v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information 2. Segment Information
In the fourth quarter of 2025, MetLife completed the Strategic Reorganization. As a result, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; EMEA; and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other. See Note 1. In conjunction with the Strategic Reorganization, effective January 1, 2025, the Company amended agreements between MIM and other MetLife entities to manage general account investments at current market rate fees.
Group Benefits
The Group Benefits segment, based in the United States (“U.S.”), offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include term, variable and universal life insurance, dental, group and individual disability, accident & health insurance and vision.
RIS
The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include stable value and pension risk transfer products, institutional income annuities, structured settlements, longevity reinsurance solutions, benefit funding solutions, funded reinsurance solutions, and capital markets investment products.
Asia
The Asia segment offers a broad range of products and services to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, accident & health insurance and retirement and savings.
Latin America
The Latin America segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.
EMEA
The EMEA segment offers products to individuals, corporations, other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.
MIM
MIM provides asset management and advisory services to institutional investors worldwide in public and private fixed income, real estate, equity, alternatives, multi-asset solutions and insurance solutions. MIM also manages investments for the Company’s general account.
Financial Measure and Segment Accounting Policies
Adjusted earnings is used by the Company’s chief operating decision maker, its Chief Executive Officer, to evaluate performance and allocate resources. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of the Company’s performance relative to its business plan and facilitate comparisons to industry results.
Consistent with GAAP guidance for segment reporting, adjusted earnings is the Company’s GAAP measure of segment performance and is reported below. The Company believes the presentation of adjusted earnings enhances its investors’ understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business.
Adjusted earnings focuses on the Company’s primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings excludes results of discontinued operations under GAAP.
Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit (“MRB”) remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method, and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:
•Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance.
•Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment.
•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
•Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.
•Interest credited to policyholder account balances (“PABs”) excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
“Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.
Other adjustments are made in calculating adjusted earnings:
•Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-owned real estate and REJVs.
•Net investment income and interest credited to PABs exclude certain amounts related to contractholder-directed equity securities.
•Net investment income and other expenses exclude Reinsurance activity (as defined below).
•Net investment income and interest expense on debt exclude amounts related to collateralized financing entities (“CFEs”) that are consolidated VIEs.
•Other revenues and other expenses exclude asset management distribution fees on funds that are passed through to distribution partners.
•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.
•Other expenses exclude (i) amortization and impairment of asset management intangible assets, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
•“Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
The tax impact of the adjustments mentioned above is calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
The Company’s segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements. In addition, segment accounting policies include the method of capital allocation described below.
Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in the Company’s business.
The Company’s economic capital model, coupled with considerations of local capital requirements, aligns segment allocated equity with emerging standards and consistent risk principles. The model applies statistics-based risk evaluation principles to the material risks to which the Company is exposed. These consistent risk principles include calibrating required economic capital shock factors to a specific confidence level and time horizon while applying an industry standard method for the inclusion of diversification benefits among risk types. The Company’s management is responsible for the ongoing production and enhancement of the economic capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards.
Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s consolidated net investment income, net income (loss) or adjusted earnings.
Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios adjusted for allocated equity. Expenses are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company’s product pricing.
Corporate & Other
Corporate & Other contains various run-off and developing businesses. Also included in Corporate & Other are the excess capital, as well as certain charges and activities, not allocated to the segments (including external integration and disposition costs, internal resource costs for associates committed to acquisitions and dispositions and enterprise-wide strategic initiatives), interest expense related to the majority of the Company’s outstanding debt, expenses associated with certain legal proceedings and income tax audit issues, and the elimination of intersegment amounts (which generally relate to asset management fees and loans bearing interest rates commensurate with related borrowings).
The run-off businesses principally consist of operations relating to products and businesses that the Company no longer actively markets in the U.S. and were reported in the Company’s former MetLife Holdings segment. These products include: (i) variable, universal and term life insurance, (ii) whole life insurance, (iii) fixed and variable annuities, as well as the related guarantees, (iv) in-force block of assumed variable annuity guarantees from a third party, and (v) long-term care insurance, which offers protection against the potentially high costs of long-term health care services.
The financial measure and accounting policies used to prepare the Company’s segment results are the same as those used to prepare results for Corporate & Other. See “— Financial Measure and Segment Accounting Policies.”
Set forth in the tables below is certain financial information with respect to the Company’s segments for the three months and six months ended June 30, 2026 and 2025.
