MetLife 10-Q 2025-09-30

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 SEPTEMBER 30, 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 October 31, 2025, 658,891,656 shares of the registrant’s common stock were outstanding.

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						Page
Part I — Financial Information
Item 1.			Financial Statements (Unaudited) (at September 30, 2025 and December 31, 2024 and for the Three Months and Nine Months Ended September 30, 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			16
			Note 4 — Future Policy Benefits			16
			Note 5 — Policyholder Account Balances			26
			Note 6 — Market Risk Benefits			35
			Note 7 — Separate Accounts			39
			Note 8 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue			43
			Note 9 — Reinsurance			44
			Note 10 — Closed Block			44
			Note 11 — Investments			47
			Note 12 — Derivatives			63
			Note 13 — Fair Value			75
			Note 14 — Long-term Debt			90
			Note 15 — Subordinated Debt Securities			91
			Note 16 — Equity			92
			Note 17 — Other Revenues and Other Expenses			97
			Note 18 — Employee Benefit Plans			98
			Note 19 — Income Tax			98
			Note 20 — Earnings Per Common Share			99
			Note 21 — Contingencies, Commitments and Guarantees			99
			Note 22 — Subsequent Events			102
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			103
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			159
Item 4.			Controls and Procedures			160
Part II — Other Information
Item 1.			Legal Proceedings			161
Item 1A.			Risk Factors			161
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			161
Item 5.			Other Information			162
Item 6.			Exhibits			163
Glossary						165
Signatures						168

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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 or shutdown, currency exchange rates, derivatives, climate change, public health, 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, 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

September 30, 2025 and December 31, 2024 (Unaudited)

(In millions, except share and per share data)

						September 30, 2025						December 31, 2024
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $248 and $160, respectively); and amortized cost: $324,833 and $307,421, respectively						$	304,645					$	281,043
Equity securities, at estimated fair value						788						712
Contractholder-directed equity securities and fair value option securities, at estimated fair value						12,270						10,672
Mortgage loans (net of allowance for credit loss of $1,261 and $800, respectively)						85,843						89,012
Policy loans						8,589						8,545
Real estate and real estate joint ventures (includes $382 and $378, respectively, under the fair value option; $208 and $65, respectively, of real estate held-for-sale; $296 and $183, respectively, relating to variable interest entities)						13,932						13,342
Other limited partnership interests						14,741						14,378
Short-term investments, principally at estimated fair value						5,962						5,156
Other invested assets (includes $1,622 and $1,851, respectively, of leveraged and direct financing leases; $517 and $424, respectively, relating to variable interest entities)						16,932						18,504
Total investments						463,702						441,364
Cash and cash equivalents, principally at estimated fair value						20,233						20,068
Accrued investment income						3,791						3,489
Premiums, reinsurance and other receivables (includes $0 and $47, respectively, relating to variable interest entities)						40,329						29,761
Market risk benefits, at estimated fair value						392						372
Deferred policy acquisition costs and value of business acquired						21,175						19,627
Current income tax recoverable						374						295
Deferred income tax asset						2,719						2,994
Goodwill						9,095						8,901
Other assets						11,572						11,082
Separate account assets						146,344						139,504
Total assets						$	719,726					$	677,457
Liabilities and Equity
Liabilities
Future policy benefits						$	199,169					$	193,646
Policyholder account balances						235,312						221,445
Market risk benefits, at estimated fair value						2,585						2,581
Other policy-related balances						20,361						18,899
Policyholder dividends payable						369						385
Payables for collateral under securities loaned and other transactions						17,139						17,128
Short-term debt (includes $107 and $133, respectively, relating to variable interest entities)						378						465
Long-term debt (includes $45 and $0, respectively, relating to variable interest entities)						15,300						15,086
Collateral financing arrangement						398						476
Subordinated debt securities						4,154						3,164
Deferred income tax liability						574						132
Other liabilities (includes $54 and $0, respectively, relating to variable interest entities)						48,452						36,843
Separate account liabilities						146,344						139,504
Total liabilities						690,535						649,754
Contingencies, Commitments and Guarantees (Note 21)
Equity
MetLife, Inc.’s 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; 1,195,534,313 and 1,194,168,628 shares issued, respectively; 660,724,727 and 689,211,065 shares outstanding, respectively						12						12
Additional paid-in capital						32,855						33,791
Retained earnings						43,887						42,626
Treasury stock, at cost; 534,809,586 and 504,957,563 shares, respectively						(30,244)						(27,798)
Accumulated other comprehensive income (loss)						(17,566)						(21,186)
Total MetLife, Inc.’s stockholders’ equity						28,944						27,445
Noncontrolling interests						247						258
Total equity						29,191						27,703
Total liabilities and equity						$	719,726					$	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 and Nine Months Ended September 30, 2025 and 2024 (Unaudited)

