METLIFE INC
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
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Item 7. Results of Operations
Results of Operations
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. 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. See “Business — Segments and Corporate & Other” and Note 1 of the Notes to the Consolidated Financial Statements for further information on the Strategic Reorganization and the Company’s segments and Corporate & Other.
Reinsurance Transactions
In 2025, the Company entered into a number of reinsurance agreements. See Note 9 of the Notes to the Consolidated Financial Statements for further information on these reinsurance transactions.
Key Financial Highlights
Net income available to MetLife, Inc.’s common shareholders was $3.2 billion, $4.2 billion and $1.4 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
Adjusted earnings available to common shareholders was $5.9 billion, $5.8 billion and $5.5 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
Consolidated Results
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| Revenues | |||
| Premiums | $49,779 | $44,945 | $44,283 |
| Universal life and investment-type product policy fees | 5,003 | 4,974 | 5,152 |
| Net investment income | 22,559 | 21,273 | 19,908 |
| Other revenues | 2,827 | 2,601 | 2,526 |
| Net investment gains (losses) | (1,145) | (1,184) | (2,824) |
| Net derivative gains (losses) | (1,939) | (1,623) | (2,140) |
| Total revenues | 77,084 | 70,986 | 66,905 |
| Expenses | |||
| Policyholder benefits and claims and policyholder dividends | 50,271 | 45,323 | 45,212 |
| Policyholder liability remeasurement (gains) losses | (150) | (206) | (45) |
| Market risk benefit remeasurement (gains) losses | (508) | (1,109) | (994) |
| Interest credited to policyholder account balances | 8,950 | 8,339 | 7,860 |
| Amortization of deferred policy acquisition costs, value of business acquired and negative value of business acquired | 2,114 | 2,021 | 1,926 |
| Interest expense on debt | 1,061 | 1,037 | 1,045 |
| Other expenses, net of capitalization of deferred policy acquisition costs | 10,685 | 9,959 | 9,739 |
| Total expenses | 72,423 | 65,364 | 64,743 |
| Income (loss) before provision for income tax | 4,661 | 5,622 | 2,162 |
| Provision for income tax expense (benefit) | 1,258 | 1,178 | 560 |
| Net income (loss) | 3,403 | 4,444 | 1,602 |
| Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 24 | 18 | 24 |
| Net income (loss) attributable to MetLife, Inc. | 3,379 | 4,426 | 1,578 |
| Less: Preferred stock dividends | 194 | 200 | 198 |
| Preferred stock redemption premium | 12 | — | — |
| Net income (loss) available to MetLife, Inc.’s common shareholders | $3,173 | $4,226 | $1,380 |
Net income (loss) available to MetLife, Inc.’s common shareholders - Decreased $1.1 billion primarily due to the following:
Net Investment Gains (Losses)(1) - Favorable change of $39 million ($31 million, net of income tax):
Higher gains on foreign currency transactions
Mark-to-market gains on equity securities in 2025 compared to losses in 2024
Lower losses on sales of fixed maturity securities
Higher increases to the ACLs on mortgage loans and higher impairments on real estate investments
Net Derivative Gains (Losses)(2) - Unfavorable change of $316 million ($250 million, net of income tax)(3):
Certain key equity indexes increased in 2025 compared to decreased in 2024 - unfavorable impact to the estimated fair value of short futures
Changes in the estimated fair value of the underlying assets - unfavorable impact to the estimated fair value of embedded derivatives related to funds withheld on reinsurance agreements
The U.S. dollar weakened against the Japanese yen in 2025 compared to strengthened in 2024 - favorable impact to the estimated fair value of sell-U.S. dollar currency forwards
Market Risk Benefit Remeasurement (Gains) Losses(4) - Unfavorable change of $601 million ($475 million, net of income tax):
Certain U.S. long-term interest rates increased less significantly in 2025 compared to 2024
Actuarial Assumption Review - Favorable change of $63 million ($38 million, net of income tax):
| Years Ended December 31, · Variance | |||
|---|---|---|---|
| Assumptions · 2025 · 2024 | |||
| (In millions, net of income tax) | |||
| Economic | $(24) | $(55) | $31 |
| Mortality | (9) | 110 | (119) |
| Morbidity | (20) | 53 | (73) |
| Policyholder behavior | 38 | (91) | 129 |
| Operational | 117 | 47 | 70 |
| Total | $102 | $64 | $38 |
The actuarial assumption reviews resulted in gains of $102 million and $64 million for 2025 and 2024, respectively:
Of the $102 million gain, gains of $12 million and $1 million were recognized in market risk benefit remeasurement (gains) losses and net derivative gains (losses), respectively, both of which are discussed above, and a gain of $89 million was recognized in adjusted earnings available to common shareholders, which is discussed below
Of the $64 million gain, losses of $5 million and $1 million were recognized in market risk benefit remeasurement (gains) losses and net derivative gains (losses), respectively, both of which are discussed above, and a gain of $70 million was recognized in adjusted earnings available to common shareholders, which is discussed below
The $38 million increase was primarily driven by (i) updates to policyholder behavior assumptions in the accident & health business in the Asia segment and in the deferred annuities business in Corporate & Other related to lapse experience, (ii) updates to operational assumptions in Corporate & Other related to future premium rate increases for the long-term care business, and (iii) favorable economic conditions in 2025 for the Asia segment, largely offset by (i) less favorable mortality experience in the RIS segment, and (ii) updates made in 2025 to morbidity assumptions in Corporate & Other associated with an increase in incidence rates for the long-term care business
Adjusted Earnings Available to Common Shareholders(5) - Favorable change of $147 million. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
Taxes - Unfavorable change in effective tax rate - 27% in 2025 compared to 21% in 2024:
2025 effective tax rate on income before provision for income tax was 27% compared to the U.S. statutory rate of 21% primarily due to tax charges from:
Non-deductible losses
Low income housing and other tax credits, partially offset by the impact of tax equity investments
Tax rate change in Korea
2024 effective tax rate on income before provision for income tax was equal to the U.S. statutory rate of 21% primarily due to tax benefits from:
Low income housing and other tax credits, partially offset by the impact of tax equity investments
