased in the prior period - favorable impact to the estimated fair value of total rate of return swaps, long put options and short futures

Substantially offset by:

•Change in the value of the underlying assets - unfavorable impact to embedded derivatives related to funds withheld on a certain reinsurance agreement

•The U.S. dollar weakened against major currencies in the current period compared to strengthened in the prior period - favorable impact to the estimated fair value of receive-U.S. dollar currency swaps and buy-U.S. dollar currency forwards

Market Risk Benefit Remeasurement (Gains) Losses(2) - Unfavorable change of $876 million ($692 million, net of income tax):

•Long-term interest rates decreased in the current period compared to increased in the prior period

•Key equity indexes decreased in the current period compared to increased in the prior period

Adjusted Earnings(3) - Favorable change of $169 million. See “— Consolidated Results — Adjusted Earnings.”

Taxes - Favorable change in effective tax rate - 13% in the current period compared to 19% in the prior period:

•Current period effective tax rate on income before provision for income tax was 13% compared to the U.S. statutory rate of 21% primarily due to tax benefits from:

◦Non-taxable investment income

◦Low income housing and other tax credits, partially offset by the impact of tax equity investments

◦Corporate tax deduction for stock-based compensation

•Prior period effective tax rate on income before provision for income tax was 19% compared to the U.S. statutory rate of 21% primarily due to tax benefits from:

◦Non-taxable investment income

◦Corporate tax deduction for stock-based compensation

◦Low income housing and other tax credits, partially offset by the impact of tax equity investments

__________________

(1)Includes amounts relating to investment hedge adjustments, which are also included in adjusted earnings.

(2)See Note 5 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s market risk benefits (“MRBs”).

(3)See “— Non-GAAP and Other Financial Disclosures” for information regarding adjusted earnings.

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Reconciliation of net income (loss) to adjusted earnings and premiums, fees and other revenues to adjusted premiums, fees and other revenues

		Three Months Ended March 31,
		2025		2024
		(In millions)
Net income (loss)		$	335	$	935
Less: adjustments from net income (loss) to adjusted earnings:
Revenues:
	Net investment gains (losses)	(285)		(136)
	Net derivative gains (losses)	(46)		(56)
	Premiums	—		—
	Universal life and investment-type product policy fees	—		—
	Net investment income	(79)		(124)
	Other revenues	27		32
Expenses:
	Policyholder benefits and claims and policyholder dividends	13		13
	Policyholder liability remeasurement (gains) losses	—		—
	Market risk benefit remeasurement (gains) losses	(290)		586
	Interest credited to policyholder account balances	(20)		(22)
	Capitalization of deferred policy acquisition costs (“DAC”)	—		—
	Amortization of DAC and value of business acquired	—		—
	Interest expense on debt	—		—
	Other expenses	(3)		(3)
	Provision for income tax (expense) benefit	143		(61)
Adjusted earnings		$	875	$	706
Premiums, fees and other revenues		$	7,522	$	7,028
Less: adjustments to premiums, fees and other revenues		27		32
Adjusted premiums, fees and other revenues		$	7,495	$	6,996

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Consolidated Results — Adjusted Earnings

Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2025 increased $499 million, or 7%, compared to the prior period. The increase was primarily due to growth in our pension risk transfer business. Changes in RIS premiums were more than offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance.

Three Months Ended March 31, 2025 Compared with the Three Months Ended March 31, 2024

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Increased $169 million primarily due to the following business drivers:

Market Factors - Decreased adjusted earnings by $20 million:

•Recurring investment income decreased - lower income on derivatives and lower yields on mortgage loans, largely offset by higher income on real estate investments; lower average invested assets in the MetLife Holdings segment due to business run-off were substantially offset by positive flows from pension risk transfer transactions and funding agreement issuances in the RIS segment

•Higher interest credited expenses - higher average interest crediting rates on investment-type products and growth on long-duration products in the RIS segment, partially offset by lower interest crediting rates on long-duration products in the MetLife Holdings segment

Partially offset by:

•Variable investment income increased - higher returns on real estate funds, largely offset by lower returns on private equity funds

Volume Growth - Decreased adjusted earnings by $21 million:

•Lower average invested assets in Corporate & Other

•Expected business run-off in the MetLife Holdings segment

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $127 million:

•Favorable mortality results - lower claims incidence and severity in the life business in the Group Benefits segment

•Favorable change from refinements to certain insurance and other liabilities in both periods

Expenses - Increased adjusted earnings by $87 million:

•Lower corporate-related expenses in Corporate & Other

•Lower expenses in the MetLife Holdings segment due to a change in the allocation of legal entity expenses

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.

