{"schemaVersion":1,"research":true,"symbol":"met","name":"Metlife","topic":"moat","path":"/stock/met/moat","status":"stale","version":9,"updatedAt":"2026-10-19T20:42:47.754Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"MetLife has established employer relationships, captive distribution and contractual persistence in certain annuities. The passages do not establish whether these features generate a durable advantage over competitors. Annual group insurance competition limits customer dependency; repricing rights are demonstrated, but realized pricing power is not isolated. Positive operating growth and earnings support franchise health, while investment volatility and institutional net withdrawals temper the evidence.","advantages":[{"mechanism":"intangible_assets","claim":"Long-standing employer relationships and an exclusive, captive Latin American agency network are current franchise assets. A durable competitive advantage from these assets remains unestablished; brand superiority is principally management's assertion.","durability":"Relationships have persisted, but the passages provide no comparative acquisition costs, sustained market-share record or demonstrated brand premium.","risks":"Annual group renewals expose customers to competing terms. Some competitors have more competitive pricing, broader offerings or higher claims-paying ratings.","invalidation":"Sustained losses of employer accounts or captive distribution productivity, accompanied by weaker renewals or concessions needed to retain business, would undermine the proposed relationship advantage.","competitors":[],"evidenceIds":["q522","q371","q197","q2291"],"counterEvidenceIds":["q23","q398","q2747"]},{"mechanism":"switching_costs","claim":"Institutional income annuities without cash surrender values establish contractual persistence for existing contracts. This does not establish superior customer dependency or an advantage in winning new contracts.","durability":"Persistence lasts within the disclosed contractual terms. Its economic value depends on underwriting and investment outcomes; comparable restrictions at competitors are not disclosed.","risks":"Locked-in obligations also bind MetLife to benefit payments. Group insurance is substantially more contestable, and institutional asset-management withdrawals exceeded additions in both first-half 2026 quarters.","invalidation":"Material termination or acceleration rights in the relevant annuity contracts, or evidence that persistence consistently produces inadequate risk-adjusted returns, would invalidate the proposed economic benefit.","competitors":[],"evidenceIds":["q207","q837"],"counterEvidenceIds":["q398","q2747","q857"]}],"evidence":[{"id":"q522","sourceId":"filing-1","location":"Business — Group Benefits employer relationships","excerpt":"group insurance market through long-standing relationships with many of the largest employers in the U.S."},{"id":"q371","sourceId":"filing-1","location":"Business — Latin America distribution","excerpt":"We have an exclusive and captive agency distribution network which sells a variety of individual life, accident & health, and pension products."},{"id":"q197","sourceId":"filing-1","location":"Business Overview & Strategy — management franchise assessment","excerpt":"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."},{"id":"q23","sourceId":"filing-1","location":"Business — Competition","excerpt":"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."},{"id":"q398","sourceId":"filing-1","location":"Competition — annual group insurance underwriting and renewals","excerpt":"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."},{"id":"q207","sourceId":"filing-1","location":"Business — Institutional Income Annuities contractual terms","excerpt":"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."},{"id":"q263","sourceId":"filing-1","location":"Interest-rate scenarios — renewable group life policies","excerpt":"Our group life insurance products are primarily renewable term policies."},{"id":"q264","sourceId":"filing-1","location":"Interest-rate scenarios — repricing flexibility","excerpt":"This provides repricing flexibility to mitigate the negative impact of reinvesting in lower yielding assets."},{"id":"q265","sourceId":"filing-1","location":"Interest-rate scenarios — minimum crediting guarantees","excerpt":"Our retained asset accounts experience gross margin compression due to minimum crediting rate guarantees."},{"id":"q266","sourceId":"filing-1","location":"Interest-rate scenarios — disability reserve crediting constraints","excerpt":"Additionally, we experience gross margin compression from our disability policy claim reserves for which crediting rates cannot be reduced."