Offset by tax charges from:
Net income (loss) available to MetLife, Inc.’s common shareholders - Increased $2.8 billion primarily due to the following:
Net Investment Gains (Losses)(1) - Favorable change of $1.6 billion ($1.3 billion, net of income tax):
Impairment losses in 2023 for investments disposed of in connection with a reinsurance transaction that closed in November 2023
Lower losses on sales of fixed maturity securities
Higher gains on sales of real estate investments
Net Derivative Gains (Losses)(2) - Favorable change of $517 million ($408 million, net of income tax)(3):
Key equity indexes increased less in 2024 compared to 2023 - favorable impact to the estimated fair value of long put options and short futures
Certain long-term interest rates increased more significantly in 2024 compared to 2023 and other long-term interest rates increased in 2024 compared to decreased in 2023 - unfavorable impact to the estimated fair value of receiver swaps
Market Risk Benefit Remeasurement (Gains) Losses(4) - Favorable change of $115 million ($91 million, net of income tax):
Certain long-term interest rates increased more significantly in 2024 compared to 2023 and other long-term interest rates increased in 2024 compared to decreased in 2023
Key equity indexes increased less in 2024 compared to 2023
Actuarial Assumption Review - Favorable change of $70 million ($55 million, net of income tax):
| Years Ended December 31, · Variance | |||
|---|---|---|---|
| 2024 · 2023 | |||
| Assumptions · (In millions, net of income tax) | |||
| Economic | $(55) | $(40) | $(15) |
| Mortality | 110 | 51 | 59 |
| Morbidity | 53 | (14) | 67 |
| Policyholder behavior | (91) | — | (91) |
| Operational | 47 | 12 | 35 |
| Total | $64 | $9 | $55 |
Total results for 2024 and 2023 include gains of $64 million and $9 million, respectively:
Of the $64 million gain, a loss of $5 million was recognized in MRB remeasurement (gains) losses, a loss of $1 million was recognized in net derivative gains (losses), both of which are discussed above, and a gain of $70 million was recognized in adjusted earnings available to common shareholders, which is discussed below
Of the $9 million gain, a loss of $4 million was recognized in MRB remeasurement (gains) losses, a loss of $2 million was recognized in net derivative gains (losses), both of which are discussed above, and a gain of $15 million was recognized in adjusted earnings available to common shareholders, which is discussed below
The $55 million increase was primarily driven by (i) favorable mortality experience in the RIS segment in 2024, (ii) updates made in 2023 to morbidity assumptions in Corporate & Other associated with an increase in incident rates for the long-term care business, and (iii) updates to policyholder behavior assumptions in the Asia segment related to lapse assumptions in the accident & health business, partially offset by updates to policyholder behavior assumptions in Corporate & Other related to claim utilization experience for the long-term care business
Adjusted Earnings Available to Common Shareholders(5) - Favorable change of $271 million. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
Taxes - Favorable change in effective tax rate - 21% in 2024 compared to 26% in 2023:
2024 effective tax rate on income before provision for income tax was equal to the U.S. statutory rate of 21% primarily due to tax benefits from:
Low income housing and other tax credits, partially offset by the impact of tax equity investments accounted for under the proportional amortization method in 2024
Offset by tax charges from:
2023 effective tax rate on income before provision for income tax was 26% compared to the U.S. statutory rate of 21% primarily due to tax charges from:
Non-taxable investment loss
Partially offset by tax credits from:
Low income housing and other tax credits
(1)See “— Investments — Overview” and “— Investments — Investment Portfolio Results — Net Investment Gains (Losses)” for information regarding management of our investment portfolio.
(2)See “— Derivatives — Net Derivative Gains (Losses)” for information regarding the use of derivatives to hedge market risk.
(3)Includes amounts relating to investment hedge adjustments, which are also included in adjusted earnings available to common shareholders. See “— Investments — Investment Portfolio Results” for additional information.
(4)See Note 6 of the Notes to the Consolidated Financial Statements for further information on the Company’s MRBs.
(5)See “— Non-GAAP and Other Financial Disclosures” for information regarding adjusted earnings available to common shareholders and related measures.
Reconciliations of net income (loss) available to MetLife, Inc.’s common shareholders to adjusted earnings available to common shareholders and premiums, fees and other revenues to adjusted premiums, fees and other revenues
Year Ended December 31, 2025
| Group Benefits · RIS · Asia · Latin America · EMEA · MIM · Corporate & Other · Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | ||||||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $1,473 | $542 | $885 | $872 | $338 | $131 | $(1,068) | $3,173 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 194 | 194 | ||||||||
| Add: Preferred stock redemption premium | — | — | — | — | — | — | 12 | 12 | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | — | — | — | 7 | 5 | — | 12 | 24 | ||||||||
| Net income (loss) | 1,473 | 542 | 885 | 879 | 343 | 131 | (850) | 3,403 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (147) | (818) | (117) | 51 | 10 | (74) | (50) | (1,145) | ||||||||
| Net derivative gains (losses) | (69) | (246) | (1,218) | 295 | (53) | — | (648) | (1,939) | ||||||||
| Premiums | 8 | — | — | — | — | — | — | 8 | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | 6 | 6 | ||||||||
| Net investment income | (59) | 345 | 402 | (19) | 705 | — | (247) | 1,127 | ||||||||
| Other revenues | — | (7) | — | 36 | — | — | 158 | 187 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | (3) | (394) | 209 | (90) | — | — | 65 | (213) | ||||||||
| Policyholder liability remeasurement (gains) losses | — | (3) | — | — | — | — | — | (3) | ||||||||
| Market risk benefit remeasurement gains (losses) | — | 113 | 64 | — | 17 | — | 314 | 508 | ||||||||
| Interest credited to policyholder account balances (“PABs”) | — | (70) | (388) | (158) | (700) | — | (103) | (1,419) | ||||||||
| Capitalization of deferred policy acquisition costs (“DAC”) | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, VOBA and negative VOBA | — | — | — | — | — | — | (1) | (1) | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | (8) | (350) | — | 6 | (3) | (18) | (108) | (481) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 59 | 301 | 231 | (40) | — | 23 | 57 | 631 | ||||||||
