METLIFE INC

MetLife is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management. The company holds leading market positions in the United States, Asia, Latin America, Europe and the Middle East. MetLife is also one of the largest institutional investors in the U.S. with a general account portfolio invested primarily in fixed income securities (corporate, structured products, municipals, and government and agency) and mortgage loans, as well as real estate, real estate joint ventures, other limited partnerships and equity securities.

MetLife believes that its trusted global brand, diversified and resilient business, and position as a leader in attractive markets are the powers of its business. The company does not name specific competitors in the filing but describes its competitive advantages as including long-standing relationships with many of the largest employers in the U.S. for its Group Benefits segment and a leading position in the U.S. group insurance market.

MetLife generates revenue through the sale of insurance, annuities, employee benefits and asset management services. The company sells products to corporations and other institutions (including local, state and federal governments) and their respective employees, as well as individuals. The company distributes products through a sales force primarily comprised of MetLife employees, as well as through intermediaries such as brokers, consultants, bancassurance, and direct-to-consumer channels.

The Group Benefits segment, based in the U.S., offers life insurance, dental, group short- and long-term disability, paid family and medical leave, individual disability, accidental death and dismemberment insurance, accident & health insurance, and vision, as well as prepaid legal plans and pet insurance. The Retirement and Income Solutions segment, based in the U.S., provides funding and financing solutions that help institutional customers mitigate and manage liabilities primarily associated with their employee benefit programs using a spectrum of life and annuity-based insurance and investment products. The Asia segment operates in nine jurisdictions throughout Asia, with its largest operation in Japan, and markets life insurance, accident & health insurance, and retirement and savings products. The Latin America segment's largest operations are in Mexico and Chile, offering life insurance, retirement and savings, accident & health insurance, and credit insurance. The EMEA segment operates across developed and emerging markets with its largest operations in the Gulf region, the U.K., Turkey and France, offering life insurance, retirement and savings, accident & health insurance, and credit insurance. The MetLife Investment Management segment provides asset management and advisory services to institutional investors worldwide in public and private fixed income, real estate, equity, alternatives, multi-asset solutions and insurance solutions, and also manages investments for the Company's general account.

In the fourth quarter of 2025, MetLife executed a reorganization to align with its strategic initiative to accelerate growth in asset management. As part of this reorganization, the Company adjusted its segment structure. MetLife Investment Management, which was previously reported in Corporate & Other, became a reportable segment. MetLife Holdings was removed as a reportable segment, and its business is now primarily reported in Corporate & Other. These changes were applied retrospectively for all years presented. Additionally, certain products formerly reported in MetLife Holdings have been moved to Group Benefits and Retirement and Income Solutions. On December 30, 2025, MIM completed the acquisition of PineBridge Investments, a global asset manager. The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant at June 30, 2025 was approximately $53.6 billion ¹. At February 12, 2026, 652,053,867 ² shares of the registrant's common stock were outstanding.

The filing does not provide a high-level financial performance narrative with specific revenue, net income, or EPS figures in the Business section. The financial performance narrative is covered in the financial_details section below.

Under its New Frontier strategy, MetLife intends to leverage the Company's strengths to prioritize growth across four key areas of opportunity: extend its leadership in Group Benefits; capitalize on its unique retirement platform; accelerate its growth in asset management; and expand in high growth international markets. The acquisition of PineBridge Investments on December 30, 2025 supports the New Frontier strategy to accelerate growth in asset management by adding significant scale and broadening global product offerings and distribution reach.

The filing does not contain specific margin or cost outlook figures or targets.

The filing does not contain specific operational outlook details regarding supply chain, manufacturing capacity, technology infrastructure investments, or headcount strategy.

The filing does not contain specific R&D spending levels, capital expenditure plans, share repurchase authorization amounts, or dividend policy figures.

The filing does not contain specific headwinds or constraints explicitly flagged to the growth plan in a quantified manner.

MetLife faces material risks from economic conditions, 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, changes in the value of assets under management, real estate, obligors and counterparties, government default or shutdown, currency exchange rates, derivatives, climate change, public health, terrorism and security. The company is exposed to risks from global capital and credit market adversity, credit facility inaccessibility, and financial strength or credit ratings downgrades. 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, are also material. Legal, regulatory, and supervisory and enforcement policy changes, as well as changes in tax rates, tax laws or interpretations, and litigation and regulatory investigations, pose significant risks. Investment defaults, downgrades, or volatility, investment sales or lending difficulties, collateral or derivative-related payments, and investment valuations, allowances, or impairments changes are key financial risks. Claims or other results that differ from estimates, assumptions, or models, global political, legal, or operational risks, business competition, technological changes, catastrophes, and climate changes or responses to it are also identified as material risk factors.

Management's message emphasizes the execution of the New Frontier strategy, which was designed to accelerate growth across the global platform while delivering attractive returns and all-weather performance. The strategic priorities emphasized for the period ahead are: extend leadership in Group Benefits; capitalize on the unique retirement platform; accelerate growth in asset management; and expand in high growth international markets.