METLIFE INC

Listed Company

MET-PFCIK 0001099219NYSELarge AcceleratedLife InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$77.08B

Net Income

$3.38B

Total Assets

$745.17B

Equity

$28.40B

Shares Out

652.05M

Op. Cash Flow

$17.09B

+ 13F Filer

Business

METLIFE INC provides global financial services focused on insurance, annuities, employee benefits and asset management and serves as a large institutional investor through its general account investments. The company offers life, dental, disability, accident & health, vision, annuities, retirement and savings products, stable value and structured settlement solutions, as well as asset management and reinsurance services. MetLife operates through six primary segments: Group Benefits; Retirement and Income Solutions (RIS); Asia; Latin America; EMEA; and MetLife Holdings, plus Corporate & Other. It sells products to corporations, institutions and individuals across the U.S., Asia, Latin America, Europe, the Middle East and other international markets via proprietary sales forces, agencies, bancassurance, brokers, consultants and direct channels.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premiums	49,779	44,945	44,283	48,510	41,152
Universal life and investment-type product policy fees	5,003	4,974	5,152	5,225	5,244
Net investment income	22,559	21,273	19,908	15,916	21,395
Other revenues	2,827	2,601	2,526	2,630	2,619
Net investment gains (losses)	−1,145	−1,184	−2,824	−1,260	1,543
Net derivative gains (losses)	−1,939	−1,623	−2,140	−2,251	−3,257
Total revenues	77,084	70,986	66,905	68,770	68,696
Policyholder benefits and claims	49,718	44,728	44,590	49,507	43,118
Policyholder liability remeasurement (gains) losses	−150	−206	−45	114	−172
Market risk benefit remeasurement (gains) losses	−508	−1,109	−994	−3,674	−1,237
Interest credited to policyholder account balances	8,950	8,339	7,860	3,894	5,571
Policyholder dividends	553	595	622	706	880
Other expenses	13,860	13,017	12,710	11,859	12,018
Total expenses	72,423	65,364	64,743	62,406	60,178
Income (loss) before provision for income tax	4,661	5,622	2,162	6,364	8,518
Provision for income tax expense (benefit)	1,258	1,178	560	1,062	1,642
Net income (loss)	3,403	4,444	1,602	5,302	6,876
Less: Net income (loss) attributable to noncontrolling interests	24	18	24	18	21
Net income (loss) attributable to MetLife, Inc.	3,379	4,426	1,578	5,284	6,855
Less: Preferred stock dividends	194	200	198	185	195
Preferred Stock Redemption Premium	12	0	0	0	6
Net income (loss) available to MetLife, Inc.s common shareholders	3,173	4,226	1,380	5,099	6,654
Basic	4.74	5.98	1.82	6.35	7.71
Diluted	4.71	5.94	1.81	6.3	7.65

