Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Preuves
group insurance market through long-standing relationships with many of the largest employers in the U.S.
Business — Group Benefits employer relationships · Dépôt 19/02/2026
We have an exclusive and captive agency distribution network which sells a variety of individual life, accident & health, and pension products.
Business — Latin America distribution · Dépôt 19/02/2026
We believe that our trusted global brand, diversified and resilient business, and position as a leader in attractive markets are the powers of our business.
Business Overview & Strategy — management franchise assessment · Dépôt 19/02/2026
Some of our competitors offer a broader array of products, have more competitive pricing or, with respect to other insurance companies, have higher claims paying ability ratings.
Business — Competition · Dépôt 19/02/2026
Because we and others underwrite many group insurance products annually, our group purchasers may be able to obtain more favorable terms from competitors rather than renewing coverage with us.
Competition — annual group insurance underwriting and renewals · Dépôt 19/02/2026
Contracts can be life or non-life contingent non-participating contracts which do not provide for any loan or cash surrender value and, with few exceptions, do not permit future considerations.
Business — Institutional Income Annuities contractual terms · Dépôt 19/02/2026
Our group life insurance products are primarily renewable term policies.
Interest-rate scenarios — renewable group life policies · Dépôt 19/02/2026
This provides repricing flexibility to mitigate the negative impact of reinvesting in lower yielding assets.
Interest-rate scenarios — repricing flexibility · Dépôt 19/02/2026
Our retained asset accounts experience gross margin compression due to minimum crediting rate guarantees.
Interest-rate scenarios — minimum crediting guarantees · Dépôt 19/02/2026
Additionally, we experience gross margin compression from our disability policy claim reserves for which crediting rates cannot be reduced.
Interest-rate scenarios — disability reserve crediting constraints · Dépôt 19/02/2026
Gross margin compression is limited for our group disability products, which are generally renewable term policies allowing for crediting rate adjustments at renewal based on the retrospective experience rating and the prevailing interest rate assumptions.
Interest-rate scenarios — group disability renewal adjustments · Dépôt 19/02/2026
For retrospective experience rating, we evaluate past experience to determine our cost of providing insurance for the customer in light of any features that allow us to recoup certain losses or distribute certain gains back to the policyholder based on prior years’ experience.
Underwriting and Pricing — retrospective experience rating · Dépôt 19/02/2026
We calculate our internally defined “Statement-Based Combined RBC Ratio” by dividing the sum of total adjusted capital for MetLife, Inc.’s principal U.S.
Regulation — Statement-Based Combined RBC numerator and scope · Dépôt 19/02/2026
insurance subsidiaries, excluding American Life Insurance Company (“American Life”), by the sum of company action level RBC for such subsidiaries, including annual Special Considerations Letters (“SCL"), as discussed below.
Regulation — Statement-Based Combined RBC denominator and exclusions · Dépôt 19/02/2026
Our Statement-Based Combined RBC Ratio was in excess of 350% and in excess of 360% at December 31, 2025 and 2024, respectively.
Regulation — year-end Statement-Based Combined RBC · Dépôt 19/02/2026
We remain liable and may incur costs as the direct insurer on all risks we reinsure as a result of a reinsurer’s insolvency, inability or unwillingness to make payments, or inability or unwillingness to maintain collateral, which could have a material adverse impact on our business, results of operations or financial condition.
Risk Factors — continuing direct insurer liability after reinsurance · Dépôt 19/02/2026
Under one standard, MLIC is permitted, without prior insurance regulatory clearance, to pay dividends out of earned surplus (defined as positive unassigned funds (surplus), excluding 85% of the change in net unrealized capital gains or losses (less capital gains tax), for the immediately preceding calendar year), in an amount up to the greater of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year, or (ii) its statutory net gain from operations for the immediately preceding calendar year (excluding realized capital gains), not to exceed 30% of surplus to policyholders as of the end of the immediately preceding calendar year.