| Adjusted earnings | $1,692 | $1,671 | $1,702 | $798 | $367 | $200 | $(293) | $6,137 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 194 | 194 | ||||||||
| Adjusted earnings available to common shareholders | $1,692 | $1,671 | $1,702 | $798 | $367 | $200 | $(487) | $5,943 | ||||||||
| Premiums, fees and other revenues | $25,477 | $12,255 | $6,768 | $6,642 | $2,901 | $932 | $2,634 | $57,609 | ||||||||
| Less: adjustments to premiums, fees and other revenues | 8 | (7) | — | 36 | — | — | 164 | 201 | ||||||||
| Adjusted premiums, fees and other revenues | $25,469 | $12,262 | $6,768 | $6,606 | $2,901 | $932 | $2,470 | $57,408 | ||||||||
Year Ended December 31, 2024
| Group Benefits · RIS · Asia · Latin America · EMEA · MIM · Corporate & Other · Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | ||||||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $1,596 | $1,138 | $723 | $522 | $269 | $(27) | $5 | $4,226 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 200 | 200 | ||||||||
| Add: Preferred stock redemption premium | — | — | — | — | — | — | — | — | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | — | — | — | — | 4 | — | 14 | 18 | ||||||||
| Net income (loss) | 1,596 | 1,138 | 723 | 522 | 273 | (27) | 219 | 4,444 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (58) | (501) | (591) | 28 | (40) | (93) | 71 | (1,184) | ||||||||
| Net derivative gains (losses) | 118 | 278 | (1,108) | (257) | (19) | — | (635) | (1,623) | ||||||||
| Premiums | 31 | — | — | — | — | — | — | 31 | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | — | — | ||||||||
| Net investment income | (74) | (191) | 441 | (42) | 625 | — | (158) | 601 | ||||||||
| Other revenues | — | (76) | — | — | — | — | 186 | 110 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | (19) | (141) | 255 | (148) | — | — | 71 | 18 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | — | — | — | — | — | — | — | ||||||||
| Market risk benefit remeasurement gains (losses) | — | (11) | (7) | — | 54 | — | 1,073 | 1,109 | ||||||||
| Interest credited to PABs | — | 2 | (372) | (81) | (624) | — | (109) | (1,184) | ||||||||
| Capitalization of DAC | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, VOBA and negative VOBA | — | — | — | — | — | — | — | — | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | (11) | (30) | 3 | 7 | (4) | (17) | (65) | (117) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 3 | 141 | 481 | 134 | (2) | 28 | (98) | 687 | ||||||||
| Adjusted earnings | $1,606 | $1,667 | $1,621 | $881 | $283 | $55 | $(117) | $5,996 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 200 | 200 | ||||||||
| Adjusted earnings available to common shareholders | $1,606 | $1,667 | $1,621 | $881 | $283 | $55 | $(317) | $5,796 | ||||||||
| Adjusted earnings available to common shareholders on a constant currency basis (1) | $1,606 | $1,667 | $1,605 | $846 | $280 | $55 | $(317) | $5,742 | ||||||||
| Premiums, fees and other revenues | $24,901 | $8,518 | $6,757 | $5,936 | $2,548 | $718 | $3,142 | $52,520 | ||||||||
| Less: adjustments to premiums, fees and other revenues | 31 | (76) | — | — | — | — | 186 | 141 | ||||||||
| Adjusted premiums, fees and other revenues | $24,870 | $8,594 | $6,757 | $5,936 | $2,548 | $718 | $2,956 | $52,379 | ||||||||
| Adjusted premiums, fees and other revenues on a constant currency basis (1) | $24,870 | $8,594 | $6,723 | $5,751 | $2,566 | $718 | $2,956 | $52,178 | ||||||||
(1)Amounts for Group Benefits, RIS, MIM and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.
Year Ended December 31, 2023
| Group Benefits · RIS · Asia · Latin America · EMEA · MIM · Corporate & Other · Total | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | |||||||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $1,521 | $942 | $(150) | $652 | $253 | $3 | $(1,841) | $1,380 | |||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 198 | 198 | |||||||||
| Add: Preferred stock redemption premium | — | — | — | — | — | — | — | — | |||||||||
| Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | — | — | 2 | 7 | 4 | — | 11 | 24 | |||||||||
| Net income (loss) | 1,521 | 942 | (148) | 659 | 257 | 3 | (1,632) | 1,602 | |||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | |||||||||||||||||
| Revenues: | |||||||||||||||||
| Net investment gains (losses) | (56) | (563) | (1,019) | 1 | 10 | (73) | (1,124) | (2,824) | |||||||||
| Net derivative gains (losses) | 39 | 120 | (921) | 89 | (44) | — | (1,423) | (2,140) | |||||||||
| Premiums | — | — | — | — | — | — | — | — | |||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | — | — | |||||||||
| Net investment income | (153) | (449) | 350 | (34) | 688 | — | (243) | 159 | |||||||||
| Other revenues | — | (75) | — | — | 1 | — | 69 | (5) | |||||||||
| Expenses: | |||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | — | (32) | 183 | (157) | — | — | 11 | 5 | |||||||||
| Policyholder liability remeasurement (gains) losses | — | — | — | — | — | — | — | — | |||||||||
| Market risk benefit remeasurement gains (losses) | — | 29 | 43 | — | 40 | — | 882 | 994 | |||||||||
| Interest credited to PABs | — | — | (395) | (149) | (687) | — | (20) | (1,251) | |||||||||
| Capitalization of DAC | — | — | — | — | — | — | — | — | |||||||||
| Amortization of DAC, VOBA and negative VOBA | — | — | — | — | — | — | — | — | |||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | |||||||||
| Other expenses | — | — | 1 | 8 | (5) | (16) | (81) | (93) | |||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | |||||||||
| Provision for income tax (expense) benefit | 36 | 204 | 328 | 61 | (11) | 22 | 394 | 1,034 | |||||||||
| Adjusted earnings | $1,655 | $1,708 | $1,282 | $840 | $265 | $70 | $(97) | $5,723 | |||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 198 | 198 | |||||||||
| Adjusted earnings available to common shareholders | $1,655 | $1,708 | $1,282 | $840 | $265 | $70 | $(295) | $5,525 | |||||||||
| Adjusted earnings available to common shareholders on a constant currency basis (1) | $1,655 | $1,708 | $1,248 | $791 | $253 | $70 | $(295) | $5,430 | |||||||||
| Premiums, fees and other revenues | $23,929 | $8,757 | $6,969 | $5,727 | $2,347 | $719 | $3,513 | $51,961 | |||||||||
| Less: adjustments to premiums, fees and other revenues | — | (75) | — | — | 1 | — | 69 | (5) | |||||||||
| Adjusted premiums, fees and other revenues | $23,929 | $8,832 | $6,969 | $5,727 | $2,346 | $719 | $3,444 | $51,966 | |||||||||
| Adjusted premiums, fees and other revenues on a constant currency basis (1) | $23,929 | $8,832 | $6,608 | $5,392 | $2,271 | $719 | $3,444 | $51,195 | |||||||||
(1)Amounts for Group Benefits, RIS, MIM and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.
