XML 71 R35.htm IDEA: XBRL DOCUMENT v3.25.0.1
Condensed Financial Information (Parent Company)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information (Parent Company)
MetLife, Inc.
Schedule II
Condensed Financial Information
(Parent Company Only)
December 31, 2024 and 2023
(In millions, except share and per share data)
20242023
Condensed Balance Sheets
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $1,827 and $1,689, respectively)
$1,719 $1,583 
Short-term investments, principally at estimated fair value
653 52 
Other invested assets, at estimated fair value
586 517 
Total investments
2,958 2,152 
Cash and cash equivalents
2,159 3,021 
Accrued investment income
8 9 
Investment in subsidiaries
41,107 43,838 
Loans to subsidiaries
285 305 
Other assets
654 667 
Total assets
$47,171 $49,992 
Liabilities and Stockholders’ Equity
Liabilities
Payables for collateral under derivatives transactions
$290 $265 
Long-term debt — unaffiliated
14,431 14,516 
Long-term debt — affiliated
1,447 1,585 
Junior subordinated debt securities
2,470 2,468 
Other liabilities
1,088 1,143 
Total liabilities
19,726 19,977 
Stockholders’ Equity
Preferred stock, par value $0.01 per share; $3,905 aggregate liquidation preference
— — 
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,194,168,628 and 1,191,823,651 shares issued, respectively; 689,211,065 and 730,821,111 shares outstanding, respectively
12 12 
Additional paid-in capital
33,791 33,690 
Retained earnings
42,626 40,146 
Treasury stock, at cost; 504,957,563 and 461,002,540 shares, respectively
(27,798)(24,591)
Accumulated other comprehensive income (loss)
(21,186)(19,242)
Total stockholders’ equity
27,445 30,015 
Total liabilities and stockholders’ equity
$47,171 $49,992 
See accompanying notes to the condensed financial information.
MetLife, Inc.
Schedule II
Condensed Financial Information — (continued)
(Parent Company Only)
Years Ended December 31, 2024, 2023 and 2022
(In millions)
202420232022
Condensed Statements of Operations
Revenues
Net investment income
$177 $188 $58 
Other revenues
16 17 17 
Net investment gains (losses)
250 134 332 
Net derivative gains (losses)
3 (41)129 
Total revenues
446 298 536 
Expenses
Interest expense
920 907 829 
Other expenses
215 140 79 
Total expenses
1,135 1,047 908 
Income (loss) before provision for income tax and equity in earnings of subsidiaries(689)(749)(372)
Provision for income tax (expense) benefit59 128 37 
Equity in earnings of subsidiaries5,056 2,199 5,619 
Net income (loss)
4,426 1,578 5,284 
Less: Preferred stock dividends
200 198 185 
Net income (loss) available to common shareholders
$4,226 $1,380 $5,099 
Comprehensive income (loss)
$2,482 $4,957 $(14,886)
See accompanying notes to the condensed financial information.
MetLife, Inc.
Schedule II
Condensed Financial Information — (continued)
(Parent Company Only)
Years Ended December 31, 2024, 2023 and 2022
(In millions)
202420232022
Condensed Statements of Cash Flows
Cash flows from operating activities
Net income (loss)
$4,426 $1,578 $5,284 
Earnings of subsidiaries
(5,056)(2,199)(5,619)
Dividends from subsidiaries
5,467 4,780 5,168 
(Gains) losses on investments and from sales of businesses, net
(250)(134)(332)
Other, net
148 158 (73)
Net cash provided by (used in) operating activities
4,735 4,183 4,428 
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale
1,256 3,093 1,609 
Short-term investments255 1,330 — 
Purchases and originations of:
Fixed maturity securities available-for-sale
(1,389)(973)(2,757)
Short-term investments
(842)(1,375)— 
Cash received in connection with freestanding derivatives
520 161 296 
Cash paid in connection with freestanding derivatives
(418)(155)(103)
Expense paid on behalf of subsidiaries
(5)(4)(10)
Receipts on loans to subsidiaries
320 250 150 
Issuances of loans to subsidiaries
(300)(460)(210)
Returns of capital from subsidiaries
74 6 8 
Capital contributions to subsidiaries
(249)(528)(5)
Other, net
(13)(3)15 
Net cash provided by (used in) investing activities
(791)1,342 (1,007)
Cash flows from financing activities
Net change in payables for collateral under derivative transactions
25 111 1 
Long-term debt issued
1,518 1,986 1,000 
Long-term debt repaid
(1,438)(1,000)— 
Treasury stock acquired in connection with share repurchases
(3,207)(3,103)(3,326)
Dividends on preferred stock
(200)(198)(185)
Dividends on common stock
(1,527)(1,566)(1,598)
Other, net
23 (24)16 
Net cash provided by (used in) financing activities
(4,806)(3,794)(4,092)
Change in cash and cash equivalents
(862)1,731 (671)
Cash and cash equivalents, beginning of year
3,021 1,290 1,961 
Cash and cash equivalents, end of year
$2,159 $3,021 $1,290 
MetLife, Inc.