Equity — MLIC dividend restrictions · Dépôt 19/02/2026
(parent company only) net cash provided by operating activities
2,840
4,735
Adjustments from net cash provided by operating activities to free cash flow:
Holding-company cash-flow reconciliation — parent operating cash · Dépôt 19/02/2026
102 Table of Contents Consolidated Results Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) Revenues Premiums $ 11,435 $ 10,810 $ 23,555 $ 22,533 Universal life and investment-type product policy fees 1,372 1,259 2,715 2,488 Net investment income 6,702 5,661 12,057 10,546 Other revenues 845 679 1,697 1,366 Net investment gains (losses) (428) (273) (1,098) (660) Net derivative gains (losses) (772) (796) (698) (364) Total revenues 19,154 17,340 38,228 35,909 Expenses Policyholder benefits and claims and policyholder dividends 11,460 10,913 23,448 22,863 Policyholder liability remeasurement (gains) losses 18 5 5 (26) Market risk benefit remeasurement (gains) losses (270) (277) (150) 22 Interest credited to policyholder account balances 3,067 2,400 4,741 4,047 Amortization of deferred policy acquisition costs, value of business acquired and negative value of business acquired 588 528 1,156 1,047 Interest expense on debt 292 269 557 527 Other expenses, net of capitalization of deferred policy acquisition costs 2,964 2,522 5,929 5,095 Total expenses 18,119 16,360 35,686 33,575 Income (loss) before provision for income tax 1,035 980 2,542 2,334 Provision for income tax expense (benefit) 256 245 601 649 Net income (loss) 779 735 1,941 1,685 Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 43 6 20 11 Net income (loss) attributable to MetLife, Inc.
MD&A — consolidated second-quarter and first-half results · Dépôt 06/08/2026
736 729 1,921 1,674 Less: Preferred stock dividends 31 31 76 97 Net income (loss) available to MetLife, Inc.’s common shareholders $ 705 $ 698 $ 1,845 $ 1,577 Three Months Ended June 30, 2026 Compared with the Three Months Ended June 30, 2025 Discussions below are presented in order of magnitude.
MD&A — earnings available to common shareholders · Dépôt 06/08/2026
The distribution of our commercial mortgage loan portfolios totaling $39.6 billion at amortized cost at June 30, 2026 by key credit quality indicators of LTV and DSCR was as follows: June 30, 2026 DSCR LTV > 1.2x 1.0-1.2x < 1.0x Total <65% 53.3 % 1.3 % 1.4 % 56.0 % 65% - 75% 12.7 % 1.6 % 1.3 % 15.6 % 76% - 80% 4.6 % 0.1 % 0.6 % 5.3 % >80% 13.8 % 4.9 % 4.4 % 23.1 % Total 84.4 % 7.9 % 7.7 % 100.0 % The distribution of our agricultural mortgage loan portfolios totaling $18.5 billion at amortized cost at June 30, 2026 by the key credit quality indicator of LTV was as follows: June 30, 2026 LTV Total <65% 92.0 % 65% - 75% 6.8 % 76% - 80% 0.2 % >80% 1.0 % Total 100.0 % 132 Table of Contents Mortgage Loan ACL.
Investments — mortgage credit-quality distributions at June 30, 2026 · Dépôt 06/08/2026
Liquid Assets At June 30, 2026 and December 31, 2025, MetLife holding companies had $3.4 billion and $3.6 billion, respectively, in liquid assets.
Liquidity — holding-company liquid assets · Dépôt 06/08/2026
138
Liquidity and capital are provided by a variety of global funding sources, including: (i) preferred and common stock; (ii) short-term debt, which includes commercial paper; (iii) issuances of long-term debt and the collateral financing arrangement; (iv) PABs, which includes funding agreements; (v) credit and committed facilities; (vi) the facility agreement for senior debt issuances; (vii) a shelf registration statement, which permits the issuance of public debt, equity and hybrid securities, provides for automatic effectiveness upon filing and has no stated issuance capacity; and (viii) dispositions.
Liquidity and Capital Resources — funding channels · Dépôt 06/08/2026
In the RIS segment, which includes pension risk transfers, bank-owned life insurance and other fixed annuity contracts, as well as funding agreements and other capital market products, most of the products offered have fixed maturities or fairly predictable surrenders or withdrawals.