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
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	281,412	276,780	340,274
Equity securities, at estimated fair value	858	712	757	1,684	1,269
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	10,331	9,668	12,142
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	92,506	83,763	79,353
Policy loans	8,547	8,545	8,788	8,874	9,111
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	13,332	13,137	12,216
Other limited partnership interests	14,917	14,378	14,764	14,414	14,625
Short-term investments, principally at estimated fair value	3,601	5,156	6,045	4,935	7,176
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	18,202	20,038	18,655
Total investments	472,178	441,364	446,137	433,293	494,821
Cash and cash equivalents, principally at estimated fair value (includes $96 and $0, respectively, relating to variable interest entities)	22,032	20,068	20,639	20,195	20,047
Accrued investment income	3,719	3,489	3,589	3,446	3,185
Premiums, reinsurance and other receivables (includes $0 and $47, respectively, relating to variable interest entities)	49,059	29,761	28,971	17,364	17,149
Market risk benefits, at estimated fair value	458	372	286	280	—
Deferred policy acquisition costs and value of business acquired	21,107	19,627	20,151	19,653	19,806
Current income tax recoverable	660	295	190	42	184
Deferred income tax asset	2,585	2,994	2,612	2,439	189
Goodwill	9,613	8,901	9,236	9,297	9,535
Other assets	11,822	11,082	11,139	11,025	11,426
Separate account assets	151,933	139,504	144,634	146,038	179,873
Total assets	745,166	677,457	687,584	663,072	759,708
Future policy benefits	208,855	193,646	196,406	187,222	—
Policyholder account balances	236,857	221,445	219,269	203,082	203,473
Market risk benefits, at estimated fair value	2,406	2,581	3,179	3,763	—
Other policy-related balances	20,070	18,899	19,736	18,424	17,751
Policyholder dividends payable	356	385	386	387	478
Payables for collateral under securities loaned and other transactions	17,115	17,128	17,524	20,937	31,920
Short-term debt (includes $117 and $133, respectively, relating to variable interest entities)	355	465	119	175	341
Long-term debt (includes $28 and $0, respectively, relating to variable interest entities)	14,467	15,086	15,548	14,647	13,933
Collateral financing arrangement	352	476	637	716	766
Subordinated debt securities	4,155	3,164	—	—	—
Notes Issued by Collateralized Financing Entities	1,206	0	—	—	—
Deferred income tax liability	536	132	927	950	9,693
Other liabilities (includes $167 and $0, respectively, relating to variable interest entities)	57,582	36,843	35,805	25,933	22,538
Separate account liabilities	151,933	139,504	144,634	146,038	179,873
Total liabilities	716,245	649,754	657,331	632,947	691,959
Contingencies, Commitments and Guarantees (Note 24)	—	—	—	—	—
Redeemable noncontrolling interests	241	0	—	—	—
Preferred stock, par value $0.01 per share; $2,905 and $3,905, respectively, aggregate liquidation preference	0	0	0	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	12	12	12
Additional paid-in capital	32,858	33,791	33,690	33,616	33,511
Retained earnings	44,290	42,626	40,146	40,332	41,197
Treasury stock, at cost; 540,253,417 and 504,957,563 shares, respectively	−30,678	−27,798	−24,591	−21,458	−18,157
Accumulated other comprehensive income (loss)	−18,084	−21,186	−19,242	−22,621	10,919
Total MetLife, Inc.s stockholders equity	28,398	27,445	30,015	29,881	67,482
Noncontrolling interests	282	258	238	244	267
Total equity	28,680	27,703	30,253	30,125	50,013
Total liabilities, mezzanine equity and equity	745,166	677,457	687,584	663,072	759,708