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Non-GAAP and Other Financial Disclosures

In this report, the Company presents certain measures of its performance 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.

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)

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in “— Results of Operations.” 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.

Our definitions of non-GAAP and other financial measures discussed in this report may differ from those used by other companies.

Adjusted earnings

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 allows analysis of our performance and facilitates comparisons to industry results. 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.

The following additional information is relevant to an understanding of our performance results:

•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.

•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.

•Total adjusted stockholder’s equity: total stockholder’s equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), MRBs instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of accumulated other comprehensive income and the estimated fair value of certain ceded reinsurance-related embedded derivatives (see Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for information about Reinsurance adjustments), all net of income tax.

•Allocated equity: the portion of total adjusted stockholder’s equity that MetLife’s 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 2024 Annual Report.

Risk Management

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management” in the 2024 Annual Report for information on our risk management.

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Subsequent Events

On April 30, 2025, the Company entered into a definitive agreement with Talcott Resolution Life Insurance Company, a life insurance and annuities subsidiary of Talcott Financial Group, to reinsure approximately $10.0 billion of variable annuity and rider reserves, which are reported in the MetLife Holdings segment. At the closing of the transaction, the Company will enter into a reinsurance agreement on both a modified coinsurance and a funds withheld basis. The transaction is expected to close in the second half of 2025 and is subject to regulatory approvals and other customary closing conditions.

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Item 4. Controls and Procedures

Management, with the participation of the CEO and Chief Financial Officer (“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 March 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II — Other Information

Item 1. Legal Proceedings

See Note 15 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 2024 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2024 Annual Report.

Item 5. Other Information

Securities trading plans

During the three months ended March 31, 2025, 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

(Note Regarding Reliance on Statements in Our Contracts: In reviewing the agreements included as exhibits to this Quarterly Report on Form 10-Q, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about Metropolitan Life Insurance Company, its subsidiaries or affiliates, or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and (i) should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; (iii) may apply standards of materiality in a way that is different from what may be viewed as material to investors; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about Metropolitan Life Insurance Company, its subsidiaries and affiliates may be found elsewhere in this Quarterly Report on Form 10-Q and Metropolitan Life Insurance Company’s other public filings, which are available without charge through the U.S. Securities and Exchange Commission website at www.sec.gov.)

