Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2025	Feb. 12, 2026	Jun. 30, 2025
Entity Information [Line Items]
Document Type	10-K
Entity Registrant Name	MetLife, Inc.
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-15787
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-4075851
Entity Address, Address Line One	200 Park Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10166-0188
City Area Code	212
Local Phone Number	578-9500
Title of 12(g) Security	5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D, par value $0.01
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001099219
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		652,053,867
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Public Float			$ 53.6
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE Part III of this Form 10-K incorporates by reference certain information from the registrant’s definitive proxy statement for the Annual Meeting of Shareholders to be held on June 16, 2026, to be filed by the registrant with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the year ended December 31, 2025.
ICFR Auditor Attestation Flag	true
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	MET
Security Exchange Name	NYSE
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01
Entity Information [Line Items]
Title of 12(b) Security	Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01
Trading Symbol	MET PRA
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E
Trading Symbol	MET PRE
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F
Trading Symbol	MET PRF
Security Exchange Name	NYSE

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34
Auditor Location	New York, New York

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

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Amortized cost of fixed maturity securities valuation allowances	$ 249	$ 160
Amortized Cost	337,201	307,421
Contractholder-directed equity securities and fair value option securities, at estimated fair value (includes $1,751 and $0, respectively, relating to variable interest entities)	13,959	10,672
Financing Receivable, Held-for-Sale	35	0
Mortgage loans valuation allowances	1,193	800
Real estate and real estate joint ventures (includes $378 and $378, respectively, under the fair value option; $132 and $65, respectively, of real estate held-for-sale; $302 and $183, respectively, relating to variable interest entities)	13,440	13,342
Real Estate Held-for-sale	132	65
Other Invested Assets - Leveraged and Direct Financing Leases	1,698	1,851
Other invested assets, at estimated fair value	16,332	18,504
Cash Equivalents, at Carrying Value	11,500	11,900
Premiums, reinsurance and other receivables relating to variable interest entities	49,059	29,761
Liabilities
Short-term Debt	355	465
Other liabilities	57,582	36,843
Long-term debt (includes $28 and $0, respectively, relating to variable interest entities)	$ 14,467	$ 15,086
MetLife, Inc.’s stockholders’ equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, Liquidation Preference, Value	$ 2,905	$ 3,905
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000,000,000	3,000,000,000
Common stock, shares issued	1,195,587,190	1,194,168,628
Common stock, shares outstanding	655,333,773	689,211,065
Treasury stock, shares	540,253,417	504,957,563
Residential mortgage loans - FVO
Assets
Real estate and real estate joint ventures (includes $378 and $378, respectively, under the fair value option; $132 and $65, respectively, of real estate held-for-sale; $302 and $183, respectively, relating to variable interest entities)	$ 378	$ 378
Variable interest entities
Assets
Contractholder-directed equity securities and fair value option securities, at estimated fair value (includes $1,751 and $0, respectively, relating to variable interest entities)	1,751	0
Real estate and real estate joint ventures (includes $378 and $378, respectively, under the fair value option; $132 and $65, respectively, of real estate held-for-sale; $302 and $183, respectively, relating to variable interest entities)	302	183
Other invested assets, at estimated fair value	560	424
Cash Equivalents, at Carrying Value	96	0
Premiums, reinsurance and other receivables relating to variable interest entities	0	47
Liabilities
Short-term Debt	117	133
Other liabilities	167	0
Long-term debt (includes $28 and $0, respectively, relating to variable interest entities)	$ 28	$ 0

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Premiums	$ 49,779	$ 44,945	$ 44,283
Universal life and investment-type product policy fees	5,003	4,974	5,152
Net investment income	22,559	21,273	19,908
Other revenues	2,827	2,601	2,526
Net investment gains (losses)	(1,145)	(1,184)	(2,824)
Net derivative gains (losses)	(1,939)	(1,623)	(2,140)
Total revenues	77,084	70,986	66,905
Expenses
Policyholder benefits and claims	49,718	44,728	44,590
Policyholder liability remeasurement (gains) losses	(150)	(206)	(45)
Market risk benefit remeasurement (gains) losses	(508)	(1,109)	(994)
Interest credited to policyholder account balances	8,950	8,339	7,860
Policyholder dividends	553	595	622
Other expenses	13,860	13,017	12,710
Total expenses	72,423	65,364	64,743
Income (loss) before provision for income tax	4,661	5,622	2,162
Provision for income tax expense (benefit)	1,258	1,178	560
Net income (loss)	3,403	4,444	1,602
Less: Net income (loss) attributable to noncontrolling interests	24	18	24
Net income (loss) attributable to MetLife, Inc.	3,379	4,426	1,578
Less: Preferred stock dividends	194	200	198
Preferred Stock Redemption Premium	12	0	0
Net income (loss) available to MetLife, Inc.’s common shareholders	$ 3,173	$ 4,226	$ 1,380
Net income (loss) available to MetLife, Inc.’s common shareholders per common share:
Basic	$ 4.74	$ 5.98	$ 1.82
Diluted	$ 4.71	$ 5.94	$ 1.81

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 3,403	$ 4,444	$ 1,602
Other comprehensive income (loss):
Change in Gross Unrealized Temporary Loss	4,661	(6,524)	10,325
Deferred gains (losses) on derivatives	(2,461)	211	(1,811)
Future policy benefits discount rate remeasurement gains (losses)	2,021	4,997	(4,361)
Market risk benefit instrument-specific credit risk remeasurement gains (losses)	(31)	(124)	(102)
Foreign currency translation adjustments	952	(858)	296
Defined benefit plans adjustment	(63)	(5)	88
Other comprehensive income (loss), before income tax	5,205	(2,293)	4,259
Income tax (expense) benefit related to items of other comprehensive income (loss)	(1,027)	353	(898)
Other comprehensive income (loss), net of income tax	4,178	(1,940)	3,361
Comprehensive income (loss)	7,581	2,504	4,963
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests, net of income tax	26	22	6
Comprehensive income (loss) attributable to MetLife, Inc.	$ 7,555	$ 2,482	$ 4,957

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock, Common	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjustment	Total MetLife, Inc.'s Stockholders' Equity	Total MetLife, Inc.'s Stockholders' Equity Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interests
Beginning Balance at Dec. 31, 2022	$ 30,125		$ 0	$ 12	$ 33,616	$ 40,332		$ (21,458)	$ (22,621)		$ 29,881		$ 244
Preferred stock redemption premium	0
Treasury stock acquired in connection with share repurchases	(3,133)							(3,133)			(3,133)
Stock-based compensation	74				74						74
Dividends on preferred stock	(198)					(198)					(198)
Dividends on common stock	(1,566)					(1,566)					(1,566)
Change in equity of noncontrolling interests	(12)										0		(12)
Net income (loss)	1,602					1,578					1,578		24
Other comprehensive income (loss), net of income tax	3,361								3,379		3,379		(18)
Ending Balance at Dec. 31, 2023	30,253	$ (219)	0	12	33,690	40,146	$ (219)	(24,591)	(19,242)		30,015	$ (219)	238
Preferred stock redemption premium	0
Treasury stock acquired in connection with share repurchases	(3,207)							(3,207)			(3,207)
Stock-based compensation	101				101						101
Dividends on preferred stock	(200)					(200)					(200)
Dividends on common stock	(1,527)					(1,527)					(1,527)
Change in equity of noncontrolling interests	(2)										0		(2)
Net income (loss)	4,444					4,426					4,426		18
Other comprehensive income (loss), net of income tax	(1,940)								(1,944)		(1,944)		4
Ending Balance at Dec. 31, 2024	27,703	$ (1,074)	0	12	33,791	42,626		(27,798)	(21,186)	$ (1,074)	27,445	$ (1,074)	258
Redemption of preferred stock	(988)				(988)						(988)
Preferred stock redemption premium	(12)					(12)					(12)
Treasury stock acquired in connection with share repurchases	(2,880)							(2,880)			(2,880)
Stock-based compensation	55				55						55
Dividends on preferred stock	(194)					(194)					(194)
Dividends on common stock	(1,509)					(1,509)					(1,509)
Change in equity of noncontrolling interests	(2)										0		(2)
Net income (loss)	3,403					3,379					3,379		24
Other comprehensive income (loss), net of income tax	4,178								4,176		4,176		2
Ending Balance at Dec. 31, 2025	$ 28,680		$ 0	$ 12	$ 32,858	$ 44,290		$ (30,678)	$ (18,084)		$ 28,398		$ 282

Consolidated Statements of Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Treasury stock acquired in connection with share repurchases, excise tax	$ 27	$ 30	$ 30
Dividend Per Share	$ 2.248	$ 2.155	$ 2.060

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income (loss)	$ 3,403	$ 4,444	$ 1,602
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expenses	753	714	718
Amortization of premiums and accretion of discounts associated with investments, net	(1,840)	(1,512)	(1,332)
(Gains) losses on investments and from sales of businesses, net	1,144	1,165	2,800
(Gains) losses on derivatives, net	2,310	2,716	3,259
(Income) loss from equity method investments, net of dividends or distributions	365	844	1,090
Interest credited to policyholder account balances	9,316	8,484	7,970
Universal life and investment-type product policy fees	(4,182)	(4,251)	(4,031)
Change in contractholder-directed equity securities and fair value option securities	(1,013)	(518)	(539)
Change in accrued investment income	(272)	(18)	(194)
Change in premiums, reinsurance and other receivables	(27)	460	(1,952)
Change in market risk benefits	(235)	(782)	(658)
Change in deferred policy acquisition costs and value of business acquired, net	(1,068)	(791)	(660)
Change in income tax	(624)	(484)	(1,177)
Change in other assets	(555)	0	(124)
Change in insurance-related liabilities and policy-related balances	7,257	4,079	4,637
Change in other liabilities	1,917	(580)	2,115
Other, net	443	628	197
Net cash provided by (used in) operating activities	17,092	14,598	13,721
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities available-for-sale	59,471	55,650	58,816
Sales, maturities and repayments of equity securities	140	158	1,018
Sales, maturities and repayments of mortgage loans	14,646	10,363	8,505
Sales, maturities and repayments of real estate and real estate joint ventures	505	753	143
Sales, maturities and repayments of other limited partnership interests	1,025	1,083	915
Sales, maturities and repayments of short-term investments	16,700	11,841	13,117
Purchases of fixed maturity securities available-for-sale	(77,614)	(65,667)	(63,460)
Purchases of equity securities	(67)	(112)	(73)
Purchases of mortgage loans	(10,800)	(8,950)	(8,795)
Purchases of real estate and real estate joint ventures	(633)	(1,033)	(1,057)
Purchases of other limited partnership interests	(1,416)	(1,401)	(1,670)
Purchases of short-term investments	(14,929)	(10,943)	(14,000)
Cash received in connection with freestanding derivatives	2,528	2,288	3,145
Cash paid in connection with freestanding derivatives	(4,497)	(3,981)	(5,662)
Purchases of businesses (net of cash received of $172, $0 and $0, respectively)	(738)	0	0
Payments to Acquire Interest in Joint Venture	(236)	(40)	0
Net change in policy loans	21	106	34
Net change in other invested assets	362	(1,435)	(1,079)
Other, net	(75)	(173)	(143)
Net cash provided by (used in) investing activities	(15,607)	(11,493)	(10,246)
Cash flows from financing activities
Policyholder account balances - deposits	108,356	97,877	95,587
Policyholder account balances - withdrawals	(101,508)	(94,914)	(90,876)
Net change in payables for collateral under securities loaned and other transactions	(25)	(244)	(3,283)
Long-term debt issued	743	1,568	1,989
Long-term debt repaid	(1,383)	(1,792)	(1,035)
Collateral financing arrangement repaid	(124)	(161)	(79)
Subordinated debt securities issued	1,000	0	0
Derivatives with certain financing elements and other derivative-related transactions, net	(247)	(157)	(74)
Proceeds from mortgage loan secured financing	439	285	682
Repayments of mortgage loan secured financing	(1,241)	(882)	(845)
Treasury stock acquired in connection with share repurchases	(2,883)	(3,207)	(3,103)
Redemption of preferred stock	(988)	0	0
Preferred stock redemption premium	(12)	0	0
Dividends on preferred stock	(194)	(200)	(198)
Dividends on common stock	(1,509)	(1,527)	(1,566)
Other, net	(261)	223	(139)
Net cash provided by (used in) financing activities	163	(3,131)	(2,940)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	316	(545)	(91)
Change in cash and cash equivalents	1,964	(571)	444
Cash and cash equivalents, beginning of year	20,068	20,639	20,195
Cash and cash equivalents, end of year	22,032	20,068	20,639
Supplemental disclosures of cash flow information
Net cash paid for Interest	1,041	1,037	989
Net cash paid (received) for Income tax	1,564	1,600	1,833
Non-cash transactions:
Funds withheld liabilities established in connection with reinsurance transactions	18,319	0	0
Fixed maturity securities available-for-sale disposed of in connection with a reinsurance transaction	0	0	8,984
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions	7,647	3,538	2,749
Mortgage loans disposed of in connection with a reinsurance transaction	0	0	196
Real estate and real estate joint ventures acquired in satisfaction of debt	353	359	32
Short-term investments received in connection with pension risk transfer transactions	122	0	0
Other invested assets received in connection with the sale of other limited partnership interests	20	375	0
Increase in real estate and real estate joint ventures	0	134	0
Increase in short-term debt	$ 0	$ 113	$ 0

Statement of Cash Flows (Statement) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Cash Acquired from Acquisition	$ 172	$ 0	$ 0

Business, Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business, Basis of Presentation and Summary of Significant Accounting Policies

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

“MetLife” and the “Company” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. In the fourth quarter of 2025, MetLife executed a reorganization to align with its strategic initiative to accelerate growth in asset management. As part of this reorganization, the Company adjusted its segment structure. MetLife Investment Management, the Company’s institutional asset management business (“MIM”), which was previously reported in Corporate & Other, became a reportable segment. MetLife Holdings was removed as a reportable segment, and its business is now primarily reported in Corporate & Other. These changes were applied retrospectively for all years presented. Additionally, certain products formerly reported in MetLife Holdings have been moved to Group Benefits and Retirement and Income Solutions (“RIS”). This change was applied only for the year ended December 31, 2025. The foregoing changes did not impact prior period consolidated net income (loss) or consolidated adjusted earnings, and are collectively referred to as the “Strategic Reorganization.” As a result of the Strategic Reorganization, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other.

See Note 2 for further information on the Company’s segments and Corporate & Other.

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

Consolidation

The accompanying consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions are eliminated.

The Company uses either the equity method of accounting or the fair value option (“FVO”) for its investments in real estate joint ventures (“REJVs”) and other limited partnership interests (“OLPI”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.

Effective January 1, 2025, certain operating joint ventures engaged in insurance underwriting activities, for which the Company uses the equity method of accounting, adopted the accounting pronouncement related to targeted improvements to the accounting for long-duration contracts. See Note 19 for further information.

Held-for-Sale

The Company classifies a business, an asset or an asset group as held-for-sale when management has approved or received approval to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current estimated fair value and certain other specified criteria are met (“Disposal Group”). The Disposal Group classified as held-for-sale is recorded at the lower of the carrying value and estimated fair value, less cost to sell. If the carrying value of the Disposal Group exceeds its estimated fair value, less cost to sell, a loss is recognized and reported in net investment gains (losses). If the estimated fair value subsequently increases prior to sale, a gain is recognized and reported in net investment gains (losses) but will not exceed the losses recognized since the Disposal Group was classified as held-for-sale. Assets and liabilities related to the Disposal Group classified as held-for-sale are separately reported in the Company's consolidated balance sheets in the period in which the Disposal Group first meets all the criteria to be classified as held-for-sale and in each reporting period thereafter until sold. If a component of the Company has either been disposed

of or is classified as held-for-sale and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the results of the component are reported in discontinued operations.

Separate Accounts

Separate accounts are established in conformity with insurance laws. Generally, the assets of the separate accounts cannot be used to settle the liabilities that arise from any other business of the Company. Separate account assets are subject to general account claims only to the extent the value of such assets exceeds the separate account liabilities. The Company separately reports, as separate account assets and liabilities, investments held in separate accounts and corresponding policyholder liabilities of the same amount if all of the following criteria are met:

•such separate accounts are legally recognized;

•assets supporting the contract liabilities are legally insulated from the Company’s general account liabilities;

•investment objectives are directed by the contractholder; and

•all investment performance, net of contract fees and assessments, is passed through to the contractholder.

The Company reports separate account assets at their fair value which is based on the estimated fair values of the underlying assets comprising the individual separate account portfolios. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to contractholders of such separate accounts are offset within the same line on the statements of operations. Separate accounts credited with a contractual investment return are not reported as separate account assets and liabilities and are combined on a line-by-line basis with the Company’s general account assets, liabilities, revenues and expenses and the accounting for these investments is consistent with the methodologies described herein for similar financial instruments held within the general account. Unit-linked separate account investments that are directed by contractholders but do not meet one or more of the other above criteria are included in contractholder-directed equity securities with the corresponding liability included in policyholder account balances (“PABs”) on the balance sheets. Investment performance is reported within net investment income and a corresponding amount reported as interest credited to PABs in the statements of operations.

The Company’s revenues reflect fees charged to the separate accounts, including mortality charges, risk charges, policy administration fees, investment management fees and surrender charges. Such fees are included in universal life and investment-type product policy fees on the statements of operations.

Summary of Significant Accounting Policies

The following table presents the Company’s significant accounting policies with cross-references to the notes which provide additional information on such policies.


Accounting Policy			Note
Acquisitions			3
Future Policy Benefit Liabilities			4
Policyholder Account Balances			5
Market Risk Benefits			6
Deferred Policy Acquisition Costs, Value of Business Acquired, Unearned Revenue and Other Intangibles			8
Reinsurance			9
Investments			11
Derivatives			12
Fair Value			13
Goodwill			15
Employee Benefit Plans			21
Income Tax			22
Litigation Contingencies			24

Future Policy Benefit Liabilities

Traditional Non-participating and Limited-payment Long-duration products

The Company establishes future policy benefit liabilities (“FPBs”) for amounts payable under traditional non-participating and limited-payment long-duration insurance and reinsurance policies which include, but are not limited to, most whole and term life & endowment products, accident & health, fixed annuities, pension risk transfers, structured settlements, institutional income annuities and long-term care products. Effective January 1, 2023, the Company adopted an accounting pronouncement related to targeted improvements to the accounting for long-duration contracts (“LDTI”) with a January 1, 2021 transition date (the “LDTI Transition Date”). Generally, amounts are payable over an extended period of time and the related liabilities are calculated as the present value of future expected benefits and claim settlement expenses to be paid, reduced by the present value of future expected net premiums.

FPBs are measured as cohorts (e.g., groups of long-duration contracts), with the exception of pension risk transfer and longevity reinsurance solutions contracts, each of which is generally considered its own cohort. Contracts from different subsidiaries or branches, issue years, benefit currencies and product types are not grouped together in the same cohort.

Such liabilities are established based on methods and underlying assumptions in accordance with GAAP and applicable actuarial standards. A net premium ratio (“NPR”) approach is utilized. Under this NPR approach, net premiums are calculated as the portion of gross premiums required to fund expected insurance benefits and claim settlement expenses. The NPR used to accrue the FPB in each period is determined by using the historical experience and present value of expected future benefits and claim settlement expenses for the cohort divided by the historical experience and present value of expected future gross premiums for the cohort.

Cash flow assumptions are incorporated into the calculation of a cohort's NPR and FPB reserve. These assumptions are used to project the amount and timing of expected benefits and claim settlement expenses to be paid and the expected amount of premiums to be collected for a cohort. The principal inputs used in the establishment of FPBs are actual premiums, actual benefits, in-force policies, and best estimate cash flow assumptions to project future premium and benefit amounts. The Company’s primary best estimate cash flow assumptions include expectations related to mortality, morbidity, termination, claim settlement expense, policy lapse, renewal, retirement, disability incidence, disability terminations, inflation and other contingent events as appropriate to the respective product type and geographical area. Generally, the NPR and FPB reserve are updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in future cash flow assumptions, except for claim settlement expenses, for which the Company has elected to lock in assumptions at the LDTI Transition Date or inception (for contracts sold after the LDTI Transition Date). The resulting remeasurement (gain) loss is recorded through net income and reflects the impact of the change in the NPR as of the end of the quarter applied to the cumulative premiums received from the inception of the cohort (or from the LDTI Transition Date for contracts issued prior to the LDTI Transition Date) to the beginning of the quarter. Changes in the NPR during the quarter are based on any variance between actual experience during the quarter and the assumptions used as of the beginning of the quarter, along with any changes to assumptions during the quarter. If net premiums exceed gross premiums (i.e., expected benefits exceed expected gross premiums), the FPB is increased, and a corresponding adjustment is recognized immediately in net income.

The present value of future expected benefits and claim settlement expenses and the present value of future expected net premiums are calculated based on a current upper-medium grade discount rate.

The Company generally interprets the upper-medium grade discount rate to be a rate comparable to that of a corporate single A rate that reflects the duration characteristics of the liability. The upper-medium grade discount rate is determined by using observable market data, including published upper-medium grade discount curves. In situations where market data for an upper-medium grade discount curve is not available (e.g., in certain foreign jurisdictions), spreads are applied to adjust the available observable market data to an upper-medium grade discount curve. The last liquid point on the upper-medium grade discount curve for each jurisdiction grades to an ultimate forward rate, which is derived using assumptions of economic growth, inflation, and a long-term upper-medium grade spread.

The table below summarizes the market data and spreads applied to determine the upper-medium grade discount rate for products issued in key jurisdictions that are included in the disaggregated rollforwards in Note 4.


Disaggregated rollforwards	Jurisdiction	Observable base curve	Spread applied to derive upper-medium grade discount rate
RIS Annuities, Corporate & Other Long-term Care	United States	Single A curve	No spread applied as there is an observable single A base discount curve.
Asia - Whole and Term Life & Endowments, Asia - Accident & Health	Japan	Japanese government bond yield	A spread is applied based on local corporate bonds whose credit is deemed to approximate single A bonds. The spread is based on weighted average bond yields up to 10 years and held flat for years 10 to 30.
	Korea	Korean government bond yield	A spread is applied based on local corporate bonds whose credit is deemed to approximate single A bonds. The spread is based on weighted average bond yields up to five years and held flat for years five to 30.
Latin America Fixed Annuities	Chile	Chilean government bond yield	A blended spread is applied based on local corporate bonds whose credit is deemed to approximate single A bonds. The spread is based on weighted average bond yields up to 10 years and held flat for years 10 to 25.
	Mexico	Mexican government bond yield	There are few public corporate bonds denominated in Mexican pesos with a credit rating higher than sovereign bonds. Therefore, a spread is applied based on local corporate bond yields to approximate a single A equivalent bond.

The NPR and the change in FPB reflected in the statement of operations is calculated using a locked-in discount rate. For products issued prior to the LDTI Transition Date, a cohort level locked-in discount rate was developed that reflected the interest accretion rates that were locked in at inception of the underlying contracts (unless there was a historical premium deficiency event that resulted in updating the interest accretion rate prior to the LDTI Transition Date), or the acquisition date for contracts acquired through an assumed in-force reinsurance transaction or a business combination. For contracts issued subsequent to the LDTI Transition Date, the locked-in discount rate for each cohort represents the original upper-medium grade discount rate at the issue date of the underlying contracts. The FPB for all cohorts is remeasured to a current upper-medium grade discount rate at each reporting date through other comprehensive income (loss) (“OCI”).

For limited-payment long-duration contracts, the collection of premiums does not represent the completion of the earnings process, therefore, any gross premiums received in excess of net premiums is deferred and amortized as a deferred profit liability (“DPL”). The DPL is presented within FPBs and is amortized in proportion to either the present value of expected benefit payments or insurance in-force of each cohort to ensure that profits are recognized over the life of the underlying policies in that cohort. This amortization of the DPL is recorded through net income within policyholder benefits and claims. The DPL is also subject to retrospective remeasurement through net income, however, it is not remeasured for changes in discount rates.

When a cohort’s present value of future net premiums exceeds the present value of future benefits, a “flooring” adjustment is required. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero, and is reported in net income to the extent that the flooring relates to the FPBs discounted at the locked-in discount rate or reported in OCI to the extent that it relates to changes in the current upper-medium grade discount rate.

Traditional Participating Products

The Company establishes FPBs for traditional participating contracts in the U.S., which include whole and term life participating contracts in both the open and closed block using a net premium approach, similar to traditional non-participating contracts. However, for participating contracts, the discount rate and actuarial assumptions are locked-in at inception, include a provision for adverse deviation, and all changes in the associated FPBs are reported within policyholder benefits and claims. See Note 10 for additional information on the closed block. For traditional participating

contracts, the Company reviews its estimates of actuarial liabilities for future benefits and compares them with current best estimate assumptions. The Company revises estimates, to increase FPBs, if the Company determines that the liabilities previously established for future benefit payments less future expected net premiums in the aggregate for this line of business prove inadequate.

Additional Insurance Liabilities

Liabilities for universal, variable universal, and variable life policies with secondary guarantees (“ULSG”) and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the life of the contract based on total expected assessments. The additional insurance liabilities are updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in future cash flow assumptions. The assumptions used in estimating the secondary and paid-up guarantee liabilities are investment income, mortality, lapse, and premium payment pattern and persistency. The assumptions of investment performance and volatility for variable products are consistent with historical experience of appropriate underlying equity and bond indices, such as the Standard & Poor’s Global Ratings (“S&P”) 500 Index. The benefits used in calculating the liabilities are based on the average benefits payable over a range of scenarios. The resulting adjustments are recorded as policyholder liability remeasurement (gains) losses in the statement of operations reflecting the impact on the change in the ratio of benefits payable to total assessments over the life of the contract based on experience at the end of the quarter applied to the cumulative assessments received as of the beginning of the quarter.

For annuitization benefits, future benefits expected to be paid during the annuitization phase are discounted using an upper-medium grade discount rate to determine the excess benefit upon annuitization. The discount rate is not locked in for expected annuitization benefits, and is required to be updated quarterly, consistent with other components of the annuitization benefit cash flows. Changes in the discount rate applied to the future annuitization payments are reflected in policyholder benefits and claims within the statement of operations.

Premium Deficiency Reserves

Premium deficiency reserves may be established for short-duration contracts to provide for expected future losses and certain expenses that exceed unearned premiums. These reserves are based on actuarial estimates of the amount of loss inherent in that period, including losses incurred for which claims have not been reported. The provisions for unreported claims are calculated using studies that measure the historical length of time between the incurred date of a claim and its eventual reporting to the Company. For universal life-type and certain participating contracts, a premium deficiency reserve may be established when existing contract liabilities, together with the present value of future fees and/or premiums, are not sufficient to cover the present value of future benefits and settlement costs. Anticipated investment income is also considered in the calculations of premium deficiency reserves for short-duration contracts, as well as universal life-type and certain participating contracts.

Policyholder Account Balances

PABs represent the amount held by the Company on behalf of the policyholder at each reporting date. This amount includes deposits received from the policyholder and interest credited to the policyholder’s account balance, net of charges assessed against the account balance and any policyholder withdrawals. This balance also includes liabilities for certain structured settlement and institutional income annuities, and other contracts that do not contain significant insurance risk, as well as the estimated fair value of embedded derivatives associated with indexed annuity products.

Market Risk Benefits

Market risk benefits (“MRBs”) are contracts or contract features that guarantee benefits, such as guaranteed minimum benefits, in addition to an account balance, which expose insurance companies to other than nominal capital market risk (e.g., equity price, interest rate, and/or foreign currency exchange risk) and protect the contractholder from the same risk. Certain contracts may have multiple contract features that guarantee benefits. In these cases, each feature is separately evaluated to determine whether it meets the definition of an MRB at contract inception. If a contract includes multiple benefits that meet the definition of an MRB, those benefits are aggregated and measured as a single compound MRB.

All identified MRBs are required to be measured at estimated fair value, whether the contract or contract feature represents a direct, assumed or ceded capital market risk. All MRBs in an asset position are aggregated and presented as an asset, and all MRBs in a liability position are aggregated and presented as a liability. Changes in the estimated fair value of MRBs are recognized in net income, except for the portion of the fair value change attributable to the change in

nonperformance risk of the Company which is recorded as a separate component of OCI. The Company generally uses an attributed fee approach to value MRBs, where the attributed fee is determined at contract inception by estimating the fair value of expected future benefits and the expected future fees. The attributed fee percentage is the portion of the expected future fees from contractholders deemed necessary at contract inception to fund all future expected benefits. This typically results in a zero fair value for the MRB at inception. The estimated fair value of the expected future benefits is estimated using a stochastically-generated set of risk-neutral scenarios. Once calculated, the attributed fee percentage is fixed and does not change over the life of the contract. All fees due from contractholders (or payable to reinsurers in the case of ceded MRBs) in excess of the attributed fees are reported in universal life and investment-type product policy fees. The valuation of these MRBs also includes an adjustment for the Company’s (or counterparty’s in the case of ceded MRBs) nonperformance risk and risk margins for non-capital market inputs.

Other Policy-Related Balances

Other policy-related balances include policy and contract claims, premiums received in advance, unearned revenue (“UREV”) liabilities, obligations assumed under structured settlement assignments, policyholder dividends due and unpaid, policyholder dividends left on deposit and negative value of business acquired (“VOBA”).

The liability for policy and contract claims generally relates to incurred but not reported (“IBNR”) death, disability, dental and vision claims. In addition, other policy-related balances include claims which have been reported but not yet settled for death, disability, dental and vision. The liability for these claims is based on the Company’s estimated ultimate cost of settling all claims. The Company derives estimates for the development of IBNR claims principally from analyses of historical patterns of claims by business line. The methods used to determine these estimates are continually reviewed. Adjustments resulting from this continuous review process and differences between estimates and payments for claims are recognized in policyholder benefits and claims expense in the period in which the estimates are changed or payments are made.

The Company accounts for the prepayment of premiums on its individual life, group life and health contracts as premiums received in advance. These amounts are then recognized in premiums when due.

The UREV liability relates to universal life and investment-type products and represents policy charges for services to be provided in future periods. The charges are deferred as UREV and amortized on a basis consistent with the methodologies and assumptions used for amortizing deferred policy acquisition costs (“DAC”) for the related contracts. Changes in the UREV liability for each period (representing deferrals less amortization) are reported in universal life and investment-type product policy fees.

See “— Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles” for a discussion of negative VOBA.

Recognition of Insurance Revenues and Deposits

Premiums related to long-duration whole and term life & endowment products, individual accident & health, disability, individual and group fixed annuities (including pension risk transfers, certain structured settlements, and certain income annuities), long-term care and participating products are recognized as revenues when due from policyholders. Policyholder benefits and expenses are provided to recognize profits over the estimated lives of the insurance policies. When premiums are due over a significantly shorter period than the period over which benefits are provided, any excess profit is deferred as a DPL and recognized into earnings in a constant relationship to insurance in-force or, for annuities, the present value of expected future policy benefit payments.

Premiums related to short-duration group term life, dental, disability, accident & health, vision and credit insurance contracts are recognized on a pro rata basis over the applicable contract term. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are reflected as liabilities until earned.

Deposits related to universal life and investment-type products are credited to PABs. Revenues from such contracts consist of fees for mortality, policy administration and surrender charges and are recorded in universal life and investment-type product policy fees in the period in which services are provided. All fees due from contractholders (or payable to reinsurers in the case of ceded MRBs) in excess of the attributed fees on contracts with MRBs are reported in universal life and investment-type product policy fees. Amounts that are charged to earnings include interest credited and benefit claims incurred in excess of related PABs.

All revenues and expenses are presented net of ceded reinsurance, as applicable.

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition or renewal of insurance contracts are capitalized as DAC. Such costs include:

•incremental direct costs of contract acquisition, such as commissions;

•the portion of an employee’s total compensation and benefits related to time spent selling, underwriting or processing the issuance of new and renewal insurance business only with respect to actual policies acquired or renewed;

•other essential direct costs that would not have been incurred had a policy not been acquired or renewed; and

•the costs of direct-response advertising, the primary purpose of which is to elicit sales to customers who could be shown to have responded specifically to the advertising and that results in probable future benefits.

All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred.

VOBA is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future policy and contract charges, premiums, mortality and morbidity, separate account performance, surrenders, operating expenses, investment returns, nonperformance risk adjustment and other factors. Actual experience with the purchased business may vary from these projections. VOBA is subject to periodic recoverability testing for traditional life and limited-payment contracts, as well as universal life type contracts.

DAC and VOBA for most long-duration products are amortized on a constant-level basis that approximates straight-line amortization on an individual contract basis. The DAC and VOBA related to RIS annuities are amortized over expected benefit payments, and for all other long-duration products are generally amortized in proportion to policy count. For short-duration products, DAC and VOBA are amortized in proportion to actual and expected future earned premiums.

DAC and VOBA are aggregated on the financial statements for reporting purposes. Amortization of DAC and VOBA is included in other expenses.

The Company generally has two different types of sales inducements which are included in other assets: (i) the policyholder receives a bonus whereby the policyholder’s initial account balance is increased by an amount equal to a specified percentage of the customer’s deposit; and (ii) the policyholder receives a higher interest rate using a dollar cost averaging method than would have been received based on the normal general account interest rate credited. The Company defers sales inducements and amortizes them over the life of the policy using the same methodologies and assumptions used to amortize DAC for the related contracts. The amortization of deferred sales inducements is included in policyholder benefits and claims.

Value of distribution agreements acquired (“VODA”) is reported in other assets and represents the present value of expected future profits associated with the expected future business derived from the distribution agreements acquired as part of a business combination. Value of customer relationships acquired (“VOCRA”) is also reported in other assets and represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business. The VODA and VOCRA associated with past business combinations are amortized over the assets’ useful lives ranging from nine to 40 years and such amortization is included in other expenses. Each year, or more frequently if circumstances indicate a possible impairment exists, the Company reviews VODA and VOCRA to determine whether the asset is impaired.

For certain acquired blocks of business, the estimated fair value of the in-force contract obligations exceeded the book value of assumed in-force insurance policy liabilities, resulting in negative VOBA, which is presented separately from VOBA as a liability included in other policy-related balances. The estimated fair value of the in-force contract obligations is based on projections by each block of business. Negative VOBA is amortized on a basis consistent with the

methodologies and assumptions used for amortizing DAC for the related contracts. Such amortization is recorded as an offset in other expenses.

Reinsurance

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The Company reviews all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims.

For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference, if any, between the net consideration paid (received), and the liabilities ceded (assumed) related to the underlying reinsured contracts is generally considered the net cost of reinsurance at the inception of the reinsurance agreement. The net cost of reinsurance is amortized on a basis consistent with the methodologies and assumptions used for amortizing DAC related to the underlying reinsured contracts. Subsequent accounting for in-force blocks and new business assumed is the same as if the business was directly sold by the Company.

For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid (received) are recorded as ceded (assumed) premiums and ceded (assumed) unearned premiums. Ceded (assumed) unearned premiums are reflected as a component of premiums, reinsurance and other receivables (future policy benefits). Such amounts are amortized through earned premiums over the remaining contract period in proportion to the amount of insurance protection provided. For retroactive reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid (received) in excess of the related insurance liabilities ceded (assumed) are recognized immediately as a loss and are reported in policyholder benefits and claims. Any gain by the ceding entity on such retroactive agreement is deferred as a liability and is amortized over the estimated remaining settlement period.

The reinsurance recoverable for traditional non-participating and limited-payment contracts is generally measured using a net premium methodology to accrue the projected net gain or loss on reinsurance in proportion to the gross premiums of the underlying reinsured cohorts and is updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in cash flow assumptions. The locked-in discount rate used to measure changes in the reinsurance recoverable recorded in net income was established at the LDTI Transition Date, or at the inception of the reinsurance coverage for reinsurance agreements entered into subsequent to the LDTI Transition Date. The reinsurance recoverable is remeasured to an upper-medium grade discount rate through OCI at each reporting date, similar to the underlying reinsured contracts. The reinsurance recoverable for other long-duration contracts and associated contract features is measured using assumptions and methods generally consistent with the underlying direct policies, except that for reinsured MRBs, the entire change in fair value is recognized in net income each reporting period.

Amounts currently recoverable under reinsurance agreements are included in premiums, reinsurance and other receivables and amounts payable including funds withheld liabilities on coinsurance or modified coinsurance agreements are included in other liabilities. Assets and liabilities relating to reinsurance agreements with the same reinsurer may be recorded net on the balance sheet, if a right of offset exists within the reinsurance agreement. In the event that reinsurers do not meet their obligations to the Company under the terms of the reinsurance agreements, or when events or changes in circumstances indicate that its carrying amount may not be recoverable, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of an allowance for credit loss (“ACL”).

The funds withheld liability represents amounts withheld by the Company in accordance with the terms of certain reinsurance agreements. The Company withholds the funds rather than transferring the underlying investments and, as a result, records the funds withheld liability. The Company recognizes interest expense on funds withheld, included in other expenses, at a risk-free rate. Certain of these funds withheld liabilities have embedded derivatives that are carried at estimated fair value, with changes in estimated fair value reported in net derivative gains (losses).

Premiums, fees, policyholder liability remeasurement (gains) losses, policyholder benefits and claims, and market risk benefit remeasurement (gains) losses include amounts assumed under reinsurance agreements and are reported net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in other expenses.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits

received are included in other liabilities and deposits made are included within premiums, reinsurance and other receivables. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other revenues or other expenses, as appropriate. Periodically, the Company evaluates the adequacy of the expected payments or recoveries and adjusts the deposit asset or liability through other revenues or other expenses, as appropriate.

Investments

Net Investment Income

Net investment income primarily includes interest income, including amortization of premium and accretion of discount, prepayment fees, dividend income, rental income and equity method income and is net of related investment expenses. Net investment income also includes: (i) realized gains (losses) on investments sold or disposed and (ii) unrealized gains (losses) recognized in earnings, representing changes in estimated fair value, primarily for Unit-linked investments (defined below) and FVO securities.

Net Investment Gains (Losses)

Net investment gains (losses) primarily include (i) realized gains (losses) from sales and other disposals of investments, which are determined by specific identification, (ii) intent-to-sell impairment losses on fixed maturity securities available-for-sale (“AFS”) and impairment losses on all other asset classes and, to a lesser extent, (iii) recognized gains (losses). Recognized gains (losses) are primarily comprised of the change in the ACL and unrealized gains (losses) for certain investments for which changes in estimated fair value are recognized in earnings. Changes in the ACL include both (i) provisions for credit loss on fixed maturity securities AFS, mortgage loans and certain leases, and (ii) subsequent changes in the ACL. Unrealized gains (losses), representing changes in estimated fair value recognized in earnings, primarily relate to equity securities and certain OLPI and REJV.

Net investment gains (losses) also include non-investment portfolio gains (losses) which do not relate to the performance of the investment portfolio, including gains (losses) from sales and divestitures of businesses and impairment of property, equipment, leasehold improvements and right-of-use (“ROU”) assets.

Accrued Investment Income

Accrued investment income is presented separately on the consolidated balance sheet and excluded from the carrying value of the related investments, primarily fixed maturity securities and mortgage loans.

Fixed Maturity Securities

The majority of the Company’s fixed maturity securities are classified as AFS and are reported at their estimated fair value. Changes in the estimated fair value of these securities not recognized in earnings representing unrecognized unrealized investment gains (losses) are recorded as a separate component of OCI, net of policy-related amounts and deferred income taxes. All security transactions are recorded on a trade date basis. Sales of securities are determined on a specific identification basis.

Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premium and accretion of discount, and is based on the estimated economic life of the securities, which for mortgage-backed and asset-backed securities considers the estimated timing and amount of prepayments of the underlying loans. See “— Fixed Maturity Securities AFS — Methodology for Amortization of Premium and Accretion of Discount on Structured Products” in Note 11. The amortization of premium and accretion of discount also take into consideration call and maturity dates. Generally, the accrual of income is ceased and accrued investment income that is considered uncollectible is recognized as a charge within net investment gains (losses) when securities are impaired.

The Company periodically evaluates these securities for impairment. The assessment of whether impairments have occurred is based on management’s case-by-case evaluation of the underlying reasons for the decline in estimated fair value as described in“— Fixed Maturity Securities AFS — Evaluation of Fixed Maturity Securities AFS for Credit Loss” in Note 11.

For securities in an unrealized loss position, a credit loss is recognized in earnings within net investment gains (losses) when it is anticipated that the amortized cost, excluding accrued investment income, will not be recovered.

When either: (i) the Company has the intent to sell the security; or (ii) it is more likely than not that the Company will be required to sell the security before recovery, the reduction of amortized cost and the loss recognized in earnings is the entire difference between the security’s amortized cost and estimated fair value. If neither of these conditions exists, the difference between the amortized cost of the security and the present value of projected future cash flows expected to be collected is recognized in earnings as a credit loss by establishing an ACL with a corresponding charge recorded in net investment gains (losses). However, the ACL is limited by the amount that the fair value is less than the amortized cost. This limitation is known as the “fair value floor.” If the estimated fair value is less than the present value of projected future cash flows expected to be collected, this portion of the decline in value related to other-than-credit factors (“noncredit loss”) is recorded in OCI as an unrecognized loss.

For purchased credit deteriorated fixed maturity securities AFS and financing receivables, an ACL is established at acquisition, which is added to the purchase price to establish the initial amortized cost of the investment and is not recognized in earnings.

Equity Securities

Equity securities are reported at their estimated fair value, with unrealized gains (losses) representing changes in estimated fair value recognized in net investment gains (losses). Sales of securities are determined on a specific identification basis. Dividends are recognized in net investment income when declared.

Contractholder-Directed Equity Securities and Fair Value Option Securities

Contractholder-directed equity securities and FVO securities (collectively, “Unit-linked and FVO securities”) are investments for which the FVO has been elected, or which are otherwise required to be carried at estimated fair value, and include:

•contractholder-directed investments supporting unit-linked variable annuity type liabilities (“Unit-linked investments”) which do not qualify for presentation and reporting as separate account assets and liabilities. These investments are primarily equity securities and series mutual funds, which are generally VIEs. The investment returns on these investments inure to contractholders and are offset by a corresponding change in PABs through interest credited to PABs; and

•fixed maturity and equity securities held-for-investment by the general account to support asset and liability management strategies for certain insurance products, investments in certain fund structures, and investments held by consolidated collateralized financing entities (“CFEs”).

Interest income and dividend income on these investments are included in net investment income. Realized gains (losses) on investments sold or disposed and unrealized gains (losses), representing changes in estimated fair value, are both recognized in net investment income for Unit-linked investments and certain FVO securities. Sales of these investments are determined on a specific identification basis. See Notes 11 and 13 for further information on VIEs and Unit-linked and FVO securities, respectively.

Mortgage Loans

The Company may originate or acquire mortgage loans and in certain cases transfer an interest to third parties under participation agreements. The Company accounts for transfers of an interest in a mortgage loan as sales if the transfers meet both the conditions of a participating interest and the conditions for sale accounting. A mortgage transfer that does not meet these conditions is recognized as a secured borrowing with a pledge of collateral.

The Company disaggregates its mortgage loan investments into three portfolio segments: commercial, agricultural and residential. Also included in commercial mortgage loans are revolving line of credit loans collateralized by commercial properties. The accounting policies that are applicable to all portfolio segments are presented below and the accounting policies related to each of the portfolio segments are included in Note 11.

The Company recognizes an ACL in earnings within net investment gains (losses) at time of purchase or origination based on expected lifetime credit loss on mortgage loans, in an amount that represents the portion of the amortized cost basis of such mortgage loans that the Company does not expect to collect.

The Company ceases to accrue interest when the collection of interest is not considered probable, which is based on a current evaluation of the status of the borrower, including the number of days past due. When a loan is placed on non-

accrual status, uncollected past due accrued interest income that is considered uncollectible is charged off against net investment income. Generally, the accrual of interest income resumes after all delinquent amounts are paid and management believes all future principal and interest payments will be collected. The Company records cash receipts on non-accruing loans in accordance with the loan agreement. The Company records charge-offs of mortgage loan balances not considered collectible upon the realization of a credit loss, for commercial, agricultural and residential mortgage loans, typically through foreclosure. The charge-off is recorded in net investment gains (losses), net of amounts recognized in ACL. Cash recoveries on principal amounts previously charged off are generally reported in net investment gains (losses). Upon foreclosure, the mortgage is de-recognized, the collateral received is recognized at fair value, and any difference between the net carrying value of the mortgage loan and the fair value of the collateral received is recognized within net investment gains (losses).

Mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, and are net of ACL. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premium and deferred expenses and accretion of discount and deferred fees.

Also included in mortgage loans are residential mortgage loans for which the FVO was elected, and which are stated at estimated fair value. Changes in estimated fair value are recognized in net investment income.

Mortgage loans that are designated as held-for-sale are carried at the lower of amortized cost or estimated fair value.

Policy Loans

Policy loans are stated at unpaid principal balances. Interest income is recognized as earned using the contractual interest rate. Generally, accrued interest is capitalized on the policy’s anniversary date. Valuation allowances are not established for policy loans, as they are fully collateralized by the cash surrender value of the underlying insurance policies. Any unpaid principal and accrued interest are deducted from the cash surrender value or the death benefit prior to settlement of the insurance policy.

Real Estate

Real estate is stated at cost less accumulated depreciation. Depreciation is recognized on a straight-line basis without any provision for salvage value, over the estimated useful life of the asset (typically up to 55 years). Rental income is recognized on a straight-line basis over the term of the respective leases. The Company periodically reviews its real estate for impairment and tests for recoverability when the carrying value of the real estate exceeds its estimated fair value and whenever events or changes in circumstances indicate the carrying value may not be recoverable. Properties whose carrying values are greater than their estimated undiscounted cash flows are written down to their estimated fair value.

Real estate for which the Company commits to a plan to sell within one year and actively markets that real estate in its current condition for a reasonable price in comparison to its estimated fair value is classified as held-for-sale. The Company ceases depreciation on real estate that is classified as held-for-sale. Real estate held-for-sale is stated at the lower of depreciated cost or estimated fair value less estimated disposition costs.

REJV and OLPI

The Company uses the equity method of accounting or the FVO for an investee when it has more than a minor ownership interest or more than a minor influence over the investee’s operations but does not hold a controlling financial interest, including when the Company is not deemed the primary beneficiary of a VIE. Under the equity method, the Company recognizes its share of the investee's earnings within net investment income. Contributions made by the Company increase carrying value and distributions received by the Company reduce carrying value. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.

The Company accounts for its interest in REJV and OLPI investments in which it has virtually no influence over the investee’s operations at estimated fair value. Unrealized gains (losses), representing changes in estimated fair value of these investments, are recognized in earnings within net investment gains (losses). Due to the nature and structure of

these investments, they do not meet the characteristics of an equity security in accordance with applicable accounting guidance.

The Company consolidates REJV and OLPI investments when it holds a controlling financial interest, or it is deemed the primary beneficiary of an investee that is a VIE. Assets of certain consolidated REJV and OLPI are initially recorded at estimated fair value.

The Company elects the FVO for certain REJV that are managed on a total return basis. Unrealized gains (losses) representing changes in estimated fair value for REJV and OLPI investments recorded at estimated fair value are recognized in net investment income.

The Company routinely evaluates its equity method investments for impairment when the carrying value of the investment exceeds its fair value and when events or changes in circumstances indicate that the carrying amount may not be recoverable. When it is determined an equity method investment has had a loss in value that is other than temporary, an impairment is recognized and charged to net investment gains (losses).

Short-term Investments

Short-term investments include highly liquid securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase or acquisition. Securities included within short-term investments are stated at estimated fair value, while other investments included within short-term investments are stated at amortized cost less ACL, which approximates estimated fair value.

Other Invested Assets

Other invested assets consist principally of the following:

•Freestanding derivatives with positive estimated fair values, the accounting for which is described in “— Derivatives” below.

•Company-owned life insurance policies (“COLI”) are carried at cash surrender value.

•Net investment in direct financing leases is equal to the minimum lease payment receivables plus the unguaranteed residual value, less the unearned income, less ACL. Income is recognized by applying the pre-tax internal rate of return to the investment balance. The Company regularly reviews its minimum lease payment receivables for credit loss and residual value for impairments. Certain direct financing leases are linked to inflation.

•Annuities funding structured settlement claims represent annuities funding claims assumed by the Company in its capacity as a structured settlements assignment company. The annuities are stated at their contract value, which represents the present value of the future periodic claim payments to be provided. The net investment income recognized reflects the amortization of discount of the annuity at its implied effective interest rate.

•Investments in operating joint ventures that engage in insurance underwriting activities are accounted for under the equity method.

•Investments in Federal Home Loan Bank of New York (“FHLBNY”) common stock are carried at redemption value and are considered restricted investments until redeemed by FHLBNY. Dividends are recognized in net investment income when declared.

•Tax equity investments include low income housing tax credit partnerships and renewable energy investments, which derive a significant source of the investment returns in the form of income tax credits or other tax incentives. Beginning January 1, 2024, tax equity investments that meet certain criteria are accounted for using the proportional amortization method, where the initial cost of the investment is amortized in proportion to the tax credits received and recognized as a component of income tax expense (benefit). Tax equity investments which do not meet the qualification criteria for the proportional amortization method are accounted for using the equity method of accounting. See Note 22.

•Funds withheld represent a receivable for amounts contractually withheld by ceding companies in accordance with reinsurance agreements. The Company recognizes interest on funds withheld at rates defined by the terms of the agreement which may be contractually specified or directly related to the underlying investments.

•Net investment in leveraged leases is equal to the minimum lease payment receivables plus the unguaranteed residual value, less the unearned income, and is reported net of non-recourse debt. Income is recognized by applying the leveraged lease’s estimated rate of return to the net investment in the lease in those periods in which the net investment at the beginning of the period is positive. Leveraged leases derive investment returns in part from their income tax benefit. The Company regularly reviews its minimum lease payment receivables for credit loss and residual value for impairments.

Securities Lending Transactions and Repurchase Agreements

The Company accounts for securities lending transactions and repurchase agreements as financing arrangements and the associated liability is recorded at the amount of cash received. The securities loaned or sold under these agreements are included in invested assets. Income and expenses associated with securities lending transactions and repurchase agreements are recognized as investment income and investment expense, respectively, within net investment income.

