Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

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

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 prices, can impact the value of the AUM on which fees are earned. 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 2025 Annual Report.

Competitive Pressures

The life insurance and institutional asset management industries are highly competitive. See “Business — Competition,” “Business — Regulation,” “Risk Factors — Business Risks — We May Face Competition for Business,” “Risk Factors — Economic Environment and Capital Markets Risks — We May Face Difficult Economic Conditions” and “Risk Factors — Regulatory and Legal Risks — Changes in Laws or Regulation, or in Supervisory and Enforcement Policies, May Reduce Our Profitability, Limit Our Growth, or Otherwise Adversely Affect Us” in the 2025 Annual Report.

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 2025 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 (“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 rules. In the preamble to PTE 2020-02, the DOL also provided its interpretation of the five-part test used to determine whether a person is acting as an ERISA investment advice fiduciary. In April 2024, the DOL finalized and published a regulation to change the definition of “fiduciary” for purposes of ERISA and parallel provisions of the Code, when a financial professional, including an insurance producer, provides investment advice, and to amend various existing PTEs that financial professionals rely on when making recommendations.

Shortly thereafter, litigation commenced challenging these changes and two federal district courts have since issued orders vacating the 2024 definition of an investment advice fiduciary and vacated the associated 2024 PTE amendments. Both of these orders were unopposed by the DOL. In light of the litigation, the DOL released a final rule vacating (i) the preamble to PTE 2020-02 (while leaving the original PTE intact) and (ii) its 2024 changes to the definition of an investment advice fiduciary as well as its associated 2024 changes to various PTEs. As a result, the DOL has officially reinstated the original 1975 five-part regulatory test defining an investment advice fiduciary.

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Summary of Critical Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. The most critical estimates include those used in determining:

(i)future policy benefit liabilities, market risk benefits (“MRBs”) and reinsurance recoverables;

(ii)estimated fair values of investments in the absence of quoted market values;

(iii)investment allowance for credit loss (“ACL”) and impairments;

(iv)estimated fair values of freestanding derivatives;

(v)measurement of goodwill and related impairment;

(vi)measurement of employee benefit plan liabilities;

(vii)measurement of income taxes and the valuation of deferred tax assets; and

(viii)liabilities for litigation and regulatory matters.

In addition, the application of acquisition accounting requires the use of estimation techniques in determining the estimated fair values of assets acquired and liabilities assumed. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to our business and operations. Actual results could differ from these estimates.

The Company’s critical accounting estimates are described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Critical Accounting Estimates” and Note 1 of the Notes to the Consolidated Financial Statements in the 2025 Annual Report.

Acquisitions and Dispositions

Acquisition of PineBridge Investments

For information regarding the Company’s acquisition of PineBridge Investments (“PineBridge”), a global asset manager, see Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements.

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Results of Operations

Overview

In the fourth quarter of 2025, MetLife completed the Strategic Reorganization. As a result, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; EMEA; and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other. In conjunction with the Strategic Reorganization, effective January 1, 2025, the Company amended agreements between MIM and other MetLife entities to manage general account investments at current market rate fees. See Notes 1 and 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Strategic Reorganization and the Company’s segments and Corporate & Other.

Reinsurance Transactions

In 2025, the Company entered into a number of reinsurance agreements. See Note 9 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for further information on these reinsurance transactions.

Key Financial Highlights

Net income available to MetLife, Inc.’s common shareholders was $1.1 billion for the three months ended March 31, 2026, compared to $879 million for the three months ended March 31, 2025.
Adjusted earnings available to common shareholders was $1.6 billion for the three months ended March 31, 2026, compared to $1.3 billion for the three months ended March 31, 2025.

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Consolidated Results


	Three Months Ended March 31,
		2026		2025
		(In millions)
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
Net investment gains (losses)		(670)		(387)
Net derivative gains (losses)		74		432
Total revenues		19,074		18,569
Expenses
Policyholder benefits and claims and policyholder dividends		11,988		11,950
Policyholder liability remeasurement (gains) losses		(13)		(31)
Market risk benefit remeasurement (gains) losses		120		299
Interest credited to policyholder account balances		1,674		1,647
Amortization of deferred policy acquisition costs, value of business acquired and negative value of business acquired		568		519
Interest expense on debt		265		258
Other expenses, net of capitalization of deferred policy acquisition costs		2,965		2,573
Total expenses		17,567		17,215
Income (loss) before provision for income tax		1,507		1,354
Provision for income tax expense (benefit)		345		404
Net income (loss)		1,162		950
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests		(23)		5
Net income (loss) attributable to MetLife, Inc.		1,185		945
Less: Preferred stock dividends		45		66

Net income (loss) available to MetLife, Inc.’s common shareholders		$	1,140	$	879

Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025

Net income (loss) available to MetLife, Inc.’s common shareholders - Increased $261 million primarily due to the following:

Net Investment Gains (Losses)(1) - Unfavorable change of $283 million ($224 million, net of income tax):

Losses on foreign currency transactions in the current period compared to gains in the prior period
Higher impairments on real estate investments
Higher losses on sales of private equity investments

Partially offset by:

Lower losses on sales of fixed maturity securities

Net Derivative Gains (Losses)(2) - Unfavorable change of $358 million ($283 million, net of income tax)(3):

The U.S. dollar strengthened against the Japanese yen in the current period compared to weakened in the prior period - unfavorable impact on the estimated fair value of sell-U.S. dollar currency forwards
Long-term swap rates increased in the current period compared to decreased in the prior period - unfavorable impact on the estimated fair value of receiver forwards and swaps

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Certain key equity indexes increased more significantly in the current period than in the prior period - unfavorable impact on the estimated fair value of short futures

Partially offset by:

Changes in the estimated fair value of the underlying assets - favorable impact on the estimated fair value of embedded derivatives related to funds withheld on reinsurance agreements

Market Risk Benefit Remeasurement (Gains) Losses(4) - Favorable change of $179 million ($141 million, net of income tax):

U.S. long-term interest rates increased in the current period compared to decreased in the prior period

Adjusted Earnings Available to Common Shareholders(5) - Favorable change of $237 million. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”

Taxes - Favorable change in effective tax rate - 23% in the current period compared to 30% in the prior period:

Current period effective tax rate on income before provision for income tax was 23% compared to the U.S. statutory rate of 21% primarily due to tax charges from:

◦Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates

◦U.S. state and local taxes

Partially offset by tax benefits from:

◦Non-taxable investment income

◦Low income housing and other tax credits, partially offset by the impact of tax equity investments

Prior period effective tax rate on income before provision for income tax was 30% compared to the U.S. statutory rate of 21% primarily due to tax charges from:

◦Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates

◦Non-deductible losses

◦Tax rate change in Japan

Partially offset by tax benefits from:

◦Non-taxable investment income

◦Low income housing and other tax credits, partially offset by the impact of tax equity investments

◦Corporate tax deduction for stock compensation

(1)See “— Investments — Overview” and “— Investments — Investment Portfolio Results — Net Investment Gains (Losses)” for information regarding management of our investment portfolio.

(2)See “— Derivatives — Net Derivative Gains (Losses)” for information regarding the use of derivatives to hedge market risk.

(3)Includes amounts relating to investment hedge adjustments, which are also included in adjusted earnings available to common shareholders. See “— Investments — Investment Portfolio Results” for additional information.

(4)See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s MRBs.

(5)See “— Non-GAAP and Other Financial Disclosures” for information regarding adjusted earnings available to common shareholders and related measures.

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Reconciliations of net income (loss) available to MetLife, Inc.’s common shareholders to adjusted earnings available to common shareholders and premiums, fees and other revenues to adjusted premiums, fees and other revenues

Three Months Ended March 31, 2026


		Group Benefits		RIS		Asia		Latin America		EMEA		MIM		Corporate & Other		Total
		(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders		$	418	$	580	$	2	$	238	$	110	$	30	$	(238)	$	1,140
Add: Preferred stock dividends		—		—		—		—		—		—		45		45

Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests		—		—		—		2		(27)		—		2		(23)
Net income (loss)		418		580		2		240		83		30		(191)		1,162
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
	Net investment gains (losses)	(36)		(137)		(283)		(38)		(10)		(18)		(148)		(670)
	Net derivative gains (losses)	22		271		(440)		46		3		—		172		74
	Premiums	—		—		—		—		—		—		—		—
	Universal life and investment-type product policy fees	—		—		—		—		—		—		25		25
	Net investment income	(13)		210		(169)		(20)		(184)		—		32		(144)
	Other revenues	—		36		—		20		—		14		37		107
Expenses:
	Policyholder benefits and claims and policyholder dividends	—		17		74		2		—		—		16		109
	Policyholder liability remeasurement (gains) losses	—		1		—		—		—		—		—		1
	Market risk benefit remeasurement gains (losses)	—		(18)		(1)		—		1		—		(102)		(120)
	Interest credited to policyholder account balances (“PABs”)	—		(48)		149		9		158		—		(23)		245
	Capitalization of deferred policy acquisition costs (“DAC”)	—		—		—		—		—		—		—		—
	Amortization of DAC, value of business acquired (“VOBA”) and negative VOBA	—		—		—		—		—		—		(3)		(3)
	Interest expense on debt	—		—		—		—		—		—		—		—
	Other expenses	—		(169)		—		1		—		(19)		(76)		(263)
	Goodwill impairment	—		—		—		—		—		—		—		—
	Provision for income tax (expense) benefit	6		(34)		185		(9)		5		6		11		170
Adjusted earnings		$	439	$	451	$	487	$	229	$	110	$	47	$	(132)	$	1,631
Less: Preferred stock dividends		—		—		—		—		—		—		45		45
Adjusted earnings available to common shareholders		$	439	$	451	$	487	$	229	$	110	$	47	$	(177)	$	1,586

Premiums, fees and other revenues		$	6,539	$	2,426	$	1,738	$	1,917	$	797	$	328	$	570	$	14,315
Less: adjustments to premiums, fees and other revenues		—		36		—		20		—		14		62		132
Adjusted premiums, fees and other revenues		$	6,539	$	2,390	$	1,738	$	1,897	$	797	$	314	$	508	$	14,183

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Three Months Ended March 31, 2025


		Group Benefits		RIS		Asia		Latin America		EMEA		MIM		Corporate & Other		Total
		(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders		$	291	$	109	$	489	$	228	$	75	$	(1)	$	(312)	$	879
Add: Preferred stock dividends		—		—		—		—		—		—		66		66

Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests		—		—		—		2		1		—		2		5
Net income (loss)		291		109		489		230		76		(1)		(244)		950
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
	Net investment gains (losses)	(27)		(213)		34		3		(3)		(35)		(146)		(387)
	Net derivative gains (losses)	(58)		(59)		170		158		(11)		—		232		432
	Premiums	4		—		—		—		—		—		—		4
	Universal life and investment-type product policy fees	—		—		—		—		—		—		—		—
	Net investment income	(14)		2		(137)		(42)		(96)		—		(41)		(328)
	Other revenues	—		(19)		—		—		—		—		40		21
Expenses:
	Policyholder benefits and claims and policyholder dividends	(1)		(24)		44		(67)		—		—		16		(32)
	Policyholder liability remeasurement (gains) losses	—		—		—		—		—		—		—		—
	Market risk benefit remeasurement gains (losses)	—		(29)		(1)		—		1		—		(270)		(299)
	Interest credited to PABs	—		—		142		(41)		96		—		(27)		170
	Capitalization of DAC	—		—		—		—		—		—		—		—
	Amortization of DAC, VOBA and negative VOBA	—		—		—		—		—		—		—		—
	Interest expense on debt	—		—		—		—		—		—		—		—
	Other expenses	(3)		(35)		—		2		(1)		(4)		(28)		(69)
	Goodwill impairment	—		—		—		—		—		—		—		—
	Provision for income tax (expense) benefit	20		80		(135)		(2)		7		10		43		23
Adjusted earnings		$	370	$	406	$	372	$	219	$	83	$	28	$	(63)	$	1,415
Less: Preferred stock dividends		—		—		—		—		—		—		66		66
Adjusted earnings available to common shareholders		$	370	$	406	$	372	$	219	$	83	$	28	$	(129)	$	1,349

Adjusted earnings available to common shareholders on a constant currency basis (1)		$	370	$	406	$	372	$	251	$	86	$	28	$	(129)	$	1,384

Premiums, fees and other revenues		$	6,434	$	2,438	$	1,681	$	1,513	$	668	$	218	$	687	$	13,639
Less: adjustments to premiums, fees and other revenues		4		(19)		—		—		—		—		40		25
Adjusted premiums, fees and other revenues		$	6,430	$	2,457	$	1,681	$	1,513	$	668	$	218	$	647	$	13,614

Adjusted premiums, fees and other revenues on a constant currency basis (1)		$	6,430	$	2,457	$	1,662	$	1,704	$	695	$	218	$	647	$	13,813

(1)Amounts for Group Benefits, RIS, MIM and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.

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Consolidated Results — Adjusted Earnings Available to Common Shareholders

Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $569 million, or 4%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $370 million, or 3%, compared to the prior period, primarily due to strong sales and solid persistency in the Latin America segment, growth in both voluntary and core products in the Group Benefits segment, growth across the region in the EMEA segment, and the PineBridge acquisition that was completed in December 2025 in the MIM segment, partially offset by a decline in Corporate & Other from business run-off.


	Three Months Ended March 31,
		2026		2025
		(In millions)
Group Benefits		$	439	$	370
RIS		451		406
Asia		487		372
Latin America		229		219
EMEA		110		83
MIM		47		28
Corporate & Other		(177)		(129)
Adjusted earnings available to common shareholders		$	1,586	$	1,349

Adjusted earnings available to common shareholders on a constant currency basis		$	1,586	$	1,384

Adjusted premiums, fees and other revenues		$	14,183	$	13,614
Adjusted premiums, fees and other revenues on a constant currency basis		$	14,183	$	13,813

Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings Available to Common Shareholders - Increased $237 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - Increased adjusted earnings available to common shareholders by $35 million, primarily in the Latin America segment

Strategic Transactions - Decreased adjusted earnings available to common shareholders by $33 million, primarily as a result of reinsurance transactions in Corporate & Other that closed in December 2025

Market Factors - Increased adjusted earnings available to common shareholders by $102 million:

Variable investment income increased - higher returns on private equity funds, partially offset by lower returns on real estate funds

Partially offset by:

Interest credited expenses increased - higher average interest crediting rates on investment-type and certain insurance products in the Asia segment, partially offset by lower average interest crediting rates on investment-type products in the Latin America segment

Volume Growth - Increased adjusted earnings available to common shareholders by $70 million:

Higher average invested assets, primarily in the Asia and Latin America segments
Higher sales and business growth in the EMEA, Asia and Group Benefits segments

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Partially offset by:

Increase in interest credited expenses on investment-type and certain insurance products, primarily in the Asia segment

Underwriting and Other Insurance Adjustments - Increased adjusted earnings available to common shareholders by $40 million:

Favorable mortality results, primarily in the Group Benefits segment

Largely offset by:

Unfavorable change from refinements to certain insurance liabilities in both periods
Unfavorable morbidity results, primarily in the Group Benefits segment

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Segment Results and Corporate & Other

Group Benefits

Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $109 million, or 2%, compared to the prior period, primarily driven by growth in both voluntary and core products, partially offset by a decrease in premiums related to our participating contracts, which can fluctuate with claims experience.


	Three Months Ended March 31,
		2026		2025
		(In millions)

















Adjusted earnings		$	439	$	370

Adjusted premiums, fees and other revenues		$	6,539	$	6,430

Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Increased $69 million primarily due to the following business drivers:

Volume Growth - Increased adjusted earnings by $15 million:

Growth in both voluntary and core products

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $42 million:

Favorable mortality - primarily due to favorable prior period development, as well as lower claims incidence and severity in the life business in the current period

Partially offset by:

Unfavorable morbidity - primarily due to higher claims incidence and severity in the disability business and unfavorable prior period development in the accident & health business, partially offset by favorable rate actions within the dental business
Unfavorable change from refinements to certain insurance liabilities in the prior period

Expenses - Increased adjusted earnings by $15 million:

Higher commissions and direct expenses, partially offset by lower legal plan utilization, were more than offset by a corresponding increase in adjusted premiums, fees and other revenues

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Retirement & Income Solutions

Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 decreased $67 million, or 3%, compared to the prior period. The decrease was primarily due to lower premiums from our pension risk transfer business, substantially offset by growth in our United Kingdom (“U.K.”) funded reinsurance, U.K. longevity reinsurance, postretirement benefit, and structured settlement businesses. Changes in premiums were largely offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance.


	Three Months Ended March 31,
		2026		2025
		(In millions)

















Adjusted earnings		$	451	$	406

Adjusted premiums, fees and other revenues		$	2,390	$	2,457

Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Increased $45 million primarily due to the following business drivers:

Market Factors - Increased adjusted earnings by $34 million:

Variable investment income increased - higher returns on private equity funds, partially offset by lower returns on real estate funds
Recurring investment income increased - positive flows from pension risk transfer transactions and funding agreement issuances, higher yields on fixed income securities and higher income on real estate investments, partially offset by the impact from a reinsurance transaction

Partially offset by:

Interest credited expenses increased - growth in certain insurance products and investment-type products, partially offset by the impact from a reinsurance transaction and lower average interest crediting rates on investment-type products

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $11 million:

Favorable mortality - mainly in pension risk transfer and benefit funding solutions businesses

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Asia

Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $57 million, or 3%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $76 million, or 5%, compared to the prior period, as increases in premiums in life products in Korea and Australia, and higher fee income from Japan’s yen-denominated life and foreign currency annuity products, were partially offset by lower fee income from Japan’s foreign currency-denominated life products.


	Three Months Ended March 31,
		2026		2025
		(In millions)

















Adjusted earnings		$	487	$	372

Adjusted earnings on a constant currency basis		$	487	$	372

Adjusted premiums, fees and other revenues		$	1,738	$	1,681
Adjusted premiums, fees and other revenues on a constant currency basis		$	1,738	$	1,662

Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025

Adjusted Earnings - Increased $115 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - No change to adjusted earnings

Market Factors - Increased adjusted earnings by $81 million:

Variable investment income increased - higher returns on private equity funds
Recurring investment income increased - higher yields on fixed income securities

Partially offset by:

Interest credited expenses increased - higher average interest crediting rates on investment-type and certain insurance products

Volume Growth - Increased adjusted earnings by $19 million:

Higher sales and business growth across the region, driven by higher fee income and higher positive net flows, which resulted in higher average invested assets

Largely offset by:

Increase in interest credited expenses on investment-type and certain insurance products

Expenses - Increased adjusted earnings by $12 million:

Lower direct expenses

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Latin America

Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $384 million, or 25%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $193 million, or 11%, compared to the prior period, mainly driven by strong sales and solid persistency across the region.


	Three Months Ended March 31,
		2026		2025
		(In millions)


















Adjusted earnings		$	229	$	219

Adjusted earnings on a constant currency basis		$	229	$	251

Adjusted premiums, fees and other revenues		$	1,897	$	1,513
Adjusted premiums, fees and other revenues on a constant currency basis		$	1,897	$	1,704

Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025

Adjusted Earnings - Increased $10 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - Increased adjusted earnings by $32 million

Mexican and Chilean peso strengthened against the U.S. dollar

Market Factors - Decreased adjusted earnings by $14 million:

Recurring investment income decreased - lower yields on fixed income securities and lower returns on our Chilean encaje within fair value option (“FVO”) securities, driven by a decrease in bond index returns
Other revenues decreased - settlement of foreign currency hedges

Largely offset by:

Interest credited expenses decreased - lower average interest crediting rates on investment-type products

Volume Growth - Increased adjusted earnings by $14 million:

Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets
Higher sales and higher average invested assets primarily in Mexico

Partially offset by:

Increase in interest credited expenses on investment-type and certain insurance products

Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $11 million:

Unfavorable impact related to higher value-added tax in Mexico

Partially offset by:

Favorable mortality - lower claim experience and higher fees primarily in Mexico

Expenses - Increased adjusted earnings by $5 million:

An increase in adjusted premiums, fees and other revenues combined with a favorable change in certain other expenses, primarily in Mexico and Brazil

Taxes - Decreased adjusted earnings by $15 million:

Income tax refund in Chile in the prior period
Tax adjustments in both periods - recurring tax item related to inflation primarily in Chile

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EMEA

Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $129 million, or 19%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $102 million, or 15%, compared to the prior period primarily due to increases in our (i) accident & health, variable life and ordinary life businesses across the region, (ii) corporate solutions business in the U.K., the Gulf and Egypt, and (iii) credit life and pension businesses in Turkey and Romania.


	Three Months Ended March 31,
		2026		2025
		(In millions)


















Adjusted earnings		$	110	$	83

Adjusted earnings on a constant currency basis		$	110	$	86

Adjusted premiums, fees and other revenues		$	797	$	668
Adjusted premiums, fees and other revenues on a constant currency basis		$	797	$	695

Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025

Adjusted Earnings - Increased $27 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - Increased adjusted earnings by $3 million:

Euro and British pound strengthened against the U.S. dollar

Largely offset by:

Turkish lira weakened against the U.S. dollar

Market Factors - Increased adjusted earnings by $5 million:

Recurring investment income increased - higher yields on fixed income securities

Volume Growth - Increased adjusted earnings by $24 million:

Increase in sales and business growth:

◦Accident & health, variable life and ordinary life businesses across the region

◦Credit life and pension businesses in Turkey and Romania

◦Corporate solutions business in the Gulf and Egypt

Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $11 million:

Unfavorable underwriting experience across the region

Partially offset by:

Favorable change from refinements to certain insurance liabilities in the current period

Expenses - Increased adjusted earnings by $2 million:

An increase in adjusted premiums, fees and other revenues exceeded the corresponding increase in expenses

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MetLife Investment Management

Business Overview. Other revenues for the three months ended March 31, 2026 increased $96 million, or 44%, compared to the prior period, primarily as a result of the PineBridge acquisition that was completed in December 2025, which increased Institutional Client AUM. Organic business growth across public fixed income and private fixed income also contributed to the increase in Institutional Client revenues.


