METLIFE INC

For the period ended Mar 31, 2025. Filed May 1, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 1, 2025

MET$101.67+3.5%Stored close · as of Nov 9, 2026

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Contents

Interim Condensed Consolidated Balance Sheets

	March 31, 2025	December 31, 2024
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $137 and $160, respectively); and amortized cost: $315,474 and $307,421, respectively	$291,735	$281,043
Equity securities, at estimated fair value	747	712
Contractholder-directed equity securities and fair value option securities, at estimated fair value	10,725	10,672
Mortgage loans (net of allowance for credit loss of $981 and $800, respectively)	87,908	89,012
Policy loans	8,663	8,545
Real estate and real estate joint ventures (includes $377 and $378, respectively, under the fair value option; $79 and $65, respectively, of real estate held-for-sale; $197 and $183, respectively, relating to variable interest entities)	13,481	13,342
Other limited partnership interests	14,137	14,378
Short-term investments, principally at estimated fair value	5,543	5,156
Other invested assets (includes $1,846 and $1,851, respectively, of leveraged and direct financing leases; $520 and $424, respectively, relating to variable interest entities)	17,470	18,504
Total investments	450,409	441,364
Cash and cash equivalents, principally at estimated fair value	21,326	20,068
Accrued investment income	3,557	3,489
Premiums, reinsurance and other receivables (includes $0 and $47, respectively, relating to variable interest entities)	31,251	29,761
Market risk benefits, at estimated fair value	317	372
Deferred policy acquisition costs and value of business acquired	20,162	19,627
Current income tax recoverable	338	295
Deferred income tax asset	2,524	2,994
Goodwill	9,036	8,901
Other assets	11,253	11,082
Separate account assets	138,143	139,504
Total assets	$688,316	$677,457
Liabilities and Equity
Liabilities
Future policy benefits	$197,667	$193,646
Policyholder account balances	225,623	221,445
Market risk benefits, at estimated fair value	2,844	2,581
Other policy-related balances	19,523	18,899
Policyholder dividends payable	356	385
Payables for collateral under securities loaned and other transactions	17,440	17,128
Short-term debt (includes $97 and $133, respectively, relating to variable interest entities)	381	465
Long-term debt	14,695	15,086
Collateral financing arrangement	463	476
Subordinated debt securities	4,153	3,164
Deferred income tax liability	430	132
Other liabilities	38,843	36,843
Separate account liabilities	138,143	139,504
Total liabilities	660,561	649,754
Contingencies, Commitments and Guarantees (Note 20)
Equity
MetLife, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $3,905 aggregate liquidation preference	—	—
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,195,220,577 and 1,194,168,628 shares issued, respectively; 673,293,988 and 689,211,065 shares outstanding, respectively	12	12
Additional paid-in capital	33,820	33,791
Retained earnings	43,131	42,626
Treasury stock, at cost; 521,926,589 and 504,957,563 shares, respectively	(29,222)	(27,798)
Accumulated other comprehensive income (loss)	(20,248)	(21,186)
Total MetLife, Inc.’s stockholders’ equity	27,493	27,445
Noncontrolling interests	262	258
Total equity	27,755	27,703
Total liabilities and equity	$688,316	$677,457

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