MetLife, Inc. is a global provider of insurance, annuities, employee benefits and institutional asset management. Its earnings depend on underwriting, investment returns relative to policyholder obligations, service fees and expenses. Its common stock trades on the NYSE as MET.
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A snapshot of what METLIFE INC owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001099219-24-000035 | Feb 16, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001099219-25-000044 | Feb 21, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001099219-26-000013 | Feb 19, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
MetLife's operating businesses improved in the first half of 2026, but stronger adjusted earnings did not translate into stronger operating cash flow. Favorable life underwriting, investment income and business growth supported results; market losses, higher expenses and Mexican tax changes provided offsets. The annual backdrop is similarly mixed: 2025 revenue increased while GAAP profit declined, and adjusted earnings benefited partly from a changed real-estate depreciation exclusion. PineBridge expanded asset management, while reinsurance reduced retained insurance exposure without eliminating policyholder obligations or counterparty risk. Mortgage credit deterioration, long-term-care claims and restrictions on subsidiary distributions remain important. This package preserves an October 24, 2026 evidence cutoff: the latest complete quarterly results cover June, and September's third-quarter investment-income update remains preliminary, not a completed earnings result.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-09-24
MetLife combines U.S. workplace protection through Group Benefits, institutional retirement products through Retirement and Income Solutions (RIS), insurance businesses across Asia, Latin America and EMEA, and MetLife Investment Management (MIM). Japan is its largest Asian operation; Mexico and Chile are its largest Latin American businesses. Premiums fund claims and reserves, invested assets support long-duration obligations, and asset-management and service contracts generate fees. Investment-type deposits are liabilities rather than revenue. Large pension risk transfers can lift premiums and corresponding benefits simultaneously, making headline revenue an imperfect indicator of earnings growth.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
For 2025, revenue reached $77.084 billion, but consolidated GAAP net income fell to $3.403 billion from $4.444 billion. Smaller market-risk-benefit remeasurement gains, larger derivative losses and a higher effective tax rate weighed on results. Non-GAAP adjusted common earnings instead increased to $5.943 billion from $5.796 billion. That comparison includes a new fourth-quarter exclusion of real-estate depreciation, adding back $72 million before tax; it is not entirely an improvement on an unchanged measurement basis.
After the February 19, 2026 annual filing, first-half results showed consolidated net income of $1.941 billion versus $1.685 billion and adjusted common earnings of $3.159 billion versus $2.711 billion. Management attributed improvement to underwriting, investment returns and growth. Group Benefits benefited particularly from lower life-claim incidence and severity. Latin America's reported improvement depended on currency: its first-half adjusted earnings declined at constant exchange rates. Adjusted results also exclude $115 million of real-estate depreciation without an equivalent prior-year adjustment.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Consolidated operating cash flow increased to $17.092 billion in 2025, but parent-only operating cash flow fell to $2.840 billion as subsidiary dividends declined. Company-defined holding-company free cash flow was $4.890 billion and included $437 million of qualifying incremental debt. It is measured before dividends, repurchases, acquisitions and debt reduction—not as operating cash flow less capital expenditure. These measures describe different entities and cash movements and cannot be added together. The cash-generation comparison also warrants a benefit-funding qualification: on April 1, 2025, MetLife amended its overfunded Retiree VEBA to create a surplus-funded sub-trust eligible to pay medical benefits for pre-Medicare retirees and medical and dental benefits for active employees. Note 21 reports segregation of assets used for active-employee expenses during 2025 as a negative employer contribution in other postretirement plan assets. Its separate pension and other-postretirement columns show employer contributions of $289 million and negative $665 million, respectively, for 2025, versus $256 million and negative $5 million for 2024. Funding employee expenses from existing trust surplus is relevant to assessing the repeatability of company cash generation, but the negative contribution is not evidence of a company cash receipt. The supplied MD&A identifies operating expenses among principal operating cash outflows; neither it nor this footnote quantifies the VEBA event's allocation to consolidated operating cash flow or its year-over-year increase. The entire negative $665 million therefore cannot be treated as an operating-cash-flow benefit.
First-half 2026 operating cash flow fell to $4.915 billion from $6.449 billion despite higher earnings. Investing used $14.326 billion, principally within an insurer's reinvestment activity, while financing supplied $6.775 billion. The supplied presentation does not isolate the operating-cash-flow decline's individual working-capital and noncash causes. June consolidated cash was $19.301 billion, but holding-company liquid assets were only $3.4 billion. Insurance regulation and capital needs restrict transfers upstream; the $2.696 billion of unused revolving commitments was contingent financing capacity, not cash.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
MetLife spent $2.883 billion on common-share repurchases and paid $1.509 billion of common dividends in 2025. First-half 2026 cash-flow amounts were $1.477 billion and $755 million, respectively. Smaller share counts helped EPS comparisons but did not create equivalent growth in aggregate earnings or equity. The additional $3 billion buyback authorization announced August 5 permits future purchases; it is not completed spending. February 26's completed $1 billion subordinated issuance carries a 5.850% fixed-to-fixed reset designation and matures in March 2056; neither lifetime interest cost nor exact net proceeds is established here.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-08-05 · 8-K · 2026-02-24
A predominantly investment-grade bond portfolio does not eliminate valuation or liquidity risk. Mortgage allowances rose to $1.358 billion at June 2026 from $1.193 billion at year-end, and first-half real-estate impairments reached $193 million. Long-term-care claims remained unfavorable. Reinsurance reduces retained exposure but leaves MetLife obligated to policyholders; year-end 2025 recoverables were concentrated among five counterparties. Litigation estimates exclude matters that cannot be quantified. Management's effective-control assessments and dated covenant-compliance statements provide important context, but do not guarantee investment recovery, future compliance or unrestricted subsidiary distributions.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
MetLife signed a Ukraine sale agreement in second-quarter 2026 and recorded a $65 million after-tax impairment; closing was expected in 2027, subject to approvals and other conditions. On September 24, before quarter-end, it estimated third-quarter variable investment income of at least $600 million pretax. That lower bound is neither final earnings nor a full-year guidance increase. The approximately $1.6 billion annual investment-income reference and broader New Frontier targets remain conditional. No November 4 final results are supplied within this package's evidence cutoff.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-09-24
USD 77.084 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 77.084 bn | 8.6% |
| 2024 | USD 70.986 bn | 6.1% |
| 2023 | USD 66.905 bn | — |
Consolidated GAAP revenues, including net investment and derivative gains or losses.
Sources: 10-K · 2025-12-31
USD 3.403 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 3.403 bn | -23.4% |
| 2024 | USD 4.444 bn | 177.4% |
| 2023 | USD 1.602 bn | — |
Net income before deductions for noncontrolling interests, preferred dividends and redemption premium.
Sources: 10-K · 2025-12-31
USD 17.092 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 17.092 bn | 17.1% |
| 2024 | USD 14.598 bn | 6.4% |
| 2023 | USD 13.721 bn | — |
Net cash provided by operating activities; distinct from parent-only cash flow and company-defined free cash flow.
Sources: 10-K · 2025-12-31
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