Securities Lending Transactions

The Company enters into securities lending transactions, whereby securities are loaned to unaffiliated financial institutions. The Company obtains collateral at the inception of the loan, usually cash, in an amount generally equal to 102% of the estimated fair value of the securities loaned, and maintains it at a level greater than or equal to 100% for the duration of the loan. Securities loaned under such transactions may be sold or re-pledged by the transferee. The Company is liable to return to the counterparties the cash collateral received. Security collateral on deposit from counterparties in connection with securities lending transactions may not be sold or re-pledged, unless the counterparty is in default, and is not reflected on the Company’s consolidated financial statements. The Company monitors the ratio of the collateral held to the estimated fair value of the securities loaned on a daily basis and additional collateral is obtained as necessary throughout the duration of the loan.

Repurchase Agreements

The Company participates in short-term repurchase agreements with unaffiliated financial institutions. Under these agreements, the Company sells securities and receives cash in an amount generally equal to 85% to 100% of the estimated fair value of the securities sold at the inception of the transaction, with a simultaneous agreement to repurchase such securities at a future date or on demand in an amount equal to the cash initially received plus interest. The Company monitors the ratio of the cash held to the estimated fair value of the securities sold throughout the duration of the transaction and additional cash or securities are obtained as necessary. Securities sold under such transactions may be sold or re-pledged by the transferee.

Derivatives

Freestanding Derivatives

Freestanding derivatives are carried on the Company’s balance sheet either as assets within other invested assets or as liabilities within other liabilities at estimated fair value. The Company does not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement.

Accruals on derivatives are generally recorded in accrued investment income or within other liabilities. However, accruals that are not scheduled to settle within one year are included with the derivative’s carrying value in other invested assets or other liabilities.

If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are reported in net derivative gains (losses) except as follows:


Statement of Operations Presentation:			Derivative:
Net investment income			• Derivatives held within Unit-linked investments
			• Economic hedges of FVO securities which are linked to equity indices

Hedge Accounting

To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. Hedge designation and financial statement presentation of changes in estimated fair value of the hedging derivatives are as follows:

•Fair value hedge - a hedge of the estimated fair value of a recognized asset or liability - in the same line item as the earnings effect of the hedged item. The carrying value of the hedged recognized asset or liability is adjusted for changes in its estimated fair value due to the hedged risk.

•Cash flow hedge - a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability in OCI and reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item.

•Net investment in a foreign operation (“NIFO”) hedge - in OCI, consistent with the translation adjustment for the hedged net investment in the foreign operation.

The changes in estimated fair values of the hedging derivatives are exclusive of any accruals that are separately reported on the statement of operations within interest income or interest expense to match the location of the hedged item. Accruals on derivatives in net investment hedges are recognized in OCI.

In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. Assessments of hedge effectiveness are also subject to interpretation and estimation and different interpretations or estimates may have a material effect on the amount reported in net income.

The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument.

When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized in net derivative gains (losses). The carrying value of the hedged recognized asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. The changes in estimated fair value of derivatives related to discontinued cash flow hedges remain in OCI unless it is probable that the hedged forecasted transaction will not occur.

When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized currently in net derivative gains (losses). Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable of occurring are recognized immediately in net investment gains (losses).

In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value on the balance sheet, with changes in its estimated fair value recognized in the current period as net derivative gains (losses).

Embedded Derivatives

The Company issues certain products and investment contracts and is a party to certain reinsurance agreements that have embedded derivatives. The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if:

•the contract or contract feature does not meet the definition of a MRB;

•the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings;

•the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and

•a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Such embedded derivatives are carried on the balance sheet at estimated fair value with the host contract and changes in their estimated fair value are reported in net derivative gains (losses). If the Company is unable to properly identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income. Additionally, the Company may elect to carry an entire contract on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income if that contract contains an embedded derivative that requires bifurcation.

Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In most cases, the exit price and the transaction (or entry) price will be the same at initial recognition.

Subsequent to initial recognition, fair values are based on unadjusted quoted prices for identical assets or liabilities in active markets that are readily and regularly obtainable. When such unadjusted quoted prices are not available, estimated fair values are based on quoted prices in markets that are not active, quoted prices for similar but not identical assets or liabilities, or other observable inputs. If these inputs are not available, or observable inputs are not determinable, unobservable inputs and/or adjustments to observable inputs requiring significant management judgment are used to determine the estimated fair value of assets and liabilities. These unobservable inputs can be based on management’s judgment, assumptions or estimation and may not be observable in market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing the assets.

Acquisitions

The Company accounts for the purchase of a business using the acquisition method of accounting. The Company measures consideration transferred at estimated fair value which may include cash, equity issued, and liabilities incurred by the Company. The Company recognizes and measures tangible and intangible assets acquired and liabilities assumed based on their acquisition date fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired and liabilities assumed is recorded as goodwill. The operating results of acquired businesses are included in the Company’s consolidated statements of operations from their acquisition date. Acquisition-related expenses and certain acquisition restructuring and other related charges are recognized separately from the business combination and are expensed as incurred.

The Company uses its best estimates of assumptions to value consideration transferred, assets acquired and liabilities assumed at the acquisition date. These estimates are inherently uncertain, and the Company may not be able to obtain all information necessary to complete its accounting during the period of acquisition. The Company will record adjustments to its initial accounting based on information obtained in subsequent periods which may affect the acquisition date estimated fair value of consideration transferred or assets acquired and liabilities assumed until the Company has obtained all information necessary to complete the initial accounting for the acquisition, not to exceed one year from the acquisition date. Contingent consideration is initially recorded at its estimated fair value at the acquisition date and is revalued at every

financial reporting date until the contingency is resolved. Adjustments to contingent consideration liabilities after the completion of acquisition accounting are recorded in the consolidated statement of operations.

Goodwill

Goodwill represents the future economic benefits arising from net assets acquired in a business combination that are not individually identified and recognized. Goodwill is calculated as the excess of the cost of the acquired entity over the estimated fair value of such assets acquired and liabilities assumed. Goodwill is not amortized, but is tested for impairment at least annually, or more frequently if events or circumstances indicate that there may be justification for conducting an interim test. The Company performs its annual goodwill impairment testing during the third quarter based upon data as of the close of the second quarter. Goodwill associated with a business acquisition is not tested for impairment during the year the business is acquired unless there is a significant identified impairment event.

The Company tests goodwill for impairment by performing a qualitative assessment and/or a quantitative test. The qualitative impairment assessment is an assessment of historical information and relevant current events and circumstances, including economic, industry and market considerations, to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company may elect not to perform the qualitative impairment assessment for some or all of its reporting units and perform a quantitative impairment test. In performing the quantitative impairment test, the Company may determine the fair values of its reporting units by applying a market multiple, discounted cash flow, and/or an actuarial-based valuation approach. The valuation methodologies utilized are subject to key judgments and assumptions that are sensitive to change.

The impairment test is performed at the reporting unit level, which is the operating segment or a business one level below the operating segment, if discrete financial information is prepared and regularly reviewed by management at that level. For purposes of goodwill impairment testing, if the carrying value of a reporting unit exceeds its estimated fair value, an impairment charge would be recognized for the amount by which the carrying value exceeds the reporting unit’s fair value; however, the loss recognized would not exceed the total amount of goodwill allocated to that reporting unit. Additionally, the Company will consider income tax effects from any tax deductible goodwill on the carrying value of the reporting unit when measuring the goodwill impairment loss, if applicable.

On an ongoing basis, the Company evaluates potential triggering events that may affect the estimated fair value of the Company’s reporting units to assess whether any goodwill impairment exists. Deteriorating or adverse economic, industry and market conditions for certain reporting units may have a significant impact on the estimated fair value of these reporting units and could result in future impairments of goodwill.

Employee Benefit Plans

Certain subsidiaries of MetLife, Inc. sponsor defined benefit pension plans and other postretirement benefit plans covering eligible employees. Measurement dates used for all of the subsidiaries’ defined benefit pension and other postretirement benefit plans correspond with the fiscal year ends of sponsoring subsidiaries, which is December 31 for U.S. and non-U.S. subsidiaries.

The Company recognizes the funded status of each of its defined benefit pension and other postretirement benefit plans, measured as the difference between the fair value of plan assets and the benefit obligation, which is the projected benefit obligation (“PBO”) for pension benefits and the accumulated postretirement benefit obligation (“APBO”) for other postretirement benefits in other assets or other liabilities.

Actuarial gains and losses result from differences between each plan’s actual experience and the assumed experience on plan assets or PBO/APBO during a particular period and are recorded in accumulated OCI (“AOCI”). To the extent such gains and losses exceed 10% of the greater of the PBO/APBO or the estimated fair value of plan assets, the excess is amortized into net periodic benefit costs, generally over the average projected future service years of the active employees. In addition, prior service costs (credit) are recognized in AOCI at the time of the amendment and then amortized to net periodic benefit costs over the average projected future service years of the active employees.

Net periodic benefit costs are determined using management’s estimates and actuarial assumptions and are comprised of service cost, interest cost, settlement and curtailment costs, expected return on plan assets, amortization of net actuarial (gains) losses, and amortization of prior service costs (credit). Fair value is used to determine the expected return on plan assets.

The subsidiaries also sponsor defined contribution plans for substantially all U.S. employees under which a portion of employee contributions is matched. Applicable matching contributions are made each payroll period. Accordingly, the Company recognizes compensation cost for current matching contributions. As all contributions are transferred currently as earned to the defined contribution plans, no liability for matching contributions is recognized on the balance sheets.

Income Tax

MetLife, Inc. and its includable life insurance and non-life insurance subsidiaries file a consolidated U.S. federal income tax return in accordance with the provisions of the Internal Revenue Code of 1986, as amended. Non-includable subsidiaries file either separate individual corporate tax returns or separate consolidated tax returns.

The Company’s accounting for income taxes represents management’s best estimate of various events and transactions.

Deferred tax assets and liabilities resulting from temporary differences between the financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse.

The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. Valuation allowances are established against deferred tax assets when management determines, based on available information, that it is more likely than not that deferred income tax assets will not be realized. Significant judgment is required in determining whether valuation allowances should be established, as well as the amount of such allowances. When making such determination, the Company considers many factors, including:

•the nature, frequency, and amount of cumulative financial reporting income and losses in recent years;

•the jurisdiction in which the deferred tax asset was generated;

•the length of time that carryforward can be utilized in the various taxing jurisdictions;

•future taxable income exclusive of reversing temporary differences and carryforwards;

•future reversals of existing taxable temporary differences;

•taxable income in prior carryback years; and

•tax planning strategies, including the intent and ability to hold certain AFS debt securities until they recover in value.

The Company may be required to change its provision for income taxes when estimates used in determining valuation allowances on deferred tax assets significantly change or when receipt of new information indicates the need for adjustment in valuation allowances. Additionally, the effect of changes in tax laws, tax regulations, or interpretations of such laws or regulations, is recognized in net income tax expense (benefit) in the period of change.

The Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded on the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Unrecognized tax benefits due to tax uncertainties that do not meet the threshold are included within other liabilities and are charged to earnings in the period that such determination is made.

The Company classifies interest recognized as interest expense and penalties recognized as a component of income tax expense.

Litigation Contingencies

The Company is a defendant in a large number of litigation matters and is involved in a number of regulatory investigations. Liabilities are established when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Except as otherwise disclosed in Note 24, legal costs are recognized as incurred. On a quarterly and annual basis, the Company reviews relevant information with respect to liabilities for litigation, regulatory investigations and litigation-related contingencies to be reflected on the Company’s consolidated financial statements.

Other Accounting Policies

Stock-Based Compensation

The Company grants stock-based compensation awards to directors and certain employees. Director awards are fully vested at the grant date and employee awards are subject to vesting conditions. The Company recognizes compensation expense in an amount fixed at the grant date for equity-classified awards, or remeasured quarterly based on the fair value of the award for liability-classified awards, as described in Note 19. The Company takes an estimation of forfeitures into account and generally recognizes the expense over the vesting period. However, the Company truncates the expense period to the date the employee satisfies age-and-service requirements to exercise or receive payment for the award regardless of continued employment. In such a case, the Company does not accelerate award exercise or payment timing.

Cash and Cash Equivalents

The Company considers highly liquid securities and other investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. Securities included within cash equivalents are stated at estimated fair value, while other investments included within cash equivalents are stated at amortized cost which approximates estimated fair value.

Property, Equipment, Leasehold Improvements and Computer Software

Property, equipment and leasehold improvements, which are included in other assets, are stated at cost, less accumulated depreciation and amortization. Included in property and equipment are capitalized costs related to purchased software, as well as certain internal and external costs incurred to develop internal-use computer software during the application development stage. Depreciation and amortization on property and equipment are determined using the straight-line method over the estimated useful lives of the assets, generally ranging from three to 40 years. Leasehold improvements are amortized over the shorter of the remaining lease term or useful life up to 20 years. The cost basis of the property, equipment and leasehold improvements was $7.8 billion and $7.7 billion at December 31, 2025 and 2024, respectively. Accumulated depreciation and amortization of property, equipment and leasehold improvements was $5.0 billion and $5.1 billion at December 31, 2025 and 2024, respectively. Related depreciation and amortization expense was $527 million, $469 million and $470 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Leases

The Company, as lessee, has entered into various lease and sublease agreements for office space and equipment. At contract inception, the Company determines that an arrangement contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For contracts that contain a lease, the Company recognizes the ROU asset in other assets and the lease liability in other liabilities. The Company evaluates whether a ROU asset is impaired when events or changes in circumstances indicate that its carrying amount may not be recoverable. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the associated lease costs are recorded as an expense on a straight-line basis over the lease term.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities are determined using the Company’s incremental borrowing rate based upon information available at commencement date to recognize the present value of lease payments over the lease term. ROU assets are recognized based on the corresponding lease liabilities adjusted for qualifying initial direct costs and prepaid or accrued lease payments, reduced by lease incentives received. Lease terms may include options to extend or terminate the lease and are included in the lease measurement when it is reasonably certain that the Company will exercise that option.

The Company has lease agreements with lease and non-lease components. The Company does not separate lease and non-lease components and accounts for these items as a single lease component for all asset classes.

The majority of the Company’s leases and subleases are operating leases related to office space. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term.

Mezzanine Equity

Redeemable noncontrolling interests includes redeemable noncontrolling interests associated with certain consolidated entities. These redeemable noncontrolling interests are classified as mezzanine equity because their redemption is at the option of the holder and not within the control of the Company. Income (loss) attributable to redeemable noncontrolling interests is reported in net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests.

Notes issued by collateralized financing entities

Notes issued by CFEs represent notes issued by certain collateralized loan obligation (“CLO”) entities which the Company is required to consolidate as the primary beneficiary. The creditors of these consolidated VIEs do not have recourse to the Company in excess of the assets contained within the VIEs. For these notes, the Company has elected the FVO and has based the estimated fair value on the more observable of the notes or the corresponding assets. Changes in estimated fair value are reported in net investment gains (losses).

Other Revenues

Other revenues primarily include fees related to service contracts from customers for vision fee for service arrangements, prepaid legal plans, asset management fees, as further described below, administrative services-only (“ASO”) contracts, as well as recordkeeping and administrative services. Substantially all of the revenues from these services are recognized over time as the applicable services are provided or are made available to the customers. The revenues recognized include variable consideration to the extent it is probable that a significant reversal will not occur. In addition to the service fees, other revenues also include certain stable value fees and other miscellaneous revenues. These fees and miscellaneous revenues are recognized as earned.

Asset management fees are principally based on contractual rates applied to assets under management, or committed or invested capital, which are recognized over time as the applicable services are provided. In certain asset management fee arrangements, the Company is entitled to receive performance-based incentive fees or incentive allocations when the return on assets under management exceeds certain benchmark returns or other performance targets. The Company records (i) performance-based incentive fees and allocations revenues when the contractual terms of the asset management fee arrangement have been satisfied, and it is probable that a significant reversal in the amount of the fee will not occur, which is typically at, or near the end of the performance measurement period, and (ii) a liability for deferred performance-based incentive fees and allocations to the extent it receives cash related to the performance-based incentive fees and allocations revenues prior to meeting the revenue recognition criteria described above. In addition, asset management fee revenues include advisory service fees for non-discretionary investment advice, transaction fees and origination fees.

Policyholder Dividends

Policyholder dividends are approved annually by the insurance subsidiaries’ boards of directors. The aggregate amount of policyholder dividends is related to actual interest, mortality, morbidity and expense experience for the year, as well as management’s judgment as to the appropriate level of statutory surplus to be retained by the insurance subsidiaries.

Foreign Currency

Assets, liabilities and operations of foreign affiliates and subsidiaries, as well as investments accounted for under the equity method, are recorded based on the functional currency of each entity. The determination of the functional currency is made based on the appropriate economic and management indicators. For most of the Company’s foreign operations, the local currency is the functional currency. For certain other foreign operations, such as Japan, the local currency and one or more other currencies qualify as functional currencies. Assets and liabilities of foreign affiliates and subsidiaries are translated from the functional currency to U.S. dollars at the exchange rates in effect at each year-end and revenues and expenses are translated at the average exchange rates during the year. The resulting translation adjustments are charged or credited directly to OCI, net of applicable taxes. Gains and losses from foreign currency transactions, including the effect of re-measurement of monetary assets and liabilities to the appropriate functional currency, are reported as part of net investment gains (losses) in the period in which they occur.

Earnings Per Common Share

Basic earnings per common share are computed based on the weighted average number of common shares, or their equivalent, outstanding during the period. Diluted earnings per common share include the dilutive effect of the assumed exercise or issuance of stock-based awards using the treasury stock method. Under the treasury stock method, exercise or issuance of stock-based awards is assumed to occur with the proceeds used to purchase common stock at the average market price for the period. The difference between the number of shares assumed issued and number of shares assumed purchased represents the dilutive shares.

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following tables provide a description of ASUs recently issued by the FASB and the impact of their adoption on the Company’s consolidated financial statements.

Adopted Accounting Pronouncements

The table below describes the impacts of the ASUs recently adopted by the Company.


Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	Among other things, the amendments require that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received).	Effective for annual periods beginning January 1, 2025, applied on a prospective basis.	The Company has included the enhanced disclosures within Note 22.

Future Adoption of Accounting Pronouncements

ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures. ASUs issued but not yet adopted as of December 31, 2025 that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are summarized in the table below.


Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans	The key amendments include expanding the population of acquired financial assets that are accounted for using the gross-up approach by creating a new category of assets called purchased seasoned loans (“PSLs”), which will be accounted for using the gross-up approach. The day-1 expected credit losses on PSLs are now reflected as an adjustment to the amortized cost basis rather than an expense.	Effective for annual and interim periods beginning January 1, 2027, to be applied prospectively (with early adoption permitted).	The Company is evaluating the impact of the guidance on its consolidated financial statements.
ASU 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software	The key amendments remove all references to prescriptive and sequential software development project stages and require that an entity capitalize software costs when both: (i) management has authorized and committed to funding the software project; and (ii) it is probable that the project will be completed and the software will be used to perform the function intended.	Effective for annual and interim periods beginning January 1, 2028, to be applied either prospectively, retrospectively, or using a modified transition approach (with early adoption permitted as of the beginning of an annual reporting period).	The Company is evaluating the impact of the guidance on its consolidated financial statements.
ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as amended by ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying The Effective Date	The key amendments require disclosures in the notes to financial statements around employee compensation costs, depreciation, intangible asset amortization and certain other costs and expenses. Information on selling expenses is also required.	Effective for annual periods beginning January 1, 2027, and interim periods beginning January 1, 2028, to be applied prospectively with an option for retrospective application (with early adoption permitted).	The Company is evaluating the impact of the guidance on its consolidated financial statements.

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

2. Segment Information

In the fourth quarter of 2025, MetLife completed the Strategic Reorganization. As a result, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; EMEA; and MIM. See Note 1. Also, in conjunction with the Strategic Reorganization, effective January 1, 2025, the Company amended agreements between MIM and other MetLife entities to manage general account investments at current market rate fees, a change from 2024 and 2023.

Group Benefits

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

RIS

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

Asia

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

Latin America

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

EMEA

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

MIM

MIM provides asset management and advisory services to institutional investors worldwide in public and private fixed income, real estate, equity, alternatives, multi-asset solutions and insurance solutions. MIM also manages investments for the Company’s general account.

Financial Measure and Segment Accounting Policies

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

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

Adjusted earnings focuses on the Company’s primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings excludes results of discontinued operations under GAAP.

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

Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:

•Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance.

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

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

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

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

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

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

Other adjustments are made in calculating adjusted earnings:

•Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-owned real estate and REJVs.

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

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

•Net investment income and interest expense on debt exclude amounts related to CFEs that are consolidated VIEs.

•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.

•Other expenses exclude (i) amortization and impairment of asset management intangible assets, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.

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

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

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

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

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

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

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

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

Corporate & Other

Corporate & Other contains various run-off and developing businesses. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities not allocated to the segments (including external integration and disposition costs, internal resource costs for associates committed to acquisitions and dispositions and enterprise-wide strategic initiatives), interest expense related to the majority of the Company’s outstanding debt, expenses associated with certain legal proceedings and income tax audit issues, and the elimination of intersegment amounts (which generally relate to asset management fees and loans bearing interest rates commensurate with related borrowings).

The run-off businesses principally consist of operations relating to products and businesses that the Company no longer actively markets in the U.S. and were reported in the Company’s former MetLife Holdings segment. These products include: (i) variable, universal and term life insurance, (ii) whole life insurance, (iii) fixed and variable annuities, as well as the related guarantees, (iv) in-force block of assumed variable annuity guarantees from a third party, and (v) long-term care insurance, which offers protection against the potentially high costs of long-term health care services.

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

Set forth in the tables below is certain financial information with respect to the Company’s segments for the years ended December 31, 2025, 2024 and 2023.


Year Ended December 31, 2025		Group Benefits		RIS		Asia		Latin America		EMEA		MIM
	(In millions)
Revenues
Premiums		$	22,858	$	11,569	$	5,050	$	5,155	$	2,525	$	—
Universal life and investment-type product policy fees		936		409		1,640		1,447		342		—
Net investment income (1)		1,412		8,774		5,187		1,698		253		6
Other revenues		1,675		284		78		4		34		932

Expenses
Policyholder benefits and claims and policyholder dividends		20,215		14,830		4,172		4,845		1,253		—
Policyholder liability remeasurement (gains) losses		(34)		(2)		(158)		(7)		6		—
Interest credited to PABs		289		3,552		3,097		373		83		—
Other expenses:
Amortization of DAC, VOBA and negative VOBA		26		81		854		571		367		—
Interest expense on debt		3		14		—		15		—		—
Direct and allocated expenses		2,072		365		1,216		576		451		638
Other segment expenses (2)		2,168		117		374		845		513		33
Provision for income tax expense (benefit)		450		408		698		288		114		67
Adjusted earnings		$	1,692	$	1,671	$	1,702	$	798	$	367	$	200


Year Ended December 31, 2024	Group Benefits		RIS		Asia		Latin America		EMEA		MIM
	(In millions)
Revenues
Premiums	$	22,427	$	8,034	$	4,991	$	4,476	$	2,202	$	—
Universal life and investment-type product policy fees	909		314		1,690		1,419		314		—
Net investment income (1)	1,252		8,482		4,658		1,650		222		7
Other revenues	1,534		246		76		41		32		718

Expenses
Policyholder benefits and claims and policyholder dividends	19,824		11,246		4,083		4,127		1,100		—
Policyholder liability remeasurement (gains) losses	(1)		(170)		(35)		(9)		7		—
Interest credited to PABs	191		3,371		2,695		438		70		—
Other expenses:
Amortization of DAC, VOBA and negative VOBA	26		66		832		503		355		—
Interest expense on debt	2		15		—		15		—		—
Direct and allocated expenses	2,000		309		1,176		560		426		615
Other segment expenses (2)	2,049		139		413		743		457		37
Provision for income tax expense (benefit)	425		433		630		328		72		18
Adjusted earnings	$	1,606	$	1,667	$	1,621	$	881	$	283	$	55


Year Ended December 31, 2023	Group Benefits		RIS		Asia		Latin America		EMEA		MIM
	(In millions)
Revenues
Premiums	$	21,558	$	8,248	$	5,251	$	4,287	$	2,016	$	—
Universal life and investment-type product policy fees	878		313		1,632		1,398		298		—
Net investment income (1)	1,301		7,803		3,957		1,644		197		3
Other revenues	1,493		271		86		42		32		719

Expenses
Policyholder benefits and claims and policyholder dividends	19,164		11,269		4,333		4,094		984		—
Policyholder liability remeasurement (gains) losses	(28)		(131)		105		(25)		(3)		—
Interest credited to PABs	193		2,887		2,301		426		72		—
Other expenses:
Amortization of DAC, VOBA and negative VOBA	26		49		772		468		344		—
Interest expense on debt	2		14		—		11		—		—
Direct and allocated expenses	1,896		275		1,172		578		404		591
Other segment expenses (2)	1,880		114		403		682		399		38
Provision for income tax expense (benefit)	442		450		558		297		78		23
Adjusted earnings	$	1,655	$	1,708	$	1,282	$	840	$	265	$	70

__________________

(1)The percentage of net investment income from equity method invested assets by segment was as follows:


	Years Ended December 31,
	2025	2024	2023
Group Benefits	1%	—%	—%
RIS	6%	3%	1%
Asia	13%	12%	4%
Latin America	—%	1%	1%
EMEA	1%	—%	—%

(2)Includes pension, postretirement and postemployment benefit costs; premium taxes, other taxes, and licenses & fees, as well as commissions and other variable expenses. This line item is net of capitalization of DAC.

The Company does not report total assets by segment, as this metric is not used to allocate resources or evaluate segment performance.

The following table presents the reconciliation of certain financial measures used in calculating segment results to those used in calculating consolidated Company results:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Total segment adjusted earnings	$	6,430	$	6,113	$	5,820
Corporate & Other	(293)		(117)		(97)
Total consolidated adjusted earnings	6,137		5,996		5,723
Net investment gains (losses)	(1,145)		(1,184)		(2,824)
Net derivative gains (losses)	(1,939)		(1,623)		(2,140)
MRB remeasurement gains (losses)	508		1,109		994
Investment hedge adjustments	(410)		(604)		(1,012)

Depreciation of wholly-owned real estate and REJVs	(72)
Other	(307)		63		(173)
Provision for income tax (expense) benefit	631		687		1,034
Net income (loss)	$	3,403	$	4,444	$	1,602

Segment revenues:
Group	$	26,881	$	26,122	$	25,230
RIS	21,036		17,076		16,635
Asia	11,955		11,415		10,926
Latin America	8,304		7,586		7,371
EMEA	3,154		2,770		2,543
MIM (1)	938		725		722

Total segment revenues	72,268		65,694		63,427
Net investment gains (losses)	(1,145)		(1,184)		(2,824)
Net derivative gains (losses)	(1,939)		(1,623)		(2,140)
Investment hedge adjustments	(410)		(604)		(1,012)
Unit-linked investment income	1,217		1,091		1,183
Reinsurance activity	489		31		—
Revenues attributed to business activities within Corporate & Other	6,572		7,357		8,288
Other	32		224		(17)
Total consolidated revenues	$	77,084	$	70,986	$	66,905

__________________

(1)Includes intersegment asset management fees of $563 million, $417 million and $403 million for the years ended December 31, 2025, 2024 and 2023, respectively, earned in connection with management of general account investments of the Company and reflecting a change to current market rate fees in 2025.

The following table presents total premiums, universal life and investment-type product policy fees and other revenues by major product groups of the Company’s segments, as well as Corporate & Other:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Life insurance	$	22,519	$	22,250	$	22,111
Accident & health insurance	18,935		18,356		18,014
Annuities	14,002		10,121		10,193
Other	2,153		1,793		1,643
Total	$	57,609	$	52,520	$	51,961

The following table presents total premiums, universal life and investment-type product policy fees and other revenues associated with the Company’s U.S. and foreign operations:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
U.S.	$	41,234	$	37,266	$	36,869
Japan	4,649		4,702		5,020
Other	11,726		10,552		10,072
Total	$	57,609	$	52,520	$	51,961

Revenues derived from any single customer did not exceed 10% of consolidated premiums, universal life and investment-type product policy fees and other revenues for the years ended December 31, 2025, 2024 or 2023.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Acquisition	12 Months Ended
Acquisition	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Business Combination	3. Acquisition Acquisition of PineBridge Investments On December 30, 2025, the Company completed the acquisition of PineBridge Investments (“PineBridge”), a global asset manager. The acquisition of PineBridge further enhances the existing scale of the Company’s institutional asset management business, MIM. The preliminary purchase consideration paid in cash at closing was $885 million, comprised of purchase consideration of $800 million plus $85 million for the excess of cash and investments acquired over liabilities assumed. The preliminary purchase consideration is subject to change from any post-closing adjustments to the estimated amounts utilized at closing for cash and investments acquired, working capital, transaction expenses, liabilities assumed, net deferred tax liability and final acquisition date estimated fair value of consolidated VIEs, which will be determined after closing. The purchase consideration and the purchase price allocation, described below, are preliminary and are subject to adjustment during the measurement period, which is up to one year from the acquisition date. The PineBridge acquisition was accounted for as a business combination using the acquisition method of accounting. Accordingly, the purchase price consideration was allocated to the assets acquired, including separately identified intangible assets, tangible assets and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of the estimated fair value of consideration transferred over the estimated fair value of identifiable intangible assets acquired, tangible assets acquired and liabilities assumed was recorded as goodwill. Asset management agreements and asset advisory agreements identifiable intangible assets were determined using the multi-period excess earnings method. Of the preliminary purchase price, $486 million, $264 million and $15 million were preliminarily allocated to the estimated fair value of tangible assets acquired, liabilities assumed and noncontrolling interests assumed, respectively. The noncontrolling interests, which are less than 2% of the preliminary purchase consideration, represent the interests of shareholders, other than the Company, in an acquired entity. The tangible assets acquired primarily include CLO fund investments (“CLO Investments”) of $150 million, reported in FVO securities; accrued revenue and accounts receivable of $100 million, reported in premiums, reinsurance and other receivables; cash and cash equivalents of $100 million; other operating assets of $81 million, reported primarily in other assets; and FVO securities of $55 million. The liabilities assumed primarily include accounts payable, accrued compensation and benefits and other accrued expenses of $189 million, reported in other liabilities; and investment-related debt of $75 million, reported in long-term debt. In addition, certain fund investments, reported in contractholder-directed equity securities, and related redeemable noncontrolling interests, each in the amount of $241 million, at estimated fair value, were recorded. The CLO Investments acquired are comprised of non-consolidated and consolidated investments. The non-consolidated CLO Investments were comprised of FVO securities with an estimated fair value of $91 million at December 31, 2025. The consolidated CLO Investments, along with certain investment fund general partner entities, represent consolidated VIEs of which the Company is the primary beneficiary. Accordingly, the Company has consolidated these VIEs. See “– Variable Interest Entities – Consolidated VIEs” in Note 11 for further information. The consolidated CLO Investments were comprised primarily of FVO securities and operating assets, including cash, of $1.4 billion, and related notes issued by CFEs for which the Company has elected the FVO, and operating liabilities of $1.4 billion, both at estimated fair value. Additionally, of the preliminary purchase price, $543 million was allocated to goodwill which is included in the MIM segment and $147 million was allocated to identified intangible assets for asset management agreements and asset advisory agreements, reported in other assets. The goodwill recognized in connection with the acquisition includes future benefits for the MIM segment as a result of the increase in scale, broadening of existing capabilities, addition of new capabilities and extension of the global footprint, assembled workforce and expected synergies from the combined operations. The purchase price allocated to these identified intangible assets reflects the estimated fair value of the expected future earnings associated with asset management agreements acquired related to open-ended funds, closed-ended funds and separately managed accounts, as well as to asset advisory agreements acquired. Finite-lived intangible assets, including closed-end funds and separately managed accounts asset management agreements and asset advisory agreements, totaling $78 million are amortized over the assets’ useful lives ranging from one to 16 years with a weighted average remaining useful life of 14 years as of the acquisition date. The indefinite-lived intangible asset, relating to open-ended funds asset management agreements acquired, of $69 million is not being amortized and will be tested for impairment at least annually. In addition, operating lease ROU assets acquired, reported in other assets, and operating lease liabilities assumed, reported in other liabilities, were each recorded at their estimated fair values of $76 million. The preliminary purchase accounting also included a net deferred income tax liability of $12 million, which was attributable to the identified intangible assets and assumed liabilities, excluding goodwill, established at the acquisition date. The amount of the goodwill expected to be deductible for tax purposes was approximately $200 million. Total revenues of PineBridge represented less than 1% of pro forma total revenues of MetLife for each of the years ended December 31, 2025, and 2024, when evaluated as though the acquisition had occurred on January 1, 2024.

- Definition

The entire disclosure for business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-38

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 46
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-46

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 43
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-43

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 45
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-45

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 40
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

Future Policy Benefits

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Liability for Future Policy Benefits and Unpaid Claims Disclosure

4. Future Policy Benefits

The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated DPLs, additional insurance liabilities, participating life and short-duration contracts.

The Company’s FPBs on the consolidated balance sheets were as follows at:


	December 31,
	2025		2024
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	79,523	$	66,262
Asia:
Whole and term life & endowments	10,140		11,167
Accident & health	7,913		9,406
Latin America - Fixed annuities	12,336		9,600
Corporate & Other - Long-term care (1)	15,224		14,537
Deferred Profit Liabilities:
RIS - Annuities	3,855		3,780
Asia:
Whole and term life & endowments	919		759
Accident & health	993		849
Latin America - Fixed annuities	562		498
Additional Insurance Liabilities:
Asia:
Variable life	1,074		1,108
Universal and variable universal life	330		355
Corporate & Other - Universal and variable universal life (1)	2,713		2,496
Corporate & Other - Participating life (1)	47,359		48,485
Other long-duration (2)	11,148		10,712
Short-duration and other	14,766		13,632
Total	$	208,855	$	193,646

__________________

(1) See Note 1 for information on the Strategic Reorganization.

(2) This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.

Rollforwards - Traditional and Limited-Payment Contracts

The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable. See Note 9 for further information regarding the impact of reinsurance on the consolidated balance sheets and the consolidated statements of operations.

RIS - Annuities

The RIS segment’s annuity products include pension risk transfers (including assumed pension risk transfers from the United Kingdom (“U.K.”)), certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. The Company reinsures portions of certain pension risk transfers and structured settlements on a modified coinsurance basis. Information regarding these products was as follows:


	Years Ended December 31,
	2025			2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date	$	—		$	—		$	—

Balance at January 1, at original discount rate	$	—		$	—		$	—
Effect of changes in cash flow assumptions (1)	—			—			—
Effect of actual variances from expected experience (2)	(71)			(48)			(106)
Adjusted balance	(71)			(48)			(106)
Issuances	14,815			7,985			6,572

Net premiums collected	(14,744)			(7,937)			(6,466)


Balance at December 31, at original discount rate	—			—			—


Balance at December 31, at current discount rate at balance sheet date	$	—		$	—		$	—

Present Value of Expected FPBs
Balance at January 1, at current discount rate at balance sheet date	$	66,621		$	64,515		$	58,695

Balance at January 1, at original discount rate	$	69,643		$	64,737		$	61,426
Effect of changes in cash flow assumptions (1)	(79)			(195)			(284)
Effect of actual variances from expected experience (2)	(91)			(121)			(270)
Adjusted balance	69,473			64,421			60,872
Issuances	15,275			8,129			6,588
Interest accrual	3,427			3,146			2,897
Benefit payments	(6,699)			(6,050)			(5,620)

Effect of foreign currency translation	22			(3)			—
Balance at December 31, at original discount rate	81,498			69,643			64,737
Effect of changes in discount rate assumptions	(1,656)			(3,022)			(222)

Balance at December 31, at current discount rate at balance sheet date	79,842			66,621			64,515

Cumulative amount of fair value hedging adjustments	(319)			(359)			(191)

Net liability for FPBs	79,523			66,262			64,324
Less: Reinsurance recoverables	12,506			1,919			269
Net liability for FPBs, net of reinsurance	$	67,017		$	64,343		$	64,055



Undiscounted - Expected future benefit payments	$	144,721		$	126,735		$	130,878


Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	79,842		$	66,621		$	64,515
Weighted-average duration of the liability	8 years			8 years			9 years
Weighted-average interest accretion (original locked-in) rate	4.6		%	4.8		%	4.7		%
Weighted-average current discount rate at balance sheet date	5.4		%	5.6		%	5.1		%

__________________

(1)For the year ended December 31, 2025, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $65 million. For the year ended December 31, 2024, the net effect of changes in cash flow assumptions was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $62 million. For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $211 million.

(2) For the year ended December 31, 2025, the net effect of actual variances from expected experience was more than offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $31 million. For the year ended December 31, 2024, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $35 million. For the year ended December 31, 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $118 million.

For each of the years ended December 31, 2025, 2024 and 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to mortality.

For the year ended December 31, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and model refinements.

When single premium annuity contracts are issued, the FPB reserve is required to be measured at an upper-medium grade discount rate. Due to differences between the upper-medium grade discount rate and pricing assumptions used to determine the contractual premium, the initial FPB reserve at issue for a particular cohort may be greater than the contractual premium received, and the difference must be recognized as an immediate loss at issue. On these cohorts, future experience that differs from expected experience and changes in cash flow assumptions result in the recognition of remeasurement gains and losses with net remeasurement gains limited to the amount of the original loss at issue, after which any favorable experience is deferred and recorded within the DPL. For the year ended December 31, 2025, the Company incurred a loss at issue of $451 million. The loss at issue was partially offset by a deferred gain on ceded reinsurance which will be amortized over the life of the reinsurance agreement. For the year ended December 31, 2024, the Company incurred a loss at issue of $147 million. The loss at issue was largely offset by a deferred gain on ceded reinsurance which will be amortized over the life of the reinsurance agreement. Additionally, for the year ended December 31, 2024, the Company recognized a net remeasurement gain related to the net effect of changes in cash flow assumptions.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB for the RIS segment’s annuity products include actual premiums, actual benefits, in-force data, locked-in claim-related expenses, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions.

Asia

Whole and Term Life & Endowments

The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance coverages to customers. Information regarding these products was as follows:


		Years Ended December 31,
		2025			2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date		$	4,023		$	4,561		$	4,682

Balance at January 1, at original discount rate		$	4,286		$	4,793		$	4,943
Effect of changes in cash flow assumptions (1)		26			58			11
Effect of actual variances from expected experience (2)		(108)			(98)			(62)
Adjusted balance		4,204			4,753			4,892
Issuances		630			558			730
Interest accrual		82			70			59
Net premiums collected		(624)			(604)			(611)

Effect of foreign currency translation		45			(491)			(277)
Balance at December 31, at original discount rate		4,337			4,286			4,793
Effect of changes in discount rate assumptions		(433)			(288)			(242)
Effect of foreign currency translation on the effect of changes in discount rate assumptions		6			25			10
Balance at December 31, at current discount rate at balance sheet date		$	3,910		$	4,023		$	4,561

Present Value of Expected FPBs
Balance at January 1, at current discount rate at balance sheet date		$	15,190		$	17,435		$	17,463

Balance at January 1, at original discount rate		$	15,252		$	17,198		$	18,209
Effect of changes in cash flow assumptions (1)		28			36			58
Effect of actual variances from expected experience (2)		(108)			(135)			(30)
Adjusted balance		15,172			17,099			18,237
Issuances		630			558			729
Interest accrual		383			368			370
Benefit payments		(970)			(958)			(1,174)

Effect of foreign currency translation		143			(1,815)			(964)
Balance at December 31, at original discount rate		15,358			15,252			17,198
Effect of changes in discount rate assumptions		(1,390)			11			224
Effect of foreign currency translation on the effect of changes in discount rate assumptions		82			(73)			13
Balance at December 31, at current discount rate at balance sheet date		14,050			15,190			17,435



Net liability for FPBs		10,140			11,167			12,874
Less: Amount due to reinsurer		(2)			(2)			(1)
Net liability for FPBs, net of reinsurance		$	10,142		$	11,169		$	12,875

Undiscounted:
Expected future gross premiums		$	9,138		$	8,678		$	9,331
Expected future benefit payments		$	26,455		$	25,422		$	28,130
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	7,363		$	7,316		$	8,067
Expected future benefit payments		$	14,050		$	15,190		$	17,435
Weighted-average duration of the liability		16 years			17 years			17 years
Weighted -average interest accretion (original locked-in) rate		2.8		%	2.6		%	2.5		%
Weighted-average current discount rate at balance sheet date		3.6		%	2.8		%	2.6		%

__________________

(1) For the year ended December 31, 2024, the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment products of $28 million. For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was not offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment products due to the diversification and the underlying characteristics of the products.

(2) For the year ended December 31, 2023, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment product due to the diversification and the underlying characteristics of the products.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for the Asia segment’s whole and term life & endowment products include actual premiums, actual benefits, in-force data, locked-in claim-related expenses, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, and morbidity.

Accident & Health

The Asia segment’s accident & health products in Japan and Korea offer various hospitalization, cancer, critical illness, disability, income protection and personal accident coverage. Information regarding these products was as follows:


	Years Ended December 31,
	2025			2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date	$	17,203		$	19,835		$	21,181

Balance at January 1, at original discount rate	$	18,820		$	21,232		$	22,594
Effect of changes in cash flow assumptions (1)	(95)			439			867
Effect of actual variances from expected experience (2)	(326)			(205)			(158)
Adjusted balance	18,399			21,466			23,303
Issuances	1,158			1,032			1,030
Interest accrual	223			223			236
Net premiums collected	(1,829)			(1,843)			(2,016)

Effect of foreign currency translation and other - net	292			(2,058)			(1,321)
Balance at December 31, at original discount rate	18,243			18,820			21,232
Effect of changes in discount rate assumptions	(2,895)			(1,772)			(1,449)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	41			155			52
Balance at December 31, at current discount rate at balance sheet date	$	15,389		$	17,203		$	19,835

Present Value of Expected FPBs
Balance at January 1, at current discount rate at balance sheet date	$	26,565		$	30,480		$	30,879

Balance at January 1, at original discount rate	$	32,838		$	36,010		$	37,189
Effect of changes in cash flow assumptions (1)	(186)			439			898
Effect of actual variances from expected experience (2)	(362)			(203)			(180)
Adjusted balance	32,290			36,246			37,907
Issuances	1,156			1,030			1,028
Interest accrual	476			470			485
Benefit payments	(1,326)			(1,268)			(1,279)

Effect of foreign currency translation and other - net	346			(3,640)			(2,131)
Balance at December 31, at original discount rate	32,942			32,838			36,010
Effect of changes in discount rate assumptions	(9,946)			(6,890)			(5,793)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	157			617			263
Balance at December 31, at current discount rate at balance sheet date	23,153			26,565			30,480


Cumulative impact of flooring the future policyholder benefits reserve	149			44			67
Net liability for FPBs	7,913			9,406			10,712
Less: Reinsurance recoverables	111			142			142
Net liability for FPBs, net of reinsurance	$	7,802		$	9,264		$	10,570

Undiscounted:
Expected future gross premiums	$	36,643		$	36,908		$	41,734
Expected future benefit payments	$	43,479		$	43,016		$	47,046
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	26,671		$	29,436		$	34,356
Expected future benefit payments	$	23,153		$	26,565		$	30,480
Weighted-average duration of the liability	19 years			23 years			25 years
Weighted-average interest accretion (original locked-in) rate	1.8		%	1.7		%	1.7		%
Weighted-average current discount rate at balance sheet date	3.8		%	2.8		%	2.5		%

__________________

(1) For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was partially offset by the corresponding impact in DPL associated with the Asia segment’s accident & health products of ($10) million.

(2) For the year ended December 31, 2023, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Asia segment’s accident & health products of $4 million.

For the year ended December 31, 2025, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to morbidity, partially offset by mortality. For the year ended December 31, 2024, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to morbidity, substantially offset by policyholder behavior assumptions related to lapses. For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in policyholder behavior assumptions related to lapses, partially offset by updates in assumptions related to mortality and morbidity.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for the Asia segment’s accident & health products include actual premiums, actual benefits, in-force data, locked-in claim-related expenses, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse and morbidity.

Latin America - Fixed Annuities

The Latin America segment’s fixed annuity products in Chile and Mexico include fixed income annuities that provide for asset distribution needs. Information regarding these products was as follows:


	Years Ended December 31,
	2025			2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date	$	—		$	—		$	—

Balance at January 1, at original discount rate	$	—		$	—		$	—
Effect of changes in cash flow assumptions (1)	—			—			—
Effect of actual variances from expected experience (2)	—			—			—
Adjusted balance	—			—			—
Issuances	1,461			1,020			1,045
Interest accrual	31			21			29
Net premiums collected	(1,492)			(1,041)			(1,074)



Balance at December 31, at original discount rate	—			—			—


Balance at December 31, at current discount rate at balance sheet date	$	—		$	—		$	—

Present Value of Expected FPBs
Balance at January 1, at current discount rate at balance sheet date	$	9,600		$	9,637		$	9,265

Balance at January 1, at original discount rate	$	9,133		$	9,249		$	8,240
Effect of changes in cash flow assumptions (1)	5			(4)			(5)
Effect of actual variances from expected experience (2)	(25)			(2)			(31)
Adjusted balance	9,113			9,243			8,204
Issuances	1,542			1,065			1,153
Interest accrual	373			339			341
Benefit payments	(813)			(701)			(671)

Inflation adjustment	343			391			415
Effect of foreign currency translation	1,030			(1,204)			(193)
Balance at December 31, at original discount rate	11,588			9,133			9,249
Effect of changes in discount rate assumptions	687			536			391
Effect of foreign currency translation on the effect of changes in discount rate assumptions	61			(69)			(3)
Balance at December 31, at current discount rate at balance sheet date	12,336			9,600			9,637



Net liability for FPBs	$	12,336		$	9,600		$	9,637





Undiscounted - Expected future benefit payments	$	17,146		$	13,660		$	13,994


Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	12,336		$	9,600		$	9,637
Weighted-average duration of the liability	11 years			11 years			11 years
Weighted-average interest accretion (original locked-in) rate	3.4		%	3.5		%	3.6		%
Weighted-average current discount rate at balance sheet date	2.9		%	3.1		%	3.3		%

__________________

(1)For the years ended December 31, 2024 and 2023, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $3 million and $4 million, respectively.

(2)For the years ended December 31, 2024 and 2023, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance coming from cohorts with no DPL.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for the Latin America segment’s fixed annuity products include actual premiums, actual benefits, in-force data, locked-in claim-related expenses, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions.

Corporate & Other - Long-term Care

Corporate & Other’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:


	Years Ended December 31,
	2025			2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date	$	5,475		$	5,687		$	5,775

Balance at January 1, at original discount rate	$	5,568		$	5,566		$	5,807
Effect of changes in cash flow assumptions	68			212			(152)
Effect of actual variances from expected experience	159			74			199
Adjusted balance	5,795			5,852			5,854

Interest accrual	284			285			294
Net premiums collected	(564)			(569)			(582)


Balance at December 31, at original discount rate	5,515			5,568			5,566
Effect of changes in discount rate assumptions	33			(93)			121

Balance at December 31, at current discount rate at balance sheet date	$	5,548		$	5,475		$	5,687

Present Value of Expected FPBs
Balance at January 1, at current discount rate at balance sheet date	$	20,012		$	20,927		$	19,619

Balance at January 1, at original discount rate	$	21,024		$	20,494		$	20,165
Effect of changes in cash flow assumptions	66			205			(190)
Effect of actual variances from expected experience	213			84			223
Adjusted balance	21,303			20,783			20,198

Interest accrual	1,115			1,089			1,070
Benefit payments	(928)			(848)			(774)


Balance at December 31, at original discount rate	21,490			21,024			20,494
Effect of changes in discount rate assumptions	(718)			(1,012)			433

Balance at December 31, at current discount rate at balance sheet date	20,772			20,012			20,927




Net liability for FPBs	$	15,224		$	14,537		$	15,240



Undiscounted:
Expected future gross premiums	$	10,382		$	10,644		$	10,603
Expected future benefit payments	$	44,696		$	44,981		$	45,016
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	7,001		$	6,966		$	7,139
Expected future benefit payments	$	20,772		$	20,012		$	20,927
Weighted-average duration of the liability	13 years			14 years			15 years
Weighted-average interest accretion (original locked-in) rate	5.4		%	5.4		%	5.4		%
Weighted-average current discount rate at balance sheet date	5.8		%	5.8		%	5.2		%

For the year ended December 31, 2025, the net effect of changes in cash flow assumptions was primarily driven by updates in operational assumptions related to future premium rate increases, substantially offset by unfavorable morbidity and policyholder behavior related to lapses. For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in policyholder behavior assumptions related to claim utilization experience, which lowered the expected cost of care. This was partially offset by updates in assumptions associated with an increase in incidence rates.

For the year ended December 31, 2025, the net effect of actual variances from expected experience was primarily driven by unfavorable morbidity and mortality, partially offset by the expected premium rate increases.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for long-term care products include actual premiums, actual benefits, in-force data, locked-in claim-related expenses, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, incidence, claim utilization, claim cost inflation, claim continuance, and premium rate increases.

Rollforwards - Additional Insurance Liabilities

The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for variable life, universal life, and variable universal life contract features whereby the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.

The following information about the direct liability for additional insurance liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in these rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers. See Note 9 for further information regarding the impact of reinsurance on the consolidated balance sheets and the consolidated statements of operations.

