XML 42 R31.htm IDEA: XBRL DOCUMENT v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Information, by Segment
Three Months Ended June 30, 2025Group BenefitsRISAsiaLatin
America		EMEAMetLife
Holdings
(In millions)
Revenues
Premiums$5,801 $1,210 $1,278 $1,260 $626 $624 
Universal life and investment-type product policy fees240 85 399 371 84 80 
Net investment income (1)
310 2,145 1,210 445 61 964 
Other revenues405 60 22 3 9 36 
Expenses
Policyholder benefits and claims and policyholder dividends5,161 2,043 1,051 1,216 309 1,164 
Policyholder liability remeasurement (gains) losses(4)1 (12)— 4 16 
Interest credited to PABs43 878 757 96 20 90 
Other expenses:
Amortization of deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”) and negative VOBA7 18 223 137 88 53 
Interest expense on debt1 3 — 4 — 3 
Direct and allocated expenses503 80 304 143 111 158 
Other segment expenses (2)538 19 91 166 120 43 
Provision for income tax expense (benefit)
107 90 145 84 28 33 
Adjusted earnings$400 $368 $350 $233 $100 $144 
Three Months Ended June 30, 2024Group BenefitsRISAsiaLatin
America		EMEAMetLife
Holdings
(In millions)
Revenues
Premiums$5,599 $2,448 $1,216 $1,122 $536 $692 
Universal life and investment-type product policy fees229 73 434 373 77 94 
Net investment income (1)
313 2,117 1,167 398 54 1,016 
Other revenues382 61 18 11 8 37 
Expenses
Policyholder benefits and claims and policyholder dividends4,780 3,248 988 1,018 265 1,252 
Policyholder liability remeasurement (gains) losses2 (23)(4)(3)1 17 
Interest credited to PABs48 838 657 115 17 106 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
7 16 202 129 81 57 
Interest expense on debt1 3 — 4 — 3 
Direct and allocated expenses490 74 272 145 104 156 
Other segment expenses (2)521 25 95 185 109 60 
Provision for income tax expense (benefit)141 108 176 85 21 35 
Adjusted earnings$533 $410 $449 $226 $77 $153 
Six Months Ended June 30, 2025Group
Benefits		RISAsiaLatin
America		EMEAMetLife
Holdings
(In millions)
Revenues
Premiums$11,564 $3,494 $2,538 $2,424 $1,208 $1,281 
Universal life and investment-type product policy fees473 170 805 711 162 166 
Net investment income (1)625 4,312 2,416 852 119 1,953 
Other revenues839 121 37 12 17 73 
Expenses
Policyholder benefits and claims and policyholder dividends10,344 5,164 2,088 2,307 586 2,364 
Policyholder liability remeasurement (gains) losses(22)(14)(23)(3)4 32 
Interest credited to PABs87 1,737 1,468 194 37 178 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
13 35 439 266 182 108 
Interest expense on debt1 6 — 8 — 6 
Direct and allocated expenses1,027 165 610 278 220 326 
Other segment expenses (2)1,080 46 183 342 240 92 
Provision for income tax expense (benefit)204 189 307 156 54 69 
Adjusted earnings$767 $769 $724 $451 $183 $298 

Six Months Ended June 30, 2024Group
Benefits		RISAsiaLatin
America		EMEAMetLife
Holdings
(In millions)
Revenues
Premiums$11,310 $3,123 $2,513 $2,237 $1,072 $1,405 
Universal life and investment-type product policy fees451 148 860 743 154 172 
Net investment income (1)
628 4,206 2,275 784 108 2,026 
Other revenues779 124 39 22 15 87 
Expenses
Policyholder benefits and claims and policyholder dividends10,016 4,719 2,055 2,001 523 2,503 
Policyholder liability remeasurement (gains) losses(1)(22)(36)(11)1 37 
Interest credited to PABs
96 1,634 1,304 229 36 209 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
13 31 407 254 171 116 
Interest expense on debt1 7 — 7 — 7 
Direct and allocated expenses
995 154 554 285 205 321 
Other segment expenses (2)
1,015 56 196 379 212 113 
Provision for income tax expense (benefit)216 213 335 183 47 72 
Adjusted earnings$817 $809 $872 $459 $154 $312 
__________________
(1)The percentage of net investment income from equity method invested assets by segment was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Group Benefits— %— %— %1 %
RIS4 %4 %5 %4 %
Asia10 %12 %10 %10 %
MetLife Holdings3 %5 %4 %5 %
(2)Includes pension, postretirement and postemployment benefit costs; premium taxes, other taxes, and licenses & fees; and 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
June 30,		Six Months
Ended
June 30,
2025202420252024
(In millions)(In millions)
Total segment adjusted earnings$1,595 $1,848 $3,192 $3,423 
Corporate & Other(202)(186)(384)(360)
Total consolidated adjusted earnings1,393 1,662 2,808 3,063 
Net investment gains (losses)(273)(421)(660)(796)
Net derivative gains (losses)(796)(508)(364)(1,487)
MRB remeasurement gains (losses)
277 182 (22)876 
Investment hedge adjustments(102)(172)(205)(348)
Other41 (60)(90)(10)
Provision for income tax (expense) benefit195 270 218 530 
Net income (loss) $735 $953 $1,685 $1,828 
Segment revenues:
Group$6,756 $6,523 $13,501 $13,168 
RIS3,500 4,699 8,097 7,601 
Asia2,909 2,835 5,796 5,687 
Latin America2,079 1,904 3,999 3,786 
EMEA780 675 1,506 1,349 
MetLife Holdings1,704 1,839 3,473 3,690 
Total segment revenues17,728 18,475 36,372 35,281 
Net investment gains (losses)(273)(421)(660)(796)
Net derivative gains (losses)(796)(508)(364)(1,487)
Investment hedge adjustments(102)(172)(205)(348)
Unit-linked investment income and Reinsurance adjustments545 219 361 761 
Other238 230 405 469 
Total consolidated revenues$17,340 $17,823 $35,909 $33,880