},{"id":"q268","sourceId":"filing-1","location":"Interest-rate scenarios — group disability renewal adjustments","excerpt":"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."},{"id":"q393","sourceId":"filing-1","location":"Underwriting and Pricing — retrospective experience rating","excerpt":"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."},{"id":"q229","sourceId":"filing-1","location":"Regulation — Statement-Based Combined RBC numerator and scope","excerpt":"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."},{"id":"q230","sourceId":"filing-1","location":"Regulation — Statement-Based Combined RBC denominator and exclusions","excerpt":"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."},{"id":"q231","sourceId":"filing-1","location":"Regulation — year-end Statement-Based Combined RBC","excerpt":"Our Statement-Based Combined RBC Ratio was in excess of 350% and in excess of 360% at December 31, 2025 and 2024, respectively."},{"id":"q232","sourceId":"filing-1","location":"Risk Factors — continuing direct insurer liability after reinsurance","excerpt":"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."},{"id":"q469","sourceId":"filing-1","location":"Equity — MLIC dividend restrictions","excerpt":"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."},{"id":"q423","sourceId":"filing-1","location":"Holding-company cash-flow reconciliation — parent operating cash","excerpt":"(parent company only) net cash provided by operating activities \n2,840 \n4,735 \nAdjustments from net cash provided by operating activities to free cash flow:"},{"id":"q650","sourceId":"filing-2","location":"MD&A — consolidated second-quarter and first-half results","excerpt":"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."},{"id":"q651","sourceId":"filing-2","location":"MD&A — earnings available to common shareholders","excerpt":"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."},{"id":"q664","sourceId":"filing-2","location":"Investments — mortgage credit-quality distributions at June 30, 2026","excerpt":"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."},{"id":"q670","sourceId":"filing-2","location":"Liquidity — holding-company liquid assets","excerpt":"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."},{"id":"q825","sourceId":"filing-2","location":"Liquidity and Capital Resources — funding channels","excerpt":"138\nLiquidity 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."},{"id":"q837","sourceId":"filing-2","location":"Liquidity — RIS maturities and withdrawal characteristics","excerpt":"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."},{"id":"q857","sourceId":"filing-2","location":"Market Risk — material asset and liability exposures","excerpt":"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."},{"id":"q641","sourceId":"filing-2","location":"Related Party Transactions — Chariot Re receivables and funds withheld","excerpt":"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."},{"id":"q779","sourceId":"filing-2","location":"Acquisitions — completed PineBridge acquisition and preliminary consideration","excerpt":"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."},{"id":"q785","sourceId":"filing-2","location":"Dispositions — anticipated Ukraine disposal impairment","excerpt":"In connection with the anticipated disposal, an impairment loss of $65 million, net of income tax, was recorded for the three months and six months ended June 30, 2026, and is reflected in net investment gains (losses)."},{"id":"q938","sourceId":"filing-3","location":"Proxy — annual GAAP earnings, ROE and expense ratio comparison","excerpt":"You should not view these Non-GAAP financial measures as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: ($ 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."},{"id":"q990","sourceId":"filing-3","location":"Executive Compensation — existing incentive design and vesting","excerpt":"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."},{"id":"q997","sourceId":"filing-3","location":"Executive Compensation — reinsurance-related annual incentive adjustment","excerpt":"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."},{"id":"q1002","sourceId":"filing-3","location":"Executive Compensation — tax-related annual incentive adjustment","excerpt":"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."},{"id":"q982","sourceId":"filing-3","location":"Executive performance discussion — reported customer satisfaction achievement","excerpt":"•Advanced customer loyalty and service excellence, achieving top quartile call center customer satisfaction across the Company's six largest markets."