Liquidity — RIS maturities and withdrawal characteristics · Dépôt 06/08/2026
As a result of that analysis, we have determined that the estimated fair values of certain assets and liabilities are materially exposed to changes in interest rates, foreign currency exchange rates and changes in the equity markets.
Market Risk — material asset and liability exposures · Dépôt 06/08/2026
The Company has entered into reinsurance agreements with Chariot Re, a subsidiary of Chariot, and recorded premiums, reinsurance and other receivables of $10.9 billion and $9.8 billion and a funds withheld liability of $11.1 billion and $10.5 billion within other liabilities at June 30, 2026 and December 31, 2025, respectively.
Related Party Transactions — Chariot Re receivables and funds withheld · Dépôt 06/08/2026
In the fourth quarter of 2025, the Company completed the acquisition of PineBridge Investments, which is reported in the MIM segment, for the preliminary purchase consideration of $885 million.
Acquisitions — completed PineBridge acquisition and preliminary consideration · Dépôt 06/08/2026
In connection with the anticipated disposal, an impairment loss of $65 million, net of income tax, was recorded for the three months and six months ended June 30, 2026, and is reflected in net investment gains (losses).
Dispositions — anticipated Ukraine disposal impairment · Dépôt 06/08/2026
You should not view these Non-GAAP financial measures as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: ($ in millions, except per share data and as otherwise indicated) 2024 2025 Net income (loss) available to MetLife, Inc.’s common shareholders $4,226 $3,173 Net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share $5.94 $4.71 Return on MetLife, Inc.’s common stockholder equity 16.9% 12.9% Expense ratio 19.0% 18.5% Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.’s common shareholders1 112% 90% 1Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.’s common shareholders is 303% for the year ended December 31, 2023.
Proxy — annual GAAP earnings, ROE and expense ratio comparison · Dépôt 29/04/2026
Key Features of MetLife’s Executive Compensation Program MetLife’s compensation program has multiple features that promote the Company’s success, including: •paying for performance: the vast majority of compensation is variable without guarantee, and dependent on achieving business and TSR results; •aligning executives’ interests with those of shareholders: the vast majority of executive incentive compensation is share-based, and employees at the Senior Vice-President level and above are expected to meet share ownership guidelines; •encouraging long-term decision making: the ultimate value of Performance Shares is determined by the Company’s performance over three years, and Restricted Stock Units vest over three years; •rewarding achievement of the Company’s business goals: annual incentive awards are based on Company performance compared to its Business Plan; individual awards reflect individual contributions related to achieving annual goals; •avoiding incentives to take excessive risk: the Company does not make formulaic individual awards, uses Adjusted Earnings (which excludes net investment gains and losses, net derivative gains and losses, and market risk benefit remeasurement gains and losses) as a key performance indicator, avoids incentives to take excessive risks in the Company’s investment portfolio, and uses multi-year performance to determine the payout of LTI.
Executive Compensation — existing incentive design and vesting · Dépôt 29/04/2026
Management excluded a charge of $31 million, net of income tax, related to the forgone earnings impacts of these transactions from the 2025 AVIP Adjusted Earnings.
Executive Compensation — reinsurance-related annual incentive adjustment · Dépôt 29/04/2026
Management excluded these charges from the 2025 AVIP Adjusted Earnings as this resolution and related change in tax law was not known at the time the 2025 Business Plan was approved.
Executive Compensation — tax-related annual incentive adjustment · Dépôt 29/04/2026
•Advanced customer loyalty and service excellence, achieving top quartile call center customer satisfaction across the Company's six largest markets.
Executive performance discussion — reported customer satisfaction achievement · Dépôt 29/04/2026
Standing Board
•Audit*
•Compensation*
•Finance and Risk*
•Governance and
Responsibility*
•Investment*
* Committee was chaired
by and consisted entirely
of Independent Directors.
