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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

Form 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission file number: 000-55029

________________________________________

Metropolitan Life Insurance Company

(Exact name of registrant as specified in its charter)

New York

13-5581829

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

200 Park Avenue,

New York,

10166-0188

(Address of principal executive offices)

(Zip Code)

(212) 578-9500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

At May 6, 2025, 494,466,664 shares of the registrant’s common stock were outstanding, all of which were owned directly by MetLife, Inc.

REDUCED DISCLOSURE FORMAT

The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is, therefore, filing this Form 10-Q with the reduced disclosure format.

Table of Contents


		Page
Part I — Financial Information
Item 1.	Financial Statements (Unaudited) (at March 31, 2025 and December 31, 2024 and for the Three Months Ended March 31, 2025 and 2024)
	Interim Condensed Consolidated Balance Sheets	4
	Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	5
	Interim Condensed Consolidated Statements of Equity	6
	Interim Condensed Consolidated Statements of Cash Flows	7
	Notes to the Interim Condensed Consolidated Financial Statements:
	Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies	8
	Note 2 — Segment Information	10
	Note 3 — Future Policy Benefits	14
	Note 4 — Policyholder Account Balances	18
	Note 5 — Market Risk Benefits	23
	Note 6 — Separate Accounts	26
	Note 7 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue	29
	Note 8 — Closed Block	31
	Note 9 — Investments	33
	Note 10 — Derivatives	47
	Note 11 — Fair Value	56
	Note 12 — Equity	69
	Note 13 — Other Revenues and Other Expenses	71
	Note 14 — Income Tax	72
	Note 15 — Contingencies, Commitments and Guarantees	72
	Note 16 — Related Party Transactions	76
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	79
Item 4.	Controls and Procedures	87

Part II — Other Information
Item 1.	Legal Proceedings	87
Item 1A.	Risk Factors	87
Item 5.	Other Information	87
Item 6.	Exhibits	88

Glossary		89
Signatures		91

Table of Contents

As used in this Form 10-Q, “MLIC,” the “Company,” “we,” “our” and “us” refer to Metropolitan Life Insurance Company, a New York corporation incorporated in 1868, and its subsidiaries. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”).

Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10‑Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “are confident,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

Many factors determine Company results, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. We do not guarantee any future performance. Our results could differ materially from those we express or imply in forward-looking statements. The risks, uncertainties and other factors identified in Metropolitan Life Insurance Company’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:

(1) economic condition difficulties, including risks relating to interest rates, the effects of announced or future tariff increases on the global economy, credit spreads, declining equity or debt markets, real estate, obligors and counterparties, government default, derivatives, climate change and public health;

(2) global capital and credit market adversity;

(3) credit facility inaccessibility;

(4) financial strength or credit ratings downgrades;

(5) unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks;

(6) statutory life insurance reserve financing costs or limited market capacity;

(7) legal, regulatory, and supervisory and enforcement policy changes;

(8) changes in tax rates, tax laws or interpretations;

(9) litigation and regulatory investigations;

(10) unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;

(11) investment defaults, downgrades, or volatility;

(12) investment sales or lending difficulties;

(13) collateral or derivative-related payments;

(14) investment valuations, allowances, or impairments changes;

(15) claims or other results that differ from our estimates, assumptions, or models;

(16) business competition;

(17) technological changes;

(18) catastrophes;

Table of Contents

(19) climate changes or responses to it;

(20) deficiencies in our closed block;

(21) impairment of value of business acquired, value of distribution agreements acquired or value of customer relationships acquired;

(22) product guarantee volatility, costs, and counterparty risks;

(23) risk management failures;

(24) insufficient protection from operational risks;

(25) failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or disaster recovery failures;

(26) accounting standards changes;

(27) excessive risk-taking; and

(28) marketing and distribution difficulties.

Metropolitan Life Insurance Company does not undertake any obligation to publicly correct or update any forward-looking statement if Metropolitan Life Insurance Company later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures Metropolitan Life Insurance Company makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.

Note Regarding Reliance on Statements in Our Contracts

See “Exhibits — Note Regarding Reliance on Statements in Our Contracts” for information regarding agreements included as exhibits to this Quarterly Report on Form 10-Q.

Table of Contents

Part I — Financial Information

Item 1. Financial Statements

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Balance Sheets

March 31, 2025 and December 31, 2024 (Unaudited)

(In millions, except share and per share data)


	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 $86 and $112, respectively); and amortized cost: $156,152 and $153,744, respectively	$	145,465	$	140,832
Mortgage loans (net of allowance for credit loss of $629 and $503, respectively; includes $172 and $198, respectively, relating to variable interest entities)	58,902		60,025
Policy loans	5,693		5,601
Real estate and real estate joint ventures (includes $1,948 and $2,000, respectively, relating to variable interest entities, $377 and $378, respectively, under the fair value option)	8,844		8,902
Other limited partnership interests	6,773		7,054
Short-term investments, at estimated fair value	2,576		2,391
Other invested assets (includes $663 and $729, respectively, of leveraged and direct financing leases; $112 and $112, respectively, relating to variable interest entities)	16,081		17,674
Total investments	244,334		242,479
Cash and cash equivalents, principally at estimated fair value (includes $26 and $0 respectively, relating to variable interest entities)	6,182		7,271
Accrued investment income	2,030		1,986
Premiums, reinsurance and other receivables	28,559		28,084
Market risk benefits, at estimated fair value	196		246
Deferred policy acquisition costs and value of business acquired	3,090		3,136
Current income tax recoverable	156		245
Deferred income tax asset	2,577		2,883
Other assets	4,248		4,264
Separate account assets	74,948		79,202
Total assets	$	366,320	$	369,796
Liabilities and Equity
Liabilities
Future policy benefits	$	126,998	$	126,619
Policyholder account balances	102,642		102,140
Market risk benefits, at estimated fair value	2,590		2,339
Other policy-related balances	8,724		8,338
Policyholder dividends payable	226		231
Payables for collateral under securities loaned and other transactions	11,548		11,271
Long-term debt	1,554		1,553