},{"id":"q1362","sourceId":"filing-3","location":"Corporate Governance — independent standing committees","excerpt":"Standing Board \n•Audit*\n•Compensation*\n•Finance and Risk*\n•Governance and \nResponsibility*\n•Investment*\n* Committee was chaired \nby and consisted entirely \nof Independent Directors."},{"id":"q1366","sourceId":"filing-3","location":"Corporate Governance — independent chairman agenda approval","excerpt":"The independent Chairman of the Board reviews the agendas with senior leadership prior to approving them for use at Board"},{"id":"q1455","sourceId":"filing-3","location":"Security Ownership — Policyholder Trust voting influence","excerpt":"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"},{"id":"q1021","sourceId":"filing-3","location":"Executive Compensation — business and/or investor peer-group scope","excerpt":"The Performance Share TSR Peer Group includes MetLife’s key publicly traded insurance company competitors for business and/or investors."},{"id":"q1023","sourceId":"filing-3","location":"Executive Compensation — named compensation comparators and TSR peers","excerpt":"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."},{"id":"q2282","sourceId":"filing-6","location":"Equity — realized 2023–2025 performance award factor","excerpt":"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%."},{"id":"q2279","sourceId":"filing-6","location":"Equity — first-quarter 2026 settlement of performance awards","excerpt":"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."},{"id":"q2228","sourceId":"filing-6","location":"Statement of Equity — repurchases, dividends and stock compensation","excerpt":"Interests\nTotal\nEquity\nBalance at December 31, 2025\n$\n— \n$\n12 \n$\n32,858 \n$\n44,290 \n$\n(30,678)\n$\n(18,084)\n$\n28,398 \n$\n282 \n$\n28,680 \nTreasury stock acquired in connection with share repurchases (includes $7 of excise tax)\n(762)\n(762)\n(762)\nStock-based compensation\n63 \n63 \n63 \nDividends on preferred stock\n(45)\n(45)\n(45)\nDividends on common stock (declared per share of $0.568)\n(372)\n(372)\n(372)\nChange in equity of noncontrolling interests\n— \n(12)\n(12)\nNet income (loss)\n1,185 \n1,185 \n5 \n1,190 \nOther comprehensive income (loss), net of income tax\n(1,143)\n(1,143)\n(4)\n(1,147)\nBalance at March 31, 2026\n$\n— \n$\n12 \n$\n32,921 \n$\n45,058 \n$\n(31,440)\n$\n(19,227)\n$\n27,324 \n$\n271 \n$\n27,595 \n Preferred\nStock\nCommon\nStock\nAdditional\nPaid-in\nCapital\nRetained\nEarnings\nTreasury\nStock\nat Cost\nAccumulated\nOther\nComprehensive\nIncome (Loss)\nTotal\nMetLife, Inc.’s\nStockholders’\nEquity\nNoncontrolling\nInterests\nTotal\nEquity\nBalance at December 31, 2024\n$\n— \n$\n12 \n$\n33,791 \n$\n42,626 \n$\n(27,798)\n$\n(21,186)\n$\n27,445 \n$\n258 \n$\n27,703 \nCumulative effects of change in accounting principles for equity method investees at\nJanuary 1, 2025\n(1,074)\n(1,074)\n(1,074)\nTreasury stock acquired in connection with share repurchases (includes $13 of excise tax)\n(1,424)\n(1,424)\n(1,424)\nStock-based compensation\n29 \n29 \n29 \nDividends on preferred stock\n(66)\n(66)\n(66)\nDividends on common stock (declared per share of $0.545)\n(374)\n(374)\n(374)\nChange in equity of noncontrolling interests"},{"id":"q2291","sourceId":"filing-6","location":"MD&A — first-quarter operating growth and Latin America persistency","excerpt":"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."},{"id":"q2423","sourceId":"filing-7","location":"Second-quarter results — direct expense ratio comparison","excerpt":"12.1 percent, compared to 11.7 percent in the prior-year quarter, and on track for our yearly\ntarget."},{"id":"q2643","sourceId":"filing-7","location":"Equity details — common shares outstanding and GAAP ROE","excerpt":"Defined benefit plans adjustment, net of income tax\n(2.13)\n(2.11)\nEmbedded derivatives - funds withheld on ceded reinsurance, net of income tax\n0.28\n(0.12)\nAdjusted book value per common share\n$57.71\n$56.23\nCommon shares outstanding, end of period (3)\n637.8\n666.8\nFor the Three Months Ended\nReturn on Equity (4)\n2025\nReturn on MetLife, Inc.'s:\nCommon stockholders' equity\n11.5%\n11.7%\nAdjusted return on MetLife, Inc.'s:"},{"id":"q2644","sourceId":"filing-7","location":"Equity details — adjusted ROE and average equity","excerpt":"Adjusted common stockholders' equity\n17.0%\n14.6%\nAdjusted common stockholders' equity, excluding total notable items\n17.0%\n14.6%\nFor the Three Months Ended\nAverage Common Stockholders' Equity\n2025\nAverage common stockholders' equity\n$24,553\n$23,771\nAverage adjusted common stockholders' equity\n$36,947\n$37,267\nAverage adjusted common stockholders' equity, excluding total notable items\n$36,947\n$37,267\nSee footnotes on last page."