Consolidated Results — Adjusted Earnings Available to Common Shareholders
Business Overview. Adjusted premiums, fees and other revenues for the year ended December 31, 2025 increased $5.0 billion, or 10%, compared to 2024. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $5.2 billion, or 10%, compared to 2024, primarily due to growth in the pension risk transfer and U.K. longevity reinsurance businesses in the RIS segment, strong sales and solid persistency across the region in the Latin America segment, and growth in both core and voluntary products in the Group Benefits segment.
Adjusted premiums, fees and other revenues for the year ended December 31, 2024 increased $413 million, or 1%, compared to 2023. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $1.2 billion, or 2%, compared to 2023, primarily due to growth in both core and voluntary products in the Group Benefits segment and strong sales and solid persistency across the region in the Latin America segment, partially offset by the decline in Corporate & Other from business run-off.
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| Group Benefits | $1,692 | $1,606 | $1,655 |
| RIS | 1,671 | 1,667 | 1,708 |
| Asia | 1,702 | 1,621 | 1,282 |
| Latin America | 798 | 881 | 840 |
| EMEA | 367 | 283 | 265 |
| MIM | 200 | 55 | 70 |
| Corporate & Other | (487) | (317) | (295) |
| Adjusted earnings available to common shareholders | $5,943 | $5,796 | $5,525 |
| Adjusted earnings available to common shareholders on a constant currency basis | $5,943 | $5,742 | $5,430 |
| Adjusted premiums, fees and other revenues | $57,408 | $52,379 | $51,966 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $57,408 | $52,178 | $51,195 |
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings Available to Common Shareholders - Increased $147 million on a reported basis, primarily due to the following business drivers:
Reinsurance Transaction - Decreased adjusted earnings available to common shareholders by approximately $7 million in Corporate & Other as a result of a reinsurance transaction that closed in December 2025
Foreign Currency - Decreased adjusted earnings available to common shareholders by $54 million, primarily in the Latin America and Asia segments
Market Factors - Increased adjusted earnings available to common shareholders by $130 million:
Variable investment income increased- higher returns on real estate funds, private equity funds and mortgage loan funds, partially offset by lower returns on corporate debt funds
Higher interest credited expenses - higher average interest crediting rates on long-duration products in the Asia segment and growth in long-duration products in the RIS segment, largely offset by lower average interest credited expenses in the Group Benefits and Latin America segments and Corporate & Other
Recurring investment income decreased - lower average invested assets in Corporate & Other due to business run-off and lower income on derivatives, largely offset by positive flows from pension risk transfer transactions and funding agreement issuances in the RIS segment, higher income on real estate investments (which includes the impact of the fourth quarter 2025 change to the definition of adjusted earnings to exclude depreciation of wholly-owned real estate and REJVs), higher yields on fixed income securities and higher returns on FVO securities
Volume Growth - Increased adjusted earnings available to common shareholders by $301 million:
Higher average invested assets, primarily in the Asia and Latin America segments
Higher sales and business growth in the majority of our segments
Increase in interest credited expenses on long-duration products, primarily in the Asia and Latin America segments
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings available to common shareholders by $219 million:
Lower surrender charges and unfavorable claims experience in the Asia segment
Unfavorable morbidity results, primarily in the Group Benefits segment
Lower fees in our annuities business in Corporate & Other
Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $20 million:
Subordinated debt securities issuance in March 2025
Senior note issuances in June 2024, September 2024 and June 2025
Senior note repayments at maturity in April 2024, March 2025 and November 2025
Decreased interest expense on surplus notes
Expenses - Increased adjusted earnings available to common shareholders by $152 million:
Lower expenses consistent with business run-off in Corporate & Other
Lower employee-related and corporate-related expenses in Corporate & Other
Notable Items - Actuarial assumption review and other insurance adjustments, litigation reserves and settlement costs, and tax adjustments - Decreased adjusted earnings available to common shareholders by $69 million on a reported basis:
| Years Ended December 31, · Variance | |||
|---|---|---|---|
| 2025 · 2024 | |||
| (In millions, net of income tax) | |||
| Group Benefits | $(2) | $(58) | $56 |
| RIS | 13 | 104 | (91) |
| Asia | 70 | (41) | 111 |
| Latin America | (104) | 4 | (108) |
| EMEA | (1) | (5) | 4 |
| MIM | — | — | — |
| Corporate & Other | (19) | 22 | (41) |
| Total | $(43) | $26 | $(69) |
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings Available to Common Shareholders - Increased $271 million on a reported basis, primarily due to the following business drivers:
Reinsurance Transaction - Decreased adjusted earnings available to common shareholders by approximately $170 million as a result of the reinsurance transaction that closed in November 2023 in Corporate & Other
Foreign Currency - Decreased adjusted earnings available to common shareholders by $95 million, primarily in the Latin America and Asia segments
Market Factors - Increased adjusted earnings available to common shareholders by $232 million:
Variable investment income increased- higher returns on private equity funds
Recurring investment income increased- higher yields on fixed income securities and mortgage loans, as well as the impact of tax equity investments accounted for under the proportional amortization method in 2024, partially offset by lower income on derivatives and real estate investments
Higher average interest crediting rates on investment-type and certain insurance products, primarily in the RIS and Asia segments
Volume Growth - Increased adjusted earnings available to common shareholders by $189 million:
Higher average invested assets, primarily in the RIS and Latin America segments