Asia - Variable Life and Universal and Variable Universal Life

The Asia segment’s variable life, universal life, and variable universal life products in Japan offer a contract feature whereby the Company guarantees to the contractholder a secondary guarantee. Information regarding these additional insurance liabilities was as follows:


	Years Ended December 31,
	2025			2024			2023			2025			2024			2023
	Variable Life									Universal and Variable Universal Life
	(Dollars in millions)
Balance, at January 1,	$	1,108		$	1,258		$	1,381		$	355		$	424		$	455
Less: AOCI adjustment	—			—			—			10			(14)			(33)
Balance, at January 1, before AOCI adjustment	1,108			1,258			1,381			345			438			488
Effect of changes in cash flow assumptions	(3)			17			(4)			(46)			(23)			(2)
Effect of actual variances from expected experience	(16)			(12)			(10)			(6)			(34)			(24)
Adjusted balance	1,089			1,263			1,367			293			381			462
Assessments accrual	(4)			(4)			(3)			(4)			—			—
Interest accrual	17			17			19			5			6			7
Excess benefits paid	(33)			(38)			(36)			—			—			—
Effect of foreign currency translation and other, net	5			(130)			(89)			4			(42)			(31)
Balance, at December 31, before AOCI adjustment	1,074			1,108			1,258			298			345			438
Add: AOCI adjustment	—			—			—			32			10			(14)
Balance, at December 31,	$	1,074		$	1,108		$	1,258		$	330		$	355		$	424

Weighted-average duration of the liability	16 years			16 years			16 years			42 years			42 years			42 years
Weighted-average interest accretion rate	1.6		%	1.5		%	1.5		%	1.6		%	1.4		%	1.4		%

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the additional insurance liability for the Asia segment’s variable life products include historical actual fees and benefits, in-force data, the locked-in discount rate, the stochastic fund return scenario assumption, and best estimate lapse and mortality assumptions.

The stochastic fund return scenario assumption includes the long-term average return and volatility for each fund, and the correlation matrix for each fund. For newer products, the discount rate is determined based on the weighting and return of each fund.

The principal inputs used in the establishment of the additional insurance liability for the Asia segment’s universal and variable universal life products include historical actual fees and benefits, in-force data, the locked-in discount rate, the stochastic fund return scenario assumption, and best estimate lapse and mortality assumptions.

The stochastic fund return scenario assumption includes the foreign currency exchange long-term average trend, foreign currency exchange volatility, long-term U.S. swap and treasury yield, U.S. swap volatility and the correlation between foreign currency exchange and U.S. swap rates.

The locked-in discount rate used for these products is based on the earned rate and foreign currency exchange rates at acquisition.

Corporate & Other - Universal and Variable Universal Life

Corporate & Other’s universal life and variable universal life products provide a contract feature whereby the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:


	Years Ended December 31,
	2025			2024			2023
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, at January 1	$	2,496		$	2,362		$	2,156
Less: AOCI adjustment	(17)			(14)			(63)
Balance, at January 1, before AOCI adjustment	2,513			2,376			2,219
Effect of changes in cash flow assumptions	(8)			(2)			38
Effect of actual variances from expected experience	120			53			—
Adjusted balance	2,625			2,427			2,257
Assessments accrual	107			104			105
Interest accrual	139			132			124
Excess benefits paid	(145)			(150)			(110)
Balance, at December 31, before AOCI adjustment	2,726			2,513			2,376
Add: AOCI adjustment	(13)			(17)			(14)
Balance, at December 31	2,713			2,496			2,362
Less: Reinsurance recoverables	2,367			2,174			2,055
Balance, at December 31, net of reinsurance	$	346		$	322		$	307

Weighted-average duration of the liability	14 years			15 years			15 years
Weighted-average interest accretion rate	5.5		%	5.5		%	5.5		%

Significant Methodologies and Assumptions

Liabilities for ULSG and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the life of the contract based on total expected assessments.

The guaranteed benefits are estimated over a range of scenarios. The significant assumptions used in estimating the ULSG and paid-up guarantee liabilities are investment income, mortality, lapses, and premium payment pattern and persistency. In addition, projected earned rate and crediting rates are used to project the account values and excess death benefits and assessments. The discount rate is equal to the crediting rate for each annual cohort and is locked-in at inception.

The Company’s gross premiums or assessments and interest expense recognized in the consolidated statements of operations for long-duration contracts, excluding Corporate & Other’s participating life contracts, were as follows:


		Years Ended December 31,
		2025				2024				2023
		Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities		$	14,901	$	3,427	$	8,084	$	3,146	$	6,660	$	2,897
Asia:
Whole and term life & endowments		1,203		301		1,130		298		1,124		311
Accident & health		3,052		253		3,066		247		3,364		249
Latin America - Fixed annuities		1,492		342		1,041		318		1,074		312
Corporate & Other - Long-term care		720		831		724		804		731		776
Deferred Profit Liabilities:
RIS - Annuities		N/A		184		N/A		178		N/A		167
Asia:
Whole and term life & endowments		N/A		44		N/A		36		N/A		31
Accident & health		N/A		23		N/A		20		N/A		18
Latin America - Fixed annuities		N/A		20		N/A		20		N/A		22
Additional Insurance Liabilities:
Asia:
Variable life		160		17		117		17		89		19
Universal and variable universal life		29		5		(35)		6		(31)		7
Corporate & Other - Universal and variable universal life		615		139		642		132		730		124
Other long-duration		5,547		487		4,717		473		4,516		460
Total		$	27,719	$	6,073	$	19,486	$	5,695	$	18,257	$	5,393

__________________

(1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.

(2)Interest expense is included in policyholder benefits and claims.

Participating Business

Participating business represented 2% of the Company’s life insurance in-force at both December 31, 2025 and 2024. Participating policies represented 9%, 9% and 10% of gross traditional life insurance premiums for the years ended December 31, 2025, 2024 and 2023, respectively.

Liabilities for Unpaid Claims and Claim Expenses

The following is information about incurred and paid claims development by segment at December 31, 2025. Such amounts are presented net of reinsurance, and are not discounted. The tables present claims development and cumulative claim payments by incurral year. The development tables are only presented for significant short-duration product liabilities within each segment. In order to eliminate potential fluctuations related to foreign exchange rates, liabilities and payments denominated in a foreign currency have been translated using the 2025 year-end spot rates for all periods presented. The information about incurred and paid claims development prior to 2025 is presented as supplementary information.

Group Benefits

Group Life - Term


	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2025
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	(Dollars in millions)
2016	$	7,125	$	7,085	$	7,095	$	7,104	$	7,105	$	7,104	$	7,107	$	7,109	$	7,110	$	7,113	$	2	221,367
2017			7,432		7,418		7,425		7,427		7,428		7,428		7,432		7,434		7,438		4		263,945
2018					7,757		7,655		7,646		7,650		7,651		7,652		7,659		7,664		5		251,712
2019							7,935		7,900		7,907		7,917		7,914		7,921		7,927		7		253,430
2020									8,913		9,367		9,389		9,384		9,388		9,398		12		298,095
2021											10,555		10,795		10,777		10,783		10,804		25		308,345
2022													9,640		9,653		9,662		9,689		38		259,225
2023															9,584		9,471		9,475		24		246,008
2024																	9,909		9,688		55		238,104
2025																			9,855		1,185		203,552
Total																			89,051
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(85,850)
All outstanding liabilities for incurral years prior to 2016, net of reinsurance																			15
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	3,216


	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	(In millions)
2016	$	5,582	$	6,980	$	7,034	$	7,053	$	7,086	$	7,096	$	7,100	$	7,106	$	7,109	$	7,109
2017			5,761		7,292		7,355		7,374		7,400		7,414		7,427		7,431		7,433
2018					6,008		7,521		7,578		7,595		7,629		7,646		7,652		7,656
2019							6,178		7,756		7,820		7,853		7,898		7,908		7,916
2020									6,862		9,103		9,242		9,296		9,353		9,375
2021											8,008		10,476		10,640		10,689		10,757
2022													7,101		9,399		9,536		9,573
2023															6,929		9,225		9,346
2024																	7,282		9,435
2025																			7,250
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	85,850

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2025:


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Group Life - Term	75.5%	21.9%	1.1%	0.4%	0.5%	0.2%	0.1%	0.1%	—%	—%

Group Long-term Disability


	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2025
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	(Dollars in millions)
2016	$	1,131	$	1,139	$	1,159	$	1,162	$	1,139	$	1,124	$	1,123	$	1,086	$	1,108	$	1,104	$	—	17,974
2017			1,244		1,202		1,203		1,195		1,165		1,181		1,101		1,135		1,131		—		16,330
2018					1,240		1,175		1,163		1,147		1,170		1,102		1,150		1,146		—		15,217
2019							1,277		1,212		1,169		1,177		1,103		1,166		1,161		—		15,427
2020									1,253		1,223		1,155		1,100		1,158		1,161		—		15,820
2021											1,552		1,608		1,477		1,586		1,591		—		19,664
2022													1,641		1,732		1,578		1,557		—		18,408
2023															1,725		1,722		1,719		7		20,301
2024																	1,890		1,941		37		18,460
2025																			2,057		841		12,601
Total																			14,568
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(7,440)
All outstanding liabilities for incurral years prior to 2016, net of reinsurance																			1,463
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	8,591


	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	(In millions)
2016	$	49	$	267	$	433	$	548	$	628	$	696	$	750	$	769	$	839	$	871
2017			56		290		476		579		655		719		718		812		848
2018					54		314		497		594		666		663		775		817
2019							57		342		522		620		621		764		811
2020									59		355		535		560		706		763
2021											95		505		620		902		1,002
2022													76		609		721		838
2023															84		520		775
2024																	98		561
2025																			154
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	7,440

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2025:


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Group Long-term Disability	5.2%	24.7%	13.5%	9.1%	6.5%	5.8%	4.7%	4.6%	4.8%	2.9%

Significant Methodologies and Assumptions

Group Life - Term and Group Long-term Disability incurred but not paid (“IBNP”) liabilities are developed using a combination of loss ratio and development methods. Claims in the course of settlement are then subtracted from the IBNP liabilities, resulting in the IBNR liabilities. The loss ratio method is used in the period in which the claims are neither sufficient nor credible. In developing the loss ratios, any material rate increases that could change the underlying premium without affecting the estimated incurred losses are taken into account. For periods where sufficient and credible claim data exists, the development method is used based on the claim triangles which categorize claims according to both the period in which they were incurred and the period in which they were paid, adjudicated or reported. The end result is a triangle of known data that is used to develop known completion ratios and factors. Claims paid are then subtracted from the estimated ultimate incurred claims to calculate the IBNP liability.

An expense liability is held for the future expenses associated with the payment of IBNP claims (IBNR and pending). This is expressed as a percentage of the underlying claims liability and is based on past experience and the anticipated future expense structure.

For Group Life - Term, first year incurred claims and allocated loss adjustment expenses decreased in 2025 compared to the 2024 incurral year due to lower claim volume. For Group Long-term Disability, first year incurred claims and allocated loss adjustment expenses increased in 2025 compared to the 2024 incurral year due to the growth in the size of the business.

The assumptions used in calculating the unpaid claims and claim adjustment expenses for Group Life - Term and Group Long-term Disability are updated annually to reflect emerging trends in claim experience.

Certain of the Group Life - Term customers have experience-rated contracts, whereby the group sponsor participates in the favorable and/or adverse claim experience, including favorable and/or adverse prior year development. Claim experience adjustments on these contracts are not reflected in the foregoing incurred and paid claim development tables, but are instead reflected as an increase (adverse experience) or decrease (favorable experience) to premiums on the consolidated statements of operations.

Liabilities for Group Life - Term unpaid claims and claim adjustment expenses are not discounted.

The liabilities for Group Long-term Disability unpaid claims and claim adjustment expenses were $7.2 billion and $6.8 billion at December 31, 2025 and 2024, respectively. Using interest rates ranging from 2% to 8%, based on the incurral year, the total discount applied to these liabilities was $1.7 billion and $1.5 billion at December 31, 2025 and 2024, respectively. The amount of interest accretion recognized was $618 million, $464 million and $516 million for the years ended December 31, 2025, 2024 and 2023, respectively. These amounts were reflected in policyholder benefits and claims.

For Group Life - Term, claims were based upon individual death claims. For Group Long-term Disability, claim frequency was determined by the number of reported claims as identified by a unique claim number assigned to individual claimants. Claim counts initially include claims that do not ultimately result in a liability. These claims are omitted from the claim counts once it is determined that there is no liability.

The incurred and paid claims disclosed for the Group Life - Term product includes activity related to the product’s continued protection feature; however, the associated actuarial reserve for future benefit obligations under this feature is excluded from the liability for unpaid claims.

The Group Long-term Disability IBNR, included in the development tables above, was developed using discounted cash flows, and is presented on a discounted basis.

Asia

Group Disability & Group Life


	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2025
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	(Dollars in millions)
2016	$	199	$	203	$	191	$	204	$	206	$	211	$	213	$	212	$	204	$	204	$	8	4,922
2017			259		240		247		265		273		267		269		256		253		10		5,917
2018					315		288		300		310		304		311		294		293		26		6,414
2019							341		319		334		330		338		317		308		25		6,618
2020									379		353		325		333		302		284		37		5,886
2021											361		376		394		373		373		87		7,413
2022													480		444		405		444		121		8,876
2023															443		370		369		126		8,047
2024																	499		457		251		8,452
2025																			418		357		3,360
Total																			3,403
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(2,356)
All outstanding liabilities for incurral years prior to 2016, net of reinsurance																			15
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	1,062


	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	(In millions)
2016	$	56	$	115	$	131	$	164	$	178	$	187	$	194	$	199	$	194	$	197
2017			75		136		180		220		236		238		248		240		243
2018					83		152		205		239		248		269		262		267
2019							91		167		217		252		282		277		283
2020									84		150		200		231		236		246
2021											76		168		244		268		287
2022													87		219		286		323
2023															92		181		243
2024																	87		206
2025																			61
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	2,356

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2025:


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Group Disability & Group Life	24.3%	25.4%	16.2%	11.5%	5.5%	2.9%	1.7%	0.3%	(0.6)%	1.5%

Significant Methodologies and Assumptions

For Group Life, the IBNR liability is determined by using the Bornhuetter-Ferguson Method, with factors derived by examining the experience of historical claims. A pending liability is also calculated for claims that have been reported but have not been paid. A claim eligibility ratio based on past experience is applied to the face amount of individual claims.

For Group Disability, the IBNR liability is calculated by applying a percentage to premiums in-force based on the expected delay as evidenced by the experience in the portfolio. The IBNR liability is then allocated back into different incurral years based on historical run-off patterns. As the benefit for this class of business is a regular series of payments, an additional reserve is required for the liability for ongoing benefit payments - claims in course of payment (“CICP”). The assumptions employed in the calculation of the CICP are adjusted for the Company’s own experience.

An expense liability is held for the future expenses associated with the payment of incurred but not yet paid claims. This is expressed as a percentage of the underlying claims liability and is based on past experience and the future expense structure.

The assumptions used in calculating the unpaid claims and claim adjustment expenses for Group Disability and Group Life are updated annually to reflect emerging trends in claim experience.

No additional premiums or return premiums have been accrued as a result of the prior year development.

The liabilities for unpaid claims and claim adjustment expenses were $1.5 billion and $1.2 billion at December 31, 2025 and 2024, respectively. These amounts were discounted using interest rates ranging from 1% to 7%, based on the incurral year. The total discount applied to these liabilities was $217 million and $166 million at December 31, 2025 and 2024, respectively. The amount of interest accretion recognized was $53 million, $44 million and $37 million for the years ended December 31, 2025, 2024 and 2023, respectively. These amounts were reflected in policyholder benefits and claims.

The Company tracks claim frequency by the number of reported claims as identified by a unique claim number assigned to individual claimants. Claim counts include claims that do not ultimately result in a liability. A liability is only established for those claims that are expected to result in a liability, based on historical factors.

Latin America

Protection Life


	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2025
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	(Dollars in millions)
2016	$	337	$	444	$	456	$	464	$	465	$	466	$	456	$	455	$	460	$	461	$	—	39,029
2017			348		338		339		337		338		328		328		331		331		—		31,094
2018					323		312		310		312		310		310		313		313		—		30,073
2019							348		318		321		319		320		319		318		—		32,699
2020									529		529		534		538		536		534		—		43,554
2021											667		581		581		577		578		2		53,455
2022													460		434		431		432		5		41,764
2023															447		414		417		10		41,300
2024																	517		470		28		42,923
2025																			469		186		38,798
Total																			4,323
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(3,904)
All outstanding liabilities for incurral years prior to 2016, net of reinsurance																			11
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	430


	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	(In millions)
2016	$	240	$	430	$	450	$	458	$	461	$	464	$	457	$	457	$	458	$	459
2017			206		309		326		330		333		325		326		328		329
2018					162		276		288		294		291		292		294		294
2019							181		274		296		294		297		298		299
2020									228		457		470		478		482		487
2021											343		480		500		536		543
2022													284		381		404		413
2023															293		401		412
2024																	275		433
2025																			235
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	3,904

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2025:


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Protection Life	57.0%	31.8%	4.3%	2.0%	0.6%	—%	(0.1)%	0.2%	0.3%	0.2%

Protection Health


	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2025
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	(Dollars in millions)
2016	$	288	$	331	$	329	$	329	$	329	$	328	$	329	$	330	$	330	$	332	$	—	107,342
2017			417		388		389		388		388		388		389		390		391		—		122,644
2018					447		469		445		443		443		443		444		445		—		145,846
2019							149		194		187		187		187		188		189		—		134,352
2020									539		529		527		527		528		529		—		152,170
2021											692		694		691		692		691		1		174,683
2022													753		744		746		746		4		204,780
2023															952		940		941		13		223,268
2024																	1,070		1,071		26		229,219
2025																			1,226		116		174,440
Total																			6,561
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(6,301)
All outstanding liabilities for incurral years prior to 2016, net of reinsurance																			2
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	262


	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	(In millions)
2016	$	271	$	324	$	327	$	327	$	328	$	328	$	329	$	329	$	330	$	331
2017			340		383		385		386		387		388		389		390		390
2018					381		435		438		439		441		441		442		443
2019							125		176		180		183		185		186		188
2020									455		515		520		522		525		527
2021											611		676		682		686		688
2022													639		726		735		740
2023															808		914		926
2024																	908		1,035
2025																			1,033
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	6,301

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2025:


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Protection Health	83.5%	13.5%	1.1%	0.5%	0.5%	0.2%	0.5%	0.2%	0.2%	0.3%

Significant Methodologies and Assumptions

The Latin America segment establishes liabilities for unpaid losses, which are equal to the accumulation of unpaid reported claims, plus an estimate for IBNR claims.

In general terms, for both the Protection Life and Protection Health products, the methodology for IBNR is the Bornhuetter-Ferguson Method, with factors derived by examining the experience of historical claims. In the more recent incurral months, the credibility is higher on expected loss ratios and lower on claims calculated using the experience-derived factors. The credibility grows for the factors as incurral months become older.

For Protection Health products, claim duration can be very long due to the multiple incidences that may occur over time for a single claim. Depending on the characteristics of the product, the number of claims reported per year may or may not be based on the original claim occurrence date for each individual claim. For Protection Life products, claims are based upon individual death claims.

The assumptions used in calculating the unpaid claims and claim adjustment expenses for Protection Life and Protection Health are updated annually to reflect emerging trends in claim experience.

Certain of the Protection Life customers have experience-rated contracts, whereby the group sponsor participates in the favorable and/or adverse claim experience, including favorable and/or adverse prior year development. Claim experience adjustments on these contracts are not reflected in the foregoing incurred and paid claim development tables, but are instead reflected as an increase (adverse experience) or decrease (favorable experience) to premiums on the consolidated statements of operations.

Liabilities for unpaid claims and claim adjustment expenses were not discounted.

For Protection Life and Protection Health products, claim counts initially include claims that do not ultimately result in a liability. These claims are omitted from the claim counts once it is determined that there is no liability.

Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses

The reconciliation of the net incurred and paid claims development tables to the liability for unpaid claims and claims adjustment expenses on the consolidated balance sheet was as follows at:


	December 31, 2025
	(In millions)
Short-Duration:
Unpaid claims and allocated claims adjustment expenses, net of reinsurance:
Group Benefits:
Group Life - Term	$	3,216
Group Long-term Disability	8,591


Total			$	11,807
Asia - Group Disability & Group Life			1,062
Latin America:
Protection Life	430
Protection Health	262
Total			692
Other insurance lines			1,684
Total unpaid claims and allocated claims adjustment expenses, net of reinsurance			15,245

Reinsurance recoverables on unpaid claims:
Group Benefits:
Group Life - Term	6
Group Long-term Disability	295


Total			301
Asia - Group Disability & Group Life			580
Latin America:
Protection Life	18
Protection Health	23
Total			41
Other insurance lines			262
Total reinsurance recoverable on unpaid claims			1,184
Total unpaid claims and allocated claims adjustment expense			16,429
Unallocated claims adjustment expenses			—
Discounting			(1,933)
Liability for unpaid claims and claim adjustment liabilities - short-duration			14,496
Liability for unpaid claims and claim adjustment liabilities - all long-duration lines			2,634
Total liability for unpaid claims and claim adjustment expense (includes $8.3 billion of FPBs and $8.8 billion of other policy-related balances)			$	17,130

Rollforward of Claims and Claim Adjustment Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Balance at January 1,	$	16,118	$	16,468	$	16,098
Less: Reinsurance recoverables	2,790		2,592		2,452
Net balance at January 1,	13,328		13,876		13,646
Incurred related to:
Current year	29,193		26,626		27,080
Prior years (1)	266		57		374
Total incurred	29,459		26,683		27,454
Paid related to:
Current year	(21,880)		(20,607)		(20,220)
Prior years	(6,683)		(6,624)		(7,004)
Total paid	(28,563)		(27,231)		(27,224)


Net balance at December 31,	14,224		13,328		13,876
Add: Reinsurance recoverables	2,906		2,790		2,592
Balance at December 31,	$	17,130	$	16,118	$	16,468

__________________

(1)For the years ended December 31, 2025, 2024 and 2023, incurred claims and claim adjustment expenses associated with prior years increased due to events incurred in prior years but reported in the current year.

Policyholder Account Balances

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Policyholder Account Balances

5. Policyholder Account Balances

The Company establishes liabilities for PABs, which are generally equal to the account value, and which include accrued interest credited, but exclude the impact of any applicable charge that may be incurred upon surrender.

The Company’s PABs on the consolidated balance sheets were as follows at:


	December 31, 2025		December 31, 2024
	(In millions)
Group Benefits - Life	$	11,005	$	7,632
RIS:
Capital markets investment products and stable value GICs	65,592		63,715
Annuities and risk solutions	26,406		20,699
Asia:
Universal and variable universal life	54,374		50,801
Fixed annuities	43,188		38,421
Corporate & Other: (1)
Annuities	6,383		10,142
Life and other	7,109		11,132
Other (2)	22,800		18,903
Total	$	236,857	$	221,445

__________________

(1)See Note 1 for information on the Strategic Reorganization.

(2)Includes EMEA variable annuity PABs of $2.3 billion at December 31, 2024, which was previously disclosed as a separate disaggregated rollforward.

Rollforwards

The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.

Group Benefits

Life

The Group Benefits segment’s life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account portion of variable life insurance products. Information regarding this liability was as follows:


	Years Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Balance at January 1,	$	7,632	$	7,692	$	8,028
Transfer, January 1 (1)	3,773		—		—
Deposits	3,881		3,720		3,311
Policy charges	(669)		(658)		(635)
Surrenders and withdrawals	(3,885)		(3,296)		(3,192)
Benefit payments	(9)		(13)		(12)
Net transfers from (to) separate accounts	1		(3)		—
Interest credited	281		190		192

Balance at December 31,	$	11,005	$	7,632	$	7,692

Weighted-average annual crediting rate	2.5 %		2.5 %		2.5 %

At period end:
Cash surrender value	$	10,936	$	7,569	$	7,630
Net amount at risk, excluding offsets from reinsurance:
In the event of death (2)	$	265,192	$	263,198	$	250,033

__________________

(1)A product previously reported within the former MetLife Holdings segment was moved to the Group Benefits segment as part of the Strategic Reorganization. Accordingly, the reported balances for the year ended December 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.

(2)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The Group Benefits segment’s life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2025
Equal to or greater than 0% but less than 2%	$	503	$	77	$	758	$	4,154	$	5,492
Equal to or greater than 2% but less than 4%	4,536		99		84		—		4,719
Equal to or greater than 4%	679		25		3		53		760
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		34
Total	$	5,718	$	201	$	845	$	4,207	$	11,005

December 31, 2024
Equal to or greater than 0% but less than 2%	$	456	$	72	$	816	$	4,086	$	5,430
Equal to or greater than 2% but less than 4%	1,247		100		61		1		1,409
Equal to or greater than 4%	682		—		39		37		758
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		35
Total	$	2,385	$	172	$	916	$	4,124	$	7,632

December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	86	$	863	$	4,558	$	5,507
Equal to or greater than 2% but less than 4%	1,196		9		62		2		1,269
Equal to or greater than 4%	727		1		43		34		805
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		111
Total	$	1,923	$	96	$	968	$	4,594	$	7,692

RIS

Capital Markets Investment Products and Stable Value GICs

The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements.

In addition, certain subsidiaries of the Company have entered into funding agreements with FHLBNY and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The PAB balances for FHLBNY funding agreements were $14.2 billion at both December 31, 2025 and 2024. These advances are collateralized by residential mortgage-backed securities (“RMBS”) with an estimated fair value of $18.2 billion and $18.4 billion at December 31, 2025 and 2024, respectively. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of FHLBNY as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by such subsidiary, FHLBNY’s recovery on the collateral is limited to the amount of such subsidiary’s liability to FHLBNY. The PAB balances for the Farmer Mac funding agreements were $2.1 billion at both December 31, 2025 and 2024. The obligations under the Farmer Mac funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The carrying value of such collateral was $2.2 billion at both December 31, 2025 and 2024.

Information regarding the RIS segment’s capital markets investment products and stable value GICs in PABs was as follows:


	Years Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Balance at January 1,	$	63,715	$	64,140	$	63,723
Deposits	80,371		73,103		69,229

Surrenders and withdrawals	(82,551)		(74,974)		(71,938)


Interest credited	2,408		2,424		2,091
Effect of foreign currency translation and other, net	1,649		(978)		1,035
Balance at December 31,	$	65,592	$	63,715	$	64,140

Weighted-average annual crediting rate	3.8 %		3.9 %		3.3 %
Cash surrender value at period end	$	1,379	$	1,936	$	2,126

The RIS segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,435	$	2,435


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		63,157
Total	$	—	$	—	$	—	$	2,435	$	65,592

December 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,675	$	2,675


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		61,040
Total	$	—	$	—	$	—	$	2,675	$	63,715

December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,621	$	2,622


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		61,518
Total	$	—	$	—	$	1	$	2,621	$	64,140

Annuities and Risk Solutions

The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income annuities, group fixed deferred annuities, the fixed account portion of group variable deferred annuities, registered index-linked annuities and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:


	Years Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Balance at January 1,	$	20,699	$	17,711	$	15,549
Transfer, January 1 (1)	3,109		—		—
Deposits	3,876		3,747		2,734
Policy charges	(153)		(138)		(178)
Surrenders and withdrawals	(1,090)		(527)		(210)
Benefit payments	(1,176)		(961)		(812)
Net transfers from (to) separate accounts	66		3		53
Interest credited	1,016		761		637
Other	59		103		(62)
Balance at December 31,	$	26,406	$	20,699	$	17,711

Weighted-average annual crediting rate	4.1 %		4.0 %		3.9 %

At period end:
Cash surrender value	$	13,633	$	9,396	$	7,912
Net amount at risk, excluding offsets from reinsurance:
In the event of death (2)	$	45,467	$	43,786	$	40,397
At annuitization or exercise of other living benefits (3)	$	17	N/A		N/A

__________________

(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the year ended December 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.

(2)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(3)For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

The RIS segment’s annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	8	$	3,135	$	3,143
Equal to or greater than 2% but less than 4%	404		2,269		571		1,242		4,486
Equal to or greater than 4%	4,411		—		434		6		4,851
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		13,926
Total	$	4,815	$	2,269	$	1,013	$	4,383	$	26,406

December 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	11	$	2,446	$	2,457
Equal to or greater than 2% but less than 4%	195		32		456		661		1,344
Equal to or greater than 4%	4,333		—		294		6		4,633
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		12,265
Total	$	4,528	$	32	$	761	$	3,113	$	20,699

December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	1,651	$	1,671
Equal to or greater than 2% but less than 4%	249		34		105		432		820
Equal to or greater than 4%	4,346		—		282		5		4,633
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		10,587
Total	$	4,595	$	34	$	407	$	2,088	$	17,711

Asia

Universal and Variable Universal Life

The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows:


	Years Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Balance at January 1,	$	50,801	$	49,739	$	46,417
Deposits	6,478		5,885		7,595
Policy charges	(994)		(1,046)		(1,210)
Surrenders and withdrawals	(3,157)		(3,171)		(2,959)
Benefit payments	(536)		(451)		(508)

Interest credited	1,662		1,517		1,408
Effect of foreign currency translation and other, net	120		(1,672)		(1,004)
Balance at December 31,	$	54,374	$	50,801	$	49,739

Weighted-average annual crediting rate	3.2 %		3.1 %		3.0 %

At period end:
Cash surrender value	$	47,525	$	44,685	$	42,577
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	82,387	$	86,683	$	93,172

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The Asia segment’s universal and variable universal life account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2025
Equal to or greater than 0% but less than 2%	$	9,822	$	26	$	257	$	1,989	$	12,094
Equal to or greater than 2% but less than 4%	7,062		15,938		4,955		11,766		39,721
Equal to or greater than 4%	228		—		—		—		228
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		2,331
Total	$	17,112	$	15,964	$	5,212	$	13,755	$	54,374

December 31, 2024
Equal to or greater than 0% but less than 2%	$	9,789	$	15	$	240	$	1,574	$	11,618
Equal to or greater than 2% but less than 4%	7,387		15,807		5,212		10,058		38,464
Equal to or greater than 4%	239		—		—		—		239
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		480
Total	$	17,415	$	15,822	$	5,452	$	11,632	$	50,801

December 31, 2023
Equal to or greater than 0% but less than 2%	$	10,640	$	24	$	231	$	1,001	$	11,896
Equal to or greater than 2% but less than 4%	5,932		15,634		7,801		7,669		37,036
Equal to or greater than 4%	250		—		—		—		250
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		557
Total	$	16,822	$	15,658	$	8,032	$	8,670	$	49,739

Fixed Annuities

Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:


	Years Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Balance at January 1,	$	38,421	$	36,863	$	32,454
Deposits	6,889		6,221		8,115
Policy charges	(4)		(2)		(2)
Surrenders and withdrawals	(2,003)		(2,760)		(2,344)
Benefit payments	(1,836)		(2,208)		(2,156)

Interest credited	1,290		1,070		866
Effect of foreign currency translation and other, net	431		(763)		(70)
Balance at December 31,	$	43,188	$	38,421	$	36,863

Weighted-average annual crediting rate	3.2 %		2.9 %		2.5 %

At period end:
Cash surrender value	$	38,891	$	34,105	$	31,936
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	2	$	1	$	73

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The Asia segment’s fixed annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2025
Equal to or greater than 0% but less than 2%	$	275	$	395	$	3,918	$	37,517	$	42,105
Equal to or greater than 2% but less than 4%	—		4		—		—		4

Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,079
Total	$	275	$	399	$	3,918	$	37,517	$	43,188

December 31, 2024
Equal to or greater than 0% but less than 2%	$	328	$	534	$	4,808	$	31,572	$	37,242
Equal to or greater than 2% but less than 4%	—		4		—		—		4

Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,175
Total	$	328	$	538	$	4,808	$	31,572	$	38,421

December 31, 2023
Equal to or greater than 0% but less than 2%	$	322	$	584	$	6,274	$	28,343	$	35,523
Equal to or greater than 2% but less than 4%	—		5		—		—		5

Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,335
Total	$	322	$	589	$	6,274	$	28,343	$	36,863

Corporate & Other

Annuities

Corporate & Other’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:


	Years Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Balance at January 1,	$	10,142	$	11,537	$	13,286
Transfer, January 1 (1)	(3,109)		—		—
Deposits	113		167		176
Policy charges	(9)		(13)		(15)
Surrenders and withdrawals	(944)		(1,688)		(1,981)
Benefit payments	(307)		(390)		(420)
Net transfers from (to) separate accounts	280		146		72
Interest credited	213		349		396
Other	4		34		23
Balance at December 31,	$	6,383	$	10,142	$	11,537

Weighted-average annual crediting rate	3.2 %		3.3 %		3.3 %

At period end:
Cash surrender value	$	5,872	$	9,555	$	10,904
Net amount at risk, excluding offsets from reinsurance (2):
In the event of death (3)	$	2,240	$	2,540	$	2,821
At annuitization or exercise of other living benefits (4)	$	702	$	750	$	688

__________________

(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the year ended December 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.

(2)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “Corporate & Other – Annuities” in Note 6.

(3)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(4)For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

Corporate & Other’s annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2025
Equal to or greater than 0% but less than 2%	$	50	$	1	$	483	$	174	$	708
Equal to or greater than 2% but less than 4%	2,547		1,600		267		62		4,476
Equal to or greater than 4%	434		409		6		—		849
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		350
Total	$	3,031	$	2,010	$	756	$	236	$	6,383

December 31, 2024
Equal to or greater than 0% but less than 2%	$	2	$	140	$	441	$	75	$	658
Equal to or greater than 2% but less than 4%	1,639		5,675		525		107		7,946
Equal to or greater than 4%	728		399		12		—		1,139
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		399
Total	$	2,369	$	6,214	$	978	$	182	$	10,142

December 31, 2023
Equal to or greater than 0% but less than 2%	$	36	$	307	$	378	$	252	$	973
Equal to or greater than 2% but less than 4%	1,033		7,205		459		202		8,899
Equal to or greater than 4%	788		411		32		—		1,231
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		434
Total	$	1,857	$	7,923	$	869	$	454	$	11,537

Life and Other

Corporate & Other’s life and other PABs include retained asset accounts, universal life products, the fixed account portion of variable life insurance products and funding agreements. Information regarding this liability was as follows:


	Years Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Balance at January 1,	$	11,132	$	11,641	$	12,402
Transfer, January 1 (1)	(3,773)		—		—
Deposits	565		784		783
Policy charges	(667)		(690)		(702)
Surrenders and withdrawals	(322)		(1,053)		(1,171)
Benefit payments	(161)		(151)		(152)
Net transfers from (to) separate accounts	43		51		35
Interest credited	288		421		445
Other	4		129		1
Balance at December 31,	$	7,109	$	11,132	$	11,641

Weighted-average annual crediting rate	4.1 %		3.8 %		3.8 %

At period end:
Cash surrender value	$	6,575	$	10,576	$	11,177
Net amount at risk, excluding offsets from reinsurance (2):
In the event of death (3)	$	60,701	$	64,031	$	67,786

__________________

(1)A product previously reported within the former MetLife Holdings segment was moved to the Group Benefits segment as part of the Strategic Reorganization. Accordingly, the reported balances for the year ended December 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.

(2)Including offsets from reinsurance, the net amount at risk for each of the years ended December 31, 2025, 2024 and 2023, as presented in the above table, would be reduced by 99%.

(3)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

Corporate & Other’s life and other products account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	—	$	—
Equal to or greater than 2% but less than 4%	364		168		613		140		1,285
Equal to or greater than 4%	4,770		388		1		19		5,178
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		646
Total	$	5,134	$	556	$	614	$	159	$	7,109

December 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	14	$	50	$	64
Equal to or greater than 2% but less than 4%	4,062		175		260		531		5,028
Equal to or greater than 4%	4,860		122		403		22		5,407
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		633
Total	$	8,922	$	297	$	677	$	603	$	11,132

December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	16	$	55	$	71
Equal to or greater than 2% but less than 4%	4,453		171		280		549		5,453
Equal to or greater than 4%	5,066		124		413		13		5,616
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,519	$	295	$	709	$	617	$	11,641

6. Market Risk Benefits

The Company establishes assets and liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit, less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

The Company’s MRB assets and MRB liabilities on the consolidated balance sheets were as follows at:


	December 31,
	2025						2024
	Asset		Liability		Net Liability (Asset)		Asset		Liability		Net Liability (Asset)
	(In millions)
Corporate & Other - Annuities (1)	$	258	$	2,043	$	1,785	$	231	$	2,300	$	2,069
Other (2)	200		363		163		141		281		140
Total	$	458	$	2,406	$	1,948	$	372	$	2,581	$	2,209

__________________

(1)See Note 1 for information on the Strategic Reorganization.

(2)Includes an Asia retirement assurance MRB liability and a net liability of $178 million at December 31, 2024, which was previously disclosed as a separate disaggregated rollforward.

Rollforwards

The following information about the direct and assumed liabilities (assets) for MRBs includes a disaggregated rollforward. The products grouped within this rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

Corporate & Other

Corporate & Other’s variable annuity products offer contract features whereby the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantee contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. Corporate & Other’s variable annuity products also include an in-force block of assumed variable annuity guarantees from a third party. Information regarding Corporate & Other’s variable annuity products (including assumed reinsurance) was as follows:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Balance at January 1, (1)	$	2,069	$	2,722	$	3,225

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	1,992	$	2,772	$	3,360
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)	(191)		—		—

Attributed fees collected	314		352		377
Benefit payments	(93)		(90)		(58)
Effect of changes in interest rates	(221)		(736)		(161)
Effect of changes in capital markets	(497)		(514)		(900)
Effect of changes in equity index volatility	—		40		(135)
Actual policyholder behavior different from expected behavior	237		220		144
Effect of changes in future expected policyholder behavior and other assumptions	(15)		12		9
Effect of foreign currency translation and other, net (2)	160		(4)		152
Effect of changes in risk margin	(21)		(60)		(16)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	1,665		1,992		2,772
Cumulative effect of changes in the instrument-specific credit risk	121		78		(54)
Effect of foreign currency translation on the cumulative instrument-specific credit risk	(1)		(1)		4
Net balance at December 31,	1,785		2,069		2,722
Less: Reinsurance recoverable	285		—		—
Balance at December 31,	$	1,500	$	2,069	$	2,722

At period end:
Net amount at risk, excluding offsets from hedging (3):
In the event of death (4)	$	2,242	$	2,543	$	2,828
At annuitization or exercise of other living benefits (5)	$	669	$	718	$	675
Weighted-average attained age of contractholders:
In the event of death (4)	72 years		71 years		70 years
At annuitization or exercise of other living benefits (5)	71 years		70 years		70 years

__________________

(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the year ended December 31, 2025 have been

updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was ($165) million. See Note 1 for further information on the Strategic Reorganization.

(2) Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.

(3) Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs, which are disclosed in “Corporate & Other – Annuities” in Note 5.

(4) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(5) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

Significant Methodologies and Assumptions

The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI.

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 13 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions, including changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

Other

In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features across various segments. These MRBs are measured at estimated fair value, with changes in

estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 13 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities (assets) was as follows:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Balance at January 1, (1)	$	140	$	171	$	258

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	126	$	155	$	257
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)	191		—		—

Attributed fees collected	61		52		37
Benefit payments	(18)		(18)		(40)
Effect of changes in interest rates	(104)		(53)		(2)
Effect of changes in capital markets	(83)		(3)		(41)
Effect of changes in equity index volatility	1		—		(6)
Actual policyholder behavior different from expected behavior	11		3		(23)
Effect of changes in future expected policyholder behavior and other assumptions	(4)		(2)		1
Effect of foreign currency translation and other, net	(17)		(7)		(27)
Effect of changes in risk margin	(4)		(1)		(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	160		126		155
Cumulative effect of changes in the instrument-specific credit risk	2		15		15
Effect of foreign currency translation on the cumulative instrument-specific credit risk	1		(1)		1
Net balance at December 31,	163		140		171
Less: Reinsurance recoverable	8		12		18
Balance at December 31,	$	155	$	128	$	153

__________________

(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the year ended December 31, 2025 have been updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was $165 million. See Note 1 for further information on the Strategic Reorganization.

- Definition

The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References + Details

Market Risk Benefits

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Market Risk Benefits

5. Policyholder Account Balances

The Company establishes liabilities for PABs, which are generally equal to the account value, and which include accrued interest credited, but exclude the impact of any applicable charge that may be incurred upon surrender.

The Company’s PABs on the consolidated balance sheets were as follows at:


	December 31, 2025		December 31, 2024
	(In millions)
Group Benefits - Life	$	11,005	$	7,632
RIS:
Capital markets investment products and stable value GICs	65,592		63,715
Annuities and risk solutions	26,406		20,699
Asia:
Universal and variable universal life	54,374		50,801
Fixed annuities	43,188		38,421
Corporate & Other: (1)
Annuities	6,383		10,142
Life and other	7,109		11,132
Other (2)	22,800		18,903
Total	$	236,857	$	221,445

__________________

(1)See Note 1 for information on the Strategic Reorganization.

(2)Includes EMEA variable annuity PABs of $2.3 billion at December 31, 2024, which was previously disclosed as a separate disaggregated rollforward.

Rollforwards

The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.

Group Benefits

Life

The Group Benefits segment’s life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account portion of variable life insurance products. Information regarding this liability was as follows:


	Years Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Balance at January 1,	$	7,632	$	7,692	$	8,028
Transfer, January 1 (1)	3,773		—		—
Deposits	3,881		3,720		3,311
Policy charges	(669)		(658)		(635)
Surrenders and withdrawals	(3,885)		(3,296)		(3,192)
Benefit payments	(9)		(13)		(12)
Net transfers from (to) separate accounts	1		(3)		—
Interest credited	281		190		192

Balance at December 31,	$	11,005	$	7,632	$	7,692

Weighted-average annual crediting rate	2.5 %		2.5 %		2.5 %

At period end:
Cash surrender value	$	10,936	$	7,569	$	7,630
Net amount at risk, excluding offsets from reinsurance:
In the event of death (2)	$	265,192	$	263,198	$	250,033

__________________

(1)A product previously reported within the former MetLife Holdings segment was moved to the Group Benefits segment as part of the Strategic Reorganization. Accordingly, the reported balances for the year ended December 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.

(2)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The Group Benefits segment’s life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2025
Equal to or greater than 0% but less than 2%	$	503	$	77	$	758	$	4,154	$	5,492
Equal to or greater than 2% but less than 4%	4,536		99		84		—		4,719
Equal to or greater than 4%	679		25		3		53		760
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		34
Total	$	5,718	$	201	$	845	$	4,207	$	11,005

December 31, 2024
Equal to or greater than 0% but less than 2%	$	456	$	72	$	816	$	4,086	$	5,430
Equal to or greater than 2% but less than 4%	1,247		100		61		1		1,409
Equal to or greater than 4%	682		—		39		37		758
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		35
Total	$	2,385	$	172	$	916	$	4,124	$	7,632

December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	86	$	863	$	4,558	$	5,507
Equal to or greater than 2% but less than 4%	1,196		9		62		2		1,269
Equal to or greater than 4%	727		1		43		34		805
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		111
Total	$	1,923	$	96	$	968	$	4,594	$	7,692

RIS

Capital Markets Investment Products and Stable Value GICs

The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements.

In addition, certain subsidiaries of the Company have entered into funding agreements with FHLBNY and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The PAB balances for FHLBNY funding agreements were $14.2 billion at both December 31, 2025 and 2024. These advances are collateralized by residential mortgage-backed securities (“RMBS”) with an estimated fair value of $18.2 billion and $18.4 billion at December 31, 2025 and 2024, respectively. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of FHLBNY as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by such subsidiary, FHLBNY’s recovery on the collateral is limited to the amount of such subsidiary’s liability to FHLBNY. The PAB balances for the Farmer Mac funding agreements were $2.1 billion at both December 31, 2025 and 2024. The obligations under the Farmer Mac funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The carrying value of such collateral was $2.2 billion at both December 31, 2025 and 2024.

Information regarding the RIS segment’s capital markets investment products and stable value GICs in PABs was as follows:


	Years Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Balance at January 1,	$	63,715	$	64,140	$	63,723
Deposits	80,371		73,103		69,229

Surrenders and withdrawals	(82,551)		(74,974)		(71,938)


Interest credited	2,408		2,424		2,091
Effect of foreign currency translation and other, net	1,649		(978)		1,035
Balance at December 31,	$	65,592	$	63,715	$	64,140

Weighted-average annual crediting rate	3.8 %		3.9 %		3.3 %
Cash surrender value at period end	$	1,379	$	1,936	$	2,126

The RIS segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,435	$	2,435


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		63,157
Total	$	—	$	—	$	—	$	2,435	$	65,592

December 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,675	$	2,675


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		61,040
Total	$	—	$	—	$	—	$	2,675	$	63,715

December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,621	$	2,622


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		61,518
Total	$	—	$	—	$	1	$	2,621	$	64,140

Annuities and Risk Solutions

The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income annuities, group fixed deferred annuities, the fixed account portion of group variable deferred annuities, registered index-linked annuities and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:


	Years Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Balance at January 1,	$	20,699	$	17,711	$	15,549
Transfer, January 1 (1)	3,109		—		—
Deposits	3,876		3,747		2,734
Policy charges	(153)		(138)		(178)
Surrenders and withdrawals	(1,090)		(527)		(210)
Benefit payments	(1,176)		(961)		(812)
Net transfers from (to) separate accounts	66		3		53
Interest credited	1,016		761		637
Other	59		103		(62)
Balance at December 31,	$	26,406	$	20,699	$	17,711

Weighted-average annual crediting rate	4.1 %		4.0 %		3.9 %

At period end:
Cash surrender value	$	13,633	$	9,396	$	7,912
Net amount at risk, excluding offsets from reinsurance:
In the event of death (2)	$	45,467	$	43,786	$	40,397
At annuitization or exercise of other living benefits (3)	$	17	N/A		N/A

__________________

(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the year ended December 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.

(2)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(3)For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

The RIS segment’s annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	8	$	3,135	$	3,143
Equal to or greater than 2% but less than 4%	404		2,269		571		1,242		4,486
Equal to or greater than 4%	4,411		—		434		6		4,851
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		13,926
Total	$	4,815	$	2,269	$	1,013	$	4,383	$	26,406

December 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	11	$	2,446	$	2,457
Equal to or greater than 2% but less than 4%	195		32		456		661		1,344
Equal to or greater than 4%	4,333		—		294		6		4,633
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		12,265
Total	$	4,528	$	32	$	761	$	3,113	$	20,699

December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	1,651	$	1,671
Equal to or greater than 2% but less than 4%	249		34		105		432		820
Equal to or greater than 4%	4,346		—		282		5		4,633
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		10,587
Total	$	4,595	$	34	$	407	$	2,088	$	17,711

Asia

Universal and Variable Universal Life

The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows:


	Years Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Balance at January 1,	$	50,801	$	49,739	$	46,417
Deposits	6,478		5,885		7,595
Policy charges	(994)		(1,046)		(1,210)
Surrenders and withdrawals	(3,157)		(3,171)		(2,959)
Benefit payments	(536)		(451)		(508)

Interest credited	1,662		1,517		1,408
Effect of foreign currency translation and other, net	120		(1,672)		(1,004)
Balance at December 31,	$	54,374	$	50,801	$	49,739

Weighted-average annual crediting rate	3.2 %		3.1 %		3.0 %

At period end:
Cash surrender value	$	47,525	$	44,685	$	42,577
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	82,387	$	86,683	$	93,172

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The Asia segment’s universal and variable universal life account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2025
Equal to or greater than 0% but less than 2%	$	9,822	$	26	$	257	$	1,989	$	12,094
Equal to or greater than 2% but less than 4%	7,062		15,938		4,955		11,766		39,721
Equal to or greater than 4%	228		—		—		—		228
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		2,331
Total	$	17,112	$	15,964	$	5,212	$	13,755	$	54,374

December 31, 2024
Equal to or greater than 0% but less than 2%	$	9,789	$	15	$	240	$	1,574	$	11,618
Equal to or greater than 2% but less than 4%	7,387		15,807		5,212		10,058		38,464
Equal to or greater than 4%	239		—		—		—		239
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		480
Total	$	17,415	$	15,822	$	5,452	$	11,632	$	50,801

December 31, 2023
Equal to or greater than 0% but less than 2%	$	10,640	$	24	$	231	$	1,001	$	11,896
Equal to or greater than 2% but less than 4%	5,932		15,634		7,801		7,669		37,036
Equal to or greater than 4%	250		—		—		—		250
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		557
Total	$	16,822	$	15,658	$	8,032	$	8,670	$	49,739

Fixed Annuities

Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:


	Years Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Balance at January 1,	$	38,421	$	36,863	$	32,454
Deposits	6,889		6,221		8,115
Policy charges	(4)		(2)		(2)
Surrenders and withdrawals	(2,003)		(2,760)		(2,344)
Benefit payments	(1,836)		(2,208)		(2,156)

Interest credited	1,290		1,070		866
Effect of foreign currency translation and other, net	431		(763)		(70)
Balance at December 31,	$	43,188	$	38,421	$	36,863

Weighted-average annual crediting rate	3.2 %		2.9 %		2.5 %

At period end:
Cash surrender value	$	38,891	$	34,105	$	31,936
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	2	$	1	$	73

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The Asia segment’s fixed annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2025
Equal to or greater than 0% but less than 2%	$	275	$	395	$	3,918	$	37,517	$	42,105
Equal to or greater than 2% but less than 4%	—		4		—		—		4

Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,079
Total	$	275	$	399	$	3,918	$	37,517	$	43,188

December 31, 2024
Equal to or greater than 0% but less than 2%	$	328	$	534	$	4,808	$	31,572	$	37,242
Equal to or greater than 2% but less than 4%	—		4		—		—		4

Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,175
Total	$	328	$	538	$	4,808	$	31,572	$	38,421

December 31, 2023
Equal to or greater than 0% but less than 2%	$	322	$	584	$	6,274	$	28,343	$	35,523
Equal to or greater than 2% but less than 4%	—		5		—		—		5

Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,335
Total	$	322	$	589	$	6,274	$	28,343	$	36,863

Corporate & Other

Annuities

Corporate & Other’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:


	Years Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Balance at January 1,	$	10,142	$	11,537	$	13,286
Transfer, January 1 (1)	(3,109)		—		—
Deposits	113		167		176
Policy charges	(9)		(13)		(15)
Surrenders and withdrawals	(944)		(1,688)		(1,981)
Benefit payments	(307)		(390)		(420)
Net transfers from (to) separate accounts	280		146		72
Interest credited	213		349		396
Other	4		34		23
Balance at December 31,	$	6,383	$	10,142	$	11,537

Weighted-average annual crediting rate	3.2 %		3.3 %		3.3 %

At period end:
Cash surrender value	$	5,872	$	9,555	$	10,904
Net amount at risk, excluding offsets from reinsurance (2):
In the event of death (3)	$	2,240	$	2,540	$	2,821
At annuitization or exercise of other living benefits (4)	$	702	$	750	$	688

__________________

(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the year ended December 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.

