mlic-20260331

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

Form 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission file number: 000-55029

________________________________________

Metropolitan Life Insurance Company

(Exact name of registrant as specified in its charter)

New York

13-5581829

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

200 Park Avenue,

New York,

10166-0188

(Address of principal executive offices)

(Zip Code)

(212) 578-9500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

At May 12, 2026, 494,466,664 shares of the registrant’s common stock were outstanding, all of which were owned directly by MetLife, Inc.

REDUCED DISCLOSURE FORMAT

The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is, therefore, filing this Form 10-Q with the reduced disclosure format.

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		Page
Part I — Financial Information
Item 1.	Financial Statements (Unaudited) (at March 31, 2026 and December 31, 2025 and for the Three Months Ended March 31, 2026 and 2025)
	Interim Condensed Consolidated Balance Sheets	4
	Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	5
	Interim Condensed Consolidated Statements of Equity	6
	Interim Condensed Consolidated Statements of Cash Flows	7
	Notes to the Interim Condensed Consolidated Financial Statements:
	Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies	8
	Note 2 — Segment Information	10
	Note 3 — Future Policy Benefits	10
	Note 4 — Policyholder Account Balances	14
	Note 5 — Market Risk Benefits	20
	Note 6 — Separate Accounts	23
	Note 7 — Deferred Policy Acquisition Costs and Value of Business Acquired	26
	Note 8 — Investments	27
	Note 9 — Derivatives	42
	Note 10 — Fair Value	52
	Note 11 — Equity	65
	Note 12 — Other Revenues and Other Expenses	67
	Note 13 — Income Tax	68
	Note 14 — Contingencies, Commitments and Guarantees	68
	Note 15 — Related Party Transactions	71
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	74
Item 4.	Controls and Procedures	78

Part II — Other Information
Item 1.	Legal Proceedings	78
Item 1A.	Risk Factors	78
Item 5.	Other Information	78
Item 6.	Exhibits	79

Glossary		80
Signatures		82

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As used in this Form 10-Q, “MLIC,” the “Company,” “we,” “our” and “us” refer to Metropolitan Life Insurance Company, a New York corporation incorporated in 1868, and its subsidiaries. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”).

Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10‑Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “are confident,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

Many factors determine Company results, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. We do not guarantee any future performance. Our results could differ materially from those we express or imply in forward-looking statements. The risks, uncertainties and other factors identified in Metropolitan Life Insurance Company’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:

(1) economic condition difficulties, including risks relating to interest rates, the effects of announced or future tariff increases on the global economy, credit spreads, declining equity or debt markets, real estate, obligors and counterparties, government default or shutdown, derivatives, climate change and public health;

(2) global capital and credit market adversity;

(3) credit facility inaccessibility;

(4) financial strength or credit ratings downgrades;

(5) unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks;

(6) statutory life insurance reserve financing costs or limited market capacity;

(7) legal, regulatory, and supervisory and enforcement policy changes;

(8) changes in tax rates, tax laws or interpretations;

(9) litigation and regulatory investigations;

(10) unsuccessful efforts to meet all sustainability standards or to enhance our sustainability;

(11) investment defaults, downgrades, or volatility;

(12) investment sales or lending difficulties;

(13) collateral or derivative-related payments;

(14) investment valuations, allowances, or impairments changes;

(15) claims or other results that differ from our estimates, assumptions, or models;

(16) business competition;

(17) technological changes;

(18) catastrophes;

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(19) climate changes or responses to it;

(20) deficiencies in our closed block;

(21) impairment of value of business acquired, value of distribution agreements acquired or value of customer relationships acquired;

(22) product guarantee volatility, costs, and counterparty risks;

(23) risk management failures;

(24) insufficient protection from operational risks;

(25) failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or disaster recovery failures;

(26) accounting standards changes;

(27) excessive risk-taking; and

(28) marketing and distribution difficulties.

Metropolitan Life Insurance Company does not undertake any obligation to publicly correct or update any forward-looking statement if Metropolitan Life Insurance Company later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures Metropolitan Life Insurance Company makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.

Note Regarding Reliance on Statements in Our Contracts

See “Exhibits — Note Regarding Reliance on Statements in Our Contracts” for information regarding agreements included as exhibits to this Quarterly Report on Form 10-Q.

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Part I — Financial Information

Item 1. Financial Statements

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Balance Sheets

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

(In millions, except share and per share data)


	March 31, 2026		December 31, 2025
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $195 and $194, respectively); and amortized cost: $169,626 and $167,384, respectively	$	159,342	$	159,332
Mortgage loans (net of allowance for credit loss of $711 and $701, respectively; includes $180 and $180, respectively, relating to variable interest entities)	55,472		55,870
Policy loans	5,545		5,596
Real estate and real estate joint ventures (includes $303 and $378, respectively, under the fair value option; $130 and $64, respectively, of real estate held-for-sale; $2,495 and $2,435, respectively, relating to variable interest entities)	8,906		8,798
Other limited partnership interests	6,506		6,929
Short-term investments, at estimated fair value	1,409		2,221
Other invested assets (includes $363 and $435, respectively, of leveraged and direct financing leases; $1,712 and $866, respectively, under the fair value option of which $816 and $0, respectively, is relating to variable interest entities; $43 and $45, respectively, relating to variable interest entities not under the fair value option)	16,832		15,086
Total investments	254,012		253,832
Cash and cash equivalents, principally at estimated fair value (includes $64 and $0, respectively, relating to variable interest entities)	9,416		8,392
Accrued investment income	2,084		2,031
Premiums, reinsurance and other receivables	35,774		35,488
Market risk benefits, at estimated fair value	207		257
Deferred policy acquisition costs and value of business acquired	2,855		2,865
Current income tax recoverable	371		482
Deferred income tax asset	2,545		2,490
Other assets	4,140		4,168
Separate account assets	71,428		73,511
Total assets	$	382,832	$	383,516
Liabilities and Equity
Liabilities
Future policy benefits	$	134,900	$	136,432
Policyholder account balances	104,711		104,091
Market risk benefits, at estimated fair value	2,321		2,201
Other policy-related balances	8,863		8,642
Policyholder dividends payable	193		197
Payables for collateral under securities loaned and other transactions	12,588		11,698
Long-term debt	997		1,045

Notes issued by collateralized financing entities (includes all amounts: under the fair value option; and relating to variable interest entities)	801		—
Other liabilities (includes $30 and $0, respectively, relating to variable interest entities)	32,219		31,164
Separate account liabilities	71,428		73,511
Total liabilities	369,021		368,981
Contingencies, Commitments and Guarantees (Note 14)
Equity
Metropolitan Life Insurance Company stockholder’s equity:
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 494,466,664 shares issued and outstanding	5		5
Additional paid-in capital	12,475		12,475
Retained earnings	6,228		6,677
Accumulated other comprehensive income (loss)	(5,564)		(5,236)
Total Metropolitan Life Insurance Company stockholder’s equity	13,144		13,921
Noncontrolling interests	667		614
Total equity	13,811		14,535
Total liabilities and equity	$	382,832	$	383,516

See accompanying notes to the interim condensed consolidated financial statements.

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Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months Ended March 31, 2026 and 2025 (Unaudited)

(In millions)


	Three Months Ended March 31,
	2026		2025
Revenues
Premiums	$	6,748	$	6,695
Universal life and investment-type product policy fees	390		392
Net investment income	3,100		2,876
Other revenues	435		435
Net investment gains (losses)	(225)		(285)
Net derivative gains (losses)	400		(46)
Total revenues	10,848		10,067
Expenses
Policyholder benefits and claims	7,023		7,049
Policyholder liability remeasurement (gains) losses	(6)		(15)
Market risk benefit remeasurement (gains) losses	123		290
Interest credited to policyholder account balances	933		931
Policyholder dividends	94		113
Other expenses	1,626		1,313
Total expenses	9,793		9,681
Income (loss) before provision for income tax	1,055		386
Provision for income tax expense (benefit)	199		51
Net income (loss)	856		335
Less: Net income (loss) attributable to noncontrolling interests	(4)		(2)
Net income (loss) attributable to Metropolitan Life Insurance Company	$	860	$	337
Comprehensive income (loss)	$	528	$	1,461
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	(4)		(2)
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	532	$	1,463

See accompanying notes to the interim condensed consolidated financial statements.

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Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Statements of Equity

Three Months Ended March 31, 2026 and 2025 (Unaudited)

(In millions)


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Metropolitan Life Insurance Company Stockholder’s Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2025	$	5	$	12,475	$	6,677	$	(5,236)	$	13,921	$	614	$	14,535
Dividends to MetLife, Inc.					(1,309)				(1,309)				(1,309)
Change in equity of noncontrolling interests									—		57		57
Net income (loss)					860				860		(4)		856
Other comprehensive income (loss), net of income tax							(328)		(328)				(328)
Balance at March 31, 2026	$	5	$	12,475	$	6,228	$	(5,564)	$	13,144	$	667	$	13,811


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Metropolitan Life Insurance Company Stockholder’s Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2024	$	5	$	12,475	$	7,444	$	(5,994)	$	13,930	$	504	$	14,434
Cumulative effects of change in accounting principles for equity method investee at January 1, 2025							(1,074)		(1,074)				(1,074)
Dividends to MetLife, Inc.					(1,365)				(1,365)				(1,365)
Change in equity of noncontrolling interests									—		(44)		(44)
Net income (loss)					337				337		(2)		335
Other comprehensive income (loss), net of income tax							1,126		1,126				1,126
Balance at March 31, 2025	$	5	$	12,475	$	6,416	$	(5,942)	$	12,954	$	458	$	13,412

See accompanying notes to the interim condensed consolidated financial statements.

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Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Statements of Cash Flows

Three Months Ended March 31, 2026 and 2025 (Unaudited)

(In millions)


	Three Months Ended March 31,
	2026		2025
Net cash provided by (used in) operating activities	$	1,854	$	1,565
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale	12,714		7,161
Equity securities	3		6
Mortgage loans	3,060		2,568
Real estate and real estate joint ventures	70		50
Other limited partnership interests	225		240
Short-term investments	1,974		2,494
Purchases and originations of:
Fixed maturity securities available-for-sale	(14,196)		(9,448)
Equity securities	(87)		(33)
Mortgage loans	(2,659)		(1,381)
Real estate and real estate joint ventures	(346)		(87)
Other limited partnership interests	(164)		(101)
Short-term investments	(1,147)		(2,576)
Cash received in connection with freestanding derivatives	384		489
Cash paid in connection with freestanding derivatives	(620)		(575)



Net change in policy loans	51		(92)

Net change in other invested assets	(173)		332

Other, net	79		24
Net cash provided by (used in) investing activities	(832)		(929)
Cash flows from financing activities
Policyholder account balances - deposits	19,573		21,763
Policyholder account balances - withdrawals	(19,100)		(22,366)
Net change in payables for collateral under securities loaned and other transactions	890		277


Long-term debt repaid	(50)		—
Derivatives with certain financing elements and other derivative-related transactions, net	3		11



Dividends paid to MetLife, Inc.	(1,309)		(1,365)


Other, net	(3)		(46)
Net cash provided by (used in) financing activities	4		(1,726)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	(2)		1
Change in cash and cash equivalents	1,024		(1,089)
Cash and cash equivalents, beginning of period	8,392		7,271
Cash and cash equivalents, end of period	$	9,416	$	6,182
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	5	$	7
Income tax	$	1	$	39
Non-cash transactions:




Other invested assets received in connection with the sale of other limited partnership interests	$	269	$	17
Consolidation of collateralized financing entities
Increase in fair value option securities	$	816	$	—
Increase in notes issued by collateralized financing entities	$	801	$	—

See accompanying notes to the interim condensed consolidated financial statements.

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Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

Metropolitan Life Insurance Company and its subsidiaries (collectively, “MLIC” or the “Company”) is a provider of insurance, annuities and employee benefits. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”). In the fourth quarter of 2025, the Company reorganized from three reportable segments (Group Benefits, Retirement and Income Solutions (“RIS”) and MetLife Holdings) to a single reportable segment to align with MetLife’s strategic initiatives, and the manner in which the chief operating decision maker (“CODM”) evaluates the performance of the business and allocates resources. Accordingly, certain products were reclassified within the product rollforwards. These changes were applied retrospectively for all periods presented and did not have an impact on prior period consolidated net income (loss). See Note 2 for further information.

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. 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 the Company’s business and operations. Actual results could differ from these estimates.

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2025 consolidated balance sheet data was derived from audited consolidated financial statements included in Metropolitan Life Insurance Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2025 Annual Report.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of Metropolitan Life Insurance Company and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions are eliminated.

The Company uses either the equity method of accounting or the fair value option (“FVO”) for its investments in joint ventures, including real estate joint ventures (“REJVs”) and other limited partnership interests (“OLPI”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following table provides a description of ASUs recently issued by the FASB and the impact of their future adoption on the Company’s consolidated financial statements.

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Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)

Future Adoption of Accounting Pronouncements

ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures. ASUs issued but not yet adopted as of March 31, 2026 that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are summarized in the table below.


Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans	The key amendments include expanding the population of acquired financial assets that are accounted for using the gross-up approach by creating a new category of assets called purchased seasoned loans (“PSLs”), which will be accounted for using the gross-up approach. The day-1 expected credit losses on PSLs are now reflected as an adjustment to the amortized cost basis rather than an expense.	Effective for annual and interim periods beginning January 1, 2027, to be applied prospectively (with early adoption permitted).	The Company is evaluating the impact of the guidance on its consolidated financial statements.
ASU 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software	The key amendments remove all references to prescriptive and sequential software development project stages and require that an entity capitalize software costs when both: (i) management has authorized and committed to funding the software project; and (ii) it is probable that the project will be completed and the software will be used to perform the function intended.	Effective for annual and interim periods beginning January 1, 2028, to be applied either prospectively, retrospectively, or using a modified transition approach (with early adoption permitted as of the beginning of an annual reporting period).	The Company is evaluating the impact of the guidance on its consolidated financial statements.
ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as amended by ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying The Effective Date	The key amendments require disclosures in the notes to financial statements around employee compensation costs, depreciation, intangible asset amortization and certain other costs and expenses. Information on selling expenses is also required.	Effective for annual periods beginning January 1, 2027, and interim periods beginning January 1, 2028, to be applied prospectively with an option for retrospective application (with early adoption permitted).	The Company is evaluating the impact of the guidance on its consolidated financial statements.