Three Months Ended June 30, 2026Group BenefitsRISAsiaLatin
America		EMEA
MIM
(In millions)
Revenues
Premiums$5,819 $1,587 $1,237 $1,498 $698 $— 
Universal life and investment-type product policy fees242 113 441 416 98 — 
Net investment income (1)
357 2,219 1,375 587 67 2 
Other revenues451 69 20 (15)10 317 
Expenses
Policyholder benefits and claims and policyholder dividends5,053 2,466 1,030 1,471 335 — 
Policyholder liability remeasurement (gains) losses(2)3 (15)5 (5)— 
Interest credited to PABs69 908 862 101 21 — 
Other expenses:
Amortization of deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”) and negative VOBA8 24 214 186 110 — 
Interest expense on debt2 2 — 4 — 1 
Direct and allocated expenses529 86 299 171 120 227 
Other segment expenses (2)574 36 93 197 159 15 
Provision for income tax expense (benefit)
133 86 170 83 25 19 
Adjusted earnings$503 $377 $420 $268 $108 $57 
Three Months Ended June 30, 2025Group BenefitsRISAsiaLatin
America		EMEAMIM
(In millions)
Revenues
Premiums$5,801 $1,210 $1,278 $1,260 $626 $— 
Universal life and investment-type product policy fees240 102 399 371 84 — 
Net investment income (1)
345 2,166 1,204 445 61 2 
Other revenues405 70 22 3 9 237 
Expenses
Policyholder benefits and claims and policyholder dividends5,161 2,045 1,051 1,216 309 — 
Policyholder liability remeasurement (gains) losses(4)1 (12)— 4 — 
Interest credited to PABs73 903 757 96 20 — 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
7 21 223 137 88 — 
Interest expense on debt1 4 — 4 — — 
Direct and allocated expenses507 89 304 143 111 158 
Other segment expenses (2)538 25 91 166 120 9 
Provision for income tax expense (benefit)107 90 143 84 28 18 
Adjusted earnings$401 $370 $346 $233 $100 $54 
Six Months Ended June 30, 2026Group
Benefits		RISAsiaLatin
America		EMEA
MIM
(In millions)
Revenues
Premiums$11,667 $3,799 $2,531 $2,983 $1,387 $— 
Universal life and investment-type product policy fees472 222 868 835 197 — 
Net investment income (1)709 4,471 2,836 996 134 7 
Other revenues912 138 37 (22)19 631 
Expenses
Policyholder benefits and claims and policyholder dividends10,200 5,532 2,118 2,820 672 — 
Policyholder liability remeasurement (gains) losses(4)(17)(30)5 (2)— 
Interest credited to PABs139 1,791 1,695 186 42 — 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
20 47 425 359 207 — 
Interest expense on debt3 5 — 9 — 2 
Direct and allocated expenses1,069 179 597 329 242 469 
Other segment expenses (2)1,142 72 188 403 300 28 
Provision for income tax expense (benefit)249 193 372 184 58 35 
Adjusted earnings$942 $828 $907 $497 $218 $104 
Six Months Ended June 30, 2025Group
Benefits		RISAsiaLatin
America		EMEA
MIM
(In millions)
Revenues
Premiums$11,564 $3,494 $2,538 $2,424 $1,208 $— 
Universal life and investment-type product policy fees473 206 805 711 162 — 
Net investment income (1)
698 4,356 2,408 853 119 3 
Other revenues839 139 37 12 17 455 
Expenses
Policyholder benefits and claims and policyholder dividends10,344 5,165 2,088 2,307 586 — 
Policyholder liability remeasurement (gains) losses(22)(14)(23)(3)4 — 
Interest credited to PABs
145 1,786 1,468 194 37 — 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
13 40 439 266 182 — 
Interest expense on debt2 7 — 8 — — 
Direct and allocated expenses
1,036 187 610 278 220 331 
Other segment expenses (2)
1,080 59 183 342 240 18 
Provision for income tax expense (benefit)205 189 305 156 54 27 
Adjusted earnings$771 $776 $718 $452 $183 $82 
__________________
(1)The percentage of net investment income from equity method invested assets by segment was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Group Benefits
(1)%— %— %— %
RIS4 %4 %6 %5 %
Asia12 %10 %15 %10 %
Latin America
1 %— %1 %— %
EMEA
1 %— %1 %— %
(2)Includes pension, postretirement and postemployment benefit costs; premium taxes, other taxes, and licenses & fees; and commissions and other variable expenses. This line item is net of capitalization of DAC.
The Company does not report total assets by segment, as this metric is not used to allocate resources or evaluate segment performance.
The following table presents the reconciliation of certain financial measures used in calculating segment results to those used in calculating consolidated Company results:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Total segment adjusted earnings$1,733 $1,504 $3,496 $2,982 
Corporate & Other(129)(111)(261)(174)
Total consolidated adjusted earnings1,604 1,393 3,235 2,808 
Net investment gains (losses)(428)(273)(1,098)(660)
Net derivative gains (losses)(772)(796)(698)(364)
MRB remeasurement gains (losses)
270 277 150 (22)
Investment hedge adjustments(170)(102)(254)(205)
Depreciation of wholly-owned real estate and REJVs
(54)(115)
Other95 41 317 (90)
Provision for income tax (expense) benefit234 195 404 218 
Net income (loss) $779 $735 $1,941 $1,685 
Segment revenues:
Group Benefits$6,869 $6,791 $13,760 $13,574 
RIS3,988 3,548 8,630 8,195 
Asia3,073 2,903 6,272 5,788 
Latin America2,486 2,079 4,792 4,000 
EMEA873 780 1,737 1,506 
MIM (1)
319 239 638 458 
Total segment revenues17,608 16,340 35,829 33,521 
Net investment gains (losses)(428)(273)(1,098)(660)
Net derivative gains (losses)(772)(796)(698)(364)
Investment hedge adjustments(170)(102)(254)(205)
Unit-linked investment income
998 498 680 271 
Reinsurance activity
331 47 632 90 
Corporate & Other revenue1,467 1,581 2,928 3,227 
Other120 45 209 29 
Total consolidated revenues$19,154 $17,340 $38,228 $35,909 
_______________
(1)Includes intersegment asset management fees of $133 million and $264 million for the three months and six months ended June 30, 2026, respectively, and $130 million and $259 million for the three months and six months ended June 30, 2025, respectively, earned in connection with management of general account investments of the Company.