MetLife 10-Q 2026-03-31

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, 2026

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 30, 2026, 643,436,779 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, 2026 and December 31, 2025 and for the Three Months Ended March 31, 2026 and 2025)
			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			15
			Note 4 — Future Policy Benefits			15
			Note 5 — Policyholder Account Balances			23
			Note 6 — Market Risk Benefits			32
			Note 7 — Separate Accounts			35
			Note 8 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue			39
			Note 9 — Investments			41
			Note 10 — Derivatives			56
			Note 11 — Fair Value			66
			Note 12 — Subordinated Debt Securities			79
			Note 13 — Equity			80
			Note 14 — Other Revenues and Other Expenses			84
			Note 15 — Employee Benefit Plans			85
			Note 16 — Income Tax			85
			Note 17 — Earnings Per Common Share			86
			Note 18 — Contingencies, Commitments and Guarantees			86
			Note 19 — Related Party Transactions			89
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			90
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			137
Item 4.			Controls and Procedures			138
Part II — Other Information
Item 1.			Legal Proceedings			139
Item 1A.			Risk Factors			139
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			139
Item 5.			Other Information			140
Item 6.			Exhibits			141
Glossary						142
Signatures						145

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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, changes in the value of assets under management, 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 sustainability 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

March 31, 2026 and December 31, 2025 (Unaudited)

(In millions, except share and per share data)

						March 31, 2026						December 31, 2025
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $273 and $249, respectively); and amortized cost: $342,191 and $337,201, respectively						$	316,110					$	315,931
Equity securities, at estimated fair value						927						858
Contractholder-directed equity securities and fair value option securities, at estimated fair value (includes $1,665 and $1,751, respectively, relating to variable interest entities)						13,435						13,959
Mortgage loans (net of allowance for credit loss of $1,213 and $1,193, respectively; includes $35 and $35, respectively, of mortgage loans held-for-sale)						83,726						84,593
Policy loans						8,455						8,547
Real estate and real estate joint ventures (includes $303 and $378, respectively, under the fair value option; $164 and $132, respectively, of real estate held-for-sale; $376 and $302, respectively, relating to variable interest entities)						13,356						13,440
Other limited partnership interests						14,531						14,917
Short-term investments, principally at estimated fair value						4,948						3,601
Other invested assets (includes $1,586 and $1,698, respectively, of leveraged and direct financing leases; $657 and $560, respectively, relating to variable interest entities)						17,624						16,332
Total investments						473,112						472,178
Cash and cash equivalents, principally at estimated fair value (includes $132 and $96, respectively, relating to variable interest entities)						22,687						22,032
Accrued investment income						3,796						3,719
Premiums, reinsurance and other receivables						50,335						49,059
Market risk benefits, at estimated fair value						392						458
Deferred policy acquisition costs and value of business acquired						21,269						21,107
Current income tax recoverable						455						660
Deferred income tax asset						2,901						2,585
Goodwill						9,565						9,613
Other assets						11,013						11,822
Separate account assets						147,686						151,933
Total assets						$	743,211					$	745,166
Liabilities, Mezzanine Equity and Equity
Liabilities
Future policy benefits						$	206,628					$	208,855
Policyholder account balances						239,836						236,857
Market risk benefits, at estimated fair value						2,522						2,406
Other policy-related balances						20,444						20,070
Policyholder dividends payable						337						356
Payables for collateral under securities loaned and other transactions						18,157						17,115
Short-term debt (includes $113 and $117, respectively, relating to variable interest entities)						404						355
Long-term debt (includes $68 and $28, respectively, relating to variable interest entities)						14,445						14,467
Collateral financing arrangement						299						352
Subordinated debt securities						5,143						4,155
Notes issued by collateralized financing entities (includes all amounts: under the fair value option; and relating to variable interest entities)						1,138						1,206
Deferred income tax liability						382						536
Other liabilities (includes $139 and $167, respectively, relating to variable interest entities)						57,989						57,582
Separate account liabilities						147,686						151,933
Total liabilities						715,410						716,245
Contingencies, Commitments and Guarantees (Note 18)
Mezzanine Equity
Redeemable noncontrolling interests						206						241
Equity
MetLife, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $2,905 aggregate liquidation preference						—						—
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,196,399,473 and 1,195,587,190 shares issued, respectively; 646,024,938 and 655,333,773 shares outstanding, respectively						12						12
Additional paid-in capital						32,921						32,858
Retained earnings						45,058						44,290
Treasury stock, at cost; 550,374,535 and 540,253,417 shares, respectively						(31,440)						(30,678)
Accumulated other comprehensive income (loss)						(19,227)						(18,084)
Total MetLife, Inc.’s stockholders’ equity						27,324						28,398
Noncontrolling interests						271						282
Total equity						27,595						28,680
Total liabilities, mezzanine equity and equity						$	743,211					$	745,166