Other liabilities	23,678		23,669
Separate account liabilities	74,948		79,202
Total liabilities	352,908		355,362
Contingencies, Commitments and Guarantees (Note 15)
Equity
Metropolitan Life Insurance Company stockholder’s equity:
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 494,466,664 shares issued and outstanding	5		5
Additional paid-in capital	12,475		12,475
Retained earnings	6,416		7,444
Accumulated other comprehensive income (loss)	(5,942)		(5,994)
Total Metropolitan Life Insurance Company stockholder’s equity	12,954		13,930
Noncontrolling interests	458		504
Total equity	13,412		14,434
Total liabilities and equity	$	366,320	$	369,796

See accompanying notes to the interim condensed consolidated financial statements.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months Ended March 31, 2025 and 2024 (Unaudited)

(In millions)


	Three Months Ended March 31,
	2025		2024
Revenues
Premiums	$	6,695	$	6,214
Universal life and investment-type product policy fees	392		359
Net investment income	2,876		2,857
Other revenues	435		455
Net investment gains (losses)	(285)		(136)
Net derivative gains (losses)	(46)		(56)
Total revenues	10,067		9,693
Expenses
Policyholder benefits and claims	7,049		6,690
Policyholder liability remeasurement (gains) losses	(15)		13
Market risk benefit remeasurement (gains) losses	290		(586)
Interest credited to policyholder account balances	931		923
Policyholder dividends	113		115
Other expenses	1,313		1,389
Total expenses	9,681		8,544
Income (loss) before provision for income tax	386		1,149
Provision for income tax expense (benefit)	51		214
Net income (loss)	335		935
Less: Net income (loss) attributable to noncontrolling interests	(2)		(3)
Net income (loss) attributable to Metropolitan Life Insurance Company	$	337	$	938
Comprehensive income (loss)	$	1,461	$	1,079
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	(2)		(3)
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	1,463	$	1,082

See accompanying notes to the interim condensed consolidated financial statements.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Statements of Equity

Three Months Ended March 31, 2025 and 2024 (Unaudited)

(In millions)


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Metropolitan Life Insurance Company Stockholder’s Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2024	$	5	$	12,475	$	7,444	$	(5,994)	$	13,930	$	504	$	14,434
Cumulative effects of change in accounting principles for equity method investee at January 1, 2025							(1,074)		(1,074)				(1,074)
Dividends to MetLife, Inc.					(1,365)				(1,365)				(1,365)
Change in equity of noncontrolling interests									—		(44)		(44)
Net income (loss)					337				337		(2)		335
Other comprehensive income (loss), net of income tax							1,126		1,126				1,126
Balance at March 31, 2025	$	5	$	12,475	$	6,416	$	(5,942)	$	12,954	$	458	$	13,412


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Metropolitan Life Insurance Company Stockholder’s Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2023	$	5	$	12,475	$	7,645	$	(6,872)	$	13,253	$	363	$	13,616
Cumulative effects of changes in accounting principles, net of income tax					(219)				(219)				(219)
Dividends to MetLife, Inc.					(1,200)				(1,200)				(1,200)
Change in equity of noncontrolling interests									—		17		17
Net income (loss)					938				938		(3)		935
Other comprehensive income (loss), net of income tax							144		144				144
Balance at March 31, 2024	$	5	$	12,475	$	7,164	$	(6,728)	$	12,916	$	377	$	13,293

See accompanying notes to the interim condensed consolidated financial statements.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Statements of Cash Flows

Three Months Ended March 31, 2025 and 2024 (Unaudited)

(In millions)


	Three Months Ended March 31,
	2025		2024
Net cash provided by (used in) operating activities	$	1,565	$	1,397
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale	7,161		5,900
Equity securities	6		24
Mortgage loans	2,568		1,607
Real estate and real estate joint ventures	50		57
Other limited partnership interests	240		250
Short-term investments	2,494		2,090
Purchases and originations of:
Fixed maturity securities available-for-sale	(9,448)		(7,035)
Equity securities	(33)		(6)
Mortgage loans	(1,381)		(1,002)
Real estate and real estate joint ventures	(87)		(114)
Other limited partnership interests	(101)		(112)
Short-term investments	(2,576)		(1,095)
Cash received in connection with freestanding derivatives	489		312
Cash paid in connection with freestanding derivatives	(575)		(549)



Net change in policy loans	(92)		(67)

Net change in other invested assets	332		(14)

