MetLife MET · USD

2. Segment InformationIn 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. See Note 1. Also, 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, a change from 2024 and 2023. Group BenefitsThe Group Benefits segment, based in the 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.RISThe 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.AsiaThe 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 AmericaThe 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.EMEAThe 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.

20. Other Revenues and Other ExpensesOther RevenuesInformation on other revenues, which primarily includes fees related to service contracts from customers, was as follows:Years Ended December 31,202520242023(In millions)Vision fee for service arrangements$561 $536 $598 Prepaid legal plans637 572 516 Institutional Client asset management fees (1)369 301 316 ASO contracts 295 273 259 Recordkeeping and administrative services (2)142 151 150 Other revenue related to service contracts from customers (1) (3)432 412 390 Total revenues related to service contracts from customers2,436 2,245 2,229 Other391 356 297 Total other revenues$2,827 $2,601 $2,526 __________________(1)As a result of the Strategic Reorganization, the presentation of the components of other revenues was revised to report MIM segment Institutional Client asset management fees herein and, as a result, $93 million and $92 million of revenue for the years ended December 31, 2024 and 2023, respectively, were reclassified to other revenue related to service contracts from customers.(2)Related to products and businesses no longer actively marketed by the Company.(3)Includes $48 million, $48 million and $50 million for the years ended December 31, 2025, 2024 and 2023, respectively, for asset management fees from management of general account equity method investments. See Note 25 for additional related party transactions.Receivables for revenues related to service contracts from customers were $272 million and $238 million at December 31, 2025 and 2024, respectively.Other ExpensesInformation on other expenses was as follows:Years Ended December 31,202520242023(In millions)Amortization of DAC, VOBA and negative VOBA$2,114 $2,021 $1,926 Interest expense on debt 1,061 1,037 1,045 Direct:Employee-related costs (1)3,834 3,697 3,626 Third party staffing costs1,603 1,547 1,477 General and administrative expenses560 481 828 Commissions and other variable expenses6,791 6,018 5,819 Capitalization of DAC(3,219)(2,833)(2,917)Premium taxes, other taxes, and licenses & fees837 783 660 Pension, postretirement and postemployment benefit costs279 266 246 Total other expenses$13,860 $13,017 $12,710 __________________(1)Includes ($173) million, ($139) million and ($140) million for the years ended December 31, 2025, 2024 and 2023, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

24. Contingencies, Commitments and GuaranteesContingenciesLitigationThe 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 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 United States 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 December 31, 2025.

18. Subordinated Debt SecuritiesOutstanding Junior Subordinated Debt SecuritiesOutstanding junior subordinated debt securities and exchangeable surplus trust securities which are exchangeable for junior subordinated debt securities prior to redemption or repayment (collectively, the “junior subordinated debt securities”), were as follows:December 31,20252024IssuerIssueDateInterestRate (1)ScheduledRedemptionDateInterest RateSubsequent toScheduledRedemptionDate (2)FinalMaturityFaceValueUnamortizedDiscountand Issuance CostsCarryingValueFaceValueUnamortizedDiscountand Issuance CostsCarryingValue(In millions)MetLife, Inc.December 20066.400%December 2036SOFR + 0.26161% + 2.205%December 2066$1,250 $(12)$1,238 $1,250 $(13)$1,237 MetLife Capital Trust IV (3)December 20077.875%December 2037SOFR + 0.26161% + 3.960%December 2067700 (10)690 700 (11)689 MetLife, Inc.April 20089.250%April 2038SOFR + 0.26161% + 5.540%April 2068750 (7)743 750 (7)743 MetLife, Inc.July 200910.750%August 2039SOFR + 0.26161% + 7.548%August 2069500 (4)496 500 (5)495 Total$3,200 $(33)$3,167 $3,200 $(36)$3,164 _________________(1)Prior to the scheduled redemption date, interest is payable semiannually in arrears.(2)In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate based on the three-month CME Term SOFR plus 0.26161% and the indicated margin, payable quarterly in arrears.(3)MetLife Capital Trust IV is a VIE which is consolidated on the financial statements of the Company. The securities issued by this entity are exchangeable surplus trust securities, which are exchangeable for a like amount of MetLife, Inc.’s junior subordinated debt securities on the scheduled redemption date, mandatorily under certain circumstances, and at any time upon MetLife, Inc. exercising its option to redeem the securities.In connection with each of the junior subordinated debt securities, MetLife, Inc. may redeem or may cause the redemption of such securities (i) in whole or in part, at any time on or after the date five years prior to the scheduled redemption date at 100% of their principal amount, or (ii) in certain circumstances, in whole or in part, prior to the date five years prior to the scheduled redemption date at 100% of their principal amount or, if greater, a make-whole price, in each case, plus accrued and unpaid interest to, but excluding the date of redemption. MetLife, Inc.

