Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting Information, by Segment


Three Months Ended March 31, 2025	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings
	(In millions)
Revenues
Premiums	$	5,763	$	2,284	$	1,260	$	1,164	$	582	$	657
Universal life and investment-type product policy fees	233		85		406		340		78		86
Net investment income (1)	315		2,167		1,206		407		58		989
Other revenues	434		61		15		9		8		37

Expenses
Policyholder benefits and claims and policyholder dividends	5,183		3,121		1,037		1,091		277		1,200
Policyholder liability remeasurement (gains) losses	(18)		(15)		(11)		(3)		—		16
Interest credited to PABs	44		859		711		98		17		88
Other expenses:
Amortization of deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”) and negative VOBA	6		17		216		129		94		55
Interest expense on debt	—		3		—		4		—		3
Direct and allocated expenses	524		85		306		135		109		168
Other segment expenses (2)	542		27		92		176		120		49
Provision for income tax expense (benefit)	97		99		162		72		26		36
Adjusted earnings	$	367	$	401	$	374	$	218	$	83	$	154


Three Months Ended March 31, 2024	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings
	(In millions)
Revenues
Premiums	$	5,711	$	675	$	1,297	$	1,115	$	536	$	713
Universal life and investment-type product policy fees	222		75		426		370		77		78
Net investment income (1)	315		2,089		1,108		386		54		1,010
Other revenues	397		63		21		11		7		50

Expenses
Policyholder benefits and claims and policyholder dividends	5,236		1,471		1,067		983		258		1,251
Policyholder liability remeasurement (gains) losses	(3)		1		(32)		(8)		—		20
Interest credited to PABs	48		796		647		114		19		103
Other expenses:
Amortization of DAC, VOBA and negative VOBA	6		15		205		125		90		59
Interest expense on debt	—		4		—		3		—		4
Direct and allocated expenses	505		80		282		140		101		165
Other segment expenses (2)	494		31		101		194		103		53
Provision for income tax expense (benefit)	75		105		159		98		26		37
Adjusted earnings	$	284	$	399	$	423	$	233	$	77	$	159

__________________

(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	%
Asia	11	%	8	%
Latin America	1	%	—	%
MetLife Holdings	4	%	5	%

(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:


	Three Months Ended March 31,
	2025		2024
	(In millions)
Total segment adjusted earnings	$	1,597	$	1,575
Corporate & Other	(182)		(174)
Total consolidated adjusted earnings	1,415		1,401
Net investment gains (losses)	(387)		(375)
Net derivative gains (losses)	432		(979)
MRB remeasurement gains (losses)	(299)		694
Investment hedge adjustments	(103)		(176)
Other	(131)		50
Provision for income tax (expense) benefit	23		260
Net income (loss)	$	950	$	875

Segment revenues:
Group	$	6,745	$	6,645
RIS	4,597		2,902
Asia	2,887		2,852
Latin America	1,920		1,882
EMEA	726		674
MetLife Holdings	1,769		1,851
Total segment revenues	18,644		16,806
Net investment gains (losses)	(387)		(375)
Net derivative gains (losses)	432		(979)
Investment hedge adjustments	(103)		(176)
Unit-linked investment income and Reinsurance adjustments	(184)		542
Other	167		239
Total consolidated revenues	$	18,569	$	16,057