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Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information

In the fourth quarter of 2025, the Company reorganized from three reportable segments (Group Benefits, RIS and MetLife Holdings) to a single reportable segment and changed the measure used to evaluate segment profitability from adjusted earnings to net income. See Note 1. The CODM is the Company’s chief executive officer, who evaluates performance and decides how to allocate resources based on net income as reported on the interim condensed consolidated statements of operations. The significant segment expenses provided to the CODM are consistent with the categories shown in the Company’s interim condensed consolidated statements of operations, and there are no other segment expenses at a more disaggregated level used by the CODM. The measure of segment assets is reported on the interim condensed consolidated balance sheets as total assets.

3. Future Policy Benefits

The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated deferred profit liability (“DPL”), additional insurance liabilities, participating life and short-duration contracts.

The Company’s future policy benefits (“FPBs”) on the interim condensed consolidated balance sheets were as follows at:


	March 31, 2026		December 31, 2025
	(In millions)
Traditional and Limited-Payment Contracts:
Annuities	$	55,935	$	57,127
Long-term care	14,978		15,224
Deferred Profit Liabilities:
Annuities	3,070		3,075
Additional Insurance Liabilities:
Universal and variable universal life	2,158		2,127
Participating life	41,333		41,624
Other long-duration (1)	6,342		6,313
Short-duration and other	11,084		10,942
Total	$	134,900	$	136,432

__________________

(1) This balance represents liabilities for various smaller product lines.

Rollforwards - Traditional and Limited-Payment Contracts

The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable.

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Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

3. Future Policy Benefits (continued)

Annuities

The Company’s annuity products include pension risk transfers, certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. The Company reinsures portions of certain pension risk transfers on a modified coinsurance basis. Information regarding these products was as follows:


	Three Months Ended March 31,
	2026			2025
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	—		$	—

Balance, beginning of period, at original discount rate	$	—		$	—

Effect of actual variances from expected experience (1)	—			1
Adjusted balance	—			1
Issuances	287			604
Net premiums collected	(287)			(605)
Ending balance at original discount rate	—			—
Balance, end of period, at current discount rate at balance sheet date	$	—		$	—

Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	57,446		$	47,910

Balance, beginning of period, at original discount rate	$	57,896		$	49,191

Effect of actual variances from expected experience (1)	(32)			(37)
Adjusted balance	57,864			49,154
Issuances	288			610
Interest accrual	714			613
Benefit payments	(1,259)			(1,158)
Ending balance at original discount rate	57,607			49,219
Effect of changes in discount rate assumptions	(1,346)			(1,005)
Balance, end of period, at current discount rate at balance sheet date	56,261			48,214

Cumulative amount of fair value hedging adjustments	(326)			(285)
Net liability for FPBs	$	55,935		$	47,929
Less: Reinsurance recoverables	4,259			—
Net liability for FPBs, net of reinsurance	$	51,676		$	47,929

Undiscounted - Expected future benefit payments	$	105,575		$	93,608
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	56,261		$	48,214
Weighted-average duration of the liability	8 years			9 years
Weighted-average interest accretion (original locked-in) rate	5.1		%	5.1		%
Weighted-average current discount rate at balance sheet date	5.6		%	5.6		%

__________________

(1)For the three months ended March 31, 2025, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the Company’s annuity products of $24 million.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

3. Future Policy Benefits (continued)

Long-term Care

The Company’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:


	Three Months Ended March 31,
		2026			2025
		(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date		$	5,548		$	5,475

Balance, beginning of period, at original discount rate		$	5,515		$	5,568

Effect of actual variances from expected experience		21			(22)
Adjusted balance		5,536			5,546
Interest accrual		71			71
Net premiums collected		(142)			(140)
Ending balance at original discount rate		5,465			5,477
Effect of changes in discount rate assumptions		(42)			(35)
Balance, end of period, at current discount rate at balance sheet date		$	5,423		$	5,442

Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date		$	20,772		$	20,012

Balance, beginning of period, at original discount rate		$	21,490		$	21,024

Effect of actual variances from expected experience		44			(10)
Adjusted balance		21,534			21,014
Interest accrual		283			276
Benefit payments		(250)			(225)
Ending balance at original discount rate		21,567			21,065
Effect of changes in discount rate assumptions		(1,166)			(907)
Balance, end of period, at current discount rate at balance sheet date		20,401			20,158

Net liability for FPBs		$	14,978		$	14,716

Undiscounted:
Expected future gross premiums		$	10,229		$	10,450
Expected future benefit payments		$	44,517		$	44,745
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	6,824		$	6,932
Expected future benefit payments		$	20,401		$	20,158
Weighted-average duration of the liability		13 years			13 years
Weighted-average interest accretion (original locked-in) rate		5.4		%	5.4		%
Weighted-average current discount rate at balance sheet date		6.0		%	5.8		%

Rollforward - Additional Insurance Liabilities

The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for universal life, and variable universal life contract features whereby the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.

The following information about the direct liability for additional insurance liabilities includes a disaggregated rollforward. The products grouped within the rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies. The adjusted balance in the disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforward and accompanying financial information do not include a reduction for amounts ceded to reinsurers.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

3. Future Policy Benefits (continued)

Universal and Variable Universal Life

The Company’s universal and variable universal life products provide a contract feature whereby the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:


	Three Months Ended March 31,
	2026			2025
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	2,127		$	1,969
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment	(13)			(17)
Balance, beginning of period, before AOCI adjustment	2,140			1,986

Effect of actual variances from expected experience	8			10
Adjusted balance	2,148			1,996
Assessments accrual	23			23
Interest accrual	27			25
Excess benefits paid	(26)			(24)
Balance, end of period, before AOCI adjustment	2,172			2,020
Add: AOCI adjustment	(14)			(15)
Balance, end of period	2,158			2,005
Less: Reinsurance recoverables	2,158			2,005
Balance, end of period, net of reinsurance	$	—		$	—

Weighted-average duration of the liability	15 years			16 years
Weighted-average interest accretion rate	5.2		%	5.2		%

The Company’s gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding participating life contracts, were as follows:


	Three Months Ended March 31,
	2026				2025
	Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)
	(In millions)
Traditional and Limited-Payment Contracts:
Annuities	$	308	$	714	$	620	$	613
Long-term care	179		212		180		205
Deferred Profit Liabilities:
Annuities	N/A		38		N/A		38
Additional Insurance Liabilities:
Universal and variable universal life	82		27		91		25
Other long-duration	517		75		178		76
Total	$	1,086	$	1,066	$	1,069	$	957

__________________

(1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.

(2)Interest expense is included in policyholder benefits and claims.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

3. Future Policy Benefits (continued)

Liabilities for Unpaid Claims and Claim Expenses

Rollforward of Claims and Claim Adjustment Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:


	Three Months Ended March 31,
	2026		2025
	(In millions)
Balance, beginning of period	$	11,956	$	11,698
Less: Reinsurance recoverables	1,946		2,004
Net balance, beginning of period	10,010		9,694
Incurred related to:
Current period	5,466		5,507
Prior periods (1)	(203)		(134)
Total incurred	5,263		5,373
Paid related to:
Current period	(2,236)		(2,180)
Prior periods	(2,752)		(2,823)
Total paid	(4,988)		(5,003)
Net balance, end of period	10,285		10,064
Add: Reinsurance recoverables	2,051		2,074
Balance, end of period (included in FPBs and other policy-related balances)	$	12,336	$	12,138

__________________

(1)For the three months ended March 31, 2026 and 2025, incurred claims and claim adjustment expenses associated with prior periods decreased due to favorable claims experience in the respective current period.

4. Policyholder Account Balances

The Company establishes liabilities for policyholder account balances (“PABs”), which are generally equal to the account value, and which include accrued interest credited, but exclude the impact of any applicable charge that may be incurred upon surrender.

The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:


	March 31, 2026		December 31, 2025
	(In millions)
Life	$	10,265	$	10,197
Capital markets investment products and stable value guaranteed interest contracts (“GICs”)	60,117		59,278
Annuities and risk solutions	15,764		15,671
Fixed and variable annuities	5,607		5,788
Other	12,958		13,157
Total	$	104,711	$	104,091

Rollforwards

The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

Life

The life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account portion of variable life insurance products. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2026			2025
	(Dollars in millions)
Balance, beginning of period	$	10,197		$	7,469
Transfer (1)	—			3,084
Deposits	1,084			935
Policy charges	(167)			(167)
Surrenders and withdrawals	(908)			(892)
Benefit payments	(3)			(4)
Net transfers from (to) separate accounts	(1)			1
Interest credited	63			66
Balance, end of period	$	10,265		$	10,492

Weighted-average annual crediting rate	2.5		%	2.5		%

At period end:
Cash surrender value	$	10,195		$	10,428
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	269,900		$	266,816

__________________

(1)Reported balances for the three months ended March 31, 2025 have been updated to include a product previously not included in the disaggregated rollforward. See Note 1.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

The life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
March 31, 2026
Equal to or greater than 0% but less than 2%	$	514	$	—	$	647	$	4,294	$	5,455
Equal to or greater than 2% but less than 4%	3,867		97		73		—		4,037
Equal to or greater than 4%	661		24		—		56		741
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		32
Total	$	5,042	$	121	$	720	$	4,350	$	10,265

March 31, 2025
Equal to or greater than 0% but less than 2%	$	468	$	—	$	718	$	4,153	$	5,339
Equal to or greater than 2% but less than 4%	4,183		102		62		—		4,347
Equal to or greater than 4%	693		27		3		48		771
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		35
Total	$	5,344	$	129	$	783	$	4,201	$	10,492

Capital Markets Investment Products and Stable Value GICs

The capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2026			2025
	(Dollars in millions)
Balance, beginning of period	$	59,278		$	57,799
Deposits	17,713			20,402

Surrenders and withdrawals	(17,037)			(20,561)


Interest credited	524			535
Effect of foreign currency translation and other, net	(361)			477
Balance, end of period	$	60,117		$	58,652

Weighted-average annual crediting rate	3.6		%	3.8		%
Cash surrender value at period end	$	1,168		$	1,054

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

The capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
March 31, 2026
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,436	$	2,436


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		57,681
Total	$	—	$	—	$	—	$	2,436	$	60,117

March 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,376	$	2,376


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		56,276
Total	$	—	$	—	$	—	$	2,376	$	58,652

Annuities and Risk Solutions

The annuity and risk solutions PABs include certain structured settlements and institutional income annuities, group fixed deferred annuities, the fixed account portion of group variable deferred annuities, registered index-linked annuities and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2026			2025
	(Dollars in millions)
Balance, beginning of period	$	15,671		$	11,673
Transfer (1)	—			3,109
Deposits	532			264
Policy charges	(45)			(44)
Surrenders and withdrawals	(455)			(146)
Benefit payments	(168)			(161)
Net transfers from (to) separate accounts	(6)			15
Interest credited	161			150
Other	74			16
Balance, end of period	$	15,764		$	14,876

Weighted-average annual crediting rate	4.2		%	4.1		%

At period end:
Cash surrender value	$	10,954		$	10,443
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	34,555		$	33,999
At annuitization or exercise of other living benefits	$	13		$	15

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

__________________

(1)A product previously reported within Fixed and Variable Annuities has been moved to Annuities and Risk Solutions. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. See Note 1.

The annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
March 31, 2026
Equal to or greater than 0% but less than 2%	$	—	$	—	$	8	$	2,641	$	2,649
Equal to or greater than 2% but less than 4%	426		2,202		453		51		3,132
Equal to or greater than 4%	3,363		—		300		6		3,669
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		6,314
Total	$	3,789	$	2,202	$	761	$	2,698	$	15,764

March 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	7	$	2,148	$	2,155
Equal to or greater than 2% but less than 4%	350		2,507		522		48		3,427
Equal to or greater than 4%	3,690		11		293		6		4,000
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		5,294
Total	$	4,040	$	2,518	$	822	$	2,202	$	14,876

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

Fixed and Variable Annuities

The fixed and variable annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2026			2025
	(Dollars in millions)
Balance, beginning of period	$	5,788		$	9,513
Transfer (1)	—			(3,109)
Deposits	22			25
Policy charges	(2)			(2)
Surrenders and withdrawals	(180)			(226)
Benefit payments	(66)			(83)
Net transfers from (to) separate accounts	4			24
Interest credited	43			48
Other	(2)			(3)
Balance, end of period	$	5,607		$	6,187

Weighted-average annual crediting rate	3.1		%	3.1		%

At period end:
Cash surrender value	$	5,091		$	5,598
Net amount at risk, excluding offsets from reinsurance (2):
In the event of death	$	2,425		$	2,577
At annuitization or exercise of other living benefits	$	814		$	738

__________________

(2)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as Market Risk Benefits (“MRBs”), which are disclosed in “Annuities” in Note 5.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

The fixed and variable annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
March 31, 2026
Equal to or greater than 0% but less than 2%	$	40	$	9	$	362	$	273	$	684
Equal to or greater than 2% but less than 4%	2,452		1,533		287		56		4,328
Equal to or greater than 4%	112		172		—		—		284
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		311
Total	$	2,604	$	1,714	$	649	$	329	$	5,607

March 31, 2025
Equal to or greater than 0% but less than 2%	$	15	$	126	$	409	$	78	$	628
Equal to or greater than 2% but less than 4%	2,067		2,404		347		83		4,901
Equal to or greater than 4%	160		148		2		—		310
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		348
Total	$	2,242	$	2,678	$	758	$	161	$	6,187

5. Market Risk Benefits

The Company establishes assets and liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit, less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:


	March 31, 2026						December 31, 2025
	Asset		Liability		Net Liability (Asset)		Asset		Liability		Net Liability (Asset)
	(In millions)
Annuities	$	171	$	2,152	$	1,981	$	216	$	2,043	$	1,827
Other	36		169		133		41		158		117
Total	$	207	$	2,321	$	2,114	$	257	$	2,201	$	1,944

Rollforwards

The following information about the direct and assumed liabilities (assets) for MRBs includes a disaggregated rollforward. The products grouped within this rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Market Risk Benefits (continued)

The Company’s variable annuity products offer contract features whereby the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantee contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. Information regarding the Company’s variable annuity products was as follows:


	Three Months Ended March 31,
		2026		2025
	(In millions)
Balance, beginning of period (1)		$	1,827	$	2,069

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	1,742	$	2,026
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)		—		(191)

Attributed fees collected		61		66
Benefit payments		(24)		(23)
Effect of changes in interest rates		(5)		122
Effect of changes in capital markets		63		60
Effect of changes in equity index volatility		59		11
Actual policyholder behavior different from expected behavior		57		57

Effect of foreign currency translation and other, net		(17)		3
Effect of changes in risk margin		2		13
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		1,938		2,144
Cumulative effect of changes in the instrument-specific credit risk		43		41

Balance, end of period		1,981		2,185
Less: Reinsurance recoverable		373		—
Balance, end of period, net of reinsurance		$	1,608	$	2,185

At period end:
Net amount at risk, excluding offsets from hedging and reinsurance (2):
In the event of death		$	2,425	$	2,577
At annuitization or exercise of other living benefits		$	814	$	738
Weighted-average attained age of contractholders:
In the event of death		73 years		72 years
At annuitization or exercise of other living benefits		72 years		71 years

__________________

(1) A product previously reported within Annuities has been moved to Other. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was ($165) million. See Note 1.