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, 2026 and 2025 (Unaudited)

(In millions, except per share data)

												Three Months Ended March 31,
																		2026						2025
Revenues
Premiums																		$	12,120					$	11,723
Universal life and investment-type product policy fees																		1,343						1,229
Net investment income																		5,355						4,885
Other revenues																		852						687

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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			91
Business Overview			91
Industry Trends			91
Summary of Critical Accounting Estimates			93
Acquisitions and Dispositions			93
Results of Operations			94
Investments			108
Derivatives			125
Liquidity and Capital Resources			126
Adopted Accounting Pronouncements			133
Future Adoption of Accounting Pronouncements			133
Non-GAAP and Other Financial Disclosures			133
Risk Management			136

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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, 2025 (the “2025 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.

Business Overview

MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. In the fourth quarter of 2025, MetLife executed a reorganization to align with its strategic initiative to accelerate growth in asset management. As part of this reorganization, the Company adjusted its segment structure. MetLife Investment Management, the Company’s institutional asset management business (“MIM”), which was previously reported in Corporate & Other, became a reportable segment. MetLife Holdings was removed as a reportable segment, and its business is now primarily reported in Corporate & Other. Additionally, certain products formerly reported in MetLife Holdings were moved to Group Benefits and Retirement and Income Solutions (“RIS”). These changes were applied retrospectively for all periods presented, did not have an impact on prior period consolidated net income (loss) or consolidated adjusted earnings, and are collectively referred to as the “Strategic Reorganization.” As a result of the Strategic Reorganization, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other. See “Business — Segments and Corporate & Other” included in the 2025 Annual Report and Notes 1 and 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s segments and Corporate & Other and the Strategic Reorganization.

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.”), the Federal Open Market Committee took various actions in 2025 to promote employment and combat inflation, including lowering interest rates in the second half of the year and ending the process of quantitative tightening. While rates have remained steady in 2026, labor market conditions, inflation, and financial and international developments, as well as other factors, could result in policy adjustments later this year. Other central banks have recently diverged on monetary policies, reflecting differing local economic conditions and views on the impact of the foregoing factors. 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, value of our assets under management (“AUM”), 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

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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 2025 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. In our institutional asset management business, interest rate movements, as well as other changes to market factors such as credit spreads and equity pr

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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 2025 Annual Report. There have been no material changes to our market risk exposures from those previously disclosed in the 2025 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, 2026 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 18 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 2025 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2025 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, 2026 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, 2026						2,558,592						$	78.17					2,558,592						$	1,872,488,893
February 1 - February 28, 2026						3,321,439						$	77.07					3,321,439						$	1,616,489,444
March 1 - March 31, 2026						4,241,087						$	70.62					4,241,087						$	1,316,989,303
Total						10,121,118												10,121,118

---

(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 March 31, 2026, MetLife, Inc. had $1.3 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 13 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 2025 Annual Report.