	Three Months Ended March 31,
		2026		2025
		(In millions)
Adjusted earnings		$	47	$	28

Other revenues by client segment:
Institutional Client		$	172	$	77
General Account		142		141
Other revenues		$	314	$	218

Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Increased $19 million primarily due to the following business drivers:

Volume Growth

PineBridge acquisition that was completed in December 2025
Higher Institutional Client revenues - higher Institutional Client AUM from organic business growth across public fixed income and private fixed income

Operating Margin Expansion

Primarily due to expense management

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Corporate & Other


	Three Months Ended March 31,
		2026		2025
		(In millions)



















Adjusted earnings available to common shareholders		$	(177)	$	(129)

Adjusted premiums, fees and other revenues		$	508	$	647

Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings Available to Common Shareholders - Decreased $48 million primarily due to the following business drivers:

Strategic Transactions - Decreased adjusted earnings available to common shareholders by $33 million as a result of reinsurance transactions that closed in December 2025

Market Factors - Decreased adjusted earnings available to common shareholders by $1 million:

Recurring investment income decreased - lower average invested assets due to business run-off, lower returns on FVO securities and lower yields on fixed income securities

Largely offset by:

Variable investment income increased - higher returns on private equity funds, partially offset by lower returns on real estate funds

Volume Growth - Decreased adjusted earnings available to common shareholders by $6 million:

Decline due to business run-off

Underwriting and Other Insurance Adjustments - Increased adjusted earnings available to common shareholders by $4 million:

Lower dividend expense due to business run-off

Substantially offset by:

Unfavorable claims experience in our long-term care business
Unfavorable reserve refinements in the current period

Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $5 million:

Subordinated debt securities issuances in March 2025 and February 2026
Senior note issuances in June 2025

Partially offset by:

Senior note repayments at maturity in March 2025 and November 2025
Decreased interest expense on surplus notes

Other Expenses - Decreased adjusted earnings available to common shareholders by $29 million:

Higher corporate-related and employee-related expenses

Partially offset by:

Lower expenses consistent with business run-off

Preferred Stock Dividends - Increased adjusted earnings available to common shareholders by $21 million:

Redemption of Series G preferred stock in September 2025

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Investments

Overview

We maintain a diversified global general account investment portfolio to support our mix of liabilities in our global businesses. We position our portfolio based on relative value and our view of the economy and financial markets. We maintain our focus on the appropriate level of diversification and asset quality.

We manage our investment portfolio using disciplined asset/liability management (“ALM”) principles, focusing on cash flow and duration to support our current and future liabilities. Our intent is to match the timing and amount of liability cash outflows with invested assets that have cash inflows of comparable timing and amount, while optimizing risk-adjusted investment income and risk-adjusted total return. Our investment portfolio is heavily weighted toward fixed income investments, with most of our portfolio invested in fixed maturity securities available-for-sale (“AFS”) and mortgage loans. These securities and loans have varying maturities and other characteristics which cause them to be generally well suited for matching the cash flow and duration of insurance liabilities.

Invested Assets and Cash and Cash Equivalents Subject to Ceded Reinsurance

The Company maintains invested assets and cash and cash equivalents that are subject to ceded reinsurance arrangements with third parties and joint ventures. “Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents. Reinsurance activity, unless otherwise stated, has been excluded from the amounts within the Investments section of Management’s Discussion and Analysis of Financial Condition and Results of Operations. See Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements and Note 9 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for more information about Reinsurance activity and reinsurance, respectively.

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The following table presents the carrying value of invested assets and cash and cash equivalents subject to ceded reinsurance at:


	March 31, 2026		December 31, 2025
	(In millions)
Fixed maturity securities AFS:
U.S. corporate	$	5,692	$	4,911
Foreign corporate	2,331		2,329
Foreign government	798		720
Residential mortgage-backed securities (“RMBS”)	2,438		2,987
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)	2,795		2,139
Commercial mortgage-backed securities (“CMBS”)	740		812
Municipals	468		486
U.S. government and agency	2,745		3,816
Total fixed maturity securities AFS	18,007		18,200
Equity securities	123		105
Mortgage loans:
Agricultural	897		910
Commercial	792		829
Residential	821		720
Total mortgage loans	2,510		2,459
Policy loans	358		—
Real estate and real estate joint ventures (“REJVs”)	80		9
Other limited partnership interests (“OLPI”)	309		205
Other invested assets - derivatives	124		25
Other invested assets - other	109		114
Short-term investments, cash and cash equivalents	1,029		1,314
Total invested assets and cash and cash equivalents subject to ceded reinsurance	$	22,649	$	22,431

Mortgage Loans Originated for Third Parties

The Company originates and acquires mortgage loans and, in certain cases, transfers proportional rights to cash flows from certain mortgage loans to third parties under participation agreements, which are recorded as secured borrowings. “Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets. Third-party mortgage loan activity, unless otherwise stated, has been excluded from the amounts within the Investments section of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following table presents the information of mortgage loan assets originated and acquired and transferred to third parties:


	March 31, 2026		December 31, 2025
Portfolio Segment	Carrying Value
	(In millions)
Commercial	$	5,570	$	6,017
Agricultural	356		350
Total mortgage loan assets originated and acquired and transferred to third parties	$	5,926	$	6,367

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Current Environment

As a global financial services company, we continue to be impacted by the changing global financial and economic environment, the fiscal and monetary policy of governments and central banks around the world and other governmental measures. Global inflation, supply chain disruptions and acts of war continue to impact the global economy and financial markets and have caused volatility in the global equity, credit and real estate markets. See “— Industry Trends — Financial and Economic Environment” for further information regarding conditions in the global financial markets and the economy generally which may affect us. These factors may persist for some time and may continue to impact pricing levels of risk-bearing investments, as well as our business operations, investment portfolio and derivatives. See “— Results of Operations — Consolidated Results” and “— Results of Operations — Consolidated Results — Adjusted Earnings Available to Common Shareholders” for impacts on our derivatives and analysis of the period over period changes in investment portfolio results and “Investments — Fixed Maturity Securities AFS — Evaluation of Fixed Maturity Securities AFS for Credit Loss — Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position” in Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for impacts on the net unrealized gain (loss) on our fixed maturity securities AFS.

Selected Country Investments

We have a market presence in numerous countries and, therefore, our investment portfolio, which supports our insurance operations and related policyholder liabilities, as well as our global portfolio diversification objectives, is exposed to risks posed by local political and economic conditions. The countries included in the following table have been the most affected by these risks. The table below presents a summary of selected country fixed maturity securities AFS, at estimated fair value, on a “country of risk basis” (i.e., where the issuer primarily conducts business).


	Selected Country Fixed Maturity Securities AFS at March 31, 2026
Country	Sovereign (1)			Non-Financial Services			Total (2)
	(Dollars in millions)






Ukraine	$	18		$	2		$	20
Russian Federation	14			—			14

Total	$	32		$	2		$	34
Investment grade %	—		%	—		%	—		%

(1)Sovereign includes government and agency.

(2)The par value and amortized cost, net of ACL, of these securities were $66 million and $35 million, respectively, at March 31, 2026.

We manage direct and indirect investment exposure in the selected countries through fundamental analysis and we continually monitor and adjust our level of investment exposure. We do not expect that our general account investments in these countries will have a material adverse effect on our results of operations or financial condition.

Investment Portfolio Results

See “— Overview” for a discussion of our investment portfolio and a summary of how we manage our investment portfolio. Below is a reconciliation of net investment income under GAAP to adjusted net investment income and our yield table. The yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.

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Reconciliation of Net Investment Income under GAAP to Adjusted Net Investment Income


	Three Months Ended March 31,
	2026		2025
	(In millions)
Net investment income — GAAP	$	5,355	$	4,885
Investment hedge adjustments	84		103
Unit-linked investment income	318		227
Reinsurance activity	(301)		(43)
Depreciation of wholly-owned real estate and REJVs	61
Other	(18)		41
Adjusted net investment income (1)	$	5,499	$	5,213

(1)See “Financial Measure and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for a discussion of the adjustments made to net investment income under GAAP in calculating adjusted net investment income.

Yield Table


	Three Months Ended March 31,
	2026				2025
Asset Class	Yield % (1)		Amount		Yield % (1)		Amount
	(Dollars in millions)
Fixed maturity securities (2), (3)	4.50	%	$	3,491	4.36	%	$	3,259
Mortgage loans (3)	5.19		979		5.21		1,056
Real estate and REJVs	3.64		120		4.01		134
Policy loans	5.67		109		5.38		107
Equity securities	4.36		6		6.16		9
OLPI	11.75		436		6.22		222
Cash and short-term investments	4.04		206		4.42		224
Other invested assets	—		341		—		365
Investment income	5.03		5,688		4.82		5,376
Investment fees and expenses	(0.17)		(189)		(0.15)		(162)
Net investment income including divested businesses (4)	4.86	%	5,499		4.67	%	5,214
Less: net investment income from divested businesses (4)			—				1
Adjusted net investment income			$	5,499			$	5,213

(1)We calculate annualized yields using adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Third-party mortgage loan activity, Reinsurance activity collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and FVO securities held by collateralized financing entities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

(2)Fixed maturity securities in the yield table includes FVO securities; accordingly, investment income (loss) from fixed maturity securities includes amounts from FVO securities of ($30) million and ($20) million for the three months ended March 31, 2026 and 2025, respectively. Asset carrying values of FVO securities are included in the calculation of average quarterly fixed maturity securities asset carrying values in the yield calculation.

(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

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(4)See “Financial Measure and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for discussion of divested businesses.

See “— Results of Operations — Consolidated Results — Adjusted Earnings Available to Common Shareholders” for an analysis of the period over period changes in investment portfolio results.

Net Investment Gains (Losses)

We purchase investments to support our insurance liabilities and not to generate net investment gains and losses. However, net investment gains and losses are incurred and can change significantly from period to period due to changes in external influences, including changes in market factors such as interest rates, foreign currency exchange rates, credit spreads and equity markets; counterparty specific factors such as financial performance, credit rating and collateral valuation; and internal factors such as portfolio rebalancing. Changes in these factors from period to period can significantly impact the levels of provision for credit loss and impairments on our investment portfolio, as well as realized gains and losses on investments sold.

See “— Results of Operations — Consolidated Results” for an analysis of the period-over-period changes in realized gains (losses) on investments sold, provision (release) for credit loss and impairments and non-investment portfolio gains (losses).

