$MET-PA

METLIFE INC

CIK:0001099219|SEC Filings

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Premiums	$ 11,435	$ 10,810	$ 23,555	$ 22,533
Universal life and investment-type product policy fees	1,372	1,259	2,715	2,488
Net investment income	6,702	5,661	12,057	10,546
Other revenues	845	679	1,697	1,366
Net investment gains (losses)	(428)	(273)	(1,098)	(660)
Net derivative gains (losses)	(772)	(796)	(698)	(364)
Total revenues	19,154	17,340	38,228	35,909
Expenses
Policyholder benefits and claims	11,335	10,767	23,199	22,573
Policyholder liability remeasurement (gains) losses	18	5	5	(26)
Market risk benefit remeasurement (gains) losses	(270)	(277)	(150)	22
Interest credited to policyholder account balances	3,067	2,400	4,741	4,047
Policyholder dividends	125	146	249	290
Other expenses	3,844	3,319	7,642	6,669
Total expenses	18,119	16,360	35,686	33,575
Income (loss) before provision for income tax	1,035	980	2,542	2,334
Provision for income tax expense (benefit)	256	245	601	649
Net income (loss)	779	735	1,941	1,685
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	43	6	20	11
Net income (loss) attributable to MetLife, Inc.	736	729	1,921	1,674
Less: Preferred stock dividends	31	31	76	97
Net income (loss) available to MetLife, Inc.’s common shareholders	705	698	1,845	1,577
Comprehensive income (loss)	1,251	1,125	1,294	4,085
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests, net of income tax	31	7	32	10
Comprehensive income (loss) attributable to MetLife, Inc.	$ 1,220	$ 1,118	$ 1,262	$ 4,075
Net income (loss) available to MetLife, Inc.’s common shareholders per common share:
Basic	$ 1.10	$ 1.04	$ 2.85	$ 2.33
Diluted	$ 1.09	$ 1.03	$ 2.83	$ 2.32

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ 4,915	$ 6,449
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities available-for-sale	40,933	27,503
Sales, maturities and repayments of equity securities	82	54
Sales, maturities and repayments of fair value option securities	154	0
Sales, maturities and repayments of mortgage loans	8,241	6,421
Sales, maturities and repayments of real estate and real estate joint ventures	635	72
Sales, maturities and repayments of other limited partnership interests	682	504
Sales, maturities and repayments of short-term investments	7,256	7,439
Purchases of fixed maturity securities available-for-sale	(50,384)	(35,502)
Purchases of equity securities	(173)	(48)
Payments to Acquire Fair value option securities	(256)	0
Purchases of mortgage loans	(7,109)	(4,214)
Purchases of real estate and real estate joint ventures	(499)	(387)
Purchases of other limited partnership interests	(1,047)	(650)
Purchases of short-term investments	(11,050)	(7,427)
Cash received in connection with freestanding derivatives	1,091	1,438
Cash paid in connection with freestanding derivatives	(2,743)	(1,959)
Net change in policy loans	269	(30)
Net change in other invested assets	(398)	557
Other, net	(10)	(74)
Net cash provided by (used in) investing activities	(14,326)	(6,303)
Cash flows from financing activities
Policyholder account balances - deposits	57,020	55,756
Policyholder account balances - withdrawals	(50,094)	(51,669)
Net change in payables for collateral under securities loaned and other transactions	1,824	(118)
Long-term debt issued	65	713
Long-term debt repaid	(217)	(558)
Collateral financing arrangement repaid	(66)	(38)
Subordinated debt securities issued	1,000	1,000
Derivatives with certain financing elements and other derivative-related transactions, net	(151)	(74)
Proceeds from mortgage loan secured financing	180	334
Repayments of mortgage loan secured financing	(836)	(672)
Proceeds from notes issued by collateralized financing entities	843	0
Repayments of notes issued by collateralized financing entities	(537)	0
Treasury stock acquired in connection with share repurchases	(1,477)	(1,921)
Dividends on preferred stock	(76)	(97)
Dividends on common stock	(755)	(756)
Other, net	52	(231)
Net cash provided by (used in) financing activities	6,775	1,669
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	(95)	295
Change in cash and cash equivalents	(2,731)	2,110
Cash and cash equivalents, beginning of period	22,032	20,068
Cash and cash equivalents, end of period	19,301	22,178
Supplemental disclosures of cash flow information
Net cash paid for Interest	531	507
Net cash paid (received) for Income tax	819	930
Non-cash transactions:
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions	1,170	0
Real estate and real estate joint ventures acquired in satisfaction of debt	182	186
Other invested assets received in connection with the sale of other limited partnership interests	$ 347	$ 20