},{"id":"q2650","sourceId":"filing-7","location":"ROE footnote — annualization of quarterly results","excerpt":"(4)\nAnnualized using quarter-to-date results."},{"id":"q2569","sourceId":"filing-7","location":"Second-quarter highlights — shareholder distributions","excerpt":"•Returned over $1.1 billion to shareholders via"},{"id":"q2570","sourceId":"filing-7","location":"Second-quarter highlights — distribution methods","excerpt":"share repurchases and common stock dividends."},{"id":"q2738","sourceId":"filing-8","location":"Financial supplement — share repurchases, issuance and dilution","excerpt":"GAAP CONSOLIDATED STATEMENTS OF OPERATIONS\nFor the Year-to-Date Period Ended\nRevenues\nPremiums\n10,810 \n10,555 \n16,691 \n12,120 \n11,435 \n22,533 \n23,555 \nUniversal life and investment-type product policy fees\n16.7 \n18.3 \n17.0 \n17.0 \nCommon shares outstanding, beginning of period\n673.3 \n666.8 \n660.7 \n655.3 \n646.0 \nShare repurchases \n(6.5)\n(6.3)\n(5.4)\n(10.1)\n(8.7)\nNewly issued shares\n— \n0.2 \n— \n0.8 \n0.5 \nCommon shares outstanding, end of period \n666.8 \n660.7 \n655.3 \n646.0 \n637.8 \nWeighted average common shares outstanding - basic\n670.8 \n664.7 \n658.1 \n652.0 \n642.6 \nDilutive effect of the exercise or issuance of stock-based awards \n4.2 \n4.4 \n4.1 \n3.7 \n4.3 \nWeighted average common shares outstanding - diluted\n675.0 \n669.1 \n662.2 \n655.7 \n646.9 \nMetLife Policyholder Trust Shares\n108.6 \n107.4 \n105.9 \n104.6 \n102.5 \n(1) Calculated using common shares outstanding, end of period."},{"id":"q2747","sourceId":"filing-8","location":"MIM — institutional additions, withdrawals and AUM","excerpt":"ASSETS UNDER MANAGEMENT\nInstitutional Client AUM\nBeginning Institutional Client AUM\n185,970 \n200,616 \n212,390 \n319,282 \n313,157 \nAdditions\n17,118 \n19,078 \n19,806 \n16,264 \n17,137 \nWithdrawals\n(9,103)\n(9,366)\n(14,194)\n(18,297)\n(18,486)\nChange in market value\n6,631 \n2,062 \n1,770 \n(4,092)\n8,651 \nAcquisitions, dispositions and other\n— \n— \n99,510 \n— \n— \nEnding Institutional Client AUM (1)\n200,616 \n212,390 \n319,282 \n313,157 \n320,459 \nMIM GA AUM\n423,671 \n420,204 \n422,392 \n423,134 \n427,667 \nTotal AUM\n624,287 \n632,594 \n741,674 \n736,291 \n748,126 \nOTHER REVENUES BY CLIENT SEGMENT\nInstitutional Client\n95 \n98 \n99 \n172 \n173 \n142 \n140 \n140 \n142 \n144 \nOther revenues\n237 \n238 \n239 \n314 \n317 \n(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."},{"id":"q2766","sourceId":"filing-8","location":"Financial definitions — adjusted common equity exclusions","excerpt":"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."},{"id":"q2791","sourceId":"filing-9","location":"Annual meeting results — advisory compensation approval","excerpt":"•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."}],"changes":["The uncertain moat verdict is unchanged; all four moat criteria remain null because a durable relative advantage is not established.","The current catalog identifies named business and/or investor peers, but does not establish product-level competitive coverage; generic competitor coverage is no longer the only available context.","Realized pricing remains null: premium and fee growth does not isolate price changes from volume, mix, acquisitions or currency.","Dilution_and_cost is revised from 3 to 2: net share reduction is demonstrated, but compensation and financing costs make the whole criterion mixed.","Previous retention, margin resilience, management and financial arguments were reassessed using current catalog citations. Unsupported prior details were not carried forward."],"limitations":["Evidence consists primarily of issuer filings and issuer-reported results. Brand leadership, strategic advantages and some execution achievements are management assessments.","The proxy names AIG, Manulife, Dai-ichi, Prudential plc, Allstate and Prudential within a business and/or investor peer discussion. It does not establish their overlap with each proposed advantage, so advantage competitor arrays remain empty.","The supplied Allstate report predominantly concerns personal property-liability insurance; its results and capital measures cannot establish MetLife's advantages or financial strength.","No isolated realized insurance price changes, comprehensive renewal rates, comparative acquisition costs or sustained relative underwriting advantage are supplied.","Current executive ownership and compliance with ownership guidelines are not established by the supplied passages; existing incentive terms and actual settlement outcomes support the alignment assessment.","All evidence used to establish financial grades comes from sources dated as filed in 2026, within 550 days of October 19, 2026. Older filings are not used to establish current sufficiency.","June 2026 group-wide solvency, foreign solvency ratios, comprehensive reserve-development outcomes and quantified asset/liability matching effectiveness are absent. Interim results do not establish full-cycle durability."