v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information 2. Segment Information
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. See Note 1. 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.
Group Benefits
The Group Benefits segment, based in the United States (“U.S.”), offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include term, variable and universal life insurance, dental, group and individual disability, accident & health insurance and vision.
RIS
The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include stable value and pension risk transfer products, institutional income annuities, structured settlements, longevity reinsurance solutions, benefit funding solutions, funded reinsurance solutions, and capital markets investment products.
Asia
The Asia segment offers a broad range of products and services to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, accident & health insurance and retirement and savings.
Latin America
The Latin America segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.
EMEA
The EMEA segment offers products to individuals, corporations, other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.
MIM
MIM provides asset management and advisory services to institutional investors worldwide in public and private fixed income, real estate, equity, alternatives, multi-asset solutions and insurance solutions. MIM also manages investments for the Company’s general account.
Financial Measure and Segment Accounting Policies
Adjusted earnings is used by the Company’s chief operating decision maker, its Chief Executive Officer, to evaluate performance and allocate resources. 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.
Consistent with GAAP guidance for segment reporting, adjusted earnings is the Company’s GAAP measure of segment performance and is reported below. The Company believes the presentation of adjusted earnings enhances its investors’ understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business.
Adjusted earnings focuses on the Company’s primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings excludes results of discontinued operations under GAAP.
Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit (“MRB”) remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method, and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:
•Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance.
•Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment.
•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
•Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.
•Interest credited to policyholder account balances (“PABs”) excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
“Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.
Other adjustments are made in calculating adjusted earnings:
•Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-owned real estate and REJVs.
•Net investment income and interest credited to PABs exclude certain amounts related to contractholder-directed equity securities.
•Net investment income and other expenses exclude Reinsurance activity (as defined below).
•Net investment income and interest expense on debt exclude amounts related to collateralized financing entities (“CFEs”) that are consolidated VIEs.
•Other revenues and other expenses exclude asset management distribution fees on funds that are passed through to distribution partners.
•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.
•Other expenses exclude (i) amortization and impairment of asset management intangible assets, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs.
Other expenses include (i) deductions for net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
•“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.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
The Company’s segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements. In addition, segment accounting policies include the method of capital allocation described below.
Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in the Company’s business.
The Company’s economic capital model, coupled with considerations of local capital requirements, aligns segment allocated equity with emerging standards and consistent risk principles. The model applies statistics-based risk evaluation principles to the material risks to which the Company is exposed. These consistent risk principles include calibrating required economic capital shock factors to a specific confidence level and time horizon while applying an industry standard method for the inclusion of diversification benefits among risk types. The Company’s management is responsible for the ongoing production and enhancement of the economic capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards.
Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s consolidated net investment income, net income (loss) or adjusted earnings.
Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios adjusted for allocated equity. Expenses are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company’s product pricing.
Corporate & Other
Corporate & Other contains various run-off and developing businesses. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities not allocated to the segments (including external integration and disposition costs, internal resource costs for associates committed to acquisitions and dispositions and enterprise-wide strategic initiatives), interest expense related to the majority of the Company’s outstanding debt, expenses associated with certain legal proceedings and income tax audit issues, and the elimination of intersegment amounts (which generally relate to asset management fees and loans bearing interest rates commensurate with related borrowings).
The run-off businesses principally consist of operations relating to products and businesses that the Company no longer actively markets in the U.S. and were reported in the Company’s former MetLife Holdings segment. These products include: (i) variable, universal and term life insurance, (ii) whole life insurance, (iii) fixed and variable annuities, as well as the related guarantees, (iv) in-force block of assumed variable annuity guarantees from a third party, and (v) long-term care insurance, which offers protection against the potentially high costs of long-term health care services.
The financial measure and accounting policies used to prepare the Company’s segment results are the same as those used to prepare results for Corporate & Other. See “— Financial Measure and Segment Accounting Policies.”
Set forth in the tables below is certain financial information with respect to the Company’s segments for the three months ended March 31, 2026 and 2025.
