AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 4/6 · 18/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Funding access, service benchmarks and selected surrender restrictions establish franchise strengths, but their competitive economic advantage is unresolved.
durability · — · Contractual persistence is bounded to selected products; sustained superior returns attributable to a defensible mechanism are not established.
customer dependency · — · Nonsurrenderable annuities and reported regional persistency provide partial evidence, but cannot establish company-wide customer dependency.
erosion resilience · — · Operating growth coexists with disclosed competitive disadvantages. The passages do not establish resilience of a specific moat, and technology risks are prospective.
Pricing power—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · — · Revenue growth and competitor pricing disclosures do not isolate MetLife's realized insurance prices. Repricing flexibility establishes ability, not exercised pricing outcomes.
retention · 2/4 · Reported solid Latin America persistency and nonsurrenderable payout contracts support repeat demand and contractual persistence. Evidence is regional or product-specific, without a company-wide retention rate; growth is an indirect additional indicator.
margin resilience · 2/4 · Renewal adjustments and hedging mitigate interest-rate pressure, but guarantees constrain retained asset accounts and disability reserves. First-half earnings improved, without isolating pricing's contribution. Scenario disclosures are not treated as proof of current realized compression.
contractual freedom · 2/4 · Renewable group life and disability policies permit adjustments, while guarantees constrain other obligations and regulatory processes can limit timely repricing. Freedom varies materially by product.
Predictability75
Financial-sector stability over five consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 3.12
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 84.06
Financial strength56
Qualitative insurance assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital adequacy · 3/4 · At year-end 2025, the internally defined ratio exceeded 350%, using aggregate total adjusted capital divided by aggregate company action level RBC, including SCL effects, for specified principal U.S. insurance subsidiaries excluding American Life. This demonstrates substantial capital in that scope, not consolidated or foreign solvency; no denominator conversion or exact headroom is inferred.
liquidity funding · 2/4 · Holding-company liquid assets were $3.4 billion at June 2026 versus $3.6 billion at year-end 2025, with reported ratings-supported wholesale access. Regulatory restrictions on subsidiary dividends and missing stressed cash requirements prevent a stronger sufficiency conclusion.
asset liability risk · 2/4 · Mortgage collateral and debt-service distributions provide tangible investment-risk evidence, including 7.7% of commercial mortgages with DSCR below 1.0x. Guarantees, substantial reinsurance receivables and retained direct-insurer liability create offsetting exposures. Hedging is disclosed, but comprehensive matching and recoverability evidence is missing.
earnings resilience · 2/4 · Common-shareholder GAAP income declined from $4.226 billion in 2024 to $3.173 billion in 2025, then increased from $1.577 billion to $1.845 billion in the first half of 2026. Continued profitability is demonstrated, alongside investment and derivative losses and meaningful annual variability.
Capital allocation50
Qualitative insurance assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital efficiency · 2/4 · Reported return on MetLife common stockholder equity was 12.9% in 2025 versus 16.9% in 2024. These GAAP common-equity returns support productive but variable capital use; they are not returns on regulatory or economic capital and do not establish a competitive moat.
distributions and buffers · 2/4 · MetLife actually repurchased 8,669,216 shares in the second quarter of 2026 while remaining profitable, with disclosed U.S. insurance capital and holding-company liquidity. Falling liquid assets and incomplete total distribution and statutory remittance coverage prevent a strong judgment about sustainable payout capacity.
dilution and cost · 2/4 · Actual buybacks offset potential issuance, while 10,457,532 shares were issuable under outstanding equity awards at year-end 2025 and performance awards were subsequently settled. A current share count and financing expense are disclosed, but compensation expense, a complete net-share bridge and financing terms are missing.
investment discipline · 2/4 · Real estate and joint venture income improved to $847 million in 2025 from $440 million in 2024, although joint ventures had losses in earlier comparison years. Mortgage risk distributions and Chariot commitments permit a mixed assessment of investment exposure. PineBridge completion and revenue contribution do not establish acquisition returns; reinsurance recoverability remains unresolved.