Other, net	24		15
Net cash provided by (used in) investing activities	(929)		261
Cash flows from financing activities
Policyholder account balances - deposits	21,763		17,712
Policyholder account balances - withdrawals	(22,366)		(18,513)
Net change in payables for collateral under securities loaned and other transactions	277		(162)


Long-term debt repaid	—		(150)
Derivatives with certain financing elements and other derivative-related transactions, net	11		(55)



Dividends paid to MetLife, Inc.	(1,365)		(1,200)


Other, net	(46)		18
Net cash provided by (used in) financing activities	(1,726)		(2,350)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	1		(2)
Change in cash and cash equivalents	(1,089)		(694)
Cash and cash equivalents, beginning of period	7,271		6,795
Cash and cash equivalents, end of period	$	6,182	$	6,101
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	7	$	14
Income tax	$	39	$	11
Non-cash transactions:




Other invested assets received in connection with the sale of other limited partnership interests	$	17	$	278

See accompanying notes to the interim condensed consolidated financial statements.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

Metropolitan Life Insurance Company and its subsidiaries (collectively, “MLIC” or the “Company”) is a provider of insurance, annuities and employee benefits. MLIC is organized into three segments: Group Benefits, Retirement and Income Solutions (“RIS”), and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. See Note 2 for further information on the Company’s segments and Corporate & Other. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”).

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2024 consolidated balance sheet data was derived from audited consolidated financial statements included in Metropolitan Life Insurance Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2024 Annual Report.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of Metropolitan Life Insurance Company and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions are eliminated.

The Company uses either the equity method of accounting or the fair value option (“FVO”) for its investments in joint ventures, including real estate joint ventures (“REJV”) and other limited partnership interests (“OLPI”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.

Effective January 1, 2025, an operating joint venture engaged in insurance underwriting activities, for which the Company uses the equity method of accounting, adopted the accounting pronouncement related to targeted improvements to the accounting for long-duration contracts. See Note 12 for further information.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following table provides a description of ASUs recently issued by the FASB and the impact of their future adoption on the Company’s consolidated financial statements.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)

Future Adoption of Accounting Pronouncements

ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures. ASUs issued but not yet adopted as of March 31, 2025 that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are summarized in the table below.


Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	Among other things, the amendments in this update require that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation; and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received).	Effective for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption permitted).	The Company is evaluating the impact of the guidance on its consolidated financial statements.
ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as amended by ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying The Effective Date	The key amendments in this update require disclosures in the notes to financial statements around employee compensation costs, depreciation, intangible asset amortization and certain other costs and expenses. Information on selling expenses incurred is also required.	Effective for annual periods beginning January 1, 2027, and interim periods beginning January 1, 2028, to be applied prospectively with an option for retrospective application (with early adoption permitted).	The Company is evaluating the impact of the guidance on its consolidated financial statements.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information

The Company is organized into three segments: Group Benefits, RIS and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. In the fourth quarter of 2024, the Company adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. As such, the disclosures have been enhanced to reflect the adoption of this update.

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 and accident & health insurance.

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, benefit funding solutions and capital markets investment products.

MetLife Holdings

The MetLife Holdings segment consists of operations relating to products and businesses that the Company no longer actively markets in the U.S. These include variable, universal, term and whole life insurance, variable, fixed and index-linked annuities and long-term care insurance.

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 for the Company’s segments excludes net investment gains (losses), net derivative gains (losses), market risk benefits (“MRBs”) 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 for the Company’s segments:

•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.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits (“FPBs”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) 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 MLIC 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 MLIC that do not meet the criteria to be included in results of discontinued operations under GAAP.

“Reinsurance adjustments” relate to balances subject to ceded reinsurance arrangements with third parties and the related investment returns and other expenses which are passed through to the third-party reinsurers.

Other adjustments, which are applicable to the Company’s segments, are made in calculating adjusted earnings:

•Net investment income and interest credited to PABs excludes certain amounts related to contractholder-directed equity securities. Net investment income excludes Reinsurance adjustments.

•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.

•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.

•Other expenses exclude (i) Reinsurance adjustments, (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 attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.

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 are 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 MetLife’s and the Company’s businesses.

MetLife’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. MetLife’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.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

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 start-up, developing and run-off businesses, including the Company’s ancillary non-U.S. operations. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including 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 intersegment loans bearing interest rates commensurate with related borrowings).

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 ended March 31, 2025 and 2024.


Three Months Ended March 31, 2025	Group Benefits		RIS		MetLife Holdings
	(In millions)
Revenues
Premiums	$	5,502	$	669	$	525
Universal life and investment-type product policy fees	232		70		81
Net investment income (1)	305		1,653		887
Other revenues	195		58		36

Expenses
Policyholder benefits and claims and policyholder dividends	4,842		1,330		1,001
Policyholder liability remeasurement (gains) losses	(18)		(12)		15
Interest credited to PABs	44		703		84
Other expenses:
Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”)	6		10		47
Interest expense on debt	—		3		3
Other segment expenses (2)	911		84		159
Provision for income tax expense (benefit)	94		64		44
Adjusted earnings	$	355	$	268	$	176

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)