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Securities trading plans

During the three months ended March 31, 2026, 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 https://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.						Company Action Level RBC			Minimum level of TAC before corrective action commences is twice authorized control level RBC
ABO			Accumulated Benefit Obligations						Credit Facility			Unsecured revolving credit facility
ABS & CLO			Asset-Backed Securities and Collateralized Loan Obligations						CRO			Chief Risk Officer
ACL			Allowance For Credit Loss						C-ROSS			China Risk Oriented Solvency System
AD&D			Accidental Death and Dismemberment						CSRD			Corporate Sustainability Reporting Directive
AFS			Available-For-Sale						Cybersecurity Model Law			NAIC’s Insurance Data Security Model Law
AI			Artificial Intelligence						DAC			Deferred Policy Acquisition Costs
ALM			Asset/Liability Management						Deferred Shares			Awards that have become payable in shares but the issuance of which has been deferred
Alt-A			Alternative Residential Mortgage Loans						Delaware Commissioner			Delaware Commissioner of Insurance
American Life			American Life Insurance Company						Dodd-Frank			Dodd-Frank Wall Street Reform and Consumer Protection Act
AOCI			Accumulated Other Comprehensive Income (Loss)						DOL			U.S. Department of Labor
APBO			Accumulated Postretirement Benefit Obligation						DPL			Deferred Profit Liability
ASO			Administrative Services-Only						DSCR			Debt Service Coverage Ratios
ASU			Accounting Standards Update						EEA			European Economic Area
AUM			Assets Under Management						EMEA			Europe, the Middle East and Africa
Authorized Control Level RBC			Authorized Control Level RBC, calculated in the manner prescribed by the NAIC						ERC			Enterprise Risk Committee
Brighthouse			Brighthouse Financial, Inc. and its Subsidiaries						ERISA			Employee Retirement Income Security Act of 1974
CBIRC			The China Banking and Insurance Regulatory Commission						ERM			Enterprise Risk Management
CCPA			California Consumer Privacy Act						EU			European Union
CEO			Chief Executive Officer						EU AI Act			European Union’s Artificial Intelligence Act
CFEs			Collateralized Financing Entities						Exchange Act			Securities Exchange Act of 1934
CFO			Chief Financial Officer						Farmer Mac			Federal Agricultural Mortgage Corporation
CFPB			Consumer Financial Protection Bureau						FASB			Financial Accounting Standards Board
CFTC			Commodity Futures Trading Commission						FDIC			Federal Deposit Insurance Corporation
Chariot			Chariot Holding Company, LP						Federal Reserve			Federal Reserve Board & Federal Reserve Bank of New York
Chariot Re			Chariot Reinsurance, Ltd.						Federal Reserve Board			Board of Governors of the Federal Reserve System
CISO			Chief Information Security Officer						FHLBNY			Federal Home Loan Bank of New York
CLO Investments			CLO Fund Investments						FINRA			Financial Industry Regulatory Authority
CLOs			Collateralized Loan Obligations						FIO			Federal Insurance Office
CMBS			Commercial Mortgage-Backed Securities						Fitch			Fitch Ratings Inc.
COLI			Company-Owned Life Insurance Policies						FPBs			Future Policy Benefits
Committed Facilities			Credit Facility, as well as certain committed facilities						FSA			Financial Services Agency in Japan