Higher sales and business growth in the EMEA and Latin America segments
Increase in interest credited expenses on long-duration products, primarily in the RIS segment
Underwriting and Other Insurance Adjustments - Increased adjusted earnings available to common shareholders by $190 million:
Favorable mortality results, primarily in the Group Benefits segment, higher surrender charges in the Asia segment, and favorable morbidity experience in Corporate & Other, partially offset by unfavorable morbidity experience in the Group Benefits segment
Favorable change from refinements to certain insurance assets and other liabilities in both years, primarily in the Asia and Group Benefits segments, partially offset by an unfavorable change to certain insurance liabilities in the RIS segment
Expenses - Decreased adjusted earnings available to common shareholders by $132 million:
Higher direct expenses, including employee-related and technology costs, in most of the segments
Higher litigation reserves
Lower corporate-related expenses, primarily in Corporate & Other
Taxes - Unfavorable change in effective tax rate - 24% in 2024 compared to 22% in 2023:
2024 effective tax rate on income before provision for income tax was 24% compared to the U.S. statutory rate of 21% primarily due to tax charges from:
Low income housing and other tax credits, partially offset by the impact of tax equity investments accounted for under the proportional amortization method in 2024
2023 effective tax rate on income before provision for income tax was 22% compared to the U.S. statutory rate of 21% primarily due to tax charges from:
Low income housing and other tax credits
Notable Items - Actuarial assumption review and other insurance adjustments, litigation reserves and settlement costs, and tax adjustments - Increased adjusted earnings available to common shareholders by $88 million on a reported basis:
| Years Ended December 31, · Variance | |||
|---|---|---|---|
| 2024 · 2023 | |||
| (In millions, net of income tax) | |||
| Group Benefits | $(58) | $27 | $(85) |
| RIS | 104 | 61 | 43 |
| Asia | (41) | (94) | 53 |
| Latin America | 4 | — | 4 |
| EMEA | (5) | 18 | (23) |
| MIM | — | — | — |
| Corporate & Other | 22 | (74) | 96 |
| Total | $26 | $(62) | $88 |
Segment Results and Corporate & Other
Business Overview. Adjusted premiums, fees and other revenues for the year ended December 31, 2025 increased $599 million, or 2%, compared to 2024, primarily driven by growth in both core and voluntary products, partially offset by a decrease in premiums related to our participating life contracts, which can fluctuate with claims experience.
Adjusted premiums, fees and other revenues for the year ended December 31, 2024 increased $941 million, or 4%, compared to 2023, primarily driven by growth in both core and voluntary products, partially offset by a decrease in premiums related to our participating life contracts, which can fluctuate with claims experience.
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| Adjusted earnings | $1,692 | $1,606 | $1,655 |
| Adjusted premiums, fees and other revenues | $25,469 | $24,870 | $23,929 |
Adjusted Earnings - Increased $86 million primarily due to the following business drivers:
Market Factors - Increased adjusted earnings by $45 million:
Interest credited expenses decreased - lower average interest crediting rates on retained asset accounts
Variable investment income increased - higher returns on private equity funds and real estate funds
Recurring investment income decreased - lower yields on fixed income securities
Volume Growth - Increased adjusted earnings by $47 million:
Growth in both core and voluntary products
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $41 million:
Unfavorable morbidity - higher incidence and severity in the disability business, partially offset by favorable rate actions within the dental business
Favorable mortality - primarily due to lower claim incidence and severity in our term life business
Expenses - Decreased adjusted earnings by $18 million:
Higher commissions and other variable expenses and higher legal plan utilization exceeded a corresponding increase in adjusted premiums, fees and other revenues
Notable Items - Increased adjusted earnings by $56 million:
2025 notable item - unfavorable impact of $2 million - actuarial assumption review
2024 notable items - unfavorable impact of $58 million - actuarial assumption review and other insurance adjustments, which includes an unfavorable refinement on certain life policies
Adjusted Earnings - Decreased $49 million primarily due to the following business drivers:
Market Factors- Decreased adjusted earnings by $27 million:
Recurring investment income decreased - lower income on derivatives, partially offset by higher yields on fixed income securities
Volume Growth - Increased adjusted earnings by $18 million:
Growth in both core and voluntary products
Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $88 million:
Favorable mortality - primarily due to lower claims incidence in our life business
Favorable change from refinements to certain insurance and other liabilities in both years
Unfavorable morbidity - (i) higher incidence in the accident & health business, (ii) higher claims in vision, and (iii) higher utilization and the impact of prior year development in dental, partially offset by (a) favorable claims experience and rate actions in our pet insurance business and (b) higher recoveries and a favorable reserve adjustment in 2024 in our disability business
Expenses - Decreased adjusted earnings by $43 million:
Higher legal plan utilization and higher technology, employee-related and various other operating expenses exceeded the corresponding increase in adjusted premiums, fees and other revenues
Notable Items - Decreased adjusted earnings by $85 million:
2024 notable items - unfavorable impact of $58 million - actuarial assumption review and other insurance adjustments, which includes an unfavorable refinement on certain life policies
2023 notable item - favorable impact of $27 million - actuarial assumption review
Retirement & Income Solutions
Business Overview. Adjusted premiums, fees and other revenues for the year ended December 31, 2025 increased $3.7 billion, or 43%, compared to 2024. The increase was primarily driven by growth in our pension risk transfer and U.K. longevity reinsurance businesses. Changes in premiums were more than offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance.