Three Months Ended March 31, 2024	Group Benefits		RIS		MetLife Holdings
	(In millions)
Revenues
Premiums	$	5,467	$	176	$	572
Universal life and investment-type product policy fees	222		65		70
Net investment income (1)	305		1,676		910
Other revenues	189		62		50

Expenses
Policyholder benefits and claims and policyholder dividends	4,945		827		1,046
Policyholder liability remeasurement (gains) losses	(3)		(8)		24
Interest credited to PABs	48		676		94
Other expenses:
Amortization of DAC and VOBA	6		8		50
Interest expense on debt	—		4		4
Other segment expenses (2)	868		81		200
Provision for income tax expense (benefit)	69		82		36
Adjusted earnings	$	250	$	309	$	148

__________________

(1)The percentage of net investment income from equity method invested assets by segment was as follows:


	Three Months Ended March 31,
	2025		2024
Group Benefits	1	%	1	%
RIS	5	%	4	%
MetLife Holdings	5	%	5	%

(2)Includes direct and allocated expenses, pension, postretirement and postemployment benefit costs, premium taxes, other taxes, and licenses & fees, as well as 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.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

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 March 31,
	2025		2024
	(In millions)
Total segment adjusted earnings	$	799	$	707
Corporate & Other	76		(1)
Total consolidated adjusted earnings	875		706
Net investment gains (losses)	(285)		(136)
Net derivative gains (losses)	(46)		(56)
MRB remeasurement gains (losses)	(290)		586
Investment hedge adjustments	(50)		(126)
Other	(12)		22
Provision for income tax (expense) benefit	143		(61)
Net income (loss)	$	335	$	935

Segment revenues:
Group	$	6,234	$	6,183
RIS	2,450		1,979
MetLife Holdings	1,529		1,602
Total segment revenues	10,213		9,764
Net investment gains (losses)	(285)		(136)
Net derivative gains (losses)	(46)		(56)
Investment hedge adjustments	(50)		(126)
Other	235		247
Total consolidated revenues	$	10,067	$	9,693

3. Future Policy Benefits

The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated deferred profit liability (“DPL”), additional insurance liabilities, participating life and short-duration contracts.

The Company’s FPBs on the interim condensed consolidated balance sheets was as follows at:


	March 31, 2025		December 31, 2024
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	47,929	$	47,551
MetLife Holdings - Long-term care	14,716		14,537
Deferred Profit Liabilities:
RIS - Annuities	3,088		3,086
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	2,005		1,969
MetLife Holdings - Participating life	42,316		42,663
Other long-duration (1)	6,286		6,300
Short-duration and other	10,658		10,513
Total	$	126,998	$	126,619

__________________

(1) This balance represents liabilities for various smaller product lines across all segments.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

3. Future Policy Benefits (continued)

Rollforwards - Traditional and Limited-Payment Contracts

The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable.

RIS - Annuities

The RIS segment’s annuity products include pension risk transfers, certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. Information regarding these products was as follows:


	Three Months Ended March 31,
	2025			2024
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	—		$	—

Balance, beginning of period, at original discount rate	$	—		$	—

Effect of actual variances from expected experience (1)	1			(3)
Adjusted balance	1			(3)
Issuances	604			157
Net premiums collected	(605)			(154)
Ending balance at original discount rate	—			—
Balance, end of period, at current discount rate at balance sheet date	$	—		$	—

Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	47,910		$	48,886

Balance, beginning of period, at original discount rate	$	49,191		$	47,991

Effect of actual variances from expected experience (1)	(37)			(26)
Adjusted balance	49,154			47,965
Issuances	610			157
Interest accrual	613			597
Benefit payments	(1,158)			(1,115)
Ending balance at original discount rate	49,219			47,604
Effect of changes in discount rate assumptions	(1,005)			(200)
Balance, end of period, at current discount rate at balance sheet date	48,214			47,404

Cumulative amount of fair value hedging adjustments	(285)			(298)
Net liability for FPBs	$	47,929		$	47,106



Undiscounted - Expected future benefit payments	$	93,608		$	88,345
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	48,214		$	47,404
Weighted-average duration of the liability	9 years			9 years
Weighted-average interest accretion (original locked-in) rate	5.1		%	5.1		%
Weighted-average current discount rate at balance sheet date	5.6		%	5.4		%

__________________

(1)For the three months ended March 31, 2025 and 2024, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $24 million and $15 million, respectively.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

3. Future Policy Benefits (continued)

MetLife Holdings - Long-term Care

The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:


	Three Months Ended March 31,
		2025			2024
		(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date		$	5,475		$	5,687

Balance, beginning of period, at original discount rate		$	5,568		$	5,566
Effect of actual variances from expected experience		(22)			(4)
Adjusted balance		5,546			5,562
Interest accrual		71			71
Net premiums collected		(140)			(143)
Ending balance at original discount rate		5,477			5,490
Effect of changes in discount rate assumptions		(35)			—
Balance, end of period, at current discount rate at balance sheet date		$	5,442		$	5,490

Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date		$	20,012		$	20,927

Balance, beginning of period, at original discount rate		$	21,024		$	20,494
Effect of actual variances from expected experience		(10)			(1)
Adjusted balance		21,014			20,493
Interest accrual		276			269
Benefit payments		(225)			(212)
Ending balance at original discount rate		21,065			20,550
Effect of changes in discount rate assumptions		(907)			(215)
Balance, end of period, at current discount rate at balance sheet date		20,158			20,335

Net liability for FPBs		$	14,716		$	14,845

Undiscounted:
Expected future gross premiums		$	10,450		$	10,430
Expected future benefit payments		$	44,745		$	44,808
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	6,932		$	6,895
Expected future benefit payments		$	20,158		$	20,335
Weighted-average duration of the liability		13 years			14 years
Weighted-average interest accretion (original locked-in) rate		5.4		%	5.4		%
Weighted-average current discount rate at balance sheet date		5.8		%	5.5		%

Rollforward - Additional Insurance Liabilities

The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for universal life and variable universal life contract features where the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.

