Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting Information, by Segment


Year Ended December 31, 2024		Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings
	(In millions)
Revenues
Premiums		$	22,427	$	8,034	$	4,991	$	4,476	$	2,202	$	2,780
Universal life and investment-type product policy fees		909		314		1,690		1,419		314		326
Net investment income (1)		1,252		8,482		4,658		1,650		222		3,985
Other revenues		1,534		246		76		41		32		166

Expenses
Policyholder benefits and claims and policyholder dividends		19,824		11,246		4,083		4,127		1,100		4,954
Policyholder liability remeasurement (gains) losses		(1)		(170)		(35)		(9)		7		2
Interest credited to PABs		191		3,371		2,695		438		70		390
Other expenses:
Amortization of DAC, VOBA and negative VOBA		26		66		832		503		355		229
Interest expense on debt		2		15		—		15		—		14
Direct and allocated expenses		2,000		309		1,176		560		426		646
Other segment expenses (2)		2,049		139		413		743		457		223
Provision for income tax expense (benefit)		425		433		630		328		72		152
Adjusted earnings		$	1,606	$	1,667	$	1,621	$	881	$	283	$	647


Year Ended December 31, 2023	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings
	(In millions)
Revenues
Premiums	$	21,558	$	8,248	$	5,251	$	4,287	$	2,016	$	2,881
Universal life and investment-type product policy fees	878		313		1,632		1,398		298		632
Net investment income (1)	1,301		7,803		3,957		1,644		197		4,494
Other revenues	1,493		271		86		42		32		195

Expenses
Policyholder benefits and claims and policyholder dividends	19,164		11,269		4,333		4,094		984		5,350
Policyholder liability remeasurement (gains) losses	(28)		(131)		105		(25)		(3)		37
Interest credited to PABs	193		2,887		2,301		426		72		730
Other expenses:
Amortization of DAC, VOBA and negative VOBA	26		49		772		468		344		258
Interest expense on debt	2		14		—		11		—		13
Direct and allocated expenses	1,896		275		1,172		578		404		666
Other segment expenses (2)	1,880		114		403		682		399		239
Provision for income tax expense (benefit)	442		450		558		297		78		176
Adjusted earnings	$	1,655	$	1,708	$	1,282	$	840	$	265	$	733


Year Ended December 31, 2022	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings
	(In millions)
Revenues
Premiums	$	21,051	$	13,619	$	5,563	$	3,224	$	1,962	$	3,066
Universal life and investment-type product policy fees	855		303		1,693		1,175		284		902
Net investment income (1)	1,136		6,204		3,909		1,593		160		4,914
Other revenues	1,360		392		90		39		35		155

Expenses
Policyholder benefits and claims and policyholder dividends	19,076		16,163		4,564		3,320		976		5,636
Policyholder liability remeasurement (gains) losses	7		(36)		69		(21)		(6)		101
Interest credited to PABs	143		1,914		2,003		335		71		813
Other expenses:
Amortization of DAC, VOBA and negative VOBA	26		40		721		410		318		270
Interest expense on debt	1		8		—		12		—		8
Direct and allocated expenses	1,793		260		1,202		493		389		669
Other segment expenses (2)	1,667		111		421		533		371		255
Provision for income tax expense (benefit)	357		423		658		220		73		254
Adjusted earnings	$	1,332	$	1,635	$	1,617	$	729	$	249	$	1,031

__________________

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


	Years Ended December 31,
	2024	2023	2022
Group Benefits	—%	—%	1%
RIS	3%	1%	6%
Asia	12%	4%	12%
Latin America	1%	1%	3%
MetLife Holdings	3%	2%	6%

(2)Includes 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 following table presents the reconciliation of certain financial measures used in calculating segment results to those used in calculating consolidated Company results:


	Years Ended December 31,
	2024		2023		2022
	(In millions)
Total segment adjusted earnings	$	6,705	$	6,483	$	6,593
Corporate & Other	(709)		(760)		(615)
Total consolidated adjusted earnings	5,996		5,723		5,978
Net investment gains (losses)	(1,184)		(2,824)		(1,260)
Net derivative gains (losses)	(1,623)		(2,140)		(2,251)
Market risk benefit remeasurement gains (losses)	1,109		994		3,674
Investment hedge adjustments	(604)		(1,012)		(976)
Other	63		(173)		(443)
Provision for income tax (expense) benefit	687		1,034		580
Net income (loss)	$	4,444	$	1,602	$	5,302

Segment revenues:
Group	$	26,122	$	25,230	$	24,402
RIS	17,076		16,635		20,518
Asia	11,415		10,926		11,255
Latin America	7,586		7,371		6,031
EMEA	2,770		2,543		2,441
MetLife Holdings	7,257		8,202		9,037
Total segment revenues	72,226		70,907		73,684
Net investment gains (losses)	(1,184)		(2,824)		(1,260)
Net derivative gains (losses)	(1,623)		(2,140)		(2,251)
Investment hedge adjustments	(604)		(1,012)		(976)
Unit-linked investment income and Reinsurance adjustments	1,122		1,183		(1,298)
Other	1,049		791		871
Total consolidated revenues	$	70,986	$	66,905	$	68,770

Revenue from External Customers by Products and Services

The following table presents total premiums, universal life and investment-type product policy fees and other revenues by major product groups of the Company’s segments, as well as Corporate & Other:


	Years Ended December 31,
	2024		2023		2022
	(In millions)
Life insurance	$	22,250	$	22,111	$	21,728
Accident & health insurance	18,356		18,014		17,441
Annuities	10,121		10,193		15,657
Other	1,793		1,643		1,539
Total	$	52,520	$	51,961	$	56,365

Revenue from External Customers by Geographic Areas

The following table presents total premiums, universal life and investment-type product policy fees and other revenues associated with the Company’s U.S. and foreign operations:


	Years Ended December 31,
	2024		2023		2022
	(In millions)
U.S.	$	37,266	$	36,869	$	42,250
Japan	4,702		5,020		5,460
Other	10,552		10,072		8,655
Total	$	52,520	$	51,961	$	56,365