(2) Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs, which are disclosed in “Fixed and Variable Annuities” in Note 4.

Significant Methodologies and Assumptions

The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in other comprehensive income (loss) (“OCI”).

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Market Risk Benefits (continued)

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 10 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions, including changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

Other

In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 10 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities (assets) was as follows:


	Three Months Ended March 31,
	2026		2025
	(In millions)
Balance, beginning of period (1)	$	117	$	24

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	138	$	29
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)	—		191

Attributed fees collected	4		4

Effect of changes in interest rates	6		12
Effect of changes in capital markets	6		5
Effect of changes in equity index volatility	14		3
Actual policyholder behavior different from expected behavior	1		(2)

Effect of foreign currency translation and other, net	(11)		1
Effect of changes in risk margin	1		2
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	159		245
Cumulative effect of changes in the instrument-specific credit risk	(26)		(36)

Balance, end of period	$	133	$	209

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Market Risk Benefits (continued)

__________________

(1)A product previously reported within Annuities has been moved to Other. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was $165 million. See Note 1.

6. Separate Accounts

Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.

Separate Account Liabilities

The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:


	March 31, 2026		December 31, 2025
	(In millions)
Stable value and risk solutions	$	27,645	$	27,605
Group annuities	17,706		18,099
Variable annuities	18,285		19,554
Other	7,792		8,253
Total	$	71,428	$	73,511

Rollforwards

The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies.

The separate account liabilities are primarily comprised of the following: Stable value and risk solutions contracts, participating and non-participating group annuity contracts and variable annuities.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Separate Accounts (continued)

The balances of and changes in separate account liabilities were as follows:


	Stable Value and Risk Solutions		Group Annuities		Variable Annuities
	(In millions)
Three Months Ended March 31, 2026
Balance, beginning of period	$	27,605	$	18,099	$	19,554
Premiums and deposits	467		62		14
Policy charges	(51)		(27)		(104)
Surrenders and withdrawals	(590)		(431)		(590)
Benefit payments	(38)		(11)		(117)
Investment performance	(25)		(287)		(467)
Net transfers from (to) general account	13		(7)		(4)
Other	264		308		(1)
Balance, end of period	$	27,645	$	17,706	$	18,285
Three Months Ended March 31, 2025
Balance, beginning of period	$	32,761	$	11,001	$	27,766
Transfer, January 1 (1)	—		6,926		(6,926)
Premiums and deposits	636		56		16
Policy charges	(47)		(27)		(113)
Surrenders and withdrawals	(2,288)		(370)		(653)
Benefit payments	(35)		(10)		(104)
Investment performance	525		61		(227)
Net transfers from (to) general account	1		(16)		(24)
Other (2)	(1,263)		100		—
Balance, end of period	$	30,290	$	17,721	$	19,735

Cash surrender value at March 31, 2026 (3)	$	24,641	$	6,518	$	18,188
Cash surrender value at March 31, 2025 (3)	$	26,910	$	6,492	$	19,625

__________________

(1) A product previously reported within Variable Annuities has been moved to Group Annuities. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. See Note 1.

(2) Other for stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.

(3) Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Separate Accounts (continued)

Separate Account Assets

The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:


	March 31, 2026		December 31, 2025
	(In millions)
Fixed maturity securities:
Bonds:
Government and agency	$	8,655	$	8,645
Public utilities	996		1,010
Municipals	258		265
Corporate bonds:	7,371		7,426
Total bonds	17,280		17,346
Mortgage-backed securities	7,677		7,640
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)	1,953		1,976
Redeemable preferred stock	7		8
Total fixed maturity securities	26,917		26,970
Equity securities	2,569		2,775
Mutual funds:
Bond funds	2,950		3,050
Equity funds	19,216		20,637
Balanced funds	173		172
Other	14,442		15,068
Total mutual funds	36,781		38,927
Other invested assets	1,182		1,152
Total investments	67,449		69,824
Other assets	3,979		3,687
Total	$	71,428	$	73,511

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Deferred Policy Acquisition Costs and Value of Business Acquired

Information regarding total Deferred Acquisition Costs (“DAC”) and Value of Business Acquired (“VOBA”) was as follows:


	Three Months Ended March 31,
	2026		2025 (1)
	(In millions)
DAC (2):
Balance, beginning of period	$	2,855	$	3,124
Capitalizations	53		22
Amortization	(63)		(67)
Balance, end of period	$	2,845	$	3,079


Total DAC and VOBA:
Balance at March 31, 2026			$	2,855
Balance at March 31, 2025			$	3,090
Balance at December 31, 2025			$	2,865

__________________

(1)See Note 2 for information on the Company’s reorganization to a single segment.

(2)Includes DAC balances primarily related to whole life, variable annuities, disability income, term life, long-term care and universal life products.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments

Fixed Maturity Securities Available-for-Sale

Fixed Maturity Securities Available-for-Sale by Sector

The following table presents fixed maturity securities available-for-sale (“AFS”) by sector. United States (“U.S.”) corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, nonqualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans, broadly syndicated bank loans and other assets. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”


	March 31, 2026										December 31, 2025
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss (“ACL”)		Gains		Losses						ACL		Gains		Losses
	(In millions)

U.S. corporate	$	53,975	$	(121)	$	739	$	3,377	$	51,216	$	52,552	$	(125)	$	1,050	$	2,875	$	50,602
RMBS	28,334		(1)		342		1,383		27,292		28,129		(1)		476		1,365		27,239
U.S. government and agency	28,266		—		124		3,523		24,867		29,811		—		188		3,298		26,701
Foreign corporate	28,334		(16)		460		2,583		26,195		27,934		(7)		742		2,198		26,471
ABS & CLO	16,238		(5)		91		258		16,066		14,610		(5)		137		191		14,551
Municipals	5,830		—		98		526		5,402		5,947		—		138		496		5,589
CMBS	5,144		(16)		36		203		4,961		5,286		(20)		57		210		5,113
Foreign government	3,505		(36)		98		224		3,343		3,115		(36)		151		164		3,066
Total fixed maturity securities AFS	$	169,626	$	(195)	$	1,988	$	12,077	$	159,342	$	167,384	$	(194)	$	2,939	$	10,797	$	159,332

Maturities of Fixed Maturity Securities AFS

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at March 31, 2026:


	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Products		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost, net of ACL	$	5,984	$	26,171	$	28,361	$	59,221	$	49,694	$	169,431
Estimated fair value	$	5,949	$	25,848	$	27,822	$	51,404	$	48,319	$	159,342

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments (continued)

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.


	March 31, 2026								December 31, 2025
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
Sector & Credit Quality	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)

U.S. corporate	$	12,405	$	270	$	19,477	$	3,093	$	4,208	$	80	$	20,765	$	2,763
RMBS	6,767		67		7,942		1,317		1,728		17		9,165		1,348
U.S. government and agency	5,965		106		10,083		3,417		6,209		57		10,238		3,241
Foreign corporate	5,937		184		10,629		2,396		1,211		69		11,682		2,126
ABS & CLO	7,641		73		2,452		184		3,570		22		2,534		169
Municipals	663		14		2,037		512		588		14		1,961		482
CMBS	1,069		10		1,881		191		421		9		2,081		199
Foreign government	1,028		28		1,017		195		167		4		1,078		159
Total fixed maturity securities AFS	$	41,475	$	752	$	55,518	$	11,305	$	18,102	$	272	$	59,504	$	10,487
Investment grade	$	39,430	$	682	$	54,365	$	11,177	$	17,172	$	232	$	58,276	$	10,396
Below investment grade	2,045		70		1,153		128		930		40		1,228		91
Total fixed maturity securities AFS	$	41,475	$	752	$	55,518	$	11,305	$	18,102	$	272	$	59,504	$	10,487
Total number of securities in an unrealized loss position	5,973				5,520				2,778				5,880

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

See Note 10 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for a description of the Company’s Evaluation and Measurement Methodologies of Fixed Maturity Securities AFS for Credit Loss.

Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

Gross unrealized losses on securities without an ACL increased $1.3 billion for the three months ended March 31, 2026 to $12.1 billion primarily due to an increase in interest rates.

As shown in the table above, most of the gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater at March 31, 2026, relate to investment grade securities. These unrealized losses are principally due to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.

As of March 31, 2026, $128 million of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater on below investment grade securities were concentrated in the consumer, industrial and transportation sectors within corporate securities and in foreign government securities. These unrealized losses are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty and, with respect to fixed-rate securities, rising interest rates since purchase.

At March 31, 2026, the Company did not intend to sell its securities in an unrealized loss position without an ACL, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost. Therefore, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at March 31, 2026.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments (continued)

Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.

Rollforward of ACL for Fixed Maturity Securities AFS By Sector

The rollforward of ACL for fixed maturity securities AFS by sector was as follows:


	U.S. Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
Three Months Ended March 31, 2026	(In millions)
Balance, beginning of period	$	125	$	7	$	36	$	1	$	5	$	20	$	194
ACL not previously recorded	—		16		—		—		—		3		19
Changes for securities with previously recorded ACL	21		—		—		—		—		4		25
Securities sold or exchanged	(25)		(7)		—		—		—		(11)		(43)

Balance, end of period	$	121	$	16	$	36	$	1	$	5	$	16	$	195
Three Months Ended March 31, 2025
Balance, beginning of period	$	45	$	15	$	36	$	1	$	7	$	8	$	112
ACL not previously recorded	—		—		—		1		—		3		4
Changes for securities with previously recorded ACL	4		—		—		—		1		1		6
Securities sold or exchanged	(23)		(10)		—		—		(3)		—		(36)

Balance, end of period	$	26	$	5	$	36	$	2	$	5	$	12	$	86

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	March 31, 2026				December 31, 2025
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	28,884	52.1	%	$	29,546	52.9	%
Agricultural	14,979		27.0		15,203		27.2
Residential	12,313		22.2		11,815		21.2
Total amortized cost	56,176		101.3		56,564		101.3
ACL	(711)		(1.3)		(701)		(1.3)




Total mortgage loans held-for-investment, net	55,465		100.0		55,863		100.0
Mortgage loans held-for-sale	7		—		7		—
Total mortgage loans	$	55,472	100.0	%	$	55,870	100.0	%

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($694) million and ($716) million at March 31, 2026 and December 31, 2025, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at March 31, 2026 was $105 million, $133 million and $115 million, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at December 31, 2025 was $110 million, $159 million and $103 million, respectively. The accrued interest income related to mortgage loans is included in accrued investment income on the interim condensed consolidated balance sheets.

Purchases of mortgage loans, consisting primarily of residential mortgage loans, from unaffiliated parties, were $905 million and $564 million for the three months ended March 31, 2026 and 2025, respectively.

Sales of mortgage loans were $18 million for the three months ended March 31, 2026.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments (continued)

For the three months ended March 31, 2026, the Company acquired wholly-owned real estate by completing foreclosures on commercial mortgage loans with an amortized cost of $21 million.

Rollforward of ACL for Mortgage Loans by Portfolio Segment

The rollforward of ACL for mortgage loans, by portfolio segment, was as follows:


	Three Months Ended March 31,
	2026								2025
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	436	$	81	$	184	$	701	$	312	$	63	$	128	$	503
Provision (release)	100		3		(39)		64		113		7		6		126

Charge-offs, net of recoveries	(44)		(9)		(1)		(54)		—		—		—		—
Balance, end of period	$	492	$	75	$	144	$	711	$	425	$	70	$	134	$	629

The gross charge-offs of mortgage loans by origination year and portfolio segment for the three months ended March 31, 2026 were as follows:


Portfolio Segment	2026		2025		2024		2023		2022		Prior		Total
	(In millions)
Commercial	$	—	$	—	$	—	$	—	$	—	$	44	$	44
Agricultural	—		—		—		—		—		9		9

Residential	—		—		—		—		1		—		1
Total	$	—	$	—	$	—	$	—	$	1	$	53	$	54

ACL Methodology

The Company records 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 loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments (continued)

Commercial and Agricultural Mortgage Loan Portfolio Segments

Within each loan portfolio segment, commercial and agricultural loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. In its evaluation, the Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for such loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.

Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, 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. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.

For commercial mortgage loans, the primary credit quality indicator is the DSCR, which 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. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. 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 the Company’s ongoing review of its commercial mortgage loan portfolio.

For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments (continued)

After commercial and agricultural mortgage loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that is not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.

Residential Mortgage Loan Portfolio Segment

The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company reverts to industry historical loss experience using a straight-line basis over one year.

For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.

Modifications to Borrowers Experiencing Financial Difficulty

The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications, in materially impacted mortgage segments, where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means: principal forgiveness, interest rate reduction, other-than-insignificant payment delay or maturity extension. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any ACL recorded. All loans modified to borrowers experiencing financial difficulties are evaluated individually for credit loss as collateral dependent loans.