The following information about the direct liability for additional insurance liabilities includes a disaggregated rollforward. The products grouped within the rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in the disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforward and accompanying financial information do not include a reduction for amounts ceded to reinsurers.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

3. Future Policy Benefits (continued)

MetLife Holdings

The MetLife Holdings segment’s universal life and variable universal life products provide a contract feature where the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:


	Three Months Ended March 31,
	2025			2024
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	1,969		$	1,841
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment	(17)			(14)
Balance, beginning of period, before AOCI adjustment	1,986			1,855
Effect of actual variances from expected experience	10			11
Adjusted balance	1,996			1,866
Assessments accrual	23			22
Interest accrual	25			24
Excess benefits paid	(24)			(20)
Balance, end of period, before AOCI adjustment	2,020			1,892
Add: AOCI adjustment	(15)			(15)
Balance, end of period	2,005			1,877
Less: Reinsurance recoverables	2,005			1,877
Balance, end of period, net of reinsurance	$	—		$	—

Weighted-average duration of the liability	16 years			17 years
Weighted-average interest accretion rate	5.2		%	5.2		%

The Company’s gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:


	Three Months Ended March 31,
	2025				2024
	Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	620	$	613	$	167	$	597
MetLife Holdings - Long-term care	180		205		181		198
Deferred Profit Liabilities:
RIS - Annuities	N/A		38		N/A		37
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	91		25		99		24
Other long-duration	178		76		177		77
Total	$	1,069	$	957	$	624	$	933

__________________

(1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.

(2)Interest expense is included in policyholder benefits and claims.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

3. Future Policy Benefits (continued)

Liabilities for Unpaid Claims and Claim Expenses

Rollforward of Claims and Claim Adjustment Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:


	Three Months Ended March 31,
	2025		2024
	(In millions)
Balance, beginning of period	$	11,698	$	11,609
Less: Reinsurance recoverables	2,004		1,740
Net balance, beginning of period	9,694		9,869
Incurred related to:
Current period	5,507		5,178
Prior periods (1)	(134)		(58)
Total incurred	5,373		5,120
Paid related to:
Current period	(2,180)		(2,152)
Prior periods	(2,823)		(3,000)
Total paid	(5,003)		(5,152)
Net balance, end of period	10,064		9,837
Add: Reinsurance recoverables	2,074		2,064
Balance, end of period (included in FPBs and other policy-related balances)	$	12,138	$	11,901

__________________

(1)For the three months ended March 31, 2025 and 2024, incurred claims and claim adjustment expenses associated with prior periods decreased due to favorable claims experience in the respective current period.

4. Policyholder Account Balances

The Company establishes liabilities for PABs, which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender.

The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:


	March 31, 2025		December 31, 2024
	(In millions)
Group Benefits - Group life	$	7,480	$	7,469
RIS:
Capital markets investment products and stable value GICs	58,652		57,799
Annuities and risk solutions	11,824		11,673


MetLife Holdings - Annuities	9,239		9,513

Other	15,447		15,686
Total	$	102,642	$	102,140

Rollforwards

The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

Group Benefits

Group Life

The Group Benefits segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025			2024
	(Dollars in millions)
Balance, beginning of period	$	7,469		$	7,605
Deposits	881			966
Policy charges	(167)			(163)
Surrenders and withdrawals	(744)			(856)
Benefit payments	(4)			(4)
Net transfers from (to) separate accounts	1			(3)
Interest credited	44			48
Balance, end of period	$	7,480		$	7,593

Weighted-average annual crediting rate	2.4		%	2.6		%

At period end:
Cash surrender value	$	7,415		$	7,533
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	266,816		$	260,502

The Group Benefits segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	468	$	—	$	705	$	4,118	$	5,291
Equal to or greater than 2% but less than 4%	1,224		97		62		—		1,383
Equal to or greater than 4%	693		27		3		48		771
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		35
Total	$	2,385	$	124	$	770	$	4,166	$	7,480

March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	839	$	4,628	$	5,467
Equal to or greater than 2% but less than 4%	1,242		9		60		2		1,313
Equal to or greater than 4%	701		—		40		33		774
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		39
Total	$	1,943	$	9	$	939	$	4,663	$	7,593

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

RIS

Capital Markets Investment Products and Stable Value GICs

The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025			2024
	(Dollars in millions)
Balance, beginning of period	$	57,799		$	58,554
Deposits	20,402			16,227

Surrenders and withdrawals	(20,561)			(16,502)


Interest credited	535			518
Effect of foreign currency translation and other, net	477			(447)
Balance, end of period	$	58,652		$	58,350