Fixed Maturity Securities AFS and Equity Securities

The following table presents public and private fixed maturity securities AFS and equity securities held at:


	March 31, 2026					December 31, 2025
Securities by Type	Estimated Fair Value			% of Total		Estimated Fair Value			% of Total
	(Dollars in millions)
Fixed maturity securities AFS
Publicly traded	$	213,071		71.5	%	$	213,182		71.6	%
Privately-placed	85,032			28.5		84,549			28.4
Total fixed maturity securities AFS, excluding Reinsurance activity	$	298,103		100.0	%	$	297,731		100.0	%
Reinsurance activity	18,007					18,200
Total fixed maturity securities AFS	$	316,110				$	315,931
Percentage of cash and invested assets, excluding Reinsurance activity	63.0		%			63.1		%
Equity securities
Publicly traded	$	580		72.1	%	$	543		72.1	%
Privately-held	224			27.9		210			27.9
Total equity securities, excluding Reinsurance activity	$	804		100.0	%	$	753		100.0	%
Reinsurance activity	123					105
Total equity securities	$	927				$	858
Percentage of cash and invested assets, excluding Reinsurance activity	0.2		%			0.2		%

See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information about fixed maturity securities AFS by sector, contractual maturities, continuous gross unrealized losses and equity securities by security type and the related cost, net unrealized gains (losses) and estimated fair value of these securities; as well as realized gains (losses) on sales and disposals and unrealized net gains (losses) recognized in earnings.

Included within fixed maturity securities AFS are structured securities, including RMBS, ABS & CLO, and CMBS (collectively, “Structured Products”). See “— Structured Products” for further information.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Valuation of Securities” included in the 2025 Annual Report for further information on the processes used to value securities and the related controls.

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Fair Value of Fixed Maturity Securities AFS and Equity Securities

Fixed maturity securities AFS and equity securities measured at estimated fair value on a recurring basis and their corresponding fair value pricing sources were as follows:


	March 31, 2026
Level	Fixed Maturity Securities AFS				Equity Securities
	(Dollars in millions)
Level 1
Quoted prices in active markets for identical assets	$	14,782	5.0	%	$	436	54.2	%
Level 2
Independent pricing sources	$	250,749	84.1	%	$	140	17.4	%
Internal matrix pricing or discounted cash flow techniques	—		—		3		0.4
Significant other observable inputs	$	250,749	84.1	%	$	143	17.8	%
Level 3
Independent pricing sources	$	31,098	10.4	%	$	108	13.4	%
Internal matrix pricing or discounted cash flow techniques	1,055		0.4		110		13.7
Independent broker quotations	419		0.1		7		0.9
Significant unobservable inputs	$	32,572	10.9	%	$	225	28.0	%
Total fixed maturity securities AFS and equity securities at estimated fair value, excluding Reinsurance activity	$	298,103	100.0	%	$	804	100.0	%
Reinsurance activity	18,007				123
Total fixed maturity securities AFS and equity securities at estimated fair value	$	316,110			$	927

See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for the fixed maturity securities AFS and equity securities fair value hierarchy; a rollforward of the fair value measurements for securities measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs; transfers into and/or out of Level 3; and further information about the valuation approaches and inputs by level by major classes of invested assets that affect the amounts reported above.

The majority of the Level 3 fixed maturity securities AFS and equity securities were concentrated in four sectors at March 31, 2026: foreign corporate securities, U.S. corporate securities, RMBS and ABS & CLO. During the three months ended March 31, 2026, Level 3 fixed maturity securities AFS increased by $1.3 billion, or 4.2%. The increase was driven by purchases in excess of sales, offset by transfers out of Level 3 in excess of transfers into Level 3 and a decrease in estimated fair value recognized in other comprehensive income (loss).

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Valuation of Securities” included in the 2025 Annual Report for further information on the estimates and assumptions that affect the amounts reported above.

Fixed Maturity Securities AFS

See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information about fixed maturity securities AFS by sector, contractual maturities and continuous gross unrealized losses.

Fixed Maturity Securities AFS Credit Quality — Ratings

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Fixed Maturity Securities AFS Credit Quality — Ratings” included in the 2025 Annual Report for a discussion of the credit quality ratings assigned by Nationally Recognized Statistical Rating Organizations (“NRSRO”), credit quality designations and designation categories assigned by the Securities Valuation Office of the National Association of Insurance Commissioners (“NAIC”) for fixed maturity securities AFS and modeling methodologies adopted by the NAIC for non-agency RMBS and CMBS that estimate security level expected losses under a variety of economic scenarios.

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NRSRO ratings and NAIC designations are as of the dates shown below. Over time, credit ratings and designations can migrate, up or down, through the NRSRO’s and NAIC’s continuous monitoring process. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.

The following table presents total fixed maturity securities AFS by NRSRO rating, except for non-agency RMBS and CMBS, which are presented using NAIC designations for modeled securities. In addition, in the following table, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided.


				March 31, 2026																December 31, 2025
NRSRO Rating	NAIC Designation			Amortized Cost net of ACL				Unrealized Gains (Losses)				Estimated Fair Value				% of Total				Amortized Cost net of ACL				Unrealized Gains (Losses)				Estimated Fair Value				% of Total
				(Dollars in millions)
Aaa/Aa/A	1			$	226,323			$	(21,960)			$	204,363			68.6	%			$	222,728			$	(18,870)			$	203,858			68.5	%
Baa	2			84,700				(2,739)				81,961				27.5				83,314				(1,437)				81,877				27.5
Subtotal investment grade		311,023				(24,699)				286,324				96.1				306,042				(20,307)				285,735				96.0
Ba	3			8,176				(73)				8,103				2.7				8,212				61				8,273				2.8
B	4			3,342				(91)				3,251				1.1				3,460				(81)				3,379				1.1
Caa and lower	5			299				—				299				0.1				284				(35)				249				0.1
In or near default	6			146				(20)				126				—				110				(15)				95				—
Subtotal below investment grade		11,963				(184)				11,779				3.9				12,066				(70)				11,996				4.0
Total fixed maturity securities AFS, excluding Reinsurance activity		$	322,986			$	(24,883)			$	298,103			100.0	%			$	318,108			$	(20,377)			$	297,731			100.0	%
Reinsurance activity		18,932				(925)				18,007								18,844				(644)				18,200
Total fixed maturity securities AFS		$	341,918			$	(25,808)			$	316,110							$	336,952			$	(21,021)			$	315,931

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The following tables present total fixed maturity securities AFS, at estimated fair value, by sector and by NRSRO rating, except for non-agency RMBS and CMBS, which are presented using NAIC designations for modeled securities. In addition, in the following table, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided.


	Fixed Maturity Securities AFS — by Sector & Credit Quality Rating
NRSRO Rating	Aaa/Aa/A			Baa			Ba			B			Caa and Lower			In or Near Default			Total Estimated Fair Value
NAIC Designation	1			2			3			4			5			6
	(Dollars in millions)
March 31, 2026
U.S. corporate	$	43,934		$	34,859		$	2,951		$	1,364		$	128		$	43		$	83,279
Foreign corporate	19,541			34,758			2,849			439			91			49			57,727
RMBS	41,655			1,312			122			19			3			4			43,115
Foreign government	28,715			7,163			1,896			1,424			32			19			39,249
U.S. government and agency	32,889			315			—			—			—			—			33,204
ABS & CLO	18,882			3,059			261			5			32			2			22,241
Municipals	9,941			398			24			—			—			—			10,363
CMBS	8,806			97			—			—			13			9			8,925
Total fixed maturity securities AFS, excluding Reinsurance activity	$	204,363		$	81,961		$	8,103		$	3,251		$	299		$	126		$	298,103
Percentage of total	68.6		%	27.5		%	2.7		%	1.1		%	0.1		%	—		%	100.0		%
Reinsurance activity	12,264			5,404			258			23			53			5			18,007
Total fixed maturity securities AFS	$	216,627		$	87,365		$	8,361		$	3,274		$	352		$	131		$	316,110
December 31, 2025
U.S. corporate	$	43,731		$	34,802		$	2,930		$	1,451		$	88		$	46		$	83,048
Foreign corporate	19,541			35,132			3,038			470			71			8			58,260
RMBS	40,736			1,502			166			19			4			4			42,431
Foreign government	30,069			6,679			1,828			1,398			34			20			40,028
U.S. government and agency	33,387			319			—			—			—			—			33,706
ABS & CLO	17,455			2,944			285			41			31			1			20,757
Municipals	10,161			392			26			—			—			—			10,579
CMBS	8,778			107			—			—			21			16			8,922
Total fixed maturity securities AFS, excluding Reinsurance activity	$	203,858		$	81,877		$	8,273		$	3,379		$	249		$	95		$	297,731
Percentage of total	68.5		%	27.5		%	2.8		%	1.1		%	0.1		%	—		%	100.0		%
Reinsurance activity	13,134			4,684			206			96			80			—			18,200
Total fixed maturity securities AFS	$	216,992		$	86,561		$	8,479		$	3,475		$	329		$	95		$	315,931

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U.S. and Foreign Corporate Fixed Maturity Securities AFS

We maintain a broadly diversified portfolio of corporate fixed maturity securities AFS across many industries and issuers. This portfolio did not have any exposure to any single issuer in excess of 1% of total investments at either March 31, 2026 or December 31, 2025. The top 10 holdings comprised 1% of total investments at both March 31, 2026 and December 31, 2025. The table below presents our U.S. and foreign corporate securities portfolios by industry at:


	March 31, 2026				December 31, 2025
Industry	Estimated Fair Value		% of Total		Estimated Fair Value		% of Total
	(Dollars in millions)
Finance	$	32,979	23.4	%	$	33,265	23.5	%
Consumer (cyclical and non-cyclical)	28,291		20.1		28,297		20.0
Utility	26,837		19.0		26,853		19.0
Industrial (basic, capital goods and other)	14,700		10.4		15,085		10.7
Transportation	13,486		9.6		13,572		9.6
Communications	9,618		6.8		9,651		6.8
Energy	8,414		6.0		8,160		5.8
Technology	5,073		3.6		4,907		3.5
Other	1,608		1.1		1,518		1.1
Total U.S. and foreign corporate fixed maturity securities AFS, excluding Reinsurance activity	$	141,006	100.0	%	$	141,308	100.0	%
Reinsurance activity	8,022				7,240
Total U.S. and foreign corporate fixed maturity securities AFS	$	149,028			$	148,548

Structured Products

Our investments in Structured Products are collateralized by residential mortgages, commercial mortgages, bank loans and other assets. Our investment selection criteria and monitoring include review of credit ratings, characteristics of the assets underlying the securities, borrower characteristics and the level of credit enhancement. We held $74.3 billion and $72.1 billion of Structured Products at estimated fair value, at March 31, 2026 and December 31, 2025, respectively, as presented in the RMBS, ABS & CLO, and CMBS sections below.

