MetLife 10-Q 2025-03-31

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025

or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission file number: 001-15787

_____________________________________

MetLife, Inc.

(Exact name of registrant as specified in its charter)

Delaware												13-4075851
(State or other jurisdiction of incorporation or organization)												(I.R.S. Employer Identification No.)
200 Park Avenue,			New York,			NY						10166-0188
(Address of principal executive offices)												(Zip Code)

(212) 578-9500

**(**Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.01			MET			New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01			MET PRA			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E			MET PRE			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F			MET PRF			New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☑			Accelerated filer			☐
Non-accelerated filer			☐			Smaller reporting company			☐
						Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

At April 28, 2025, 671,297,826 shares of the registrant’s common stock were outstanding.

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						Page
Part I — Financial Information
Item 1.			Financial Statements (Unaudited) (at March 31, 2025 and December 31, 2024 and for the Three Months Ended March 31, 2025 and 2024)
			Interim Condensed Consolidated Balance Sheets			4
			Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)			5
			Interim Condensed Consolidated Statements of Equity			6
			Interim Condensed Consolidated Statements of Cash Flows			7
			Notes to the Interim Condensed Consolidated Financial Statements:
			Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies			8
			Note 2 — Segment Information			10
			Note 3 — Acquisition			14
			Note 4 — Future Policy Benefits			14
			Note 5 — Policyholder Account Balances			24
			Note 6 — Market Risk Benefits			33
			Note 7 — Separate Accounts			37
			Note 8 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue			41
			Note 9 — Closed Block			42
			Note 10 — Investments			45
			Note 11 — Derivatives			60
			Note 12 — Fair Value			70
			Note 13 — Long-term Debt			83
			Note 14 — Subordinated Debt Securities			84
			Note 15 — Equity			84
			Note 16 — Other Revenues and Other Expenses			88
			Note 17 — Employee Benefit Plans			89
			Note 18 — Income Tax			89
			Note 19 — Earnings Per Common Share			90
			Note 20 — Contingencies, Commitments and Guarantees			90
			Note 21 — Subsequent Events			92
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			93
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			138
Item 4.			Controls and Procedures			139
Part II — Other Information
Item 1.			Legal Proceedings			140
Item 1A.			Risk Factors			140
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			140
Item 5.			Other Information			141
Item 6.			Exhibits			142
Glossary						143
Signatures						146

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As used in this Form 10‑Q, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.

Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10‑Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “are confident,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

Many factors determine Company results, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. We do not guarantee any future performance. Our results could differ materially from those we express or imply in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:

(1) economic condition difficulties, including risks relating to interest rates, the effects of announced or future tariff increases on the global economy, credit spreads, declining equity or debt markets, real estate, obligors and counterparties, government default, currency exchange rates, derivatives, climate change, public health and terrorism and security;

(2) global capital and credit market adversity;

(3) credit facility inaccessibility;

(4) financial strength or credit ratings downgrades;

(5) unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks;

(6) statutory life insurance reserve financing costs or limited market capacity;

(7) legal, regulatory, and supervisory and enforcement policy changes;

(8) changes in tax rates, tax laws or interpretations;

(9) litigation and regulatory investigations;

(10) unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;

(11) MetLife, Inc.’s inability to pay dividends and repurchase common stock;

(12) MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;

(13) investment defaults, downgrades, or volatility;

(14) investment sales or lending difficulties;

(15) collateral or derivative-related payments;

(16) investment valuations, allowances, or impairments changes;

(17) claims or other results that differ from our estimates, assumptions, or models;

(18) global political, legal, or operational risks;

(19) business competition;

(20) technological changes;

(21) catastrophes;

(22) climate changes or responses to it;

(23) deficiencies in our closed block;

(24) goodwill or other asset impairment, or deferred income tax asset allowance;

(25) impairment of value of business acquired, value of distribution agreements acquired or value of customer relationships acquired;

(26) product guarantee volatility, costs, and counterparty risks;

(27) risk management failures;

(28) insufficient protection from operational risks;

(29) failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or disaster recovery failures;

(30) accounting standards changes;

(31) excessive risk-taking;

(32) marketing and distribution difficulties;

(33) pension and other postretirement benefit assumption changes;

(34) inability to protect our intellectual property or avoid infringement claims;

(35) acquisition, integration, growth, disposition, or reorganization difficulties;

(36) Brighthouse Financial, Inc. separation risks;

(37) MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and

(38) legal- and corporate governance-related effects on business combinations.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.