Adjusted premiums, fees and other revenues for the year ended December 31, 2024 decreased $238 million, or 3%, compared to 2023. The decrease was primarily driven by lower premiums from our pension risk transfer and post-retirement benefit businesses, largely offset by growth in our U.K. longevity reinsurance and institutional income annuities businesses. Changes in premiums were partially offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance.
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| Adjusted earnings | $1,671 | $1,667 | $1,708 |
| Adjusted premiums, fees and other revenues | $12,262 | $8,594 | $8,832 |
Adjusted Earnings- Increased $4 million primarily due to the following business drivers:
Market Factors- Increased adjusted earnings by $78 million:
Variable investment income increased - higher returns on private equity funds, real estate funds, and mortgage loan funds
Recurring investment income increased - positive flows from pension risk transfer transactions and funding agreement issuances, largely offset by the impact from a reinsurance transaction coupled with lower income on derivatives and an increase in fees paid to MIM due to the transition to current market rate fees in 2025
Higher interest credited expenses - growth in investment-type and certain insurance products, partially offset by the impact from a reinsurance transaction
Expenses - Increased adjusted earnings by $17 million:
Impact of certain product movements as a result of the Strategic Reorganization
Notable Items - Decreased adjusted earnings by $91 million:
2025 notable item - favorable impact of $13 million - actuarial assumption review
2024 notable item - favorable impact of $104 million - actuarial assumption review
Adjusted Earnings- Decreased $41 million primarily due to the following business drivers:
Market Factors- Decreased adjusted earnings by $97 million:
Higher average interest crediting rates primarily on investment-type products
Variable investment income increased - higher returns on private equity funds
Recurring investment income increased - higher yields on fixed income securities and mortgage loans, partially offset by lower income on derivatives
Volume Growth- Increased adjusted earnings by $62 million:
Positive flows from pension risk transfer transactions and funding agreement issuances resulted in higher average invested assets
Underwriting and Other Insurance Adjustments- Decreased adjusted earnings by $32 million:
Unfavorable refinements to certain insurance liabilities
Expenses - Decreased adjusted earnings by $39 million:
Higher expenses, including certain employee-related costs
Notable Items - Increased adjusted earnings by $43 million:
2024 notable item - favorable impact of $104 million - actuarial assumption review
2023 notable item - favorable impact of $61 million - actuarial assumption review
Asia
Business Overview. Adjusted premiums, fees and other revenues for the year ended December 31, 2025 increased $11 million, or less than 1%, compared to 2024. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $45 million, or 1%, compared to 2024, as increases in premiums in life products in Korea and Bangladesh were largely offset by lower fee income from Japan’s foreign currency-denominated life and annuity products and a decrease in premiums from Japan’s accident & health products.
Adjusted premiums, fees and other revenues for the year ended December 31, 2024 decreased $212 million, or 3%, compared to 2023. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $149 million, or 2%, compared to 2023, as increases in premiums in Korea and Australia, as well as fee income from Japan’s foreign currency life and annuity products, were partially offset by a decrease in premiums from Japan’s accident & health and yen-denominated life products.
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| Adjusted earnings | $1,702 | $1,621 | $1,282 |
| Adjusted earnings on a constant currency basis | $1,702 | $1,605 | $1,248 |
| Adjusted premiums, fees and other revenues | $6,768 | $6,757 | $6,969 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $6,768 | $6,723 | $6,608 |
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings - Increased $81 million on a reported basis, primarily due to the following business drivers:
Foreign Currency -Decreased adjusted earnings by $16 million:
Korean won and Australian dollar weakened against the U.S. dollar
Market Factors -Increased adjusted earnings by $42 million:
Recurring investment income increased - higher yields on fixed income securities and higher income on derivatives
Variable investment income increased - higher returns on real estate funds and private equity funds, partially offset by lower returns on corporate debt funds
Interest credited expenses increased - higher average interest crediting rates on investment-type and certain insurance products
Volume Growth-Increased adjusted earnings by $110 million:
Business growth across the region, mainly driven by higher positive net flows, which resulted in higher average invested assets
Underwriting and Other Insurance Adjustments- Decreased adjusted earnings by $113 million:
Lower surrender charges in Japan
Unfavorable claims experience in Australia
Taxes-Decreased adjusted earnings by $41 million:
Unfavorable change in Japan - impact from a tax rate change in 2025
Unfavorable change in Korea - higher dividend withholding tax and impact from a tax rate change in 2025 and tax benefits due to a tax audit settlement in 2024
Notable Items -Increased adjusted earnings by $111 million on a reported basis:
2025 notable item - favorable impact of $70 million - actuarial assumption review
2024 notable item - unfavorable impact of $41 million - actuarial assumption review
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings - Increased $339 million on a reported basis, primarily due to the following business drivers:
Foreign Currency -Decreased adjusted earnings by$34 million:
Japanese yen and Korean won weakened against the U.S. dollar
Market Factors -Increased adjusted earnings by$193 million:
Variable investment income increased - higher returns on private equity funds
Higher average interest crediting rates on investment-type and certain insurance products
Underwriting and Other Insurance Adjustments -Increased adjusted earnings by$89 million:
Higher surrender charges in Japan
Favorable change from refinements to certain insurance assets and liabilities in both years
Taxes-Increased adjusted earnings by$41 million:
Favorable change in Japan - lower premium tax due to lower sales and tax benefits from higher foreign earnings taxed at lower rates in 2024
Favorable change in Korea - tax benefits due to lower dividend withholding tax as a result of a rate decrease and a tax audit settlement in 2024
Notable Items -Increased adjusted earnings by$53 million on a reported basis:
2024 notable item - unfavorable impact of $41 million - actuarial assumption review
2023 notable item - unfavorable impact of $94 million - actuarial assumption review
Business Overview. Adjusted premiums, fees and other revenues for the year ended December 31, 2025 increased $670 million, or 11%, compared to 2024. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $855 million, or 15%, compared to 2024, mainly driven by strong sales and solid persistency across the region.