These mortgage loan modifications are summarized as follows:


	Three Months Ended March 31,
	2025
	Amortized Cost		Affected Loans (in Years)
Portfolio Segment	Maturity Extension			Payment Delay		Total		Weighted Average Life Increase	Average Years Payment Deferral	% of Book Value
	(Dollars in millions)
Commercial	$	136		$	—	$	136	5			—	<1%

For the three months ended March 31, 2026, all commercial and agricultural mortgage loans modified within the past 12 months to borrowers experiencing financial difficulties and still outstanding were current. For the three months ended March 31, 2025, all commercial mortgage loans modified within the past 12 months to borrowers experiencing financial difficulties and still outstanding were current.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments (continued)

Credit Quality of Mortgage Loans by Portfolio Segment

The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2026:


Credit Quality Indicator	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	533	$	1,495	$	1,910	$	1,211	$	905	$	8,329	$	1,712	$	16,095	55.7	%
65% to 75%	120		244		312		432		1,341		2,345		—		4,794		16.6
76% to 80%	—		33		—		52		278		1,044		—		1,407		4.9
Greater than 80%	—		152		177		66		484		5,709		—		6,588		22.8
Total	$	653	$	1,924	$	2,399	$	1,761	$	3,008	$	17,427	$	1,712	$	28,884	100.0	%
DSCR:
> 1.20x	$	538	$	1,512	$	2,148	$	1,149	$	2,285	$	14,080	$	1,712	$	23,424	81.1	%
1.00x - 1.20x	—		274		—		323		265		2,135		—		2,997		10.4
<1.00x	115		138		251		289		458		1,212		—		2,463		8.5
Total	$	653	$	1,924	$	2,399	$	1,761	$	3,008	$	17,427	$	1,712	$	28,884	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2026:


Credit Quality Indicator	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	353	$	949	$	503	$	748	$	1,530	$	8,352	$	1,298	$	13,733	91.7	%
65% to 75%	—		41		32		74		186		712		18		1,063		7.1
76% to 80%	—		—		—		—		22		32		4		58		0.4
Greater than 80%	—		—		—		—		89		22		14		125		0.8
Total	$	353	$	990	$	535	$	822	$	1,827	$	9,118	$	1,334	$	14,979	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2026:


Credit Quality Indicator	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	43	$	2,141	$	1,274	$	232	$	1,532	$	6,715	$	—	$	11,937	96.9	%
Nonperforming (1)	—		13		41		20		72		230		—		376		3.1
Total	$	43	$	2,154	$	1,315	$	252	$	1,604	$	6,945	$	—	$	12,313	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $137 million and $143 million at March 31, 2026 and December 31, 2025, respectively.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments (continued)

Past Due and Nonaccrual Mortgage Loans

The Company has a high quality, well performing mortgage loan portfolio, with 98% of all mortgage loans classified as performing at both March 31, 2026 and December 31, 2025. The Company defines delinquency in a manner consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:


	Past Due				Past Due and Still Accruing Interest				Nonaccrual
Portfolio Segment	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
	(In millions)
Commercial	$	457	$	339	$	—	$	—	$	948	$	945
Agricultural	172		172		43		43		139		165
Residential	376		365		—		—		376		365
Total	$	1,005	$	876	$	43	$	43	$	1,463	$	1,475

Real Estate and REJVs

The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method REJVs. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:


	March 31, 2026		December 31, 2025		Three Months Ended March 31,
					2026		2025
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	1,577	$	1,331	$	37	$	43
Other real estate	638		553		72		73
REJVs	6,691		6,914		52		13
Total real estate and REJVs	$	8,906	$	8,798	$	161	$	129

Depreciation expense on real estate investments was $20 million and $22 million for the three months ended March 31, 2026 and 2025, respectively. Real estate investments were net of accumulated depreciation of $803 million and $783 million at March 31, 2026 and December 31, 2025, respectively.

Leased Real Estate Investments - Operating Leases

The Company, as lessor, leases investment real estate, principally commercial real estate for office, apartment and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification and geographic diversification.

See Note 10 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for a summary of leased real estate investments and earned income by property type.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments (continued)

Other Invested Assets

Tax Equity Investments

The Company invests in certain tax equity investments, including low income housing tax credit partnerships and renewable energy partnerships. The carrying value of tax equity investments, reported in other invested assets on the interim condensed consolidated balance sheets, was $935 million and $676 million at March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026 and 2025, income tax credits and other income tax benefits of $25 million and $28 million, respectively, and amortized expenses of $22 million and $23 million, respectively, were recognized net as a component of income tax expense in the Company’s interim condensed consolidated statements of operations.

FVO Securities and Equity Securities

The following table presents FVO securities and equity securities by asset type.



	March 31, 2026						December 31, 2025
			Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Asset Type	Cost
	(In millions)
FVO securities
Securities held by collateralized financing entities (“CFEs”)	$	816	$	—	$	816	$	—	$	—	$	—
General account and other securities	202		694		896		218		648		866
Total FVO securities	$	1,018	$	694	$	1,712	$	218	$	648	$	866
Equity securities
Common stock (2)	$	167	$	40	$	207	$	170	$	25	$	195
Non-redeemable preferred stock	53		10		63		37		7		44
Total equity securities	$	220	$	50	$	270	$	207	$	32	$	239

__________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings.

(2)Includes common stock and certain mutual funds.

Cash Equivalents

Cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $5.4 billion and $5.0 billion, at estimated fair value, at March 31, 2026 and December 31, 2025, respectively.

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, at both March 31, 2026 and December 31, 2025.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments (continued)

Securities Lending Transactions and Repurchase Agreements

Securities, Collateral and Reinvestment Portfolio

Transactions and agreements accounted for as secured borrowings were as follows:


	March 31, 2026						December 31, 2025
	Securities (1)						Securities (1)
Agreement Type	Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value
	(In millions)
Securities lending	$	7,151	$	7,421	$	7,344	$	6,840	$	7,043	$	6,979
Repurchase agreements	$	3,124	$	3,075	$	3,043	$	3,002	$	2,975	$	2,948

__________________

(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at both March 31, 2026 and December 31, 2025. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge these securities.

(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.

Contractual Maturities

Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:


	March 31, 2026										December 31, 2025
	Remaining Maturities										Remaining Maturities
Cash collateral liability by security type:	Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total		Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Securities lending:
U.S. government and agency	$	995	$	3,399	$	3,027	$	—	$	7,421	$	971	$	2,445	$	3,627	$	—	$	7,043


Repurchase agreements:
U.S. government and agency	$	—	$	3,075	$	—	$	—	$	3,075	$	—	$	2,975	$	—	$	—	$	2,975

__________________

(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell investments to meet the return obligation, it may have difficulty selling such collateral that is invested in a timely manner, be forced to sell investments in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both.

The securities lending and repurchase agreement reinvestment portfolios consist principally of high quality, liquid, publicly traded fixed maturity securities AFS, short-term investments, cash equivalents or cash. If the securities in the reinvestment portfolio become less liquid, liquidity resources within the general account are available to meet any potential cash demands when securities are put back by the counterparty.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments (continued)

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, and were as follows at:


	March 31, 2026		December 31, 2025
	(In millions)
Invested assets on deposit (regulatory deposits)	$	103	$	106
Invested assets held in trust (external reinsurance agreements)	578		285
Invested assets pledged as collateral (1)	22,138		21,380
Total invested assets on deposit, held in trust and pledged as collateral	$	22,819	$	21,771

__________________

(1)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements and secured debt (see Notes 4 and 14 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 9.

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements. In addition, the Company’s investment in Federal Home Loan Bank of New York common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $628 million at redemption value at both March 31, 2026 and December 31, 2025.

The Company maintained invested assets and cash and cash equivalents that are subject to ceded reinsurance arrangements with third parties of $7.8 billion and $8.2 billion at March 31, 2026 and December 31, 2025, respectively, which includes cash and cash equivalents of $610 million and $1.0 billion at March 31, 2026 and December 31, 2025, respectively.

Variable Interest Entities

The Company has invested in legal entities that are VIEs. Legal entities are determined to be VIEs if (1) the equity investors lack (i) the ability to control the entity, (ii) the obligation to absorb losses or (iii) the right to receive returns of the entity, or (2) the entity lacks sufficient equity to finance its activities without subordinated financial support.

For VIEs, the Company determines whether it is the primary beneficiary, which involves an evaluation of the purpose and design of the entity and, whether based on the design of the entity, the Company has both (1) the power to direct the activities of the entity which most significantly affect the economic performance of the entity and (2) the obligation to absorb losses or the right to receive benefits that are potentially significant to the VIE. Significant judgment is required in the primary beneficiary determination, which includes an evaluation of the substance of contractual arrangements and voting agreements, the rights of other investors in an entity and the potential financial results of the entity.

The Company continuously assesses if facts or circumstances indicate that a potential change in the primary beneficiary has occurred. This could include new contractual arrangements of an entity or changes in the investors of an entity. As a result of changes in circumstances, the Company may consolidate or deconsolidate a VIE.

Consolidated VIEs

The Company is the primary beneficiary of certain investment funds and partnership entities in which the Company has invested. The assets of these VIEs may only be used to satisfy the liabilities of the respective VIEs. The Company is not required to provide, and has not provided, material financial support to the VIEs, other than its investment in these VIEs.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments (continued)

The table below reflects the carrying amount and balance sheet classification in which the assets and liabilities of consolidated VIEs are reported. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the respective VIEs.


	March 31, 2026		December 31, 2025
Description	Consolidated VIEs
	(In millions)
FVO securities primarily held by CFEs (1)	$	816	$	—
Mortgage loans	180		180
Real estate and REJVs	2,495		2,435
Renewable energy partnership (1)	43		45

Cash and cash equivalents	64		8
Other	10		6
Total assets of consolidated VIEs	$	3,608	$	2,674
Notes issued by CFEs (2)	$	801	$	—
Other liabilities	30		9
Total liabilities of consolidated VIEs	$	831	$	9

__________________

(1)Included in other invested assets.

(2)In the first quarter of 2026, beneficial interests in CFEs were transferred to the Company from an affiliate, which resulted in the Company, as the primary beneficiary, consolidating the CFEs. Notes issued by CFEs represent notes issued by certain collateralized loan obligation (“CLO”) entities. The creditors of these consolidated VIEs do not have recourse to the Company in excess of the assets contained within the VIEs. For these notes, the Company has elected the FVO and has based the estimated fair value on the more observable of the notes or the corresponding assets. Changes in estimated fair value are reported in net investment gains (losses).

Unconsolidated VIEs

The Company has determined that it is not the primary beneficiary of certain VIEs because the Company does not have both (1) the power to direct the activities of the entity which most significantly affect the economic performance of the entity and (2) the obligation to absorb losses or the right to receive benefits that are potentially significant to the VIE.

The Company invests in structured products issued by CFEs or securitization entities that are VIEs which typically do not have substantial equity. Its investments in these structured products are fixed maturity securities investments and include mortgage-backed securities, and ABS & CLOs. The Company’s exposure to losses of these entities is limited to the amount of its investment. See “— Fixed Maturity Securities Available-for-Sale” for details regarding amounts and classification of these assets.

The Company also invests in or provides loans to other legal entities that are VIEs. These primarily include hedge funds, private equity funds and similar entities that are classified within OLPIs, REJVs, other invested assets, fixed maturity securities and mortgage loans. The Company’s maximum exposure to loss for these VIEs is limited to the carrying value of the equity investment plus any unfunded capital commitments. The carrying value of these investments was $11.5 billion and $12.0 billion at March 31, 2026 and December 31, 2025, respectively, and the Company’s unfunded commitments were $2.4 billion and $2.3 billion at March 31, 2026 and December 31, 2025, respectively.

The Company did not provide financial or other support that it was not contractually obligated to provide to entities designated as VIEs for the three months ended March 31, 2026 or 2025.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments (continued)

Net Investment Income

The composition of net investment income by asset type was as follows:


	Three Months Ended March 31,
Asset Type	2026		2025
	(In millions)
Fixed maturity securities AFS	$	2,044	$	1,868
Mortgage loans	717		763
Policy loans	73		70
Real estate and REJVs	161		129
OLPI	183		113
Cash, cash equivalents and short-term investments	90		90
FVO securities	(40)		(33)
Operating joint venture	18		16
Equity securities	1		4
Other	173		154
Subtotal investment income	3,420		3,174
Less: Investment expenses	320		298
Net investment income	$	3,100	$	2,876

Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals	$	—	$	—
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and REJVs)	(33)		(14)
Net realized and unrealized gains (losses) recognized in net investment income	$	(33)	$	(14)

Changes in estimated fair value subsequent to purchase of FVO securities still held at the end of the respective periods and recognized in net investment income	$	(35)	$	(35)

Equity method investments net investment income (primarily REJVs, OLPI, tax credit and renewable energy partnerships and an operating joint venture)	$	267	$	132

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments (continued)

Net Investment Gains (Losses)

Net Investment Gains (Losses) by Asset Type and Transaction Type

The composition of net investment gains (losses) by asset type and transaction type was as follows:


		Three Months Ended March 31,
Asset Type		2026		2025
	(In millions)
Fixed maturity securities AFS		$	(112)	$	(126)
Equity securities		8		(9)
Mortgage loans		(71)		(129)
Real estate and REJVs (excluding changes in estimated fair value)		(22)		—
OLPI (excluding changes in estimated fair value) (1)		(33)		(1)
Other gains (losses)		(7)		(1)
Subtotal		(237)		(266)
Change in estimated fair value of OLPI and REJVs		2		3
Non-investment portfolio gains (losses)		10		(22)
Subtotal		12		(19)
Net investment gains (losses)		$	(225)	$	(285)

Transaction Type
Realized gains (losses) on investments sold or disposed (1)		$	(65)	$	(176)
Impairment (losses)		(119)		(3)
Recognized gains (losses):
Change in ACL recognized in earnings		(67)		(100)
Unrealized net gains (losses) recognized in earnings		16		16
Total recognized gains (losses)		(51)		(84)
Non-investment portfolio gains (losses)		10		(22)
Net investment gains (losses)		$	(225)	$	(285)

Net Investment Gains (Losses) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)		$	10	$	(8)





Foreign currency gains (losses)		$	5	$	(27)

Net Realized Investment Gains (Losses) From Sales and Disposals of Investments:
Recognized in net investment gains (losses)		$	(65)	$	(176)
Recognized in net investment income		—		—
Net realized investment gains (losses) from sales and disposals of investments		$	(65)	$	(176)

__________________

(1) Includes a net loss of $40 million and $1 million for the three months ended March 31, 2026 and 2025, respectively, for private equity investments sold. For the three months ended March 31, 2026 and 2025, the Company sold $577 million and $36 million, respectively, in portfolios of investments to funds for proceeds of $537 million and $35 million, respectively, in cash and receivables secured by the value of the respective funds. An affiliate has entered into agreements to serve as the asset manager of the funds for which it receives management fees.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments (continued)

Fixed Maturity Securities AFS and Equity Securities – Composition of Net Investment Gains (Losses)

The composition of net investment gains (losses) for these securities was as follows:


	Three Months Ended March 31,
Fixed Maturity Securities AFS	2026		2025
	(In millions)
Proceeds	$	7,443	$	3,280
Gross investment gains	$	86	$	23
Gross investment (losses)	(195)		(172)
Realized gains (losses) on sales and disposals	(109)		(149)
Net credit loss (provision) release (change in ACL recognized in earnings)	—		26
Impairment (losses)	(3)		(3)
Net credit loss (provision) release and impairment (losses)	(3)		23
Net investment gains (losses)	$	(112)	$	(126)

Equity Securities
Realized gains (losses) on sales and disposals	$	(8)	$	(22)
Unrealized net gains (losses) recognized in earnings	16		13
Net investment gains (losses)	$	8	$	(9)

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Investments (continued)

Related Party Investment Transactions

The Company transfers invested assets primarily consisting of fixed maturity securities AFS, mortgage loans, real estate and REJVs, and FVO securities to and from affiliates. Invested assets transferred to and from affiliates were as follows:


	Three Months Ended March 31,
	2026		2025
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	285	$	—
Amortized cost of invested assets transferred to affiliates	$	311	$	1
Net investment gains (losses) recognized on transfers	$	(26)	$	—
Estimated fair value of invested assets transferred from affiliates	$	1,162	$	50

Recurring related party investments were as follows at:


		March 31, 2026		December 31, 2025

Investment Type/ Balance Sheet Category	Related Party	Carrying Value
		(In millions)
Affiliated investments (1)	MetLife, Inc.	$	1,001	$	1,016
Affiliated investments (2)	Metropolitan General Insurance Company	152		152
Affiliated funds withheld (3)	Metropolitan Tower Life Insurance Company (“MTL”)	2,401		2,476
Other invested assets		$	3,554	$	3,644

________________

(1)Represents an investment in affiliated senior unsecured notes which have maturity dates from July 2026 to December 2031 and bear interest, payable semi-annually, at rates per annum ranging from 1.61% to 2.16%. These affiliated investments earned investment income of $5 million for both the three months ended March 31, 2026 and 2025.