(2)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “Corporate & Other – Annuities” in Note 6.

(3)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(4)For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

Corporate & Other’s annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2025
Equal to or greater than 0% but less than 2%	$	50	$	1	$	483	$	174	$	708
Equal to or greater than 2% but less than 4%	2,547		1,600		267		62		4,476
Equal to or greater than 4%	434		409		6		—		849
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		350
Total	$	3,031	$	2,010	$	756	$	236	$	6,383

December 31, 2024
Equal to or greater than 0% but less than 2%	$	2	$	140	$	441	$	75	$	658
Equal to or greater than 2% but less than 4%	1,639		5,675		525		107		7,946
Equal to or greater than 4%	728		399		12		—		1,139
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		399
Total	$	2,369	$	6,214	$	978	$	182	$	10,142

December 31, 2023
Equal to or greater than 0% but less than 2%	$	36	$	307	$	378	$	252	$	973
Equal to or greater than 2% but less than 4%	1,033		7,205		459		202		8,899
Equal to or greater than 4%	788		411		32		—		1,231
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		434
Total	$	1,857	$	7,923	$	869	$	454	$	11,537

Life and Other

Corporate & Other’s life and other PABs include retained asset accounts, universal life products, the fixed account portion of variable life insurance products and funding agreements. Information regarding this liability was as follows:


	Years Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Balance at January 1,	$	11,132	$	11,641	$	12,402
Transfer, January 1 (1)	(3,773)		—		—
Deposits	565		784		783
Policy charges	(667)		(690)		(702)
Surrenders and withdrawals	(322)		(1,053)		(1,171)
Benefit payments	(161)		(151)		(152)
Net transfers from (to) separate accounts	43		51		35
Interest credited	288		421		445
Other	4		129		1
Balance at December 31,	$	7,109	$	11,132	$	11,641

Weighted-average annual crediting rate	4.1 %		3.8 %		3.8 %

At period end:
Cash surrender value	$	6,575	$	10,576	$	11,177
Net amount at risk, excluding offsets from reinsurance (2):
In the event of death (3)	$	60,701	$	64,031	$	67,786

__________________

(1)A product previously reported within the former MetLife Holdings segment was moved to the Group Benefits segment as part of the Strategic Reorganization. Accordingly, the reported balances for the year ended December 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.

(2)Including offsets from reinsurance, the net amount at risk for each of the years ended December 31, 2025, 2024 and 2023, as presented in the above table, would be reduced by 99%.

(3)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

Corporate & Other’s life and other products account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	—	$	—
Equal to or greater than 2% but less than 4%	364		168		613		140		1,285
Equal to or greater than 4%	4,770		388		1		19		5,178
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		646
Total	$	5,134	$	556	$	614	$	159	$	7,109

December 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	14	$	50	$	64
Equal to or greater than 2% but less than 4%	4,062		175		260		531		5,028
Equal to or greater than 4%	4,860		122		403		22		5,407
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		633
Total	$	8,922	$	297	$	677	$	603	$	11,132

December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	16	$	55	$	71
Equal to or greater than 2% but less than 4%	4,453		171		280		549		5,453
Equal to or greater than 4%	5,066		124		413		13		5,616
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,519	$	295	$	709	$	617	$	11,641

6. Market Risk Benefits

The Company establishes assets and liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit, less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

The Company’s MRB assets and MRB liabilities on the consolidated balance sheets were as follows at:


	December 31,
	2025						2024
	Asset		Liability		Net Liability (Asset)		Asset		Liability		Net Liability (Asset)
	(In millions)
Corporate & Other - Annuities (1)	$	258	$	2,043	$	1,785	$	231	$	2,300	$	2,069
Other (2)	200		363		163		141		281		140
Total	$	458	$	2,406	$	1,948	$	372	$	2,581	$	2,209

__________________

(1)See Note 1 for information on the Strategic Reorganization.

(2)Includes an Asia retirement assurance MRB liability and a net liability of $178 million at December 31, 2024, which was previously disclosed as a separate disaggregated rollforward.

Rollforwards

The following information about the direct and assumed liabilities (assets) for MRBs includes a disaggregated rollforward. The products grouped within this rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

Corporate & Other

Corporate & Other’s variable annuity products offer contract features whereby the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantee contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. Corporate & Other’s variable annuity products also include an in-force block of assumed variable annuity guarantees from a third party. Information regarding Corporate & Other’s variable annuity products (including assumed reinsurance) was as follows:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Balance at January 1, (1)	$	2,069	$	2,722	$	3,225

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	1,992	$	2,772	$	3,360
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)	(191)		—		—

Attributed fees collected	314		352		377
Benefit payments	(93)		(90)		(58)
Effect of changes in interest rates	(221)		(736)		(161)
Effect of changes in capital markets	(497)		(514)		(900)
Effect of changes in equity index volatility	—		40		(135)
Actual policyholder behavior different from expected behavior	237		220		144
Effect of changes in future expected policyholder behavior and other assumptions	(15)		12		9
Effect of foreign currency translation and other, net (2)	160		(4)		152
Effect of changes in risk margin	(21)		(60)		(16)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	1,665		1,992		2,772
Cumulative effect of changes in the instrument-specific credit risk	121		78		(54)
Effect of foreign currency translation on the cumulative instrument-specific credit risk	(1)		(1)		4
Net balance at December 31,	1,785		2,069		2,722
Less: Reinsurance recoverable	285		—		—
Balance at December 31,	$	1,500	$	2,069	$	2,722

At period end:
Net amount at risk, excluding offsets from hedging (3):
In the event of death (4)	$	2,242	$	2,543	$	2,828
At annuitization or exercise of other living benefits (5)	$	669	$	718	$	675
Weighted-average attained age of contractholders:
In the event of death (4)	72 years		71 years		70 years
At annuitization or exercise of other living benefits (5)	71 years		70 years		70 years

__________________

(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the year ended December 31, 2025 have been

updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was ($165) million. See Note 1 for further information on the Strategic Reorganization.

(2) Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.

(3) Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs, which are disclosed in “Corporate & Other – Annuities” in Note 5.

(4) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(5) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

Significant Methodologies and Assumptions

The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI.

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 13 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions, including changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

Other

In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features across various segments. These MRBs are measured at estimated fair value, with changes in

estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 13 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities (assets) was as follows:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Balance at January 1, (1)	$	140	$	171	$	258

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	126	$	155	$	257
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)	191		—		—

Attributed fees collected	61		52		37
Benefit payments	(18)		(18)		(40)
Effect of changes in interest rates	(104)		(53)		(2)
Effect of changes in capital markets	(83)		(3)		(41)
Effect of changes in equity index volatility	1		—		(6)
Actual policyholder behavior different from expected behavior	11		3		(23)
Effect of changes in future expected policyholder behavior and other assumptions	(4)		(2)		1
Effect of foreign currency translation and other, net	(17)		(7)		(27)
Effect of changes in risk margin	(4)		(1)		(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	160		126		155
Cumulative effect of changes in the instrument-specific credit risk	2		15		15
Effect of foreign currency translation on the cumulative instrument-specific credit risk	1		(1)		1
Net balance at December 31,	163		140		171
Less: Reinsurance recoverable	8		12		18
Balance at December 31,	$	155	$	128	$	153

__________________

(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the year ended December 31, 2025 have been updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was $165 million. See Note 1 for further information on the Strategic Reorganization.

- Definition

The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References + Details

Separate Account

12 Months Ended

Dec. 31, 2025

Separate Accounts Disclosure [Abstract]

Separate Account

7. Separate Accounts

Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.

Separate account assets and liabilities include two categories of account types: pass-through separate accounts totaling $128.7 billion and $113.6 billion at December 31, 2025 and 2024, respectively, for which the contractholder assumes all investment risk, and separate accounts for which the Company contractually guarantees either a minimum return or account value to the contractholder which totaled $23.3 billion and $25.9 billion at December 31, 2025 and 2024, respectively. The latter category consisted primarily of GICs. The average interest rate credited on these contracts was 2.5% and 2.6% at December 31, 2025 and 2024, respectively.

Separate Account Liabilities

The Company’s separate account liabilities on the consolidated balance sheets were as follows at:


	December 31, 2025		December 31, 2024
	(In millions)
RIS:
Stable Value and Risk Solutions	$	38,925	$	40,319
Annuities	18,099		11,001
Latin America - Pensions	48,549		38,765
Corporate & Other - Annuities (1)	19,621		27,829
Other	26,739		21,590
Total	$	151,933	$	139,504

__________________

(1)See Note 1 for further information on the Strategic Reorganization.

Rollforwards

The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

The separate account liabilities are primarily comprised of the following: RIS stable value and risk solutions contracts, RIS annuity participating and non-participating group contracts and group variable deferred annuities, Latin America savings-oriented pension product in Chile within the country’s mandatory individual capitalization pension system, and Corporate & Other variable annuities.

The balances of and changes in separate account liabilities were as follows:


	RIS Stable Value and Risk Solutions		RIS Annuities		Latin America Pensions		Corporate & Other Annuities
	(In millions)
Balance, January 1, 2023	$	48,265	$	11,694	$	39,428	$	28,499
Premiums and deposits	2,203		175		7,936		256
Policy charges	(285)		(21)		(287)		(609)
Surrenders and withdrawals	(11,123)		(944)		(5,781)		(2,948)
Benefit payments	(99)		—		(1,702)		(464)
Investment performance	2,595		774		2,814		4,561
Net transfers from (to) general account	(56)		3		—		(74)
Effect of foreign currency translation and other, net	(157)		(22)		(1,088)		3
Balance, December 31, 2023	$	41,343	$	11,659	$	41,320	$	29,224
Premiums and deposits	3,065		145		6,779		235
Policy charges	(273)		(21)		(264)		(603)
Surrenders and withdrawals	(5,423)		(918)		(5,147)		(3,794)
Benefit payments	(99)		—		(1,679)		(491)
Investment performance	1,755		83		2,981		3,411
Net transfers from (to) general account	(4)		—		—		(147)
Effect of foreign currency translation and other, net	(45)		53		(5,225)		(6)
Balance, December 31, 2024	$	40,319	$	11,001	$	38,765	$	27,829
Transfer, January 1 (1)	—		6,926		—		(6,926)
Premiums and deposits	4,657		246		6,972		66
Policy charges	(285)		(107)		(271)		(467)
Surrenders and withdrawals	(6,804)		(1,579)		(5,422)		(2,593)
Benefit payments	(154)		(41)		(1,924)		(420)
Investment performance	2,848		1,783		6,090		2,415
Net transfers from (to) general account	15		(81)		—		(281)
Effect of foreign currency translation and other, net (2)	(1,671)		(49)		4,339		(2)
Balance, December 31, 2025	$	38,925	$	18,099	$	48,549	$	19,621

Cash surrender value at December 31, 2023 (3)	$	35,950	N/A		$	41,320	$	29,078
Cash surrender value at December 31, 2024 (3)	$	34,949	N/A		$	38,765	$	27,703
Cash surrender value at December 31, 2025 (1), (3)	$	35,333	$	6,960	$	48,549	$	19,532

__________________

(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the year ended December 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.

(2)The effect of foreign currency translation and other, net, for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.

(3)Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.

Separate Account Assets

The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:


	December 31, 2025
	Group Benefits		RIS		Asia		Latin America		EMEA		Corporate & Other (1)		Total
	(In millions)
Fixed maturity securities:
Bonds:
Government and agency	$	—	$	9,257	$	1,128	$	12,336	$	4,326	$	—	$	27,047
Public utilities	—		1,077		173		—		—		—		1,250
Municipals	—		307		17		—		—		—		324
Corporate bonds	—		8,078		733		8,749		461		—		18,021
Total bonds	—		18,719		2,051		21,085		4,787		—		46,642
Mortgage-backed securities	—		8,306		—		—		—		—		8,306
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)	—		2,388		—		—		—		—		2,388
Redeemable preferred stock	—		8		138		—		—		—		146
Total fixed maturity securities	—		29,421		2,189		21,085		4,787		—		57,482
Equity securities	—		2,889		3,698		4,261		1,953		—		12,801
Mutual funds (2):
Bond funds	87		1,270		191		5,657		44		2,041		9,290
Equity funds	1,156		6,561		3,366		13,495		169		13,782		38,529
Balanced funds	80		89		—		—		—		2		171
Other	115		10,673		336		—		68		11,097		22,289
Total mutual funds	1,438		18,593		3,893		19,152		281		26,922		70,279
Other invested assets	—		1,198		312		3,753		118		—		5,381
Total investments	1,438		52,101		10,092		48,251		7,139		26,922		145,943
Other assets	—		5,027		640		298		25		—		5,990
Total	$	1,438	$	57,128	$	10,732	$	48,549	$	7,164	$	26,922	$	151,933


	December 31, 2024
	Group Benefits		RIS		Asia		Latin America		EMEA		Corporate & Other (1)		Total
	(In millions)
Fixed maturity securities:
Bonds:
Government and agency	$	—	$	9,950	$	1,115	$	10,545	$	3,017	$	15	$	24,642
Public utilities	—		1,090		188		—		—		7		1,285
Municipals	—		250		18		—		—		12		280
Corporate bonds	—		8,682		723		7,720		320		52		17,497
Total bonds	—		19,972		2,044		18,265		3,337		86		43,704
Mortgage-backed securities	—		9,021		—		—		—		38		9,059
ABS & CLO	—		2,145		—		—		—		17		2,162
Redeemable preferred stock	—		8		—		—		—		—		8
Total fixed maturity securities	—		31,146		2,044		18,265		3,337		141		54,933
Equity securities	—		2,830		2,324		2,353		1,200		—		8,707
Mutual funds (2):
Bond funds	86		847		186		3,228		41		2,603		6,991
Equity funds	1,047		1,521		2,636		11,067		55		18,587		34,913
Balanced funds	68		1		—		—		—		70		139
Other	118		7,666		276		—		33		13,491		21,584
Total mutual funds	1,319		10,035		3,098		14,295		129		34,751		63,627
Other invested assets	—		1,398		312		2,557		43		—		4,310
Total investments	1,319		45,409		7,778		37,470		4,709		34,892		131,577
Other assets	—		6,011		453		1,295		166		2		7,927
Total	$	1,319	$	51,420	$	8,231	$	38,765	$	4,875	$	34,894	$	139,504

__________________

(1)See Note 1 for further information on the Strategic Reorganization.

(2)Mutual fund balances are presented by fund type. Prior year amounts, previously presented in the aggregate, have been reclassified to conform to the current year presentation.

Deferred Policy Acquisition Costs, Value of Business Acquired, Unearned Revenue and Other Intangibles

12 Months Ended

Dec. 31, 2025

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

Intangible Assets and Liabilities and Unearned Revenue excluding Goodwill [Text Block]

8. Deferred Policy Acquisition Costs, Value of Business Acquired, Unearned Revenue and Other Intangibles

DAC and VOBA

Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:


	Group Benefits		RIS		Asia (1)		Latin America (2)		EMEA (2)		Corporate & Other (3)		Total
	(In millions)
DAC:
Balance at January 1, 2023	$	264	$	267	$	10,270	$	1,542	$	1,480	$	3,821	$	17,644
Capitalizations	20		176		1,583		651		457		30		2,917
Amortization	(26)		(46)		(705)		(418)		(332)		(264)		(1,791)
Effect of foreign currency translation and other, net (4)	—		—		(284)		175		13		(286)		(382)
Balance at December 31, 2023	258		397		10,864		1,950		1,618		3,301		18,388
Capitalizations	18		218		1,380		704		486		27		2,833
Amortization	(26)		(63)		(782)		(461)		(345)		(235)		(1,912)
Effect of foreign currency translation and other, net	—		—		(677)		(357)		(95)		(2)		(1,131)
Balance at December 31, 2024	250		552		10,785		1,836		1,664		3,091		18,178
Transfer, January 1 (5)	—		98		—		—		—		(98)		—
Capitalizations	26		213		1,617		770		568		25		3,219
Amortization	(26)		(78)		(811)		(530)		(360)		(213)		(2,018)
Effect of foreign currency translation and other, net (4)	—		—		52		267		149		(114)		354
Balance at December, 31, 2025	$	250	$	785	$	11,643	$	2,343	$	2,021	$	2,691	$	19,733

VOBA:
Balance at January 1, 2023	$	—	$	19	$	1,290	$	545	$	127	$	28	$	2,009
Amortization	—		(3)		(89)		(50)		(16)		(3)		(161)
Effect of foreign currency translation and other, net (4)	—		—		(82)		2		2		(7)		(85)
Balance at December 31, 2023	—		16		1,119		497		113		18		1,763
Amortization	—		(3)		(71)		(42)		(14)		(4)		(134)
Effect of foreign currency translation and other, net	—		—		(113)		(62)		(5)		—		(180)
Balance at December 31, 2024	—		13		935		393		94		14		1,449
Amortization	—		(3)		(64)		(41)		(11)		(2)		(121)
Effect of foreign currency translation and other, net (4)	—		—		4		41		8		(7)		46
Balance at December 31, 2025	$	—	$	10	$	875	$	393	$	91	$	5	$	1,374

Total DAC and VOBA:
Balance at December 31, 2023													$	20,151
Balance at December 31, 2024													$	19,627
Balance at December 31, 2025													$	21,107

__________________

(1)Includes DAC balances primarily related to accident & health, universal and variable universal life, variable life and fixed annuity products and VOBA balances primarily related to accident & health products.

(2)Includes DAC balances primarily related to universal life, variable universal life, ordinary life and accident & health productsIncludes DAC balances primarily related to whole life, variable annuities, term life, universal life and long-term care products. See Note 1 for further information on the Strategic Reorganization.

(4)Corporate & Other includes activity for total DAC and total VOBA ceded at the date of inception related to a reinsurance agreement.

(5)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the year ended December 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.

Significant Methodologies and Assumptions

The Company amortizes DAC and VOBA related to long-duration contracts over the estimated lives of the contracts in proportion to benefits in-force for RIS annuities and policy count for all other products. The amortization amount is calculated using the same cohorts as the corresponding liabilities on a quarterly basis, using an amortization rate that includes current period reporting experience and end of period persistency and longevity assumptions that are consistent with those used to measure the corresponding liabilities.

The Company amortizes DAC for credit insurance and other short-duration contracts, which is primarily comprised of commissions and certain underwriting expenses, in proportion to actual and future earned premium over the applicable contract term.

Information regarding other intangibles was as follows:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
VODA and VOCRA:
Balance at January 1,	$	710	$	794	$	876
Amortization	(83)		(85)		(88)
Effect of foreign currency translation and other	9		1		6
Balance at December 31,	$	636	$	710	$	794
Accumulated amortization	$	923	$	840	$	755

Negative VOBA:
Balance at January 1,	$	369	$	427	$	473

Amortization	(25)		(25)		(26)
Effect of foreign currency translation and other	6		(33)		(20)
Balance at December 31,	$	350	$	369	$	427
Accumulated amortization	$	3,448	$	3,423	$	3,398

The estimated future amortization expense (credit) to be reported in other expenses for the next five years is as follows:


	VOBA		VODA and VOCRA		Negative VOBA
	(In millions)
2026	$	117	$	80	$	(22)
2027	$	110	$	78	$	(21)
2028	$	100	$	75	$	(20)
2029	$	92	$	73	$	(19)
2030	$	82	$	66	$	(18)

Unearned Revenue

Information regarding the Company’s UREV primarily related to interest sensitive whole life, variable life and universal life products by segment, as well as Corporate & Other, included in other policy-related balances was as follows:


	RIS		Asia		Latin America		EMEA		Corporate & Other (1)		Total
	(In millions)
Balance at January 1, 2023	$	36	$	2,382	$	848	$	559	$	281	$	4,106
Deferrals	2		667		147		95		48		959
Amortization	(7)		(181)		(116)		(63)		(18)		(385)
Effect of foreign currency translation and other - net (2)	—		(18)		110		17		(252)		(143)
Balance at December 31, 2023	31		2,850		989		608		59		4,537
Deferrals	2		534		146		98		15		795
Amortization	(6)		(228)		(115)		(68)		(5)		(422)
Effect of foreign currency translation and other - net	—		(80)		(179)		(16)		—		(275)
Balance at December 31, 2024	27		3,076		841		622		69		4,635
Deferrals	2		496		143		124		12		777
Amortization	(6)		(238)		(115)		(69)		(5)		(433)
Effect of foreign currency translation and other - net (2)	—		12		128		46		(3)		183
Balance at December 31, 2025	$	23	$	3,346	$	997	$	723	$	73	$	5,162

__________________

(1)See Note 1 for information on the Strategic Reorganization.

(2)Corporate & Other includes activity for total UREV ceded at the date of inception related to a reinsurance agreement.

Significant Methodologies and Assumptions

UREV is amortized similarly to DAC and VOBA, see “— DAC and VOBA.”

Reinsurance

12 Months Ended

Dec. 31, 2025

Reinsurance Disclosures [Abstract]

Reinsurance

9. Reinsurance

The Company enters into reinsurance agreements both as a purchaser of reinsurance for its various insurance products and also as a provider of reinsurance for pension, annuity and insurance products issued by third parties. The Company purchases reinsurance in order to limit losses, minimize exposure to significant risks and provide additional capacity for future growth.

Under the terms of the reinsurance agreements, the reinsurer agrees to reimburse the Company for the ceded amount in the event a claim is paid. Cessions under reinsurance agreements do not discharge the Company’s obligation as the primary insurer. In the event that reinsurers do not meet their obligations under the terms of the reinsurance agreements, reinsurance recoverable balances could become uncollectible.

Accounting for reinsurance requires extensive use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the aforementioned assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance and evaluates the financial strength of counterparties to its reinsurance agreements using criteria similar to that evaluated in the security impairment process discussed in “ — Fixed Maturity Securities AFS — Evaluation of Fixed Maturity Securities AFS for Credit Loss” in Note 11.

Group Benefits

For its Group Benefits segment, the Company generally retains most of the risk, with the exception of its Group Term Life business and certain client arrangements.

The Company reinsures a 90% quota share of its non-participating Group Term Life business and a 50% quota share of its Group Dental business for capital management purposes. The majority of the Company’s other reinsurance activity within this segment relates to client agreements for employer sponsored captive programs, risk-sharing agreements and multinational pooling. The risks ceded under these agreements are generally quota shares of group life and disability policies. The cessions vary and the Company may cede up to 100% of all the risks of the policies.

RIS

For its RIS segment, the Company reinsures longevity risks for certain pension products issued by unaffiliated providers located in the U.K. The Company also reinsures certain registered indexed annuities. The Company cedes risk on certain pension products and certain structured settlement annuities.

Asia, Latin America and EMEA

For selected large corporate clients, the Company reinsures group employee benefits or credit insurance business with various client-affiliated reinsurance companies, covering policies issued to the employees or customers of the clients. Additionally, the Company cedes and assumes risk with other insurance companies when either company requires a business partner with the appropriate local licensing to issue certain types of policies in certain jurisdictions. In these cases, the assuming company typically underwrites the risks, develops the products and assumes most or all of the risk. The Company also has reinsurance agreements in-force that reinsure a portion of the living and death benefit guarantees issued in connection with variable annuity products. Under these agreements, the Company pays reinsurance fees associated with the guarantees collected from policyholders and receives reimbursement for benefits paid or accrued in excess of account values, subject to certain limitations. The Company may also reinsure certain risks with external reinsurers depending upon the nature of the risk and local regulatory requirements.

Corporate & Other

For its life products, the Company has historically reinsured the mortality risk primarily on an excess of retention basis or on a quota share basis. In addition to reinsuring mortality risk as described above, the Company reinsures other risks, as well as specific coverages. Placement of reinsurance is done primarily on an automatic basis and also on a facultative basis for risks with specified characteristics. The Company assumes the risk associated with certain whole life policies, certain term life policies and universal life policies with secondary death benefit guarantees. The Company also ceded (i) an in-force block of universal life, variable universal life, universal life with secondary guarantees and fixed annuities on a 100% quota share basis and (ii) certain participating whole life business and certain variable annuities.

For its other products, the Company has a reinsurance agreement in-force to assume the living and death benefit guarantees issued in connection with certain variable annuity guarantees from a third party in Japan. Under this agreement, the Company receives reinsurance fees associated with the guarantees collected from policyholders, and provides reimbursement for benefits paid or accrued in excess of account values, subject to certain limitations.

Catastrophe Coverage

The Company has exposure to catastrophes which could contribute to significant fluctuations in the Company’s results of operations. For the Group Benefits and EMEA segments, the Company purchases catastrophe coverage to reinsure risks issued within territories that the Company believes are subject to the greatest catastrophic risks. For its other segments, the Company uses excess of retention and quota share reinsurance agreements to provide greater diversification of risk and minimize exposure to larger risks. Excess of retention reinsurance agreements provide for a portion of a risk to remain with the direct writing company and quota share reinsurance agreements provide for the direct writing company to transfer a fixed percentage of all risks of a class of policies.

Reinsurance Recoverables

The Company reinsures its business through a diversified group of well-capitalized reinsurers. The Company analyzes recent trends in arbitration and litigation outcomes in disputes, if any, with its reinsurers. The Company monitors ratings and evaluates the financial strength of its reinsurers by analyzing their financial statements. In addition, the reinsurance recoverable balance due from each reinsurer is evaluated as part of the overall monitoring process. Recoverability of reinsurance recoverable balances is evaluated based on these analyses. The Company generally secures large reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. These reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, which at December 31, 2025 and 2024, were not significant. A U.S. life insurance subsidiary of the Company also secured collateral from its counterparties to mitigate counterparty default risk related to its longevity reinsurance agreements.

The Company has secured certain reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. The Company had $4.8 billion and $4.2 billion of unsecured reinsurance recoverable balances at December 31, 2025 and 2024, respectively.

At December 31, 2025, the Company had $35.1 billion of net ceded reinsurance recoverables. Of this total, $30.6 billion, or 87%, were with the Company’s five largest ceded reinsurers, including $1.7 billion of net ceded reinsurance recoverables which were unsecured. At December 31, 2025, the top three reinsurers including Chariot Re, and two other third-party reinsurers accounted for 27%, 26% and 24%, respectively, of the net ceded reinsurance recoverables. At December 31, 2024, the Company had $17.6 billion of net ceded reinsurance recoverables. Of this total, $14.7 billion, or 84%, were with the Company’s five largest ceded reinsurers, including $2.4 billion of net ceded reinsurance recoverables which were unsecured. At December 31, 2024, the largest reinsurer accounted for 55% of the net ceded reinsurance recoverables.

The Company reinsured, with an unaffiliated third-party reinsurer, 59% of the closed block through a modified coinsurance agreement. In October 2025, the Company recaptured this agreement. The Company accounted for this agreement under the deposit method of accounting. The Company, having the right of offset, offset the modified coinsurance deposit liability with the deposit recoverable.

The amounts on the consolidated statements of operations include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Premiums
Direct premiums	$	53,375	$	45,153	$	43,359
Reinsurance assumed	4,499		3,788		3,112
Reinsurance ceded	(8,095)		(3,996)		(2,188)
Net premiums	$	49,779	$	44,945	$	44,283
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	5,925	$	5,914	$	5,787
Reinsurance assumed	4		(3)		(19)
Reinsurance ceded	(926)		(937)		(616)
Net universal life and investment-type product policy fees	$	5,003	$	4,974	$	5,152
Policyholder benefits and claims
Direct policyholder benefits and claims	$	54,464	$	45,662	$	44,155
Reinsurance assumed	4,202		3,614		2,904
Reinsurance ceded	(8,948)		(4,548)		(2,469)
Net policyholder benefits and claims	$	49,718	$	44,728	$	44,590
Policyholder liability remeasurement (gains) losses
Direct policyholder liability remeasurement (gains) losses	$	(21)	$	(169)	$	(54)
Reinsurance assumed	—		(13)		(20)
Reinsurance ceded	(129)		(24)		29
Net policyholder liability remeasurement (gains) losses	$	(150)	$	(206)	$	(45)
MRB remeasurement (gains) losses
Direct MRB (gains) losses	$	(490)	$	(992)	$	(785)
Reinsurance assumed	(89)		(123)		(214)
Reinsurance ceded	71		6		5
Net MRB (gains) losses	$	(508)	$	(1,109)	$	(994)
Other expenses
Direct other expenses	$	13,618	$	13,054	$	12,760
Reinsurance assumed	222		202		235
Reinsurance ceded	20		(239)		(285)
Net other expenses	$	13,860	$	13,017	$	12,710

The amounts on the consolidated balance sheets include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows at:


	December 31,
	2025								2024
	Direct		Assumed		Ceded		Total Balance Sheet		Direct		Assumed		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables (1)	$	7,612	$	1,594	$	39,853	$	49,059	$	6,496	$	1,432	$	21,833	$	29,761
MRBs	404		54		—		458		365		7		—		372
DAC and VOBA	21,353		355		(601)		21,107		19,753		352		(478)		19,627
Total assets	$	29,369	$	2,003	$	39,252	$	70,624	$	26,614	$	1,791	$	21,355	$	49,760
Liabilities
FPBs	$	204,122	$	4,733	$	—	$	208,855	$	189,328	$	4,318	$	—	$	193,646
PABs (2)	236,487		370		—		236,857		221,268		177		—		221,445
MRBs	2,380		26		—		2,406		2,566		15		—		2,581
Other policy-related balances	19,082		1,297		(309)		20,070		18,138		1,052		(291)		18,899
Other liabilities	27,627		1,700		28,255		57,582		26,722		1,863		8,258		36,843
Total liabilities	$	489,698	$	8,126	$	27,946	$	525,770	$	458,022	$	7,425	$	7,967	$	473,414

__________________

(1)Includes ceded PABs, FPBs and MRBs.

(2)Prior year PABs have been presented to conform to the current year presentation.

Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. Included in premiums, reinsurance and other receivables in the table above are deposit assets on reinsurance of $8.1 billion and $4.6 billion at December 31, 2025 and 2024, respectively. Included in other liabilities in the table above are deposit liabilities on reinsurance of $1.2 billion at both December 31, 2025 and 2024.

In December 2025, the Company entered into a reinsurance agreement with Talcott Resolution Life Insurance Company to cede certain variable annuity contracts and rider reserves on a funds withheld basis. The Company recorded premiums, reinsurance and other receivables of $2.0 billion and a funds withheld liability of $2.0 billion within other liabilities at December 31, 2025. The Company retained $8.3 billion of separate account assets on a funds withheld basis at December 31, 2025.

In November 2025, the Company entered into a reinsurance agreement to cede certain group annuity contracts issued in connection with a qualifying pension risk transfer on a funds withheld basis. The Company recorded cash and cash equivalents of $624 million, premiums, reinsurance and other receivables of $5.3 billion and a funds withheld liability of $5.7 billion within other liabilities at December 31, 2025. The Company also recorded premiums of ($4.5) billion, net derivative gains of $37 million, policyholder benefits and claims of ($4.6) billion and other expenses of $24 million for the year ended December 31, 2025.

Also in 2025, the Company entered into two reinsurance agreements with Chariot Reinsurance, Ltd. (“Chariot Re”): one to cede certain structured settlement annuity contracts and group annuity contracts associated with pension risk transfers on a funds withheld basis and another to cede certain participating whole life business on a funds withheld basis. For both transactions, the Company recorded cash and cash equivalents of $977 million, premiums, reinsurance and other receivables of $9.8 billion and a funds withheld liability of $10.5 billion within other liabilities at December 31, 2025. The Company also recorded net derivative losses of $167 million, other revenues of $66 million, policyholder benefits and claims of ($146) million and other expenses of $184 million for the year ended December 31, 2025. See Note 25 for additional related party transactions.

Closed Block

12 Months Ended

Dec. 31, 2025

Closed Block Disclosure [Abstract]

Closed Block

10. Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company (“MLIC”) converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving MLIC’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC. Assets have been allocated to the closed block in an amount that has been determined to produce cash flows which, together with anticipated revenues from the policies included in the closed block, are reasonably expected to be sufficient to support obligations and liabilities relating to these policies, including, but not limited to, provisions for the payment of claims and certain expenses and taxes, and to provide for the continuation of policyholder dividend scales in effect for 1999, if the experience underlying such dividend scales continues, and for appropriate adjustments in such scales if the experience changes. At least annually, the Company compares actual and projected experience against the experience assumed in the then-current dividend scales. Dividend scales are adjusted periodically to give effect to changes in experience.

The closed block assets, the cash flows generated by the closed block assets and the anticipated revenues from the policies in the closed block will benefit only the holders of the policies in the closed block. To the extent that, over time, cash flows from the assets allocated to the closed block and claims and other experience related to the closed block are, in the aggregate, more or less favorable than what was assumed when the closed block was established, total dividends paid to closed block policyholders in the future may be greater than or less than the total dividends that would have been paid to these policyholders if the policyholder dividend scales in effect for 1999 had been continued. Any cash flows in excess of amounts assumed will be available for distribution over time to closed block policyholders and will not be available to stockholders. If the closed block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside of the closed block. The closed block will continue in effect as long as any policy in the closed block remains in-force. The expected life of the closed block is over 100 years from the Demutualization Date.

The Company uses the same accounting principles to account for the participating policies included in the closed block as it used prior to the Demutualization Date. However, the Company establishes a policyholder dividend obligation for earnings that will be paid to policyholders as additional dividends as described below. The excess of closed block liabilities over closed block assets at the Demutualization Date (adjusted to eliminate the impact of related amounts in AOCI) represents the estimated maximum future earnings from the closed block expected to result from operations, attributed net of income tax, to the closed block. Earnings of the closed block are recognized in income over the period the policies and contracts in the closed block remain in-force.

If, over the period the closed block remains in existence, the actual cumulative earnings of the closed block are greater than the expected cumulative earnings of the closed block, the Company will pay the excess to closed block policyholders as additional policyholder dividends unless offset by future unfavorable experience of the closed block and, accordingly, will recognize only the expected cumulative earnings in income with the excess recorded as a policyholder dividend obligation. If over such period, the actual cumulative earnings of the closed block are less than the expected cumulative earnings of the closed block, the Company will recognize only the actual earnings in income. However, the Company may change policyholder dividend scales in the future, which would be intended to increase future actual earnings until the actual cumulative earnings equal the expected cumulative earnings.

At least annually, management performs a premium deficiency test using best estimate assumptions to determine whether the projected future earnings of the closed block are sufficient to support the payment of future closed block contractual benefits. The most recent deficiency test demonstrated that the projected future earnings of the closed block are sufficient to support the payment of future closed block contractual benefits.

Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon policy count within the closed block.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

Information regarding the liabilities and assets designated to the closed block was as follows at:


	December 31,
	2025		2024
	(In millions)
Closed Block Liabilities
FPBs	$	33,846	$	35,015
Other policy-related balances	281		315
Policyholder dividends payable	140		174
Policyholder dividend obligation	—		—
Current income tax payable	2		6
Other liabilities	1,137		854
Total closed block liabilities	35,406		36,364
Assets Designated to the Closed Block
Investments:
Fixed maturity securities AFS, at estimated fair value	19,032		18,958
Equity securities, at estimated fair value	5		11
Mortgage loans	5,372		5,720
Policy loans	3,647		3,829
Real estate and REJV	668		659
Other invested assets	351		512
Total investments	29,075		29,689
Cash and cash equivalents	1,286		930
Accrued investment income	355		367
Premiums, reinsurance and other receivables	59		45

Deferred income tax asset	340		470
Total assets designated to the closed block	31,115		31,501
Excess of closed block liabilities over assets designated to the closed block	4,291		4,863
AOCI:
Unrealized investment gains (losses), net of income tax	(684)		(1,256)
Unrealized gains (losses) on derivatives, net of income tax	49		183
Total amounts included in AOCI	(635)		(1,073)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,656	$	3,790

Information regarding the closed block revenues and expenses was as follows:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Revenues
Premiums	$	830	$	874	$	922
Net investment income	1,332		1,362		1,362
Net investment gains (losses)	(64)		(28)		7
Net derivative gains (losses)	(3)		15		—
Total revenues	2,095		2,223		2,291
Expenses
Policyholder benefits and claims	1,532		1,621		1,706
Policyholder dividends	316		354		366
Other expenses	76		82		86
Total expenses	1,924		2,057		2,158
Revenues, net of expenses before provision for income tax expense (benefit)	171		166		133
Provision for income tax expense (benefit)	37		36		28
Revenues, net of expenses and provision for income tax expense (benefit)	$	134	$	130	$	105

MLIC charges the closed block with federal income taxes, state and local premium taxes and other state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan of Reorganization. MLIC also charges the closed block for expenses of maintaining the policies included in the closed block.

Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

11. Investments

See Note 13 for information about the fair value hierarchy for investments and the related valuation methodologies.

Investment Risks and Uncertainties

Investments are exposed to the following primary sources of risk: credit, interest rate, liquidity, market valuation, currency and real estate risk. The financial statement risks, stemming from such investment risks, are those associated with the determination of estimated fair values, the diminished ability to sell certain investments in times of strained market conditions, the recognition of ACL and impairments, the recognition of income on certain investments and the potential consolidation of VIEs. The use of different methodologies, assumptions and inputs relating to these financial statement risks may have a material effect on the amounts presented within the consolidated financial statements.

The determination of ACL and impairments is highly subjective and is based upon quarterly evaluations and assessments of known and inherent risks associated with the respective asset class. Such evaluations and assessments are revised as conditions change and new information becomes available.

The recognition of income on certain investments (e.g. structured securities, including mortgage-backed securities, ABS & CLO, certain structured investment transactions and FVO securities) is dependent upon certain factors such as prepayments and defaults, and changes in such factors could result in changes in amounts to be earned.

Fixed Maturity Securities AFS

Fixed Maturity Securities AFS by Sector

The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. RMBS includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans, broadly syndicated bank loans, and other assets. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”


	December 31,
	2025										2024
					Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector	Amortized Cost		ACL		Gains		Losses						ACL		Gains		Losses
	(In millions)
U.S. corporate	$	92,855	$	(138)	$	1,899	$	6,657	$	87,959	$	86,315	$	(59)	$	1,331	$	8,213	$	79,374
Foreign corporate	62,606		(7)		2,443		4,453		60,589		58,646		(18)		1,478		6,347		53,759
RMBS	46,567		(1)		822		1,970		45,418		37,085		(1)		314		2,977		34,421
Foreign government	47,037		(57)		1,068		7,300		40,748		44,377		(57)		1,256		5,326		40,250
U.S. government and agency	42,877		—		303		5,658		37,522		38,963		—		179		5,714		33,428
ABS & CLO	23,028		(6)		246		371		22,897		20,973		(9)		153		526		20,591
Municipals	12,195		—		225		1,356		11,064		11,205		—		166		1,498		9,873
CMBS	10,036		(40)		131		393		9,734		9,857		(16)		104		598		9,347
Total fixed maturity securities AFS	$	337,201	$	(249)	$	7,137	$	28,158	$	315,931	$	307,421	$	(160)	$	4,981	$	31,199	$	281,043

Methodology for Amortization of Premium and Accretion of Discount on Structured Products

Amortization of premium and accretion of discount on Structured Products consider the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for Structured Products are estimated using inputs obtained from third-party specialists and based on management’s knowledge of the current market. For credit-sensitive and certain prepayment-sensitive Structured Products, the effective yield is recalculated on a prospective basis. For all other Structured Products, the effective yield is recalculated on a retrospective basis.

Maturities of Fixed Maturity Securities AFS

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at December 31, 2025:


	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Products		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost, net of ACL	$	14,492	$	49,369	$	57,472	$	136,035	$	79,584	$	336,952
Estimated fair value	$	14,635	$	49,826	$	57,315	$	116,106	$	78,049	$	315,931

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.


	December 31,
	2025								2024
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
Sector & Credit Quality	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
U.S. corporate	$	8,564	$	527	$	37,884	$	6,092	$	17,222	$	1,586	$	35,940	$	6,599
Foreign corporate	5,314		199		22,687		4,251		10,516		709		24,454		5,625
Foreign government	9,716		652		16,214		6,646		6,462		581		16,338		4,740
RMBS	3,848		69		12,983		1,902		10,152		358		13,922		2,619
U.S. government and agency	8,544		181		16,341		5,477		9,337		687		14,082		5,027
ABS & CLO	5,349		49		4,000		322		2,840		88		5,831		436
Municipals	1,000		79		5,147		1,277		2,012		226		4,621		1,272
CMBS	1,164		36		3,660		355		1,272		39		4,788		559
Total fixed maturity securities AFS	$	43,499	$	1,792	$	118,916	$	26,322	$	59,813	$	4,274	$	119,976	$	26,877
Investment grade	$	41,743	$	1,707	$	116,021	$	26,002	$	56,946	$	4,132	$	116,072	$	26,325
Below investment grade	1,756		85		2,895		320		2,867		142		3,904		552
Total fixed maturity securities AFS	$	43,499	$	1,792	$	118,916	$	26,322	$	59,813	$	4,274	$	119,976	$	26,877
Total number of securities in an unrealized loss position	5,489				9,850				7,220				10,468

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the credit loss evaluation process include, but are not limited to: (i) the extent to which the estimated fair value has been below amortized cost, (ii) adverse conditions specifically related to a security, an industry sector or sub-sector, or an economically depressed geographic area, adverse change in the financial condition of the issuer of the security, changes in technology, discontinuance of a segment of the business that may affect future earnings, and changes in the quality of credit enhancement, (iii) payment structure of the security and likelihood of the issuer being able to make payments, (iv) failure of the issuer to make scheduled interest and principal payments, (v) whether the issuer, or series of issuers or an industry has suffered a catastrophic loss or has exhausted natural resources, (vi) whether the Company has the intent to sell or will more likely than not be required to sell, including transfers in connection with reinsurance transactions, a particular security before the decline in estimated fair value below amortized cost recovers, (vii) with respect to Structured Products, changes in forecasted cash flows after considering the changes in the financial condition of the underlying loan obligors and quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security, (viii) changes in the rating of the security by a rating agency, and (ix) other subjective factors, including concentrations and information obtained from regulators.

The methodology and significant inputs used to determine the amount of credit loss are as follows:

•The Company calculates the recovery value by performing a discounted cash flow analysis based on the present value of future cash flows. The discount rate is generally the effective interest rate of the security at the time of purchase for fixed-rate securities and the spot rate at the date of evaluation of credit loss for floating-rate securities.

•When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall credit loss evaluation process which incorporates information regarding the specific security, fundamentals of the industry and geographic area in which the security issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from management’s single best estimate, the most likely outcome in a range of possible outcomes, after giving consideration to a variety of variables that include, but are not limited to: payment terms of the security, the likelihood that the issuer can service the interest and principal payments, the quality and amount of any credit enhancements, the security’s position within the capital structure of the issuer, possible corporate restructurings or asset sales by the issuer, any private and public sector programs to restructure foreign government securities and municipals, and changes to the rating of the security or the issuer by rating agencies.

•Additional considerations are made when assessing the features that apply to certain Structured Products including, but not limited to: the quality of underlying collateral, historical performance of the underlying loan obligors, historical rent and vacancy levels, changes in the financial condition of the underlying loan obligors, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, changes in the quality of credit enhancement and the payment priority within the tranche structure of the security.

With respect to securities that have attributes of debt and equity (“perpetual hybrid securities”), consideration is given in the credit loss analysis as to whether there has been any deterioration in the credit of the issuer and the likelihood of recovery in value of the securities that are in a severe unrealized loss position. Consideration is also given as to whether any perpetual hybrid securities with an unrealized loss, regardless of credit rating, have deferred any dividend payments.

In periods subsequent to the recognition of an initial ACL on a security, the Company reassesses credit loss quarterly. Subsequent increases or decreases in the expected cash flow from the security result in corresponding decreases or increases in the ACL which are recognized in earnings and reported within net investment gains (losses); however, the previously recorded ACL may not be reduced to an amount below zero. Full or partial write-offs are deducted from the ACL in the period the security, or a portion thereof, is considered uncollectible. Recoveries of amounts previously written off are recorded to the ACL in the period received. When the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, any ACL is written off and the amortized cost is written down to estimated fair value through a charge within net investment gains (losses), which becomes the new amortized cost of the security.

Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

Gross unrealized losses on securities without an ACL decreased $3.0 billion for the year ended December 31, 2025 to $28.1 billion primarily due to a decrease in interest rates.

As shown in the table above, most of the gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater at December 31, 2025 relate to investment grade securities. These unrealized losses are principally due to narrowing credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.

As of December 31, 2025, $320 million of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater on below investment grade securities were concentrated in the consumer, transportation, and communications sectors within corporate securities and in foreign government securities. These unrealized losses are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty and, with respect to fixed-rate securities, rising interest rates since purchase.

At December 31, 2025, the Company did not intend to sell its securities in an unrealized loss position without an ACL, and it was not more likely than not that the Company would be required to sell these securities before the

anticipated recovery of the remaining amortized cost. Therefore, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at December 31, 2025.

Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.

Rollforward of ACL for Fixed Maturity Securities AFS By Sector

The rollforward of ACL for fixed maturity securities AFS by sector is as follows:


	U.S. Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
	(In millions)
Balance at January 1, 2024	$	68	$	2	$	88	$	1	$	7	$	18	$	184

ACL not previously recorded	41		19		—		—		—		—		60

Changes for securities with previously recorded ACL	9		—		(6)		—		2		4		9

Securities sold or exchanged	(59)		(3)		(25)		—		—		(6)		(93)




Balance at December 31, 2024	59		18		57		1		9		16		160
ACL not previously recorded	113		7		—		1		1		10		132
Changes for securities with previously recorded ACL	44		(2)		—		—		(1)		14		55
Securities sold or exchanged	(78)		(16)		—		(1)		(3)		—		(98)
Balance at December 31, 2025	$	138	$	7	$	57	$	1	$	6	$	40	$	249

Equity Securities

The following table presents equity securities by security type:


	December 31,
	2025						2024
Security Type	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
	(In millions)
Common stock (2)	$	498	$	246	$	744	$	451	$	167	$	618
Non-redeemable preferred stock	106		8		114		93		1		94
Total	$	604	$	254	$	858	$	544	$	168	$	712

__________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings.

(2)Includes common stock, exchange traded funds, certain mutual funds and certain real estate investment trusts.

Contractholder-Directed Equity Securities and FVO Securities

The following table presents these investments by asset type:


	December 31,
	2025						2024
Asset Type	Cost or Amortized Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost or Amortized Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
	(In millions)
Contractholder-directed equity securities: (2)
Equity securities	$	3,164	$	855	$	4,019	$	2,928	$	595	$	3,523
Series mutual funds and other securities	5,089		1,640		6,729		4,470		1,104		5,574
Total contractholder-directed equity securities	$	8,253	$	2,495	$	10,748	$	7,398	$	1,699	$	9,097
FVO securities: (2)
Securities held by CFEs	$	1,283	$	—	$	1,283	$	—	$	—	$	—
General account and other securities	1,149		779		1,928		886		689		1,575
Total FVO securities:	$	2,432	$	779	$	3,211	$	886	$	689	$	1,575
Total	$	10,685	$	3,274	$	13,959	$	8,284	$	2,388	$	10,672

__________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings.

(2)Amounts presented by asset type. Prior year amounts previously presented in the aggregate have been reclassified to conform to the current year presentation.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	December 31,
	2025				2024
Portfolio Segment	Carrying Value (1)		% of Total		Carrying Value (1)		% of Total
	(Dollars in millions)

Commercial	$	49,400	58.4	%	$	56,310	63.3	%
Agricultural	19,551		23.1		19,313		21.7
Residential	16,800		19.9		14,189		15.9
Total amortized cost	85,751		101.4		89,812		100.9
ACL	(1,193)		(1.4)		(800)		(0.9)


Total mortgage loans held-for-investment	84,558		100.0		89,012		100.0
Mortgage loans held-for-sale	35		—		—		—

Total mortgage loans	$	84,593	100.0	%	$	89,012	100.0	%

__________________

(1)Includes certain mortgage loans originated for third parties of $6.5 billion and $7.5 billion at amortized cost with the corresponding mortgage loan secured financing liability of $6.5 billion and $7.5 billion included in other liabilities on the consolidated balance sheet at December 31, 2025 and 2024, respectively.

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($789) million and ($879) million at December 31, 2025 and 2024, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at December 31, 2025 was $172 million, $206 million and $140 million, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at December 31, 2024 was $249 million, $199 million and $117 million, respectively. The accrued interest income related to mortgage loans is included in accrued investment income on the consolidated balance sheets.

Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $4.1 billion, $2.2 billion and $1.5 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

Sales of mortgage loans, consisting primarily of commercial mortgage loans, were $41 million, $168 million and $254 million for the years ended December 31, 2025, 2024 and 2023, respectively.

For the year ended December 31, 2025, the Company exchanged, as part of loan restructurings, commercial mortgage loans with an amortized cost of $175 million for equity interests in REJVs.

For the years ended December 31, 2025, 2024 and 2023, the Company contributed commercial mortgage loans with an amortized cost of $179 million, $218 million and $15 million, respectively, to REJVs which subsequently completed foreclosure on those mortgage loans.

For the year ended December 31, 2024, the Company acquired wholly-owned real estate by completing foreclosures on commercial mortgage loans with an amortized cost of $61 million.

Rollforward of ACL for Mortgage Loans by Portfolio Segment

The rollforward of ACL for mortgage loans, by portfolio segment, was as follows:


	Years Ended December 31,
	2025								2024								2023
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance at January 1,	$	537	$	84	$	179	$	800	$	367	$	172	$	182	$	721	$	218	$	119	$	190	$	527

Provision (release)	480		39		95		614		198		34		(3)		229		168		89		(8)		249

Charge-offs, net of recoveries	(210)		(8)		(3)		(221)		(28)		(122)		—		(150)		(19)		(36)		—		(55)

Balance at December 31,	$	807	$	115	$	271	$	1,193	$	537	$	84	$	179	$	800	$	367	$	172	$	182	$	721

The gross charge-offs of mortgage loans by origination year and portfolio segment for the year ended December 31, 2025 was as follows:


Portfolio Segment	2025		2024		2023		2022		2021		Prior		Total
	(In millions)
Commercial	$	—	$	—	$	—	$	—	$	—	$	210	$	210
Agricultural	—		—		—		—		—		8		8
Residential	—		—		1		1		—		1		3
Total	$	—	$	—	$	1	$	1	$	—	$	219	$	221

ACL Methodology

The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).

