Segment Information

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Information

2. Segment Information

MetLife is organized into six segments: Group Benefits, RIS, Asia, Latin America, EMEA and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. In the fourth quarter of 2024, the Company adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. As such, the disclosures have been enhanced to reflect the adoption of this update.

Group Benefits

The Group Benefits segment, based in the United States (“U.S.”), offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include term, variable and universal life insurance, dental, group and individual disability, accident & health insurance and vision.

RIS

The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include stable value and pension risk transfer products, institutional income annuities, structured settlements, longevity reinsurance solutions, benefit funding solutions, funded reinsurance solutions, and capital markets investment products.

Asia

The Asia segment offers a broad range of products and services to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, accident & health insurance and retirement and savings.

Latin America

The Latin America segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.

EMEA

The EMEA segment offers products to individuals, corporations, other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.

MetLife Holdings

The MetLife Holdings segment principally consists of operations relating to products and businesses that the Company no longer actively markets in the U.S. These include variable, universal, term and whole life insurance, variable, fixed and index-linked annuities and long-term care insurance. It also includes an in-force block of assumed variable annuity guarantees from a third party.

Financial Measure and Segment Accounting Policies

Adjusted earnings is used by the Company’s chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of the Company’s performance relative to its business plan and facilitate comparisons to industry results.

Consistent with GAAP guidance for segment reporting, adjusted earnings is the Company’s GAAP measure of segment performance and is reported below. The Company believes the presentation of adjusted earnings enhances its investors’ understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business.

Adjusted earnings focuses on the Company’s primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to

divested businesses, and (iv) other adjustments. Also, adjusted earnings excludes results of discontinued operations under GAAP.

Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings for the Company’s segments excludes net investment gains (losses), net derivative gains (losses), market risk benefit (“MRB”) remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method, and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.

Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings for the Company’s segments:

•Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment.

•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.

•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits (“FPBs”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.

•Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.

•Interest credited to policyholder account balances (“PABs”) excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.

“Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.

Other adjustments, which are applicable to the Company’s segments, are made in calculating adjusted earnings:

•Net investment income and interest credited to PABs exclude certain amounts related to contractholder-directed equity securities.

•Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.

•Net investment income and other expenses also exclude Reinsurance adjustments (as defined below).

•Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.

•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.

•“Reinsurance adjustments” relate to amounts subject to ceded reinsurance arrangements with third parties, including (i) the related investment returns and expenses which are passed through to the third-party reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

The Company’s segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements. In addition, segment accounting policies include the method of capital allocation described below.

Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in the Company’s business.

The Company’s economic capital model, coupled with considerations of local capital requirements, aligns segment allocated equity with emerging standards and consistent risk principles. The model applies statistics-based risk evaluation principles to the material risks to which the Company is exposed. These consistent risk principles include calibrating required economic capital shock factors to a specific confidence level and time horizon while applying an industry standard method for the inclusion of diversification benefits among risk types. The Company’s management is responsible for the ongoing production and enhancement of the economic capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards.

Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s consolidated net investment income, net income (loss) or adjusted earnings.

Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios adjusted for allocated equity. Expenses are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company’s product pricing.

Corporate & Other

Corporate & Other contains various start-up, developing and run-off businesses. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including external integration and disposition costs, internal resource costs for associates committed to acquisitions and dispositions and enterprise-wide strategic initiatives), interest expense related to the majority of the Company’s outstanding debt, expenses associated with certain legal proceedings and income tax audit issues, the elimination of intersegment amounts (which generally relate to investment expenses and intersegment loans bearing interest rates commensurate with related borrowings), and the Company’s institutional investment management business (through which the Company provides investment management solutions to institutional investors worldwide in insurance solutions, fixed income, private capital, real estate and small to medium cap equities).

The financial measure and accounting policies used to prepare the Company’s segment results are the same as those used to prepare results for Corporate & Other. See “— Financial Measure and Segment Accounting Policies.”