Weighted-average annual crediting rate	3.8		%	3.6		%
Cash surrender value at period end	$	1,054		$	1,515

The RIS segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,376	$	2,376


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		56,276
Total	$	—	$	—	$	—	$	2,376	$	58,652

March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,998	$	1,999


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		56,351
Total	$	—	$	—	$	1	$	1,998	$	58,350

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

Annuities and Risk Solutions

The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025			2024
	(Dollars in millions)
Balance, beginning of period	$	11,673		$	10,650
Deposits	250			250
Policy charges	(43)			(12)
Surrenders and withdrawals	(45)			(55)
Benefit payments	(149)			(148)
Net transfers from (to) separate accounts	(2)			19
Interest credited	126			112
Other	14			(23)
Balance, end of period	$	11,824		$	10,793

Weighted-average annual crediting rate	4.4		%	4.2		%

At period end:
Cash surrender value	$	7,405		$	6,834
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	33,917		$	34,862

The RIS segment’s annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	7	$	2,148	$	2,155
Equal to or greater than 2% but less than 4%	192		33		352		27		604
Equal to or greater than 4%	3,461		11		293		6		3,771
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		5,294
Total	$	3,653	$	44	$	652	$	2,181	$	11,824

March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	1,579	$	1,599
Equal to or greater than 2% but less than 4%	244		34		8		416		702
Equal to or greater than 4%	3,527		—		266		5		3,798
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		4,694
Total	$	3,771	$	34	$	294	$	2,000	$	10,793

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

MetLife Holdings

Annuities

The MetLife Holdings segment’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025			2024
	(Dollars in millions)
Balance, beginning of period	$	9,513		$	10,888
Deposits	40			36
Policy charges	(3)			(3)
Surrenders and withdrawals	(327)			(440)
Benefit payments	(96)			(106)
Net transfers from (to) separate accounts	41			27
Interest credited	73			83
Other	(2)			4
Balance, end of period	$	9,239		$	10,489

Weighted-average annual crediting rate	3.2		%	3.2		%

At period end:
Cash surrender value	$	8,637		$	9,797
Net amount at risk, excluding offsets from reinsurance (1):
In the event of death	$	2,659		$	2,486
At annuitization or exercise of other living benefits	$	753		$	572

__________________

(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 5.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Policyholder Account Balances (continued)

The MetLife Holdings segment’s annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	15	$	126	$	409	$	78	$	628
Equal to or greater than 2% but less than 4%	2,224		4,879		517		104		7,724
Equal to or greater than 4%	389		148		2		—		539
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		348
Total	$	2,628	$	5,153	$	928	$	182	$	9,239

March 31, 2024
Equal to or greater than 0% but less than 2%	$	6	$	237	$	442	$	60	$	745
Equal to or greater than 2% but less than 4%	865		7,151		534		201		8,751
Equal to or greater than 4%	417		140		25		—		582
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		411
Total	$	1,288	$	7,528	$	1,001	$	261	$	10,489

5. Market Risk Benefits

The Company establishes liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:


	March 31, 2025						December 31, 2024
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
MetLife Holdings - Annuities	$	182	$	2,559	$	2,377	$	231	$	2,300	$	2,069
Other	14		31		17		15		39		24
Total	$	196	$	2,590	$	2,394	$	246	$	2,339	$	2,093

Rollforwards

The following information about the direct and assumed liabilities (assets) for MRBs includes a disaggregated rollforward. The products grouped within this rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Market Risk Benefits (continued)

MetLife Holdings - Annuities

The MetLife Holdings segment’s variable annuity products offer contract features where the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. Information regarding MetLife Holdings annuity products was as follows:


	Three Months Ended March 31,
		2025		2024
	(In millions)
Balance, beginning of period		$	2,069	$	2,702

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	2,026	$	2,741

Attributed fees collected		70		76
Benefit payments		(23)		(22)
Effect of changes in interest rates		137		(376)
Effect of changes in capital markets		67		(242)
Effect of changes in equity index volatility		15		34
Actual policyholder behavior different from expected behavior		58		57

Effect of foreign currency translation and other, net		2		(11)
Effect of changes in risk margin		16		(44)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,368		2,213
Cumulative effect of changes in the instrument-specific credit risk		9		18

Balance, end of period		$	2,377	$	2,231



At period end:
Net amount at risk, excluding offsets from hedging (1):
In the event of death		$	2,659	$	2,486
At annuitization or exercise of other living benefits		$	753	$	572
Weighted-average attained age of contractholders:
In the event of death		72 years		72 years
At annuitization or exercise of other living benefits		71 years		70 years

__________________

(1) Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 4.

Significant Methodologies and Assumptions

The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in other comprehensive income (loss) (“OCI”).

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Market Risk Benefits (continued)

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 11 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument, which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions, including changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

Other

In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 11 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities (assets) was as follows:


	Three Months Ended March 31,
	2025		2024
	(In millions)
Balance, beginning of period	$	24	$	(1)

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	29	$	2

Attributed fees collected	1		1

Effect of changes in interest rates	(3)		(12)
Effect of changes in capital markets	(2)		—

Actual policyholder behavior different from expected behavior	(4)		—

Effect of foreign currency translation and other, net	—		2

Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	21		(7)
Cumulative effect of changes in the instrument-specific credit risk	(4)		(2)

Balance, end of period	$	17	$	(9)

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Separate Accounts

Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.