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Employer relationships, captive distribution and annuity restrictions are established features, but their relative economic superiority is not demonstrated.","evidenceIds":["q522","q371","q207","q398"]},{"criterion":"durability","grade":null,"rationale":"Long-standing relationships and persistent contracts do not establish durable excess returns or protection against competing offers.","evidenceIds":["q522","q207","q23","q398"]},{"criterion":"customer_dependency","grade":null,"rationale":"Annuity restrictions create persistence for some contracts, while annual group renewals remain contestable. The evidence cannot establish company-wide competitive dependency.","evidenceIds":["q207","q398","q837"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Operating growth supports franchise health, but the catalog does not demonstrate preservation of a relative advantage through competition or market stress.","evidenceIds":["q2291","q2747","q857"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Premium and fee growth is reported, but price changes are not separated from sales, volume, mix and acquisition effects. Repricing flexibility alone cannot establish observed pricing outcomes.","evidenceIds":["q2291","q650","q264"]},{"criterion":"retention","grade":2,"rationale":"Reported Latin America persistency, long-standing employer relationships and annuity restrictions support repeat demand indirectly. Annual group competition and institutional net withdrawals in both first-half 2026 quarters make the evidence mixed; no retention rate is inferred.","evidenceIds":["q2291","q522","q207","q398","q2747"]},{"criterion":"margin_resilience","grade":2,"rationale":"Positive first-half earnings growth supports resilience indirectly, but annual earnings declined, the quarterly direct expense ratio rose and guaranteed crediting terms constrain adjustment. These outcomes do not independently prove pricing power.","evidenceIds":["q650","q651","q938","q2423","q265","q266"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Renewable group policies and retrospective experience rating permit adjustments and certain loss recovery. Annual competitive renewals and non-reducible crediting obligations limit that freedom.","evidenceIds":["q263","q264","q268","q393","q398","q266"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual shareholder distributions and positive parent operating cash coexist with lower holding liquidity, an $885 million preliminary acquisition consideration and a $65 million after-tax disposal impairment. Acquisition returns are not established.","evidenceIds":["q423","q2569","q2570","q670","q779","q785"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing incentives use three-year performance and vesting. Actual settlement at a 57.50% performance factor within a 0%–175% range demonstrates variable delivery. Annual incentive charge exclusions and missing ownership-compliance evidence limit the conclusion.","evidenceIds":["q990","q2279","q2282","q997","q1002"]},{"criterion":"execution","grade":2,"rationale":"Completed acquisition activity, reported service achievements and operating growth support execution indirectly. Lower annual GAAP earnings, institutional net withdrawals and the Ukraine impairment keep outcomes mixed; strategic praise is not treated as proof.","evidenceIds":["q779","q982","q2291","q651","q938","q2747","q785"]},{"criterion":"governance","grade":2,"rationale":"Independent standing committees, independent chairman agenda approval and completed shareholder voting establish oversight processes. Policyholder Trust voting influence and incentive adjustments temper the assessment; oversight effectiveness is not exceptionally demonstrated.","evidenceIds":["q1362","q1366","q2791","q1455","q997","q1002"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":3,"rationale":"Year-end 2025 Statement-Based Combined RBC exceeded 350%. Its numerator is summed total adjusted capital and its denominator is summed company action level RBC, including annual SCLs, for principal U.S. insurance subsidiaries excluding American Life Insurance Company. This supports strong capital within that scope, without equating it to an authorized-control-level or group solvency ratio. Disclosed lower bounds do not prove an exact year-over-year decline; foreign and June 2026 solvency ratios