MetLife, Inc. (MET) SEC Filings & Earnings Calls

Interest Rate and Derivative Volatility

“Net derivative gains (losses) decreased net income (loss) available to MetLife, Inc.'s common shareholders due to (i) the U.S. dollar strengthening against the Japanese yen in the current period compared to weakening in the prior period, which had an unfavorable impact on the estimated fair value of sell-U.S. dollar currency forwards; (ii) long-term swap rat”

Expense Growth in Corporate & Other

“Other expenses decreased adjusted earnings available to common shareholders by $26 million driven by higher legal costs and increased corporate-related and employee-related expenses.” · word for word

Geopolitical and Macroeconomic Uncertainty

“We are closely monitoring these and other political and economic conditions that might contribute to global market volatility and impact our business operations, investment portfolio, value of our assets under management (“AUM”), and derivatives, such as global inflation, supply chain disruptions, acts of war, banking sector volatility and employment and wor”

Net investment gains/losses and derivative volatility impact earnings.

“Net investment gains (losses) $(428) million; Net derivative gains (losses) $(772) million.”

Variable investment income is inherently volatile and subject to market conditions; preliminary estimates may differ materially from final results.

“we have not completed our financial closing procedures for the quarter ended June 30, 2026, and our actual results could be materially different from these preliminary financial results.” · word for word

Interest Rate Volatility

“Market interest rates are a key driver of our results. Increases and decreases in such rates, as well as extended periods of stagnation, may impact our business and investments in various ways.” · word for word

Foreign Exchange Risk

“The U.S. dollar strengthened against the Japanese yen in the current period compared to weakened in the prior period - unfavorable impact on the estimated fair value of sell-U.S. dollar currency forwards” · word for word

Reinsurance Transaction Impact

“Strategic Transactions - Decreased adjusted earnings available to common shareholders by $33 million as a result of reinsurance transactions that closed in December 2025” · word for word

Global Economic and Geopolitical Uncertainty

“Global inflation, supply chain disruptions and acts of war continue to impact the global economy and financial markets and have caused volatility in the global equity, credit and real estate markets.” · word for word

Net investment gains (losses) of -$670M vs -$387M prior year, indicating market volatility impact.

“Net investment gains (losses) $(670) million”

Net derivative gains (losses) volatile; $74M gain vs $432M gain prior year.

“Net derivative gains (losses) $74 million”

Variable Investment Income (VII) Volatility

“For the year, VII was below the 2025 Business Plan goal driven by returns in real estate and other funds and private equity, and contributed to lower than Business Plan results for Core Adjusted Earnings and Core Adjusted EPS” · word for word

Asbestos Litigation Expense

“the Company recorded an additional reserve in the amount of $52 million, net of income tax, based on certain updated assumptions.” · word for word

Regulatory/Tax Law Change (Mexico)

“The Company resolved an industry-wide tax matter in Mexico regarding the Value-Added Tax (VAT) deduction of certain health insurance claims expenses. This resolution and related change in tax law resulted in charges of $100 million, net of income tax, in 2025 in the Latin America segment.” · word for word

Preliminary results subject to change; not audited.

“we have not completed our financial closing procedures for the quarter ended March 31, 2026, and our actual results could be materially different from these preliminary financial results.” · word for word

Increased leverage: $1B subordinated debt adds to interest expense and financial risk.

“$1,000,000,000 aggregate principal amount of its 5.850% Fixed-to-Fixed Reset Rate Subordinated Debentures due 2056” · word for word

Regulatory and compliance burden across multiple jurisdictions

“Our EEA insurance business is subject to the Solvency II Directive, governing capital adequacy, risk management and regulatory reporting.” · word for word

Mexico tax law change impacting Latin America earnings

“We expect the value-added tax change to result in a reduction in Latin America’s adjusted earnings of approximately $50 million to $60 million in 2026” · word for word

Cybersecurity and data privacy regulatory risk

“We are subject to a variety of laws and regulations at the local, state, federal and international levels regarding the handling of personal information” · word for word

No material risk; routine dividend declaration.

“No risk factors discussed.”

Net derivative losses and investment losses impacted earnings; interest rate sensitivity remains.

“Net derivative losses $1.9B; net investment losses $1.1B”

Integration risk; pro forma figures are illustrative and not actual combined results

“Pro forma figures presented for illustrative purposes only and do not reflect actual combined results.”

Variable investment income below target in Q4 2025; PE return lower than assumed 9% for 2026.

“variable investment income will be approximately $385 million to $435 million (pre-tax), relative to its quarterly target of $425 million (pre-tax) ... full year 2025 ... return on its private equity investment portfolio of approximately 7.7%” · word for word

Variable investment income asset balances expected to decrease over near term.

“variable investment income asset balances will decrease over the near term (one to three years).” · word for word

Foregone earnings of $100M partially offset by $45M savings; net earnings impact ~$55M reduction.

“Expected foregone annual adjusted earnings total of approximately $100 million will be partially offset by annual hedge cost savings of approximately $45 million” · word for word

Net derivative losses of $929M in Q3 2025 indicate significant hedging and market volatility impacts.

“Net derivative gains (losses) $(929) million in Q3 2025.”