Separate Account Liabilities

The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:


	March 31, 2025		December 31, 2024
	(In millions)
RIS:
Stable Value and Risk Solutions	$	30,290	$	32,761
Annuities	11,220		11,001
MetLife Holdings - Annuities	26,236		27,766
Other	7,202		7,674
Total	$	74,948	$	79,202

Rollforwards

The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

The separate account liabilities are primarily comprised of the following: RIS stable value and risk solutions contracts, RIS annuities participating and non-participating group contracts, and MetLife Holdings variable annuities.

The balances of and changes in separate account liabilities were as follows:


	RIS Stable Value and Risk Solutions		RIS Annuities		MetLife Holdings Annuities
	(In millions)
Three Months Ended March 31, 2025
Balance, beginning of period	$	32,761	$	11,001	$	27,766
Premiums and deposits	636		11		61
Policy charges	(47)		(5)		(135)
Surrenders and withdrawals	(2,288)		(178)		(845)
Benefit payments	(35)		—		(114)
Investment performance	525		291		(457)
Net transfers from (to) general account	1		1		(41)
Other (1)	(1,263)		99		1
Balance, end of period	$	30,290	$	11,220	$	26,236
Three Months Ended March 31, 2024
Balance, beginning of period	$	35,562	$	11,659	$	29,162
Premiums and deposits	312		15		63
Policy charges	(49)		(5)		(143)
Surrenders and withdrawals	(1,804)		(172)		(880)
Benefit payments	(22)		—		(128)
Investment performance	246		(54)		1,761
Net transfers from (to) general account	(19)		—		(27)
Other (1)	(1,084)		22		(5)
Balance, end of period	$	33,142	$	11,465	$	29,803

Cash surrender value at March 31, 2025 (2)	$	26,910	N/A		$	26,117
Cash surrender value at March 31, 2024 (2)	$	29,496	N/A		$	29,656

__________________

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Separate Accounts (continued)

(1) Other for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.

(2) Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.

Separate Account Assets

The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:


	March 31, 2025
	Group Benefits		RIS		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Government and agency	$	—	$	9,587	$	—	$	9,587
Public utilities	—		1,073		—		1,073
Municipals	—		255		—		255
Corporate bonds:
Materials	—		278		—		278
Communications	—		731		—		731
Consumer	—		1,792		—		1,792
Energy	—		966		—		966
Financial	—		3,188		—		3,188
Industrial and other	—		757		—		757
Technology	—		589		—		589
Total corporate bonds	—		8,301		—		8,301
Total bonds	—		19,216		—		19,216
Mortgage-backed securities	—		8,063		—		8,063
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)	—		2,133		—		2,133
Redeemable preferred stock	—		8		—		8
Total fixed maturity securities	—		29,420		—		29,420
Equity securities	—		2,499		—		2,499
Mutual funds	1,241		3,938		32,107		37,286
Other invested assets	—		1,352		—		1,352
Total investments	1,241		37,209		32,107		70,557
Other assets	—		4,391		—		4,391
Total	$	1,241	$	41,600	$	32,107	$	74,948

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Separate Accounts (continued)


	December 31, 2024
	Group Benefits		RIS		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Government and agency	$	—	$	9,865	$	—	$	9,865
Public utilities	—		1,075		—		1,075
Municipals	—		219		—		219
Corporate bonds:
Materials	—		244		—		244
Communications	—		800		—		800
Consumer	—		1,862		—		1,862
Energy	—		952		—		952
Financial	—		3,403		—		3,403
Industrial and other	—		769		—		769
Technology	—		513		—		513
Total corporate bonds	—		8,543		—		8,543
Total bonds	—		19,702		—		19,702
Mortgage-backed securities	—		8,842		—		8,842
ABS & CLO	—		1,904		—		1,904
Redeemable preferred stock	—		8		—		8
Total fixed maturity securities	—		30,456		—		30,456
Equity securities	—		2,726		—		2,726
Mutual funds	1,319		4,069		34,024		39,412
Other invested assets	—		1,268		—		1,268
Total investments	1,319		38,519		34,024		73,862
Other assets	—		5,340		—		5,340
Total	$	1,319	$	43,859	$	34,024	$	79,202

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue

DAC and VOBA

Information regarding total DAC and VOBA, DAC by segment, and Corporate & Other, was as follows at:


	Group Benefits		RIS		MetLife Holdings (1)		Corporate & Other		Total
	(In millions)
DAC:
Balance at January 1, 2025	$	244	$	214	$	2,526	$	140	$	3,124
Capitalizations	4		17		1		—		22
Amortization	(6)		(9)		(47)		(5)		(67)
Balance at March 31, 2025	$	242	$	222	$	2,480	$	135	$	3,079

Balance at January 1, 2024	$	255	$	155	$	2,723	$	158	$	3,291
Capitalizations	4		21		—		—		25
Amortization	(6)		(8)		(50)		(6)		(70)
Balance at March 31, 2024	$	253	$	168	$	2,673	$	152	$	3,246

Total DAC and VOBA:
Balance at March 31, 2025									$	3,090
Balance at March 31, 2024									$	3,260
Balance at December 31, 2024									$	3,136