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RMBS

Our RMBS portfolio is broadly diversified by security type and risk profile. The following table presents our RMBS portfolio by security type, risk profile and ratings profile at:


	March 31, 2026						December 31, 2025
	Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)		Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)
	(Dollars in millions)
Security type
Collateralized mortgage obligations	$	26,118	60.6	%	$	(646)	$	25,704	60.6	%	$	(468)
Pass-through mortgage-backed securities	16,997		39.4		(763)		16,727		39.4		(669)
Total RMBS, excluding Reinsurance activity	$	43,115	100.0	%	$	(1,409)	$	42,431	100.0	%	$	(1,137)
Reinsurance activity	2,438				(36)		2,987				(11)
Total RMBS	$	45,553			$	(1,445)	$	45,418			$	(1,148)
Risk profile
Agency	$	27,027	62.7	%	$	(1,187)	$	27,064	63.8	%	$	(972)
Non-Agency
Prime and prime investor	8,856		20.5		(165)		8,303		19.6		(119)
Nonqualified residential mortgage ("NQM") and alternative residential mortgage loans ("Alt-A")	1,896		4.4		11		1,780		4.2		11
Reperforming and sub-prime	3,279		7.6		(70)		3,355		7.9		(67)
Other (1)	2,057		4.8		2		1,929		4.5		10
Subtotal Non-Agency	16,088		37.3	%	(222)		15,367		36.2	%	(165)
Total RMBS, excluding Reinsurance activity	$	43,115	100.0	%	$	(1,409)	$	42,431	100.0	%	$	(1,137)
Reinsurance activity	2,438				(36)		2,987				(11)
Total RMBS	$	45,553			$	(1,445)	$	45,418			$	(1,148)
Ratings profile
Rated Aaa and Aa	$	38,438	89.2	%			$	37,374	88.1	%
Designated NAIC 1	$	41,655	96.6	%			$	40,736	96.0	%

(1)Other Non-Agency RMBS are broadly diversified across several subsectors and issuers, including securities collateralized by the following mortgage loan types: single family rental, early buyout securitization and small business commercial.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Structured Products — RMBS” included in the 2025 Annual Report for further information about collateralized mortgage obligations and pass-through mortgage-backed securities, as well as agency, prime, prime investor, NQM, Alt-A, reperforming and sub-prime mortgage-backed securities.

We manage our exposure to reperforming and sub-prime RMBS holdings by focusing primarily on senior tranche securities, stress testing the portfolio with severe loss assumptions and closely monitoring the performance of the portfolio. Our reperforming RMBS are generally newer vintage securities and higher quality at purchase, and most are investment grade under NAIC designations (e.g., NAIC 1 and NAIC 2). Our sub-prime RMBS portfolio consists predominantly of securities that were purchased at significant discounts to par value and discounts to the expected principal recovery value of these securities, and most are investment grade under NAIC designations.

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ABS & CLO

Our non-mortgage loan-backed structured securities are comprised of two broad categories of securitizations: ABS and CLO. These portfolios are broadly diversified by collateral type and issuer. The following table presents our ABS & CLO portfolios by collateral type and ratings profile at:


	March 31, 2026						December 31, 2025
	Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)		Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)
	(Dollars in millions)
ABS
Collateral type
Digital infrastructure	$	2,400	10.8	%	$	(21)	$	2,070	10.0	%	$	(8)
Consumer loans	1,106		5.0		(5)		1,203		5.8		(2)
Student loans	1,068		4.8		(23)		896		4.3		(19)
Vehicle and equipment loans	989		4.4		6		886		4.3		8
Credit card	945		4.2		10		855		4.1		15

Franchise	736		3.3		(28)		739		3.6		(16)
Other (1)	7,798		35.1		(215)		7,103		34.2		(123)
Total	15,042		67.6	%	(276)		13,752		66.3	%	(145)
CLO (2)	7,199		32.4	%	(14)		7,005		33.7	%	8
Total ABS & CLO, excluding Reinsurance activity	$	22,241	100.0	%	$	(290)	$	20,757	100.0	%	$	(137)
Reinsurance activity	2,795				(15)		2,140				12
Total ABS & CLO	$	25,036			$	(305)	$	22,897			$	(125)
ABS ratings profile
Rated Aaa and Aa	$	4,469	29.7	%			$	3,781	27.5	%
Designated NAIC 1	$	12,159	80.8	%			$	10,945	79.6	%
CLO ratings profile
Rated Aaa and Aa	$	5,235	72.7	%			$	5,137	73.3	%
Designated NAIC 1	$	6,729	93.5	%			$	6,555	93.6	%
ABS & CLO ratings profile
Rated Aaa and Aa	$	9,704	43.6	%			$	8,918	43.0	%
Designated NAIC 1	$	18,888	84.9	%			$	17,500	84.3	%

(1)Other ABS are broadly diversified across several subsectors and issuers, including securities with the following collateral types: foreign residential loans, transportation equipment and renewable energy.

(2)Includes primarily securities collateralized by broadly syndicated bank loans.

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CMBS

Our CMBS portfolio is comprised primarily of conduit, single asset and single borrower securities. Conduit securities are collateralized by many commercial mortgage loans and are broadly diversified by property type, borrower and geography. The following tables present our CMBS portfolio by collateral type and ratings profile at:


	March 31, 2026						December 31, 2025
	Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)		Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)
	(Dollars in millions)
Collateral type
Conduit	$	4,324	48.4	%	$	(157)	$	4,314	48.4	%	$	(124)
Single asset and single borrower	2,247		25.2		(32)		2,259		25.3		(35)
Agency	1,213		13.6		(109)		1,206		13.5		(100)
Commercial real estate collateralized loan obligations	179		2.0		1		150		1.7		1
Other	962		10.8		(14)		993		11.1		(4)
Total CMBS, excluding Reinsurance activity	$	8,925	100.0	%	$	(311)	$	8,922	100.0	%	$	(262)
Reinsurance activity	740				(8)		812				—
Total CMBS	$	9,665			$	(319)	$	9,734			$	(262)
Ratings profile
Rated Aaa and Aa	$	7,103	79.6	%			$	7,017	78.6	%
Designated NAIC 1	$	8,805	98.7	%			$	8,779	98.4	%

Evaluation of Fixed Maturity Securities AFS for Credit Loss, Rollforward of Allowance for Credit Loss and Credit Loss on Fixed Maturity Securities AFS Recognized in Earnings

See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information about the evaluation of fixed maturity securities AFS for credit loss, rollforward of the ACL, net credit loss provision (release) and impairment (losses), as well as realized gross gains (losses) on sales and disposals of fixed maturity securities AFS at and for the three months ended March 31, 2026.

Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs

We participate in securities lending transactions, repurchase agreements and third-party custodian administered programs with unaffiliated financial institutions in the normal course of business for the purpose of enhancing the total return on our investment portfolio.

Securities lending transactions and repurchase agreements: We account for these arrangements as secured borrowings and record a liability in the amount of the cash received. We obtain collateral, usually cash, from the borrower, which must be returned to the borrower when the securities are returned to us. Through these arrangements, we were liable for cash collateral under our control of $15.6 billion and $15.2 billion at March 31, 2026 and December 31, 2025, respectively, including a portion that may require the immediate return of cash collateral we hold. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements, as well as “Summary of Significant Accounting Policies — Investments — Securities Lending Transactions and Repurchase Agreements” in Note 1 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for further information about the secured borrowings accounting and the classification of revenues and expenses.

Third-party custodian administered programs: The estimated fair value of securities we own which are loaned in connection with these programs was $638 million and $640 million at March 31, 2026 and December 31, 2025, respectively. The estimated fair value of the related non-cash collateral on deposit with third-party custodians on our behalf, which is not reflected in our interim condensed consolidated financial statements and cannot be sold or re-pledged, was $660 million and $658 million at March 31, 2026 and December 31, 2025, respectively.

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Mortgage Loans

Our mortgage loan investments are principally collateralized by commercial, agricultural and residential properties. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements, as well as Note 1 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report, for further information.

Mortgage loans carried at amortized cost and the related ACL are summarized as follows at:


	March 31, 2026									December 31, 2025
Portfolio Segment		Amortized Cost		% of Total		ACL		ACL as % of Amortized Cost		Amortized Cost		% of Total		ACL		ACL as % of Amortized Cost
		(Dollars in millions)
Commercial		$	41,509	54.4	%	$	727	1.8	%	$	42,406	55.2	%	$	659	1.6	%
Agricultural		18,095		23.7		101		0.6	%	18,284		23.8		108		0.6	%
Residential		16,682		21.9		203		1.2	%	16,060		20.9		251		1.6	%
Mortgage loans held-for-sale		35		—		—		—	%	35		0.1		—		—	%
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity		$	76,321	100.0	%	$	1,031	1.4	%	$	76,785	100.0	%	$	1,018	1.3	%
Reinsurance activity		2,535				25				2,487				28
Third-party mortgage loan activity		6,083				157				6,514				147
Mortgage loans		$	84,939			$	1,213			$	85,786			$	1,193

We diversify our mortgage loan investments by both geographic region and property type to reduce the risk of concentration. Of our commercial and agricultural mortgage loans carried at amortized cost, 87% are collateralized by properties located in the U.S., with the remaining 13% collateralized by properties located primarily in Mexico, the U.K. and Chile at March 31, 2026. The carrying values of our commercial and agricultural mortgage loans collateralized by properties located in California, New York and Texas were 17%, 8% and 7%, respectively, of total commercial and agricultural mortgage loans at March 31, 2026. Additionally, we manage risk when originating commercial and agricultural mortgage loan investments by generally lending up to 75% of the estimated fair value of the underlying real estate collateral.

We manage our residential mortgage loans carried at amortized cost in a similar manner to reduce risk of concentration, with 91% collateralized by properties located in the U.S., and the remaining 9% collateralized by properties located in Chile, at March 31, 2026. The carrying values of our residential mortgage loans collateralized by properties located in California, Florida and New York were 33%, 11% and 7%, respectively, of total residential mortgage loans at March 31, 2026.

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Commercial Mortgage Loans by Geographic Region and Property Type. Commercial mortgage loans are the largest mortgage loan portfolio segment. The tables below present, at amortized cost, the diversification of these investments across geographic regions and property types:


	March 31, 2026				December 31, 2025
	Amount		% of Total		Amount		% of Total
	(Dollars in millions)
Region
Pacific	$	8,466	20.4	%	$	8,395	19.8	%
Non-U.S.	6,824		16.5		7,076		16.7
Middle Atlantic	5,385		13.0		5,699		13.4
South Atlantic	4,988		12.0		5,205		12.3
West South Central	3,122		7.5		3,260		7.7
Mountain	2,341		5.6		2,348		5.5
New England	2,248		5.4		2,249		5.3
East North Central	1,148		2.8		1,185		2.8
East South Central	430		1.0		451		1.1
West North Central	399		1.0		401		0.9
Multi-Region and Other	6,158		14.8		6,137		14.5
Total amortized cost, excluding Reinsurance activity and Third-party mortgage loan activity	$	41,509	100.0	%	$	42,406	100.0	%
Reinsurance activity	795				832
Third-party mortgage loan activity	5,725				6,162
Total amortized cost	$	48,029			$	49,400
Less: ACL	885				807
Carrying value, net of ACL	$	47,144			$	48,593
Property Type
Office (1)	$	15,474	37.3	%	$	16,088	38.0	%
Apartment (1)	7,895		19.0		7,669		18.1
Retail	5,975		14.4		6,013		14.2
Single Family Rental	4,160		10.0		4,221		9.9
Industrial (1)	3,353		8.1		3,611		8.5
Hotel	2,851		6.9		3,134		7.4
Warehouse Revolvers (1)	1,712		4.1		1,578		3.7
Other	89		0.2		92		0.2
Total amortized cost, excluding Reinsurance activity and Third-party mortgage loan activity	41,509		100.0	%	42,406		100.0	%
Reinsurance activity	795				832
Third-party mortgage loan activity	5,725				6,162
Total amortized cost	$	48,029			$	49,400
Less: ACL	885				807
Carrying value, net of ACL	$	47,144			$	48,593

(1)Certain amounts in prior periods are reclassified to conform to current period presentation.