Commercial and Agricultural Mortgage Loan Portfolio Segments

Within each loan portfolio segment, commercial and agricultural loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. In its evaluation, the Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for such loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.

Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.

For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio.

For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.

After commercial and agricultural mortgage loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that is not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.

Residential Mortgage Loan Portfolio Segment

The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company reverts to industry historical loss experience using a straight-line basis over one year.

For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.

Modifications to Borrowers Experiencing Financial Difficulty

The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications, in materially impacted mortgage segments, where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means: principal forgiveness, interest rate reduction, other-than-

insignificant payment delay or maturity extension. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any ACL recorded. All loans modified to borrowers experiencing financial difficulties are evaluated individually for credit loss as collateral dependent loans.

These mortgage loan modifications are summarized as follows:


	Year Ended December 31, 2025
	Amortized Cost		Affected Loans (in Years)
Portfolio Segment	Maturity Extension			Payment Delay		Total		Weighted Average Life Increase	Average Years Payment Deferral	% of Book Value
	(Dollars in millions)
Commercial	$	1,170		$	—	$	1,170	4 Years			—	2.4	%
Agricultural	—			186		186		—			2 years	<1%

Total	$	1,170		$	186	$	1,356


	Year Ended December 31, 2024
	Amortized Cost		Affected Loans (in Years)
Portfolio Segment	Maturity Extension (1)			Payment Delay		Total		Weighted Average Life Increase	% of Book Value
	(Dollars in millions)
Commercial	$	641		$	—	$	641	2 years		1.1	%

__________________

(1)Includes commercial mortgage loans with an amortized cost of $206 million that received interest rate reductions from 7.6% to 6.5% in addition to maturity extensions.

For the years ended December 31, 2025 and 2024, all commercial mortgage loans modified to borrowers experiencing financial difficulties and still outstanding were current. For the year ended December 31, 2024, commercial mortgage loans with an amortized cost of $182 million, which were previously extended, became delinquent and foreclosed within 12 months of modification.

Credit Quality of Mortgage Loans by Portfolio Segment

The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2025:


Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	2,636	$	3,453	$	1,965	$	2,367	$	2,639	$	12,273	$	1,578	$	26,911	54.5	%
65% to 75%	402		566		648		2,282		1,316		2,461		—		7,675		15.5
76% to 80%	97		—		63		362		270		2,358		—		3,150		6.4
Greater than 80%	187		184		105		783		1,533		8,872		—		11,664		23.6
Total	$	3,322	$	4,203	$	2,781	$	5,794	$	5,758	$	25,964	$	1,578	$	49,400	100.0	%
DSCR:
> 1.20x	$	2,716	$	3,832	$	2,045	$	5,004	$	5,015	$	21,492	$	1,578	$	41,682	84.4	%
1.00x - 1.20x	318		11		486		160		488		2,582		—		4,045		8.2
<1.00x	288		360		250		630		255		1,890		—		3,673		7.4
Total	$	3,322	$	4,203	$	2,781	$	5,794	$	5,758	$	25,964	$	1,578	$	49,400	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2025:


Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	1,340	$	698	$	1,199	$	2,198	$	2,327	$	8,683	$	1,422	$	17,867	91.4	%
65% to 75%	85		47		77		285		258		575		73		1,400		7.2
76% to 80%	—		—		—		22		30		3		4		59		0.3
Greater than 80%	—		12		—		148		—		51		14		225		1.1
Total	$	1,425	$	757	$	1,276	$	2,653	$	2,615	$	9,312	$	1,513	$	19,551	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2025:


Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	2,575	$	2,253	$	777	$	2,182	$	1,791	$	6,699	$	—	$	16,277	96.9	%
Nonperforming (1)	9		56		53		90		40		275		—		523		3.1
Total	$	2,584	$	2,309	$	830	$	2,272	$	1,831	$	6,974	$	—	$	16,800	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $186 million and $140 million at December 31, 2025 and 2024, respectively.

Past Due and Nonaccrual Mortgage Loans

The Company has a high quality, well performing mortgage loan portfolio, with 98% of all mortgage loans classified as performing at both December 31, 2025 and 2024. The Company defines delinquency in a manner consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL by portfolio segment, were as follows:


	December 31,
	2025		2024		2025		2024		2025		2024
Portfolio Segment	Past Due				Past Due and Still Accruing Interest				Nonaccrual
	(In millions)
Commercial	$	682	$	773	$	3	$	—	$	1,915	$	1,123
Agricultural	252		341		66		262		225		89
Residential	523		464		23		18		500		446
Total	$	1,457	$	1,578	$	92	$	280	$	2,640	$	1,658

Real Estate and REJV

The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method REJV. 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. Real estate investments were net of accumulated depreciation of $1.1 billion and $1.0 billion at December 31, 2025 and 2024, respectively.

Leases

Leased Real Estate Investments - Operating Leases

The Company, as lessor, leases investment real estate, principally commercial real estate for office and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification, and geographic diversification. Leased real estate investments and income earned, by property type, were as follows at and for the periods indicated:


	December 31,				Years Ended December 31,
	2025		2024		2025		2024		2023
Property Type	Carrying Value				Income
	(In millions)
Leased real estate investments:
Office	$	2,271	$	2,138	$	222	$	206	$	228
Retail	622		766		45		45		47
Apartment	511		596		47		46		47
Land	488		522		25		24		24
Industrial	199		190		14		15		15
Hotel	83		71		5		5		5
Total leased real estate investments	$	4,174	$	4,283	$	358	$	341	$	366

Future contractual receipts under operating leases at December 31, 2025 were $265 million in 2026, $213 million in 2027, $184 million in 2028, $157 million in 2029, $130 million in 2030, $883 million thereafter and, in total, were $1.8 billion.

Other Invested Assets

Other invested assets is comprised primarily of freestanding derivatives with positive estimated fair values (see Note 12), COLI (see Note 1), direct financing and leveraged leases (see Note 1), annuities funding structured settlement claims (see Note 1), operating joint ventures (see Notes 1 and 25), FHLBNY common stock (see “— Invested Assets on Deposit, Held in Trust and Pledged as Collateral”) and tax credit and renewable energy partnerships (see Note 1).

Tax Equity Investments

The Company invests in certain tax equity investments, including low income housing tax credit partnerships and renewable energy partnerships. The carrying value of tax equity investments, reported in other invested assets on the consolidated balance sheets, was $676 million and $714 million at December 31, 2025 and 2024, respectively. For the years ended December 31, 2025 and 2024, income tax credits and other income tax benefits of $130 million and $149 million, respectively, and amortized expense of $117 million and $134 million, respectively, were recognized net as a component of income tax expense in the Company’s consolidated statement of operations.

Cash Equivalents

Cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $11.5 billion and $11.9 billion, at estimated fair value, at December 31, 2025 and 2024, respectively.

Concentrations of Credit Risk

Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies:


	December 31,
	2025		2024
	(In millions)
Japan	$	16,265	$	18,886
South Korea	$	5,971	$	6,078
Mexico	$	4,190	$	3,468

Securities Lending Transactions and Repurchase Agreements

Securities, Collateral and Reinvestment Portfolio

Transactions and agreements accounted for as secured borrowings were as follows:


	December 31,
	2025						2024
	Securities (1)						Securities (1)
Agreement Type	Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value
	(In millions)
Securities lending	$	11,866	$	12,198	$	12,082	$	11,119	$	11,404	$	11,202
Repurchase agreements	$	3,002	$	2,975	$	2,948	$	3,019	$	2,975	$	2,925

__________________

(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at December 31, 2025 and within fixed maturity securities AFS at December 31, 2024. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge these securities.

(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.

Contractual Maturities

Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:


	December 31,
	2025										2024
	Remaining Maturities										Remaining Maturities
Cash collateral liability by security type:	Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total		Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Securities lending:
U.S. government and agency	$	1,986	$	3,911	$	4,880	$	—	$	10,777	$	2,987	$	4,986	$	2,089	$	—	$	10,062
Foreign government	—		755		355		—		1,110		—		677		493		—		1,170
Agency RMBS	—		311		—		—		311		—		108		64		—		172

Total	$	1,986	$	4,977	$	5,235	$	—	$	12,198	$	2,987	$	5,771	$	2,646	$	—	$	11,404
Repurchase agreements:
U.S. government and agency	$	—	$	2,975	$	—	$	—	$	2,975	$	—	$	2,975	$	—	$	—	$	2,975

__________________

(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell investments to meet the return obligation, it may have difficulty selling such collateral that is invested in a timely manner, be forced to sell investments in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both.

The securities lending and repurchase agreement reinvestment portfolios consist principally of high quality, liquid, publicly traded fixed maturity securities AFS, short-term investments, cash equivalents or cash. If the securities in the reinvestment portfolio become less liquid, liquidity resources within the general account are available to meet any potential cash demands when securities are put back by the counterparty.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value and were as follows at:


	December 31,
	2025		2024
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,396	$	1,515
Invested assets held in trust (external reinsurance agreements) (1)	1,775		1,255
Invested assets pledged as collateral (2)	27,663		27,125
Total invested assets on deposit, held in trust and pledged as collateral	$	30,834	$	29,895

__________________

(1)Represents assets held in trust related to assumed third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $1.8 billion and $1.9 billion at December 31, 2025 and 2024, respectively.

(2)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 5), derivative transactions (see Note 12), secured debt and short-term debt related to repurchase agreements (see Note 16), and a collateral financing arrangement (see Note 17).

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements and Note 10 for information regarding investments designated to the closed block. In addition, the Company’s investment in FHLBNY common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $700 million and $699 million, at redemption value, at December 31, 2025 and 2024, respectively.

At December 31, 2025, the Company maintained invested assets and cash and cash equivalents that are subject to ceded reinsurance arrangements with third parties and joint ventures of $22.4 billion, which included cash and cash equivalents of $1.2 billion.

Collectively Significant Equity Method Investments

The Company held equity method investments of $24.7 billion at December 31, 2025, comprised primarily of OLPI, REJV and real estate funds, tax equity and renewable energy partnerships and operating joint ventures. The Company’s maximum exposure to loss related to these equity method investments was limited to the carrying value of these investments plus $6.9 billion of unfunded commitments at December 31, 2025.

As described in Note 1, the Company generally recognizes its share of earnings in its equity method investments within net investment income using a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. Aggregate net investment income from these equity method investments exceeded 10% of the Company’s consolidated pre-tax income (loss) for two of the three most recent annual periods: 2025 and 2024.

The following aggregated summarized financial data reflects the latest available financial information and does not represent the Company’s proportionate share of the assets, liabilities, or earnings of such entities. Aggregate total assets of these entities totaled $1.4 trillion and $1.3 trillion at December 31, 2025 and 2024, respectively. Aggregate total liabilities of these entities totaled $164.0 billion and $154.1 billion at December 31, 2025 and 2024, respectively. Aggregate net income (loss) of these entities totaled $99.4 billion, $63.7 billion and $32.8 billion for the years ended December 31, 2025, 2024 and 2023, respectively. Aggregate net income (loss) from the underlying entities in which the Company invests is primarily comprised of investment income, including recurring investment income (loss) and realized and unrealized investment gains (losses).

Variable Interest Entities

The Company has invested in legal entities that are VIEs. Legal entities are determined to be VIEs if (1) the equity investors lack (i) the ability to control the entity, (ii) the obligation to absorb losses or (iii) the rights to receive returns of the entity, or (2) the entity lacks sufficient equity to finance its activities without subordinated financial support provided by parties which are not equity holders.

For VIEs, the Company determines whether it is the primary beneficiary, which involves an evaluation of the purpose and design of the entity and whether, based on the design of the entity, the Company has both (1) the power to direct the activities of the entity which most significantly affect the economic performance of the entity and (2) the obligation to absorb losses or the right to receive benefits that are potentially significant to the VIE. Significant judgment is required in the primary beneficiary determination, which includes an evaluation of the substance of contractual arrangements and voting agreements, the rights of other investors in an entity and potential financial results of the entity.

The Company continuously assesses if facts or circumstances indicate that a potential change in the primary beneficiary has occurred. This could include new contractual arrangements of an entity or changes in the investors of an entity. As a result of changes in circumstances, the Company may consolidate or deconsolidate a VIE.

Consolidated VIEs

The Company is the asset manager of certain asset-backed securitization entities, primarily CLOs, for which the Company earns asset management fees. The Company may invest in securities issued by these entities. The Company is also the asset manager of certain investment fund structures in which the Company also invests.

The Company has analyzed its relationships with the CLOs and investment fund structures and determined that it is the primary beneficiary of these entities. This analysis includes a review of the rights and responsibilities as the asset manager, the rights of the investors in the entity, and the exposure of the Company to the potential losses and returns of the entity.

The assets of the VIEs may only be used to satisfy the liabilities of VIE. The Company is not required to, and has not provided material financial support, other than its investment in these VIEs.

The Company is also the primary beneficiary of certain investment funds and partnership entities in which the Company has invested but is not the asset manager.

The table below reflects the carrying amount and balance sheet classification in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the respective VIEs.


	December 31,
	2025		2024		2025		2024
Asset Type	Consolidated VIEs for which the Company is the Asset Manager				Other Consolidated VIEs
	(In millions)
FVO securities primarily held by CFEs	$	1,300	$	—	$	—	$	—
Contractholder-directed equity securities	451		—		—		—
Real estate and REJVs	81		—		221		183
Investment funds (1)	490		375		—		—
Renewable energy partnership (1)	—		—		45		49
Leases (1)	25		—		—		—
Cash and cash equivalents	90		3		6		8
Other	21		9		34		65
Total assets of consolidated VIEs	$	2,458	$	387	$	306	$	305
Short-term debt	$	—	$	—	$	117	$	133
Long-term debt	28		—		—		—
Notes issued by CFEs	1,206		—		—		—
Other liabilities	158		3		9		7
Total liabilities of consolidated VIEs	$	1,392	$	3	$	126	$	140

__________________

(1)Included in other invested assets.

Unconsolidated VIEs

The Company has determined that it is not the primary beneficiary of certain VIEs because the Company does not have both (1) the power to direct the activities of the entity which most significantly affect the economic performance of the entity and (2) the obligation to absorb losses or the right to receive benefits that are potentially significant to the VIE.

The Company invests in structured products issued by CFEs or securitization entities that are VIEs which typically do not have substantial equity. Its investments in these structured products are fixed maturity securities investments and include mortgage-backed securities, and ABS & CLOs. The Company’s exposure to losses of these entities is limited to the amount of its investment, See “— Fixed Maturity Securities AFS” for details regarding amounts and classification of these assets.

The Company also invests in or provides loans to other legal entities that are VIEs. These primarily include hedge funds, private equity funds and similar entities that are classified within OLPIs, REJVs, other invested assets, fixed maturity securities, FVO securities and mortgage loans. The Company’s maximum exposure to loss for these VIEs is limited to the carrying value of the equity investment plus any unfunded capital commitments. The carrying value of these investments was $24.6 billion and $20.4 billion at December 31, 2025 and 2024, respectively, and the Company’s unfunded commitments were $6.2 billion and $4.7 billion at December 31, 2025 and 2024, respectively.

In connection with a certain reinsurance agreement, collateral securing the reinsurance agreement was transferred to trusts that do not have substantial equity. For managing these assets, MIM will recognize asset management fees which

represent a variable interest. The Company’s maximum exposure to loss is limited to the asset management fee revenue that has been earned but not yet received.

The Company did not provide financial or other support that it was not contractually obligated to provide to entities designated as VIEs for the years ended December 31, 2025 or 2024.

Net Investment Income

The composition of net investment income by asset type was as follows:


	Years Ended December 31,
Asset Type	2025		2024		2023
	(In millions)

Fixed maturity securities AFS (1)	$	14,559	$	13,598	$	12,990
Equity securities	23		23		32
FVO securities	225		205		188
Mortgage loans (1)	4,466		4,734		4,761
Policy loans	449		453		471
Real estate and REJV	847		440		438
OLPI (1)	1,197		965		454
Cash, cash equivalents and short-term investments (1)	993		1,122		1,011
Operating joint ventures	178		175		38
Other	505		715		604
Subtotal investment income	23,442		22,430		20,987
Less: Investment expenses	2,100		2,248		2,262
Subtotal, net	21,342		20,182		18,725
Unit-linked investments	1,217		1,091		1,183
Net investment income	$	22,559	$	21,273	$	19,908

Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals (primarily FVO securities and Unit-linked investments)	$	357	$	270	$	207
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)	783		931		1,168
Net realized and unrealized gains (losses) recognized in net investment income	$	1,140	$	1,201	$	1,375

Changes in estimated fair value subsequent to purchase of FVO securities and Unit-linked investments still held at the end of the respective periods and recognized in net investment income	$	1,036	$	925	$	1,119

Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures)	$	1,554	$	988	$	151

__________________

(1)Includes net investment income related to invested assets and cash and cash equivalents that are subject to ceded reinsurance with third parties.

Net Investment Gains (Losses)

Net Investment Gains (Losses) by Asset Type and Transaction Type

The composition of net investment gains (losses) by asset type and transaction type was as follows:


	Years Ended December 31,
Asset Type	2025		2024		2023
	(In millions)
















Fixed maturity securities AFS (1)	$	(631)	$	(731)	$	(2,471)







Equity securities	65		(18)		81
Mortgage loans (1)	(676)		(289)		(270)
Real estate and REJV (excluding changes in estimated fair value)	59		245		69
OLPI (excluding changes in estimated fair value) (2)	24		(55)		12
Other gains (losses)	(10)		(3)		(158)
Subtotal	(1,169)		(851)		(2,737)
Change in estimated fair value of OLPI and REJV	—		4		(6)
Non-investment portfolio gains (losses)	24		(337)		(81)

Subtotal	24		(333)		(87)
Net investment gains (losses)	$	(1,145)	$	(1,184)	$	(2,824)

Transaction Type
Realized gains (losses) on investments sold or disposed (1), (2)	$	(371)	$	(436)	$	(1,028)
Impairment (losses) (1)	(180)		(101)		(1,498)
Recognized gains (losses):
Change in ACL recognized in earnings	(708)		(248)		(271)
Unrealized net gains (losses) recognized in earnings	90		(62)		54
Total recognized gains (losses)	(618)		(310)		(217)
Non-investment portfolio gains (losses)	24		(337)		(81)
Net investment gains (losses)	$	(1,145)	$	(1,184)	$	(2,824)

Net Investment Gains (Losses) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)	$	62	$	(39)	$	22

Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship	$	(20)	$	(3)	$	(7)
Gains (losses) on leveraged leases and renewable energy partnerships	$	9	$	12	$	24

Foreign currency gains (losses)	$	156	$	(79)	$	52

Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)	$	(371)	$	(436)	$	(1,028)
Recognized in net investment income	357		270		207
Net realized investment gains (losses) from sales and disposals of investments	$	(14)	$	(166)	$	(821)

__________________

(1)Includes a net loss of $1.2 billion during the year ended December 31, 2023 for investments disposed of in connection with a reinsurance transaction. The net loss was comprised of ($1.3) billion of impairments and $95 million of realized gains on disposal for fixed maturity securities AFS, ($56) million of adjustments to mortgage loans, reflected as

impairments (calculated at lower of amortized cost or estimated fair value), and ($2) million of realized losses on disposal for mortgage loans.

(2)Includes a net loss of $2 million and $46 million during the years ended December 31, 2025 and 2024, respectively, for private equity investments sold. For the years ended December 31, 2025 and 2024, the Company sold $43 million and $798 million, respectively, in portfolios of investments to a fund for proceeds of $41 million and $752 million, respectively, in cash and receivables secured by the value of the fund. The Company has entered into an agreement to serve as the asset manager of the fund for which it will receive a management fee.

Fixed Maturity Securities AFS and Equity Securities – Composition of Net Investment Gains (Losses)

The composition of net investment gains (losses) for these securities is as follows:


	Years Ended December 31,
Fixed Maturity Securities AFS	2025		2024		2023
	(In millions)
Proceeds	$	29,702	$	28,690	$	40,625
Gross investment gains	$	413	$	489	$	563
Gross investment (losses)	(950)		(1,178)		(1,732)
Realized gains (losses) on sales and disposals	(537)		(689)		(1,169)
Net credit loss (provision) release (change in ACL recognized in earnings)	(89)		23		(2)
Impairment (losses)	(5)		(65)		(1,300)
Net credit loss (provision) release and impairment (losses)	(94)		(42)		(1,302)
Net investment gains (losses)	$	(631)	$	(731)	$	(2,471)

Equity Securities
Realized gains (losses) on sales and disposals	$	(24)	$	47	$	21
Unrealized net gains (losses) recognized in earnings	89		(65)		60
Net investment gains (losses)	$	65	$	(18)	$	81

Derivatives

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

12. Derivatives

Accounting for Derivatives

See Note 1 for a description of the Company’s accounting policies for derivatives and Note 13 for information about the fair value hierarchy for derivatives.

Derivative Strategies

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives.

Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”). The types of derivatives the Company uses include swaps, forwards, futures and option contracts. To a lesser extent, the Company uses credit default swaps and structured interest rate swaps to synthetically replicate investment risks and returns which are not readily available in the cash markets.

Interest Rate Derivatives

The Company uses a variety of interest rate derivatives to reduce its exposure to changes in interest rates, including interest rate swaps, interest rate total return swaps, caps, floors, swaptions, futures and forwards.

Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). In an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts as calculated by reference to an agreed notional amount. The Company utilizes interest rate swaps in fair value, cash flow and nonqualifying hedging relationships.

The Company uses structured interest rate swaps to synthetically create investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and a cash instrument such as a U.S. government and agency, or other fixed maturity securities AFS. Structured interest rate swaps are included in interest rate swaps and are not designated as hedging instruments.

Interest rate total return swaps are swaps whereby the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and a benchmark interest rate, calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made by the counterparty at each due date. Interest rate total return swaps are used by the Company to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). The Company utilizes interest rate total return swaps in nonqualifying hedging relationships.

The Company purchases interest rate caps primarily to protect its floating rate liabilities against rises in interest rates above a specified level, and against interest rate exposure arising from mismatches between assets and liabilities, and interest rate floors primarily to protect its minimum rate guarantee liabilities against declines in interest rates below a specified level. In certain instances, the Company locks in the economic impact of existing purchased caps and floors by entering into offsetting written caps and floors. The Company utilizes interest rate caps and floors in nonqualifying hedging relationships.

In exchange-traded interest rate (Treasury and swap) futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of interest rate securities, to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts and to pledge initial margin based on futures exchange requirements. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded interest rate (Treasury and swap) futures are used primarily to hedge (i) mismatches between the duration of assets in a portfolio and the duration of liabilities supported by those assets, (ii) against changes in value of securities the Company owns or anticipates acquiring, (iii) against changes in interest rates on anticipated liability issuances by replicating Treasury or swap curve performance, and (iv) minimum guarantees embedded in certain variable annuity products issued by the Company. The Company utilizes exchange-traded interest rate futures in nonqualifying hedging relationships.

Swaptions are used by the Company to hedge interest rate risk associated with the Company’s long-term liabilities and invested assets. A swaption is an option to enter into a swap with a forward starting effective date. In certain instances, the Company locks in the economic impact of existing purchased swaptions by entering into offsetting written swaptions. The Company pays a premium for purchased swaptions and receives a premium for written swaptions. In certain instances, the Company may enter into a combination of transactions to hedge changes in interest rates within a pre-determined range through the purchase and sale of options. The Company utilizes swaptions in nonqualifying hedging relationships. Swaptions are included in interest rate options.

The Company enters into interest rate forwards to buy and sell securities. The price is agreed upon at the time of the contract and payment for such a contract is made at a specified future date. The Company utilizes interest rate forwards in cash flow and nonqualifying hedging relationships.

Synthetic GICs are contracts that simulate the performance of traditional GICs through the use of financial instruments. The contractholder owns the underlying assets, and the Company provides a guarantee (or “wrap”) on the participant funds for an annual risk charge. The Company’s maximum exposure to loss on synthetic GICs is the notional amount, in the event the values of all of the underlying assets were reduced to zero. The Company’s risk is substantially lower due to contractual provisions that limit the portfolio to high quality assets, which are pre-approved and monitored for compliance, as well as the collection of risk charges. In addition, the crediting rates reset periodically to amortize market value gains and losses over a period equal to the duration of the wrapped portfolio, subject to a 0% floor. While plan

participants may transact at book value, contractholder withdrawals may only occur immediately at market value, or at book value paid over a period of time per contract provisions. Synthetic GICs are not designated as hedging instruments.

Foreign Currency Exchange Rate Derivatives

The Company uses foreign currency exchange rate derivatives, including foreign currency swaps, foreign currency forwards, currency options and exchange-traded currency futures, to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. The Company also uses foreign currency derivatives to hedge the foreign currency exchange rate risk associated with certain of its net investments in foreign operations.

In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. The Company utilizes foreign currency swaps in fair value, cash flow and nonqualifying hedging relationships.

In a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. The Company utilizes foreign currency forwards in fair value, NIFO hedges and nonqualifying hedging relationships.

The Company enters into currency options that give it the right, but not the obligation, to sell the foreign currency amount in exchange for a functional currency amount within a limited time at a contracted price. The contracts may also be net settled in cash, based on differentials in the foreign currency exchange rate and the strike price. The Company uses currency options to hedge against the foreign currency exposure inherent in certain of its variable annuity products. The Company also uses currency options as an economic hedge of foreign currency exposure related to the Company’s non-U.S. subsidiaries. The Company utilizes currency options in NIFO hedges.

To a lesser extent, the Company uses exchange-traded currency futures to hedge currency mismatches between assets and liabilities, and to hedge minimum guarantees embedded in certain variable annuity products issued by the Company. The Company utilizes exchange-traded currency futures in nonqualifying hedging relationships.

Credit Derivatives

The Company enters into purchased credit default swaps to hedge against credit-related changes in the value of its investments. In a credit default swap transaction, the Company agrees with another party to pay, at specified intervals, a premium to hedge credit risk. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the delivery of par quantities of the referenced investment equal to the specified swap notional amount in exchange for the payment of cash amounts by the counterparty equal to the par value of the investment surrendered. Credit events vary by type of issuer but typically include bankruptcy, failure to pay debt obligations and involuntary restructuring for corporate obligors, as well as repudiation, moratorium or governmental intervention for sovereign obligors. In each case, payout on a credit default swap is triggered only after the relevant third party, Credit Derivatives Determinations Committee determines that a credit event has occurred. The Company utilizes credit default swaps in nonqualifying hedging relationships.

The Company enters into written credit default swaps to synthetically create credit investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and one or more cash instruments, such as U.S. government and agency, or other fixed maturity securities AFS. These credit default swaps are not designated as hedging instruments.

The Company enters into forwards to lock in the price to be paid for forward purchases of certain securities. The price is agreed upon at the time of the contract and payment for the contract is made at a specified future date. When the primary purpose of entering into these transactions is to hedge against the risk of changes in purchase price due to changes in credit spreads, the Company designates these transactions as credit forwards. The Company utilizes credit forwards in cash flow hedging relationships.

Equity Derivatives

The Company uses a variety of equity derivatives to reduce its exposure to equity market risk, including equity index options, equity variance swaps, exchange-traded equity futures and equity total return swaps.

Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products issued by the Company. To hedge against changes in equity indices, the Company enters into contracts to sell the underlying equity index within a limited time at a contracted price. The contracts will be net settled in cash based on differentials in the indices at the time of exercise and the strike price. Certain of these contracts may also contain settlement provisions linked to interest rates. In certain instances, the Company may enter into a combination of transactions to hedge changes in equity indices within a pre-determined range through the purchase and sale of options. The Company utilizes equity index options in nonqualifying hedging relationships.

Equity variance swaps are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products issued by the Company. In an equity variance swap, the Company agrees with another party to exchange amounts in the future, based on changes in equity volatility over a defined period. The Company utilizes equity variance swaps in nonqualifying hedging relationships.

In exchange-traded equity futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of equity securities, to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts and to pledge initial margin based on futures exchange requirements. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded equity futures are used primarily to hedge minimum guarantees embedded in certain variable annuity products issued by the Company. The Company utilizes exchange-traded equity futures in nonqualifying hedging relationships.

In an equity total return swap, the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and a benchmark interest rate, calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. The Company uses equity total return swaps to hedge its equity market guarantees in certain of its insurance products. Equity total return swaps can be used as hedges or to synthetically create investments. The Company utilizes equity total return swaps in nonqualifying hedging relationships.

Other Derivatives

Longevity swaps are used by the Company primarily to mitigate risks associated with life expectancy and unanticipated changes in mortality rates. The Company utilizes longevity swaps in nonqualifying hedging relationships.

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross notional amount and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:


	Primary Underlying Risk Exposure	December 31,
		2025						2024
				Estimated Fair Value						Estimated Fair Value
		Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	4,924	$	923	$	706	$	5,188	$	1,018	$	666
Foreign currency swaps	Foreign currency exchange rate	1,607		33		22		1,454		33		67
Foreign currency forwards	Foreign currency exchange rate	—		—		—		150		—		41
Subtotal		6,531		956		728		6,792		1,051		774
Cash flow hedges:
Interest rate swaps	Interest rate	4,002		—		267		4,154		—		359
Interest rate forwards	Interest rate	4,389		16		1,049		4,901		56		880
Foreign currency swaps	Foreign currency exchange rate	47,097		2,358		2,184		45,879		2,858		1,877
Subtotal		55,488		2,374		3,500		54,934		2,914		3,116
NIFO hedges:
Foreign currency forwards	Foreign currency exchange rate	1,052		32		10		1,553		42		—
Currency options	Foreign currency exchange rate	3,000		264		—		3,000		536		—
Subtotal		4,052		296		10		4,553		578		—
Total qualifying hedges		66,071		3,626		4,238		66,279		4,543		3,890
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	24,623		1,409		1,434		29,238		1,414		1,263
Interest rate floors	Interest rate	5,640		34		—		6,169		38		—
Interest rate caps	Interest rate	14,898		48		1		17,998		133		1
Interest rate futures	Interest rate	1,679		1		3		1,667		1		1
Interest rate options	Interest rate	23,820		155		130		34,939		210		217
Interest rate forwards	Interest rate	2,731		16		176		3,128		135		77

Synthetic GICs	Interest rate	52,664		—		—		49,599		—		—
Foreign currency swaps	Foreign currency exchange rate	10,210		1,167		175		10,708		1,192		190
Foreign currency forwards	Foreign currency exchange rate	15,694		85		1,012		13,471		47		1,277
Currency futures	Foreign currency exchange rate	292		—		1		301		1		—

Credit default swaps — purchased	Credit	2,739		2		58		2,791		14		67
Credit default swaps — written	Credit	8,873		153		1		11,764		201		5
Equity futures	Equity market	1,380		5		2		1,840		9		6
Equity index options	Equity market	16,253		337		281		12,743		233		253
Equity variance swaps	Equity market	96		—		2		114		—		3
Equity total return swaps	Equity market	2,413		7		34		1,799		41		9
Longevity swaps	Longevity	1,000		—		—		1,000		—		—
Total non-designated or nonqualifying derivatives		185,005		3,419		3,310		199,269		3,669		3,369
Total		$	251,076	$	7,045	$	7,548	$	265,548	$	8,212	$	7,259

Included in the table above, the Company uses various OTC and exchange traded derivatives to hedge variable annuity guarantees. The table below presents the gross notional amount, estimated fair value and primary underlying risk exposure of the derivatives hedging variable annuity guarantees accounted for as MRBs:


	December 31, 2025						December 31, 2024
Primary Underlying Risk Exposure			Estimated Fair Value						Estimated Fair Value
	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
	(In millions)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	$	8,450	$	10	$	524	$	8,913	$	11	$	768
Foreign currency exchange rate	328		2		9		378		—		2
Equity market	2,844		152		104		4,294		132		113
	$	11,622	$	164	$	637	$	13,585	$	143	$	883

The change in estimated fair values and earned income of derivatives hedging variable annuity guarantees, recorded in net derivative gains (losses), was ($294) million and ($476) million for the years ended December 31, 2025 and 2024, respectively.

Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at either December 31, 2025 or 2024. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules, (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship, (iii) derivatives that economically hedge MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs are already recorded in net income, and (iv) written credit default swaps and interest rate swaps that are used to synthetically create investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.

The Effects of Derivatives on the Consolidated Statements of Operations and Comprehensive Income (Loss)

The following table presents the consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, NIFO, nonqualifying hedging relationships and embedded derivatives:


	Year Ended December 31, 2025
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	(1)	$	—	N/A		$	41	$	43	$	—	N/A
Hedged items	1		—		N/A		(60)		(42)		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(17)		9		N/A		—		125		—		N/A
Hedged items	14		(7)		N/A		—		(126)		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		(6)		N/A		—		—		—		(24)
Subtotal	(3)		(4)		N/A		(19)		—		—		(24)
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	(237)
Amount of gains (losses) reclassified from AOCI into income	29		(21)		—		—		—		—		(8)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(819)
Amount of gains (losses) reclassified from AOCI into income	5		1,352		—		—		—		—		(1,357)
Foreign currency transaction gains (losses) on hedged items	—		(1,350)		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		1		—		—		—		—		(1)
Subtotal	34		(18)		—		—		—		—		(2,422)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		62
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		(1)
Subtotal	N/A		—		N/A		N/A		N/A		N/A		61
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(730)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(698)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(17)		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		24		N/A		N/A		N/A		N/A
Equity derivatives (1)	(40)		N/A		(1,000)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		220		N/A		N/A		N/A		N/A
Subtotal	(40)		N/A		(2,201)		N/A		N/A		N/A		N/A
Earned income on derivatives	145		—		430		8		(152)		—		—
Synthetic GICs	N/A		N/A		81		N/A		N/A		N/A		N/A
Embedded derivatives — ceded reinsurance	N/A		N/A		(248)		N/A		N/A		N/A		N/A
Embedded derivatives — other	N/A		N/A		(1)		N/A		N/A		N/A		N/A
Total	$	136	$	(22)	$	(1,939)	$	(11)	$	(152)	$	—	$	(2,385)


	Year Ended December 31, 2024
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(176)	$	(59)	$	—	N/A
Hedged items	—		—		N/A		150		54		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	2		(44)		N/A		—		(90)		—		N/A
Hedged items	(1)		32		N/A		—		90		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		(6)		N/A		—		—		—		N/A
Subtotal	1		(18)		N/A		(26)		(5)		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	(474)
Amount of gains (losses) reclassified from AOCI into income	33		(5)		—		—		—		—		(28)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(95)
Amount of gains (losses) reclassified from AOCI into income	4		(794)		—		—		—		1		789
Foreign currency transaction gains (losses) on hedged items	—		789		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		1		—		—		—		—		(1)
Subtotal	37		(9)		—		—		—		1		191
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		395
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		31
Subtotal	N/A		—		N/A		N/A		N/A		N/A		426
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(794)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(1,328)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		3		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		47		N/A		N/A		N/A		N/A
Equity derivatives (1)	(56)		N/A		(519)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		177		N/A		N/A		N/A		N/A
Subtotal	(56)		N/A		(2,414)		N/A		N/A		N/A		N/A
Earned income on derivatives	196		—		629		(11)		(180)		—		—
Synthetic GICs	N/A		N/A		76		N/A		N/A		N/A		N/A
Embedded derivatives — ceded reinsurance	N/A		N/A		110		N/A		N/A		N/A		N/A
Embedded derivatives — other	N/A		N/A		(24)		N/A		N/A		N/A		N/A
Total	$	178	$	(27)	$	(1,623)	$	(37)	$	(185)	$	1	$	617


	Year Ended December 31, 2023
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	(3)	$	—	N/A		$	—	$	29	$	—	N/A
Hedged items	3		—		N/A		(26)		(31)		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(39)		(41)		N/A		—		20		—		N/A
Hedged items	38		33		N/A		—		(24)		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		(20)		N/A		—		—		—		N/A
Subtotal	(1)		(28)		N/A		(26)		(6)		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	109
Amount of gains (losses) reclassified from AOCI into income	50		90		—		—		—		—		(140)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(1,215)
Amount of gains (losses) reclassified from AOCI into income	4		558		—		—		—		2		(564)
Foreign currency transaction gains (losses) on hedged items	—		(547)		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		1		—		—		—		—		(1)
Subtotal	54		102		—		—		—		2		(1,811)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		5		N/A		N/A		N/A		N/A		226
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		20
Subtotal	N/A		5		N/A		N/A		N/A		N/A		246
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(979)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(1,443)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(17)		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		135		N/A		N/A		N/A		N/A
Equity derivatives (1)	(52)		N/A		(1,296)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		366		N/A		N/A		N/A		N/A
Subtotal	(52)		N/A		(3,234)		N/A		N/A		N/A		N/A
Earned income on derivatives	178		—		1,055		4		(149)		—		—
Synthetic GICs	N/A		N/A		75		N/A		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(36)		N/A		N/A		N/A		N/A
Total	$	179	$	79	$	(2,140)	$	(22)	$	(155)	$	2	$	(1,565)

__________________

(1)Excludes earned income on derivatives.

Fair Value Hedges

The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities, and (iii) foreign currency forwards to hedge the foreign currency fair value exposure of foreign currency denominated investments.

The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:


Balance Sheet Line Item	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1)
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
	(In millions)
Fixed maturity securities AFS	$	658	$	241	$	—	$	—
Mortgage loans	$	51	$	130	$	—	$	(1)
FPBs	$	(2,509)	$	(2,583)	$	319	$	359
PABs	$	(2,559)	$	(2,170)	$	(9)	$	223

__________________

(1)Includes ($67) million and ($91) million of hedging adjustments on discontinued hedging relationships at December 31, 2025 and 2024, respectively.

For the Company’s foreign currency forwards, changes in estimated fair value attributable to the difference between spot price and forward price are excluded from hedge effectiveness testing and are recognized in earnings. For certain foreign currency swaps, changes in estimated fair value related to cross-currency basis spreads are excluded from the effectiveness assessment and recorded in OCI. For all other derivatives, all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Cash Flow Hedges

The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed rate investments.

In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into income. These amounts were $5 million, $4 million and $31 million for the years ended December 31, 2025, 2024 and 2023, respectively.

At December 31, 2025 and 2024, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed three years and five years, respectively.

At December 31, 2025 and 2024, the balance in AOCI associated with cash flow hedges was ($2.1) billion and $357 million, respectively.

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

At December 31, 2025, the Company expected to reclassify ($150) million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.

NIFO Hedges

The Company uses foreign currency exchange rate derivatives, which may include foreign currency forwards and currency options, to hedge portions of its NIFO against adverse movements in exchange rates. The Company also designates a portion of its foreign-denominated debt as a non-derivative hedging instrument of its NIFO. The Company assesses hedge effectiveness of its derivatives based upon the change in forward rates and assesses its non-derivative hedging instruments based upon the change in spot rates. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

When NIFOs are sold or substantially liquidated, the amounts in AOCI are reclassified to the statement of operations.

At December 31, 2025 and 2024, the cumulative foreign currency translation gain (loss) recorded in AOCI related to NIFO hedges was $1.2 billion and $1.1 billion, respectively. At December 31, 2025 and 2024, the carrying amount of debt designated as a non-derivative hedging instrument was $268 million and $267 million, respectively.

See Note 16 for additional information on foreign-denominated debt.

Credit Derivatives

In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the effects of derivatives on the consolidated statements of operations and comprehensive income (loss) table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps.

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:


	December 31,
	2025					2024
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)	$	1	$	59	2.5	$	1	$	72	1.9
Credit default swaps referencing indices	44		3,777		1.4	72		4,126		2.2
Subtotal	45		3,836		1.4	73		4,198		2.2
Baa
Single name credit default swaps (3)	1		46		3.8	1		102		1.6
Credit default swaps referencing indices	95		4,807		4.6	111		7,263		4.1
Subtotal	96		4,853		4.6	112		7,365		4.1
Ba
Single name credit default swaps (3)	—		—		0.0	—		17		1.1
Credit default swaps referencing indices	1		24		1.0	2		25		2.0
Subtotal	1		24		1.0	2		42		1.6
B
Single name credit default swaps (3)	—		16		0.6	—		—		0.0
Credit default swaps referencing indices	10		129		3.0	10		144		3.7
Subtotal	10		145		2.7	10		144		3.7
Caa
Credit default swaps referencing indices	—		15		1.0	(1)		15		2.0
Subtotal	—		15		1.0	(1)		15		2.0
Total	$	152	$	8,873	3.2	$	196	$	11,764	3.4

__________________

(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service, Inc. (“Moody’s”), S&P and Fitch Ratings Inc. If no rating is available from a rating agency, then an internally developed rating is used.

(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.

(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.

Credit Risk on Freestanding Derivatives

The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s OTC-bilateral derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third party custodians.

The Company’s OTC-cleared derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.

See Note 13 for a description of the impact of credit risk on the valuation of derivatives.

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:


	December 31,
	2025				2024
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	7,053	$	6,972	$	8,224	$	6,966
OTC-cleared (1)	119		569		135		299
Exchange-traded	6		6		11		7
Total gross estimated fair value of derivatives presented on the consolidated balance sheets (1)	7,178		7,547		8,370		7,272
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(3,015)		(3,015)		(3,633)		(3,633)
OTC-cleared	(7)		(7)		(5)		(5)
Exchange-traded	—		—		(1)		(1)
Cash collateral: (3), (4)
OTC-bilateral	(1,808)		—		(2,597)		—
OTC-cleared	(105)		(555)		(126)		(289)
Exchange-traded	—		(1)		—		(6)
Securities collateral: (5)
OTC-bilateral	(2,211)		(3,945)		(1,955)		(3,325)
OTC-cleared	—		(6)		—		(4)
Exchange-traded	—		(5)		—		—
Net amount after application of master netting agreements and collateral	$	32	$	13	$	53	$	9

__________________

(1)At December 31, 2025 and 2024, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $133 million and $158 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of ($1) million and $13 million, respectively.

(2)Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives.

(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At December 31, 2025 and 2024, the Company received excess cash collateral of $29 million and $26 million, respectively, and provided excess cash collateral of $68 million and $86 million, respectively, which is not included in the table above due to the foregoing limitation.

(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at December 31, 2025, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At December 31, 2025 and 2024, the Company received excess securities collateral with an estimated fair value of $381 million and $410 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2025 and 2024, the Company provided excess securities collateral with an estimated fair value of $1.3 billion and $1.2 billion, respectively, for its OTC-bilateral derivatives, $751 million and $835 million, respectively, for its OTC-cleared derivatives, and $215 million and $148 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

The Company’s collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the collateral amount owed by that counterparty reaches a minimum transfer amount. A small number of these arrangements also contain credit-contingent provisions that include a threshold below which collateral does not need to be posted. Such agreements provide for a reduction of these thresholds (on a sliding scale that converges toward zero) in the event of downgrades in the financial strength or credit ratings of the Company and/or the counterparty (or its guarantor, as applicable). At December 31, 2025, the amount of collateral not provided by the Company due to the existence of these thresholds was $15 million.

The Company’s netting agreements for derivatives generally contain provisions that require the counterparty (or its guarantor, if applicable) to maintain specified minimum credit ratings above investment grade level from Moody’s, S&P or both. In those agreements, if the credit rating of the counterparty (or its guarantor, if applicable) were to fall below the applicable minimum rating, that counterparty would be in violation of these provisions, and the Company could terminate the transactions and demand immediate settlement and payment based on reasonable valuation of the derivatives. A significant portion of the Company’s netting agreements for derivatives grant similar rights to the counterparty to terminate the transactions and demand immediate settlement and payment if the Company’s financial strength or credit rating were to fall below specified minimum levels above investment grade.

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.


	December 31,
	2025						2024
	Derivatives Subject to Credit-Contingent Provisions		Derivatives Not Subject to Credit-Contingent Provisions		Total		Derivatives Subject to Credit-Contingent Provisions		Derivatives Not Subject to Credit-Contingent Provisions		Total
	(In millions)
Estimated fair value of derivatives in a net liability position	$	3,946	$	11	$	3,957	$	3,213	$	120	$	3,333
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	4,661	$	11	$	4,672	$	3,829	$	124	$	3,953

Embedded Derivatives

The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives.

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:


		December 31,
	Balance Sheet Location	2025		2024
		(In millions)
Embedded derivatives within liability host contracts:
Funds withheld on ceded reinsurance (1)	Other liabilities	$	(10)	$	(163)
Fixed annuities with equity indexed returns	PABs	67		172
Total		$	57	$	9

__________________

(1)Includes $81 million at December 31, 2025 related to Chariot Re. See Note 25 for additional related party transactions.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 185
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-185

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 184
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-184

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 181
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-181

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 15
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480960/815-15-50-3

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 183
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-183

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4I

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4F
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4F

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

Fair Value

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value

13. Fair Value

When developing estimated fair values, the Company considers three broad valuation approaches: (i) the market approach, (ii) the income approach, and (iii) the cost approach. The Company determines the most appropriate valuation approach to use, given what is being measured and the availability of sufficient inputs, giving priority to observable inputs. The Company categorizes its assets and liabilities measured at estimated fair value into a three-level hierarchy, based on the significant input with the lowest level in its valuation. The input levels are as follows:


Level 1			Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities AFS.


Level 2			Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.


Level 3			Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability.

Financial markets are susceptible to severe events evidenced by rapid depreciation in asset values accompanied by a reduction in asset liquidity. The Company’s ability to sell securities, as well as the price ultimately realized for these securities, depends upon the demand and liquidity in the market and increases the use of judgment in determining the estimated fair value of certain securities.

Considerable judgment is often required in interpreting the market data used to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:


	December 31, 2025
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	74,437	$	13,522	$	87,959
Foreign corporate	—		43,761		16,828		60,589
RMBS	—		43,491		1,927		45,418
Foreign government	—		40,696		52		40,748
U.S. government and agency	18,732		18,790		—		37,522
ABS & CLO	—		21,747		1,150		22,897
Municipals	—		11,063		1		11,064
CMBS	—		9,318		416		9,734
Total fixed maturity securities AFS	18,732		263,303		33,896		315,931
Equity securities	464		77		317		858
Contractholder-directed equity securities and FVO securities:
Contractholder-directed equity securities	7,983		2,571		194		10,748
FVO securities	623		1,323		1,265		3,211
Total contractholder-directed equity securities and FVO securities:	8,606		3,894		1,459		13,959
Short-term investments (1)	2,761		537		42		3,340


Other investments	46		—		1,137		1,183
Derivative assets: (2)
Interest rate	1		2,601		—		2,602
Foreign currency exchange rate	—		3,905		34		3,939
Credit	—		155		—		155
Equity market	5		344		—		349
Total derivative assets	6		7,005		34		7,045
MRBs	—		—		458		458
Reinsured MRBs (3)	—		—		293		293
Separate account assets (4)	77,488		73,554		891		151,933
Total assets (5)	$	108,103	$	348,370	$	38,527	$	495,000
Liabilities
Derivative liabilities: (2)
Interest rate	$	3	$	3,763	$	—	$	3,766
Foreign currency exchange rate	1		3,403		—		3,404
Credit	—		59		—		59
Equity market	2		316		1		319
Total derivative liabilities	6		7,541		1		7,548
Embedded derivatives within liability host contracts (6)	—		—		57		57
Notes issued by CFEs	—		—		1,206		1,206
MRBs	—		—		2,406		2,406
Total liabilities	$	6	$	7,541	$	3,670	$	11,217


	December 31, 2024
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	67,333	$	12,041	$	79,374
Foreign corporate	—		39,295		14,464		53,759
RMBS	—		32,771		1,650		34,421
Foreign government	—		40,209		41		40,250
U.S. government and agency	16,675		16,753		—		33,428
ABS & CLO	—		14,755		5,836		20,591
Municipals	—		9,866		7		9,873
CMBS	—		8,194		1,153		9,347
Total fixed maturity securities AFS	16,675		229,176		35,192		281,043
Equity securities	415		61		236		712
Contractholder-directed equity securities and FVO securities:
Contractholder-directed equity securities	6,805		2,135		157		9,097
FVO securities	501		41		1,033		1,575
Total contractholder-directed equity securities and FVO securities:	7,306		2,176		1,190		10,672
Short-term investments (1)	4,127		702		5		4,834


Other investments	37		63		1,010		1,110
Derivative assets: (2)
Interest rate	1		3,004		—		3,005
Foreign currency exchange rate	1		4,694		14		4,709
Credit	—		215		—		215
Equity market	9		271		3		283
Total derivative assets	11		8,184		17		8,212
MRBs	—		—		372		372
Reinsured MRBs (3)	—		—		12		12
Separate account assets (4)	63,979		74,535		990		139,504
Total assets (5)	$	92,550	$	314,897	$	39,024	$	446,471
Liabilities
Derivative liabilities: (2)
Interest rate	$	1	$	3,463	$	—	$	3,464
Foreign currency exchange rate	—		3,440		12		3,452
Credit	—		72		—		72
Equity market	6		265		—		271
Total derivative liabilities	7		7,240		12		7,259
Embedded derivatives within liability host contracts (6)	—		—		9		9
Notes issued by CFEs	—		—		—		—
MRBs	—		—		2,581		2,581
Total liabilities	$	7	$	7,240	$	2,602	$	9,849

__________________

(1)Short-term investments as presented in the tables above differ from the amounts presented on the consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis.

(2)Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(3)Reinsured MRBs are presented within premiums, reinsurance and other receivables on the consolidated balance sheets.

(4)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities.

(5)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. The estimated fair value of such investments was $41 million and $50 million at December 31, 2025 and 2024, respectively.

(6)Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the consolidated balance sheets.

The following describes the valuation methodologies used to measure assets and liabilities at fair value.

Investments

Securities, Short-term Investments and Other Investments

When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings and valuation of these securities does not involve management’s judgment.

When quoted prices in active markets are not available, the determination of estimated fair value of securities is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based, in large part, on management’s judgment or estimation and cannot be supported by reference to market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such investments.

The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein.

The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g., cash flows) to a single current, discounted amount. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.

Instrument

Level 2

Observable Inputs

Level 3

Unobservable Inputs

Fixed maturity securities AFS

U.S. corporate and Foreign corporate securities

Valuation Approaches: Principally the market and income approaches.

Valuation Approaches: Principally the market approach.