		Incorporated by Reference
Exhibit No.	Description	Form	File Number	Exhibit	Filing Date	Filed or Furnished Herewith
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.					X
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.					X
101.SCH	Inline 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.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.					X
101.INS	XBRL 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. Best	A.M. Best Company, Inc.	Farmer Mac	Federal Agricultural Mortgage Corporation
ABO	Accumulated Benefit Obligations	FASB	Financial Accounting Standards Board
ABS & CLO	Asset-Backed Securities and Collateralized Loan Obligations	FCTA	Foreign Currency Translation Adjustments
ACL	Allowance For Credit Loss	Federal Reserve	Federal Reserve Board & Federal Reserve Bank of New York
Additional Insurance Liabilities	Universal and variable universal life secondary and paid-up guarantees	Federal Reserve Board	Board of Governors of the Federal Reserve System
AFS	Available-For-Sale	FHLBNY	Federal Home Loan Bank of New York
AI	Artificial Intelligence	FINRA	Financial Industry Regulatory Authority
ALM	Asset/Liability Management	FIO	Federal Insurance Office
Alt-A	Alternative Residential Mortgage Loans	Fitch	Fitch Ratings Inc.
AOCI	Accumulated Other Comprehensive Income (Loss)	FPB	Future Policy Benefits
ASO	Administrative Services-Only	FSOC	Financial Stability Oversight Council
ASU	Accounting Standards Update	FVO	Fair Value Option
Authorized Control Level RBC	Authorized Control Level RBC, calculated in the manner prescribed by the NAIC	GAAP	Accounting principles generally accepted in the United States of America
CCPA	California Consumer Privacy Act	GCC	Group Capital Calculation
CEO	Chief Executive Officer	GHG	Greenhouse Gas
CFO	Chief Financial Officer	GICs	Guaranteed Interest Contracts
CFPB	Consumer Financial Protection Bureau	Global Atlantic	Global Atlantic Financial Group
CFTC	Commodity Futures Trading Commission	GMABs	Guaranteed Minimum Accumulation Benefits
CISO	Chief Information Security Officer	GMCR	Guaranteed Minimum Crediting Rates
CLOs	Collateralized Loan Obligations	GMDBs	Guaranteed Minimum Death Benefits
CMBS	Commercial Mortgage-Backed Securities	GMIBs	Guaranteed Minimum Income Benefits
CODM	Chief Operating Decision Maker	GMWBs	Guaranteed Minimum Withdrawal Benefits
Company Action Level RBC	Minimum level of TAC before corrective action commences is twice authorized control level RBC	GMXBs	Guaranteed Minimum Benefits
Credit Facility	Unsecured revolving credit facility	IBNP	Incurred But Not Paid
CRO	Chief Risk Officer	IBNR	Incurred But Not Reported
Cybersecurity Model Law	NAIC’s Insurance Data Security Model Law	IMR	Interest Maintenance Reserve
DAC	Deferred Policy Acquisition Costs	IRS	Internal Revenue Service
Dodd-Frank	Dodd-Frank Wall Street Reform and Consumer Protection Act	LDTI	Long-Duration Targeted Improvements
DOL	U.S. Department of Labor	LDTI Transition Date	January 1, 2021
DPL	Deferred Profit Liability	LTV	Loan-To-Value
DSCR	Debt Service Coverage Ratios	MetLife Funding	MetLife Funding, Inc.
ERC	Enterprise Risk Committee	MLIC	Metropolitan Life Insurance Company
ERISA	Employee Retirement Income Security Act of 1974	Moody’s	Moody’s Investors Service, Inc.
ERM	Enterprise Risk Management	MoRe	Missouri Reinsurance, Inc.
ESG	Environmental, Social and Governance	MRBs	Market Risk Benefits
Exchange Act	Securities Exchange Act Of 1934	MRC	MetLife Reinsurance Company of Charleston

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MTL	Metropolitan Tower Life Insurance Company	RIS	Retirement and Income Solutions
NAIC	National Association of Insurance Commissioners	RMBS	Residential Mortgage-Backed Securities
NAV	Net Asset Value	ROU	Right-of-Use
NGEs	Non-Guaranteed Elements	S&P	Standard & Poor’s Global Ratings
Non-Bank SIFI	Non-Bank Systemically Important Financial Institution	SCL	Special Considerations Letter
NPR	Net Premium Ratio	SEC	U.S. Securities and Exchange Commission
NQM	Non-Qualified Residential Mortgage	SSG	Structured Securities Group
NRSRO	Nationally Recognized Statistical Rating Organizations	Statutory Codification	Codification of Statutory Accounting Principles
NYDFS	New York State Department of Financial Services	Structured Products	RMBS, ABS & CLO and CMBS
OCI	Other Comprehensive Income (Loss)	Superintendent	New York Superintendent of Financial Services
OLPI	Other Limited Partnership Interests	TAC	Total Adjusted Capital, calculated in the manner prescribed by the NAIC
OTC	Over-the-Counter	TRRs	Total Rate of Return Swaps
OTC-bilateral	Bilateral contracts between two counterparties	U.S.	United States
OTC-cleared	OTC derivatives are cleared and settled through central clearing counterparties	ULSG	Universal and Variable Universal Life Policies with Secondary Guarantees
PABs	Policyholder Account Balances	UREV	Unearned Revenue
PBO	Projected Benefit Obligation	VIEs	Variable Interest Entities
PCAOB	Public Company Accounting Oversight Board	VOBA	Value of Business Acquired
PTE	Prohibited Transaction Exemption	VOCRA	Value of Customer Relationships Acquired
RBC	Risk-Based Capital	VODA	Value of Distribution Agreements
REJV	Real Estate Joint Ventures

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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.

METROPOLITAN LIFE INSURANCE COMPANY
By:	/s/ Toby S. Brown
	Name:  Toby S. Brown Title:    Executive Vice President,              Global Head of Reinsurance              and Interim Chief Accounting Officer              (Authorized Signatory and Principal              Accounting Officer)

Date: May 6, 2025

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