are absent.","evidenceIds":["q229","q230","q231"]},{"criterion":"liquidity_funding","grade":2,"rationale":"Holding companies had $3.4 billion of liquid assets at June 2026 versus $3.6 billion at year-end. Diverse funding channels and generally predictable RIS withdrawals support flexibility, while subsidiary dividend restrictions limit transferability. Complete stress liquidity coverage is unavailable.","evidenceIds":["q670","q825","q837","q469"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"Commercial mortgages show mixed credit protection: 84.4% have DSCR above 1.2x, but 7.7% are below 1.0x and 23.1% have LTV above 80%. Material market exposures and $10.9 billion of Chariot Re receivables add complexity; reinsurance does not eliminate direct insurer liability. No reinsurance default is established, and comprehensive matching effectiveness and reserve adequacy outcomes are absent.","evidenceIds":["q664","q857","q641","q232"]},{"criterion":"earnings_resilience","grade":2,"rationale":"First-half 2026 common earnings rose to $1.845 billion from $1.577 billion despite investment and derivative losses. Annual common earnings fell to $3.173 billion in 2025 from $4.226 billion in 2024. Positive but variable earnings support mixed resilience.","evidenceIds":["q650","q651","q938"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":2,"rationale":"Second-quarter 2026 GAAP common-equity ROE was 11.5%, versus adjusted ROE of 17.0%, annualized from quarterly results. Adjusted equity excludes specified market-sensitive components and is not interchangeable with GAAP equity. Annual GAAP ROE declined from 16.9% to 12.9%, supporting a mixed assessment.","evidenceIds":["q2643","q2644","q2650","q2766","q938"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"Over $1.1 billion was returned through repurchases and common dividends in the second quarter, exceeding $705 million of quarterly common earnings. Holding liquidity remained $3.4 billion and year-end U.S. RBC provides evidence of a buffer within its defined scope. Full contemporaneous solvency and distribution coverage are unavailable; the quarterly payout alone does not establish capital impairment.","evidenceIds":["q2569","q2570","q651","q670","q229","q230","q231","q469"]},{"criterion":"dilution_and_cost","grade":2,"rationale":"Shares outstanding fell from 666.8 million in June 2025 to 637.8 million in June 2026, with repurchases exceeding issuance. Awards still contributed dilution, first-quarter stock compensation was $63 million, and first-half debt interest expense rose to $557 million from $527 million. Net share reduction is demonstrated, but total compensation and financing cost outcomes are mixed.","evidenceIds":["q2738","q2228","q650"]},{"criterion":"investment_discipline","grade":2,"rationale":"PineBridge was acquired for preliminary consideration of $885 million, but subsequent investment returns are unestablished. The Ukraine disposal impairment and institutional net withdrawals temper expansion achievements. Mortgage credit distributions include substantial better-covered exposures alongside meaningful weaker loans, supporting a mixed assessment.","evidenceIds":["q779","q785","q2747","q664"]}]}],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","financialAssessmentPolicy":"financial-industry-1","financialSector":"insurance","basisHash":"eb618fba6ddc567d69c973781798f48a6d98ecb028de264d85b77bca2814023d","updatedAt":"2026-10-19T20:42:47.754Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921926000013/met-20251231.htm","publishedAt":"2026-02-19","sha256":"37a42832ea4d5c485a05bc905f43cd5efbb40682bc77900ca5c3e22c68e166a0","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921926000050/met-20260630.htm","publishedAt":"2026-08-06","sha256":"ff54ed367cd39ed358a3ec3ed271fc05bfc5afa31e9656a1471307429a4771a6","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921926000026/met-20260429.htm","publishedAt":"2026-04-29","sha256":"28b175f133d328405d3e73ca181234012422a9414acb7b29cae1aad75f6694a0","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921925000044/met-20241231.htm","publishedAt":"2025-02-21","sha256":"c0596355409b4a2021b935f2ee80e1585ee0b6e6617bd9627605948f140b82a3","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921924000035/met-20231231.htm","publishedAt":"2024-02-16","sha256":"ea0fc401802cd527c382b6021d854a4b4791ce6877511ec589c8c6a47dc43578","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921926000035/met-20260331.htm","publishedAt":"2026-05-07","sha256":"b511fefa0099c4b7722b4d00f3449182116e9d7fc0e4e780454d102e664f64b3","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921926000048/ex991earningsreleasetables.htm","publishedAt":"2026-08-05","