Schedule II
Condensed Financial Information — (continued)
(Parent Company Only)
Years Ended December 31, 2024, 2023 and 2022
(In millions)
202420232022
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest
$915 $852 $800 
Income tax:
Amounts paid to (received from) subsidiaries, net
$(76)$(671)$(214)
Income tax paid (received) by MetLife, Inc., net
30 506 85 
Total income tax, net
$(46)$(165)$(129)
Non-cash transactions:
Returns of capital from subsidiaries
$1 $2 $12 
Capital contributions to subsidiaries
$1 $1 $11 
MetLife, Inc.
Schedule II
Notes to the Condensed Financial Information
(Parent Company Only)
1. Basis of Presentation
The condensed financial information of MetLife, Inc. (parent company only) should be read in conjunction with the consolidated financial statements of MetLife, Inc. and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for MetLife, Inc. Investments in subsidiaries are accounted for using the equity method of accounting.
The preparation of these condensed unconsolidated financial statements in conformity with GAAP requires management to adopt accounting policies and make certain estimates and assumptions. The most important of these estimates and assumptions relate to the fair value measurements, the accounting for goodwill and the provision for potential losses that may arise from litigation and regulatory proceedings and tax audits, which may affect the amounts reported in the condensed unconsolidated financial statements and accompanying notes. Actual results could differ from these estimates.
2. Loans to Subsidiaries
MetLife, Inc. lends funds as necessary, through credit agreements or otherwise to its subsidiaries, some of which are regulated, to meet their capital requirements or to provide liquidity. Payments of interest and principal on surplus notes of regulated subsidiaries, which are subordinate to all other obligations of the issuing company, may be made only with the prior approval of the insurance department of the state of domicile.
During 2024 and 2023, under such credit agreements, MetLife Services and Solutions, LLC (“MSS”) issued $300 million and $250 million, respectively, in short-term notes to MetLife, Inc., bearing interest at three-month CME Term SOFR plus 1.24%. During 2024 and 2023, MSS repaid $225 million and $250 million, respectively, on the short-term notes. During 2022, MSS also issued a $150 million short-term note to MetLife, Inc. which was repaid by September 2022. The short-term note bore interest at six-month LIBOR plus 1.00%.
In March 2023, Missouri Reinsurance, Inc. (“MoRe”), issued to MetLife, Inc. an $80 million 5.34% promissory note maturing in March 2028, an $80 million 5.68% promissory note maturing in March 2033 and a $50 million 6.05% promissory note maturing in March 2038. Interest on all notes is payable semi-annually. In December 2022, MoRe also issued to MetLife, Inc. a $60 million 5.23% promissory note, which matured in December 2024.
Interest income earned on loans to subsidiaries of $28 million, $22 million and $2 million for the years ended December 31, 2024, 2023 and 2022, respectively, is included in net investment income.
3. Long-term Debt
Long-term debt outstanding was as follows:
December 31,
Interest Rates (1)
Maturity
20242023
(Dollars in millions)
Senior notes — unaffiliated (2)0.50%-6.50%2025-2059$14,431 $14,516 
Senior notes — affiliated1.59%-7.45%2025-20311,447 1,585 
Total
$15,878 $16,101 
__________________
(1)Range of interest rates are for the year ended December 31, 2024.
(2)Net of $99 million and $106 million of unamortized issuance costs and net premiums and discounts at December 31, 2024 and 2023, respectively.
See Notes 16 of the Notes to the Consolidated Financial Statements for additional information.
The aggregate maturities of long-term debt at December 31, 2024 for the next five years and thereafter are $1.2 billion in 2025, $427 million in 2026, $0 in 2027, $213 million in 2028, $625 million in 2029 and $13.4 billion thereafter.