Management50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual repurchases, positive earnings and disclosed capital support active capital management. Lower 2025 GAAP returns, reduced holding-company liquidity and incomplete acquisition-return evidence make discipline mixed rather than exceptional.
incentive alignment · 2/4 · Multiyear share-based incentives were implemented, and settled awards used a 57.50% performance factor within a 0–175% range. Discretionary exclusions from annual incentive earnings weaken a purely mechanical link to shareholder outcomes; actual executive ownership is missing.
execution · 2/4 · Reported growth, service benchmarks, completed acquisition activity and improved first-half 2026 earnings support execution. This partly indirect operating assessment is tempered by lower 2025 GAAP earnings and ROE; claimed process benefits lack quantified verification.
governance · 2/4 · Independent principal committees and auditor oversight are concrete governance arrangements. Policyholder trust voting influence and compensation adjustments qualify their strength; no realized governance failure is inferred from the risk disclosure.
Evidence
MetLife, Inc.’s ability to maintain regular access to competitively priced wholesale funds is fostered by its current credit ratings from the major credit rating agencies.
Liquidity and Capital Resources — ratings-supported wholesale funding access · Filed 06/08/2026
•Advanced customer loyalty and service excellence, achieving top quartile call center customer satisfaction across the Company's six largest markets.
Executive performance — call center customer satisfaction · Filed 29/04/2026
1J.D. Power 2025 Certified Customer Service ProgramSM recognition is based on successful completion of an evaluation and exceeding a customer satisfaction
Executive performance footnote — customer-service recognition methodology · Filed 29/04/2026
The Performance Share TSR Peer Group includes MetLife’s key publicly traded insurance company competitors for business and/or investors.
Compensation — identification of business and/or investor competitors · Filed 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.
Compensation — comparator and performance-share peer names · Filed 29/04/2026
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 — competing products, prices and ratings · Filed 19/02/2026
We may fail to adopt new technologies as effectively or efficiently as others, leading to competitive harm, or we may fail to adjust our investments accordingly or suffer stranded assets.
Risk Factors — potential competitive harm from technology adoption · Filed 19/02/2026
General account contracts that are guaranteed payout annuities purchased for employees upon retirement or termination of employment.
Business — guaranteed payout annuity product description · Filed 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 — annuity surrender and future-consideration restrictions · Filed 19/02/2026
Declining Interest Rate Scenario. Our group life insurance products are primarily renewable term policies.
Interest-rate scenarios — renewable group life policies · Filed 19/02/2026
The assets supporting the guaranteed benefits for each contract are held in a separate account, however, the Company fully guarantees all benefit payments.
Business — guaranteed benefits supported by separate accounts · Filed 19/02/2026
This provides repricing flexibility to mitigate the negative impact of reinvesting in lower yielding assets.
Interest-rate scenarios — group life repricing flexibility · Filed 19/02/2026
Our retained asset accounts experience gross margin compression due to minimum crediting rate guarantees.
Interest-rate scenarios — retained asset account guarantees · Filed 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-rate constraints · Filed 19/02/2026
We use interest rate derivatives to mitigate gross margin compression for both products.
Interest-rate scenarios — derivative mitigation of margin compression · Filed 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 · Filed 19/02/2026
Our ability to react to rapidly changing economic conditions and the dynamic, competitive markets may be impaired if our product designs do not allow frequent and contemporaneous revisions of key pricing elements, or if we are unable to work collaboratively with regulators.
Regulatory risks — potential limitations on contemporaneous repricing · Filed 19/02/2026
Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $370 million, or 3%, compared to the prior period, primarily due to strong sales and solid persistency in the Latin America segment, growth in both voluntary and core products in the Group Benefits segment, growth across the region in the EMEA segment, and the PineBridge acquisition that was completed in December 2025 in the MIM segment, partially offset by a decline in Corporate & Other from business run-off.
Consolidated results — revenue growth, persistency and acquisition contribution · Filed 07/05/2026
You should not view these Non-GAAP financial measures as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: ($ 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.
Financial measures — GAAP earnings, common equity returns, expenses and parent cash generation · Filed 29/04/2026
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.
Consolidated Results — first-half 2026 and 2025 revenues, expenses and earnings · Filed 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.
Consolidated Results — income attributable to MetLife and common shareholders · Filed 06/08/2026
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 — numerator and subsidiary scope of internally defined combined RBC ratio · Filed 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 — company action level RBC denominator and exclusions · Filed 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 2025 and 2024 combined RBC ratio lower bounds · Filed 19/02/2026
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 · Filed 06/08/2026
insurance operations. Such dividends are subject to local insurance regulatory requirements, as discussed in “— Liquidity and Capital Sources and Uses — Dividends from Subsidiaries.”
