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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Investments:    
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $249 and $160, respectively); and amortized cost: $337,201 and $307,421, respectively $ 315,931 $ 281,043
Equity securities, at estimated fair value 858 712
Contractholder-directed equity securities and fair value option securities, at estimated fair value (includes $1,751 and $0, respectively, relating to variable interest entities) 13,959 10,672
Mortgage loans (net of allowance for credit loss of $1,193 and $800, respectively; includes $35 and $0, respectively, of mortgage loans held-for-sale) 84,593 89,012
Policy loans 8,547 8,545
Real estate and real estate joint ventures (includes $378 and $378, respectively, under the fair value option; $132 and $65, respectively, of real estate held-for-sale; $302 and $183, respectively, relating to variable interest entities) 13,440 13,342
Other limited partnership interests 14,917 14,378
Short-term investments, principally at estimated fair value 3,601 5,156
Other invested assets (includes $1,698 and $1,851, respectively, of leveraged and direct financing leases; $560 and $424, respectively, relating to variable interest entities) 16,332 18,504
Total investments 472,178 441,364
Cash and cash equivalents, principally at estimated fair value (includes $96 and $0, respectively, relating to variable interest entities) 22,032 20,068
Accrued investment income 3,719 3,489
Premiums, reinsurance and other receivables (includes $0 and $47, respectively, relating to variable interest entities) 49,059 29,761
Market risk benefits, at estimated fair value 458 372
Deferred policy acquisition costs and value of business acquired 21,107 19,627
Current income tax recoverable 660 295
Deferred income tax asset 2,585 2,994
Goodwill 9,613 8,901
Other assets 11,822 11,082
Separate account assets 151,933 139,504
Total assets 745,166 677,457
Liabilities    
Future policy benefits 208,855 193,646
Policyholder account balances 236,857 221,445
Market risk benefits, at estimated fair value 2,406 2,581
Other policy-related balances 20,070 18,899
Policyholder dividends payable 356 385
Payables for collateral under securities loaned and other transactions 17,115 17,128
Short-term debt (includes $117 and $133, respectively, relating to variable interest entities) 355 465
Long-term debt (includes $28 and $0, respectively, relating to variable interest entities) 14,467 15,086
Collateral financing arrangement 352 476
Subordinated debt securities 4,155 3,164
Notes Issued by Collateralized Financing Entities 1,206 0
Deferred income tax liability 536 132
Other liabilities (includes $167 and $0, respectively, relating to variable interest entities) 57,582 36,843
Separate account liabilities 151,933 139,504
Total liabilities 716,245 649,754
Contingencies, Commitments and Guarantees (Note 24)
Redeemable noncontrolling interests 241 0
MetLife, Inc.’s stockholders’ equity:    
Preferred stock, par value $0.01 per share; $2,905 and $3,905, respectively, aggregate liquidation preference 0 0
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,195,587,190 and 1,194,168,628 shares issued, respectively; 655,333,773 and 689,211,065 shares outstanding, respectively 12 12
Additional paid-in capital 32,858 33,791
Retained earnings 44,290 42,626
Treasury stock, at cost; 540,253,417 and 504,957,563 shares, respectively (30,678) (27,798)
Accumulated other comprehensive income (loss) (18,084) (21,186)
Total MetLife, Inc.’s stockholders’ equity 28,398 27,445
Noncontrolling interests 282 258
Total equity 28,680 27,703
Total liabilities, mezzanine equity and equity $ 745,166 $ 677,457