METLIFE INC
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
MET$102.44+0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net income (loss) | $3,403 | $4,444 | $1,602 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization expenses | 753 | 714 | 718 |
| Amortization of premiums and accretion of discounts associated with investments, net | (1,840) | (1,512) | (1,332) |
| (Gains) losses on investments and from sales of businesses, net | 1,144 | 1,165 | 2,800 |
| (Gains) losses on derivatives, net | 2,310 | 2,716 | 3,259 |
| (Income) loss from equity method investments, net of dividends or distributions | 365 | 844 | 1,090 |
| Interest credited to policyholder account balances | 9,316 | 8,484 | 7,970 |
| Universal life and investment-type product policy fees | (4,182) | (4,251) | (4,031) |
| Change in contractholder-directed equity securities and fair value option securities | (1,013) | (518) | (539) |
| Change in accrued investment income | (272) | (18) | (194) |
| Change in premiums, reinsurance and other receivables | (27) | 460 | (1,952) |
| Change in market risk benefits | (235) | (782) | (658) |
| Change in deferred policy acquisition costs and value of business acquired, net | (1,068) | (791) | (660) |
| Change in income tax | (624) | (484) | (1,177) |
| Change in other assets | (555) | — | (124) |
| Change in insurance-related liabilities and policy-related balances | 7,257 | 4,079 | 4,637 |
| Change in other liabilities | 1,917 | (580) | 2,115 |
| Other, net | 443 | 628 | 197 |
| Net cash provided by (used in) operating activities | 17,092 | 14,598 | 13,721 |
| Cash flows from investing activities | |||
| Sales, maturities and repayments of: | |||
| Fixed maturity securities available-for-sale | 59,471 | 55,650 | 58,816 |
| Equity securities | 140 | 158 | 1,018 |
| Mortgage loans | 14,646 | 10,363 | 8,505 |
| Real estate and real estate joint ventures | 505 | 753 | 143 |
| Other limited partnership interests | 1,025 | 1,083 | 915 |
| Short-term investments | 16,700 | 11,841 | 13,117 |
| Purchases and originations of: | |||
| Fixed maturity securities available-for-sale | (77,614) | (65,667) | (63,460) |
| Equity securities | (67) | (112) | (73) |
| Mortgage loans | (10,800) | (8,950) | (8,795) |
| Real estate and real estate joint ventures | (633) | (1,033) | (1,057) |
| Other limited partnership interests | (1,416) | (1,401) | (1,670) |
| Short-term investments | (14,929) | (10,943) | (14,000) |
| Cash received in connection with freestanding derivatives | 2,528 | 2,288 | 3,145 |
| Cash paid in connection with freestanding derivatives | (4,497) | (3,981) | (5,662) |
| Purchases of businesses (net of cash received of $172, $0 and $0, respectively) | (738) | — | — |
| Purchases of investments in operating joint ventures | (236) | (40) | — |
| Net change in policy loans | 21 | 106 | 34 |
| Net change in other invested assets | 362 | (1,435) | (1,079) |
| Other, net | (75) | (173) | (143) |
| Net cash provided by (used in) investing activities | $(15,607) | $(11,493) | $(10,246) |
Consolidated Statements of Cash Flows — (continued)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Cash flows from financing activities | |||
| Policyholder account balances - deposits | $108,356 | $97,877 | $95,587 |
| Policyholder account balances - withdrawals | (101,508) | (94,914) | (90,876) |
| Net change in payables for collateral under securities loaned and other transactions | (25) | (244) | (3,283) |
| Long-term debt issued | 743 | 1,568 | 1,989 |
| Long-term debt repaid | (1,383) | (1,792) | (1,035) |
| Collateral financing arrangement repaid | (124) | (161) | (79) |
| Subordinated debt securities issued | 1,000 | — | — |
| Derivatives with certain financing elements and other derivative-related transactions, net | (247) | (157) | (74) |
| Proceeds from mortgage loan secured financing | 439 | 285 | 682 |
| Repayments of mortgage loan secured financing | (1,241) | (882) | (845) |
| Treasury stock acquired in connection with share repurchases | (2,883) | (3,207) | (3,103) |
| Redemption of preferred stock | (988) | — | — |
| Preferred stock redemption premium | (12) | — | — |
| Dividends on preferred stock | (194) | (200) | (198) |
| Dividends on common stock | (1,509) | (1,527) | (1,566) |
| Other, net | (261) | 223 | (139) |
| Net cash provided by (used in) financing activities | 163 | (3,131) | (2,940) |
| Effect of change in foreign currency exchange rates on cash and cash equivalents balances | 316 | (545) | (91) |
| Change in cash and cash equivalents | 1,964 | (571) | 444 |
| Cash and cash equivalents, beginning of year | $20,068 | $20,639 | $20,195 |
| Cash and cash equivalents, end of year | $22,032 | $20,068 | $20,639 |
| Supplemental disclosures of cash flow information | |||
| Net cash paid (received) for: | |||
| Interest | $1,041 | $1,037 | $989 |
| Income tax | $1,564 | $1,600 | $1,833 |
| Non-cash transactions: | |||
| Funds withheld liabilities established in connection with reinsurance transactions | $18,319 | $— | $— |
| Fixed maturity securities available-for-sale disposed of in connection with a reinsurance transaction | $— | $— | $8,984 |
| Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions | $7,647 | $3,538 | $2,749 |
| Mortgage loans disposed of in connection with a reinsurance transaction | $— | $— | $196 |
| Real estate and real estate joint ventures acquired in satisfaction of debt | $353 | $359 | $32 |
| Short-term investments received in connection with pension risk transfer transactions | $122 | $— | $— |
| Other invested assets received in connection with the sale of other limited partnership interests | $20 | $375 | $— |
| Consolidation of real estate and real estate joint ventures: | |||
| Increase in real estate and real estate joint ventures | $— | $134 | $— |
| Increase in short-term debt | $— | $113 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.