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Corporate Information

We encourage investors and others to frequently visit our website (www.metlife.com), including our Investor Relations web pages (https://investor.metlife.com). We announce significant financial and other information to our investors and the public on the Investor Relations web pages, as well as in U.S. Securities and Exchange Commission filings, in news releases, public conference calls and webcasts, fact sheets and other documents and media. The information found on our website, including MetLife’s Sustainability Report, is not incorporated by reference into this Quarterly Report on Form 10-Q or in any other report or document we submit to the U.S. Securities and Exchange Commission, and any references to our website are intended to be inactive textual references only.

Note Regarding Reliance on Statements in Our Contracts

See “Exhibits — Note Regarding Reliance on Statements in Our Contracts” for information regarding agreements included as exhibits to this Quarterly Report on Form 10-Q.

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Part I — Financial Information

MetLife, Inc.

Interim Condensed Consolidated Balance Sheets

March 31, 2025 and December 31, 2024 (Unaudited)

(In millions, except share and per share data)

						March 31, 2025						December 31, 2024
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $137 and $160, respectively); and amortized cost: $315,474 and $307,421, respectively						$	291,735					$	281,043
Equity securities, at estimated fair value						747						712
Contractholder-directed equity securities and fair value option securities, at estimated fair value						10,725						10,672
Mortgage loans (net of allowance for credit loss of $981 and $800, respectively)						87,908						89,012
Policy loans						8,663						8,545
Real estate and real estate joint ventures (includes $377 and $378, respectively, under the fair value option; $79 and $65, respectively, of real estate held-for-sale; $197 and $183, respectively, relating to variable interest entities)						13,481						13,342
Other limited partnership interests						14,137						14,378
Short-term investments, principally at estimated fair value						5,543						5,156
Other invested assets (includes $1,846 and $1,851, respectively, of leveraged and direct financing leases; $520 and $424, respectively, relating to variable interest entities)						17,470						18,504
Total investments						450,409						441,364
Cash and cash equivalents, principally at estimated fair value						21,326						20,068
Accrued investment income						3,557						3,489
Premiums, reinsurance and other receivables (includes $0 and $47, respectively, relating to variable interest entities)						31,251						29,761
Market risk benefits, at estimated fair value						317						372
Deferred policy acquisition costs and value of business acquired						20,162						19,627
Current income tax recoverable						338						295
Deferred income tax asset						2,524						2,994
Goodwill						9,036						8,901
Other assets						11,253						11,082
Separate account assets						138,143						139,504
Total assets						$	688,316					$	677,457
Liabilities and Equity
Liabilities
Future policy benefits						$	197,667					$	193,646
Policyholder account balances						225,623						221,445
Market risk benefits, at estimated fair value						2,844						2,581
Other policy-related balances						19,523						18,899
Policyholder dividends payable						356						385
Payables for collateral under securities loaned and other transactions						17,440						17,128
Short-term debt (includes $97 and $133, respectively, relating to variable interest entities)						381						465
Long-term debt						14,695						15,086
Collateral financing arrangement						463						476
Subordinated debt securities						4,153						3,164
Deferred income tax liability						430						132
Other liabilities						38,843						36,843
Separate account liabilities						138,143						139,504
Total liabilities						660,561						649,754
Contingencies, Commitments and Guarantees (Note 20)
Equity
MetLife, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $3,905 aggregate liquidation preference						—						—
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,195,220,577 and 1,194,168,628 shares issued, respectively; 673,293,988 and 689,211,065 shares outstanding, respectively						12						12
Additional paid-in capital						33,820						33,791
Retained earnings						43,131						42,626
Treasury stock, at cost; 521,926,589 and 504,957,563 shares, respectively						(29,222)						(27,798)
Accumulated other comprehensive income (loss)						(20,248)						(21,186)
Total MetLife, Inc.’s stockholders’ equity						27,493						27,445
Noncontrolling interests						262						258
Total equity						27,755						27,703
Total liabilities and equity						$	688,316					$	677,457

See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.

Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months Ended March 31, 2025 and 2024 (Unaudited)

(In millions, except per share data)

												Three Months Ended March 31,
																		2025						2024
Revenues
Premiums																		$	11,723					$	10,053
Universal life and investment-type product policy fees																		1,229						1,248
Net investment income																		4,885						5,436
Other revenues																		687						674
Net investment gains (losses)																		(387)						(375)
Net derivative gains (losses)																		432						(979)
Total revenues																		18,569						16,057
Expenses
Policyholder benefits and claims																		11,806						10,074
Policyholder liability remeasurement (gains) losses																		(31)						(22

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Index to Management’s Discussion and Analysis of Financial Condition and Results of Operations

			Page
Forward-Looking Statements and Other Financial Information			94
Industry Trends			94
Summary of Critical Accounting Estimates			95
Acquisitions and Dispositions			96
Business Overview & Strategy			96
Results of Operations			97
Investments			110
Derivatives			126
Liquidity and Capital Resources			127
Adopted Accounting Pronouncements			134
Future Adoption of Accounting Pronouncements			134
Non-GAAP and Other Financial Disclosures			134
Risk Management			137
Subsequent Events			137

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Forward-Looking Statements and Other Financial Information

For purposes of this discussion, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. This discussion should be read in conjunction with MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), the cautionary language regarding forward-looking statements included below, the “Risk Factors” set forth in Part II, Item 1A, and the additional risk factors referred to therein, “Quantitative and Qualitative Disclosures About Market Risk” and the Company’s interim condensed consolidated financial statements included elsewhere herein.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. See “Note Regarding Forward-Looking Statements” for cautionary language regarding forward-looking statements.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations includes references to our performance measures, adjusted earnings and adjusted earnings available to common shareholders, that are not based on accounting principles generally accepted in the United States of America (“GAAP”). See “— Non-GAAP and Other Financial Disclosures” for definitions and a discussion of these and other financial measures, and “— Results of Operations” and “— Investments” for reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP measures.

Industry Trends

We continue to be impacted by the changing global financial and economic environment that has been affecting the industry.

Financial and Economic Environment

Our business and results of operations are materially affected by conditions in the global financial markets and the economy generally due to our market presence in numerous countries, our large investment portfolio and the sensitivity of our insurance liabilities and derivatives to changing market factors.

We are closely monitoring political and economic conditions that might contribute to global market volatility and impact our business operations, investment portfolio and derivatives, such as global inflation, supply chain disruptions, acts of war, banking sector volatility and employment and work policies of the federal government. We are also monitoring the imposition of tariffs, sanctions or other barriers to international trade, changes to international trade agreements, and their potential impacts on our business, results of operations and financial condition. See “— Investments — Current Environment,” as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Impact of Market Interest Rates — Effects of Inflation” in the 2024 Annual Report.

Governments and central banks around the world use fiscal and monetary policies to address uncertain economic conditions. In the United States (“U.S.”), the Federal Open Market Committee took various actions in 2024 to promote economic stability, including lowering interest rates during the second half of the year. While rates have remained steady in 2025, labor market conditions, inflation and financial and international developments, as well as other factors, could result in policy adjustments later this year. The European Central Bank and Bank of England have also recently lowered interest rates, but forecasts for the remainder of 2025 are uncertain due to risks to economic growth, global trade and political change. The Bank of Japan raised interest rates in January 2025, taking the policy rate to its highest level since 2008.

Impact of Market Interest Rates

Market interest rates are a key driver of our results. Increases and decreases in such rates, as well as extended periods of stagnation, may impact our business and investments in various ways. For a discussion of the potential impact of low and rising interest rates, and inflation, as well as management actions taken in response to the changing U.S. interest rate environment, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Impact of Market Interest Rates” and “Risk Factors — Economic Environment and Capital Markets Risks” included in the 2024 Annual Report.

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Competitive Pressures

See “Business — Competition” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Competitive Pressures” in the 2024 Annual Report for information on our competitive position.

Regulatory Developments

The following discussion on regulatory developments should be read in conjunction with “Business — Regulation” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Regulatory Developments” included in the 2024 Annual Report, as amended or supplemented here.