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expenses	753	714	718	673	694
Amortization of premiums and accretion of discounts associated with investments, net	−1,840	−1,512	−1,332	−992	−874
(Gains) losses on investments and from sales of businesses, net	1,144	1,165	2,800	1,260	−1,543
(Gains) losses on derivatives, net	2,310	2,716	3,259	4,150	4,676
(Income) loss from equity method investments, net of dividends or distributions	365	844	1,090	505	−3,051
Interest credited to policyholder account balances	9,316	8,484	7,970	3,771	5,628
Universal life and investment-type product policy fees	−4,182	−4,251	−4,031	−3,969	−3,663
Change in contractholder-directed equity securities and fair value option securities	−1,013	−518	−539	1,671	−231
Change in accrued investment income	−272	−18	−194	−357	−11
Change in premiums, reinsurance and other receivables	−27	460	−1,952	299	362
Change in market risk benefits	−235	−782	−658	−3,347	−839
Change in deferred policy acquisition costs and value of business acquired, net	−1,068	−791	−660	−800	−708
Change in income tax	−624	−484	−1,177	198	856
Change in other assets	−555	0	−124	138	−1,008
Change in insurance-related liabilities and policy-related balances	7,257	4,079	4,637	3,937	5,002
Change in other liabilities	1,917	−580	2,115	360	68
Other, net	443	628	197	245	113
Net cash provided by (used in) operating activities	17,092	14,598	13,721	13,044	12,347
Sales, maturities and repayments of fixed maturity securities available-for-sale	59,471	55,650	58,816	88,937	88,839
Sales, maturities and repayments of equity securities	140	158	1,018	873	708
Sales, maturities and repayments of mortgage loans	14,646	10,363	8,505	10,779	19,183
Sales, maturities and repayments of real estate and real estate joint ventures	505	753	143	1,096	1,285
Sales, maturities and repayments of other limited partnership interests	1,025	1,083	915	1,615	777
Sales, maturities and repayments of short-term investments	16,700	11,841	13,117	14,094	20,871
Purchases of fixed maturity securities available-for-sale	−77,614	−65,667	−63,460	−82,956	−97,368
Purchases of equity securities	−67	−112	−73	−1,368	−451
Purchases of mortgage loans	−10,800	−8,950	−8,795	−16,403	−14,961
Purchases of real estate and real estate joint ventures	−633	−1,033	−1,057	−1,208	−1,375
Purchases of other limited partnership interests	−1,416	−1,401	−1,670	−2,674	−3,227
Purchases of short-term investments	−14,929	−10,943	−14,000	−11,741	−24,148
Cash received in connection with freestanding derivatives	2,528	2,288	3,145	4,524	3,453
Cash paid in connection with freestanding derivatives	−4,497	−3,981	−5,662	−7,793	−7,990
Purchases of businesses (net of cash received of $172, $0 and $0, respectively)	−738	0	0	−35	0
Payments to Acquire Interest in Joint Venture	−236	−40	0	−240	0
Net change in policy loans	21	106	34	104	228
Net change in other invested assets	362	−1,435	−1,079	−786	−235
Other, net	−75	−173	−143	−63	−46
Net cash provided by (used in) investing activities	−15,607	−11,493	−10,246	−2,620	−11,187
Policyholder account balances - deposits	108,356	97,877	95,587	103,901	97,206
Policyholder account balances - withdrawals	−101,508	−94,914	−90,876	−98,591	−93,130
Net change in payables for collateral under securities loaned and other transactions	−25	−244	−3,283	−10,730	1,883
Long-term debt issued	743	1,568	1,989	1,013	29
Long-term debt repaid	−1,383	−1,792	−1,035	−85	−582
Collateral financing arrangement repaid	−124	−161	−79	−50	−79
Subordinated debt securities issued	1,000	0	0	—	—
Derivatives with certain financing elements and other derivative-related transactions, net	−247	−157	−74	−61	270
Proceeds from mortgage loan secured financing	439	285	682	0	0
Repayments of mortgage loan secured financing	−1,241	−882	−845	0	0
Treasury stock acquired in connection with share repurchases	−2,883	−3,207	−3,103	−3,326	−4,303
Redemption of preferred stock	−988	0	0	0	−494
Preferred stock redemption premium	−12	0	0	0	−6
Dividends on preferred stock	−194	−200	−198	−185	−195
Dividends on common stock	−1,509	−1,527	−1,566	−1,598	−1,647
Other, net	−261	223	−139	−236	22
Net cash provided by (used in) financing activities	163	−3,131	−2,940	−9,948	−1,126
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	316	−545	−91	−397	−478
Change in cash and cash equivalents	1,964	−571	444	79	−444
Net cash paid for Interest	1,041	1,037	989	905	914
Net cash paid (received) for Income tax	1,600	1,600	1,833	1,056	1,102
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	0	—
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions	7,647	3,538	2,749	8,707	423
Mortgage loans disposed of in connection with a reinsurance transaction	0	0	196	0	—
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	0	—
Increase in real estate and real estate joint ventures	0	134	0	0	—
Increase in short-term debt	0	113	0	0	—

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 6 positions

Reported AUM

$12.15M

Holdings

Top sector

$12.15M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$12.15M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
SPDR S&P ETF TRUST	—	6.8K	$4.70M	38.6%
ISHARES MSCI CHILE ETF INC	—	82.8K	$3.36M	27.7%
ISHARES LATIN AMERICA ETF TRUST	—	71.6K	$2.19M	18.1%
ISHARES MSCI JAPAN ETF INC	—	10.2K	$824.0K	6.8%
ISHARES EUROPE ETF	—	9.3K	$644.0K	5.3%
ISHARES MSCI PACIFIC EX JAPAN ETF	—	8.5K	$431.0K	3.5%