(In millions, except per share data)

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Revenues
Premiums						$	10,555					$	10,647					$	33,088					$	32,328
Universal life and investment-type product policy fees						1,247						1,228						3,735						3,757
Net investment income						6,089						5,227						16,635						15,868
Other revenues						724						648						2,090						1,960
Net investment gains (losses)						(325)						(77)						(985)						(873)
Net derivative gains (losses)						(929)						767						(1,293)						(720)
Total revenues						17,361						18,440						53,270						52,320
**Expens

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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			104
Industry Trends			104
Summary of Critical Accounting Estimates			106
Acquisitions and Dispositions			107
Business Overview & Strategy			107
Results of Operations			108
Investments			132
Derivatives			148
Liquidity and Capital Resources			149
Adopted Accounting Pronouncements			156
Future Adoption of Accounting Pronouncements			156
Non-GAAP and Other Financial Disclosures			156
Risk Management			158
Subsequent Events			158

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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.

Governments and central banks around the world use fiscal and monetary policies to address uncertain economic conditions. In the United States (“U.S.”), citing growing concerns over the labor market, the Federal Open Market Committee recently cut interest rates. Future policy adjustments could be affected by the U.S. government shutdown. Other central banks have recently held rates steady but are signaling caution as they assess the implications of changing global trade policies on growth and inflation. We are closely monitoring these and other 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.

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.

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.

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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.

State Insurance Regulation

In 2023, the National Association of Insurance Commissioners (“NAIC”) adopted an interim solution with regard to the treatment of an insurer’s negative interest maintenance reserve (“IMR”) balance, which may occur in a rising interest rate environment and can impact how accurately the insurer’s surplus and financial strength are captured in its statutory financial statements due to lower surplus and risk-based capital (“RBC”) ratios. In August 2025, the NAIC extended its interim statutory accounting guidance to be effective until December 31, 2026, which permits an insurer with a company action level RBC ratio greater than 150% (or an authorized control level RBC ratio greater than 300%) to admit negative IMR for an amount up to 10% of its general account capital and surplus, subject to certain restrictions and reporting obligations. These interim changes had an immaterial impact on our RBC. T

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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 September 30, 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 21 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 September 30, 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)
July 1 — July 31, 2025						1,824,638						$	78.37					1,824,638						$	2,860,966,829
August 1 — August 31, 2025						2,452,867						$	78.68					2,452,867						$	2,667,967,523
September 1 — September 30, 2025						2,058,972						$	80.38					2,058,972						$	2,502,468,107
Total						6,336,477												6,336,477

---

(1)During the periods presented, separate account index funds did not purchase any MetLife, Inc. common stock on the open market in non-discretionary transactions.

(2)In April 2025, MetLife, Inc. announced that its Board of Directors authorized an additional $3.0 billion of common stock repurchases. At September 30, 2025, MetLife, Inc. had $2.5 billion of common stock repurchases remaining under its authorization. Neither the authorization remaining, nor the amount repurchased, reflect the applicable excise tax payable in connection with such repurchases. For more information on our common stock authorizations and common stock repurchases, including the excise tax payable in connection therewith, see Note 16 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.