(2)Represents an investment in the affiliate’s unsecured note which matures December 2034 and bears interest, payable semi-annually, at a rate per annum of 6.47%.

(3)Represents affiliated funds withheld, reported in other invested assets, related to an agreement the Company, through its wholly-owned subsidiary, entered into to assume certain group annuity contracts issued in connection with a qualifying pension risk transfer on a modified coinsurance basis from MTL.

The Company paid asset management fees to an affiliate of $112 million and $108 million for the three months ended March 31, 2026 and 2025, respectively.

See “— Variable Interest Entities” for information on investments in affiliated REJVs, affiliated mortgage loans and affiliated investment funds.

9. Derivatives

Accounting for Derivatives

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for a description of the Company’s accounting policies for derivatives and Note 10 for information about the fair value hierarchy for derivatives.

Types of Derivative Instruments and Derivative Strategies

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives. Commonly used derivative instruments include, but are not limited to:

•Interest rate derivatives: swaps, total return swaps, caps, floors, futures, swaptions, forwards and synthetic GICs;

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Derivatives (continued)

•Foreign currency exchange rate derivatives: swaps and forwards;

•Credit derivatives: purchased or written single name or index credit default swaps, and forwards; and

•Equity derivatives: index options, variance swaps, exchange-traded futures and total return swaps.

For detailed information on these contracts and the related strategies, see Note 11 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report.

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:


		March 31, 2026						December 31, 2025
	Primary Underlying Risk Exposure			Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
		Gross Notional Amount		Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	4,283	$	924	$	644	$	4,446	$	923	$	667
Foreign currency swaps	Foreign currency exchange rate	2,303		56		13		959		33		8

Subtotal		6,586		980		657		5,405		956		675
Cash flow hedges:
Interest rate swaps	Interest rate	3,241		—		230		3,337		—		249

Foreign currency swaps	Foreign currency exchange rate	35,346		2,265		833		34,771		2,276		896

Subtotal		38,587		2,265		1,063		38,108		2,276		1,145
Total qualifying hedges		45,173		3,245		1,720		43,513		3,232		1,820
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	13,759		1,407		632		13,092		1,403		614
Interest rate floors	Interest rate	5,890		42		—		5,390		30		—
Interest rate caps	Interest rate	12,950		65		—		12,950		46		—
Interest rate futures	Interest rate	87		—		—		90		—		—
Interest rate options	Interest rate	19,541		96		66		20,368		99		85


Synthetic GICs	Interest rate	3,146		—		—		3,156		—		—
Foreign currency swaps	Foreign currency exchange rate	4,012		283		63		3,770		240		106
Foreign currency forwards	Foreign currency exchange rate	2,817		23		8		2,859		5		18
Credit default swaps — purchased	Credit	605		2		1		685		2		5
Credit default swaps — written	Credit	11,692		145		1		6,619		101		1
Equity futures	Equity market	342		1		10		393		3		—
Equity index options	Equity market	16,465		331		212		15,032		220		232
Equity variance swaps	Equity market	5		—		—		5		—		—
Equity total return swaps	Equity market	2,336		104		—		2,413		7		34
Total non-designated or nonqualifying derivatives		93,647		2,499		993		86,822		2,156		1,095
Total		$	138,820	$	5,744	$	2,713	$	130,335	$	5,388	$	2,915

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Derivatives (continued)

Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at either March 31, 2026 or December 31, 2025. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules, (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship, (iii) derivatives that economically hedge MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs are already recorded in net income, and (iv) written credit default swaps and interest rate swaps that are used to synthetically create investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Derivatives (continued)

The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, nonqualifying hedging relationships and embedded derivatives:


	Three Months Ended March 31, 2026
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(6)	$	(13)	N/A
Hedged items	—		—		N/A		2		13		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(9)		—		N/A		—		(7)		N/A
Hedged items	9		—		N/A		—		7		26
Subtotal	—		—		N/A		(4)		—		26
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		5
Amount of gains (losses) reclassified from AOCI into income	1		1		—		—		—		(2)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		142
Amount of gains (losses) reclassified from AOCI into income	1		(211)		—		—		—		210
Foreign currency transaction gains (losses) on hedged items	—		210		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—

Subtotal	2		—		—		—		—		355




Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		49		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		124		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		3		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		(48)		N/A		N/A		N/A
Equity derivatives (1)	16		N/A		51		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		(29)		N/A		N/A		N/A
Subtotal	16		N/A		150		N/A		N/A		N/A
Earned income on derivatives	85		—		54		7		(38)		—
Synthetic GICs	N/A		N/A		1		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		195		N/A		N/A		N/A
Total	$	103	$	—	$	400	$	3	$	(38)	$	381

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Derivatives (continued)


	Three Months Ended March 31, 2025
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	75	$	37	N/A
Hedged items	—		—		N/A		(79)		(35)		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(10)		—		N/A		—		36		N/A
Hedged items	10		—		N/A		—		(36)		N/A
Subtotal	—		—		N/A		(4)		2		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		64
Amount of gains (losses) reclassified from AOCI into income	20		—		—		—		—		(20)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		120
Amount of gains (losses) reclassified from AOCI into income	1		348		—		—		—		(349)
Foreign currency transaction gains (losses) on hedged items	—		(348)		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
Subtotal	21		—		—		—		—		(185)




Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		91		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(126)		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(5)		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		(18)		N/A		N/A		N/A
Equity derivatives (1)	17		N/A		87		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		63		N/A		N/A		N/A
Subtotal	17		N/A		92		N/A		N/A		N/A
Earned income on derivatives	92		—		53		2		(39)		—
Synthetic GICs	N/A		N/A		2		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(193)		N/A		N/A		N/A
Total	$	130	$	—	$	(46)	$	(2)	$	(37)	$	(185)

__________________

(1)Excludes earned income on derivatives.

Fair Value Hedges

The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities, and (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Derivatives (continued)

The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:


	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Balance Sheet Line Item	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1)
	(In millions)
Fixed maturity securities AFS	$	1,346	$	120	$	—	$	—

FPBs	$	(2,473)	$	(2,509)	$	326	$	319
PABs	$	(2,355)	$	(2,498)	$	105	$	(35)

__________________

(1)Includes ($61) million and ($73) million of hedging adjustments on discontinued hedging relationships at March 31, 2026 and December 31, 2025, respectively.

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Cash Flow Hedges

The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.

In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into income. These amounts were $5 million and $8 million for the three months ended March 31, 2026 and 2025, respectively.

At both March 31, 2026 and December 31, 2025, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed three years.

At March 31, 2026 and December 31, 2025, the balance in AOCI associated with cash flow hedges was $208 million and ($147) million, respectively.

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

At March 31, 2026, the Company expected to reclassify $326 million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.

Credit Derivatives

In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the effects of derivatives on the interim condensed consolidated statements of operations and comprehensive income (loss) table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Derivatives (continued)

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:


	March 31, 2026					December 31, 2025
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A

Credit default swaps referencing indices	$	36	$	3,777	1.1	$	45	$	3,777	1.4
Subtotal	36		3,777		1.1	45		3,777		1.4
Baa
Single name credit default swaps (3)	—		15		2.2	—		15		2.5
Credit default swaps referencing indices	96		7,626		6.0	49		2,714		4.9
Subtotal	96		7,641		6.0	49		2,729		4.9
Ba

Credit default swaps referencing indices	1		25		0.7	1		24		1.0
Subtotal	1		25		0.7	1		24		1.0
B

Credit default swaps referencing indices	12		234		4.4	6		74		3.0
Subtotal	12		234		4.4	6		74		3.0
Caa

Credit default swaps referencing indices	(1)		15		0.7	(1)		15		1.0
Subtotal	(1)		15		0.7	(1)		15		1.0
Total	$	144	$	11,692	4.4	$	100	$	6,619	2.8

__________________

(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Global Ratings (“S&P”) and Fitch Ratings, Inc. If no rating is available from a rating agency, then an internally developed rating is used.

(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.

(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.

Credit Risk on Freestanding Derivatives

The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Derivatives (continued)

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law.

The Company’s over-the-counter derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”) and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.

See Note 10 for a description of the impact of credit risk on the valuation of derivatives.

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:


	March 31, 2026				December 31, 2025
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	5,727	$	2,737	$	5,406	$	2,897
OTC-cleared (1)	114		4		66		11
Exchange-traded	1		10		3		—
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	5,842		2,751		5,475		2,908

Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,006)		(2,006)		(2,006)		(2,006)
OTC-cleared	(2)		(2)		(5)		(5)
Exchange-traded	(1)		(1)		—		—
Cash collateral: (3), (4)
OTC-bilateral	(1,966)		—		(1,620)		—
OTC-cleared	(93)		—		(56)		—

Securities collateral: (5)
OTC-bilateral	(1,733)		(728)		(1,772)		(890)
OTC-cleared	—		(2)		—		(5)
Exchange-traded	—		(9)		—		—
Net amount after application of master netting agreements and collateral	$	41	$	3	$	16	$	2

__________________

(1)At March 31, 2026 and December 31, 2025, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $98 million and $87 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $38 million and ($7) million, respectively.

(2)Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Derivatives (continued)

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.

(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At March 31, 2026 and December 31, 2025, the Company received excess cash collateral of $34 million and $4 million, respectively, and provided excess cash collateral of $2 million and $3 million, respectively, which are not included in the table above due to the foregoing limitation.

(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at March 31, 2026, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At March 31, 2026 and December 31, 2025, the Company received excess securities collateral with an estimated fair value of $353 million and $336 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At March 31, 2026 and December 31, 2025, the Company provided excess securities collateral with an estimated fair value of $787 million and $798 million, respectively, for its OTC-bilateral derivatives, $481 million and $465 million, respectively, for its OTC-cleared derivatives, and $81 million and $93 million, respectively, for its exchange-traded derivatives, which is not included in the table above due to the foregoing limitation.

The Company’s collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the collateral amount owed by that counterparty reaches a minimum transfer amount. The Company’s netting agreements for derivatives generally contain provisions that require the counterparty (or its guarantor, if applicable) to maintain specified minimum credit ratings above investment grade level from Moody’s, S&P or both. In those agreements, if the credit rating of the counterparty (or its guarantor, if applicable) were to fall below the applicable minimum rating, that counterparty would be in violation of these provisions, and the Company could terminate the transactions and demand immediate settlement and payment based on reasonable valuation of the derivatives. A significant portion of the Company’s netting agreements for derivatives grant similar rights to the counterparty to terminate the transactions and demand immediate settlement and payment if the Company’s financial strength rating were to fall below specified minimum levels above investment grade.

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.


	March 31, 2026						December 31, 2025
	Derivatives Subject to Financial Strength-Contingent Provisions		Derivatives Not Subject to Financial Strength-Contingent Provisions		Total		Derivatives Subject to Financial Strength-Contingent Provisions		Derivatives Not Subject to Financial Strength-Contingent Provisions		Total
	(In millions)
Estimated fair value of derivatives in a net liability position	$	717	$	14	$	731	$	881	$	10	$	891
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	1,149	$	14	$	1,163	$	1,279	$	10	$	1,289

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Derivatives (continued)

Embedded Derivatives

The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives.

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:


	Balance Sheet Location	March 31, 2026		December 31, 2025
		(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance	Other invested assets	$	49	$	22
Funds withheld on affiliated assumed reinsurance	Other invested assets	(3)		31
Total		$	46	$	53
Embedded derivatives within liability host contracts:


Assumed on affiliated reinsurance	Other liabilities	$	—	$	53
Funds withheld on affiliated ceded reinsurance	Other liabilities	(353)		(281)
Fixed annuities with equity indexed returns	PABs	140		67
Funds withheld on unaffiliated ceded reinsurance	Other liabilities	(83)		(5)
Total		$	(296)	$	(166)

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Fair Value

Considerable judgment is often required in interpreting the market data used to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:


	March 31, 2026
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	43,635	$	7,581	$	51,216
RMBS	—		26,212		1,080		27,292
U.S. government and agency	12,271		12,596		—		24,867
Foreign corporate	—		16,629		9,566		26,195
ABS & CLO	—		14,602		1,464		16,066
Municipals	—		5,402		—		5,402
CMBS	—		4,818		143		4,961
Foreign government	—		3,324		19		3,343
Total fixed maturity securities AFS	12,271		127,218		19,853		159,342


Short-term investments	958		416		35		1,409

Other investments	14		813		1,459		2,286
Derivative assets: (1)
Interest rate	—		2,534		—		2,534
Foreign currency exchange rate	—		2,627		—		2,627
Credit	—		147		—		147
Equity market	1		434		1		436
Total derivative assets	1		5,742		1		5,744
Embedded derivatives within asset host contracts (2)	—		—		46		46
MRBs	—		—		207		207
Reinsured MRBs (3)	—		—		373		373
Separate account assets (4)	11,954		58,682		792		71,428
Total assets (5)	$	25,198	$	192,871	$	22,766	$	240,835
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,572	$	—	$	1,572
Foreign currency exchange rate	—		917		—		917
Credit	—		2		—		2
Equity market	10		212		—		222
Total derivative liabilities	10		2,703		—		2,713
Embedded derivatives within liability host contracts (2)	—		—		(296)		(296)

Notes issued by CFEs	—		—		801		801
MRBs	—		—		2,321		2,321

Total liabilities	$	10	$	2,703	$	2,826	$	5,539

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Fair Value (continued)


	December 31, 2025
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	43,351	$	7,251	$	50,602
RMBS	—		26,031		1,208		27,239
U.S. government and agency	14,337		12,364		—		26,701
Foreign corporate	—		17,148		9,323		26,471
ABS & CLO	—		13,822		729		14,551
Municipals	—		5,588		1		5,589
CMBS	—		4,998		115		5,113
Foreign government	—		3,051		15		3,066
Total fixed maturity securities AFS	14,337		126,353		18,642		159,332


Short-term investments	1,763		424		34		2,221

Other investments	13		12		1,459		1,484
Derivative assets: (1)
Interest rate	—		2,501		—		2,501
Foreign currency exchange rate	—		2,554		—		2,554
Credit	—		103		—		103
Equity market	3		227		—		230
Total derivative assets	3		5,385		—		5,388
Embedded derivatives within asset host contracts (2)	—		—		53		53
MRBs	—		—		257		257
Reinsured MRBs (3)	—		—		285		285
Separate account assets (4)	11,694		60,951		866		73,511
Total assets (5)	$	27,810	$	193,125	$	21,596	$	242,531
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,615	$	—	$	1,615
Foreign currency exchange rate	—		1,028		—		1,028
Credit	—		6		—		6
Equity market	—		265		1		266
Total derivative liabilities	—		2,914		1		2,915
Embedded derivatives within liability host contracts (2)	—		—		(166)		(166)

Notes issued by CFEs	—		—		—		—
MRBs	—		—		2,201		2,201

Total liabilities	$	—	$	2,914	$	2,036	$	4,950

__________________

(1)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(2)Embedded derivatives within asset host contracts are presented within other invested assets on the interim condensed consolidated balance sheets. Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Fair Value (continued)

(3)Reinsured MRBs are presented within premiums, reinsurance and other receivables on the interim condensed consolidated balance sheets.