Standards of Conduct, ERISA, Fiduciary Considerations, and Other Pension and Retirement Regulation

In 2021, the U.S. Department of Labor’s (the “DOL”) final version of the prohibited transaction exemption (“PTE”) 2020-02 went into effect, which allows investment advice fiduciaries to receive compensation without violating the Employee Retirement Income Security Act of 1974 (“ERISA”), subject to impartial conduct standards and disclosure obligations aligned with U.S. Securities and Exchange Commission (“SEC”) rules. In the preamble to PTE 2020-02,

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We regularly analyze our exposure to interest rate, equity market price and foreign currency exchange rate risks. As a result of that analysis, we have determined that the estimated fair values of certain assets and liabilities are materially exposed to changes in interest rates, foreign currency exchange rates and changes in the equity markets. We have exposure to such market risks through our insurance operations and investment activities. We use a variety of strategies to manage these risks, including the use of derivatives. A description of our market risk exposures may be found under “Quantitative and Qualitative Disclosures About Market Risk” included in the 2024 Annual Report. There have been no material changes to our market risk exposures from those previously disclosed in the 2024 Annual Report.

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Management, with the participation of the CEO and CFO, has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of the end of the period covered by this report. Based on that evaluation, the CEO and CFO have concluded that these disclosure controls and procedures are effective.

There were no material changes to the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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Part II — Other Information

Item 1. Legal Proceedings

See Note 20 of the Notes to the Interim Condensed Consolidated Financial Statements.

Certain factors that may affect the Company’s business or operations are described under “Risk Factors” in Part I, Item 1A, of the 2024 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2024 Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

Purchases of MetLife, Inc. common stock made by or on behalf of MetLife, Inc. or its affiliates during the quarter ended March 31, 2025 are set forth below:

Period						Total Number of Shares Purchased (1)						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2)
January 1 — January 31, 2025						5,567,078						$	84.42					5,567,078						$	1,455,295,041
February 1 — February 28, 2025						5,313,977						$	83.25					5,312,281						$	1,013,032,930
March 1 — March 31, 2025						6,089,667						$	81.94					6,089,667						$	514,052,870
Total						16,970,722												16,969,026

---

(1)During the periods January 1 — January 31, 2025, February 1 — February 28, 2025 and March 1 — March 31, 2025, separate account index funds purchased 0 shares, 1,696 shares and 0 shares, respectively, of MetLife, Inc. common stock on the open market in non-discretionary transactions.

(2)In May 2024, MetLife, Inc. announced that its Board of Directors authorized $3.0 billion of common stock repurchases. At March 31, 2025, MetLife, Inc. had $514 million of common stock repurchases remaining under the authorization. Neither the authorization remaining, nor the amount repurchased, reflects the applicable excise tax payable in connection with such repurchases. On April 30, 2025, MetLife, Inc. announced that its Board of Directors authorized an additional $3.0 billion of common stock repurchases. For more information on common stock repurchases, including excise tax payable in connection therewith, see Note 15 of the Notes to the Interim Condensed Consolidated Financial Statements. See also “Risk Factors — Capital Risks — We May Not be Able to Pay Dividends or Repurchase Our Stock Due to Legal and Regulatory Restrictions or Cash Buffer Needs” included in the 2024 Annual Report.

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Securities trading plans

During the three months ended March 31, 2025, none of our Section 16 officers or directors (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any “non-Rule 10b5-1 trading arrangement” (as defined in Section 408(c) of Regulation S-K).

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(Note Regarding Reliance on Statements in Our Contracts: In reviewing the agreements included as exhibits to this Quarterly Report on Form 10-Q, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about MetLife, Inc., its subsidiaries or affiliates, or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and (i) should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; (iii) may apply standards of materiality in a way that is different from what may be viewed as material to investors; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about MetLife, Inc., its subsidiaries and affiliates may be found elsewhere in this Quarterly Report on Form 10-Q and MetLife, Inc.’s other public filings, which are available without charge through the U.S. Securities and Exchange Commission website at www.sec.gov.)

												Incorporated by Reference
Exhibit No.						Description						Form						File Number						Exhibit						Filing Date						Filed or Furnished Herewith
4.1						Certain instruments defining the rights of holders of long-term debt of MetLife, Inc. and its consolidated subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. MetLife, Inc. hereby agrees to furnish to the Securities and Exchange Commission, upon request, copies of such instruments.
31.1						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.																														X
31.2						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.																														X
32.1						Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.																														X
32.2						Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.																														X
101.SCH						Inline XBRL Taxonomy Extension Schema Document.																														X
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.																														X
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.																														X
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.																														X
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.																														X
101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document.																														X
104						Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).																														X

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Glossary

Throughout this Form 10-Q, the Company may use certain abbreviations, acronyms and terms which are further detailed below.