Liquidity — regulatory restrictions on subsidiary dividends · Filed 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 — commercial and agricultural mortgage credit-quality distributions · Filed 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 liabilities · Filed 06/08/2026
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 · Filed 19/02/2026
or its affiliates during the quarter ended June 30, 2026 are set forth below: Period Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2) April 1 - April 30, 2026 2,610,199 $ 74.52 2,610,199 $ 1,122,489,017 May 1 - May 31, 2026 3,406,311 $ 81.03 3,406,311 $ 846,489,489 June 1 - June 30, 2026 2,652,706 $ 84.44 2,652,706 $ 622,489,077 Total 8,669,216 8,669,216 __________________ (1)During the periods presented, separate account index funds did not purchase any MetLife, Inc.
Issuer Purchases — actual second-quarter 2026 share repurchases · Filed 06/08/2026
321 Table of Contents The following table provides information regarding MetLife, Inc.’s equity compensation plans: Equity Compensation Plan Information at December 31, 2025: Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights (1) Weighted-average Exercise Price of Outstanding Options, Warrants and Rights (2) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (3) Plan Category (a) (b) (c) Equity compensation plans approved by security holders 10,457,532 $ 56.85 21,489,793 Equity compensation plans not approved by security holders None — None Total 10,457,532 $ 56.85 21,489,793 ______________ (1) Column (a) reflects the following items outstanding at December 31, 2025: Stock Options (i) 2,682,613 Restricted Stock Units (ii) 2,142,966 Performance Shares (assuming future payout at maximum performance factor) (ii) 4,737,559 Deferred Shares (iii) 894,394 Shares that will or may be issued 10,457,532 ______________ (i) Stock Options granted under the MetLife, Inc.
Equity Compensation Plan Information — outstanding awards and available issuance · Filed 19/02/2026
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.
Stock-Based Compensation — actual settlement of 2023 performance awards · Filed 06/08/2026
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%.
Stock-Based Compensation — realized three-year performance factor · Filed 06/08/2026
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 — variable pay, share ownership guidelines and multiyear vesting · Filed 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 charge excluded from annual incentive earnings · Filed 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 — Mexico tax charges excluded from annual incentive earnings · Filed 29/04/2026
Each of the Principal Standing Committees is composed entirely of Independent Directors and chaired by an Independent
Corporate Governance — independent principal standing committees · Filed 29/04/2026
The Audit Committee evaluates the independent auditor’s qualifications, performance, and independence, reviews and evaluates the lead partner on the independent auditor’s engagement, and presents its conclusions to the Board.
Corporate Governance — audit committee oversight of auditor independence and performance · Filed 29/04/2026
separation risks; (37) MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and (38) legal- and corporate governance-related effects on business combinations.
Risk disclosures — policyholder trust voting influence · Filed 06/08/2026
Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated: December 31, Years Ended December 31, 2025 2024 2025 2024 2023 Income Type Carrying Value Income (In millions) Wholly-owned real estate: Leased real estate $ 4,174 $ 4,283 $ 358 $ 341 $ 366 Other real estate 710 650 364 291 297 REJV 8,556 8,409 125 (192) (225) Total real estate and REJV $ 13,440 $ 13,342 $ 847 $ 440 $ 438 Depreciation expense on real estate investments was $117 million, $124 million and $112 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Investments — realized real estate and joint venture income · Filed 19/02/2026
The Company had unfunded contingent capital commitments to Chariot of $67 million and $94 million at June 30, 2026 and December 31, 2025, respectively.
Related Party Transactions — unfunded Chariot capital commitments · Filed 06/08/2026
PineBridge Investments acquisition, including implementing new governance structures.
Executive performance — completed PineBridge acquisition · Filed 29/04/2026
At February 12, 2026, 652,053,867 shares of the registrant’s common stock were outstanding.
Cover page — common shares outstanding at February 12, 2026 · Filed 19/02/2026
•Exceeded financial benefit targets by reengineering end-to-end processes using composite AI solutions across call centers, claims, and policy administration.
Executive performance — issuer-reported process improvement benefits · Filed 29/04/2026