(4)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities.

(5)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. The estimated fair value of such investments was $36 million and $38 million at March 31, 2026 and December 31, 2025, respectively.

The following describes the valuation methodologies used to measure assets and liabilities at fair value.

Investments

Securities, Short-term Investments and Other Investments

When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings, and valuation of these securities does not involve management’s judgment.

When quoted prices in active markets are not available, the determination of estimated fair value of securities is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based, in large part, on management’s judgment or estimation and cannot be supported by reference to market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such investments.

The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein.

The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g., cash flows) to a single current, discounted amount. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Fair Value (continued)

Instrument

Level 2

Observable Inputs

Level 3

Unobservable Inputs

Fixed maturity securities AFS

U.S. corporate and Foreign corporate securities

Valuation Approaches: Principally the market and income approaches.

Valuation Approaches: Principally the market approach.

Key Inputs:

•

quoted prices in markets that are not active

•

illiquidity premium

•

benchmark yields; spreads off benchmark yields; new issuances; issuer ratings

•

delta spread adjustments to reflect specific credit-related issues

•

trades of identical or comparable securities; duration

•

credit spreads

•

privately-placed securities are valued using the additional key inputs:

•

quoted prices in markets that are not active for identical or similar

securities that are less liquid and based on lower levels of trading

activity than securities classified in Level 2

•

market yield curve; call provisions

•

observable prices and spreads for similar public or private securities that

incorporate the credit quality and industry sector of the issuer

•

independent non-binding broker quotations

•

delta spread adjustments to reflect specific credit-related issues

U.S. government and agency securities, Municipals and Foreign government securities

Valuation Approaches: Principally the market approach.

Key Inputs:

•

quoted prices in markets that are not active

•

independent non-binding broker quotations

•

benchmark U.S. Treasury yield or other yields

•

quoted prices in markets that are not active for identical or similar

securities that are less liquid and based on lower levels of trading

activity than securities classified in Level 2

•

the spread off the U.S. Treasury yield curve for the identical security

•

issuer ratings and issuer spreads; broker-dealer quotations

•

credit spreads

•

comparable securities that are actively traded

Structured Products

Valuation Approaches: Principally the market and income approaches.

Key Inputs:

•

quoted prices in markets that are not active

•

credit spreads

•

spreads for actively traded securities; spreads off benchmark yields

•

quoted prices in markets that are not active for identical or similar

securities that are less liquid and based on lower levels of trading

activity than securities classified in Level 2

•

expected prepayment speeds and volumes

•

current and forecasted loss severity; ratings; geographic region

•

independent non-binding broker quotations

•

weighted average coupon and weighted average maturity

•

credit ratings

•

average delinquency rates; DSCR

•

credit ratings

•

issuance-specific information, including, but not limited to:

•

collateral type; structure of the security; vintage of the loans

•

payment terms of the underlying assets

•

payment priority within the tranche; deal performance

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Fair Value (continued)

Instrument

Level 2

Observable Inputs

Level 3

Unobservable Inputs

Short-term investments and Other investments

•

Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above; while certain other investments are similar to equity securities. The valuation approaches and observable inputs used in their valuation are also similar to those described above. Other investments contain equity securities valued using quoted prices in markets that are not considered active.

•

Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above, while certain other investments are similar to equity securities. The valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments contain equity securities that use key unobservable inputs such as credit ratings, issuance structures and those described above for fixed maturities AFS. Other investments also include certain REJVs and use the valuation approach and key inputs as described for OLPI below.

Separate account assets and Separate account liabilities (1)

Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly

Key Input:

•

N/A

•

quoted prices or reported NAV provided by the fund managers

OLPI

•

N/A

Valued giving consideration to the underlying holdings of the partnerships and adjusting, if appropriate.

Key Input:

•

NAV

__________________

(1)Estimated fair value equals carrying value, based on the value of the underlying assets, including: mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, OLPI, short-term investments and cash and cash equivalents. The estimated fair value of fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents is determined on a basis consistent with the assets described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.”

Derivatives

The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models.

The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. With respect to certain OTC-bilateral and OTC-cleared derivatives, management may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such derivatives.

Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Fair Value (continued)

The credit risk of both the counterparty and the Company is considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by the counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Freestanding Derivatives

Level 2 Valuation Approaches and Key Inputs:

This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3.

Level 3 Valuation Approaches and Key Inputs:

These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.

Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows:

Instrument

Interest Rate

Foreign Currency
Exchange Rate

Credit

Equity Market

Inputs common to Level 2 and Level 3 by instrument type

•

swap yield curves

•

swap yield curves

•

swap yield curves

•

swap yield curves

•

basis curves

•

basis curves

•

credit curves

•

spot equity index levels

•

interest rate volatility (1)

•

currency spot rates

•

recovery rates

•

dividend yield curves

•

cross currency basis curves

•

equity volatility (1)

Level 3

•

N/A

•

N/A

•

N/A

•

dividend yield curves (2)

•

equity volatility (1), (2)

•

correlation between model inputs (1)

__________________

(1)Option-based only.

(2)Extrapolation beyond the observable limits of the curve(s).

Embedded Derivatives

Embedded derivatives principally include equity-indexed annuity contracts and investment risk related to certain affiliated and unaffiliated reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Fair Value (continued)

The estimated fair value of the embedded derivatives within funds withheld related to certain assumed affiliated reinsurance and certain ceded affiliated and unaffiliated reinsurance, as well as experience refund provisions related to certain assumed affiliated reinsurance, is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the related reinsurance liabilities. The estimated fair value of the underlying assets is determined as described in “— Investments — Securities, Short-term Investments and Other Investments.” The estimated fair value of these embedded derivatives is included, along with their underlying host contracts, in other liabilities and other invested assets on the interim condensed consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.

The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.

Notes Issued by CFEs

The estimated fair value of these notes is based on the estimated fair value of the corresponding securities which collateralize the notes. Since the notes are valued based on referenced collateral, they are classified as Level 3.

MRBs

See Note 5 for information on the Company’s valuation approaches and key inputs for MRBs.

Transfers between Levels

Overall, transfers between levels occur when there are changes in the observability of inputs and market activity.

Transfers into or out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Fair Value (continued)

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:


					March 31, 2026				December 31, 2025				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	17	-	124	95	32	-	127	96	Increase
	•	Market pricing	•	Quoted prices (4)	—	-	101	94	—	-	100	89	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	32	-	151	97	33	-	114	96	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	—	-	166	99	23	-	142	100	Increase (5)




MRBs and Reinsured MRBs
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0.01%	-	0.13%	0.05%	0.01%	-	0.13%	0.05%	(6)
				Ages 41 - 60	0.05%	-	0.68%	0.22%	0.05%	-	0.68%	0.22%	(6)
				Ages 61 - 115	0.35%	-	100%	1.23%	0.35%	-	100%	1.23%	(6)
			•	Lapse rates:
				Durations 1 - 10	0.80%	-	20.10%	13.37%	0.80%	-	20.10%	13.37%	Decrease (7)
				Durations 11 - 20	3.30%	-	10.55%	8.17%	3.30%	-	10.55%	8.17%	Decrease (7)
				Durations 21 - 116	1.20%	-	10.55%	7.48%	1.20%	-	10.55%	7.48%	Decrease (7)





			•	Utilization rates	0.20%	-	16.25%	0.54%	0.20%	-	16.25%	0.54%	Increase (8)
			•	Withdrawal rates	0%	-	7.75%	4.92%	0%	-	7.75%	4.92%	(9)
			•	Long-term equity volatilities	16.87%	-	22.49%	18.96%	16.87%	-	22.49%	18.96%	Increase (10)
			•	Nonperformance risk spread	0.37%	-	0.76%	0.58%	0.33%	-	0.65%	0.58%	Decrease (11)

__________________

(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data.

(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.

(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.

(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.

(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(6)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on Company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Fair Value (continued)

(7)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(8)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(9)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(10)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(11)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRBs.

All other classes of securities classified within Level 3, including those within Other investments, Separate account assets, Notes issued by CFEs, and Embedded derivatives within funds withheld related to certain assumed affiliated reinsurance and certain ceded affiliated and unaffiliated reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table. The valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.”

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Fair Value (continued)

The following tables summarize the change of all assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), excluding MRBs (see Note 5):


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Structured Products		Foreign Government		Short-term Investments
	(In millions)
Three Months Ended March 31, 2026
Balance, beginning of period	$	16,574	$	2,052	$	15	$	34
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(4)		(5)		—		—
Total realized/unrealized gains (losses) included in AOCI	(305)		(7)		—		(3)
Purchases (3)	1,339		1,343		1		11
Sales (3)	(403)		(135)		(2)		(1)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	84		32		5		—
Transfers out of Level 3 (4)	(138)		(593)		—		(6)
Balance, end of period	$	17,147	$	2,687	$	19	$	35
Three Months Ended March 31, 2025
Balance, beginning of period	$	15,091	$	5,590	$	12	$	1
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(25)		4		—		—
Total realized/unrealized gains (losses) included in AOCI	227		18		4		—
Purchases (3)	698		1,155		—		—
Sales (3)	(355)		(96)		(1)		(1)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	112		19		—		—
Transfers out of Level 3 (4)	(279)		(3,679)		(1)		—
Balance, end of period	$	15,469	$	3,011	$	14	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2026 (5)	$	(9)	$	(6)	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2025 (5)	$	(3)	$	4	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2026 (5)	$	(303)	$	(7)	$	—	$	2
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2025 (5)	$	204	$	18	$	3	$	—

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Fair Value (continued)


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)		Notes Issued by CFEs
	(In millions)
Three Months Ended March 31, 2026
Balance, beginning of period	$	1,459	$	(1)	$	219	$	866	$	—
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(114)		2		213		(10)		—
Total realized/unrealized gains (losses) included in AOCI	—		—		—		—		—
Purchases (3)	101		—		—		23		(801)
Sales (3)	(3)		—		—		(57)		—
Issuances (3)	—		—		(92)		—		—
Settlements (3)	—		—		2		—		—
Transfers into Level 3 (4)	16		—		—		—		—
Transfers out of Level 3 (4)	—		—		—		(30)		—
Balance, end of period	$	1,459	$	1	$	342	$	792	$	(801)
Three Months Ended March 31, 2025
Balance, beginning of period	$	1,371	$	3	$	457	$	859	$	—
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(11)		(3)		(193)		3		—
Total realized/unrealized gains (losses) included in AOCI	—		—		—		—		—
Purchases (3)	21		—		—		42		—
Sales (3)	(33)		—		—		(42)		—
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		(2)		—		—
Transfers into Level 3 (4)	—		—		—		1		—
Transfers out of Level 3 (4)	—		—		—		(6)		—
Balance, end of period	$	1,348	$	—	$	262	$	857	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2026 (5)	$	(96)	$	2	$	213	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2025 (5)	$	(29)	$	(3)	$	(193)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2026 (5)	$	—	$	—	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2025 (5)	$	—	$	—	$	—	$	—	$	—

__________________

(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses). Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward.

(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Fair Value (continued)

(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(6)Comprised of U.S. and foreign corporate securities.

(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss).

Fair Value Option

The Company has elected the FVO for certain invested assets held by, and notes issued by, CFEs.

The unpaid principal balance on the invested assets held by CFEs exceeded the estimated fair value by $28 million at March 31, 2026.

The estimated fair value on the notes issued by CFEs exceeded the unpaid principal balance by $14 million at March 31, 2026.

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).


	March 31, 2026		December 31, 2025
	(In millions)
Carrying value after measurement:
Mortgage loans (1)	$	1,006	$	730
Real estate and REJVs (2)	$	14	$	—


	Three Months Ended March 31,
	2026		2025
	(In millions)
Net investment gains (losses):
Mortgage loans (1)	$	(103)	$	(125)
Real estate and REJVs (2)	$	(116)	$	—

__________________

(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 8.

(2)Estimated fair values of impaired real estate and REJVs are based on appraised values.