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FSB			Financial Stability Board						MRV			MetLife Reinsurance Company of Vermont
FSOC			Financial Stability Oversight Council						MSS			MetLife Services and Solutions, LLC
FVO			Fair Value Option						MTL			Metropolitan Tower Life Insurance Company
GAAP			Accounting principles generally accepted in the United States of America						NAIC			National Association of Insurance Commissioners
GCC			Group Capital Calculation						NAV			Net Asset Value
GDPR			General Data Protection Regulation						Nebraska Director			Director of the Nebraska Department of Insurance
GICs			Guaranteed Interest Contracts						NGEs			Non-Guaranteed Elements
GILTI			Global Intangible Low-Taxed Income						NIFO			Net investment in a foreign operation
GMABs			Guaranteed Minimum Accumulation Benefits						Non-Bank SIFI			Non-Bank Systemically Important Financial Institution
GMCR			Guaranteed Minimum Crediting Rates						NPR			Net Premium Ratio
GMDBs			Guaranteed Minimum Death Benefits						NQM			Nonqualified Residential Mortgage
GMIBs			Guaranteed Minimum Income Benefits						NRSRO			Nationally Recognized Statistical Rating Organizations
GMWBs			Guaranteed Minimum Withdrawal Benefits						NYDFS			New York State Department of Financial Services
GMXBs			Guaranteed Minimum Benefits						OCI			Other Comprehensive Income (Loss)
IAIGs			Internationally Active Insurance Groups						OLPI			Other Limited Partnership Interests
IAIS			International Association of Insurance Supervisors						OTC			Over-the-Counter
IBNP			Incurred But Not Paid						OTC-bilateral			Bilateral contracts between two counterparties
IBNR			Incurred But Not Reported						OTC-cleared			OTC derivatives are cleared and settled through central clearing counterparties
IMR			Interest Maintenance Reserve						PABs			Policyholder Account Balances
Invested Plans			Assets of the qualified pension plans and postretirement medical plans						PBO			Projected Benefit Obligation
IRS			Internal Revenue Service						PCAOB			Public Company Accounting Oversight Board
LDTI			Long-Duration Targeted Improvements						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
LDTI Transition Date			January 1, 2021						PineBridge			PineBridge Investments
LIBOR			London Interbank Offered Rate						PTE			Prohibited Transaction Exemption
LTV			Loan-To-Value						RBC			Risk-Based Capital
MetLife Malaysia			AmMetLife Insurance Berhad (Malaysia) and AmMetLife Takaful Berhad (Malaysia)						RCC			Replacement Capital Covenant
MIM			MetLife Investment Management, the Company’s institutional asset management business						REJVs			Real Estate Joint Ventures
MLIC			Metropolitan Life Insurance Company						Retiree VEBA			U.S. Retiree Health and Welfare Benefit Obligations
Moody’s			Moody’s Investors Service, Inc.						RIS			Retirement and Income Solutions
MoRe			Missouri Reinsurance, Inc.						RMBS			Residential Mortgage-Backed Securities
MrB			MetLife Reinsurance Company of Bermuda, Ltd.						ROU			Right-of-Use
MRB			Market Risk Benefit						SCL			Special Considerations Letter
MRC			MetLife Reinsurance Company of Charleston						SEC			U.S. Securities and Exchange Commission
MrH			MetLife Reinsurance Company of Hamilton, Ltd.						Separation			Distribution of shares of Brighthouse Financial, Inc. common stock to the MetLife, Inc. common shareholders

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Series A preferred stock			Non-Cumulative Preferred Stock, Series A						TRRs			Total Rate of Return Swaps
Series D preferred stock			5.875% Fixed-To-Floating Rate Non-Cumulative Preferred Stock, Series D						U.K.			United Kingdom
Series E preferred stock			5.625% Non-Cumulative Preferred Stock, Series E						U.S.			United States
Series F preferred stock			4.75% Non-Cumulative Preferred Stock, Series F						ULSG			Universal and Variable Universal Life Policies with Secondary Guarantees
Series G preferred stock			3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G						Unit-linked and FVO Securities			Contractholder-directed equity securities and FVO securities
SOFR			Secured Overnight Financing Rate						Unit-linked investments			Contractholder-directed investments supporting unit-linked variable annuity type liabilities
SSG			Structured Securities Group						UREV			Unearned Revenue
Statement-Based Combined RBC Ratio			Internally defined Combined RBC Ratio						VIEs			Variable Interest Entities
Statutory Codification			Codification of Statutory Accounting Principles						VM			Valuation Manual
Structured Products			RMBS, ABS & CLO and CMBS						VOBA			Value of Business Acquired
Superintendent			New York Superintendent of Financial Services						VOCRA			Value of Customer Relationships Acquired
S&P			Standard & Poor’s Global Ratings						VODA			Value of Distribution Agreements
TAC			Total Adjusted Capital, calculated in the manner prescribed by the NAIC

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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: May 7, 2026