A.M. Best			A.M. Best Company, Inc.						CSRD			Corporate Sustainability Reporting Directive
ABO			Accumulated Benefit Obligations						Cybersecurity Model Law			NAIC’s Insurance Data Security Model Law
ABS & CLO			Asset-Backed Securities and Collateralized Loan Obligations						DAC			Deferred Policy Acquisition Costs
ACL			Allowance For Credit Loss						Deferred Shares			Awards that have become payable in shares but the issuance of which has been deferred
AD&D			Accidental Death and Dismemberment						Delaware Commissioner			Delaware Commissioner of Insurance
AFS			Available-For-Sale						Dodd-Frank			Dodd-Frank Wall Street Reform and Consumer Protection Act
AI			Artificial Intelligence						DOL			U.S. Department of Labor
ALM			Asset/Liability Management						DPL			Deferred Profit Liability
Alt-A			Alternative Residential Mortgage Loans						DSCR			Debt Service Coverage Ratios
American Life			American Life Insurance Company						EEA			European Economic Area
AOCI			Accumulated Other Comprehensive Income (Loss)						EMEA			Europe, the Middle East And Africa
APBO			Accumulated Postretirement Benefit Obligation						ERC			Enterprise Risk Committee
ASO			Administrative Services-Only						ERISA			Employee Retirement Income Security Act of 1974
ASU			Accounting Standards Update						ERM			Enterprise Risk Management
Authorized Control Level RBC			Authorized Control Level RBC, calculated in the manner prescribed by the NAIC						ESG			Environmental, Social and Governance
Brighthouse			Brighthouse Financial, Inc. and its Subsidiaries						EU			European Union
CBIRC			The China Banking and Insurance Regulatory Commission						EU AI Act			European Union’s Artificial Intelligence Act
CCPA			California Consumer Privacy Act						Exchange Act			Securities Exchange Act of 1934
CEO			Chief Executive Officer						Farmer Mac			Federal Agricultural Mortgage Corporation
CFO			Chief Financial Officer						FASB			Financial Accounting Standards Board
CFPB			Consumer Financial Protection Bureau						FCTA			Foreign Currency Translation Adjustments
CFTC			Commodity Futures Trading Commission						FDIC			Federal Deposit Insurance Corporation
Chariot Re			Chariot Reinsurance, Ltd.						Federal Reserve			Federal Reserve Board & Federal Reserve Bank of New York
CISO			Chief Information Security Officer						Federal Reserve Board			Board of Governors of the Federal Reserve System
CLOs			Collateralized Loan Obligations						FHLBNY			Federal Home Loan Bank of New York
CMBS			Commercial Mortgage-Backed Securities						FINRA			Financial Industry Regulatory Authority
CODM			Chief Operating Decision Maker						FIO			Federal Insurance Office
Committed Facilities			Credit Facility, as well as certain committed facilities						Fitch			Fitch Ratings Inc.
Company Action Level RBC			Minimum level of TAC before corrective action commences is twice authorized control level RBC						FPB			Future Policy Benefits
Credit Facility			Unsecured revolving credit facility						FSA			Financial Services Agency
CRO			Chief Risk Officer						FSB			Financial Stability Board
C-ROSS			China Risk Oriented Solvency System						FSOC			Financial Stability Oversight Council