Purchases of MetLife, Inc. preferred stock made by or on behalf of MetLife, Inc. or its affiliates during the quarter ended September 30, 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
July 1 — July 31, 2025						—						$	—					—						$	—
August 1 — August 31, 2025						—						$	—					—						$	—
September 1 — September 30, 2025						1,000,000						$	1,000.00					1,000,000						$	—
Total						1,000,000												1,000,000

---

(1)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. See Note 16 of the Notes to the Interim Condensed Consolidated Financial Statements.

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Securities trading plans

During the three months ended September 30, 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
3.1.1						Amended and Restated Certificate of Incorporation of MetLife, Inc.						10-K						001-15787						3.1						March 1, 2017
3.1.2						Certificate of Retirement of Series B Contingent Convertible Junior Participating Non-Cumulative Perpetual Preferred Stock of MetLife, Inc., filed with the Secretary of State of Delaware on November 5, 2013.						10-Q						001-15787						3.6						November 7, 2013
3.1.3						Certificate of Amendment of Amended and Restated Certificate of Incorporation of MetLife, Inc., dated April 29, 2015.						8-K						001-15787						3.1						April 30, 2015
3.1.4						Certificate of Elimination of 6.500% Non-Cumulative Preferred Stock, Series B, of MetLife, Inc., filed with the Secretary of State of Delaware on November 3, 2015.						10-Q						001-15787						3.7						November 5, 2015
3.1.5						Certificate of Amendment of Amended and Restated Certificate of Incorporation of MetLife, Inc., dated April 29, 2011.						10-K						001-15787						3.4						March 1, 2017
3.1.6						Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock of MetLife, Inc., filed with the Secretary of State of Delaware on April 7, 2000.						10-K						001-15787						3.2						March 1, 2017
3.1.7						Certificate of Designations of Floating Rate Non-Cumulative Preferred Stock, Series A, of MetLife, Inc., filed with the Secretary of State of Delaware on June 10, 2005.						10-K						001-15787						3.3						March 1, 2017
3.1.8						Certificate of Amendment of Amended and Restated Certificate of Incorporation of MetLife, Inc., dated October 23, 2017.						8-K						001-15787						3.1						October 24, 2017
3.1.9						Certificate of Designations of 5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D, of MetLife, Inc., filed with the Secretary of State of Delaware on March 21, 2018.						8-K						001-15787						3.1						March 22, 2018
3.1.10						Certificate of Designations of 5.625% Non-Cumulative Preferred Stock, Series E, of MetLife, Inc., filed with the Secretary of the State of Delaware on May 31, 2018.						8-K						001-15787						3.1						June 4, 2018
3.1.11						Certificate of Designations of 4.75% Non-Cumulative Preferred Stock, Series F, of MetLife, Inc., filed with the Secretary of the State of Delaware on January 8, 2020.						8-K						001-15787						3.1						January 9, 2020
3.1.12						Certificate of Elimination of 5.250% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, of MetLife, Inc., filed with the Secretary of State of Delaware on June 29, 2021.						8-K						001-15787						3.1						June 29, 2021
3.1.13						Certificate of Elimination of 3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, of MetLife, Inc., filed with the Secretary of State of Delaware, on October 14, 2025.						8-K						001-15787						3.1						October 14, 2025

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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						MRB			Market Risk Benefit
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
RCCs			Replacement Capital Covenants						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 Universal 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						VM			Valuation Manual
Series E preferred stock			5.625% Non-Cumulative Preferred Stock, Series E						VOBA			Value of Business Acquired
Series F preferred stock			4.75% Non-Cumulative Preferred Stock, Series F						VOCRA			Value of Customer Relationships Acquired
Series G preferred stock			3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G						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/ Adrienne O’Neill
						Name: Adrienne O’Neill Title: Executive Vice President and Chief Accounting Officer (Authorized Signatory and Principal Accounting Officer)

Date: November 6, 2025