Our commercial mortgage loan investments are well positioned with exposures concentrated in high quality underlying properties located in primary markets typically with institutional investors who are better positioned to manage their assets during periods of market volatility. Our portfolio is comprised primarily of lower risk loans with higher debt service coverage ratios (“DSCR”) and lower loan-to-value (“LTV”) ratios, as shown below.

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Credit Quality — Monitoring Process. We monitor our mortgage loan investments on an ongoing basis, including a review by credit quality indicator and by the performance indicators of current, past due, restructured and under foreclosure. See below for further information on mortgage loans by credit quality indicator. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for further information by performance indicator.

We review our commercial mortgage loan investments on an ongoing basis. These reviews may include an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. The monitoring process for agricultural mortgage loan investments is generally similar, with a focus on higher risk loans, such as loans with higher LTV ratios. Agricultural mortgage loan investments are reviewed on an ongoing basis which include property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, including reviews on a geographic and property-type basis. We review our residential mortgage loan investments on an ongoing basis, with a focus on higher risk loans, such as nonperforming loans. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information on our evaluation of residential mortgage loan investments and related ACL methodology.

LTV ratios and DSCR are common measures in the assessment of the quality of commercial mortgage loan investments. LTV ratios are a common measure in the assessment of the quality of agricultural mortgage loan investments. LTV ratios compare the amount of the loan to the estimated fair value of the underlying collateral. An LTV ratio greater than 100% indicates that the loan amount is greater than the collateral value. An LTV ratio of less than 100% indicates an excess of collateral value over the loan amount. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. For our commercial mortgage loans, our average LTV ratio was 68% at both March 31, 2026 and December 31, 2025, and our average DSCR was 2.1x at both March 31, 2026 and December 31, 2025. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of our ongoing review of our commercial mortgage loan investments. For our agricultural mortgage loans, our average LTV ratio was 45% and 46% at March 31, 2026 and December 31, 2025, respectively. The values utilized in calculating the LTV ratio of our agricultural mortgage loan investments are developed in connection with the ongoing review of our portfolio and are routinely updated.

The distribution of our commercial mortgage loan portfolios totaling $41.5 billion at amortized cost at March 31, 2026 by key credit quality indicators of LTV and DSCR was as follows:




	March 31, 2026
	DSCR
LTV	> 1.2x		1.0-1.2x		< 1.0x		Total
<65%	54.0	%	0.7	%	1.6	%	56.3	%
65% - 75%	11.9	%	2.1	%	1.5	%	15.5	%
76% - 80%	4.8	%	0.2	%	0.4	%	5.4	%
>80%	11.6	%	6.7	%	4.5	%	22.8	%
Total	82.3	%	9.7	%	8.0	%	100.0	%

The distribution of our agricultural mortgage loan portfolios totaling $18.1 billion at amortized cost at March 31, 2026 by the key credit quality indicator of LTV was as follows:





	March 31, 2026
LTV	Total
<65%	91.8	%
65% - 75%	6.9	%
76% - 80%	0.3	%
>80%	1.0	%
Total	100.0	%

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Mortgage Loan Allowance for Credit Loss. Our ACL is established for both pools of loans with similar risk characteristics and for mortgage loan investments with dissimilar risk characteristics, such as collateral dependent loans, individually and on a loan specific basis. We record an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loan investments that the Company does not expect to collect, resulting in mortgage loan investments being presented at the net amount expected to be collected.

In determining our ACL, management (i) pools mortgage loans that share similar risk characteristics, (ii) considers expected lifetime credit loss over contractual terms of mortgage loans, as adjusted for expected prepayments and any extensions, and (iii) considers past events and current and forecasted economic conditions. Actual credit loss realized could be different from the amount of the ACL recorded. These evaluations and assessments are revised as conditions change and new information becomes available, which can cause the ACL to increase or decrease over time as such evaluations are revised. Negative credit migration, including an actual or expected increase in the level of problem loans, will result in an increase in the ACL. Positive credit migration, including an actual or expected decrease in the level of problem loans, will result in a decrease in the ACL. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information on how the ACL is established and monitored, and activity in and balances of the ACL.

Real Estate and REJVs

Our real estate investments are comprised of wholly-owned properties, and interests in both REJVs and real estate funds which invest in a wide variety of properties and property types, consisting of single and multi-property projects, and are broadly diversified across multiple property types and geographies.

The carrying value of our real estate investments was $13.3 billion and $13.4 billion at March 31, 2026 and December 31, 2025, respectively, or 2.8% of cash and invested assets at both March 31, 2026 and December 31, 2025.

Our real estate investments are typically stabilized properties that we intend to hold for the longer-term for portfolio diversification and long-term appreciation. Our real estate investment portfolio had appreciated to a $3.4 billion unrealized gain position at March 31, 2026.

We continuously monitor and assess our real estate investments for impairment when facts and circumstances indicate that the real estate may be impaired. As a result of our impairment analysis, we recorded an impairment loss of $136 million and $1 million for the three months ended March 31, 2026 and 2025, respectively.

We diversify our real estate investments by property type, form of equity interest (wholly-owned, joint venture and funds) and geographic region to reduce risk of concentration. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for a summary of our real estate investments, by income type, as well as income earned.

OLPI

OLPI are comprised of investments in private funds, including private equity funds. At March 31, 2026 and December 31, 2025, the carrying value of OLPI was $14.2 billion and $14.7 billion, respectively. OLPI were 3.0% and 3.1% of cash and invested assets at March 31, 2026 and December 31, 2025, respectively. Cash distributions on these investments are generated from investment gains, operating income from the underlying investments of the funds and liquidation of the underlying investments of the funds.

We use the equity method of accounting for most of our private equity funds. We generally recognize our share of a private equity fund’s earnings in net investment income on a three-month lag, which is when the information is reported to us. Accordingly, changes in equity market levels, which can impact the underlying results of these private equity funds, are recognized in earnings within our net investment income on a three-month lag.

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Other Invested Assets

The following table presents the carrying value of our other invested assets by type at:


	March 31, 2026					December 31, 2025
Asset Type	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Freestanding derivatives with positive estimated fair values	$	7,541		43.4	%	$	7,020		43.4	%
Company-owned life insurance policies (“COLI”)	1,839			10.6		1,832			11.3
Direct financing leases	1,280			7.4		1,333			8.2
Annuities funding structured settlement claims	1,243			7.1		1,244			7.7
Operating joint ventures	1,341			7.7		1,235			7.6
Federal Home Loan Bank of New York (“FHLBNY”) common stock	700			4.0		700			4.3
Tax credit and renewable energy partnerships	935			5.4		676			4.2
Funds withheld	459			2.6		478			3.0
Leveraged leases	306			1.8		365			2.3
Other	1,747			10.0		1,310			8.0
Total other invested assets, excluding Reinsurance activity	$	17,391		100.0	%	$	16,193		100.0	%
Reinsurance activity	233					139
Total other invested assets	$	17,624				$	16,332
Percentage of cash and invested assets, excluding Reinsurance activity	3.7		%			3.4		%

See Notes 1, 11 and 12 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for information regarding freestanding derivatives with positive estimated fair values, COLI*,* direct financing and leveraged leases, annuities funding structured settlement claims, operating joint ventures, FHLBNY common stock, tax credit and renewable energy partnerships, and funds withheld.

Investment Commitments

We enter into the following commitments in the normal course of business for the purpose of enhancing the total return on our investment portfolio: mortgage loan commitments and commitments to fund partnership investments, bank credit facilities and private corporate bond investments. See Note 18 of the Notes to the Interim Condensed Consolidated Financial Statements for the amount of our unfunded investment commitments at March 31, 2026 and December 31, 2025. See “Net Investment Income” and “Net Investment Gains (Losses)” in Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information on the investment income, investment expense, gains and losses from such investments and the liability for credit loss for unfunded mortgage loan commitments. See also “— Fixed Maturity Securities AFS and Equity Securities,” “— Mortgage Loans,” “— Real Estate and REJVs” and “— OLPI.”

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Derivatives

Overview

We are exposed to various risks relating to our ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. We use a variety of strategies to manage these risks, including the use of derivatives, such as market standard purchased and written credit default swap contracts. See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for:

A comprehensive description of the nature of our derivatives, including the strategies for which derivatives are used in managing various risks.
Information about the primary underlying risk exposure, gross notional amount, and estimated fair value of our derivatives by type of hedge designation, excluding embedded derivatives held at March 31, 2026 and December 31, 2025.
The statement of operations effects of derivatives in net investments in foreign operations, cash flow, fair value, or nonqualifying hedging relationships for the three months ended March 31, 2026 and 2025.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Critical Accounting Estimates — Freestanding Derivatives” in the 2025 Annual Report for further information on the estimates and assumptions that affect derivatives. See also “Quantitative and Qualitative Disclosures About Market Risk — Management of Market Risk Exposures — Hedging Activities” in the 2025 Annual Report for more information about our use of derivatives by major hedge program.

Net Derivative Gains (Losses)

A portion of our derivatives are designated and qualify as accounting hedges, which reduce volatility in earnings. For those derivatives not designated as accounting hedges, changes in market factors lead to the recognition of fair value changes in net derivative gains (losses) generally without an offsetting gain or loss recognized in earnings for the item being hedged, which creates volatility in earnings. We actively evaluate market risk hedging needs and strategies to ensure our free cash flow and capital objectives are met under a range of market conditions.

Certain variable annuity products with guaranteed minimum benefits are accounted for as MRBs and measured at estimated fair value. We use freestanding derivatives to hedge the market risks inherent in these variable annuity guarantees.

We continuously review and refine our hedging strategy in light of changing economic and market conditions, evolving NAIC and the New York Department of Financial Services statutory requirements, and accounting rule changes. As a part of our current hedging strategy, we maintain portfolio level derivatives in our macro hedge program. These macro hedge program derivatives mitigate the potential deterioration in our capital positions from significant adverse economic conditions.

See “— Results of Operations — Consolidated Results” for an analysis of the period over period changes in net derivative gains (losses).

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Liquidity and Capital Resources

Overview

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, large investment portfolio and the sensitivity of our insurance liabilities and derivatives to changing market factors. Such conditions may affect our financing costs and market interest for our debt or equity securities. For further information regarding market factors that could affect our ability to meet liquidity and capital needs, see “— Industry Trends” and “— Investments — Current Environment.”