Long-term and short-term debt outstanding was as follows:December 31,20252024Interest Rates (1)MaturityFaceValueUnamortizedDiscount and Issuance CostsCarryingValueFaceValueUnamortizedDiscount and Issuance CostsCarryingValue(In millions)Senior notes0.50 %-6.50%2026-2059$14,095 $(96)$13,999 $14,530 $(99)$14,431 Surplus notes7.80 %-7.80%2025— — — 250 — 250 Other notes (2)3.52 %-7.41%2026-2035463 (1)462 401 (2)399 Financing lease obligations6 — 6 6 — 6 Total long-term debt14,564 (97)14,467 15,187 (101)15,086 Total short-term debt355 — 355 465 — 465 Total$14,919 $(97)$14,822 $15,652 $(101)$15,551 __________________(1)Range of interest rates are for the year ended December 31, 2025.(2)Includes $75 million of long-term borrowings related to repurchase agreements, secured by CLO Investments. At December 31, 2025, the Company pledged securities with a carrying value of $80 million to collateralize these repurchase agreements. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge these securities.The aggregate maturities of long-term debt at December 31, 2025 for the next five years and thereafter are $172 million in 2026, $81 million in 2027, $300 million in 2028, $459 million in 2029, $996 million in 2030 and $12.5 billion thereafter.Financing lease obligations are collateralized and rank highest in priority, followed by unsecured senior notes and other notes. The $1.0 billion aggregate principal amount of 6.350% Fixed-to-Fixed Reset Rate Subordinated Debentures due March 2055, payable semi-annually, issued by MetLife, Inc, in March 2025 (the “6.350% Subordinated Debt”) ranks below these instruments but remains senior to junior subordinated debt securities (see Note 18). Payments of interest and principal on the Company’s surplus notes, which are subordinate to all other obligations of the operating company issuing the notes and are senior to obligations of MetLife, Inc., may be made only with the prior approval of the insurance department of the state of domicile of the issuer of the notes. The Company’s collateral financing arrangement (see Note 17) is supported by surplus notes of a subsidiary and, accordingly, has priority consistent with surplus notes.Certain of the Company’s debt instruments and committed facilities, as well as its $3.0 billion unsecured revolving credit facility (the “Credit Facility”), contain various administrative, reporting, legal and financial covenants.

22. Income TaxThe Company’s provision for income tax was as follows:Years Ended December 31,202520242023(In millions)Current:U.S. federal$179 $707 $381 U.S. state and local80 90 46 Non-U.S.992 1,147 1,240 Subtotal1,251 1,944 1,667 Deferred:U.S. federal(89)(56)(591)U.S. state and local(3)— (4)Non-U.S.99 (710)(512)Subtotal7 (766)(1,107)Provision for income tax expense (benefit)$1,258 $1,178 $560 The Company’s income (loss) before income tax expense (benefit) was as follows:Years Ended December 31,202520242023(In millions)Income (loss):U.S.$599 $3,955 $(95)Non-U.S.4,062 1,667 2,257 Total$4,661 $5,622 $2,162 The table below presents the reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported. See Note 1 for further information on the ASU recently adopted on a prospective basis by the Company.Year Ended December 31,2025Amount% Income (Loss)(Dollars in millions)Income (loss) before provision for income tax$4,661 Tax provision at U.S. statutory rate979 21.0 %U.S. state and local, net of U.S. federal (1)55 1.2 %Foreign tax effects:JapanStatutory tax rate difference between Japan & U.S.126 2.7 %Other43 0.9 %MexicoStatutory tax rate difference between Mexico & U.S.67 1.4 %Other(9)(0.2)%Other foreign jurisdictions19 0.4 %Effects of cross border tax laws66 1.4 %Tax credits(53)(1.1)%Nontaxable or nondeductible itemsTax-exempt income(79)(1.7)%Other(1)— %Changes in unrecognized tax benefits(13)(0.3)%Other adjustmentsPrior period adjustments87 1.9 %Other(29)(0.6)%Provision for income tax expense (benefit) and effective tax rate$1,258 27.0 %__________________(1)State and local taxes in New York and New York City made up the majority (greater than 50%) of the tax effect in this category.Years Ended December 31,20242023(In millions)Tax provision at U.S. statutory rate$1,181 $454 Tax effect of:Dividend received deduction(19)(18)Tax-exempt income(43)(34)Prior year tax (1)44 (12)Low income housing tax credits6 (116)Other tax credits(38)(39)Foreign tax rate differential (2), (3)22 312 Changes in tax law (4)— (198)Change in valuation allowance (4)6 187 Other, net19 24 Provision for income tax expense (benefit)$1,178 $560 __________________(1)As discussed further below, prior year tax primarily includes non-cash charges related to an uncertain tax position of $57 million for the year ended December 31, 2024.