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FVO			Fair Value Option						Moody’s			Moody’s Investors Service, Inc.
GAAP			Accounting principles generally accepted in the United States of America						MoRe			Missouri Reinsurance, Inc.
GCC			Group Capital Calculation						MrB			MetLife Reinsurance Company of Bermuda, Ltd.
GDPR			General Data Protection Regulation						MRBs			Market Risk Benefits
General Atlantic			General Atlantic, L.P.						MRC			MetLife Reinsurance Company of Charleston
GHG			Greenhouse Gas						MrH			MetLife Reinsurance Company of Hamilton, Ltd.
GICs			Guaranteed Interest Contracts						MRV			MetLife Reinsurance Company of Vermont
GILTI			Global Intangible Low-Taxed Income						MSS			MetLife Services and Solutions, LLC
Global Atlantic			Global Atlantic Financial Group						MTL			Metropolitan Tower Life Insurance Company
GMABs			Guaranteed Minimum Accumulation Benefits						NAIC			National Association of Insurance Commissioners
GMCR			Guaranteed Minimum Crediting Rates						NAV			Net Asset Value
GMDBs			Guaranteed Minimum Death Benefits						Nebraska Director			Director of the Nebraska Department of Insurance
GMIBs			Guaranteed Minimum Income Benefits						NFRA			National Financial Regulatory Administration
GMWBs			Guaranteed Minimum Withdrawal Benefits						NGEs			Non-Guaranteed Elements
GMXBs			Guaranteed Minimum Benefits						NIFO			Net investment in a foreign operation
IAIGs			Internationally Active Insurance Groups						Non-Bank SIFI			Non-Bank Systemically Important Financial Institution
IAIS			International Association of Insurance Supervisors						NPR			Net Premium Ratio
IBNP			Incurred But Not Paid						NQM			Non-Qualified Residential Mortgage
IBNR			Incurred But Not Reported						NRSRO			Nationally Recognized Statistical Rating Organizations
IMR			Interest Maintenance Reserve						NYDFS			New York State Department of Financial Services
Invested Plans			Assets of the qualified pension plans and postretirement medical plans						OCI			Other Comprehensive Income (Loss)
IRS			Internal Revenue Service						OLPI			Other Limited Partnership Interests
LDTI			Long-Duration Targeted Improvements						ORSA			Own Risk and Solvency Assessment
LDTI Transition Date			January 1, 2021						OTC			Over-the-Counter
LIBOR			London Interbank Offered Rate						OTC-bilateral			Bilateral contracts between two counterparties
LTV			Loan-To-Value						OTC-cleared			OTC derivatives are cleared and settled through central clearing counterparties
MetLife Malaysia			AmMetLife Insurance Berhad (Malaysia) and AmMetLife Takaful Berhad (Malaysia)						PABs			Policyholder Account Balances
MetLife Poland and Greece			Wholly-owned subsidiaries in Poland and Greece						PBO			Projected Benefit Obligation
MIM			MetLife Investment Management, LLC and certain of its affiliates						PCAOB			Public Company Accounting Oversight Board
MLIC			Metropolitan Life Insurance Company						Phantom Stock-Based Awards			Cash-settled awards based in whole or in part on the price of shares or changes in the price of shares
PineBridge			PineBridge Investments						SSG			Structured Securities Group
PNB MetLife			PNB MetLife India Insurance Company Limited						Statement-Based Combined RBC Ratio			Internally defined Combined RBC Ratio

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PTE			Prohibited Transaction Exemption						Statutory Codification			Codification of Statutory Accounting Principles
RBC			Risk-Based Capital						Structured Products			RMBS, ABS & CLO and CMBS
RCC			Replacement Capital Covenant						Superintendent			New York Superintendent of Financial Services
REJV			Real Estate Joint Ventures						TAC			Total Adjusted Capital, calculated in the manner prescribed by the NAIC
RIS			Retirement and Income Solutions						TRRs			Total Rate of Return Swaps
RMBS			Residential Mortgage-Backed Securities						U.K.			United Kingdom
ROU			Right-of-Use						U.S.			United States
S&P			Standard & Poor’s Global Ratings						ULSG			Universal and Variable Life Policies with Secondary Guarantees
SCL			Special Considerations Letter						Unit-linked and FVO Securities			Contractholder-directed equity securities and Fair Value Option securities
SEC			U.S. Securities and Exchange Commission						Unit-linked investments			Contractholder-directed investments supporting unit-linked variable annuity type liabilities
Separation			Distribution of shares of Brighthouse Financial, Inc. common stock to the MetLife, Inc. common shareholders						UREV			Unearned Revenue
Series A preferred stock			Non-Cumulative Preferred Stock, Series A						VIEs			Variable Interest Entities
Series D preferred stock			5.875% Fixed-To-Floating Rate Non-Cumulative Preferred Stock, Series D						VOBA			Value of Business Acquired
Series E preferred stock			5.625% Non-Cumulative Preferred Stock, Series E						VOCRA			Value of Customer Relationships Acquired
Series F preferred stock			4.75% Non-Cumulative Preferred Stock, Series F						VODA			Value of Distribution Agreements
SOFR			Secured Overnight Financing Rate

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

METLIFE, INC.
By:						/s/ Toby S. Brown
						Name: Toby S. Brown Title: Executive Vice President, Global Head of Reinsurance and Interim Chief Accounting Officer (Authorized Signatory and Principal Accounting Officer)

Date: May 1, 2025