Key Inputs:

•

quoted prices in markets that are not active

•

illiquidity premium

•

benchmark yields; spreads off benchmark yields; new issuances; issuer ratings

•

delta spread adjustments to reflect specific credit-related issues

•

trades of identical or comparable securities; duration

•

credit spreads

•

privately placed securities are valued using the additional key inputs:

•

quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2

•

market yield curve; call provisions

•

observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer

•

independent non-binding broker quotations

•

delta spread adjustments to reflect specific credit-related issues

Foreign government securities, U.S. government and agency securities and Municipals

Valuation Approaches: Principally the market approach.

Key Inputs:

•

quoted prices in markets that are not active

•

independent non-binding broker quotations

•

benchmark U.S. Treasury yield or other yields

•

quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2

•

the spread off the U.S. Treasury yield curve for the identical security

•

issuer ratings and issuer spreads; broker-dealer quotations

•

credit spreads

•

comparable securities that are actively traded

Structured Products

Valuation Approaches: Principally the market and income approaches.

Key Inputs:

•

quoted prices in markets that are not active

•

credit spreads

•

spreads for actively traded securities; spreads off benchmark yields

•

quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2

•

expected prepayment speeds and volumes

•

current and forecasted loss severity; ratings; geographic region

•

independent non-binding broker quotations

•

weighted average coupon and weighted average maturity

•

credit ratings

•

average delinquency rates; DSCR

•

credit ratings

•

issuance-specific information, including, but not limited to:

•

collateral type; structure of the security; vintage of the loans

•

payment terms of the underlying assets

•

payment priority within the tranche; deal performance

Instrument

Level 2

Observable Inputs

Level 3

Unobservable Inputs

Equity securities

Valuation Approaches: Principally the market approach.

Valuation Approaches: Principally the market and income approaches.

Key Input:

Key Inputs:

•

quoted prices in markets that are not considered active

•

credit ratings; issuance structures

•

quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2

•

independent non-binding broker quotations

Contractholder-directed equity and FVO securities, Short-term investments and Other investments

Valuation Approaches: Principally the market and income approaches.

Key Inputs:

•

Contractholder-directed equity and FVO securities include mutual fund interests without readily determinable fair values given prices are not published publicly. Valuation of these mutual funds is based upon quoted prices or reported NAV provided by the fund managers, which were based on observable inputs.

•

Contractholder-directed equity and FVO securities, short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments also include certain REJV and use the valuation approach and key inputs as described for OLPI below.

•

Short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and observable inputs used in their valuation are also similar to those described above.

Separate account assets and Separate account liabilities (1)

Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly

Key Input:

•

N/A

•

quoted prices or reported NAV provided by the fund managers

OLPI

•

N/A

Valued giving consideration to the underlying holdings of the partnerships and adjusting, if appropriate.

Key Input:

•

NAV

__________________

(1)Estimated fair value equals carrying value, based on the value of the underlying assets, including mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, OLPI, short-term investments and cash and cash equivalents. The estimated fair value of fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents is determined on a basis consistent with the assets described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.”

Derivatives

The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models.

The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. With respect to certain OTC-bilateral and OTC-cleared derivatives, management may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such derivatives.

Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.

The credit risk of both the counterparty and the Company is considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by the counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Freestanding Derivatives

Level 2 Valuation Approaches and Key Inputs:

This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3.

Level 3 Valuation Approaches and Key Inputs:

These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.

Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows:

Instrument

Interest Rate

Foreign Currency
Exchange Rate

Credit

Equity Market

Inputs common to Level 2 and Level 3 by instrument type

•

swap yield curves

•

swap yield curves

•

swap yield curves

•

swap yield curves

•

basis curves

•

basis curves

•

credit curves

•

spot equity index levels

•

interest rate volatility (1)

•

currency spot rates

•

recovery rates

•

dividend yield curves

•

cross currency basis curves

•

equity volatility (1)

•

currency volatility (1)

Level 3

•

N/A

•

swap yield curves (2)

•

N/A

•

dividend yield curves (2)

•

basis curves (2)

•

equity volatility (1), (2)

•

cross currency basis curves (2)

•

correlation between model inputs (1)

•

currency correlation

•

currency volatility (1)

__________________

(1)Option-based only.

(2)Extrapolation beyond the observable limits of the curve(s).

Embedded Derivatives

Embedded derivatives principally include equity-indexed annuity contracts and investment risk within funds withheld related to certain reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as described in “— Investments — Securities, Short-term Investments and Other Investments.” The estimated fair value of these embedded derivatives is included, along with their funds withheld hosts, in other liabilities on the consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.

The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.

Notes Issued by CFEs

The estimated fair value of these notes are based on the estimated fair value of the corresponding securities which collateralize the notes. Since the notes are valued based on referenced collateral, they are classified as Level 3.

MRBs

See Note 6 for information on the Company’s valuation approaches and key inputs for MRBs.

Transfers between Levels

Overall, transfers between levels occur when there are changes in the observability of inputs and market activity.

Transfers into or out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:


					December 31, 2025				December 31, 2024				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	32	-	127	94	47	-	126	92	Increase
	•	Market pricing	•	Quoted prices (4)	—	-	100	91	13	-	102	95	Increase
	•	Consensus pricing	•	Offered quotes (4)	—	-	101	92	47	-	100	96	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	33	-	114	96	—	-	128	95	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	3	-	142	101	4	-	113	97	Increase (5)
Derivatives


Foreign currency exchange rate	•	Present value techniques	•	Swap yield (6)	154	-	203	202	131	-	230	222	Increase (7)




MRBs and Reinsured MRBs
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.15%	0.05%	0%	-	0.15%	0.05%	(8)
				Ages 41 - 60	0.04%	-	0.79%	0.22%	0.04%	-	0.79%	0.22%	(8)
				Ages 61 - 115	0%	-	100%	1.23%	0%	-	100%	1.14%	(8)
			•	Lapse rates:
				Durations 1 - 10	0.15%	-	20.10%	13.37%	0.14%	-	20.10%	12.86%	Decrease (9)
				Durations 11 - 20	0.38%	-	15%	8.17%	0.39%	-	15%	6.05%	Decrease (9)
				Durations 21 - 116	0.38%	-	15%	7.48%	0.39%	-	15%	8.20%	Decrease (9)
			•	Utilization rates	0.20%	-	16.25%	0.54%	0.20%	-	22%	0.79%	Increase (10)
			•	Withdrawal rates	0%	-	20%	4.92%	0%	-	20%	4.77%	(11)
			•	Long-term equity volatilities	14.29%	-	22.49%	18.96%	14.23%	-	22.27%	18.77%	Increase (12)
			•	Nonperformance risk spread	0.10%	-	1.41%	0.58%	0.11%	-	1.46%	0.64%	Decrease (13)

__________________

(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data.

(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.

(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.

(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.

(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(6)Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(7)Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.

(8)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on Company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.

(9)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(10)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(11)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(12)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(13)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRBs.

All other classes of securities classified within Level 3, including those within Unit-linked and FVO securities, Other investments, Separate account assets, Notes issued by CFEs, and Embedded derivatives within funds withheld related to certain ceded reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table. The valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.”

The following tables summarize the change of all assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), excluding MRBs (see Note 6):


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Foreign Government		Structured Products		Equity Securities		Contractholder-directed and FVO Securities
	(In millions)
Balance, January 1, 2024	$	28,345	$	51	$	4,551	$	249	$	1,103
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(143)		(1)		34		(32)		131
Total realized/unrealized gains (losses) included in AOCI	(1,177)		(2)		246		—		—
Purchases (3)	5,587		2		3,014		53		141
Sales (3)	(2,236)		(1)		(2,080)		(34)		(166)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		—		—		—
Transfers into Level 3 (4)	232		—		3,163		—		—
Transfers out of Level 3 (4)	(4,103)		(8)		(289)		—		(19)
Balance, December 31, 2024	26,505		41		8,639		236		1,190
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(93)		1		10		20		197
Total realized/unrealized gains (losses) included in AOCI	1,528		5		62		—		—
Purchases (3)	4,944		12		2,065		133		291
Sales (3)	(2,538)		(6)		(1,829)		(67)		(219)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		—		—		—
Transfers into Level 3 (4)	336		—		59		1		—
Transfers out of Level 3 (4)	(332)		(1)		(5,513)		(6)		—
Balance, December 31, 2025	$	30,350	$	52	$	3,493	$	317	$	1,459
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2023 (5)	$	(10)	$	2	$	10	$	—	$	136
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2024 (5)	$	(82)	$	(1)	$	40	$	(48)	$	135
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2025 (5)	$	(62)	$	—	$	7	$	2	$	188
Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2023 (5)	$	1,371	$	(3)	$	14	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2024 (5)	$	(1,189)	$	(2)	$	209	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2025 (5)	$	1,450	$	6	$	49	$	—	$	—
Gains (Losses) Data for the year ended December 31, 2023:
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	$	(35)	$	2	$	(11)	$	9	$	138
Total realized/unrealized gains (losses) included in AOCI	$	1,413	$	(3)	$	33	$	—	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Short-term Investments		Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)		Notes Issued by CFEs
	(In millions)
Balance, January 1, 2024	$	27	$	975	$	(143)	$	(93)	$	1,147	$	—
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		14		(23)		86		(51)		—
Total realized/unrealized gains (losses) included in AOCI	(1)		—		(31)		—		—		—
Purchases (3)	5		72		—		—		134		—
Sales (3)	(26)		(282)		—		—		(226)		—
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		213		(2)		—		—
Transfers into Level 3 (4)	—		231		—		—		—		—
Transfers out of Level 3 (4)	—		—		(11)		—		(14)		—
Balance, December 31, 2024	5		1,010		5		(9)		990		—
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(14)		(64)		27		(154)		(9)		—
Total realized/unrealized gains (losses) included in AOCI	5		—		2		—		—		—
Purchases (3)	51		307		—		—		97		(1,206)
Sales (3)	(5)		(137)		—		—		(185)		—
Issuances (3)	—		—		—		(51)		—		—
Settlements (3)	—		—		—		157		—		—
Transfers into Level 3 (4)	—		21		—		—		4		—
Transfers out of Level 3 (4)	—		—		(1)		—		(6)		—
Balance, December 31, 2025	$	42	$	1,137	$	33	$	(57)	$	891	$	(1,206)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2023 (5)	$	—	$	23	$	(39)	$	(36)	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2024 (5)	$	—	$	13	$	(15)	$	86	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2025 (5)	$	(14)	$	(76)	$	26	$	(153)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2023 (5)	$	—	$	—	$	(5)	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2024 (5)	$	—	$	—	$	—	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2025 (5)	$	5	$	—	$	—	$	—	$	—	$	—
Gains (Losses) Data for the year ended December 31, 2023:
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	$	—	$	22	$	(39)	$	(36)	$	(60)	$	—
Total realized/unrealized gains (losses) included in AOCI	$	1	$	—	$	(5)	$	—	$	—	$	—

__________________

(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses), while changes in estimated fair value of Unit-linked and FVO securities are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward.

(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(6)Comprised of U.S. and foreign corporate securities.

(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.

Fair Value Option

The Company has elected the FVO for certain invested assets held by, and notes issued by, CFEs. See Note 3.

At December 31, 2025, the unpaid principal balance on the invested assets held by CFEs exceeded the estimated fair value by $33 million.

At December 31, 2025, the unpaid principal balance on the notes issued by CFEs exceeded the estimated fair value by $1 million.

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).


	December 31,
	2025		2024
	(In millions)
Carrying value after measurement:
Mortgage loans (1)	$	1,583	$	1,075
Other invested assets (2)	$	—	$	63


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Net investment gains (losses):
Mortgage loans (1)	$	(590)	$	(217)	$	(215)
Other invested assets (2)	$	—	$	—	$	(136)

__________________

(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 11.

(2)The Company recognized an impairment loss for the year ended December 31, 2023 related to AmMetLife Insurance Berhad (Malaysia) and AmMetLife Takaful Berhad (Malaysia) (collectively, “MetLife Malaysia”).

Fair Value of Financial Instruments Carried at Other Than Fair Value

The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. The following tables exclude cash and cash equivalents, which are primarily classified as Level 1, and accrued investment income, payables for collateral under securities loaned and other transactions, short-term debt and those short-term investments that are not securities (i.e., time deposits), which are primarily classified as Level 2. The Company believes that due to the short-term nature of these excluded financial instruments, the estimated fair value approximates carrying value.

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:


	December 31, 2025
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	84,593	$	—	$	—	$	82,933	$	82,933
Policy loans	$	8,547	$	—	$	—	$	9,083	$	9,083


Other invested assets	$	895	$	—	$	700	$	195	$	895
Premiums, reinsurance and other receivables	$	8,681	$	—	$	1,252	$	6,835	$	8,087
Other assets	$	247	$	—	$	53	$	202	$	255
Liabilities
PABs	$	147,826	$	—	$	—	$	145,695	$	145,695
Long-term debt	$	14,461	$	—	$	14,143	$	—	$	14,143
Collateral financing arrangement	$	352	$	—	$	—	$	322	$	322
Subordinated debt securities	$	4,155	$	—	$	4,707	$	—	$	4,707
Other liabilities	$	11,993	$	—	$	842	$	10,747	$	11,589
Separate account liabilities	$	80,164	$	—	$	80,164	$	—	$	80,164


	December 31, 2024
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	89,012	$	—	$	—	$	84,217	$	84,217
Policy loans	$	8,545	$	—	$	—	$	9,058	$	9,058
Other invested assets	$	1,202	$	—	$	704	$	498	$	1,202
Premiums, reinsurance and other receivables	$	4,831	$	—	$	881	$	3,917	$	4,798
Other assets	$	228	$	—	$	69	$	167	$	236
Liabilities
PABs	$	139,882	$	—	$	—	$	134,612	$	134,612
Long-term debt	$	15,080	$	—	$	14,498	$	—	$	14,498
Collateral financing arrangement	$	476	$	—	$	—	$	425	$	425
Subordinated debt securities	$	3,164	$	—	$	3,587	$	—	$	3,587
Other liabilities	$	9,635	$	—	$	734	$	8,570	$	9,304
Separate account liabilities	$	70,359	$	—	$	70,359	$	—	$	70,359

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Leases Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lessee, Operating Leases

14. Leases

The Company, as lessee, has entered into various lease and sublease agreements primarily for office space. The Company has operating leases with remaining lease terms of less than one year to 12 years. The remaining lease terms for the subleases are less than one year to nine years.

ROU Assets and Lease Liabilities

ROU assets and lease liabilities for operating leases were:


	December 31, 2025		December 31, 2024
	(In millions)
ROU assets	$	984	$	928
Lease liabilities	$	1,138	$	1,079

Lease Costs

The components of operating lease costs were as follows:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Operating lease cost	$	234	$	226	$	244
Variable lease cost	52		52		52
Sublease income	(87)		(87)		(95)
Net lease cost	$	199	$	191	$	201

Other Information

Supplemental other information related to operating leases was as follows:


	December 31, 2025			December 31, 2024
	(Dollars in millions)
Cash paid for amounts included in the measurement of lease liability - operating cash flows	$	234		$	244
ROU assets obtained in exchange for new lease liabilities (1)	$	120		$	52
Weighted-average remaining lease term	8 years			8 years
Weighted-average discount rate	4.7		%	4.4		%

__________________

(1)See Note 3 for additional ROU assets and lease liabilities recorded as part of the acquisition of PineBridge.

Maturities of Lease Liabilities

Maturities of operating lease liabilities were as follows:


	December 31, 2025
	(In millions)
2026	$	218
2027	215
2028	183
2029	131
2030	100
Thereafter	429
Total undiscounted cash flows	1,276
Less: interest	138
Present value of lease liability	$	1,138

See Notes 11 and 16 for information about the Company’s investments in leased real estate and financing lease obligations.

Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

15. Goodwill

Information regarding goodwill by segment, as well as Corporate & Other, was as follows:


	Group Benefits		RIS		Asia		Latin America		EMEA		MIM (1)		Corporate & Other (1)		Total
	(In millions)
Balance at January 1, 2023
Goodwill	$	1,158	$	912	$	4,309	$	980	$	908	$	143	$	1,567	$	9,977
Accumulated impairment	—		—		—		—		—		—		(680)		(680)
Total goodwill, net	1,158		912		4,309		980		908		143		887		9,297
Acquisitions	—		—		—		—		—		30		—		30


Effect of foreign currency translation and other	—		—		(95)		(4)		8		—		—		(91)

Balance at December 31, 2023
Goodwill	1,158		912		4,214		976		916		173		1,567		9,916
Accumulated impairment	—		—		—		—		—		—		(680)		(680)
Total goodwill, net	1,158		912		4,214		976		916		173		887		9,236

Dispositions	—		—		—		—		—		(26)		—		(26)
Effect of foreign currency translation and other	—		—		(167)		(120)		(21)		(1)		—		(309)

Balance at December 31, 2024
Goodwill	1,158		912		4,047		856		895		146		1,567		9,581
Accumulated impairment	—		—		—		—		—		—		(680)		(680)
Total goodwill, net	1,158		912		4,047		856		895		146		887		8,901
Acquisitions	—		—		—		—		—		569		—		569

Effect of foreign currency translation and other	—		—		20		88		32		3		—		143
Balance at December 31, 2025
Goodwill	1,158		912		4,067		944		927		718		1,567		10,293
Accumulated impairment	—		—		—		—		—		—		(680)		(680)
Total goodwill, net	$	1,158	$	912	$	4,067	$	944	$	927	$	718	$	887	$	9,613

__________________

(1)See Note 1 for further information on the Strategic Reorganization.

- Definition

The entire disclosure for goodwill.

+ References + Details

Long-term and Short-term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-term and Short-term Debt

16. Long-term and Short-term Debt

Short-Term Debt

Long-term and short-term debt outstanding was as follows:


								December 31,
								2025						2024
	Interest Rates (1)				Maturity			Face Value		Unamortized Discount and Issuance Costs		Carrying Value		Face Value		Unamortized Discount and Issuance Costs		Carrying Value
								(In millions)
Senior notes	0.50	%	-	6.50%	2026	-	2059	$	14,095	$	(96)	$	13,999	$	14,530	$	(99)	$	14,431
Surplus notes	7.80	%	-	7.80%	2025			—		—		—		250		—		250
Other notes (2)	3.52	%	-	7.41%	2026	-	2035	463		(1)		462		401		(2)		399
Financing lease obligations								6		—		6		6		—		6
Total long-term debt								14,564		(97)		14,467		15,187		(101)		15,086
Total short-term debt								355		—		355		465		—		465
Total								$	14,919	$	(97)	$	14,822	$	15,652	$	(101)	$	15,551

__________________

(1)Range of interest rates are for the year ended December 31, 2025.

(2)Includes $75 million of long-term borrowings related to repurchase agreements, secured by CLO Investments. At December 31, 2025, the Company pledged securities with a carrying value of $80 million to collateralize these repurchase agreements. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge these securities.

The aggregate maturities of long-term debt at December 31, 2025 for the next five years and thereafter are $172 million in 2026, $81 million in 2027, $300 million in 2028, $459 million in 2029, $996 million in 2030 and $12.5 billion thereafter.

Financing lease obligations are collateralized and rank highest in priority, followed by unsecured senior notes and other notes. The $1.0 billion aggregate principal amount of 6.350% Fixed-to-Fixed Reset Rate Subordinated Debentures due March 2055, payable semi-annually, issued by MetLife, Inc, in March 2025 (the “6.350% Subordinated Debt”) ranks below these instruments but remains senior to junior subordinated debt securities (see Note 18). Payments of interest and principal on the Company’s surplus notes, which are subordinate to all other obligations of the operating company issuing the notes and are senior to obligations of MetLife, Inc., may be made only with the prior approval of the insurance department of the state of domicile of the issuer of the notes. The Company’s collateral financing arrangement (see Note 17) is supported by surplus notes of a subsidiary and, accordingly, has priority consistent with surplus notes.

Certain of the Company’s debt instruments and committed facilities, as well as its $3.0 billion unsecured revolving credit facility (the “Credit Facility”), contain various administrative, reporting, legal and financial covenants. The Company believes it was in compliance with all applicable financial covenants at December 31, 2025.

Senior Notes

In June 2025, in a private placement transaction, MetLife, Inc. issued the following fixed rate senior notes totaling $612 million, interest on which is payable semi-annually:

• ¥10.0 billion due June 2032 which bear interest annually at 2.140%;

• ¥15.0 billion due June 2035 which bear interest annually at 2.460%;

• ¥10.7 billion due June 2037 which bear interest annually at 2.590%;

• ¥12.1 billion due June 2040 which bear interest annually at 2.830%;

• ¥23.6 billion due June 2045 which bear interest annually at 3.290%; and

• ¥16.4 billion due June 2055 which bear interest annually at 3.620%.

In connection with the issuances, MetLife, Inc. incurred $5 million of related costs which will be amortized over the applicable term of each series of senior notes.

In June and September 2024, MetLife, Inc. issued $500 million and $250 million, respectively, of senior notes due December 2034, which form a single series and bear interest at a fixed rate of 5.300%, payable semi-annually. In connection with the June and September issuances, MetLife, Inc. incurred $4 million and $2 million, respectively, of related costs, which in each case will be amortized over the term of the applicable senior notes.

In April 2024, MetLife, Inc. redeemed for $438 million in cash all of its £350 million aggregate principal amount outstanding 5.375% senior notes due December 2024.

In March 2024, MetLife, Inc. issued the following fixed rate senior notes totaling $752 million, interest on which is payable semi-annually:

•¥7.1 billion due March 2029 which bear interest annually at 1.009%;

•¥23.1 billion due March 2031 which bear interest annually at 1.415%;

•¥16.7 billion due March 2034 which bear interest annually at 1.670%;

•¥11.2 billion due March 2039 which bear interest annually at 1.953%;

•¥15.5 billion due March 2044 which bear interest annually at 2.195%;

•¥23.5 billion due March 2054 which bear interest annually at 2.390%; and

•¥15.2 billion due March 2059 which bear interest annually at 2.448%.

In connection with the March 2024 issuances, MetLife, Inc. incurred $6 million of related costs which will be amortized over the applicable term of each series of the senior notes.

In July 2023, MetLife, Inc. issued $1.0 billion of senior notes due July 2033 which bear interest at a fixed rate of 5.375%, payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $6 million of related costs which will be amortized over the term of the senior notes.

In February 2023, MetLife, Inc. redeemed for cash and canceled $1.0 billion aggregate principal amount of its outstanding 4.368% senior notes due September 2023.

In January 2023, MetLife, Inc. issued $1.0 billion of senior notes due January 2054 which bear interest at a fixed rate of 5.250%, payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $11 million of related costs which will be amortized over the term of the senior notes.

Facility Agreement for Senior Debt Issuances

In March 2025, MetLife, Inc. entered into a 30-year facility agreement (the “Facility Agreement”) with a Delaware trust (the “Trust”), upon the completion of the sale of Trust securities by the Trust for $1,250 million in private placements under Rule 144A of the Securities Act of 1933. The Trust invested the proceeds from the sale of its securities in a portfolio of principal and interest strips of U.S. Treasury securities (the “STRIPS”).

The Facility Agreement provides the Company the right to issue and sell to the Trust from time to time up to $1,250 million of its 5.740% Senior Notes due February 15, 2055 (the “5.740% Senior Notes”) in exchange for a corresponding amount of the STRIPS held by the Trust. In return, the Company agreed to pay a semi-annual facility fee to the Trust at a rate of 1.2373% per annum applied to the maximum amount of senior notes that MetLife, Inc. could issue and sell to the Trust. The Company can redeem the 5.740% Senior Notes at any time, in whole or in part, at a price equal to the greater of par or a make-whole redemption price. At December 31, 2025, the Company had no senior note issuances under the Facility Agreement.

The Company incurred $13 million of related costs, which were capitalized in other assets and will be amortized over the term of the Facility Agreement. Total fees associated with the facility were $13 million for the year ended December 31, 2025.

Short-term Debt

Short-term debt with maturities of one year or less was as follows:


	December 31,
	2025		2024
	(Dollars in millions)
Short-term debt (1), (2)	$	355	$	465
Average daily balance	$	394	$	270
Average days outstanding	72 days		82 days

__________________

(1)Includes $238 million and $465 million at December 31, 2025 and 2024, respectively, of short-term debt related to repurchase agreements, secured by assets of subsidiaries.

(2)Includes $117 million and $133 million at December 31, 2025 and 2024, respectively, of short-term debt related to VIEs.

For the years ended December 31, 2025, 2024 and 2023, the weighted average interest rate on short-term debt was 5.21%, 6.65% and 8.63%, respectively.

Interest Expense

Interest expense on long-term and short-term debt was $724 million, $738 million and $740 million for the years ended December 31, 2025, 2024 and 2023, respectively, which is included in other expenses. Such amounts do not include interest expense on long-term debt related to the collateral financing arrangement or subordinated debt securities. See Notes 17 and 18.

Credit and Committed Facilities

At December 31, 2025, the Company maintained the Credit Facility, as well as certain committed facilities aggregating $3.2 billion (the “Committed Facilities”). When drawn upon, these facilities bear interest at varying rates in accordance with the respective agreements.

Credit Facility

The Company’s Credit Facility is used for general corporate purposes, to support the borrowers’ commercial paper programs and for the issuance of letters of credit. Total fees associated with the Credit Facility were $7 million, $7 million and $6 million for the years ended December 31, 2025, 2024 and 2023, respectively, and were included in other expenses.

Information on the Credit Facility at December 31, 2025 was as follows:


Borrower(s)	Expiration		Maximum Capacity		Letters of Credit Issued		Drawdowns		Unused Commitments
			(In millions)
MetLife, Inc. and MetLife Funding, Inc.	May 2028	(1)	$	3,000	$	304	$	—	$	2,696

__________________

(1)All borrowings under the Credit Facility must be repaid by May 8, 2028, except that letters of credit outstanding on that date may remain outstanding until no later than May 8, 2029.

Committed Facilities

Letters of credit issued under the Committed Facilities are used for collateral for certain of the Company’s affiliated reinsurance liabilities. Total fees associated with the Committed Facilities, included in other expenses, were $9 million for each of the years ended December 31, 2025, 2024 and 2023.

Information on the Committed Facilities at December 31, 2025 was as follows:


Account Party/Borrower(s)	Expiration		Maximum Capacity		Letters of Credit Issued		Drawdowns		Unused Commitments
			(In millions)
MetLife Reinsurance Company of Vermont (“MRV”) and MetLife, Inc.	November 2026	(1), (2)	$	350	$	350	$	—	$	—
MRV and MetLife, Inc.	December 2037	(1), (3)	2,891		2,456		—		435
Total			$	3,241	$	2,806	$	—	$	435

__________________

(1)MetLife, Inc. is a guarantor under the applicable facility.

(2)The issuance of additional letters of credit is at the discretion of the counterparty.

(3)Capacity at December 31, 2025 of $2.9 billion decreases gradually between 2026 and 2037 to $2.0 billion, and the facility expires in December 2037. Unused commitment of $435 million is based on maximum capacity. At December 31, 2025, Brighthouse Financial, Inc. and its subsidiaries (“Brighthouse”), a former subsidiary of MetLife, Inc., is a beneficiary of $2.5 billion of letters of credit issued under this facility and, in consideration, Brighthouse reimburses MetLife, Inc. for a portion of the letter of credit fees.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Collateral Financing Arrangements

12 Months Ended

Dec. 31, 2025

Secured Debt [Abstract]

Collateral Financing Arrangements

17. Collateral Financing Arrangement

Information related to the collateral financing arrangement associated with the closed block (See Note 10) was as follows at:


	December 31,
	2025		2024
	(In millions)
Surplus notes outstanding (1)	$	352	$	476
Receivable from unaffiliated financial institution (1)	$	46	$	62
Collateral (pledged) received (2)	$	18	$	—
Assets held in trust (2)	$	1,304	$	1,330

__________________

(1)At carrying value.

(2)At estimated fair value.

In December 2007, MLIC reinsured a portion of its closed block liabilities to MetLife Reinsurance Company of Charleston (“MRC”), a wholly-owned subsidiary of MetLife, Inc. In connection with this transaction, MRC issued, to investors placed by an unaffiliated financial institution, $2.5 billion in aggregate principal amount of 35-year surplus notes to provide statutory reserve support for the assumed closed block liabilities. Interest on the surplus notes accrued at an annual rate of three-month London Interbank Offered Rate (“LIBOR”) plus 0.55%, payable quarterly. For interest periods that commenced after June 30, 2023, three-month LIBOR was replaced with the CME Term Secured Overnight Financing Rate (“SOFR”) published for a three-month tenor plus a spread adjustment of 0.26161%. The ability of MRC to make interest and principal payments on the surplus notes is contingent upon South Carolina regulatory approval.

Simultaneously with the issuance of the surplus notes, MetLife, Inc. entered into an agreement with the unaffiliated financial institution, under which MetLife, Inc. received interest payable by MRC on the surplus notes in exchange for the payment of three-month LIBOR plus 1.12%, payable quarterly on such amount as adjusted, as described below. For interest periods that commenced after June 30, 2023, three-month LIBOR under the agreement was replaced with compounded SOFR calculated in arrears plus a spread adjustment of 0.26161%. MetLife, Inc. may also be required to pledge collateral or make payments to the unaffiliated financial institution related to any decline in the estimated fair value of the surplus notes. Any such payments are accounted for as a receivable and included in other assets on the Company’s consolidated balance sheets and do not reduce the principal amount outstanding of the surplus notes. Such payments, however, reduce the amount of interest payments due from MetLife, Inc. under the agreement. Any payment received from the unaffiliated financial institution reduces the receivable by an amount equal to such payment and also increases the amount of interest payments due from MetLife, Inc. under the agreement. In addition, the unaffiliated financial institution may be required to pledge collateral to MetLife, Inc. related to any increase in the estimated fair value of the surplus notes.

For the years ended December 31, 2025, 2024 and 2023, following regulatory approval, MRC repurchased $124 million, $161 million and $79 million, respectively, in aggregate principal amount of the surplus notes. Payments made by the Company in 2025, 2024 and 2023 associated with the repurchases were exclusive of accrued interest on the surplus notes. In connection with the repurchases for the years ended December 31, 2025, 2024 and 2023, the Company received payments in the aggregate amount of $16 million, $23 million and $8 million, respectively, from the unaffiliated financial institution, which reduced the amount receivable from the unaffiliated financial institution by the same amounts. No other payments related to an increase or decrease in the estimated fair value of the surplus notes were made by MetLife, Inc. or received from the unaffiliated financial institution for the years ended December 31, 2025, 2024 or 2023.

A majority of the proceeds from the offering of the surplus notes was placed in a trust, which is consolidated by the Company, to support MRC’s statutory obligations associated with the assumed closed block liabilities. The assets are principally invested in fixed maturity securities AFS and are presented as such within the Company’s consolidated balance sheets, with the related income included within net investment income on the Company’s consolidated statements of operations.

Interest Expense

Interest expense on the collateral financing arrangement was $25 million, $38 million and $44 million for the years ended December 31, 2025, 2024 and 2023, respectively, which is included in other expenses.

Subordinated Debt Securities

12 Months Ended

Dec. 31, 2025

Junior Subordinated Notes [Abstract]

Subordinated Debt Securities

18. Subordinated Debt Securities

Outstanding Junior Subordinated Debt Securities

Outstanding junior subordinated debt securities and exchangeable surplus trust securities which are exchangeable for junior subordinated debt securities prior to redemption or repayment (collectively, the “junior subordinated debt securities”), were as follows:


						December 31,
						2025						2024
Issuer	Issue Date	Interest Rate (1)	Scheduled Redemption Date	Interest Rate Subsequent to Scheduled Redemption Date (2)	Final Maturity	Face Value		Unamortized Discount and Issuance Costs		Carrying Value		Face Value		Unamortized Discount and Issuance Costs		Carrying Value
						(In millions)
MetLife, Inc.	December 2006	6.400%	December 2036	SOFR + 0.26161% + 2.205%	December 2066	$	1,250	$	(12)	$	1,238	$	1,250	$	(13)	$	1,237
MetLife Capital Trust IV (3)	December 2007	7.875%	December 2037	SOFR + 0.26161% + 3.960%	December 2067	700		(10)		690		700		(11)		689
MetLife, Inc.	April 2008	9.250%	April 2038	SOFR + 0.26161% + 5.540%	April 2068	750		(7)		743		750		(7)		743
MetLife, Inc.	July 2009	10.750%	August 2039	SOFR + 0.26161% + 7.548%	August 2069	500		(4)		496		500		(5)		495
Total						$	3,200	$	(33)	$	3,167	$	3,200	$	(36)	$	3,164

_________________

(1)Prior to the scheduled redemption date, interest is payable semiannually in arrears.

(2)In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate based on the three-month CME Term SOFR plus 0.26161% and the indicated margin, payable quarterly in arrears.

(3)MetLife Capital Trust IV is a VIE which is consolidated on the financial statements of the Company. The securities issued by this entity are exchangeable surplus trust securities, which are exchangeable for a like amount of MetLife, Inc.’s junior subordinated debt securities on the scheduled redemption date, mandatorily under certain circumstances, and at any time upon MetLife, Inc. exercising its option to redeem the securities.

In connection with each of the junior subordinated debt securities, MetLife, Inc. may redeem or may cause the redemption of such securities (i) in whole or in part, at any time on or after the date five years prior to the scheduled redemption date at 100% of their principal amount, or (ii) in certain circumstances, in whole or in part, prior to the date five years prior to the scheduled redemption date at 100% of their principal amount or, if greater, a make-whole price, in each case, plus accrued and unpaid interest to, but excluding the date of redemption. MetLife, Inc. also has the right to, and in certain circumstances the requirement to, defer interest payments on these securities for a period up to 10 years. Interest compounds during such periods of deferral, if any. If interest is deferred for more than five consecutive years, MetLife, Inc. is required to use proceeds from the sale of its common stock or warrants on common stock to satisfy this interest payment obligation.

Subordinated Debt Issuance

In March 2025, MetLife, Inc. issued the 6.350% Subordinated Debt (together with the junior subordinated debt securities, the “subordinated debt securities”). MetLife, Inc. may redeem the 6.350% Subordinated Debt in whole, at any time, or in part, from time to time (i) on any interest payment date on or after March 15, 2035, the scheduled redemption date, at a redemption price equal to 100% of their principal amount, or (ii) prior to March 15, 2035, at a redemption price equal to 100% of their principal amount plus a make-whole amount, in each case, plus accrued and unpaid interest to, but excluding, the date of redemption. MetLife, Inc. may also redeem the 6.350% Subordinated Debt in whole, but not in part, depending on the specific circumstances at a redemption price equal to (i) 100% of their principal amount or (ii) 102% of their principal amount, in each case, plus accrued and unpaid interest to, but excluding, the date of redemption. MetLife, Inc. also has the right to defer interest payments on the 6.350% Subordinated Debt for periods of up to five years. Interest compounds during such periods of deferral, if any. In connection with the issuance, MetLife, Inc. incurred $12 million of related costs which

will be amortized over the term of the 6.350% Subordinated Debt. At December 31, 2025, the carrying value of the 6.350% Subordinated Debt was $988 million, net of $12 million of unamortized costs and discounts.

The 6.350% Subordinated Debt ranks higher in priority than MetLife, Inc.’s junior subordinated debt securities and subordinate to its senior notes.

Replacement Capital Covenants

In connection with each of the junior subordinated debt securities described above, MetLife, Inc. entered into a separate replacement capital covenant (“RCC”) for the benefit of the holders of a designated series of MetLife, Inc.’s other indebtedness (the “Covered Debt”). Initially, the Covered Debt for each of the junior subordinated debt securities was MetLife, Inc.’s 5.700% senior notes due 2035 (the “5.700% Senior Notes”). As a result of the issuance of MetLife, Inc.’s 10.750% Fixed-to-Floating Rate Junior Subordinated Debentures due 2069 (the “10.750% JSDs”), the 10.750% JSDs became the Covered Debt with respect to, and in accordance with, the terms of the RCC relating to MetLife, Inc.’s 6.40% Fixed-to-Floating Rate Junior Subordinated Debentures due 2066 (the “6.40% JSDs”). Pursuant to the terms of the RCCs relating to all junior subordinated debt securities other than the 6.40% JSDs, the 6.350% Subordinated Debt, as of its issuance date in March 2025, became Covered Debt under each such RCC, and the 5.700% Senior Notes were no longer Covered Debt under such RCCs. As the holders of the Covered Debt under such RCCs, the holders of the 6.350% Subordinated Debt terminated these RCCs. The 10.750% JSDs remain the Covered Debt with respect to, and in accordance with, the terms of the remaining RCC relating to the 6.40% JSDs. As part of the RCC relating to the 6.40% JSDs, MetLife, Inc. agreed that it will not repay, redeem, or purchase the securities on or before a date 10 years prior to the final maturity date of the 6.40% JSDs, unless, subject to certain limitations, it has received cash proceeds during a specified period from the sale of specified replacement securities. The RCC relating to the 6.40% JSDs will terminate upon the occurrence of certain events, including an acceleration of the 6.40% JSDs due to the occurrence of an event of default. The RCC relating to the 6.40% JSDs is not intended for the benefit of holders of the 6.40% JSDs and may not be enforced by them. As part of this RCC, MetLife, Inc. is required, during the six-month period prior to the applicable scheduled redemption date, to use commercially reasonable efforts to raise replacement capital to permit repayment of such securities through the issuance of certain qualifying capital securities.

Interest Expense

Interest expense on outstanding subordinated debt securities was $312 million, $261 million and $261 million for the years ended December 31, 2025, 2024 and 2023, respectively, which is included in other expenses.

Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity

19. Equity

Preferred Stock

Preferred stock authorized, issued and outstanding was as follows:


	December 31, 2025		December 31, 2024
Series	Shares Authorized	Shares Issued and Outstanding	Shares Authorized	Shares Issued and Outstanding
Series A preferred stock	27,600,000	24,000,000	27,600,000	24,000,000
Series D preferred stock	500,000	500,000	500,000	500,000
Series E preferred stock	32,200	32,200	32,200	32,200
Series F preferred stock	40,000	40,000	40,000	40,000
Series G preferred stock	—	—	1,000,000	1,000,000
Series A Junior Participating Preferred Stock	10,000,000	—	10,000,000	—
Not designated	161,827,800	—	160,827,800	—
Total	200,000,000	24,572,200	200,000,000	25,572,200

In September 2025, MetLife, Inc. delivered a notice of redemption to the holders of its 3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, liquidation preference of $1,000 per share (“Series G preferred stock”), pursuant to which it would redeem 1,000,000 shares of Series G preferred stock at a redemption price of $1,000 per share. All outstanding shares of Series G preferred stock were redeemed on the dividend payment date of September 15, 2025 for an aggregate redemption price of $1.0 billion in cash. In connection with the redemption, MetLife, Inc. recognized a preferred stock redemption premium of $12 million (calculated as the difference between the carrying value of the Series G preferred stock and the total amount paid by MetLife, Inc. to the holders of the Series G preferred stock in connection with the redemption), which was recorded as a reduction of retained earnings at September 30, 2025.

In October 2025, MetLife, Inc. filed a Certificate of Elimination (the “Certificate of Elimination”) of Series G preferred stock with the Secretary of State of the State of Delaware to eliminate all references to the Series G preferred stock in MetLife, Inc.’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), including the related Certificate of Designations. As a result of the filing of the Certificate of Elimination, MetLife, Inc.’s Certificate of Incorporation was amended to eliminate all references therein to the Series G preferred stock, and the shares that were designated to such series were returned to the status of authorized but unissued shares of preferred stock, par value $0.01 per share, of MetLife, Inc., without designation as to series. The Certificate of Elimination does not affect the total number of authorized shares of capital stock of MetLife, Inc. or the total number of authorized shares of preferred stock.

The outstanding preferred stock ranks senior to MetLife, Inc.’s common stock with respect to the payment of dividends and distributions upon liquidation, dissolution or winding-up. Holders of the outstanding preferred stock are entitled to receive dividend payments only when, as and if declared by MetLife, Inc.’s Board of Directors or a duly authorized committee thereof. Dividends on the preferred stock are not cumulative or mandatory. Accordingly, if dividends are not declared on the preferred stock of the applicable series for any dividend period, then any accrued dividends for that dividend period will cease to accrue and be payable. If a dividend is not declared before the dividend payment date for any such dividend period, MetLife, Inc. will have no obligation to pay dividends accrued for such dividend period whether or not dividends are declared for any future period. No dividends may be paid or declared on MetLife, Inc.’s common stock (or any other securities ranking junior to the preferred stock) and MetLife, Inc. may not purchase, redeem, or otherwise acquire its common stock (or other such junior stock) unless the full dividends for the latest completed dividend period on all outstanding shares of preferred stock, and any parity stock, have been declared and paid or provided for.

The table below presents the dividend rates of MetLife, Inc.’s preferred stock outstanding at December 31, 2025:


Series						Per Annum Dividend Rate
A						Three-month CME Term SOFR plus a spread adjustment of 0.26161% + 1.000%, with floor of 4.000%, payable quarterly in March, June, September and December
D						5.875% from issuance date to, but excluding, March 15, 2028, payable semiannually in March and September; three-month CME Term SOFR plus a spread adjustment of 0.26161% + 2.959% payable quarterly in March, June, September and December, thereafter
E						5.625% from issuance date, payable quarterly in March, June, September and December
F						4.750% from issuance date, payable quarterly in March, June, September and December

In the table above, dividends on each series of preferred stock are payable in arrears for the periods specified, if declared.

MetLife, Inc. is prohibited from declaring dividends on the Floating Rate Non-Cumulative Preferred Stock, Series A (the “Series A preferred stock”) if it fails to meet specified capital adequacy, net income and stockholders’ equity levels. See “— Dividend Restrictions — MetLife, Inc.”

Holders of the preferred stock do not have voting rights except in certain circumstances, including where the dividends have not been paid for a specified number of dividend payment periods whether or not those periods are consecutive. Under such circumstances, the holders of the preferred stock have certain voting rights with respect to members of the Board of Directors of MetLife, Inc.

The preferred stock is not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions.

The Series A preferred stock is redeemable at MetLife, Inc.’s option in whole or in part, at a redemption price of $25 per share of Series A preferred stock, plus declared and unpaid dividends.

MetLife, Inc. may, at its option, redeem the 5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D (the “Series D preferred stock”), (i) in whole but not in part at any time prior to March 15, 2028, within 90 days after the occurrence of a “rating agency event,” at a redemption price equal to $1,020 per share of Series D preferred stock, plus an amount equal to any dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, such redemption date; (ii) in whole but not in part, at any time prior to March 15, 2028, within 90 days after the occurrence of a “regulatory capital event;” and (iii) in whole or in part, at any time or from time to time, on or after March 15, 2028, in the case of (ii) or (iii), at a redemption price equal to $1,000 per share of Series D preferred stock, plus an amount equal to any dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, such redemption date.

MetLife, Inc. may, at its option, redeem the 5.625% Non-Cumulative Preferred Stock, Series E (the “Series E preferred stock”), in whole or in part, at any time or from time to time, at a redemption price equal to $25,000 per share of Series E preferred stock (equivalent to $25 per depositary share, each Series E depositary share representing a 1/1,000th interest in a share of the Series E preferred stock), plus an amount equal to any dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, such redemption date.

MetLife, Inc. may, at its option, redeem the 4.75% Non-Cumulative Preferred Stock, Series F (the “Series F preferred stock”) in whole or in part, at any time or from time to time, at a redemption price equal to $25,000 per share of Series F preferred stock (equivalent to $25 per Series F depositary share, each Series F depositary share representing a 1/1,000th interest in a share of the Series F preferred stock), plus an amount equal to any dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, such redemption date.

A “rating agency event” means that any nationally recognized statistical rating organization that then publishes a rating for MetLife, Inc. amends, clarifies or changes the criteria used to assign equity credit to securities like the Series D preferred stock, Series E preferred stock or Series F preferred stock, which results in the lowering of the equity credit assigned to the security, or shortens the length of time that the security is assigned a particular level of equity credit. A “regulatory capital event” could occur as a result of a change or proposed change in laws, rules, regulations or regulatory standards, including capital adequacy rules (or the interpretation or application thereof) of the United States or any political subdivision thereof, including any capital regulator, including but not limited to the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), the Federal Insurance Office, the National Association of Insurance Commissioners (“NAIC”) or any state insurance regulator as may then have group-wide oversight of MetLife, Inc.’s regulatory capital, from those laws, rules, regulations or regulatory standards (or the interpretation or application thereof) in effect as of March 22, 2018, in the case of the Series D preferred stock, that would create a more than insubstantial risk, as determined by MetLife, Inc., that the security would not be treated as “Tier 1 capital” or as capital with attributes similar to those of Tier 1 capital, except that a “regulatory capital event” will not include a change or proposed change (or the interpretation or application thereof) that would result in the adoption of any criteria substantially the same as the criteria in the capital adequacy rules of the Federal Reserve Board applicable to bank holding companies as of March 22, 2018, in the case of the Series D preferred stock.

The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:


	Years Ended December 31,
	2025				2024				2023
Series	Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A	$	1.394	$	33	$	1.659	$	39	$	1.577	$	37
D	$	58.750	29		$	58.750	29		$	58.750	29
E	$	1,406.252	45		$	1,406.252	45		$	1,406.252	45
F	$	1,187.500	48		$	1,187.500	48		$	1,187.500	48
G	$	38.500	39		$	38.500	39		$	38.500	39
Total			$	194			$	200			$	198

Common Stock

Issuances

For the years ended December 31, 2025, 2024 and 2023, MetLife, Inc. issued 1,418,562 shares, 2,344,977 shares and 1,992,180 shares of its common stock for $41 million, $105 million and $110 million, respectively, in connection with stock option exercises and other stock-based awards. There were no shares of common stock issued from treasury stock for any of the years ended December 31, 2025, 2024 or 2023.

Repurchase Authorizations

MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:


Announcement Date	Authorization Amount		Authorization Remaining at December 31, 2025 (1)
	(In millions)
April 30, 2025	$	3,000	$	2,072
May 1, 2024	$	3,000	$	—
May 25, 2023	$	1,000	$	—
May 3, 2023	$	3,000	$	—

_________________

(1)The Inflation Reduction Act, signed into law on August 16, 2022, imposes a one percent excise tax, net of any allowable offsets, on certain corporate stock buybacks made after December 31, 2022. The authorization remaining at December 31, 2025 does not reflect the applicable excise tax payable.

Under these authorizations, MetLife, Inc. may purchase its common stock from the MetLife Policyholder Trust, in the open market (including pursuant to the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934), and in privately negotiated transactions. Common stock repurchases are subject to the discretion of MetLife, Inc.’s Board of Directors and will depend upon the Company’s capital position, liquidity, financial strength and credit ratings, general market conditions, the market price of MetLife, Inc.’s common stock compared to management’s assessment of the stock’s underlying value, applicable regulatory approvals, and other legal and accounting factors.

For the years ended December 31, 2025, 2024 and 2023, MetLife, Inc. repurchased 35,295,854 shares, 43,955,023 shares and 50,269,483 shares of its common stock, respectively, through open market purchases for $2.9 billion, $3.2 billion, and $3.1 billion, respectively, excluding applicable excise tax. The excise tax is reflected in treasury stock as part of the cost basis of the common stock repurchased.

Dividends

For the years ended December 31, 2025, 2024 and 2023, MetLife, Inc. paid dividends on its common stock of $1.5 billion, $1.5 billion and $1.6 billion, respectively. The payment of dividends by MetLife, Inc. to its shareholders is subject to restrictions. See “— Dividend Restrictions — MetLife, Inc.”

The funding of the cash dividends and operating expenses of MetLife, Inc. is primarily provided by cash dividends from MetLife, Inc.’s insurance subsidiaries. The statutory capital and surplus, or net assets, of MetLife, Inc.’s insurance subsidiaries are subject to regulatory restrictions except to the extent that dividends are allowed to be paid in a given year without prior regulatory approval. Dividends exceeding these limitations can generally be made subject to regulatory approval. The nature and amount of these dividend restrictions, as well as the statutory capital and surplus of MetLife, Inc.’s U.S. insurance subsidiaries, are disclosed in “— Statutory Equity and Income” and “— Dividend Restrictions — Insurance Operations.” MetLife, Inc.’s principal non-U.S. insurance operations are branches or subsidiaries of American Life Insurance Company (“American Life”), a U.S. insurance subsidiary of the Company.

Stock-Based Compensation Plans

2025 Stock Plan and Predecessor Plans

The MetLife, Inc. 2025 Stock and Incentive Compensation Plan (the “2025 Stock Plan”) serves as the successor plan to the MetLife, Inc. 2015 Stock and Incentive Compensation Plan (the “2015 Stock Plan”), which expired on January 1, 2025, and the MetLife, Inc. 2015 Non-Management Director Stock Compensation Plan (the “2015 Director Stock Plan”), which was terminated by MetLife, Inc.’s Board of Directors effective December 31, 2024. Under the 2025 Stock Plan, MetLife, Inc. may grant awards to employees, non-management directors and agents in the form of Stock Options, Stock Appreciation Rights, Performance Shares, Performance Units, Restricted Stock, Restricted Stock Units, Cash-Based Awards and Stock-Based Awards (each, as defined in the 2025 Stock Plan) with reference to shares of MetLife, Inc.’s common stock (“Shares”), as applicable. During 2025, MetLife, Inc. granted all awards to employees, non-management directors and agents under the 2025 Stock Plan.

At December 31, 2025, awards were outstanding under the 2025 Stock Plan and the 2015 Stock Plan (related to grants made prior to its expiration). No awards were outstanding under the 2015 Director Stock Plan at December 31, 2025, since MetLife, Inc. only issued fully-vested Shares to non-management directors during the term of this plan.

The aggregate number of Shares available for issuance under the 2025 Stock Plan at December 31, 2025 was 21,489,793.

The aggregate number of Shares that remain subject to outstanding stock awards previously granted under the 2015 Stock Plan at December 31, 2025 was 5,475,798.

Awards granted under the 2025 Stock Plan, the 2015 Stock Plan, the 2015 Director Stock Plan, the MetLife, Inc. 2005 Stock and Incentive Compensation Plan, and the MetLife, Inc. 2005 Non-Management Director Stock Compensation Plan, and earlier plans that have become payable in Shares, but the issuance of which has been deferred (“Deferred Shares”) equaled 894,394 Shares at December 31, 2025.