14. LeasesThe Company, as lessee, has entered into various lease and sublease agreements primarily for office space. The Company has operating leases with remaining lease terms of less than one year to 12 years. The remaining lease terms for the subleases are less than one year to nine years.ROU Assets and Lease LiabilitiesROU assets and lease liabilities for operating leases were:December 31, 2025December 31, 2024(In millions)ROU assets$984 $928 Lease liabilities$1,138 $1,079 Lease CostsThe components of operating lease costs were as follows:Years Ended December 31,202520242023(In millions)Operating lease cost$234 $226 $244 Variable lease cost52 52 52 Sublease income(87)(87)(95)Net lease cost$199 $191 $201 Other InformationSupplemental other information related to operating leases was as follows:December 31, 2025December 31, 2024(Dollars in millions)Cash paid for amounts included in the measurement of lease liability - operating cash flows$234 $244 ROU assets obtained in exchange for new lease liabilities (1)$120 $52 Weighted-average remaining lease term8 years8 yearsWeighted-average discount rate4.7 %4.4 %__________________(1)See Note 3 for additional ROU assets and lease liabilities recorded as part of the acquisition of PineBridge.Maturities of Lease LiabilitiesMaturities of operating lease liabilities were as follows:December 31, 2025(In millions)2026$218 2027215 2028183 2029131 2030100 Thereafter429 Total undiscounted cash flows1,276 Less: interest138 Present value of lease liability $1,138 See Notes 11 and 16 for information about the Company’s investments in leased real estate and financing lease obligations.

3. AcquisitionAcquisition of PineBridge InvestmentsOn December 30, 2025, the Company completed the acquisition of PineBridge Investments (“PineBridge”), a global asset manager. The acquisition of PineBridge further enhances the existing scale of the Company’s institutional asset management business, MIM. The preliminary purchase consideration paid in cash at closing was $885 million, comprised of purchase consideration of $800 million plus $85 million for the excess of cash and investments acquired over liabilities assumed. The preliminary purchase consideration is subject to change from any post-closing adjustments to the estimated amounts utilized at closing for cash and investments acquired, working capital, transaction expenses, liabilities assumed, net deferred tax liability and final acquisition date estimated fair value of consolidated VIEs, which will be determined after closing. The purchase consideration and the purchase price allocation, described below, are preliminary and are subject to adjustment during the measurement period, which is up to one year from the acquisition date.The PineBridge acquisition was accounted for as a business combination using the acquisition method of accounting. Accordingly, the purchase price consideration was allocated to the assets acquired, including separately identified intangible assets, tangible assets and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of the estimated fair value of consideration transferred over the estimated fair value of identifiable intangible assets acquired, tangible assets acquired and liabilities assumed was recorded as goodwill. Asset management agreements and asset advisory agreements identifiable intangible assets were determined using the multi-period excess earnings method.Of the preliminary purchase price, $486 million, $264 million and $15 million were preliminarily allocated to the estimated fair value of tangible assets acquired, liabilities assumed and noncontrolling interests assumed, respectively. The noncontrolling interests, which are less than 2% of the preliminary purchase consideration, represent the interests of shareholders, other than the Company, in an acquired entity.