METLIFE INCMET
METLIFE INC Segments Disclosure
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.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.