This discussion should be read in conjunction with the following sections included elsewhere herein for additional information regarding the topics noted below:


Notes to the Interim Condensed Consolidated Financial Statements:
Note			Topic
3			Acquisition
12			Subordinated debt securities issuance
13			Preferred stock, including the calculation and timing of dividend payments, and MetLife, Inc.’s common stock repurchase authorizations

Additionally, this discussion should be read in conjunction with the following sections included in the 2025 Annual Report for additional information regarding the topics noted below:


Notes to the Consolidated Financial Statements:
Note			Topic
3			Acquisition
5			Funding agreements, reported in PABs and the related pledged collateral
16			Long-term debt, short-term debt, credit and committed facilities, debt and facility covenants and facility agreement for senior debt issuances
17			Collateral financing arrangement and the related pledged collateral
18			Subordinated debt securities and the related replacement capital covenant
19			Preferred stock and common stock, including the calculation and timing of dividend payments, restrictions on dividends, “dividend stopper” provisions, and MetLife, Inc.’s common stock repurchase authorizations


Notes to the MetLife, Inc. (Parent Company Only) Condensed Financial Information included in Schedule II of the Financial Statement Schedules:
Note			Topic
3			Affiliated long-term debt
4			Support agreements


Risk Factors:
“— Capital Risks”
“— Investment Risks — We May Have Difficulty Selling Holdings in Our Investment Portfolio or in Our Securities Lending Program in a Timely Manner to Realize Their Full Value”
“— Economic Environment and Capital Markets Risks — We May Lose Business Due to a Downgrade or a Potential Downgrade in Our Financial Strength or Credit Ratings”
“— Economic Environment and Capital Markets Risks — We May Not Meet Our Liquidity Needs, Access Capital, or May Face Significantly Increased Cost of Capital Due to Adverse Capital and Credit Market Conditions”

Liquidity Management

Liquidity refers to the ability to generate adequate amounts of cash to meet our needs. Based upon our trusted global brand, diversified and resilient businesses, strong financial fundamentals and the substantial funding sources available to us as described herein, we continue to believe we have access to ample liquidity to meet business requirements under current market conditions and reasonably possible stress scenarios. We continuously monitor and adjust our liquidity and capital plans for MetLife, Inc. and its subsidiaries in light of market conditions, as well as changing needs and opportunities. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Liquidity” included in the 2025 Annual Report.

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Short-term Liquidity and Liquid Assets

At March 31, 2026 and December 31, 2025, our short-term liquidity position was $18.7 billion and $18.1 billion, respectively, while liquid assets were $181.8 billion and $184.5 billion, respectively.

Short-term liquidity consists of cash and cash equivalents and short-term investments. Liquid assets includes these short-term liquidity amounts, plus publicly traded securities. Both short-term liquidity and liquid assets exclude assets pledged or otherwise committed, such as amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block.

Capital Management

We have established several senior management committees as part of our capital management process. These committees, including the Capital Management Committee and the Enterprise Risk Committee (“ERC”), regularly review actual and projected capital levels (under a variety of scenarios including stress scenarios) and our annual capital plan in accordance with our capital policy. The Capital Management Committee is comprised of members of senior management, including MetLife, Inc.’s Chief Financial Officer (“CFO”), Treasurer, and Chief Risk Officer (“CRO”). The ERC is also comprised of members of senior management, including MetLife, Inc.’s CFO, CRO and Chief Investment Officer.

MetLife, Inc.’s Board of Directors (“Board of Directors”) and senior management are directly involved in the development and maintenance of our capital policy. The capital policy sets forth, among other things, minimum and target capital levels and the governance of the capital management process. All capital actions, including proposed changes to the annual capital plan, capital targets or capital policy, are reviewed by the Finance and Risk Committee of the Board of Directors prior to obtaining full Board of Directors approval. The Board of Directors approves the capital policy and the annual capital plan and authorizes capital actions, as required.

The Company

Liquidity

In the event of significant cash requirements beyond anticipated liquidity needs, we have various alternatives available depending on market conditions and the amount and timing of the liquidity need. These available alternatives include cash flows from operations, sales of liquid assets, global funding sources including commercial paper and various credit and committed facilities.

Capital

We manage our capital position to maintain our financial strength and credit ratings. Our capital position is supported by our ability to generate strong cash flows within our operating companies and borrow funds at competitive rates, as well as by our demonstrated ability to raise additional capital to meet operating and growth needs despite adverse market and economic conditions.

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Summary of the Company’s Primary Sources and Uses of Liquidity and Capital

Our primary sources and uses of liquidity and capital are summarized as follows:


	Three Months Ended March 31,
	2026		2025
	(In millions)
Sources:
Operating activities, net	$	2,687	$	4,262
Net change in PABs	3,226		1,776
Net change in payables for collateral under securities loaned and other transactions	1,068		233
Long-term debt issued	61		89
Subordinated debt securities issued	1,000		1,000
Effect of change in foreign currency exchange rates on cash and cash equivalents	—		98
Total sources	8,042		7,458
Uses:
Investing activities, net	5,455		3,322
Long-term debt repaid	53		555
Collateral financing arrangement repaid	53		13
Derivatives with certain financing elements and other derivative-related transactions, net	71		71
Net change in mortgage loan secured financing	380		189
Treasury stock acquired in connection with share repurchases	755		1,411
Dividends on preferred stock	45		66
Dividends on common stock	372		374
Other, net	67		199
Effect of change in foreign currency exchange rates on cash and cash equivalents	136		—
Total uses	7,387		6,200
Net increase (decrease) in cash and cash equivalents	$	655	$	1,258

Cash Flows from Operations

The principal cash inflows from our insurance activities come from insurance premiums, net investment income, annuity considerations and deposit funds. The principal cash outflows are the result of various life insurance, annuity and pension products, operating expenses and income tax, as well as interest expense.

Cash Flows from Investments

The principal cash inflows from our investment activities come from repayments of principal, proceeds from maturities and sales of investments and settlements of freestanding derivatives. The principal cash outflows relate to purchases of investments, issuances of policy loans and settlements of freestanding derivatives. In addition, cash inflows and outflows relate to sales and purchases of businesses. We typically have a net cash outflow from investing activities because cash inflows from insurance operations are reinvested in accordance with our ALM discipline to fund insurance liabilities. We closely monitor and manage these risks through our comprehensive investment risk management process.

Cash Flows from Financing

The principal cash inflows from our financing activities come from issuances of debt and other securities, deposits of funds associated with PABs and lending of securities. The principal cash outflows come from repayments of debt and the collateral financing arrangement, payments of dividends on and repurchases or redemptions of MetLife, Inc.’s securities, withdrawals associated with PABs and the return of securities on loan.

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Liquidity and Capital Sources and Uses

Liquidity and capital are provided by a variety of global funding sources, including: (i) preferred and common stock; (ii) short-term debt, which includes commercial paper; (iii) issuances of long-term debt, including subordinated debt securities, and the collateral financing arrangement; (iv) PABs, which includes funding agreements; (v) credit and committed facilities; (vi) the facility agreement for senior debt issuances; (vii) a shelf registration statement, which permits the issuance of public debt, equity and hybrid securities and provides for automatic effectiveness upon filing and has no stated issuance capacity; and (viii) dispositions.

The primary uses of liquidity and capital include: (i) repayments, repurchases and/or redemptions of common stock, preferred stock and debt; (ii) dividends on common and preferred stock; (iii) contractual obligations, including PABs and insurance liabilities; (iv) pledged collateral; (v) securities lending transactions, repurchase agreements and third-party custodian administered programs; (vi) mortgage loan secured financing; and (vii) acquisitions.

Additional details regarding certain of our primary sources and uses of liquidity and capital are discussed below and included in the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2025 Annual Report referenced in “— Overview.”

The diversity of our global funding sources enhances our funding flexibility, limits dependence on any one market or source of funds and generally lowers the cost of funds. We have no reason to believe that our lending counterparties will be unable to fulfill their respective contractual obligations under our credit and committed facilities. As commitments under these facilities may expire unused, these amounts do not necessarily reflect our actual future cash funding requirements.

Credit and Committed Facilities

At March 31, 2026, the Company maintained its unsecured revolving credit facility (the “Credit Facility”), as well as certain committed facilities (the “Committed Facilities”). When drawn upon, these facilities bear interest at varying rates in accordance with the respective agreements.

Information on the Credit Facility and Committed Facilities at March 31, 2026 was as follows:


Account Party/Borrower(s)	Maximum Capacity		Letters of Credit Issued		Drawdowns		Unused Commitments
	(In millions)
Credit Facility:
MetLife, Inc. and MetLife Funding, Inc.	$	3,000	$	304	$	—	$	2,696

Committed Facilities:
MetLife Reinsurance Company of Vermont and MetLife, Inc.	$	350	$	350	$	—	$	—
MetLife Reinsurance Company of Vermont and MetLife, Inc.	2,882		2,439		—		443
Total Committed Facilities	$	3,232	$	2,789	$	—	$	443

Debt Outstanding

The following table summarizes our outstanding debt at:


	March 31, 2026		December 31, 2025
	(In millions)
Short-term debt (1)	$	404	$	355
Long-term debt (2)	$	14,445	$	14,467
Collateral financing arrangement	$	299	$	352
Subordinated debt securities (3)	$	5,143	$	4,155

(1)This is non-recourse to MetLife, Inc., subject to customary exceptions. Certain subsidiaries have pledged assets to secure this debt.

(2)Includes $420 million and $411 million of long-term debt that is non-recourse to MetLife, Inc. and Metropolitan Life Insurance Company (“MLIC”), subject to customary exceptions, at March 31, 2026 and December 31, 2025, respectively. Certain investment subsidiaries have pledged assets to secure this debt.

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(3)Includes $1.0 billion of subordinated debt issued in February 2026. See Note 12 of the Notes to the Interim Condensed Consolidated Financial Statements for additional information.

Certain of our debt instruments and Committed Facilities, as well as our Credit Facility, contain various administrative, reporting, legal and financial covenants. We believe we were in compliance with all applicable financial covenants at March 31, 2026.

Debt Repurchases, Redemptions and Exchanges

We may from time to time seek to retire or purchase our outstanding debt through cash purchases, redemptions and/or exchanges for other securities, in open market purchases, privately negotiated transactions or otherwise. Any such repurchases, redemptions, or exchanges will be dependent upon several factors, including our liquidity requirements, contractual restrictions, general market conditions, and applicable regulatory, legal and accounting factors. Whether or not to repurchase or redeem any debt and the size and timing of any such repurchases or redemptions will be determined at our discretion.

Common Stock and Preferred Stock Repurchases and Dividends

Certain provisions of MetLife, Inc.’s preferred stock and subordinated debt securities may restrict payments of dividends and interest or restrict repurchases of its common or preferred stock. See Note 19 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for additional information regarding “dividend stopper” provisions in MetLife, Inc.’s preferred stock and subordinated debt securities.

For the three months ended March 31, 2026 and 2025, MetLife, Inc. paid dividends on its preferred stock of $45 million and $66 million, respectively. For the three months ended March 31, 2026 and 2025, MetLife, Inc. paid dividends on its common stock of $372 million and $374 million, respectively.