Compensation Expense Related to Stock-Based Compensation

MetLife, Inc. recognizes compensation expense related to each award under the 2025 Stock Plan and the 2015 Stock Plan in one of the following ways:

•For cash-settled awards (referred to herein as “Phantom Stock-Based Awards”), MetLife remeasures the compensation expense quarterly.

•For stock-settled awards (referred to herein as “Stock-Based Awards”) granted to non-management Directors, MetLife recognizes an expense based on the number of Shares awarded and the Share price on the grant date.

•For other Stock-Based Awards, MetLife recognizes an expense based on the number of awards it expects to vest, which represents the awards granted less expected forfeitures over the life of the award, as estimated at the date of grant.

The components of compensation expense related to stock-based compensation include:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Stock Options and Unit Options (1)	$	2	$	7	$	7
Performance Shares and Performance Units (2)	53		87		98
Restricted Stock Units and Restricted Units	76		74		66
Total compensation expense	$	131	$	168	$	171
Income tax benefit	$	28	$	35	$	36

__________________

(1)Although Stock Options and Unit Options may be granted under the 2025 Stock Plan, the Company ceased granting Stock Options and Unit Options for periods after 2024.

(2)The Company may further adjust the number of Performance Shares and Performance Units it expects to vest, and the related compensation expense, if management changes its estimate of the most likely final performance factor.

The following table presents the total unrecognized compensation expense related to Stock-Based Awards and the expected weighted average period over which these expenses will be recognized at:


	December 31, 2025
	Expense		Weighted Average Period
	(In millions)		(Years)
Stock Options	$	1	1.05
Performance Shares	$	25	1.70
Restricted Stock Units	$	55	2.24

Equity Awards (Stock-Based Awards)

Stock Options

Stock Options are the contingent right of awardholders to purchase Shares at the applicable exercise price for a limited time. All Stock Options have an exercise price equal to the closing price of a Share reported on the New York Stock Exchange (“NYSE”) on the date of grant and have a maximum term of 10 years. The majority of Stock Options that MetLife, Inc. has granted have become or will become exercisable at a rate of one-third of each award on each of the first three anniversaries of the grant date. Other Stock Options have become or will become exercisable on the third anniversary of the grant date. Vesting is subject to continued service, except for employees who meet specified age and service criteria and in certain other limited circumstances.

Stock Option Activity

A summary of the activity related to Stock Options was as follows:


	Shares Under Option	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
				(Years)	(In millions)
Outstanding at January 1, 2025	2,994,371	$	55.79	5.51	$	78
Granted (2)	—	$	—
Exercised (3)	(300,422)	$	45.71
Expired (4)	(4,182)	$	71.73
Forfeited (5)	(7,154)	$	69.91
Outstanding at December 31, 2025	2,682,613	$	56.85	4.76	$	59
Vested and expected to vest at December 31, 2025	2,680,975	$	56.84	4.76	$	59
Exercisable at December 31, 2025	2,313,107	$	54.75	4.26	$	56

__________________

(1)The aggregate intrinsic value of all outstanding Stock Options is computed using the closing Share price on December 31, 2025 of $78.94 and December 31, 2024 of $81.88, as applicable.

(2)The Company ceased granting Stock Options for periods after 2024.

(3)The intrinsic value of each Stock Option is the closing price on a particular date less the exercise price of the Stock Option, provided the difference is greater than zero.

(4)Expired Stock Options were exercisable, but unexercised, as of their expiration date.

(5)Forfeited awards were either (a) unvested at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards.

MetLife estimates the fair value of Stock Options on the date of grant using a binomial lattice model. The significant assumptions the Company uses in its binomial lattice model include: expected volatility of the price of Shares; risk-free rate of return; dividend yield on Shares; exercise multiple; and the post-vesting termination rate.

MetLife bases expected volatility on an analysis of historical prices of Shares and call options on Shares traded on the open market. The Company uses a weighted-average of the implied volatility for publicly traded call options with the longest remaining maturity nearest to the money as of each valuation date and the historical volatility, calculated using monthly closing prices of Shares. The Company chose a monthly measurement interval for historical volatility as this interval reflects the Company’s view that employee option exercise decisions are based on longer-term trends in the price of the underlying Shares rather than on daily price movements.

The Company’s binomial lattice model incorporates different risk-free rates based on the imputed forward rates for U.S. Treasury STRIPS for each year over the contractual term of the option. The table below presents the full range of rates that were used for options granted during the respective periods.

The Company determines dividend yield based on historical dividend distributions compared to the price of the underlying Shares as of the valuation date and held constant over the life of the Stock Option.

The Company’s binomial lattice model incorporates the term of the Stock Options, expected exercise behavior and a post-vesting termination rate, or the rate at which vested options are exercised or expire prematurely due to termination of employment. From these factors, the model derives an expected life of the Stock Option. The model’s exercise behavior is a multiple that reflects the ratio of stock price at the time of exercise over the exercise price of the Stock Option at the time the model expects holders to exercise. The model derives the exercise multiple from actual exercise activity. The model determines the post-vesting termination rate from actual exercise experience and expiration activity under the incentive plans.

The following table presents the weighted average assumptions used to estimate the fair value of the unexercised Stock Options using the binomial lattice model. The Company ceased granting Stock Options for periods after 2024.


	Years Ended December 31,
	2024	2023
Dividend yield	3.01%	2.79%
Risk-free rate of return	5.03% - 4.22%	5.02% - 3.47%
Expected volatility	26.36%	25.73%
Exercise multiple	1.45	1.45
Post-vesting termination rate	3.33%	3.47%
Contractual term (years)	10	10
Expected life (years)	6	6
Weighted average exercise price of stock options granted	$69.16	$71.73
Weighted average fair value of stock options granted	$17.13	$17.56

The following table presents a summary of Stock Option exercise activity:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Total intrinsic value of stock options exercised	$	10	$	25	$	6
Cash received from exercise of stock options	$	14	$	40	$	11
Income tax benefit realized from stock options exercised	$	2	$	5	$	1

Performance Shares

Performance Shares are units that, if they vest, are multiplied by a performance factor to produce a number of final Shares payable. MetLife accounts for Performance Shares as equity awards. MetLife, Inc. does not credit Performance Shares with dividend-equivalents for dividends paid on Shares. Performance Share awards normally vest in their entirety at the end of the three-year performance period. Vesting is subject to continued service, except for employees who meet specified age and service criteria and in certain other limited circumstances.

For awards granted for the 2019 – 2021 and later performance periods in progress through December 31, 2025, the vested Performance Shares will be multiplied by a performance factor of 0% to 175% that the MetLife, Inc. Compensation Committee will determine by (a) the Company’s annual adjusted return on equity performance over the three-year period compared to the Company’s three-year business plan goal; (b) the Company’s total shareholder return over the same three-year period compared to a peer group of companies; and (c) a cap of 100% if the Company’s total shareholder return for the three-year period is zero or less. Per the terms of the award, the Compensation Committee will exclude the impact of a “Significant Event” from the Company’s adjusted return on equity or the business plan goal, to the extent the Committee determines in its informed judgment that the event changed the adjusted return on equity performance result by one percent or more. “Significant Events” include accounting changes, business combinations, restructuring, nonrecurring tax events, common share issuance or repurchases, catastrophes, litigation and regulatory settlements, asbestos and environmental events, certain specified classes of non-coupon investments, and other significant nonrecurring, infrequent, or unusual items.

The performance factor for the 2022 - 2024 performance period was 114.3%.

Restricted Stock Units

Restricted Stock Units are units that, if they vest, are payable in an equal number of Shares. MetLife accounts for Restricted Stock Units as equity awards. MetLife, Inc. does not credit Restricted Stock Units with dividend-equivalents for dividends paid on Shares. Accordingly, the estimated fair value of Restricted Stock Units is based upon the closing price of Shares on the date of grant, reduced by the present value of estimated dividends to be paid on that stock.

The majority of Restricted Stock Units normally vest in thirds on or shortly after the first three anniversaries of their grant date. Other Restricted Stock Units normally vest in their entirety on the third or later anniversary of their grant date. Vesting is subject to continued service, except for employees who meet specified age and service criteria and in certain other limited circumstances.

Performance Share and Restricted Stock Unit Activity

The following table presents a summary of Performance Share and Restricted Stock Unit activity:


	Performance Shares			Restricted Stock Units
	Shares	Weighted Average Fair Value (1)		Units	Weighted Average Fair Value (1)
Outstanding at January 1, 2025	2,754,817	$	63.80	1,811,591	$	63.72
Granted	884,619	$	75.55	1,218,471	$	74.55
Forfeited (2)	(58,594)	$	67.11	(71,984)	$	68.52
Payable (3)	(873,665)	$	62.83	(815,112)	$	63.77
Outstanding at December 31, 2025	2,707,177	$	67.88	2,142,966	$	69.70
Vested and expected to vest at December 31, 2025	2,673,938	$	67.84	2,082,439	$	69.65

__________________

(1)Values for awards outstanding at January 1, 2025, represent weighted average number of awards multiplied by their fair value per Share at December 31, 2024. Otherwise, all values represent weighted average of number of awards multiplied by the fair value per Share at December 31, 2025. Fair value of Performance Shares and Restricted Stock Units on December 31, 2025 was equal to Grant Date fair value.

(2)Forfeited awards were either (a) unvested at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards.

(3)Includes both Shares paid and Deferred Shares.

Performance Share amounts above represent aggregate awards at target, and do not reflect potential increases or decreases that may result from the performance factor. At December 31, 2025, the performance period for the 2023 - 2025 Performance Share grants was completed, but the performance factor had not yet been determined. Included in the immediately preceding table are 906,696 outstanding Performance Shares to which the 2023 - 2025 performance factor will be applied.

Liability Awards (Phantom Stock-Based Awards)

Certain MetLife subsidiaries have a liability for Phantom Stock-Based Awards in the form of Unit Options, Performance Units, and/or Restricted Units. These Share-based cash-settled awards are recorded as liabilities until MetLife makes payment. The fair value of unsettled or unvested liability awards is re-measured at the end of each reporting period based on the change in fair value of one Share. The liability and corresponding expense are adjusted accordingly until the awards are settled.

Unit Options

Unit Options are the contingent right of awardholders to receive for a limited time a cash payment equal to the closing price of a Share on the exercise date, less the applicable exercise price provided the difference is greater than zero. All Unit Options have an exercise price equal to the closing price of a Share reported on the NYSE on the date of grant and have a maximum term of 10 years. The majority of Unit Options have become or will become eligible for exercise at a rate of one-third of each award on each of the first three anniversaries of the grant date. Other Unit Options have become or will become eligible for exercise on the third anniversary of the grant date. Vesting is subject to continued service, except for employees who meet specified age and service criteria and in certain other limited circumstances.

Performance Units

Performance Units are units that, if they vest, are multiplied by a performance factor to produce a number of final Performance Units which are payable in cash equal to the closing price of a Share on a date following the last day of the three-year performance period. Performance Units are accounted for as liability awards. MetLife, Inc. does not credit them with dividend-equivalents for dividends paid on Shares. Accordingly, the estimated fair value of Performance Units is based upon the closing price of a Share on the date of grant, reduced by the present value of estimated dividends to be paid on that stock during the performance period. MetLife determines each performance period’s performance factor in the same way it does for the same performance period’s Performance Shares.

See “— Equity Awards (Stock-Based Awards) — Performance Shares” for a discussion of the Performance Shares vesting period and performance factor calculation, which are also used for Performance Units.

Restricted Units

Restricted Units are units that, if they vest, are payable in cash equal to the closing price of a Share on the last day of the restriction period. The majority of Restricted Units normally vest in thirds on or shortly after the first three anniversaries of their grant date. Other Restricted Units normally vest in their entirety on the third or later anniversary of their grant date. Vesting is subject to continued service, except for employees who meet specified age and service criteria and in certain other limited circumstances. Restricted Units are accounted for as liability awards. MetLife, Inc. does not credit Restricted Units with dividend-equivalents for dividends paid on Shares. Accordingly, the estimated fair value of Restricted Units is based upon the closing price of a Share on the date of grant, reduced by the present value of estimated dividends to be paid on that stock during the performance period.

Phantom Stock-Based Award Activity

The following table presents a summary of Phantom Stock-Based Awards activity:


	Unit Options	Performance Units	Restricted Units
Outstanding at January 1, 2025	40,738	346,261	398,950
Granted (1)	—	110,213	278,436
Exercised	—	(102,582)	(193,941)
Expired (2)	—	—	—
Forfeited (3)	—	(9,323)	(13,633)
Paid	—	—	—
Outstanding at December 31, 2025	40,738	344,569	469,812
Vested and expected to vest at December 31, 2025	40,562	338,221	452,990

__________________

(1)The Company ceased granting Unit Options for periods after 2024.

(2)Expired Unit Options were exercisable, but unexercised, as of their expiration date.

(3)Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause, as defined in the terms of the awards.

Performance Unit amounts above represent aggregate awards at target, and do not reflect potential increases or decreases that may result from the performance factor. At December 31, 2025, the performance period for the 2023 - 2025 Performance Unit grants was completed, but the performance factor had not yet been determined. Included in the immediately preceding table are 107,041 outstanding Performance Units to which the 2023 - 2025 performance factor will be applied.

Statutory Equity and Income

The states of domicile of MetLife, Inc.’s U.S. insurance subsidiaries each impose risk-based capital (“RBC”) requirements that were developed by the NAIC. American Life does not write business in Delaware or any other U.S. state and, as such, is exempt from RBC requirements by Delaware law. Regulatory compliance is determined by a ratio of a company’s total adjusted capital, calculated in the manner prescribed by the NAIC (“TAC”), to its authorized control level RBC, calculated in the manner prescribed by the NAIC (“authorized control level RBC”), based on the statutory-based financial statements. Companies below specific trigger levels or ratios are classified by their respective levels, each of which requires specified corrective action. The minimum level of TAC before corrective action commences is twice authorized control level RBC (“Company Action Level RBC”). While not required by or filed with insurance regulators, the Company also calculates an internally defined combined RBC ratio (“Statement-Based Combined RBC Ratio”), which is determined by dividing the sum of TAC for MetLife, Inc.’s principal U.S. insurance subsidiaries, excluding American Life, by the sum of Company Action Level RBC for such subsidiaries. The Company’s Statement-Based Combined RBC Ratio was in excess of 350% and in excess of 360% at December 31, 2025 and 2024, respectively. In addition, all non-exempted U.S. insurance subsidiaries individually exceeded Company Action Level RBC for all periods presented.

MetLife, Inc.’s foreign insurance operations are regulated by applicable authorities of the jurisdictions in which each entity operates and are subject to minimum capital and solvency requirements in those jurisdictions before corrective action commences. At both December 31, 2025 and 2024, the adjusted capital of American Life’s insurance subsidiary in Japan, the Company’s largest foreign insurance operation, was in excess of three times the 200% solvency margin ratio that would require corrective action. Excluding Japan, the aggregate required and actual capital and surplus of the Company’s other foreign insurance operations was $3.8 billion and $10.5 billion, respectively, as of the date of the most recent fiscal year-end capital adequacy calculation for each jurisdiction, exceeding the respective minimum capital and solvency requirements.

MetLife, Inc.’s insurance subsidiaries prepare statutory-basis financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of the state of domicile or applicable foreign jurisdiction. The NAIC has adopted the Codification of Statutory Accounting Principles (“Statutory Codification”). Statutory Codification is intended to standardize regulatory accounting and reporting to state insurance departments. However, statutory accounting principles continue to be established by individual state laws and permitted practices. Modifications by the various state insurance departments may impact the effect of Statutory Codification on the statutory capital and surplus of MetLife, Inc.’s U.S. insurance subsidiaries.

Statutory accounting principles differ from GAAP primarily by charging policy acquisition costs to expense as incurred, establishing FPBs using different actuarial assumptions, reporting surplus notes as surplus instead of debt and valuing securities on a different basis.

In addition, certain assets are not admitted under statutory accounting principles and are charged directly to surplus. The most significant assets not admitted by the Company are net deferred income tax assets resulting from temporary differences between statutory accounting principles basis and tax basis not expected to reverse and become recoverable within three years. Further, statutory accounting principles do not give recognition to purchase accounting adjustments. MetLife, Inc.’s U.S. insurance subsidiaries have no material state prescribed accounting practices, except as described below.

New York has adopted certain prescribed accounting practices, primarily consisting of the continuous Commissioners’ Annuity Reserve Valuation Method, which impacts deferred annuities, and the New York Special Considerations Letter, which mandates certain assumptions in asset adequacy testing. The collective impact of these prescribed accounting practices decreased the statutory capital and surplus of MLIC by $1.2 billion and $1.5 billion at December 31, 2025 and 2024, respectively, compared to what capital and surplus would have been had it been measured under NAIC guidance.

American Life calculates its policyholder reserves on insurance written in each foreign jurisdiction in accordance with the reserve standards required by such jurisdiction. Additionally, American Life’s insurance subsidiaries are valued based on each respective subsidiary’s underlying local statutory equity, adjusted in a manner consistent with the reporting prescribed for its branch operations. The prescribed practice exempts American Life from calculating and disclosing the impact to its statutory capital and surplus.

The tables below present amounts for MetLife, Inc.’s U.S. insurance subsidiaries, prepared in accordance with statutory accounting practices prescribed or permitted by the insurance department of the state of domicile.

Statutory net income (loss) was as follows:


		Years Ended December 31,
Company	State of Domicile	2025		2024		2023
		(In millions)
MLIC	New York	$	1,189	$	2,457	$	3,407
American Life	Delaware	$	2,251	$	365	$	767
Metropolitan Tower Life Insurance Company (“MTL”)	Nebraska	$	528	$	361	$	411
Other	Various	$	32	$	65	$	53

Statutory capital and surplus was as follows at:


	December 31,
Company	2025		2024
	(In millions)
MLIC	$	8,623	$	9,787
American Life	$	7,391	$	7,555
MTL	$	2,242	$	2,247
Other	$	342	$	347

The Company’s U.S. captive life reinsurance subsidiaries, which reinsure risks including the closed block, level premium term life and ULSG assumed from other MetLife subsidiaries, have no state prescribed accounting practices, except for MRV.

MRV, with the explicit permission of the Commissioner of Insurance of the State of Vermont, has included, as admitted assets, the value of letters of credit serving as collateral for reinsurance credit taken by various affiliated cedants, in connection with reinsurance agreements entered into between MRV and the various affiliated cedants, which resulted in higher statutory capital and surplus of $2.0 billion at both December 31, 2025 and 2024. MRV’s RBC would have triggered a regulatory event without the use of the state prescribed practice.

The combined statutory net income (loss) of MetLife, Inc.’s U.S. captive life reinsurance subsidiaries was $119 million, $92 million and $63 million for the years ended December 2025, 2024 and 2023, respectively, and the combined statutory capital and surplus, reflecting the aforementioned prescribed accounting practice, was $602 million and $655 million at December 31, 2025 and 2024, respectively.

Dividend Restrictions

Insurance Operations

The table below sets forth the dividends permitted to be paid by MetLife, Inc.’s primary insurance subsidiaries without insurance regulatory approval and the actual dividends paid:


	2026		2025		2024
Company	Permitted Without Approval (1)		Paid (2)		Paid (2)
	(In millions)
MLIC	$	2,121	$	2,332	$	3,476
American Life	$	2,219	$	400	$	1,485
MTL	$	547	$	760	$	373

__________________

(1)Reflects dividend amounts that may be paid by the end of 2026 without prior regulatory approval.

(2)Reflects all amounts paid, including those where regulatory approval was obtained as required.

Under the New York State Insurance Law, MLIC is permitted, without prior insurance regulatory clearance, to pay stockholder dividends to MetLife, Inc. in any calendar year based on either of two standards. 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. In addition, under this standard, MLIC may not, without prior insurance regulatory clearance, pay any dividends in any calendar year immediately following a calendar year for which its net gain from operations, excluding realized capital gains, was negative. Under the second standard, if dividends are paid out of other than earned surplus, MLIC may, without prior insurance regulatory clearance, pay an amount up to the lesser 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). In addition, MLIC will be permitted to pay a dividend to MetLife, Inc. in excess of the amounts allowed under both standards only if it files notice of its intention to declare such a dividend and the amount thereof with the New York Superintendent of Financial Services (the “Superintendent”) and the Superintendent either approves the distribution of the dividend or does not disapprove the dividend within 30 days of its filing. Under the New York State Insurance Law, the Superintendent has broad discretion in determining whether the financial condition of a stock life insurance company would support the payment of such dividends to its stockholder.

Under the Delaware Insurance Code, American Life is permitted, without prior insurance regulatory clearance, to pay a stockholder dividend to MetLife, Inc. as long as the amount of the dividend, when aggregated with all other dividends in the preceding 12 months, does not exceed 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 including pro rata distributions of American Life’s own securities. American Life will be permitted to pay a dividend to MetLife, Inc. in excess of the greater of such two amounts only if it files notice of the declaration of such a dividend and the amount thereof with the Delaware Commissioner of Insurance (the “Delaware Commissioner”) and the Delaware Commissioner either approves the distribution of the dividend or does not disapprove the dividend within 30 days of its filing. In addition, any dividend that exceeds earned surplus (defined as “unassigned funds (surplus)”) as of the immediately preceding calendar year requires insurance regulatory approval. Under the Delaware Insurance Code, the Delaware Commissioner has broad discretion in determining whether the financial condition of a stock life insurance company would support the payment of such dividends to its stockholders.

Under the Nebraska Insurance Code, MTL is permitted, without prior insurance regulatory clearance, to pay a stockholder dividend to MetLife, Inc. as long as the amount of the dividend, when aggregated with all other dividends in the preceding 12 months, does not exceed 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 including pro rata distributions of MTL’s own securities. MTL will be permitted to pay a dividend to MetLife, Inc. in excess of the greater of such two amounts only if it files notice of the declaration of such a dividend and the amount thereof with the Director of the Nebraska Department of Insurance (the “Nebraska Director”) and the Nebraska Director either approves the distribution of the dividend or does not disapprove the dividend within 30 days of its filing. In addition, any dividend that exceeds earned surplus (defined as “unassigned funds (surplus)” excluding unrealized capital gains) as of the immediately preceding calendar year requires insurance regulatory approval. Under the Nebraska Insurance Code, the Nebraska Director has broad discretion in determining whether the financial condition of a stock life insurance company would support the payment of such dividends to its stockholders.

MetLife, Inc.

The declaration and payment of dividends are subject to the discretion of MetLife, Inc.’s Board of Directors and will depend on its financial condition, results of operations, cash requirements, future prospects, regulatory restrictions on the payment of dividends by MetLife, Inc.’s insurance subsidiaries and other factors deemed relevant by the Board of Directors. In addition, the payment of dividends on MetLife, Inc.’s common stock, and MetLife, Inc.’s ability to repurchase its common stock, may be subject to restrictions described below arising under the terms of MetLife, Inc.’s Series A preferred stock and its junior subordinated debt securities in situations where MetLife, Inc. may be experiencing financial stress, as described below.

“Dividend Stopper” Provisions in the Preferred Stock and Subordinated Debt Securities

If MetLife, Inc. has not paid the full dividends on its preferred stock for the latest completed dividend period, MetLife, Inc. may not repurchase or pay dividends on instruments junior to those instruments, including its common stock, during a dividend period under so-called “dividend stopper” provisions. Further, MetLife, Inc.’s Series A preferred stock and its junior subordinated debt securities contain provisions that would suspend the payment of preferred stock dividends and interest on the junior subordinated debt securities if MetLife, Inc. fails to meet certain RBC ratio, net income and stockholders’ equity tests at specified times, except to the extent of the net proceeds from the issuance of certain securities during specified periods. If Series A preferred stock dividends or interest on subordinated debt securities, including the 6.350% Subordinated Debt, are not paid, certain provisions in those instruments (including under “dividend stopper” provisions) may restrict MetLife, Inc. from repurchasing its common or preferred stock or paying dividends on its common or preferred stock and interest on its junior subordinated debt securities.

The subordinated debt securities further provide that MetLife, Inc. may, at its option and provided that certain conditions are met, defer payment of interest without giving rise to an event of default for periods of up to 10 years, with respect to the junior subordinated debt securities and five years with respect to the 6.350% Subordinated Debt. In the case of the junior subordinated debt securities, after five years MetLife, Inc. would be obligated to use commercially reasonable efforts to sell equity securities to raise proceeds to pay the interest. MetLife, Inc. would not be subject to limitations on the number of deferral periods that MetLife, Inc. could begin, so long as all accrued and unpaid interest is paid with respect to prior deferral periods. If MetLife, Inc. were to defer payments of interest, the “dividend stopper” provisions in the subordinated debt securities would thus prevent MetLife, Inc. from repurchasing or paying dividends on its common stock or other capital stock (including the preferred stock) during the period of deferral, subject to exceptions.

MetLife, Inc. is a party to an RCC which limits its ability to eliminate these restrictions on the 6.40% JSDs through the repayment, redemption or purchase of the 6.40% JSDs by requiring MetLife, Inc., with some limitations, to receive cash proceeds during a specified period from the sale of specified replacement securities prior to any repayment, redemption or purchase. See Note 18 for a description of such RCC.

AOCI

Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:


	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance at December 31, 2022	$	(22,646)	$	1,557	$	6,115	$	107	$	(6,377)	$	(1,377)	$	(22,621)
OCI before reclassifications	7,820		(1,106)		(4,361)		(102)		296		(207)		2,340
Deferred income tax benefit (expense)	(1,666)		267		904		22		(77)		45		(505)
AOCI before reclassifications, net of income tax	(16,492)		718		2,658		27		(6,158)		(1,539)		(20,786)
Amounts reclassified from AOCI	2,523		(705)		—		—		—		119		1,937
Deferred income tax benefit (expense)	(537)		170		—		—		—		(26)		(393)
Amounts reclassified from AOCI, net of income tax	1,986		(535)		—		—		—		93		1,544




Balance at December 31, 2023	(14,506)		183		2,658		27		(6,158)		(1,446)		(19,242)
OCI before reclassifications	(7,280)		(549)		4,997		(124)		(858)		(123)		(3,937)
Deferred income tax benefit (expense)	1,809		144		(1,126)		26		(154)		31		730
AOCI before reclassifications, net of income tax	(19,977)		(222)		6,529		(71)		(7,170)		(1,538)		(22,449)
Amounts reclassified from AOCI	752		760		—		—		—		128		1,640
Deferred income tax benefit (expense)	(177)		(168)		—		—		—		(32)		(377)
Amounts reclassified from AOCI, net of income tax	575		592		—		—		—		96		1,263






Balance at December 31, 2024	(19,402)		370		6,529		(71)		(7,170)		(1,442)		(21,186)
Cumulative effects of change in accounting principles for equity method investees at January 1, 2025	70		—		(1,144)		—		—		—		(1,074)
OCI before reclassifications	4,164		(1,095)		2,021		(31)		952		(34)		5,977
Deferred income tax benefit (expense)	(836)		225		(535)		5		(45)		9		(1,177)
AOCI before reclassifications, net of income tax	(16,004)		(500)		6,871		(97)		(6,263)		(1,467)		(17,460)
Amounts reclassified from AOCI	495		(1,366)		—		—		—		97		(774)
Deferred income tax benefit (expense)	(105)		278		—		—		—		(23)		150
Amounts reclassified from AOCI, net of income tax	390		(1,088)		—		—		—		74		(624)






Balance at December 31, 2025	$	(15,614)	$	(1,588)	$	6,871	$	(97)	$	(6,263)	$	(1,393)	$	(18,084)

__________________

(1)Primarily unrealized gains (losses) on fixed maturity securities.

Information regarding amounts reclassified out of each component of AOCI was as follows:


	Years Ended December 31,
	2025		2024		2023
AOCI Components	Amounts Reclassified from AOCI						Consolidated Statements of Operations Locations
	(In millions)
Unrealized investment gains (losses):
Unrealized investment gains (losses)	$	(554)	$	(784)	$	(2,620)	Net investment gains (losses)
Unrealized investment gains (losses)	(11)		2		8		Net investment income
Unrealized investment gains (losses)	70		30		89		Net derivative gains (losses)

Unrealized investment gains (losses), before income tax	(495)		(752)		(2,523)
Income tax (expense) benefit	105		177		537
Unrealized investment gains (losses), net of income tax	(390)		(575)		(1,986)
Deferred gains (losses) on derivatives — cash flow hedges:
Interest rate derivatives	29		33		50		Net investment income
Interest rate derivatives	(21)		(5)		90		Net investment gains (losses)



Foreign currency exchange rate derivatives	5		4		4		Net investment income
Foreign currency exchange rate derivatives	1,352		(794)		558		Net investment gains (losses)

Foreign currency exchange rate derivatives	—		1		2		Other expenses


Credit derivatives	1		1		1		Net investment gains (losses)

Gains (losses) on cash flow hedges, before income tax	1,366		(760)		705
Income tax (expense) benefit	(278)		168		(170)
Gains (losses) on cash flow hedges, net of income tax	1,088		(592)		535



Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(108)		(139)		(130)
Amortization of prior service (costs) credit	11		11		11

Amortization of defined benefit plan items, before income tax	(97)		(128)		(119)
Income tax (expense) benefit	23		32		26
Amortization of defined benefit plan items, net of income tax	(74)		(96)		(93)
Total reclassifications, net of income tax	$	624	$	(1,263)	$	(1,544)

__________________

(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 21.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Other Revenues and Other Expenses

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Other Revenues and Other Expenses Disclosure

20. Other Revenues and Other Expenses

Other Revenues

Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Vision fee for service arrangements	$	561	$	536	$	598
Prepaid legal plans	637		572		516
Institutional Client asset management fees (1)	369		301		316
ASO contracts	295		273		259
Recordkeeping and administrative services (2)	142		151		150
Other revenue related to service contracts from customers (1) (3)	432		412		390
Total revenues related to service contracts from customers	2,436		2,245		2,229
Other	391		356		297
Total other revenues	$	2,827	$	2,601	$	2,526

__________________

(1)As a result of the Strategic Reorganization, the presentation of the components of other revenues was revised to report MIM segment Institutional Client asset management fees herein and, as a result, $93 million and $92 million of revenue for the years ended December 31, 2024 and 2023, respectively, were reclassified to other revenue related to service contracts from customers.

(2)Related to products and businesses no longer actively marketed by the Company.

(3)Includes $48 million, $48 million and $50 million for the years ended December 31, 2025, 2024 and 2023, respectively, for asset management fees from management of general account equity method investments. See Note 25 for additional related party transactions.

Receivables for revenues related to service contracts from customers were $272 million and $238 million at December 31, 2025 and 2024, respectively.

Other Expenses

Information on other expenses was as follows:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Amortization of DAC, VOBA and negative VOBA	$	2,114	$	2,021	$	1,926
Interest expense on debt	1,061		1,037		1,045
Direct:
Employee-related costs (1)	3,834		3,697		3,626
Third party staffing costs	1,603		1,547		1,477
General and administrative expenses	560		481		828
Commissions and other variable expenses	6,791		6,018		5,819
Capitalization of DAC	(3,219)		(2,833)		(2,917)
Premium taxes, other taxes, and licenses & fees	837		783		660
Pension, postretirement and postemployment benefit costs	279		266		246
Total other expenses	$	13,860	$	13,017	$	12,710

__________________

(1)Includes ($173) million, ($139) million and ($140) million for the years ended December 31, 2025, 2024 and 2023, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

Capitalization of DAC and Amortization of DAC and VOBA

See Note 8 for additional information on DAC and VOBA including impacts of capitalization and amortization. See also Note 10 for a description of the DAC amortization impact associated with the closed block.

Expenses related to Debt

See Notes 16, 17, and 18 for attribution of interest expense by debt issuance and other expenses related to debt transactions.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans

21. Employee Benefit Plans

Pension and Other Postretirement Benefit Plans

Certain subsidiaries of MetLife, Inc. sponsor a U.S. qualified and various U.S. and non-U.S. nonqualified defined benefit pension plans covering employees who meet specified eligibility requirements. U.S. pension benefits are provided utilizing either a traditional formula or cash balance formula. The traditional formula provides benefits that are primarily based upon years of credited service and final average earnings. The cash balance formula utilizes hypothetical or notional accounts which credit participants with benefits equal to a percentage of eligible pay, as well as interest credits, determined annually based upon the annual rate of interest on 30-year U.S. Treasury securities, for each account balance. Effective January 1, 2023, U.S. qualified and nonqualified defined benefit pension plans were amended to provide benefits accruals for all active participants under the cash balance formula and to cease future accruals under the traditional formula. The U.S. nonqualified pension plans provide supplemental benefits in excess of limits applicable to a qualified plan. The non-U.S. pension plans generally provide benefits based upon either years of credited service and earnings preceding retirement or points earned on job grades and other factors in years of service.

These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. and non-U.S. retired employees. U.S. employees of these subsidiaries who were hired prior to 2003 (or, in certain cases, rehired during or after 2003) and meet age and service criteria while working for one of the subsidiaries may become eligible for these other postretirement benefits, at various levels, in accordance with the applicable plans. Virtually all retirees, or their beneficiaries, contribute a portion of the total costs of postretirement medical benefits. U.S. employees hired after 2003 are not eligible for any employer subsidy for postretirement medical benefits. Effective January 1, 2023, the accrual of the employer subsidy credits for eligible employees was discontinued.

The benefit obligations, funded status and net periodic benefit costs related to these pension and other postretirement benefits were comprised of the following:


	December 31, 2025												December 31, 2024
	Pension Benefits						Other Postretirement Benefits						Pension Benefits						Other Postretirement Benefits
	U.S. Plans		Non- U.S. Plans		Total		U.S. Plans		Non- U.S. Plans		Total		U.S. Plans		Non- U.S. Plans		Total		U.S. Plans		Non- U.S. Plans		Total
	(In millions)
Benefit obligations	$	8,440	$	732	$	9,172	$	736	$	45	$	781	$	8,320	$	757	$	9,077	$	693	$	37	$	730
Estimated fair value of plan assets	7,553		490		8,043		624		26		650		7,370		466		7,836		1,302		27		1,329
Over (under) funded status	$	(887)	$	(242)	$	(1,129)	$	(112)	$	(19)	$	(131)	$	(950)	$	(291)	$	(1,241)	$	609	$	(10)	$	599
Net periodic benefit costs	$	289	$	52	$	341	$	(47)	$	7	$	(40)	$	257	$	60	$	317	$	(43)	$	3	$	(40)

Obligations and Funded Status


	December 31,
	2025				2024
	Pension Benefits (1)		Other Postretirement Benefits		Pension Benefits (1)		Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	9,077	$	730	$	9,498	$	765
Service costs	148		3		156		3
Interest costs	479		43		460		40
Plan participants’ contributions	—		27		—		29
Plan amendments	—		—		3		—
Net actuarial (gains) losses (2)	158		61		(281)		(16)
Acquisition, divestitures, settlements and curtailments	(39)		(6)		(36)		(2)
Benefits paid	(660)		(81)		(638)		(83)
Effect of foreign currency translation	9		4		(85)		(6)
Benefit obligations at December 31,	9,172		781		9,077		730
Change in plan assets:
Estimated fair value of plan assets at January 1,	7,836		1,329		8,270		1,334
Actual return on plan assets	611		46		39		59
Acquisition, divestitures and settlements	(39)		(6)		(36)		(2)
Plan participants’ contributions	—		26		—		29
Employer contributions (3)	289		(665)		256		(5)
Benefits paid	(660)		(81)		(638)		(83)
Effect of foreign currency translation	6		1		(55)		(3)
Estimated fair value of plan assets at December 31,	8,043		650		7,836		1,329
Over (under) funded status at December 31,	$	(1,129)	$	(131)	$	(1,241)	$	599
Amounts recognized on the consolidated balance sheets:
Other assets	$	239	$	126	$	132	$	907
Other liabilities	(1,368)		(257)		(1,373)		(308)
Net amount recognized	$	(1,129)	$	(131)	$	(1,241)	$	599
AOCI:
Net actuarial (gains) losses	$	2,154	$	(400)	$	2,331	$	(502)
Prior service costs (credit)	—		—		(11)		—
AOCI, before income tax	$	2,154	$	(400)	$	2,320	$	(502)
Accumulated benefit obligation	$	9,066	N/A		$	8,969	N/A

__________________

(1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.0 billion at both December 31, 2025 and 2024.

(2)For the year ended December 31, 2025, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $93 million and $38 million, respectively, demographic assumptions of $4 million and ($2) million, respectively, and plan experience of $61 million and $25 million, respectively. For the year ended December 31, 2024, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of ($386) million and ($15) million, respectively, demographic assumptions of ($2) million and $0, respectively, and plan experience of $107 million and ($1) million, respectively.

(3)The Company contributes to a voluntary employee benefit association trust to fund certain U.S. retiree health and welfare benefit obligations (the “Retiree VEBA”). In order to repurpose the over-funded portion of the Retiree VEBA, the Company amended the Retiree VEBA on April 1, 2025 to create a sub-trust using the surplus. The assets of the sub-trust may be used to pay the medical benefits for pre-Medicare eligible retirees, as well as the medical and dental benefits for active employees. To the extent the sub-trust was used to fund the medical and dental expenses for active employees during 2025, such segregation of assets is reported as a negative employer contribution in the change in other postretirement benefit plan assets.

Information regarding pension plans and other postretirement benefit plans with PBOs and/or accumulated benefit obligations (“ABO”) or APBO in excess of plan assets was as follows at:


	December 31,
	2025		2024		2025		2024		2025		2024
	PBO Exceeds Estimated Fair Value of Plan Assets				ABO Exceeds Estimated Fair Value of Plan Assets				APBO Exceeds Estimated Fair Value of Plan Assets
	(In millions)
PBO	$	1,391	$	1,388	$	1,370	$	1,376	N/A		N/A
ABO	$	1,332	$	1,337	$	1,330	$	1,337	N/A		N/A
APBO	N/A		N/A		N/A		N/A		$	565	$	549
Estimated fair value of plan assets	$	20	$	12	$	4	$	2	$	314	$	244

Net Periodic Benefit Costs

The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows:


	Years Ended December 31,
	2025				2024				2023
	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
	(In millions)
Net periodic benefit costs:
Service costs	$	148	$	3	$	156	$	3	$	143	$	3
Interest costs	479		43		460		40		474		43
Settlement and curtailment (gains) losses	3		3		5		1		6		—
Expected return on plan assets	(442)		(33)		(460)		(56)		(480)		(54)
Amortization of net actuarial (gains) losses	164		(56)		167		(28)		159		(30)
Amortization of prior service costs (credit)	(11)		—		(11)		—		(11)		—
Total net periodic benefit costs (credit)	341		(40)		317		(40)		291		(38)
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gains) losses	(12)		48		141		(20)		250		(41)
Prior service costs (credit)	—		—		3		—		—		—
Amortization of net actuarial gains (losses)	(164)		56		(167)		28		(159)		30
Amortization of prior service (costs) credit	11		—		11		—		11		—
Settlement and curtailment (gains) losses	(3)		(3)		(5)		(1)		(6)		—
Exchange rate changes	2		1		2		—		(2)		—

Total recognized in OCI	(166)		102		(15)		7		94		(11)
Total recognized in net periodic benefit costs and OCI	$	175	$	62	$	302	$	(33)	$	385	$	(49)

Assumptions

Assumptions used in determining benefit obligations for the U.S. plans were as follows:


	Pension Benefits			Other Postretirement Benefits
December 31, 2025
Weighted average discount rate	5.50%			5.60%
Weighted average interest crediting rate	4.32%			N/A
Rate of compensation increase	2.50%	-	8.00%	N/A
December 31, 2024
Weighted average discount rate	5.70%			5.80%
Weighted average interest crediting rate	4.31%			N/A
Rate of compensation increase	2.50%	-	8.00%	N/A

Assumptions used in determining net periodic benefit costs for the U.S. plans were as follows:


	Pension Benefits			Other Postretirement Benefits
Year Ended December 31, 2025
Weighted average discount rate	5.70%			5.77%
Weighted average interest crediting rate	4.31%			N/A
Weighted average expected rate of return on plan assets	6.00%			4.46%
Rate of compensation increase	2.50%	-	8.00%	N/A
Year Ended December 31, 2024
Weighted average discount rate	5.25%			5.35%
Weighted average interest crediting rate	4.30%			N/A
Weighted average expected rate of return on plan assets	6.00%			4.25%
Rate of compensation increase	2.50%	-	8.00%	N/A
Year Ended December 31, 2023
Weighted average discount rate	5.60%			5.70%
Weighted average interest crediting rate	4.00%			N/A
Weighted average expected rate of return on plan assets	6.25%			4.25%
Rate of compensation increase	2.50%	-	8.00%	N/A

The weighted average discount rate for the U.S. plans is determined annually based on the yield, measured on a yield to worst basis, of a hypothetical portfolio constructed of high quality debt instruments available on the measurement date, which would provide the necessary future cash flows to pay the aggregate PBO when due.

The weighted average expected rate of return on plan assets for the U.S. plans is based on anticipated performance of the various asset sectors in which the plans invest, weighted by target allocation percentages. Anticipated future performance is based on long-term historical returns of the plan assets by sector, adjusted for the long-term expectations on the performance of the markets. While the precise expected rate of return derived using this approach will fluctuate from year to year, the policy is to hold this long-term assumption constant as long as it remains within reasonable tolerance from the derived rate.

The weighted average expected rate of return on plan assets for 2026 is currently anticipated to be 6.00% for U.S. pension benefits and 4.70% for U.S. other postretirement benefits.

The weighted average interest crediting rate is determined annually based on the plan selected rate, long-term financial forecasts of that rate and the demographics of the plan participants.

The assumed healthcare costs trend rates used in measuring the APBO and net periodic benefit costs were as follows:


	December 31,
	2025				2024
	Before Age 65		Age 65 and older		Before Age 65		Age 65 and older
Following year	7.7	%	18.8	%	6.1	%	8.3	%
Ultimate rate to which cost increase is assumed to decline	3.7	%	4.4	%	3.7	%	4.5	%
Year in which the ultimate trend rate is reached	2073		2104		2074		2089

Plan Assets

Certain U.S. subsidiaries provide employees with benefits under various Employee Retirement Income Security Act of 1974 (“ERISA”) benefit plans. These include qualified pension plans, postretirement medical plans and certain retiree life insurance coverage. The assets of these U.S. subsidiaries’ qualified pension plans are held in insurance group annuity contracts, and the vast majority of the assets of the postretirement medical plan are held in a trust which largely utilizes insurance contracts to hold the assets. All of these contracts are issued by the Company and the assets under the contracts are held in insurance separate accounts. The underlying assets of the separate accounts are principally comprised of cash and cash equivalents, short-term investments, fixed maturity securities AFS, equity securities, derivatives, real estate and private equity investments. The assets backing the retiree life coverage also utilize insurance contracts issued by the Company’s insurance affiliate and are held in a general account Life Insurance Funding Agreement.

The insurance contract provider engages investment management firms (“Managers”) to serve as sub-advisors for the separate accounts based on the specific investment needs and requests identified by the plan fiduciary. These Managers have portfolio management discretion over the purchasing and selling of securities and other investment assets pursuant to the respective investment management agreements and guidelines established for each insurance separate account. The assets of the qualified pension plans and postretirement medical plans (the “Invested Plans”) are well diversified across multiple asset categories and across a number of different Managers, with the intent of minimizing risk concentrations within any given asset category or with any of the given Managers.

The Invested Plans, other than those held in participant directed investment accounts, are managed in accordance with investment policies consistent with the longer-term nature of related benefit obligations and within prudent risk parameters. Specifically, investment policies are oriented toward (i) maximizing the Invested Plan’s funded status; (ii) minimizing the volatility of the Invested Plan’s funded status; (iii) generating asset returns that exceed liability increases; and (iv) targeting rates of return in excess of a custom benchmark and industry standards over appropriate reference time periods. These goals are expected to be met through identifying appropriate and diversified asset classes and allocations, ensuring adequate liquidity to pay benefits and expenses when due and controlling the costs of administering and managing the Invested Plan’s investments. Independent investment consultants are periodically used to evaluate the investment risk of the Invested Plan’s assets relative to liabilities, analyze the economic and portfolio impact of various asset allocations and management strategies and recommend asset allocations.

Derivative contracts may be used to reduce investment risk, to manage duration and to replicate the risk/return profile of an asset or asset class. Derivatives may not be used to leverage a portfolio in any manner, such as to magnify exposure to an asset, asset class, interest rates or any other financial variable. Derivatives are also prohibited for use in creating exposures to securities, currencies, indices or any other financial variable that is otherwise restricted.

The table below summarizes the actual weighted average allocation of the estimated fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2025 for the Invested Plans:


	December 31,
	2025								2024
	U.S. Pension Benefits				U.S. Other Postretirement Benefits (1)				U.S. Pension Benefits		U.S. Other Postretirement Benefits (1)
	Target		Actual Allocation		Target		Actual Allocation		Actual Allocation		Actual Allocation
Asset Class
Fixed maturity securities AFS	85	%	84	%	91	%	93	%	83	%	94	%
Equity securities (2)	7	%	7	%	9	%	7	%	7	%	6	%
Alternative securities (3)	8	%	9	%	—	%	—	%	10	%	—	%
Total assets			100	%			100	%	100	%	100	%

__________________

(1)U.S. other postretirement benefits do not reflect postretirement life’s plan assets invested in fixed maturity securities AFS.

(2)Equity securities percentage includes derivative assets.

(3)Alternative securities primarily include private equity and real estate funds.

Estimated Fair Value

The pension and other postretirement benefit plan assets are categorized into a three-level fair value hierarchy, as described in Note 13, based upon the significant input with the lowest level in its valuation. The Level 2 asset category includes certain separate accounts that are primarily invested in liquid and readily marketable securities. The estimated fair value of such separate accounts is based upon reported NAV provided by fund managers and this value represents the amount at which transfers into and out of the respective separate account are effected. These separate accounts provide reasonable levels of price transparency and can be corroborated through observable market data. Directly held investments are primarily invested in U.S. and foreign government and corporate securities. The Level 3 asset category includes separate accounts that are invested in assets that provide little or no price transparency due to the infrequency with which the underlying assets trade and generally require additional time to liquidate in an orderly manner. Accordingly, the values for separate accounts invested in these alternative asset classes are based on inputs that cannot be readily derived from or corroborated by observable market data.

The pension and other postretirement plan assets measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are summarized as follows:


	December 31, 2025
	Pension Benefits								Other Postretirement Benefits
	Fair Value Hierarchy								Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
Corporate	$	—	$	2,838	$	64	$	2,902	$	—	$	163	$	—	$	163
U.S. government bonds	1,805		38		—		1,843		87		7		—		94
Foreign bonds	—		635		—		635		—		23		—		23
Federal agencies	—		26		—		26		—		1		—		1
Municipals	—		75		—		75		—		2		—		2
Short-term investments	—		112		—		112		27		238		—		265
Other (1)	241		864		5		1,110		39		32		—		71
Total fixed maturity securities AFS	2,046		4,588		69		6,703		153		466		—		619
Equity securities	526		88		8		622		30		—		—		30
Other investments	30		8		676		714		1		—		—		1
Derivative assets	3		1		—		4		—		—		—		—
Total assets	$	2,605	$	4,685	$	753	$	8,043	$	184	$	466	$	—	$	650


	December 31, 2024
	Pension Benefits								Other Postretirement Benefits
	Fair Value Hierarchy								Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
Corporate	$	—	$	3,025	$	56	$	3,081	$	—	$	175	$	—	$	175
U.S. government bonds	1,693		30		—		1,723		102		7		—		109
Foreign bonds	—		729		2		731		—		38		—		38
Federal agencies	96		83		—		179		1		1		—		2
Municipals	—		79		—		79		—		5		—		5
Short-term investments	2		168		—		170		469		406		—		875
Other (1)	173		271		2		446		10		56		—		66
Total fixed maturity securities AFS	1,964		4,385		60		6,409		582		688		—		1,270
Equity securities	489		198		8		695		58		—		—		58
Other investments	42		5		680		727		1		—		—		1
Derivative assets	4		1		—		5		—		—		—		—
Total assets	$	2,499	$	4,589	$	748	$	7,836	$	641	$	688	$	—	$	1,329

__________________

(1)Other primarily includes money market securities, mortgage-backed securities, collateralized mortgage obligations and ABS & CLO.

A rollforward of all pension and other postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows:


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS:
	Foreign Bonds		Corporate		Other		Equity Securities		Other Investments
	(In millions)
Balance, January 1, 2024	$	2	$	54	$	8	$	12	$	828
Realized gains (losses)	—		—		—		—		—
Unrealized gains (losses)	—		(2)		(1)		—		(24)
Purchases, sales, issuances and settlements, net	—		16		(4)		(4)		(124)
Transfers into and/or out of Level 3	—		(12)		(1)		—		—
Balance, December 31, 2024	2		56		2		8		680
Realized gains (losses)	—		—		—		—		1
Unrealized gains (losses)	(2)		5		(1)		—		(19)
Purchases, sales, issuances and settlements, net	—		3		1		—		14
Transfers into and/or out of Level 3	—		—		3		—		—
Balance, December 31, 2025	$	—	$	64	$	5	$	8	$	676

Expected Future Contributions and Benefit Payments

It is the subsidiaries’ practice to make contributions to the U.S. qualified pension plan to comply with minimum funding requirements of ERISA and to ensure that the plan assets continue to be sufficient to meet plan liabilities. In accordance with such practice, a discretionary contribution of $175 million is expected to be paid to the qualified pension plan in 2026. No contributions are expected to be required in 2026 to meet the minimum funding requirements of ERISA. For information on employer contributions, see “— Obligations and Funded Status.”

Benefit payments due under the U.S. nonqualified pension plans are primarily funded from the subsidiaries’ general assets as they become due under the provisions of the plans, and therefore benefit payments equal employer contributions. The U.S. subsidiaries expect to make contributions of $79 million to fund the benefit payments in 2026.

Postretirement benefits are either: (i) not vested under law; (ii) a non-funded obligation of the subsidiaries; or (iii) both. Current regulations do not require funding for these benefits. The subsidiaries use their general assets, net of participant’s contributions, to pay postretirement medical claims as they come due. As permitted under the terms of the governing trust document, the subsidiaries may be reimbursed from plan assets for postretirement medical claims paid from their general assets. The U.S. subsidiaries expect to make contributions of $19 million towards benefit obligations in 2026 to pay postretirement medical claims.

Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows:


	Pension Benefits		Other Postretirement Benefits
	(In millions)
2026	$	722	$	65
2027	$	733	$	65
2028	$	748	$	65
2029	$	774	$	64
2030	$	751	$	62
2031-2035	$	3,714	$	285

Defined Contribution Plans

Certain subsidiaries sponsor defined contribution plans under which a portion of employee contributions are matched. These subsidiaries contributed $90 million for each of the years ended December 31, 2025, 2024 and 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Income Tax

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Tax

22. Income Tax

The Company’s provision for income tax was as follows:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Current:
U.S. federal	$	179	$	707	$	381
U.S. state and local	80		90		46
Non-U.S.	992		1,147		1,240
Subtotal	1,251		1,944		1,667
Deferred:
U.S. federal	(89)		(56)		(591)
U.S. state and local	(3)		—		(4)
Non-U.S.	99		(710)		(512)
Subtotal	7		(766)		(1,107)
Provision for income tax expense (benefit)	$	1,258	$	1,178	$	560

The Company’s income (loss) before income tax expense (benefit) was as follows:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Income (loss):
U.S.	$	599	$	3,955	$	(95)
Non-U.S.	4,062		1,667		2,257
Total	$	4,661	$	5,622	$	2,162

The table below presents the reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported. See Note 1 for further information on the ASU recently adopted on a prospective basis by the Company.


	Year Ended December 31,
	2025
	Amount		% Income (Loss)
	(Dollars in millions)
Income (loss) before provision for income tax	$	4,661
Tax provision at U.S. statutory rate	979		21.0	%
U.S. state and local, net of U.S. federal (1)	55		1.2	%
Foreign tax effects:





Japan
Statutory tax rate difference between Japan & U.S.	126		2.7	%
Other	43		0.9	%
Mexico
Statutory tax rate difference between Mexico & U.S.	67		1.4	%
Other	(9)		(0.2)	%
Other foreign jurisdictions	19		0.4	%

Effects of cross border tax laws	66		1.4	%


Tax credits	(53)		(1.1)	%



Nontaxable or nondeductible items
Tax-exempt income	(79)		(1.7)	%

Other	(1)		—	%
Changes in unrecognized tax benefits	(13)		(0.3)	%
Other adjustments
Prior period adjustments	87		1.9	%
Other	(29)		(0.6)	%
Provision for income tax expense (benefit) and effective tax rate	$	1,258	27.0	%

__________________

(1)State and local taxes in New York and New York City made up the majority (greater than 50%) of the tax effect in this category.


	Years Ended December 31,
	2024		2023
	(In millions)
Tax provision at U.S. statutory rate	$	1,181	$	454
Tax effect of:
Dividend received deduction	(19)		(18)
Tax-exempt income	(43)		(34)
Prior year tax (1)	44		(12)
Low income housing tax credits	6		(116)
Other tax credits	(38)		(39)
Foreign tax rate differential (2), (3)	22		312
Changes in tax law (4)	—		(198)
Change in valuation allowance (4)	6		187
Other, net	19		24
Provision for income tax expense (benefit)	$	1,178	$	560

__________________

(1)As discussed further below, prior year tax primarily includes non-cash charges related to an uncertain tax position of $57 million for the year ended December 31, 2024.

(2)For the year ended December 31, 2024, foreign tax rate differential includes tax charges of $5 million related to the U.S. tax on Global Intangible Low-Taxed Income (“GILTI”) of which $33 million is a tax charge, offset by a $28 million tax benefit revising the 2023 estimate.

(3)For the year ended December 31, 2023, foreign tax rate differential includes tax charges of $28 million related to MetLife Malaysia and $22 million related to the U.S. tax on GILTI of which $28 million is a tax charge, offset by a $6 million tax benefit revising the 2022 estimate.

(4)For the year ended December 31, 2023, changes in tax law include tax benefits of $198 million and a change in valuation allowance includes a tax charge of $198 million related to adjustments of deferred taxes due to the enactment of the Bermuda Corporate Income Tax.

The Company paid income taxes, net of refunds, of $1.6 billion during the year ended December 31, 2025. Of this amount, U.S. federal income taxes paid were $555 million, U.S. state income taxes paid were $19 million and foreign income taxes paid were $990 million. Within foreign income taxes paid, net of refunds, $453 million, $241 million and $85 million were paid in Japan, Mexico and Korea, respectively.

Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at:


	December 31,
	2025		2024
	(In millions)
Deferred income tax assets:
Policyholder liabilities and receivables	$	4,500	$	4,233
Net operating loss carryforwards (1)	298		247
Employee benefits	575		519
Capital loss carryforwards	27		31
Tax credit carryforwards (2)	406		299
Net unrealized investment losses	5,447		5,879
Litigation-related and government mandated	107		103
Other	277		260
Total gross deferred income tax assets	11,637		11,571
Less: Valuation allowance (3)	601		685
Total net deferred income tax assets	11,036		10,886
Deferred income tax liabilities:
Investments, including derivatives	3,991		3,469
Intangibles	933		836

DAC	4,063		3,719

Total deferred income tax liabilities	8,987		8,024
Net deferred income tax asset (liability)	$	2,049	$	2,862

__________________

(1)The Company has recorded a deferred tax asset of $298 million related to U.S. state and non-U.S. net operating loss carryforwards and an offsetting valuation allowance for the year ended December 31, 2025. Certain net operating loss carryforwards will expire between 2026 and 2044, whereas others have an unlimited carryforward period.

(2)Tax credit carryforwards for the year ended December 31, 2025 primarily reflect foreign tax credits. Certain foreign tax credits will expire between 2035 and 2038, whereas others have no expiration date.

(3)The Company’s deferred tax asset for the year ended December 31, 2025 includes an offsetting valuation allowance primarily related to other non-U.S. jurisdictions.

The Company has not provided for U.S. deferred taxes on the remaining excess of book bases over tax bases of certain investments in non-U.S. subsidiaries that are essentially permanent in duration. The amount of deferred tax liability related to the Company’s remaining basis difference in these non-U.S. subsidiaries was $54 million at December 31, 2025.

The Company files income tax returns with the U.S. federal government and various U.S. state and local jurisdictions, as well as non-U.S. jurisdictions. The Company is under continuous examination by the Internal Revenue Service (“IRS”) and other tax authorities in jurisdictions in which the Company has significant business operations. The income tax years under examination vary by jurisdiction and subsidiary. The Company is no longer subject to U.S. federal, state, or local income tax examinations for years prior to 2017. In material non-U.S. jurisdictions, the Company is no longer subject to income tax examinations for years prior to 2017.

In 2025, related to a federal income tax audit of MetLife, Inc. and its subsidiaries for tax years 2017, 2018 and 2019, the Company and the IRS entered into agreements resulting in the resolution of most audit issues. Accordingly, the Company recorded a non-cash expense to net income of $66 million, net of tax, comprised of a $61 million tax expense recorded in provision for income tax expense and a $6 million interest expense ($5 million, net of tax) included in other expenses.

The Company’s overall liability for unrecognized tax benefits may increase or decrease in the next 12 months. For example, U.S. federal tax legislation and regulation could impact unrecognized tax benefits. A reasonable estimate of the increase or decrease cannot be made at this time. However, the Company continues to believe that the ultimate resolution of the pending issues will not result in a material change to its consolidated financial statements, although the resolution of income tax matters could impact the Company’s effective tax rate for a particular future period.

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Balance at January 1,	$	218	$	131	$	129
Additions for tax positions of prior years (1)	28		127		27
Reductions for tax positions of prior years	(17)		(43)		(30)
Additions for tax positions of current year	15		4		5
Reductions for tax positions of current year	—		—		—
Settlements with tax authorities	(46)		(1)		—
Balance at December 31,	$	198	$	218	$	131
Unrecognized tax benefits that, if recognized, would impact the effective rate	$	147	$	162	$	90

__________________

(1)For the year ended December 31, 2024, primarily includes the addition of state reserves and International Financial Reporting Standard 17 related reserves in foreign jurisdictions.

The Company classifies interest accrued related to unrecognized tax benefits in interest expense, included within other expenses.

Interest was as follows:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Interest expense (benefit) recognized on the consolidated statements of operations	$	18	$	7	$	7

			December 31,
			2025		2024
			(In millions)
Interest included in other liabilities on the consolidated balance sheets			$	47	$	29

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Earnings Per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Common Share

23. Earnings Per Common Share

The following table presents the weighted average shares, basic earnings per common share and diluted earnings per common share:


	Years Ended December 31,
	2025		2024		2023
	(In millions, except per share data)
Weighted Average Shares:
Weighted average common stock outstanding - basic	668.9		706.4		757.7


Incremental common shares from assumed exercise or issuance of stock-based awards	4.4		4.7		4.6
Weighted average common stock outstanding - diluted	673.3		711.1		762.3








Net Income (Loss):
Net income (loss)	$	3,403	$	4,444	$	1,602
Less: Net income (loss) attributable to noncontrolling interests	24		18		24
Less: Preferred stock dividends	194		200		198
Preferred stock redemption premium	12		—		—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	3,173	$	4,226	$	1,380
Basic	$	4.74	$	5.98	$	1.82
Diluted	$	4.71	$	5.94	$	1.81

Contingencies, Commitments and Guarantees

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Contingencies, Commitments and Guarantees

24. Contingencies, Commitments and Guarantees

Contingencies

Litigation

The Company is a defendant in a large number of litigation matters. Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed below and those otherwise provided for in the Company’s consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lender, employer, investor, investment advisor, broker-dealer, and taxpayer.

The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the U.S. Securities and Exchange Commission; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority, as well as from local and national regulators and government authorities in jurisdictions outside the United States where the Company conducts business. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. In certain circumstances where liabilities have been established there may be coverage under one or more corporate insurance policies, pursuant to which there may be an insurance recovery. Insurance recoveries are recognized as gains when any contingencies relating to the insurance claim have been resolved, which is the earlier of when the gains are realized or realizable. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated at December 31, 2025. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. Given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods.

Matters as to Which an Estimate Can Be Made

For some matters, the Company is able to estimate a reasonably possible range of loss. For matters where a loss is believed to be reasonably possible, but not probable, the Company has not made an accrual. As of December 31, 2025, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $125 million.

Matters as to Which an Estimate Cannot Be Made

For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

Asbestos-Related Claims

MLIC is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. MLIC has never engaged in the business of manufacturing or selling asbestos-containing products, nor has MLIC issued liability or workers’ compensation insurance to companies in the business of manufacturing or selling asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of MLIC’s employees during the period from the 1920s through approximately the 1950s and allege that MLIC learned or should have learned of certain health risks posed by asbestos and, among other things, improperly publicized or failed to disclose those health risks. MLIC believes that it should not have legal liability in these cases. The outcome of most asbestos litigation matters, however, is uncertain and can be impacted by numerous variables, including differences in legal rulings in various jurisdictions, the nature of the alleged injury and factors unrelated to the ultimate legal merit of the claims asserted against MLIC.

MLIC’s defenses include that: (i) MLIC owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of MLIC; (iii) MLIC’s conduct was not the cause of the plaintiffs’ injuries; and (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known. During the course of the litigation, certain trial courts have granted motions dismissing claims against MLIC, while other trial courts have denied MLIC’s motions. There can be no assurance that MLIC will receive favorable decisions on motions in the future. While most cases brought to date have settled, MLIC intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.

The approximate total number of asbestos personal injury claims pending against MLIC as of the dates indicated, the approximate number of new claims during the years ended on those dates and the approximate total settlement payments made to resolve asbestos personal injury claims at or during those years are set forth in the following table:


	December 31,
	2025		2024		2023
	(In millions, except number of claims)
Asbestos personal injury claims at year end	57,601		57,760		57,488
Number of new claims during the year	2,782		2,936		2,565
Settlement payments during the year (1)	$	43.6	$	47.4	$	50.6

__________________

(1)Settlement payments represent payments made by MLIC during the year in connection with settlements made in that year and in prior years. Amounts do not include MLIC’s attorneys’ fees and expenses.

The number of asbestos cases that may be brought, the aggregate amount of any liability that MLIC may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year.

The ability of MLIC to estimate its ultimate asbestos exposure is subject to considerable uncertainty, and the conditions impacting its liability can be dynamic and subject to change. The availability of reliable data is limited and it is difficult to predict the numerous variables that can affect liability estimates, including the number of future claims, the cost to resolve claims, the disease mix and severity of disease in pending and future claims, the willingness of courts to allow plaintiffs to pursue claims against MLIC when exposure to asbestos took place after the dangers of asbestos exposure were well known, and the impact of any possible future adverse verdicts and their amounts.

The ability to make estimates regarding ultimate asbestos exposure declines significantly as the estimates relate to years further in the future. In the Company’s judgment, there is a future point after which losses cease to be probable and reasonably estimable. It is reasonably possible that the Company’s total exposure to asbestos claims may be materially greater than the asbestos liability currently accrued and that future charges to income may be necessary, but management does not believe any such charges are likely to have a material effect on the Company’s financial position.

The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. MLIC’s recorded asbestos liability covers pending claims, claims not yet asserted, and legal defense costs and is based on estimates and includes significant assumptions underlying its analysis.

MLIC reevaluates on a quarterly and annual basis its exposure from asbestos litigation, including studying its claims experience, reviewing external literature regarding asbestos claims experience in the United States, assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. Based upon its regular reevaluation of its exposure from asbestos litigation, MLIC has updated its recorded liability for asbestos-related claims. The frequency of claims relating to asbestos has not declined as expected, and MLIC has reflected this in its provisions. Accordingly, MLIC increased its recorded liability for asbestos-related claims to $427 million at December 31, 2025. The recorded liability was $406 million at December 31, 2024.

Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court of the State of New York, County of New York, filed December 27, 2017)

Total Asset Recovery Services (the “Relator”) brought an action under the qui tam provision of the New York False Claims Act (the “Act”) on behalf of itself and the State of New York. The Relator originally filed this action under seal in 2010, and the complaint was unsealed on December 19, 2017. The Relator alleges that MetLife, Inc., MLIC, and several other insurance companies violated the Act by filing false unclaimed property reports with the State of New York from 1986 to 2017, to avoid having to escheat the proceeds of more than 25,000 life insurance policies, including policies for which the defendants escheated funds as part of their demutualizations in the late 1990s. The Relator seeks treble damages and other relief. In December 2020, the Appellate Division of the New York State Supreme Court, First Department, reversed the court’s order granting MetLife, Inc. and MLIC’s motion to dismiss and remanded the case. The Relator filed a Fourth Amended Complaint in January 2023. On October 13, 2024, the trial court denied the defendant’s motion to dismiss the complaint. The Company intends to defend the action vigorously.

Insolvency Assessments

Many jurisdictions in which the Company is admitted to transact business require insurers doing business within the jurisdiction to participate in guaranty associations, which are organized to pay contractual benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers or those that may become impaired, insolvent or fail. These associations levy assessments, up to prescribed limits, on all member insurers in a particular jurisdiction on the basis of the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer engaged. In addition, certain jurisdictions have government owned or controlled organizations providing life, health and property and casualty insurance to their citizens, whose activities could place additional stress on the adequacy of guaranty fund assessments. Many of these organizations have the power to levy assessments similar to those of the guaranty associations. Some jurisdictions permit member insurers to recover assessments paid through full or partial premium tax offsets.

Assets and liabilities held for insolvency assessments are as follows:


	December 31,
	2025		2024
	(In millions)
Other Assets:
Premium tax offset for future discounted and undiscounted assessments	$	47	$	51
Premium tax offset currently available for paid assessments	76		85
	$	123	$	136
Other Liabilities:
Insolvency assessments	$	63	$	68

Commitments

Mortgage Loan Commitments

The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $2.4 billion and $1.9 billion at December 31, 2025 and 2024, respectively.

Commitments to Fund Partnership Investments, Bank Credit Facilities and Private Corporate Bond Investments

The Company commits to fund partnership investments and to lend funds under bank credit facilities and private corporate bond investments. The amounts of these unfunded commitments were $11.1 billion and $8.1 billion at December 31, 2025 and 2024, respectively. See Note 25 for additional information on commitments to related parties.

Guarantees

In the normal course of its business, the Company has provided certain indemnities and guarantees to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $329 million, with a cumulative maximum of $628 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities or guarantees.

In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future.

The Company also has minimum fund yield requirements on certain pension funds. Since these guarantees are not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future.

The Company’s recorded liabilities were $19 million at both December 31, 2025 and 2024, for indemnities and guarantees.

Related Party Disclosures	12 Months Ended
Related Party Disclosures	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	25. Related Party Transactions In the third quarter of 2025, the Company invested $216 million in Chariot Holding Company, LP (“Chariot”), a Bermuda registered exempted limited partnership. The Company invested an additional $20 million into Chariot in the fourth quarter of 2025. Additionally, the Company has unfunded contingent capital commitments to Chariot of $94 million. The Company accounts for its investment in Chariot under the equity method of accounting. In 2025, a subsidiary of the Company entered into reinsurance agreements with Chariot Re, a subsidiary of Chariot. See Notes 9 and 12 for further information regarding the Company’s reinsurance transactions with Chariot Re. In addition, MetLife Investment Management, LLC entered into investment management and advisory agreements with Chariot Re to manage a portion of Chariot Re’s assets. The Company recognized asset management fees from Chariot Re of $13 million for the year ended December 31, 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Consolidated Summary of Investments - Other Than Investments in Related Parties

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

Consolidated Summary of Investments - Other Than Investments in Related Parties

MetLife, Inc.

Schedule I

Consolidated Summary of Investments —

Other Than Investments in Related Parties

December 31, 2025

(In millions)


Types of Investments	Cost or Amortized Cost (1)		Estimated Fair Value		Amount at Which Shown on Balance Sheet
Fixed maturity securities AFS:
Bonds:
Foreign government	$	47,037	$	40,748	$	40,748
U.S. government and agency	42,877		37,522		37,522
Public utilities	11,242		11,057		11,057
Municipals	12,195		11,064		11,064
All other corporate bonds	143,175		136,430		136,430
Total bonds	256,526		236,821		236,821
Mortgage-backed, asset-backed and collateralized loan obligations securities	79,631		78,049		78,049
Redeemable preferred stock	1,044		1,061		1,061
Total fixed maturity securities AFS	337,201		315,931		315,931
Contractholder-directed equity securities and FVO securities (1):
Contractholder-directed equity securities	8,253		10,748		10,748
FVO securities	2,432		3,211		3,211
Total Contractholder-directed equity securities and FVO securities	10,685		13,959		13,959
Equity securities:
Common stock:
Industrial, miscellaneous and all other	423		556		556
Banks, trust and insurance companies	75		179		179
Public utilities	—		9		9
Non-redeemable preferred stock	106		114		114
Total equity securities	604		858		858
Mortgage loans	84,593				84,593



Policy loans	8,547				8,547
Real estate and REJV (2)	13,101				13,101
Real estate acquired in satisfaction of debt	339				339
OLPI (2)	14,917				14,917
Short-term investments	3,666				3,601
Other invested assets (2)	16,332				16,332
Total investments	$	489,985			$	472,178

__________________

(1)Contractholder-directed equity securities and FVO securities are primarily equity securities (including mutual funds) and fixed maturity securities. Amortized cost for fixed maturity securities AFS, contractholder-directed equity securities and FVO securities, mortgage loans, policy loans and short-term investments represents original cost reduced by repayments and adjusted for amortization of premium or accretion of discount; for equity securities, cost represents original cost; for real estate, cost represents original cost reduced by impairments and depreciation; for REJV and OLPI, cost represents original cost reduced for impairments and adjusted for equity in earnings and distributions.

(2)Includes equity method investments in related parties totaling $24.7 billion, reported across these asset classes. See Notes 1, 11 and 25 of the Notes to Consolidated Financial Statements for further information.

Condensed Financial Information (Parent Company)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information (Parent Company)

MetLife, Inc.

Schedule II

Condensed Financial Information

(Parent Company Only)

December 31, 2025 and 2024

(In millions, except share and per share data)


	2025		2024
Condensed Balance Sheets
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $1,069 and $1,827, respectively)	$	995	$	1,719


Short-term investments, principally at estimated fair value	34		653
Other invested assets, at estimated fair value	563		586
Total investments	1,592		2,958
Cash and cash equivalents	1,202		2,159
Accrued investment income	2		8
Investment in subsidiaries	45,106		41,107
Loans to subsidiaries	—		285

Other assets	785		654
Total assets	$	48,687	$	47,171
Liabilities and Stockholders’ Equity
Liabilities
Payables for collateral under derivatives transactions	$	61	$	290
Long-term debt — unaffiliated	13,999		14,431
Long-term debt — affiliated	1,451		1,447
Subordinated debt securities	3,461		2,470
Other liabilities	1,317		1,088
Total liabilities	20,289		19,726
Stockholders’ Equity
Preferred stock, par value $0.01 per share; $2,905 and $3,905, respectively. aggregate liquidation preference	—		—
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,195,587,190 and 1,194,168,628 shares issued, respectively; 655,333,773 and 689,211,065 shares outstanding, respectively	12		12
Additional paid-in capital	32,858		33,791
Retained earnings	44,290		42,626
Treasury stock, at cost; 540,253,417 and 504,957,563 shares, respectively	(30,678)		(27,798)
Accumulated other comprehensive income (loss)	(18,084)		(21,186)
Total stockholders’ equity	28,398		27,445
Total liabilities and stockholders’ equity	$	48,687	$	47,171

See accompanying notes to the condensed financial information.

MetLife, Inc.

Schedule II

Condensed Financial Information — (continued)

(Parent Company Only)

Years Ended December 31, 2025, 2024 and 2023

(In millions)


	2025		2024		2023
Condensed Statements of Operations
Revenues
Net investment income	$	183	$	177	$	188
Other revenues	14		16		17
Net investment gains (losses)	33		250		134
Net derivative gains (losses)	(99)		3		(41)
Total revenues	131		446		298
Expenses
Interest expense	968		920		907


Other expenses	313		215		140
Total expenses	1,281		1,135		1,047
Income (loss) before provision for income tax and equity in earnings of subsidiaries	(1,150)		(689)		(749)
Provision for income tax (expense) benefit	106		59		128
Equity in earnings of subsidiaries	4,423		5,056		2,199
Net income (loss)	3,379		4,426		1,578
Less: Preferred stock dividends	194		200		198
Preferred stock redemption premium	12		—		—
Net income (loss) available to common shareholders	$	3,173	$	4,226	$	1,380
Comprehensive income (loss)	$	7,555	$	2,482	$	4,957

See accompanying notes to the condensed financial information.

MetLife, Inc.

Schedule II

Condensed Financial Information — (continued)

(Parent Company Only)

Years Ended December 31, 2025, 2024 and 2023

(In millions)


	2025		2024		2023
Condensed Statements of Cash Flows
Cash flows from operating activities
Net income (loss)	$	3,379	$	4,426	$	1,578
Earnings of subsidiaries	(4,423)		(5,056)		(2,199)
Dividends from subsidiaries	3,814		5,467		4,780
(Gains) losses on investments and from sales of businesses, net	(33)		(250)		(134)


Other, net	103		148		158
Net cash provided by (used in) operating activities	2,840		4,735		4,183
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale	1,333		1,256		3,093
Short-term investments	1,588		255		1,330
Purchases and originations of:
Fixed maturity securities available-for-sale	(572)		(1,389)		(973)

Short-term investments	(946)		(842)		(1,375)

Cash received in connection with freestanding derivatives	624		520		161
Cash paid in connection with freestanding derivatives	(296)		(418)		(155)


Expense paid on behalf of subsidiaries	(6)		(5)		(4)
Receipts on loans to subsidiaries	585		320		250
Issuances of loans to subsidiaries	(300)		(300)		(460)

Returns of capital from subsidiaries	47		74		6
Capital contributions to subsidiaries	(379)		(249)		(528)
Purchases of investments in operating joint ventures	(236)		—		—
Other, net	(14)		(13)		(3)
Net cash provided by (used in) investing activities	1,428		(791)		1,342
Cash flows from financing activities
Net change in payables for collateral under derivative transactions	(229)		25		111
Long-term debt issued	612		1,518		1,986
Long-term debt repaid	(1,000)		(1,438)		(1,000)


Subordinated debt securities issued	1,000		—		—
Treasury stock acquired in connection with share repurchases	(2,883)		(3,207)		(3,103)

Redemption of preferred stock	(988)		—		—
Preferred stock redemption premium	(12)		—		—
Dividends on preferred stock	(194)		(200)		(198)
Dividends on common stock	(1,509)		(1,527)		(1,566)
Other, net	(22)		23		(24)
Net cash provided by (used in) financing activities	(5,225)		(4,806)		(3,794)
Change in cash and cash equivalents	(957)		(862)		1,731
Cash and cash equivalents, beginning of year	2,159		3,021		1,290
Cash and cash equivalents, end of year	$	1,202	$	2,159	$	3,021

MetLife, Inc.

Schedule II

Condensed Financial Information — (continued)

(Parent Company Only)

Years Ended December 31, 2025, 2024 and 2023

(In millions)


	2025		2024		2023
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	946	$	915	$	852
Income tax:
Amounts paid to (received from) subsidiaries, net	$	(237)	$	(76)	$	(671)

Income tax paid (received) by MetLife, Inc., net	134		30		506
Total income tax, net	$	(103)	$	(46)	$	(165)

MetLife, Inc.

Schedule II

Notes to the Condensed Financial Information

(Parent Company Only)

1. Basis of Presentation

The condensed financial information of MetLife, Inc. (parent company only) should be read in conjunction with the consolidated financial statements of MetLife, Inc. and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for MetLife, Inc. Investments in subsidiaries are accounted for using the equity method of accounting.

The preparation of these condensed unconsolidated financial statements in conformity with GAAP requires management to adopt accounting policies and make certain estimates and assumptions. The most important of these estimates and assumptions relate to the fair value measurements, the accounting for goodwill and the provision for potential losses that may arise from litigation and regulatory proceedings and tax audits, which may affect the amounts reported in the condensed unconsolidated financial statements and accompanying notes. Actual results could differ from these estimates.

2. Loans to Subsidiaries

MetLife, Inc. lends funds as necessary, through credit agreements or otherwise to its subsidiaries, some of which are regulated, to meet their capital requirements or to provide liquidity. Payments of interest and principal on surplus notes of regulated subsidiaries, which are subordinate to all other obligations of the issuing company, may be made only with the prior approval of the insurance department of the state of domicile.

During 2025, 2024 and 2023, under such credit agreements, MetLife Services and Solutions, LLC (“MSS”) issued $300 million, $300 million and $250 million, respectively, in short-term notes to MetLife, Inc., bearing interest at three-month CME Term SOFR plus 1.24%. During 2025, 2024 and 2023, MSS repaid $375 million, $225 million and $250 million, respectively, on the short-term notes.

In March 2023, Missouri Reinsurance, Inc. (“MoRe”), issued to MetLife, Inc. an $80 million 5.34% promissory note maturing in March 2028, an $80 million 5.68% promissory note maturing in March 2033 and a $50 million 6.05% promissory note maturing in March 2038. Interest on all notes is payable semi-annually. In September 2025, MoRe fully redeemed in cash these three promissory notes.

Interest income earned on loans to subsidiaries of $18 million, $28 million and $22 million for the years ended December 31, 2025, 2024 and 2023, respectively, is included in net investment income.

3. Long-term Debt

Long-term debt outstanding was as follows:


							December 31,
	Interest Rates (1)			Maturity			2025		2024
	(Dollars in millions)
Senior notes — unaffiliated (2)	0.50%	-	6.50%	2026	-	2059	$	13,999	$	14,431
Senior notes — affiliated	1.59%	-	6.51%	2026	-	2032	1,451		1,447
Total							$	15,450	$	15,878

__________________

(1)Range of interest rates are for the year ended December 31, 2025.

(2)Net of $96 million and $99 million of unamortized issuance costs and net premiums and discounts at December 31, 2025 and 2024, respectively.

See Note 16 of the Notes to the Consolidated Financial Statements for additional information.

The aggregate maturities of long-term debt at December 31, 2025 for the next five years and thereafter are $428 million in 2026, $0 in 2027, $213 million in 2028, $627 million in 2029, $1.2 billion in 2030 and $12.9 billion thereafter.

Senior Notes – Affiliated

In July 2023, a ¥37.3 billion 1.6015% senior unsecured note issued to MLIC matured and was refinanced with a ¥37.3 billion 2.1575% senior unsecured note due July 2030 issued to MLIC.

Interest Expense

Interest expense was comprised of the following:


	Years Ended December 31,
	2025		2024		2023
	(In millions)
Long-term debt — unaffiliated	$	666	$	668	$	653
Long-term debt — affiliated	43		44		45
Collateral financing arrangement	3		3		4
Subordinated debt securities	256		205		205
Total	$	968	$	920	$	907

See Notes 17 and 18 of the Notes to the Consolidated Financial Statements for information on the collateral financing arrangement and subordinated debt securities.

4. Support Agreements

MetLife, Inc. is party to various capital support commitments and guarantees with certain of its subsidiaries. Under these arrangements, MetLife, Inc. has agreed to cause each such entity to meet specified capital and surplus levels or has guaranteed certain contractual obligations.

MetLife, Inc. guarantees the obligations of MetLife Reinsurance Company of Bermuda, Ltd. (“MrB”), a Bermuda insurance affiliate and an indirect, wholly-owned subsidiary of MetLife, Inc. under a reinsurance agreement with a former affiliate that is now an unaffiliated third party, under which MrB reinsures certain variable annuity business written by such third party.

MetLife, Inc. guarantees the obligations of MrB in an aggregate amount up to $1.0 billion, under a reinsurance agreement with MetLife UK Limited, in respect of MrB’s reinsurance of the guaranteed living benefits and guaranteed death benefits associated with certain Unit-linked investments that were issued by MetLife UK Limited, as successor to MetLife Europe d.a.c. MetLife UK Limited is a U.K. insurance subsidiary to which MetLife Europe d.a.c. transferred its former U.K. wealth management business effective as of April 1, 2024 pursuant to a court-approved business portfolio transfer.

MetLife, Inc., in connection with MRV’s reinsurance of certain universal life and term life insurance risks, committed to the Vermont Department of Financial Regulation to take necessary action to cause the two protected cells of MRV to maintain TAC in an amount that is equal to or greater than 200% of each such protected cell’s authorized control level RBC, as defined in Vermont state insurance statutes.

MetLife, Inc., in connection with the collateral financing arrangement associated with MRC’s reinsurance of a portion of the liabilities associated with the closed block, committed to the South Carolina Department of Insurance to make capital contributions, if necessary, to MRC so that MRC may at all times maintain its TAC in an amount that is equal to or greater than 200% of the Company Action Level RBC, as defined in South Carolina state insurance statutes as in effect on the date of determination or December 31, 2007, whichever calculation produces the greater capital requirement, or as otherwise required by the South Carolina Department of Insurance. See Note 17 of the Notes to the Consolidated Financial Statements.

MetLife, Inc. guarantees obligations arising from OTC-bilateral derivatives of MrB. MrB is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. MrB uses a variety of strategies to manage these risks, including the use of derivatives. Further, MrB’s derivatives are subject to industry standard netting agreements and collateral agreements that limit the unsecured portion of any open derivative position. On a net counterparty basis at December 31, 2025 and 2024, derivative transactions with positive mark-to-market values (in-the-money) were $42 million and $19 million, respectively, and derivative transactions with negative mark-to-market values (out-of-the-money) were $355 million and $269 million, respectively. To secure the obligations represented by the out-of-the-money transactions, MrB had provided collateral to its counterparties with an estimated fair value of $355 million and $269 million at December 31, 2025 and 2024, respectively. Accordingly, unsecured derivative liabilities guaranteed by MetLife, Inc. were $0 at both December 31, 2025 and 2024. During the course of 2025, MetLife, Inc. issued new guarantees of obligations arising from OTC-bilateral derivatives of MetLife Reinsurance Company of Hamilton, Ltd. (“MrH”). As of December 31, 2025, MrH had not yet executed any OTC-bilateral trades subject to the MetLife, Inc. guarantee.

MetLife, Inc. also guarantees the obligations of certain of its subsidiaries under committed facilities with third-party banks. See Note 16 of the Notes to the Consolidated Financial Statements.

Consolidated Supplementary Insurance Information

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

Consolidated Supplementary Insurance Information

MetLife, Inc.

Schedule III

Consolidated Supplementary Insurance Information

December 31, 2025 and 2024

(In millions)


	DAC and VOBA		FPBs, Other Policy-Related Balances and Policyholder Dividend Obligation		PABs		MRB (Assets) Liabilities (1)		Policyholder Dividends Payable		Unearned Premiums (2), (3)		UREV (2)
2025
Group Benefits (4)	$	250	$	18,764	$	11,005	$	—	$	—	$	479	$	—
RIS (4)	795		87,144		93,549		83		—		—		23
Asia	12,518		30,365		104,239		160		94		931		3,346
Latin America	2,736		17,856		6,530		—		—		4		997
EMEA	2,112		3,926		8,058		(84)		—		19		723
MIM (5)	—		—		—		—		—		—		—
Corporate & Other (5)	2,696		70,870		13,476		1,789		262		157		73
Total	$	21,107	$	228,925	$	236,857	$	1,948	$	356	$	1,590	$	5,162
2024
Group Benefits	$	250	$	18,219	$	7,632	$	—	$	—	$	593	$	—
RIS	565		73,356		84,923		2		—		—		27
Asia	11,720		32,294		94,903		215		81		1,175		3,076
Latin America	2,229		14,094		5,514		—		—		2		841
EMEA	1,758		3,419		7,214		(81)		—		22		622
MIM (5)	—		—		—		—		—		—		—
Corporate & Other (5)	3,105		71,163		21,259		2,073		304		155		69
Total	$	19,627	$	212,545	$	221,445	$	2,209	$	385	$	1,947	$	4,635

__________________

(1)MRB assets and liabilities are presented net.

(2)Amounts are included within the FPBs, other policy-related balances and policyholder dividend obligation column.

(3)Includes premiums received in advance.

(4)As part of the Strategic Reorganization, two products previously reported within the former MetLife Holdings segment were moved — one to the Group Benefits segment and one to the RIS segment. Accordingly, the reported balances for the year ended December 31, 2025 have been updated to reflect these changes.

(5)See Note 1 for information on the Strategic Reorganization.

MetLife, Inc.

Schedule III

Consolidated Supplementary Insurance Information — (continued)

Years Ended December 31, 2025, 2024 and 2023

(In millions)


	Premiums and Universal Life and Investment-Type Product Policy Fees		Net Investment Income		Policyholder Benefits and Claims, Policyholder Liability Remeasurement (Gains) Losses and Interest Credited to PABs		Market Risk Benefit Remeasurement (Gains) Losses		Amortization of DAC, VOBA and Negative VOBA Charged to Other Expenses		Other Expenses (1)
2025
Group Benefits (2)	$	23,802	$	1,353	$	20,473	$	—	$	26	$	4,251
RIS (2)	11,978		9,119		18,847		(113)		81		846
Asia	6,690		5,589		7,274		(64)		854		1,606
Latin America	6,602		1,679		5,459		—		571		1,430
EMEA	2,867		958		2,039		(17)		367		970
MIM (3)	—		6		—		—		—		689
Corporate & Other (3)	2,843		3,855		4,426		(314)		215		2,507
Total	$	54,782	$	22,559	$	58,518	$	(508)	$	2,114	$	12,299
2024
Group Benefits	$	23,367	$	1,178	$	20,033	$	—	$	26	$	4,062
RIS	8,348		8,291		14,586		11		66		493
Asia	6,681		5,099		6,846		7		832		1,600
Latin America	5,895		1,608		4,785		—		503		1,311
EMEA	2,516		847		1,797		(54)		355		891
MIM (3)	—		7		—		—		—		669
Corporate & Other (3)	3,112		4,243		4,814		(1,073)		239		2,565
Total	$	49,919	$	21,273	$	52,861	$	(1,109)	$	2,021	$	11,591
2023
Group Benefits	$	22,436	$	1,148	$	19,329	$	—	$	26	$	3,778
RIS	8,561		7,354		14,057		(29)		49		403
Asia	6,883		4,307		6,941		(43)		772		1,584
Latin America	5,685		1,610		4,801		—		468		1,263
EMEA	2,314		885		1,737		(40)		344		811
MIM (3)	—		3		—		—		—		645
Corporate & Other (3)	3,556		4,601		5,540		(882)		267		2,922
Total	$	49,435	$	19,908	$	52,405	$	(994)	$	1,926	$	11,406

______________

(1)Includes other expenses and policyholder dividends, excluding amortization of DAC, VOBA and negative VOBA charged to other expenses.

(2)As part of the Strategic Reorganization, two products previously reported within the former MetLife Holdings segment were moved — one to the Group Benefits segment and one to the RIS segment. Accordingly, the reported balances for the year ended December 31, 2025 have been updated to reflect these changes.

(3)See Note 1 for information on the Strategic Reorganization.

Consolidated Reinsurance

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Consolidated Reinsurance

MetLife, Inc.

Schedule IV

Consolidated Reinsurance

December 31, 2025, 2024 and 2023

(Dollars in millions)


	Gross Amount		Ceded		Assumed		Net Amount		% Amount Assumed to Net
2025
Life insurance in-force	$	5,943,369	$	458,179	$	843,586	$	6,328,776	13.3	%
Insurance premium
Life insurance (1)	$	34,380	$	7,166	$	4,342	$	31,556	13.8	%
Accident & health insurance	18,673		929		157		17,901		0.9	%
Property and casualty insurance	322		—		—		322		—	%
Total insurance premium	$	53,375	$	8,095	$	4,499	$	49,779	9.0	%
2024
Life insurance in-force	$	5,745,965	$	466,498	$	855,685	$	6,135,152	13.9	%
Insurance premium
Life insurance (1)	$	26,901	$	3,155	$	3,596	$	27,342	13.2	%
Accident & health insurance	18,037		841		192		17,388		1.1	%
Property and casualty insurance	215		—		—		215		—	%
Total insurance premium	$	45,153	$	3,996	$	3,788	$	44,945	8.4	%
2023
Life insurance in-force	$	5,627,777	$	473,860	$	829,720	$	5,983,637	13.9	%
Insurance premium
Life insurance (1)	$	25,653	$	1,363	$	2,851	$	27,141	10.5	%
Accident & health insurance	17,589		824		261		17,026		1.5	%
Property and casualty insurance	117		1		—		116		—	%
Total insurance premium	$	43,359	$	2,188	$	3,112	$	44,283	7.0	%

__________________

(1)Includes annuities with life contingencies.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We manage information security risk through, and as part of, MetLife’s Information Security Program (the “Program”), instituted to maintain controls for the systems, applications, and databases of the Company and of its third-party service providers. The primary goal of the Program is to protect the confidentiality, integrity and availability of data MetLife owns or possesses, as well as its technology assets, through physical, technical, and administrative safeguards. This includes controls and procedures across business units and at the enterprise level for monitoring, detecting, reporting, containing, managing, and remediating cyber threats. The Program aims to prevent data exfiltration, manipulation, and destruction, as well as system and transactional disruption. The Program’s threat-centric and risk-based approach for securing the MetLife environment takes into consideration applicable guidelines from the cybersecurity framework developed by the U.S. Government’s National Institute of Standards and Technology along with the sensitivity of the systems and the potential severity of the associated risks to MetLife and its relevant lines of business, and is managed by MetLife’s CISO, collaborating with lines of business and corporate functions. Our Board of Directors oversees the Program. The key features of the Program include: •A cybersecurity incident response team under the CISO’s direction, which is responsible for monitoring and responding to threats, vulnerabilities, and incidents. •An incident response plan that is managed by the CISO and the Chief Privacy Officer and tested through cross-functional annual exercises in various geographical regions of the Company, many of which include participation from senior executives and the Board of Directors. •Information security policies and procedures that are reviewed at least annually and updated to reflect applicable changes in law, technology, practice and emerging threats. •Regular network and application testing and surveillance. •Periodic review of threats, vulnerabilities and other cybersecurity risks, internal and external. •Risk mitigation strategies, including annual internal and third-party risk assessments, as well as cybersecurity and privacy liability insurance intended to defray costs associated with an information security breach. •Vendor management procedures designed to identify and address potential risks associated with the use of third-party service providers. •Employee training programs on information security, data security, and cybersecurity practices and protection of data against cyber threats, at least annually. •A cross-functional approach to addressing cybersecurity risk, with participation from Global Technology & Operations, Risk, Compliance, Legal, Privacy and Internal Audit functions. We exercise risk-based due diligence in selecting our third-party service providers, including, as appropriate, review of vendor applications, general IT controls and the IT facilities used to service MetLife’s business. Based on the assessment of risk, certain third-party service providers must periodically update relevant assessment documentation and be reevaluated by MetLife relative to their internal controls. Vendors deemed critical and high risk are continuously monitored by various industry solutions and services designed to identify cybersecurity risks. We also work with third parties, such as independent assessors (for example, for industry maturity assessments, penetration testing, application security reviews, and independent audits), external legal counsel and other consultants as part of the design and implementation of the Program. The Program is periodically evaluated by external experts, and the results of those reviews are reported to the Board of Directors. During the period covered by this report, we have not identified risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect MetLife, including its business strategy, results of operations or financial condition. For further discussion of MetLife’s risks related to cybersecurity, see “Risk Factors — Operational Risks — We May Fail to Protect the Confidentiality, Integrity or Availability of Our Systems or Data, Including As a Result of a Failure in Our Cybersecurity or Other Information Security Systems or Our Disaster Recovery Plans or Those of Our Vendors.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We manage information security risk through, and as part of, MetLife’s Information Security Program (the “Program”), instituted to maintain controls for the systems, applications, and databases of the Company and of its third-party service providers. The primary goal of the Program is to protect the confidentiality, integrity and availability of data MetLife owns or possesses, as well as its technology assets, through physical, technical, and administrative safeguards. This includes controls and procedures across business units and at the enterprise level for monitoring, detecting, reporting, containing, managing, and remediating cyber threats.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors oversees the Program. The key features of the Program include: •A cybersecurity incident response team under the CISO’s direction, which is responsible for monitoring and responding to threats, vulnerabilities, and incidents. •An incident response plan that is managed by the CISO and the Chief Privacy Officer and tested through cross-functional annual exercises in various geographical regions of the Company, many of which include participation from senior executives and the Board of Directors. •Information security policies and procedures that are reviewed at least annually and updated to reflect applicable changes in law, technology, practice and emerging threats. •Regular network and application testing and surveillance. •Periodic review of threats, vulnerabilities and other cybersecurity risks, internal and external. •Risk mitigation strategies, including annual internal and third-party risk assessments, as well as cybersecurity and privacy liability insurance intended to defray costs associated with an information security breach. •Vendor management procedures designed to identify and address potential risks associated with the use of third-party service providers. •Employee training programs on information security, data security, and cybersecurity practices and protection of data against cyber threats, at least annually. •A cross-functional approach to addressing cybersecurity risk, with participation from Global Technology & Operations, Risk, Compliance, Legal, Privacy and Internal Audit functions.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The CISO is a senior-level executive responsible for establishing and executing the Company’s information security strategy. Management provides regular reports to the CISO detailing on-going cybersecurity risk management. The CISO and the head of Global Technology & Operations present updates to the Audit Committee quarterly and, as necessary, to the full Board of Directors.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The CISO is a senior-level executive responsible for establishing and executing the Company’s information security strategy. Management provides regular reports to the CISO detailing on-going cybersecurity risk management. The CISO and the head of Global Technology & Operations present updates to the Audit Committee quarterly and, as necessary, to the full Board of Directors. These regular reports include updates on our performance preparing for, preventing, detecting, responding to and recovering from cybersecurity incidents. The Audit Committee also reviews with management, as necessary, but at least annually, the adequacy and effectiveness of the Company’s policies and internal controls regarding information security and cybersecurity. Additionally, the CISO periodically and on an event-driven basis informs and updates the Board of Directors about information security incidents and the related risks posed to the Company.
Cybersecurity Risk Role of Management [Text Block]	Management provides regular reports to the CISO detailing on-going cybersecurity risk management.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The CISO is a senior-level executive responsible for establishing and executing the Company’s information security strategy. Management provides regular reports to the CISO detailing on-going cybersecurity risk management. The CISO and the head of Global Technology & Operations present updates to the Audit Committee quarterly and, as necessary, to the full Board of Directors. These regular reports include updates on our performance preparing for, preventing, detecting, responding to and recovering from cybersecurity incidents. The Audit Committee also reviews with management, as necessary, but at least annually, the adequacy and effectiveness of the Company’s policies and internal controls regarding information security and cybersecurity. Additionally, the CISO periodically and on an event-driven basis informs and updates the Board of Directors about information security incidents and the related risks posed to the Company. The Program is subject to MetLife’s risk management framework and operates under the “Three Lines of Defense” model MetLife uses. The CISO regularly reports about information security risk to the Enterprise Risk Committee (“ERC”), including the Chief Risk Officer (“CRO”), and other members of the senior management team. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management.” The CISO, who oversees an organization that supports the day-to-day operation of the Program, is qualified in the areas of data protection and cybersecurity and has more than 30 years of experience leading information and physical security operations, with the emphasis on threat and vulnerability management, malware protection and cyber forensics. Prior to joining MetLife in 2024, the CISO was a chief security officer and a cybersecurity leader at other financial institutions, where he oversaw global cybersecurity programs for physical security, executive protection, risk management, critical incident response and management, disaster preparedness, third-party risk, insider threat, and security background investigations. He holds multiple patents for systems and methods related to information security risk assessment, including three information security patents from his prior employment with another large U.S. financial institution.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO, who oversees an organization that supports the day-to-day operation of the Program, is qualified in the areas of data protection and cybersecurity and has more than 30 years of experience leading information and physical security operations, with the emphasis on threat and vulnerability management, malware protection and cyber forensics. Prior to joining MetLife in 2024, the CISO was a chief security officer and a cybersecurity leader at other financial institutions, where he oversaw global cybersecurity programs for physical security, executive protection, risk management, critical incident response and management, disaster preparedness, third-party risk, insider threat, and security background investigations. He holds multiple patents for systems and methods related to information security risk assessment, including three information security patents from his prior employment with another large U.S. financial institution.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CISO is a senior-level executive responsible for establishing and executing the Company’s information security strategy. Management provides regular reports to the CISO detailing on-going cybersecurity risk management. The CISO and the head of Global Technology & Operations present updates to the Audit Committee quarterly and, as necessary, to the full Board of Directors. These regular reports include updates on our performance preparing for, preventing, detecting, responding to and recovering from cybersecurity incidents. The Audit Committee also reviews with management, as necessary, but at least annually, the adequacy and effectiveness of the Company’s policies and internal controls regarding information security and cybersecurity. Additionally, the CISO periodically and on an event-driven basis informs and updates the Board of Directors about information security incidents and the related risks posed to the Company. The Program is subject to MetLife’s risk management framework and operates under the “Three Lines of Defense” model MetLife uses. The CISO regularly reports about information security risk to the Enterprise Risk Committee (“ERC”), including the Chief Risk Officer (“CRO”), and other members of the senior management team.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

Consolidation of Subsidiaries

Consolidation

The accompanying consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions are eliminated.

The Company uses either the equity method of accounting or the fair value option (“FVO”) for its investments in real estate joint ventures (“REJVs”) and other limited partnership interests (“OLPI”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.

Effective January 1, 2025, certain operating joint ventures engaged in insurance underwriting activities, for which the Company uses the equity method of accounting, adopted the accounting pronouncement related to targeted improvements to the accounting for long-duration contracts. See Note 19 for further information.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

Held-for-Sale

The Company classifies a business, an asset or an asset group as held-for-sale when management has approved or received approval to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current estimated fair value and certain other specified criteria are met (“Disposal Group”). The Disposal Group classified as held-for-sale is recorded at the lower of the carrying value and estimated fair value, less cost to sell. If the carrying value of the Disposal Group exceeds its estimated fair value, less cost to sell, a loss is recognized and reported in net investment gains (losses). If the estimated fair value subsequently increases prior to sale, a gain is recognized and reported in net investment gains (losses) but will not exceed the losses recognized since the Disposal Group was classified as held-for-sale. Assets and liabilities related to the Disposal Group classified as held-for-sale are separately reported in the Company's consolidated balance sheets in the period in which the Disposal Group first meets all the criteria to be classified as held-for-sale and in each reporting period thereafter until sold. If a component of the Company has either been disposed

of or is classified as held-for-sale and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the results of the component are reported in discontinued operations.

Separate Accounts

Separate accounts are established in conformity with insurance laws. Generally, the assets of the separate accounts cannot be used to settle the liabilities that arise from any other business of the Company. Separate account assets are subject to general account claims only to the extent the value of such assets exceeds the separate account liabilities. The Company separately reports, as separate account assets and liabilities, investments held in separate accounts and corresponding policyholder liabilities of the same amount if all of the following criteria are met:

•such separate accounts are legally recognized;

•assets supporting the contract liabilities are legally insulated from the Company’s general account liabilities;

•investment objectives are directed by the contractholder; and

•all investment performance, net of contract fees and assessments, is passed through to the contractholder.

The Company reports separate account assets at their fair value which is based on the estimated fair values of the underlying assets comprising the individual separate account portfolios. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to contractholders of such separate accounts are offset within the same line on the statements of operations. Separate accounts credited with a contractual investment return are not reported as separate account assets and liabilities and are combined on a line-by-line basis with the Company’s general account assets, liabilities, revenues and expenses and the accounting for these investments is consistent with the methodologies described herein for similar financial instruments held within the general account. Unit-linked separate account investments that are directed by contractholders but do not meet one or more of the other above criteria are included in contractholder-directed equity securities with the corresponding liability included in policyholder account balances (“PABs”) on the balance sheets. Investment performance is reported within net investment income and a corresponding amount reported as interest credited to PABs in the statements of operations.

The Company’s revenues reflect fees charged to the separate accounts, including mortality charges, risk charges, policy administration fees, investment management fees and surrender charges. Such fees are included in universal life and investment-type product policy fees on the statements of operations.

Future Policy Benefit Liabilities and Policyholder Account Balances