Set forth in the tables below is certain financial information with respect to the Company’s segments for the three months and six months ended June 30, 2025 and 2024.

Three Months Ended June 30, 2025	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings
	(In millions)
Revenues
Premiums	$	5,801	$	1,210	$	1,278	$	1,260	$	626	$	624
Universal life and investment-type product policy fees	240		85		399		371		84		80
Net investment income (1)	310		2,145		1,210		445		61		964
Other revenues	405		60		22		3		9		36
Expenses
Policyholder benefits and claims and policyholder dividends	5,161		2,043		1,051		1,216		309		1,164
Policyholder liability remeasurement (gains) losses	(4)		1		(12)		—		4		16
Interest credited to PABs	43		878		757		96		20		90
Other expenses:
Amortization of deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”) and negative VOBA	7		18		223		137		88		53
Interest expense on debt	1		3		—		4		—		3
Direct and allocated expenses	503		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, 2024	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings
	(In millions)
Revenues
Premiums	$	5,599	$	2,448	$	1,216	$	1,122	$	536	$	692
Universal life and investment-type product policy fees	229		73		434		373		77		94
Net investment income (1)	313		2,117		1,167		398		54		1,016
Other revenues	382		61		18		11		8		37
Expenses
Policyholder benefits and claims and policyholder dividends	4,780		3,248		988		1,018		265		1,252
Policyholder liability remeasurement (gains) losses	2		(23)		(4)		(3)		1		17
Interest credited to PABs	48		838		657		115		17		106
Other expenses:
Amortization of DAC, VOBA and negative VOBA	7		16		202		129		81		57
Interest expense on debt	1		3		—		4		—		3
Direct and allocated expenses	490		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, 2025	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings
	(In millions)
Revenues
Premiums	$	11,564	$	3,494	$	2,538	$	2,424	$	1,208	$	1,281
Universal life and investment-type product policy fees	473		170		805		711		162		166
Net investment income (1)	625		4,312		2,416		852		119		1,953
Other revenues	839		121		37		12		17		73
Expenses
Policyholder benefits and claims and policyholder dividends	10,344		5,164		2,088		2,307		586		2,364
Policyholder liability remeasurement (gains) losses	(22)		(14)		(23)		(3)		4		32
Interest credited to PABs	87		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 debt	1		6		—		8		—		6
Direct and allocated expenses	1,027		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, 2024	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings
	(In millions)
Revenues
Premiums	$	11,310	$	3,123	$	2,513	$	2,237	$	1,072	$	1,405
Universal life and investment-type product policy fees	451		148		860		743		154		172
Net investment income (1)	628		4,206		2,275		784		108		2,026
Other revenues	779		124		39		22		15		87
Expenses
Policyholder benefits and claims and policyholder dividends	10,016		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 debt	1		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,
	2025		2024		2025		2024
Group Benefits	—	%	—	%	—	%	1	%
RIS	4	%	4	%	5	%	4	%
Asia	10	%	12	%	10	%	10	%
MetLife Holdings	3	%	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 Company does not report total assets by segment, as this metric is not used to allocate resources or evaluate segment performance.

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,
	2025		2024		2025		2024
	(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 earnings	1,393		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)
Other	41		(60)		(90)		(10)
Provision for income tax (expense) benefit	195		270		218		530
Net income (loss)	$	735	$	953	$	1,685	$	1,828
Segment revenues:
Group	$	6,756	$	6,523	$	13,501	$	13,168
RIS	3,500		4,699		8,097		7,601
Asia	2,909		2,835		5,796		5,687
Latin America	2,079		1,904		3,999		3,786
EMEA	780		675		1,506		1,349
MetLife Holdings	1,704		1,839		3,473		3,690
Total segment revenues	17,728		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 adjustments	545		219		361		761
Other	238		230		405		469
Total consolidated revenues	$	17,340	$	17,823	$	35,909	$	33,880