Long-Term Debt

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Long-Term Debt

13. Long-term Debt

Senior Notes

In June 2025, in a private placement transaction, MetLife, Inc. issued the following fixed rate senior notes totaling $612 million, interest on which is payable semi-annually:

• ¥10.0 billion due June 2032 which bear interest annually at 2.140%;

• ¥15.0 billion due June 2035 which bear interest annually at 2.460%;

• ¥10.7 billion due June 2037 which bear interest annually at 2.590%;

• ¥12.1 billion due June 2040 which bear interest annually at 2.830%;

• ¥23.6 billion due June 2045 which bear interest annually at 3.290%; and

• ¥16.4 billion due June 2055 which bear interest annually at 3.620%.

In connection with the issuances, MetLife, Inc. incurred $5 million of related costs which are amortized over the applicable term of each series of senior notes.

Facility Agreement for Senior Debt Issuances

In March 2025, MetLife, Inc. entered into a 30-year facility agreement (the “Facility Agreement”) with a Delaware trust (the “Trust”), upon the completion of the sale of Trust securities by the Trust for $1,250 million in private placements under Rule 144A of the Securities Act. The Trust invested the proceeds from the sale of its securities in a portfolio of principal and interest strips of U.S. Treasury securities (the “Strips”).

The Facility Agreement provides the Company the right to issue and sell to the Trust from time to time up to $1,250 million of its 5.740% Senior Notes due February 15, 2055 (the “5.740% Senior Notes”) in exchange for a corresponding amount of the Strips held by the Trust. In return, the Company agreed to pay a semi-annual facility fee to the Trust at a rate of 1.2373% per annum applied to the maximum amount of senior notes that MetLife, Inc. could issue and sell to the Trust. The Company can redeem the 5.740% Senior Notes at any time, in whole or in part, at a price equal to the greater of par or a make-whole redemption price. At June 30, 2025, the Company had no senior note issuances under the Facility Agreement.

The Company incurred $13 million of related costs, which were capitalized in other assets and will be amortized over the term of the Facility Agreement.