Fair Value of Financial Instruments Carried at Other Than Fair Value

The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. The following tables exclude cash and cash equivalents, which are primarily classified as Level 1, and accrued investment income and payables for collateral under securities loaned and other transactions, which are primarily classified as Level 2. The Company believes that due to the short-term nature of these excluded financial instruments, the estimated fair value approximates carrying value.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Fair Value (continued)

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:


	March 31, 2026
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	55,472	$	—	$	—	$	53,839	$	53,839
Policy loans	$	5,545	$	—	$	—	$	5,813	$	5,813
Other invested assets	$	2,061	$	—	$	1,765	$	269	$	2,034
Premiums, reinsurance and other receivables	$	13,814	$	—	$	359	$	13,182	$	13,541
Liabilities
PABs	$	89,109	$	—	$	—	$	88,093	$	88,093
Long-term debt	$	994	$	—	$	1,073	$	—	$	1,073
Other liabilities	$	12,765	$	—	$	1,200	$	10,988	$	12,188
Separate account liabilities	$	22,058	$	—	$	22,058	$	—	$	22,058


	December 31, 2025
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	55,870	$	—	$	—	$	54,507	$	54,507
Policy loans	$	5,596	$	—	$	—	$	5,879	$	5,879
Other invested assets	$	1,808	$	—	$	1,792	$	—	$	1,792
Premiums, reinsurance and other receivables	$	13,925	$	—	$	354	$	13,304	$	13,658
Liabilities
PABs	$	88,074	$	—	$	—	$	87,444	$	87,444
Long-term debt	$	1,043	$	—	$	1,146	$	—	$	1,146
Other liabilities	$	12,004	$	—	$	335	$	11,083	$	11,418
Separate account liabilities	$	21,835	$	—	$	21,835	$	—	$	21,835

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Equity

AOCI

Information regarding changes in the balances of each component of AOCI attributable to Metropolitan Life Insurance Company was as follows:


	Three Months Ended March 31, 2026
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(5,226)	$	(116)	$	383	$	(51)	$	(76)	$	(150)	$	(5,236)
OCI before reclassifications	(2,395)		173		1,418		47		(9)		1		(765)
Deferred income tax benefit (expense)	494		(37)		(270)		(10)		2		—		179
AOCI before reclassifications, net of income tax	(7,127)		20		1,531		(14)		(83)		(149)		(5,822)
Amounts reclassified from AOCI	116		208		—		—		—		3		327
Deferred income tax benefit (expense)	(24)		(44)		—		—		—		(1)		(69)
Amounts reclassified from AOCI, net of income tax	92		164		—		—		—		2		258



Balance, end of period	$	(7,035)	$	184	$	1,531	$	(14)	$	(83)	$	(147)	$	(5,564)


	Three Months Ended March 31, 2025
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance at December 31, 2024	$	(8,651)	$	959	$	1,972	$	(30)	$	(111)	$	(133)	$	(5,994)
Cumulative effects of change in accounting principles for equity method investee at January 1, 2025	70		—		(1,144)		—		—		—		(1,074)
OCI before reclassifications	1,865		184		(357)		33		(55)		(1)		1,669
Deferred income tax benefit (expense)	(431)		(39)		78		(7)		12		—		(387)
AOCI before reclassifications, net of income tax	(7,147)		1,104		549		(4)		(154)		(134)		(5,786)
Amounts reclassified from AOCI	168		(369)		—		—		—		2		(199)
Deferred income tax benefit (expense)	(35)		78		—		—		—		—		43
Amounts reclassified from AOCI, net of income tax	133		(291)		—		—		—		2		(156)



Balance, end of period	$	(7,014)	$	813	$	549	$	(4)	$	(154)	$	(132)	$	(5,942)

__________________

(1)Primarily unrealized gains (losses) on fixed maturity securities.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Equity (continued)

Information regarding amounts reclassified out of each component of AOCI was as follows:


	Three Months Ended March 31,
	2026		2025
AOCI Components	Amounts Reclassified from AOCI				Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	(In millions)
Unrealized investment gains (losses):
Unrealized investment gains (losses)	$	(122)	$	(162)	Net investment gains (losses)

Unrealized investment gains (losses)	6		(6)		Net derivative gains (losses)
Unrealized investment gains (losses), before income tax	(116)		(168)
Income tax (expense) benefit	24		35
Unrealized investment gains (losses), net of income tax	(92)		(133)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	1		20		Net investment income
Interest rate derivatives	1		—		Net investment gains (losses)
Foreign currency exchange rate derivatives	1		1		Net investment income
Foreign currency exchange rate derivatives	(211)		348		Net investment gains (losses)

Gains (losses) on cash flow hedges, before income tax	(208)		369
Income tax (expense) benefit	44		(78)
Gains (losses) on cash flow hedges, net of income tax	(164)		291
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(3)		(2)
Amortization of prior service (costs) credit	—		—
Amortization of defined benefit plan items, before income tax	(3)		(2)
Income tax (expense) benefit	1		—
Amortization of defined benefit plan items, net of income tax	(2)		(2)
Total reclassifications, net of income tax	$	(258)	$	156

__________________

(1)These AOCI components are included in the computation of net periodic benefit costs.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Other Revenues and Other Expenses

Other Revenues

Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows:


	Three Months Ended March 31,
			2026		2025
		(In millions)
Prepaid legal plans			$	120	$	115
Administrative services-only contracts			80		73
Recordkeeping and administrative services (1)			34		35
Other revenue related to service contracts from customers			6		16
Total revenues related to service contracts from customers			240		239
Other (2)			195		196
Total other revenues			$	435	$	435

__________________

(1)Related to products and businesses no longer actively marketed by the Company.

(2)Primarily includes reinsurance ceded. See Note 15.

Other Expenses

Information on other expenses was as follows:


	Three Months Ended March 31,
		2026		2025
		(In millions)
Amortization of DAC and VOBA		$	63	$	68
Interest expense on debt		18		28
General and administrative expenses (1)		693		655
Commissions and other variable expenses		743		434
Capitalization of DAC		(53)		(22)
Premium taxes, other taxes, and licenses & fees		105		89
Pension, postretirement and postemployment benefit costs		57		61
Total other expenses (2)		$	1,626	$	1,313

__________________

(1)Includes ($16) million and ($26) million for the three months ended March 31, 2026 and 2025, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

(2)See Note 15 for a discussion of affiliated expenses.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

13. Income Tax

For the three months ended March 31, 2026, the effective tax rate on income (loss) before provision for income tax was 19%. The Company’s effective tax rate for the three months ended March 31, 2026 differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) non-taxable investment income, and (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments.

For the three months ended March 31, 2025, the effective tax rate on income (loss) before provision for income tax was 13%. The Company’s effective tax rate for the three months ended March 31, 2025 differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) non-taxable investment income, (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments, and (iii) the corporate tax deduction for stock-based compensation.

14. Contingencies, Commitments and Guarantees

Contingencies

Litigation

The Company is a defendant in a large number of litigation matters. Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed below and those otherwise provided for in the Company’s interim condensed consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lender, employer, investor, investment advisor, broker-dealer, and taxpayer.

The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the U.S. Securities and Exchange Commission; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority, as well as from local and national regulators and government authorities in jurisdictions outside the U.S. where the Company conducts business. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. In certain circumstances where liabilities have been established there may be coverage under one or more corporate insurance policies, pursuant to which there may be an insurance recovery. Insurance recoveries are recognized as gains when any contingencies relating to the insurance claim have been resolved, which is the earlier of when the gains are realized or realizable. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated at March 31, 2026. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. Given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods.

Matters as to Which an Estimate Can Be Made

For some matters, the Company is able to estimate a reasonably possible range of loss. For matters where a loss is believed to be reasonably possible, but not probable, the Company has not made an accrual. As of March 31, 2026, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $125 million.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

14. Contingencies, Commitments and Guarantees (continued)

Matters as to Which an Estimate Cannot Be Made

For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

Asbestos-Related Claims

Metropolitan Life Insurance Company is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. Metropolitan Life Insurance Company has never engaged in the business of manufacturing or selling asbestos-containing products, nor has Metropolitan Life Insurance Company issued liability or workers’ compensation insurance to companies in the business of manufacturing or selling asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of Metropolitan Life Insurance Company’s employees during the period from the 1920s through approximately the 1950s and allege that Metropolitan Life Insurance Company learned or should have learned of certain health risks posed by asbestos and, among other things, improperly publicized or failed to disclose those health risks. Metropolitan Life Insurance Company believes that it should not have legal liability in these cases. The outcome of most asbestos litigation matters, however, is uncertain and can be impacted by numerous variables, including differences in legal rulings in various jurisdictions, the nature of the alleged injury and factors unrelated to the ultimate legal merit of the claims asserted against Metropolitan Life Insurance Company.

Metropolitan Life Insurance Company’s defenses include that: (i) Metropolitan Life Insurance Company owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of Metropolitan Life Insurance Company; (iii) Metropolitan Life Insurance Company’s conduct was not the cause of the plaintiffs’ injuries; and (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known. During the course of the litigation, certain trial courts have granted motions dismissing claims against Metropolitan Life Insurance Company, while other trial courts have denied Metropolitan Life Insurance Company’s motions. There can be no assurance that Metropolitan Life Insurance Company will receive favorable decisions on motions in the future. While most cases brought to date have settled, Metropolitan Life Insurance Company intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.

As reported in the 2025 Annual Report, Metropolitan Life Insurance Company received approximately 2,782 asbestos-related claims in 2025. For the three months ended March 31, 2026 and 2025, Metropolitan Life Insurance Company received approximately 712 and 602 new asbestos-related claims, respectively. See Note 19 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for historical information concerning asbestos claims and Metropolitan Life Insurance Company’s update to its recorded liability at December 31, 2025. The number of asbestos cases that may be brought, the aggregate amount of any liability that Metropolitan Life Insurance Company may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year.

The ability of Metropolitan Life Insurance Company to estimate its ultimate asbestos exposure is subject to considerable uncertainty, and the conditions impacting its liability can be dynamic and subject to change. The availability of reliable data is limited and it is difficult to predict the numerous variables that can affect liability estimates, including the number of future claims, the cost to resolve claims, the disease mix and severity of disease in pending and future claims, the willingness of courts to allow plaintiffs to pursue claims against Metropolitan Life Insurance Company when exposure to asbestos took place after the dangers of asbestos exposure were well known, and the impact of any possible future adverse verdicts and their amounts.

The ability to make estimates regarding ultimate asbestos exposure declines significantly as the estimates relate to years further in the future. In the Company’s judgment, there is a future point after which losses cease to be probable and reasonably estimable. It is reasonably possible that the Company’s total exposure to asbestos claims may be materially greater than the asbestos liability currently accrued and that future charges to income may be necessary, but management does not believe any such charges are likely to have a material effect on the Company’s financial position.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

14. Contingencies, Commitments and Guarantees (continued)

The Company believes adequate provision has been made in its interim condensed consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. Metropolitan Life Insurance Company’s recorded asbestos liability covers pending claims, claims not yet asserted, and legal defense costs and is based on estimates and includes significant assumptions underlying its analysis.

Metropolitan Life Insurance Company reevaluates on a quarterly and annual basis its exposure from asbestos litigation, including studying its claims experience, reviewing external literature regarding asbestos claims experience in the U.S., assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. Based upon its regular reevaluation of its exposure from asbestos litigation, Metropolitan Life Insurance Company has updated its liability analysis for asbestos-related claims through March 31, 2026.

Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court of the State of New York, County of New York, filed December 27, 2017)

Total Asset Recovery Services (the “Relator”) brought an action under the qui tam provision of the New York False Claims Act (the “Act”) on behalf of itself and the State of New York. The Relator originally filed this action under seal in 2010, and the complaint was unsealed on December 19, 2017. The Relator alleges that MetLife, Inc., Metropolitan Life Insurance Company and several other insurance companies violated the Act by filing false unclaimed property reports with the State of New York from 1986 to 2017, to avoid having to escheat the proceeds of more than 25,000 life insurance policies, including policies for which the defendants escheated funds as part of their demutualizations in the late 1990s. The Relator seeks treble damages and other relief. In December 2020, the Appellate Division of the New York State Supreme Court, First Department, reversed the court’s order granting MetLife, Inc. and Metropolitan Life Insurance Company’s motion to dismiss and remanded the case. The Relator filed a Fourth Amended Complaint in January 2023. On October 13, 2024, the trial court denied the defendants’ motion to dismiss the complaint. The Company intends to defend the action vigorously.

Commitments

Mortgage Loan Commitments

The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $2.0 billion at both March 31, 2026 and December 31, 2025.

Commitments to Fund Partnership Investments, Bank Credit Facilities and Private Corporate Bond Investments

The Company commits to fund partnership investments and to lend funds under bank credit facilities and private corporate bond investments. The amounts of these unfunded commitments were $4.7 billion and $4.5 billion at March 31, 2026 and December 31, 2025, respectively.

Guarantees

In the normal course of its business, the Company has provided certain indemnities and guarantees to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $550 million, with a cumulative maximum of $650 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities or guarantees.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

14. Contingencies, Commitments and Guarantees (continued)

In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future.

The Company’s recorded liabilities were $2 million at both March 31, 2026 and December 31, 2025, for indemnities and guarantees.

15. Related Party Transactions

The Company has entered into various service agreements with affiliates for services necessary to conduct its activities. Typical services provided under these agreements include personnel, policy administrative functions and distribution services. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual cost incurred by the Company and/or its affiliates. Expenses and fees incurred with affiliates related to these agreements, recorded in other expenses, were $771 million and $778 million for the three months ended March 31, 2026 and 2025, respectively. Total revenues received from affiliates related to these agreements were $19 million and $20 million for the three months ended March 31, 2026 and 2025, respectively. The Company had net payables to affiliates, related to the items discussed above, of $128 million and $72 million at March 31, 2026 and December 31, 2025, respectively.

The Company has issued group annuity and stable value contracts to MetLife Group, Inc. (“MLG”), an affiliate, and Company-owned life insurance policies (“COLI”) to a trust held by MLG, for the benefit of pension and other postretirement benefit plans, and active benefit plans, that are sponsored by MLG. These contracts and COLI are reported as separate account assets and liabilities. In addition, the Company has issued a group life insurance contract and group annuity contracts to MLG for pension and postretirement benefit plans sponsored by MLG, which are reported as PABs.

See Note 8 for additional information on related party transactions.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

15. Related Party Transactions (continued)

Related Party Reinsurance Transactions

The Company has reinsurance agreements with certain of MetLife, Inc.’s subsidiaries, including MetLife Reinsurance Company of Charleston (“MRC”), MetLife Reinsurance Company of Vermont, MTL, Superior Vision Insurance, Inc. and MetLife Insurance K.K., all of which are related parties.