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $224 and $249, respectively); and amortized cost: $347,781 and $337,201, respectively	$ 322,183	$ 315,931
Equity securities, at estimated fair value	932	858
Contractholder-directed equity securities and fair value option securities, at estimated fair value (includes $1,985 and $1,751, respectively, relating to variable interest entities)	14,809	13,959
Mortgage loans (net of allowance for credit loss of $1,358 and $1,193, respectively; includes $0 and $35, respectively, of mortgage loans held-for-sale)	82,856	84,593
Policy loans	8,226	8,547
Real estate and real estate joint ventures (includes $377 and $378, respectively, under the fair value option; $178 and $132, respectively, of real estate held-for-sale; $431 and $302, respectively, relating to variable interest entities)	13,065	13,440
Other limited partnership interests	14,801	14,917
Short-term investments, principally at estimated fair value	8,016	3,601
Other invested assets (includes $1,637 and $1,698, respectively, of leveraged and direct financing leases; $623 and $560, respectively, relating to variable interest entities)	17,675	16,332
Total investments	482,563	472,178
Cash and cash equivalents, principally at estimated fair value (includes $357 and $96, respectively, relating to variable interest entities)	19,301	22,032
Accrued investment income	3,774	3,719
Premiums, reinsurance and other receivables	50,635	49,059
Market risk benefits, at estimated fair value	490	458
Deferred policy acquisition costs and value of business acquired	21,571	21,107
Current income tax recoverable	426	660
Deferred income tax asset	3,167	2,585
Goodwill	9,536	9,613
Other assets	11,059	11,822
Separate account assets	156,850	151,933
Total assets	759,372	745,166
Liabilities
Future policy benefits	206,150	208,855
Policyholder account balances	245,458	236,857
Market risk benefits, at estimated fair value	2,235	2,406
Other policy-related balances	20,559	20,070
Policyholder dividends payable	349	356
Payables for collateral under securities loaned and other transactions	18,882	17,115
Short-term debt (includes $114 and $117, respectively, relating to variable interest entities)	460	355
Long-term debt (includes $69 and $28, respectively, relating to variable interest entities)	14,244	14,467
Collateral financing arrangement	286	352
Subordinated debt securities	5,144	4,155
Notes issued by collateralized financing entities (includes all amounts: under the fair value option; and relating to variable interest entities)	1,497	1,206
Deferred income tax liability	311	536
Other liabilities (includes $374 and $167, respectively, relating to variable interest entities)	58,986	57,582
Separate account liabilities	156,850	151,933
Total liabilities	731,411	716,245
Contingencies, Commitments and Guarantees (Note 18)
Redeemable noncontrolling interests	220	241
MetLife, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $2,905 aggregate liquidation preference	0	0
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,196,795,831 and 1,195,587,190 shares issued, respectively; 637,752,080 and 655,333,773 shares outstanding, respectively	12	12
Additional paid-in capital	32,933	32,858
Retained earnings	45,380	44,290
Treasury stock, at cost; 559,043,751 and 540,253,417 shares, respectively	(32,141)	(30,678)
Accumulated other comprehensive income (loss)	(18,743)	(18,084)
Total MetLife, Inc.’s stockholders’ equity	27,441	28,398
Noncontrolling interests	300	282
Total equity	27,741	28,680
Total liabilities, mezzanine equity and equity	$ 759,372	$ 745,166