Corporate Governance — independent standing committees · Dépôt 29/04/2026
The independent Chairman of the Board reviews the agendas with senior leadership prior to approving them for use at Board
Corporate Governance — independent chairman agenda approval · Dépôt 29/04/2026
MetLife’s Board of Directors and, on that account, the Board, under SEC rules, shares voting power with the PH Trust beneficiaries and the SEC has
Security Ownership — Policyholder Trust voting influence · Dépôt 29/04/2026
The Performance Share TSR Peer Group includes MetLife’s key publicly traded insurance company competitors for business and/or investors.
Executive Compensation — business and/or investor peer-group scope · Dépôt 29/04/2026
Compensation Comparator Group: Insurance and Financial Services Companies (with ticker symbol) Aflac (AFL) The Hartford (HIG) Allianz (ALV) Principal Financial (PFG) Performance Share TSR Peers: Insurance Companies (with ticker symbol) AIG (AIG) Manulife (MFC) Dai-ichi (8750) Prudential plc (PRU LN) Allstate (ALL) Prudential (PRU) Globe Life Inc.
Executive Compensation — named compensation comparators and TSR peers · Dépôt 29/04/2026
The performance factor for the January 1, 2023 – December 31, 2025 performance period was 57.50%, which was determined within a possible range from 0% to 175%.
Equity — realized 2023–2025 performance award factor · Dépôt 07/05/2026
Performance Shares and Performance Units granted in 2023 were among the outstanding awards on the expiration date of the 2015 Stock Plan, which were settled in the first quarter of 2026.
Equity — first-quarter 2026 settlement of performance awards · Dépôt 07/05/2026
Interests
Total
Equity
Balance at December 31, 2025
$
—
$
12
$
32,858
$
44,290
$
(30,678)
$
(18,084)
$
28,398
$
282
$
28,680
Treasury stock acquired in connection with share repurchases (includes $7 of excise tax)
(762)
(762)
(762)
Stock-based compensation
63
63
63
Dividends on preferred stock
(45)
(45)
(45)
Dividends on common stock (declared per share of $0.568)
(372)
(372)
(372)
Change in equity of noncontrolling interests
—
(12)
(12)
Net income (loss)
1,185
1,185
5
1,190
Other comprehensive income (loss), net of income tax
(1,143)
(1,143)
(4)
(1,147)
Balance at March 31, 2026
$
—
$
12
$
32,921
$
45,058
$
(31,440)
$
(19,227)
$
27,324
$
271
$
27,595
Preferred
Stock
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Treasury
Stock
at Cost
Accumulated
Other
Comprehensive
Income (Loss)
Total
MetLife, Inc.’s
Stockholders’
Equity
Noncontrolling
Interests
Total
Equity
Balance at December 31, 2024
$
—
$
12
$
33,791
$
42,626
$
(27,798)
$
(21,186)
$
27,445
$
258
$
27,703
Cumulative effects of change in accounting principles for equity method investees at
January 1, 2025
(1,074)
(1,074)
(1,074)
Treasury stock acquired in connection with share repurchases (includes $13 of excise tax)
(1,424)
(1,424)
(1,424)
Stock-based compensation
29
29
29
Dividends on preferred stock
(66)
(66)
(66)
Dividends on common stock (declared per share of $0.545)
(374)
(374)
(374)
Change in equity of noncontrolling interests
Statement of Equity — repurchases, dividends and stock compensation · Dépôt 07/05/2026
Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $370 million, or 3%, compared to the prior period, primarily due to strong sales and solid persistency in the Latin America segment, growth in both voluntary and core products in the Group Benefits segment, growth across the region in the EMEA segment, and the PineBridge acquisition that was completed in December 2025 in the MIM segment, partially offset by a decline in Corporate & Other from business run-off.
MD&A — first-quarter operating growth and Latin America persistency · Dépôt 07/05/2026
12.1 percent, compared to 11.7 percent in the prior-year quarter, and on track for our yearly
target.