Adjusted premiums, fees and other revenues for the year ended December 31, 2024 increased $209 million, or 4%, compared to 2023. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $544 million, or 10%, compared to 2023, mainly driven by strong sales and solid persistency across the region.
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| Adjusted earnings | $798 | $881 | $840 |
| Adjusted earnings on a constant currency basis | $798 | $846 | $791 |
| Adjusted premiums, fees and other revenues | $6,606 | $5,936 | $5,727 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $6,606 | $5,751 | $5,392 |
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings -Decreased $83 million on a reported basis, primarily due to the following business drivers:
Foreign Currency -Decreased adjusted earnings by$35 million:
Mexican peso weakened against the U.S. dollar
Market Factors -Decreased adjusted earnings by $28 million:
Recurring investment income decreased - lower yields on fixed income securities and mortgage loans; partially offset by higher returns on our Chilean encaje within FVO securities, driven by an increase in bond index returns
Other revenues decreased - settlement of foreign currency hedges
Interest credited expenses decreased - lower average interest crediting rates on investment-type products
Volume Growth -Increased adjusted earnings by $95 million:
Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets
Higher sales resulted in higher average invested assets in Mexico and Brazil
Increase in interest credited expenses on investment-type and certain insurance products
Underwriting and Other Insurance Adjustments -Decreased adjusted earnings by $21 million:
Favorable refinements to certain insurance liabilities primarily in Chile and Mexico in 2024
Expenses -Increased adjusted earnings by $10 million:
An increase in adjusted premiums, fees, and other revenues exceeded the corresponding increase in expenses
Taxes -Increased adjusted earnings by $6 million:
Income tax refund in Chile
Tax adjustments in both years - recurring tax item related to inflation and adjustments related to the filing of the tax returns in Chile, Mexico and U.S.
Notable Items -Decreased adjusted earnings by $108 million:
2025 notable items - unfavorable impact of $104 million comprised of unfavorable impacts of $4 million - actuarial assumption review and $100 million - tax adjustments related to the resolution of an industry-wide value-added tax matter in Mexico
2024 notable item - favorable impact of $4 million - actuarial assumption review
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings - Increased $41 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings by $49 million:
Chilean and Mexican peso weakened against the U.S. dollar
Volume Growth - Increased adjusted earnings by $95 million:
Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets
Higher sales, primarily in Mexico and Chile
Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $22 million:
Favorable refinements to certain insurance liabilities primarily in Chile and Mexico
Expenses - Decreased adjusted earnings by $13 million:
Higher corporate-related and various other operating expenses, primarily in Mexico and Chile
Other - Decreased adjusted earnings by $15 million, includes
Higher amortization of DAC
Notable Items - Increased adjusted earnings by $4 million:
2024 notable item - favorable impact of $4 million - actuarial assumption review
EMEA
Business Overview. Adjusted premiums, fees and other revenues for the year ended December 31, 2025 increased $353 million, or 14%, compared to 2024. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $335 million, or 13%, compared to 2024, primarily due to growth in our (i) corporate solutions business in the U.K., the Gulf and Egypt, (ii) credit life business in Turkey and Romania, (iii) accident & health and ordinary life businesses across the region, and (iv) pension business in Turkey.
Adjusted premiums, fees and other revenues for the year ended December 31, 2024 increased $202 million, or 9%, compared to 2023. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $277 million, or 12%, compared to 2023 primarily due to increases in our (i) corporate solutions business in the Gulf, the U.K. and Egypt, (ii) credit life and pension businesses in Turkey and Romania, and (iii) accident & health business across the region.
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| Adjusted earnings | $367 | $283 | $265 |
| Adjusted earnings on a constant currency basis | $367 | $280 | $253 |
| Adjusted premiums, fees and other revenues | $2,901 | $2,548 | $2,346 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $2,901 | $2,566 | $2,271 |
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings- Increased $84 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings by $3 million:
Turkish lira and Egyptian pound weakened against the U.S. dollar
Euro and British pound strengthened against the U.S. dollar
Market Factors - Increased adjusted earnings by $20 million:
Interest credited expense increased - higher average interest crediting rates on investment-type products
Volume Growth - Increased adjusted earnings by $67 million:
Increase in sales and business growth:
Credit life business in Turkey and Romania
Accident & health and ordinary life businesses across the region
Corporate solutions business in the Gulf, the U.K. and Egypt
Pension business in Turkey
Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $4 million:
Favorable underwriting experience across the region
Taxes - Decreased adjusted earnings by $11 million:
Tax-related adjustments in both years
Notable Items - Increased adjusted earnings by $4 million on a reported basis:
2025 notable item - unfavorable impact of $1 million - actuarial assumption review
2024 notable item - unfavorable impact of $5 million - actuarial assumption review
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings- Increased $18 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Decreased adjusted earnings by $12 million:
Turkish lira and Egyptian pound weakened against the U.S. dollar
Market Factors - Increased adjusted earnings by $29 million:
Volume Growth - Increased adjusted earnings by $51 million:
Increase in sales and business growth of:
Credit life and pension businesses in Turkey and Romania
Corporate solutions business in the Gulf, the U.K. and Egypt
Accident & health business across the region
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $4 million:
Favorable underwriting experience across the region
Expenses- Decreased adjusted earnings by $36 million:
Higher direct expenses, including employee-related costs and various other operating expenses across the region
Taxes- Increased adjusted earnings by $13 million
Tax-related adjustments in both years
Notable Items- Decreased adjusted earnings by $23 million on a reported basis:
2024 notable item - unfavorable impact of $5 million - actuarial assumption review
2023 notable items - favorable impact of $18 million - actuarial assumption review and other insurance adjustments
MetLife Investment Management
Business Overview. Other revenues for the year ended December 31, 2025 increased $214 million, or 30%, compared to 2024, primarily as a result of the Company amending agreements between MIM and other MetLife entities to manage general account investments at current market rate fees, effective January 1, 2025, a change from 2024. In addition, there was growth in other revenues from an increase in MIM General Account AUM, and net inflows and an acquisition that increased Institutional Client AUM, primarily from real estate, public fixed income and private fixed income.
