Metlife (MET) FY2025 results: revenue $77.1 billion, up 8.6% on the year

MetLife provides insurance, annuities, employee benefits and asset management, in the United States, Asia, Latin America, Europe and the Middle East. It sells to corporations and other institutions, including local, state and federal governments, to their employees, and to individuals. MetLife, Inc. is a Delaware corporation incorporated in 1999.

Six segments after a reorganisation in late 2025

Group Benefits, Retirement and Income Solutions, Asia, Latin America, EMEA and MetLife Investment Management, with a Corporate & Other category beside them. The last of those six is new: in the fourth quarter of 2025 the company moved its institutional asset management business out of Corporate & Other and made it a reportable segment, removed MetLife Holdings as a segment and moved that business mostly into Corporate & Other, and shifted some products into Group Benefits and Retirement and Income Solutions. Corporate & Other now holds run-off and developing businesses, unallocated capital and charges, interest on most of the group's debt, and intersegment eliminations.

Group Benefits

The United States group insurance business, sold to employers for their staff. It writes life insurance, dental, group short-term and long-term disability, paid family and medical leave, individual disability, accidental death and dismemberment, accident and health, and vision, plus prepaid legal plans and pet insurance. It also sells administrative services-only arrangements to some employers. Selling is done mainly by MetLife's own sales force, segmented by the size of the customer, either directly or through a broker or consultant, and also through sponsoring associations and affinity groups. The segment provides life, dental, accident and health and vision cover to some employees of the US government. Employers have been emphasising voluntary products, so MetLife has increased its marketing and communication to employees to help sell them. Claims experience moves with seasonal illness, and fourth-quarter expenses are normally higher because that is when benefit renewals, enrolment and marketing fall.

Retirement and Income Solutions

Funding and financing for institutions carrying employee benefit liabilities. Stable value products include guaranteed interest contracts inside defined contribution plans, separate account versions of the same, synthetic contracts that wrap a portfolio the plan itself owns so that participants can always transact at contract value, and private floating rate funding agreements used by money market funds and securities lending collateral portfolios. Pension risk transfer annuities let a company hand over all or part of a defined benefit pension scheme, as a buyout or a buy-in. Institutional income annuities are guaranteed payout contracts bought for employees at retirement or on leaving. Structured settlements are annuities used instead of a lump sum in a personal injury, wrongful death or workers' compensation claim. The segment also writes longevity reinsurance and funded reinsurance for UK pension risk transfer business, benefit funding products including company-owned and bank-owned life insurance, and capital markets products such as funding agreement-backed notes and commercial paper.

The three international segments

Asia runs in nine jurisdictions, with Japan the largest. In Japan the business is sold face to face through career and general agency channels; elsewhere it uses career and general agencies, bancassurance, independent brokers for retail and an employee sales force for group. Products are life, accident and health, and retirement and savings. Latin America is largest in Mexico and Chile, sold through an exclusive captive agency network, a direct marketing channel using sponsors and digital sales, and brokers and independent agents; it adds credit insurance, which pays off a loan if the borrower dies, and savings-oriented pension products mostly in Chile. EMEA is largest in the Gulf region, the United Kingdom, Turkey and France, and sells through captive and independent agency, brokerage, bancassurance, corporate solutions and direct to consumer.

MetLife Investment Management

Asset management and advisory services for institutional investors in public and private fixed income, real estate, equity, alternatives, multi-asset solutions and insurance solutions. It also manages the money backing MetLife's own general account. Clients include insurance companies, pension plans and defined contribution plans. Products run from separately managed accounts to open-ended and closed-ended funds and other pooled vehicles. On 30 December 2025 it completed the purchase of PineBridge Investments, a global asset manager, which the company says adds scale and broadens its product range and distribution.

From MetLife's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.