Second-quarter results — direct expense ratio comparison · Dépôt 05/08/2026
Defined benefit plans adjustment, net of income tax
(2.13)
(2.11)
Embedded derivatives - funds withheld on ceded reinsurance, net of income tax
0.28
(0.12)
Adjusted book value per common share
$57.71
$56.23
Common shares outstanding, end of period (3)
637.8
666.8
For the Three Months Ended
Return on Equity (4)
2025
Return on MetLife, Inc.'s:
Common stockholders' equity
11.5%
11.7%
Adjusted return on MetLife, Inc.'s:
Equity details — common shares outstanding and GAAP ROE · Dépôt 05/08/2026
Adjusted common stockholders' equity
17.0%
14.6%
Adjusted common stockholders' equity, excluding total notable items
17.0%
14.6%
For the Three Months Ended
Average Common Stockholders' Equity
2025
Average common stockholders' equity
$24,553
$23,771
Average adjusted common stockholders' equity
$36,947
$37,267
Average adjusted common stockholders' equity, excluding total notable items
$36,947
$37,267
See footnotes on last page.
Equity details — adjusted ROE and average equity · Dépôt 05/08/2026
(4)
Annualized using quarter-to-date results.
ROE footnote — annualization of quarterly results · Dépôt 05/08/2026
•Returned over $1.1 billion to shareholders via
Second-quarter highlights — shareholder distributions · Dépôt 05/08/2026
share repurchases and common stock dividends.
Second-quarter highlights — distribution methods · Dépôt 05/08/2026
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
For the Year-to-Date Period Ended
Revenues
Premiums
10,810
10,555
16,691
12,120
11,435
22,533
23,555
Universal life and investment-type product policy fees
16.7
18.3
17.0
17.0
Common shares outstanding, beginning of period
673.3
666.8
660.7
655.3
646.0
Share repurchases
(6.5)
(6.3)
(5.4)
(10.1)
(8.7)
Newly issued shares
—
0.2
—
0.8
0.5
Common shares outstanding, end of period
666.8
660.7
655.3
646.0
637.8
Weighted average common shares outstanding - basic
670.8
664.7
658.1
652.0
642.6
Dilutive effect of the exercise or issuance of stock-based awards
4.2
4.4
4.1
3.7
4.3
Weighted average common shares outstanding - diluted
675.0
669.1
662.2
655.7
646.9
MetLife Policyholder Trust Shares
108.6
107.4
105.9
104.6
102.5
(1) Calculated using common shares outstanding, end of period.
Financial supplement — share repurchases, issuance and dilution · Dépôt 05/08/2026
ASSETS UNDER MANAGEMENT
Institutional Client AUM
Beginning Institutional Client AUM
185,970
200,616
212,390
319,282
313,157
Additions
17,118
19,078
19,806
16,264
17,137
Withdrawals
(9,103)
(9,366)
(14,194)
(18,297)
(18,486)
Change in market value
6,631
2,062
1,770
(4,092)
8,651
Acquisitions, dispositions and other
—
—
99,510
—
—
Ending Institutional Client AUM (1)
200,616
212,390
319,282
313,157
320,459
MIM GA AUM
423,671
420,204
422,392
423,134
427,667
Total AUM
624,287
632,594
741,674
736,291
748,126
OTHER REVENUES BY CLIENT SEGMENT
Institutional Client
95
98
99
172
173
142
140
140
142
144
Other revenues
237
238
239
314
317
(1)Includes $19.5 billion, $18.8 billion and $282.2 billion of Separate Account AUM, Reinsurance AUM and Third‑Party AUM, respectively, at June 30, 2026; $14.5 billion, $19.6 billion and $279.1 billion, respectively, at March 31, 2026; and $15.8 billion, $20.1 billion and $283.4 billion, respectively, at December 31, 2025.
MIM — institutional additions, withdrawals and AUM · Dépôt 05/08/2026
Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI and the embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses) passed through to reinsurers), all net of income tax.
Financial definitions — adjusted common equity exclusions · Dépôt 05/08/2026
•approved, on an advisory (non-binding) basis, the compensation paid to the Company’s Named Executive Officers as disclosed in the Company’s 2026 Proxy Statement.
Annual meeting results — advisory compensation approval · Dépôt 22/06/2026