__________________

(1)Includes DAC balances primarily related to whole life, variable annuities, term life, long-term care and universal life products.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue (continued)

Unearned Revenue

Information regarding the Company’s unearned revenue primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:


	Three Months Ended March 31, 2025
	RIS		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	14	$	5	$	19
Deferrals	1		—		1
Amortization	(1)		—		(1)
Balance, end of period	$	14	$	5	$	19

	Three Months Ended March 31, 2024
	RIS		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	16	$	5	$	21
Deferrals	1		—		1
Amortization	(1)		—		(1)
Balance, end of period	$	16	$	5	$	21

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving Metropolitan Life Insurance Company’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, Metropolitan Life Insurance Company established a closed block for the benefit of holders of certain individual life insurance policies of Metropolitan Life Insurance Company. See Note 9 to the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for further information on the closed block.

Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon policy count within the closed block.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

Information regarding the liabilities and assets designated to the closed block was as follows at:


	March 31, 2025		December 31, 2024
	(In millions)
Closed Block Liabilities
FPBs	$	34,656	$	35,015
Other policy-related balances	341		315
Policyholder dividends payable	169		174
Policyholder dividend obligation	—		—
Current income tax payable	2		6
Other liabilities	940		854
Total closed block liabilities	36,108		36,364
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale (“AFS”), at estimated fair value	19,103		18,958
Mortgage loans	5,650		5,720
Policy loans	3,776		3,829
Real estate and REJV	654		659
Other invested assets	503		523
Total investments	29,686		29,689
Cash and cash equivalents	1,016		930
Accrued investment income	368		367
Premiums, reinsurance and other receivables	41		45
Deferred income tax asset	401		470
Total assets designated to the closed block	31,512		31,501
Excess of closed block liabilities over assets designated to the closed block	4,596		4,863
AOCI:
Unrealized investment gains (losses), net of income tax	(1,001)		(1,256)
Unrealized gains (losses) on derivatives, net of income tax	178		183
Total amounts included in AOCI	(823)		(1,073)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,773	$	3,790

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Closed Block (continued)

Information regarding the closed block revenues and expenses was as follows:


	Three Months Ended March 31,
	2025		2024
	(In millions)
Revenues
Premiums	$	207	$	218
Net investment income	325		343
Net investment gains (losses)	(17)		(7)
Net derivative gains (losses)	(1)		5
Total revenues	514		559
Expenses
Policyholder benefits and claims	387		404
Policyholder dividends	88		90
Other expenses	18		20
Total expenses	493		514
Revenues, net of expenses before provision for income tax expense (benefit)	21		45
Provision for income tax expense (benefit)	4		10
Revenues, net of expenses and provision for income tax expense (benefit)	$	17	$	35

Metropolitan Life Insurance Company charges the closed block with federal income taxes, state and local premium taxes and other state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan of Reorganization. Metropolitan Life Insurance Company also charges the closed block for expenses of maintaining the policies included in the closed block.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Investments

Fixed Maturity Securities AFS

Fixed Maturity Securities AFS by Sector

The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans, broadly syndicated bank loans and other assets. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”


	March 31, 2025										December 31, 2024
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss (“ACL”)		Gains		Losses						ACL		Gains		Losses
	(In millions)

U.S. corporate	$	50,454	$	(26)	$	766	$	3,429	$	47,765	$	50,394	$	(45)	$	609	$	3,830	$	47,128
Foreign corporate	27,548		(5)		332		3,112		24,763		27,536		(15)		248		3,484		24,285
U.S. government and agency	24,792		—		159		2,921		22,030		25,163		—		87		3,407		21,843
RMBS	25,818		(2)		312		1,734		24,394		23,080		(1)		203		2,069		21,213
ABS & CLO	13,460		(5)		100		279		13,276		13,432		(7)		86		306		13,205
CMBS	5,579		(12)		42		297		5,312		5,605		(8)		38		356		5,279
Municipals	5,271		—		103		506		4,868		5,373		—		100		542		4,931
Foreign government	3,230		(36)		105		242		3,057		3,161		(36)		97		274		2,948
Total fixed maturity securities AFS	$	156,152	$	(86)	$	1,919	$	12,520	$	145,465	$	153,744	$	(112)	$	1,468	$	14,268	$	140,832

Maturities of Fixed Maturity Securities AFS

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at March 31, 2025:


	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Products		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost, net of ACL	$	5,520	$	24,247	$	26,783	$	54,678	$	44,838	$	156,066
Estimated fair value	$	5,448	$	23,790	$	25,789	$	47,456	$	42,982	$	145,465

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.

Table of Contents

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Investments (continued)

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.

March 31, 2025

December 31, 2024

Less than 12 Months

Equal to or Greater
than 12 Months

Less than 12 Months

Equal to or Greater
than 12 Months

Sector & Credit Quality

Estimated
Fair
Value

Gross
Unrealized
Losses

Estimated
Fair
Value

Gross
Unrealized
Losses

Estimated
Fair
Value

Gross
Unrealized
Losses

Estimated
Fair
Value

Gross
Unrealized
Losses

(Dollars in millions)

U.S. corporate

METROPOLITAN LIFE INSURANCE CO 10-Q