sha256":"ba6a6d44b3d9409417d55dd4d7f295c7c7bfcd1b14f6a4a3f37b4e46bfab18b7","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921926000048/ex992qfs8kdoc.htm","publishedAt":"2026-08-05","sha256":"f700249b41144476a0ee29cc7336c4788b2260943d28cc032b25319099dc1e10","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921926000041/met-20260616.htm","publishedAt":"2026-06-22","sha256":"633b0a13e22e753342b141e2b578627621232e7c82953b7d54c40ebdaa779043","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/1099219/000119312526067070/d101132d8k.htm","publishedAt":"2026-02-24","sha256":"007a1e9d52ae74ee853061e7bddd93af5dddcf77fc724fd7b214aaf5e88e0fd0","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-11","url":"https://www.sec.gov/Archives/edgar/data/899051/000089905126000031/all-20251231.htm","publishedAt":"2026-02-20","sha256":"26dd8eac037a21e56263f313405d12463ca363cd27e19ff0409dc6c8d735125f","citationPolicy":"numeric-lines-1","dateKind":"filed","label":"ALLSTATE CORP annual report: competitor disclosure for comparison only. Its financial results, customer outcomes and advantages are not those of the subject issuer; compare only explicitly supported scope."}],"model":"gpt-6.1-sol","providerId":"codex:6dc612f7bc917832eba66b56e0c3f4c8d3f48b1de458800bd130efdd8591bd2a","usage":{"input_tokens":164453,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4698,"reasoning_output_tokens":229}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":283.3175355450237,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":256.7519066846119,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":267.08240534521155,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":251.92939244663384,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921926000013/met-20251231.htm","publishedAt":"2026-02-19","sha256":"37a42832ea4d5c485a05bc905f43cd5efbb40682bc77900ca5c3e22c68e166a0","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921926000050/met-20260630.htm","publishedAt":"2026-08-06","sha256":"ff54ed367cd39ed358a3ec3ed271fc05bfc5afa31e9656a1471307429a4771a6","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921926000026/met-20260429.htm","publishedAt":"2026-04-29","sha256":"28b175f133d328405d3e73ca181234012422a9414acb7b29cae1aad75f6694a0","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921925000044/met-20241231.htm","publishedAt":"2025-02-21","sha256":"c0596355409b4a2021b935f2ee80e1585ee0b6e6617bd9627605948f140b82a3","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921924000035/met-20231231.htm","publishedAt":"2024-02-16","sha256":"ea0fc401802cd527c382b6021d854a4b4791ce6877511ec589c8c6a47dc43578","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921926000035/met-20260331.htm","publishedAt":"2026-05-07","sha256":"b511fefa0099c4b7722b4d00f3449182116e9d7fc0e4e780454d102e664f64b3","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921926000048/ex991earningsreleasetables.htm","publishedAt":"2026-08-05","sha256":"ba6a6d44b3d9409417d55dd4d7f295c7c7bfcd1b14f6a4a3f37b4e46bfab18b7","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921926000048/ex992qfs8kdoc.htm","publishedAt":"2026-08-05","sha256":"f700249b41144476a0ee29cc7336c4788b2260943d28cc032b25319099dc1e10","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/1099219/000109921926000041/met-20260616.htm","publishedAt":"2026-06-22","sha256":"633b0a13e22e753342b141e2b578627621232e7c82953b7d54c40ebdaa779043","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/1099219/000119312526067070/d101132d8k.htm","publishedAt":"2026-02-24","sha256":"007a1e9d52ae74ee853061e7bddd93af5dddcf77fc724fd7b214aaf5e88e0fd0","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-11","url":"https://www.sec.gov/Archives/edgar/data/899051/000089905126000031/all-20251231.htm","publishedAt":"2026-02-20","sha256":"26dd8eac037a21e56263f313405d12463ca363cd27e19ff0409dc6c8d735125f","citationPolicy":"numeric-lines-1","dateKind":"filed","label":"ALLSTATE CORP annual report: competitor disclosure for comparison only. Its financial results, customer outcomes and advantages are not those of the subject issuer; compare only explicitly supported scope."}],"history":[{"version":9,"updatedAt":"2026-10-23T19:21:10.071Z","verdict":"uncertain","value":null},{"version":8,"updatedAt":"2026-10-22T22:17:09.215Z","verdict":"uncertain","value":null},{"version":7,"updatedAt":"2026-10-19T22:04:21.334Z","verdict":"uncertain","value":null},{"version":6,"updatedAt":"2026-10-19T18:33:29.802Z","verdict":"uncertain","value":null},{"version":5,"updatedAt":"2026-10-19T13:57:15.039Z","verdict":"uncertain","value":null},{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"queued","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}