Other revenues for the year ended December 31, 2024 were nearly unchanged compared to 2023, as growth in general account revenues was offset by lower Institutional Client revenues primarily from real estate, private fixed income and public fixed income.
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| Adjusted earnings | $200 | $55 | $70 |
| Other revenues by client segment: | |||
| Institutional Client | $369 | $301 | $316 |
| General Account | 563 | 417 | 403 |
| Other revenues | $932 | $718 | $719 |
Adjusted Earnings- Increased $145 million primarily due to the following business drivers:
Volume Growth- Increased adjusted earnings by $19 million:
Higher general account revenues - MIM General Account AUM growth from MetLife’s insurance operations
Higher Institutional Client revenues - higher Institutional Client AUM from organic business growth and an acquisition, primarily from real estate, public fixed income and private fixed income
Operating Margin Expansion - Increased adjusted earnings by $126 million:
Transition to current market rate fees in 2025 for general account investments, coupled with expense management
Adjusted Earnings- Decreased $15 million primarily due to the following business drivers:
Operating Margin Expansion - Decreased adjusted earnings by $15 million:
Higher corporate-related expenses
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| Adjusted earnings available to common shareholders | $(487) | $(317) | $(295) |
| Adjusted premiums, fees and other revenues | $2,470 | $2,956 | $3,444 |
Adjusted Earnings Available to Common Shareholders- Decreased $170 million primarily due to the following business drivers:
Reinsurance Transaction - Decreased adjusted earnings available to common shareholders by approximately $7 million as a result of a reinsurance transaction that closed in December 2025
Market Factors - Decreased adjusted earnings available to common shareholders by $151 million:
Recurring investment income decreased - lower average invested assets due to business run-off and lower yields on mortgage loans, as well as an increase in fees paid to MIM due to the transition to current market rate fees in 2025, partially offset by higher income on real estate investments (which includes the impact of the fourth quarter 2025 change to the definition of adjusted earnings to exclude depreciation of wholly-owned real estate and REJVs)
Interest credited expenses decreased - primarily as a result of the Strategic Reorganization
Variable investment income increased - higher returns on private equity funds, mortgage loan funds and real estate funds, partially offset by lower returns on corporate debt funds
Volume Growth - Decreased adjusted earnings available to common shareholders by $37 million:
Decline due to business run-off
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings available to common shareholders by $42 million:
Lower fees in our annuities business
Unfavorable morbidity experience in our long-term care business
Lower dividend expense due to business run-off
Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $20 million:
Subordinated debt securities issuance in March 2025
Senior note issuances in June 2024, September 2024 and June 2025
Senior note repayments at maturity in April 2024, March 2025 and November 2025
Decreased interest expense on surplus notes
Other Expenses - Increased adjusted earnings available to common shareholders by $138 million:
Lower expenses consistent with business run-off, largely offset by the impact of certain product movements as a result of the Strategic Reorganization
Lower employee-related and corporate-related expenses
Taxes - Decreased adjusted earnings available to common shareholders by $19 million:
Tax adjustments in both years - adjustments related to the filing of the U.S. tax return, partially offset by additional tax credits
Notable Items - Decreased adjusted earnings available to common shareholders by $41 million:
2025 notable items - unfavorable impact of $19 million comprised of unfavorable impact of $32 million - litigation reserves, partially offset by favorable impact of $13 million - actuarial assumption review and other insurance adjustments
2024 notable items - favorable impact of $22 million comprised of favorable impacts of $57 million- tax adjustments related to interest associated with a tax refund and $12 million - actuarial assumption review and other insurance adjustments, partially offset by unfavorable impact of $47 million - litigation reserves
Adjusted Earnings Available to Common Shareholders- Decreased $22 million primarily due to the following business drivers:
Reinsurance Transaction - Decreased adjusted earnings available to common shareholders by approximately $170 million as a result of the reinsurance transaction that closed in November 2023
Market Factors - Increased adjusted earnings available to common shareholders by $134 million:
Variable investment income increased- higher returns on private equity funds
Decrease in interest credited expenses on long-duration products
Recurring investment income decreased slightly - lower average invested assets due to business run-off, lower income on derivatives, and lower income on real estate investments, offset by the impact of tax equity investments accounted for under the proportional amortization method in 2024 and higher yields on fixed income securities
Volume Growth - Decreased adjusted earnings available to common shareholders by $40 million:
Decline due to business run-off
Underwriting and Other Insurance Adjustments - Increased adjusted earnings available to common shareholders by $27 million:
Favorable morbidity experience in our long-term care business
Lower dividend expense due to business run-off
Interest Expense on Debt - Increased adjusted earnings available to common shareholders by $11 million:
Surplus notes repayments at maturity in January and February 2024
Senior note repayment at maturity in April 2024
Early senior note redemptions in February 2023 and April 2024
Interest rate decrease on surplus notes
Senior note issuances in July 2023, March 2024, June 2024 and September 2024
Other Expenses - Increased adjusted earnings available to common shareholders by $30 million:
Lower costs associated with corporate initiatives and projects, as well as lower employee-related expenses
Higher legal expenses
Taxes - Decreased adjusted earnings available to common shareholders by $116 million:
Lower tax preferenced items, primarily due to the impact of tax equity investments accounted for under the proportional amortization method in 2024
Notable Items - Increased adjusted earnings available to common shareholders by $96 million:
2024 notable items - favorable impact of $22 million comprised of favorable impacts of $57 million- tax adjustments related to interest associated with a tax refund and $12 million - actuarial assumption review and other insurance adjustments, partially offset by unfavorable impact of $47 million - litigation reserves
2023 notable items - unfavorable impact of $76 million - litigation reserves, slightly offset by favorable impact of $2 million - actuarial assumption review and other insurance adjustments
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.