Three Months Ended March 31, 2026Group
Benefits		RISAsiaLatin
America		EMEA
MIM
(In millions)
Revenues
Premiums$5,848 $2,212 $1,294 $1,485 $689 $— 
Universal life and investment-type product policy fees230 109 427 419 99 — 
Net investment income (1)352 2,252 1,461 409 67 5 
Other revenues461 69 17 (7)9 314 
Expenses
Policyholder benefits and claims and policyholder dividends5,147 3,066 1,088 1,349 337 — 
Policyholder liability remeasurement (gains) losses(2)(20)(15)— 3 — 
Interest credited to PABs70 883 833 85 21 — 
Other expenses:
Amortization of deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”) and negative VOBA
12 23 211 173 97 — 
Interest expense on debt1 3 — 5 — 1 
Direct and allocated expenses540 93 298 158 122 242 
Other segment expenses (2)568 36 95 206 141 13 
Provision for income tax expense (benefit)116 107 202 101 33 16 
Adjusted earnings$439 $451 $487 $229 $110 $47 

Three Months Ended March 31, 2025Group
Benefits		RISAsiaLatin
America		EMEA
MIM
(In millions)
Revenues
Premiums$5,763 $2,284 $1,260 $1,164 $582 $— 
Universal life and investment-type product policy fees233 104 406 340 78 — 
Net investment income (1)
353 2,190 1,204 408 58 1 
Other revenues434 69 15 9 8 218 
Expenses
Policyholder benefits and claims and policyholder dividends5,183 3,120 1,037 1,091 277 — 
Policyholder liability remeasurement (gains) losses(18)(15)(11)(3)— — 
Interest credited to PABs
72 883 711 98 17 — 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
6 19 216 129 94 — 
Interest expense on debt1 3 — 4 — — 
Direct and allocated expenses
529 98 306 135 109 173 
Other segment expenses (2)
542 34 92 176 120 9 
Provision for income tax expense (benefit)98 99 162 72 26 9 
Adjusted earnings$370 $406 $372 $219 $83 $28 
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(1)The percentage of net investment income from equity method invested assets by segment was as follows:
Three Months Ended March 31,
20262025
Group Benefits1 %1 %
RIS7 %5 %
Asia17 %11 %
Latin America1 %1 %
EMEA
1 %— %
(2)Includes pension, postretirement and postemployment benefit costs; premium taxes, other taxes, and licenses & fees; and commissions and other variable expenses. This line item is net of capitalization of DAC.
The Company does not report total assets by segment, as this metric is not used to allocate resources or evaluate segment performance.
The following table presents the reconciliation of certain financial measures used in calculating segment results to those used in calculating consolidated Company results:
Three Months
Ended
March 31,
20262025
(In millions)
Total segment adjusted earnings$1,763 $1,478 
Corporate & Other(132)(63)
Total consolidated adjusted earnings1,631 1,415 
Net investment gains (losses)(670)(387)
Net derivative gains (losses)74 432 
MRB remeasurement gains (losses)
(120)(299)
Investment hedge adjustments(84)(103)
Depreciation of wholly-owned real estate and REJVs
(61)
Other222 (131)
Provision for income tax (expense) benefit170 23 
Net income (loss) $1,162 $950 
Segment revenues:
Group$6,891 $6,783 
RIS4,642 4,647 
Asia3,199 2,885 
Latin America2,306 1,921 
EMEA864 726 
MIM (1)
319 219 
Total segment revenues18,221 17,181 
Net investment gains (losses)(670)(387)
Net derivative gains (losses)74 432 
Investment hedge adjustments(84)(103)
Unit-linked investment income
(318)(227)
Reinsurance activity
301 43 
Corporate & Other revenue
1,461 1,646 
Other89 (16)
Total consolidated revenues$19,074 $18,569 
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(1)Includes intersegment asset management fees of $131 million and $129 million for the three months ended March 31, 2026 and 2025, respectively, earned in connection with management of general account investments of the Company.