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated statements of operations and comprehensive income (loss) was as follows:


	Three Months Ended March 31,
	2026		2025
	(In millions)
Premiums
Reinsurance assumed	$	2	$	4
Reinsurance ceded	(111)		(110)
Net premiums	$	(109)	$	(106)
Universal life and investment-type product policy fees
Reinsurance assumed	$	13	$	9
Reinsurance ceded	1		(1)
Net universal life and investment-type product policy fees	$	14	$	8
Other revenues
Reinsurance assumed	$	26	$	25
Reinsurance ceded	112		112
Net other revenues	$	138	$	137
Policyholder benefits and claims
Reinsurance assumed	$	8	$	10
Reinsurance ceded	(91)		(89)
Net policyholder benefits and claims	$	(83)	$	(79)
Policyholder liability remeasurement (gains) losses
Reinsurance assumed	$	—	$	(1)
Reinsurance ceded	3		(1)
Net policyholder liability remeasurement (gains) losses	$	3	$	(2)
Interest credited to PABs
Reinsurance assumed	$	82	$	86
Reinsurance ceded	(2)		(2)
Net interest credited to PABs	$	80	$	84
Other expenses
Reinsurance assumed	$	145	$	11
Reinsurance ceded	51		(21)
Net other expenses	$	196	$	(10)

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

15. Related Party Transactions (continued)

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated balance sheets was as follows at:


	March 31, 2026				December 31, 2025
	Assumed		Ceded		Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables (1)	$	148	$	10,952	$	146	$	11,017
DAC and VOBA	117		(147)		122		(149)
Total assets	$	265	$	10,805	$	268	$	10,868
Liabilities
FPBs	$	1,885	$	—	$	1,941	$	—
PABs	8,269		—		8,441		—
Other policy-related balances	66		(57)		69		(55)
Other liabilities	979		9,380		934		9,582
Total liabilities	$	11,199	$	9,323	$	11,385	$	9,527

__________________

(1)Includes affiliated ceded PABs and FPBs.

The Company ceded two blocks of business to an affiliate on a 75% coinsurance with funds withheld basis. Certain contractual features of this reinsurance agreement qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company’s interim condensed consolidated balance sheets. The embedded derivatives related to the funds withheld associated with this agreement are included within other liabilities and were ($39) million and ($37) million at March 31, 2026 and December 31, 2025, respectively. Net derivative gains (losses) associated with these embedded derivatives were $2 million and ($4) million for the three months ended March 31, 2026 and 2025, respectively.

Certain contractual features of the closed block agreement with MRC qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company’s interim condensed consolidated balance sheets. The embedded derivative related to the funds withheld associated with this reinsurance agreement was included within other liabilities and was ($314) million and ($244) million at March 31, 2026 and December 31, 2025, respectively. Net derivative gains (losses) associated with the embedded derivative were $70 million and ($98) million for the three months ended March 31, 2026 and 2025, respectively.

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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			75
Business			75
Results of Operations			76
Adopted Accounting Pronouncements			77
Future Adoption of Accounting Pronouncements			77
Risk Management			77

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Forward-Looking Statements and Other Financial Information

For purposes of this discussion, “MLIC,” the “Company,” “we,” “our” and “us” refer to Metropolitan Life Insurance Company, a New York corporation incorporated in 1868, and its subsidiaries. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”). Management’s narrative analysis of the Company’s results of operations is presented pursuant to General Instruction H(2)(a) of Form 10-Q. This narrative analysis should be read in conjunction with Metropolitan Life Insurance Company’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, and the Company’s interim condensed consolidated financial statements included elsewhere herein.

This narrative analysis 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.

Business

Overview

MLIC is a provider of insurance, annuities and employee benefits. In the fourth quarter of 2025, the Company reorganized from three reportable segments (Group Benefits, Retirement and Income Solutions (“RIS”), and MetLife Holdings) to a single reportable segment to align with MetLife’s strategic initiatives, and the manner in which the chief operating decision maker (“CODM”) evaluates the performance of the business and allocates resources. Accordingly, certain products were reclassified within the product rollforwards. These changes were applied retrospectively for all periods presented and did not have an impact on prior period consolidated net income (loss). See “— Results of Operations — Overview” and Notes 1 and 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information.

Current Market 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. We are closely monitoring these and other political and economic conditions that might contribute to global market volatility and impact our business operations, investment portfolio and derivatives, such as global inflation, supply chain disruptions, acts of war, banking sector volatility and employment and work policies of the federal government.

Regulatory Developments

The following discussion on regulatory developments should be read in conjunction with “Business — Regulation” 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 Internal Revenue Code of 1986, as amended, 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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Results of Operations

Overview

In the fourth quarter of 2025, the Company reorganized from three reportable segments (Group Benefits, RIS, and MetLife Holdings) to a single reportable segment to align with MetLife’s strategic initiatives, and the manner in which the CODM evaluates the performance of the business and allocates resources. Accordingly, certain products were reclassified within the product rollforwards. Additionally, the measure used to evaluate segment profitability changed from adjusted earnings to net income. These changes were applied retrospectively for all periods presented and did not have an impact on prior period consolidated net income (loss). Period‑to‑period changes in net income (loss) are evaluated by the Company as it relates to maintaining sufficient equity and capital to support insurance products and regulatory requirements. See Notes 1 and 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information.

Reinsurance Transactions

In 2025, the Company entered into a number of reinsurance agreements. See Note 8 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for further information on these reinsurance transactions.

Net Income (Loss) Attributable to MLIC

Net income attributable to MLIC increased by $523 million to $860 million for the three months ended March 31, 2026, compared to $337 million for the three months ended March 31, 2025.

Consolidated Results


	Three Months Ended March 31,
			2026		2025
		(In millions)
Revenues
Premiums			$	6,748	$	6,695
Universal life and investment-type product policy fees			390		392
Net investment income			3,100		2,876
Other revenues			435		435
Net investment gains (losses)			(225)		(285)
Net derivative gains (losses)			400		(46)
Total revenues			10,848		10,067
Expenses
Policyholder benefits and claims and policyholder dividends			7,117		7,162
Policyholder liability remeasurement (gains) losses			(6)		(15)
Market risk benefit remeasurement (gains) losses			123		290
Interest credited to policyholder account balances			933		931
Amortization of deferred policy acquisition costs and value of business acquired			63		68
Interest expense on debt			18		28
Other expenses, net of capitalization of deferred policy acquisition costs			1,545		1,217
Total expenses			9,793		9,681
Income (loss) before provision for income tax			1,055		386
Provision for income tax expense (benefit)			199		51


Net income (loss)			856		335
Less: Net income (loss) attributable to noncontrolling interests			(4)		(2)
Net income (loss) attributable to Metropolitan Life Insurance Company			$	860	$	337

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

Revenues

Total revenues increased $781 million, or 8%, to $10.8 billion for the three months ended March 31, 2026 from $10.1 billion in the prior period, primarily due to the following:

•Net derivative gains in the current period compared to losses in the prior period reflecting favorable changes in the estimated fair value of the underlying assets from embedded derivatives related to funds withheld on reinsurance agreements and the impact of the U.S. dollar strengthening in the current period compared to weakening in the prior period relative to major currencies. See “— Derivatives — Net Derivative Gains (Losses)” in the 2025 Annual Report for information regarding the use of derivatives to hedge market risk.

•An increase in net investment income driven by higher (i) income on fixed maturity securities, (ii) income on other limited partnership interests, and (iii) returns on real estate and real estate joint ventures, partially offset by lower income on mortgage loans. See “— Investments — Overview” in the 2025 Annual Report for information regarding management of our investment portfolio.

Expenses

Total expenses increased $112 million, or 1%, to $9.8 billion for the three months ended March 31, 2026 from $9.7 billion in the prior period, primarily due to the following:

•Higher other expenses, net of capitalization of deferred policy acquisition costs, primarily due to higher reinsurance and corporate‑related expenses.

Partially offset by:

•Lower market risk benefit remeasurement losses, primarily driven by increases in U.S. long-term interest rates in the current period compared to decreases in the prior period. See Note 5 of the Notes to the Interim Condensed Consolidated Financial Statements for information on the Company’s market risk benefits.

Income Taxes

The current period effective tax rate on income before provision for income tax was 19% compared to the U.S. statutory rate of 21% primarily due to tax benefits from:

•Non-taxable investment income

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

The prior period effective tax rate on income before provision for income tax was 13% compared to the U.S. statutory rate of 21% primarily due to 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-based compensation

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.

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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Item 4. Controls and Procedures

Management, with the participation of the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of the end of the period covered by this report. Based on that evaluation, the CEO and CFO have concluded that these disclosure controls and procedures are effective.

There were no material changes to the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II — Other Information

Item 1. Legal Proceedings

See Note 14 of the Notes to the Interim Condensed Consolidated Financial Statements.

Item 1A. Risk Factors

Certain factors that may affect the Company’s business or operations are described under “Risk Factors” in Part I, Item 1A, of the 2025 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2025 Annual Report.

Item 5. Other Information

Securities trading plans

During the three months ended March 31, 2026, none of our Section 16 officers or directors (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any “non-Rule 10b5-1 trading arrangement” (as defined in Section 408(c) of Regulation S-K).

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Item 6. Exhibits

(Note Regarding Reliance on Statements in Our Contracts: In reviewing the agreements included as exhibits to this Quarterly Report on Form 10-Q, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about Metropolitan Life Insurance Company, its subsidiaries or affiliates, or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and (i) should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; (iii) may apply standards of materiality in a way that is different from what may be viewed as material to investors; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about Metropolitan Life Insurance Company, its subsidiaries and affiliates may be found elsewhere in this Quarterly Report on Form 10-Q and Metropolitan Life Insurance Company’s other public filings, which are available without charge through the U.S. Securities and Exchange Commission website at www.sec.gov.)

Incorporated by Reference

Exhibit No.

Description

Form

File Number

Exhibit

Filing Date

Filed or Furnished Herewith

31.1

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.SCH

Inline XBRL Taxonomy Extension Schema Document.

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

101.INS

XBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

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Glossary

Throughout this Form 10-Q, the Company may use certain abbreviations, acronyms and terms which are further detailed below.

A.M. Best

A.M. Best Company, Inc.

Farmer Mac

Federal Agricultural Mortgage Corporation

ABO

Accumulated Benefit Obligations

FASB

Financial Accounting Standards Board

ABS & CLO

Asset-Backed Securities and Collateralized Loan Obligations

FHLBNY

Federal Home Loan Bank of New York

ACL

Allowance For Credit Loss

FINRA

Financial Industry Regulatory Authority

AFS

Available-For-Sale

FIO

Federal Insurance Office

Artificial Intelligence

Fitch

Fitch Ratings Inc.

ALM

Asset/Liability Management

FPBs

Future Policy Benefits

Alt-A

Alternative Residential Mortgage Loans

FSOC

Financial Stability Oversight Council

AOCI

Accumulated Other Comprehensive Income (Loss)

FVO

Fair Value Option

ASO

Administrative Services-Only

GAAP

Accounting principles generally accepted in the United States of America

ASU

Accounting Standards Update

GCC

Group Capital Calculation

Authorized Control Level RBC

Authorized Control Level RBC, calculated in the manner prescribed by the NAIC

GICs

Guaranteed Interest Contracts

CCPA

California Consumer Privacy Act

GMABs

Guaranteed Minimum Accumulation Benefits

CEO

Chief Executive Officer

GMCR

Guaranteed Minimum Crediting Rates

CFEs

Collateralized Financing Entities

GMDBs

Guaranteed Minimum Death Benefits

CFO

Chief Financial Officer

GMIBs

Guaranteed Minimum Income Benefits

CFPB

Consumer Financial Protection Bureau

GMWBs

Guaranteed Minimum Withdrawal Benefits

CFTC

Commodity Futures Trading Commission

GMXBs

Guaranteed Minimum Benefits

CISO

Chief Information Security Officer

IBNP

Incurred But Not Paid

CLOs

Collateralized Loan Obligations

IBNR

Incurred But Not Reported

CMBS

Commercial Mortgage-Backed Securities

IMR

Interest Maintenance Reserve

CODM

Chief Operating Decision Maker

IRS

Internal Revenue Service

COLI

Company-Owned Life Insurance Policies

LDTI

Long-Duration Targeted Improvements

Company Action Level RBC

Minimum level of TAC before corrective action commences is twice authorized control level RBC

LDTI Transition Date

January 1, 2021

Credit Facility

Unsecured revolving credit facility

LTV

Loan-To-Value

CRO

Chief Risk Officer

MetLife Funding

MetLife Funding, Inc.

Cybersecurity Model Law

NAIC’s Insurance Data Security Model Law

MLIC

Metropolitan Life Insurance Company

DAC

Deferred Policy Acquisition Costs

Moody’s

Moody’s Investors Service, Inc.

Dodd-Frank

Dodd-Frank Wall Street Reform and Consumer Protection Act

Missouri Reinsurance, Inc.

DOL

U.S. Department of Labor

MRB

Market Risk Benefit

DPL

Deferred Profit Liability

MRC

MetLife Reinsurance Company of Charleston

DSCR

Debt Service Coverage Ratios

MTL

Metropolitan Tower Life Insurance Company

ERC

Enterprise Risk Committee

NAIC

National Association of Insurance Commissioners

ERISA

Employee Retirement Income Security Act of 1974

NAV

Net Asset Value

ERM

Enterprise Risk Management

NGEs

Non-Guaranteed Elements

Exchange Act

Securities Exchange Act of 1934

Non-Bank SIFI

Non-Bank Systemically Important Financial Institution

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NPR

Net Premium Ratio

S&P

Standard & Poor’s Global Ratings

NQM

Nonqualified Residential Mortgage

SCL

Special Considerations Letter

NRSRO

Nationally Recognized Statistical Rating Organizations

SEC

U.S. Securities and Exchange Commission

NYDFS

New York State Department of Financial Services

SSG

Structured Securities Group

OCI

Other Comprehensive Income (Loss)

Statutory Codification

Codification of Statutory Accounting Principles

OLPI

Other Limited Partnership Interests

Structured Products

RMBS, ABS & CLO and CMBS

OTC

Over-the-Counter

Superintendent

New York Superintendent of Financial Services

OTC-bilateral

Bilateral contracts between two counterparties

TAC

Total Adjusted Capital, calculated in the manner prescribed by the NAIC

OTC-cleared

OTC derivatives are cleared and settled through central clearing counterparties

TRRs

Total Rate of Return Swaps

PABs

Policyholder Account Balances

U.S.

United States

PBO

Projected Benefit Obligation

ULSG

Universal and Variable Universal Life Policies with Secondary Guarantees

PCAOB

Public Company Accounting Oversight Board

UREV

Unearned Revenue

PTE

Prohibited Transaction Exemption

VIEs

Variable Interest Entities

RBC

Risk-Based Capital

Valuation Manual

REJVs

Real Estate Joint Ventures

VOBA

Value of Business Acquired

RIS

Retirement and Income Solutions

VOCRA

Value of Customer Relationships Acquired

RMBS

Residential Mortgage-Backed Securities

VODA

Value of Distribution Agreements

ROU

Right-of-Use

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


METROPOLITAN LIFE INSURANCE COMPANY

By:						/s/ Adrienne O’Neill
						Name: Adrienne O’Neill Title: Executive Vice President and Chief Accounting Officer (Authorized Signatory and Principal Accounting Officer)