Senior Notes – Affiliated
In July 2023, a ¥37.3 billion 1.6015% senior unsecured note issued to MLIC matured and was refinanced with a ¥37.3 billion 2.1575% senior unsecured note due July 2030 issued to MLIC.
Interest Expense
Interest expense was comprised of the following:
Years Ended December 31,
202420232022
(In millions)
Long-term debt — unaffiliated$668 $653 $583 
Long-term debt — affiliated44 45 37 
Collateral financing arrangement
3 4 4 
Junior subordinated debt securities205 205 205 
Total$920 $907 $829 
See Notes 17 and 18 of the Notes to the Consolidated Financial Statements for information on the collateral financing arrangement and junior subordinated debt securities.
4. Support Agreements
MetLife, Inc. is party to various capital support commitments and guarantees with certain of its subsidiaries. Under these arrangements, MetLife, Inc. has agreed to cause each such entity to meet specified capital and surplus levels or has guaranteed certain contractual obligations.
MetLife, Inc. guarantees the obligations of MoRe under a retrocession agreement with RGA Reinsurance (Barbados) Inc., pursuant to which MoRe retrocedes a portion of the closed block liabilities associated with industrial life and ordinary life insurance policies that it assumed from MLIC.
MetLife, Inc. guarantees the obligations of MetLife Reinsurance Company of Bermuda, Ltd. (“MrB”), a Bermuda insurance affiliate and an indirect, wholly-owned subsidiary of MetLife, Inc. under a reinsurance agreement with a former affiliate that is now an unaffiliated third party, under which MrB reinsures certain variable annuity business written by such third party.
MetLife, Inc. guarantees the obligations of MrB in an aggregate amount up to $1.0 billion, under a reinsurance agreement with MetLife UK Limited, in respect of MrB’s reinsurance of the guaranteed living benefits and guaranteed death benefits associated with certain Unit-linked investments that were issued by MetLife UK Limited, as successor to MetLife Europe d.a.c. MetLife UK Limited is a newly-formed U.K. insurance subsidiary to which MetLife Europe d.a.c. transferred its former U.K. wealth management business effective as of April 1, 2024 pursuant to a court-approved business portfolio transfer.
MetLife, Inc., in connection with MRV’s reinsurance of certain universal life and term life insurance risks, committed to the Vermont Department of Financial Regulation to take necessary action to cause the two protected cells of MRV to maintain TAC in an amount that is equal to or greater than 200% of each such protected cell’s authorized control level RBC, as defined in Vermont state insurance statutes.
MetLife, Inc., in connection with the collateral financing arrangement associated with MRC’s reinsurance of a portion of the liabilities associated with the closed block, committed to the South Carolina Department of Insurance to make capital contributions, if necessary, to MRC so that MRC may at all times maintain its TAC in an amount that is equal to or greater than 200% of the Company Action Level RBC, as defined in South Carolina state insurance statutes as in effect on the date of determination or December 31, 2007, whichever calculation produces the greater capital requirement, or as otherwise required by the South Carolina Department of Insurance. See Note 17 of the Notes to the Consolidated Financial Statements.
MetLife, Inc. guarantees obligations arising from OTC-bilateral derivatives of MrB. MrB is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. MrB uses a variety of strategies to manage these risks, including the use of derivatives. Further, MrB’s derivatives are subject to industry standard netting agreements and collateral agreements that limit the unsecured portion of any open derivative position. On a net counterparty basis at December 31, 2024 and 2023, derivative transactions with positive mark-to-market values (in-the-money) were $19 million and $27 million, respectively, and derivative transactions with negative mark-to-market values (out-of-the-money) were $269 million and $191 million, respectively. To secure the obligations represented by the out-of-the-money transactions, MrB had provided collateral to its counterparties with an estimated fair value of $269 million and $183 million at December 31, 2024 and 2023, respectively. Accordingly, unsecured derivative liabilities guaranteed by MetLife, Inc. were $0 and $8 million at December 31, 2024 and 2023, respectively. During the fourth quarter of 2024, MetLife, Inc. issued a new guarantee of obligations arising from OTC-bilateral derivatives of MetLife Reinsurance Company of Hamilton, Ltd. (“MrH”). As of December 31, 2024, MrH had not yet executed any OTC-bilateral trades subject to the MetLife, Inc. guarantee.
MetLife, Inc. also guarantees the obligations of certain of its subsidiaries under committed facilities with third-party banks. See Note 16 of the Notes to the Consolidated Financial Statements.