Pledged Collateral

We pledge collateral to, and have collateral pledged to us by counterparties in connection with our derivatives, the collateral financing arrangement related to the reinsurance of closed block liabilities, and with funding and advance agreements. See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for additional information regarding derivatives.

Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs

See “— Investments — Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs.”

Mortgage Loan Secured Financing

See “— Investments — Mortgage Loans.”

Insurance Liabilities

Liabilities arising from our insurance activities primarily relate to benefit payments under various life insurance, annuity and group pension products, as well as payments for policy surrenders, withdrawals and loans. For annuity or deposit type products, surrender or lapse behavior differs somewhat by segment. In Corporate & Other, which includes individual annuities, lapses and surrenders tend to occur in the normal course of business. For the three months ended March 31, 2026 and 2025, general account surrenders and withdrawals from annuity products were $206 million and $346 million, respectively. In the RIS segment, which includes pension risk transfers, bank-owned life insurance and other fixed annuity contracts, as well as funding agreements and other capital market products, most of the products offered have fixed maturities or fairly predictable surrenders or withdrawals. With regard to the RIS business products that provide customers with limited rights to accelerate payments, at March 31, 2026, there were funding agreements totaling $125 million that could be put back to the Company.

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MetLife, Inc.

Liquidity and Capital Management

Liquidity and capital are managed to preserve stable, reliable and cost-effective sources of cash to meet all current and future financial obligations and are provided by a variety of sources, including a portfolio of liquid assets, a diversified mix of short- and long-term funding sources from the wholesale financial markets and the ability to borrow through credit and committed facilities. Liquidity is monitored through the use of internal liquidity risk metrics, including the composition and level of the liquid asset portfolio, timing differences in short-term cash flow obligations, access to the financial markets for capital and debt transactions and exposure to contingent draws on MetLife, Inc.’s liquidity. MetLife, Inc. is an active participant in the global financial markets through which it obtains a significant amount of funding. These markets, which serve as cost-effective sources of funds, are critical components of MetLife, Inc.’s liquidity and capital management. Decisions to access these markets are based upon relative costs, prospective views of balance sheet growth and a targeted liquidity profile and capital structure. A disruption in the financial markets could limit MetLife, Inc.’s access to liquidity.

MetLife, Inc.’s ability to maintain regular access to competitively priced wholesale funds is fostered by its current credit ratings from the major credit rating agencies. We view our capital ratios, credit quality, stable and diverse earnings streams, diversity of liquidity sources and our liquidity monitoring procedures as critical to retaining such credit ratings. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Rating Agencies” included in the 2025 Annual Report.

Liquid Assets

At March 31, 2026 and December 31, 2025, MetLife holding companies had $3.9 billion and $3.6 billion, respectively, in liquid assets. Of these amounts, $2.7 billion and $2.0 billion were held by MetLife, Inc., and $1.2 billion and $1.6 billion were held by other MetLife holding companies at March 31, 2026 and December 31, 2025, respectively.

Liquid assets held in non-U.S. holding companies are generated in part through dividends from non-U.S. insurance operations. Such dividends are subject to local insurance regulatory requirements, as discussed in “— Liquidity and Capital Sources and Uses — Dividends from Subsidiaries.”

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Consolidated Company Outlook” included in the 2025 Annual Report for the targeted level of liquid assets at the holding companies. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — MetLife, Inc. — Liquid Assets” included in the 2025 Annual Report for additional information on the sources and uses of liquid assets, as well as sources and uses of liquid assets included in free cash flow for MetLife, Inc. and other MetLife holding companies.

Liquidity and Capital Sources and Uses

MetLife, Inc.’s primary sources of liquidity and capital are provided by a variety of global funding sources, including: (i) dividends from subsidiaries; (ii) issuances of long-term debt, including subordinated debt securities, and the collateral financing arrangement; (iii) credit and committed facilities; and (iv) dispositions.

MetLife, Inc.’s primary uses of liquidity and capital include: (i) debt service; (ii) cash dividends on common and preferred stock; (iii) capital contributions to subsidiaries; (iv) repayments, repurchases and/or redemptions of common stock, preferred stock and debt; (v) payment of general operating expenses; (vi) support agreements; and (vii) acquisitions.

Additional details regarding certain of MetLife, Inc.’s primary sources of liquidity and capital are included in “— The Company — Liquidity and Capital Sources and Uses,” the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2025 Annual Report referenced in “— Overview” and are discussed below.

Based on our analysis and comparison of our current and future cash inflows from the dividends we receive from subsidiaries that are permitted to be paid without prior insurance regulatory approval, our investment portfolio and other cash flows and anticipated access to the capital markets, we believe there will be sufficient liquidity and capital to enable MetLife, Inc. to make payments on debt, pay cash dividends on its common and preferred stock, contribute capital to its subsidiaries, repurchase its common stock and certain of its other securities, pay all general operating expenses and meet its cash needs under current market conditions and reasonably possible stress scenarios.

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Dividends from Subsidiaries

MetLife, Inc. relies, in part, on dividends from its subsidiaries to meet its cash requirements. MetLife, Inc.’s insurance subsidiaries are subject to regulatory restrictions on the payment of dividends imposed by the regulators of their respective domiciles. The dividend limitation for U.S. insurance subsidiaries is generally based on the surplus to policyholders at the end of the immediately preceding calendar year and statutory net gain from operations for the immediately preceding calendar year. Statutory accounting practices, as prescribed by insurance regulators of various states in which we conduct business, differ in certain respects from accounting principles used in financial statements prepared in conformity with GAAP. The significant differences relate to the treatment of DAC, certain deferred income tax, required investment liabilities, statutory reserve calculation assumptions, goodwill and surplus notes.

The table below sets forth the dividends permitted to be paid in 2026 by MetLife, Inc.’s primary U.S. insurance subsidiaries without insurance regulatory approval and the actual dividends paid for the three months ended March 31, 2026:


Company	Paid (1)		Permitted Without Approval (2)
	(In millions)
MLIC	$	1,309	$	2,121
American Life Insurance Company	$	402	$	2,219
Metropolitan Tower Life Insurance Company	$	—	$	547

(1)Reflects all amounts paid, including those where regulatory approval was obtained as required.

(2)Reflects dividend amounts that may be paid during 2026 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2026, some or all of such dividends may require regulatory approval.

In addition to the amounts presented in the table above, for the three months ended March 31, 2026, MetLife, Inc. also received from certain other subsidiaries cash dividends totaling $32 million.

The dividend capacity of our non-U.S. operations is subject to similar restrictions established by the local regulators. The non-U.S. regulatory regimes also commonly limit dividend payments to the parent company to a portion of the subsidiary’s prior year statutory income, as determined by the local accounting principles. The regulators of our non-U.S. operations, including Japan’s Financial Services Agency, may also limit or not permit profit repatriations or other transfers of funds to the U.S. if such transfers are deemed to be detrimental to the solvency or financial strength of the non-U.S. operations, or for other reasons. Most of our non-U.S. subsidiaries are second tier subsidiaries which are owned by various non-U.S. holding companies. The capital and rating considerations applicable to our first-tier subsidiaries may also impact the dividend flow into MetLife, Inc.

We proactively manage target and excess capital levels and dividend flows and forecast local capital positions as part of the financial planning cycle. The dividend capacity of certain U.S. and non-U.S. subsidiaries is also subject to business targets in excess of the minimum capital necessary to maintain the desired rating or level of financial strength in the relevant market.

Long-term Debt Outstanding

The following table summarizes the outstanding long-term debt of MetLife, Inc. at:


	March 31, 2026		December 31, 2025
	(In millions)
Long-term debt — unaffiliated	$	13,968	$	13,999
Long-term debt — affiliated	$	1,433	$	1,451
Subordinated debt securities	$	4,449	$	3,461

Affiliated Capital and Lending Transactions

For the three months ended March 31, 2026 and 2025, MetLife, Inc. invested a net amount of $54 million and $26 million, respectively, in various subsidiaries.

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MetLife, Inc. lends funds, as necessary, through credit agreements or otherwise to its subsidiaries and affiliates, some of which are regulated, to meet their capital requirements or to provide liquidity. MetLife, Inc. had loans to subsidiaries outstanding of $315 million and $0 at March 31, 2026 and December 31, 2025, respectively. In March 2026, MetLife Services and Solutions, LLC issued a $300 million short-term note to MetLife, Inc., bearing interest at the three-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate plus 1.24%.

Adopted Accounting Pronouncements

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

Future Adoption of Accounting Pronouncements

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

Non-GAAP and Other Financial Disclosures

In this report, the Company presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance our investors’ understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:


Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	adjusted premiums, fees and other revenues	(i)	premiums, fees and other revenues
(ii)	adjusted earnings	(ii)	net income (loss)
(iii)	adjusted earnings available to common shareholders	(iii)	net income (loss) available to MetLife, Inc.’s common shareholders

(iv)	adjusted net investment income	(iv)	net investment income

Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period (“constant currency basis”).

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in “— Results of Operations” and “— Investments.” Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income (loss).

Our definitions of non-GAAP and other financial measures discussed in this report may differ from those used by other companies.

Adjusted earnings and related measures:

adjusted earnings;
adjusted earnings available to common shareholders; and
adjusted earnings available to common shareholders, on a constant currency basis.

Adjusted earnings is used by the Company’s chief operating decision maker, its Chief Executive Officer (“CEO”), to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is our GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of the Company’s performance relative to its business plan and facilitate comparisons to industry results*.*

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Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. For additional information relating to adjusted earnings, see “Financial Measure and Segment Accounting Policies” and “Corporate & Other” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements.

In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.

Return on equity, allocated equity and related measures:

Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), MRBs instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and the estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income tax.
Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), MRBs instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of certain ceded reinsurance-related embedded derivatives and total notable items, all net of income tax.
Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity.
Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.
Allocated equity: the portion of total MetLife, Inc.’s adjusted common stockholders’ equity that management allocates to each of its segments based on local capital requirements and economic capital. See “— Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Economic Capital” in the 2025 Annual Report.

The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility.

Expense ratio and direct expense ratio:

Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.
Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers: direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding pension risk transfers.

Assets under management:

Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below).
MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that MIM manages or advises.

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General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account (“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, FVO securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and REJVs included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and REJVs that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate and REJVs and include them as commercial mortgage loans.
Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement.

◦Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.

◦Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.*’*s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.

◦Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements.

Other items:

The following additional information is relevant to an understanding of our performance:

We sometimes refer to sales activity for various products. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. Further, sales statistics for our Asia, Latin America, and EMEA segments are on a constant currency basis.
Volume growth, where cited, represents the change in certain measures of our segment results, including adjusted earnings, attributable to business growth, applying a model in which certain margins and factors are held constant, the most significant of which are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates.
Operating margin is calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues.
Pension risk transfers include U.K. funded reinsurance.
“Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets.
Near-term represents one to three years.
We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.

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Notable items reflect the unexpected impact of events that affect the Company’s results, but that were unknown and that the Company could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of the Company’s results and to evaluate and forecast those results. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders.
The Company uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. The Company defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders.

Risk Management

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management” in the 2025 Annual Report for information on our risk management.

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