METLIFE INC

MET 10-K · Q4 2025

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Premiums Earned Net 16,691 12,617 +32.3%
Show Business Segments breakouts
Asia · Operating Segments 1,222 1,206 +1.3%
EMEA · Operating Segments 679 568 +19.5%
Group Benefits · Operating Segments 5,632 5,579 +0.9%
Latin America · Operating Segments 1,443 1,098 +31.4%
RIS · Operating Segments 7,030 3,460 +103.2%
Insurance Commissions And Fees 1,268 1,217 +4.2%
Show Business Segments breakouts
Asia · Operating Segments 428 410 +4.4%
EMEA · Operating Segments 98 76 +28.9%
Group Benefits · Operating Segments 236 227 +4.0%
Latin America · Operating Segments 359 330 +8.8%
RIS · Operating Segments 159 99 +60.6%
Net Investment Income 5,924 5,405 +9.6%
Show Business Segments breakouts
Asia · Operating Segments 1,394 1,251 +11.4%
EMEA · Operating Segments 67 59 +13.6%
Group Benefits · Operating Segments 466 313 +48.9%
Latin America · Operating Segments 432 431 +0.2%
RIS · Operating Segments 2,296 2,143 +7.1%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Currency Swap 1 0
Accumulated Gain Loss Net Cash Flow Hedge Parent · Interest Rate Contract 2 15 -86.7%
Show Derivative Risk breakouts
Currency Swap · Fair Value Hedging -10 -21 +52.4%
Currency Swap · Fair Value Hedging -9 23 -139.1%
Show Hedging Designation breakouts
Nondesignated 74 10 +640.0%
Nondesignated · Equity Market Risk [Member] 74 10 +640.0%
Nondesignated · Nonoperating Income Expense 43 80 -46.2%
Show — breakouts
Net Investment Income -2,972 -3,000 +0.9%
Net Investment Income 224 204 +9.8%
Show ASU 2017-12 Accounting Pronouncement [Axis] breakouts
Effects of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) [Member] 39 85 -54.1%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Cash Flow Hedging 3 15 -80.0%
Cash Flow Hedging · Currency Swap 1 0
Cash Flow Hedging · Interest Rate Contract 2 15 -86.7%
Fair Value Hedging 5 0
Show Investment Type breakouts
Contractholder-directed equity securities: (2) 366 184 +98.9%
Securities Investment 5,558 5,221 +6.5%
Other Income 737 641 +15.0%
Show Business Segments breakouts
Asia · Operating Segments 21 19 +10.5%
EMEA · Operating Segments 10 8 +25.0%
Group Benefits · Operating Segments 419 378 +10.8%
Latin America · Operating Segments -6 10 -160.0%
RIS · Operating Segments 102 61 +67.2%
Show — breakouts
Other Income 825 591 +39.6%
Show Consolidation Items breakouts
Material Reconciling Items -633 -551 -14.9%
Show Income Statement Location breakouts
Other Income 137 85 +61.2%
Gain Loss On Investments -160 -311 +48.6%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Credit 0 0
Accumulated Gain Loss Net Cash Flow Hedge Parent · Currency Swap 39 -1,020 +103.8%
Accumulated Gain Loss Net Cash Flow Hedge Parent · Interest Rate Contract -3 -3 0.0%
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -99 -253 +60.9%
Show Derivative Risk breakouts
Currency Swap · Fair Value Hedging 0 20 -100.0%
Currency Swap · Fair Value Hedging 0 -28 +100.0%
Show ASU 2017-12 Accounting Pronouncement [Axis] breakouts
Effects of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) [Member] -1 -1 0.0%
Show Consolidation Items breakouts
Material Reconciling Items -160 -311 +48.6%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Cash Flow Hedging -1 2 -150.0%
Cash Flow Hedging · Credit forwards [Member] 0 0
Cash Flow Hedging · Currency Swap 39 -1,020 +103.8%
Cash Flow Hedging · Foreign Currency Gain Loss -37 1,025 -103.6%
Cash Flow Hedging · Interest Rate Contract -3 -3 0.0%
Fair Value Hedging 0 -3 +100.0%
Fair Value Hedging · Derivative 0 5 -100.0%
Gain Loss On Derivative Instruments Net Pretax -646 -903 +28.5%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income 9 13 -30.8%
Show Hedging Designation breakouts
Nondesignated · Nonoperating Income Expense 106 132 -19.7%
Nondesignated · Synthetic GICs [Member] 21 19 +10.5%
Show Consolidation Items breakouts
Material Reconciling Items -646 -903 +28.5%
Show Income Statement Location breakouts
Embedded Derivative Financial Instruments 72 131 -45.0%
Revenue 23,814 18,666 +27.6%
Show Business Segments breakouts
Asia · Operating Segments 3,065 2,886 +6.2%
EMEA · Operating Segments 854 711 +20.1%
Group Benefits · Operating Segments 6,753 6,497 +3.9%
Latin America · Operating Segments 2,228 1,869 +19.2%
RIS · Operating Segments 9,587 5,763 +66.4%
Show — breakouts
Revenue -4,664 -5,047 +7.6%
Revenue -4,289 -4,739 +9.5%
Show Consolidation Items breakouts
Operating Segments 18,198 12,987 +40.1%
Policyholder Benefits And Claims Incurred Net 16,776 12,572 +33.4%
Show Derivative Risk breakouts
Interest Rate Swap · Fair Value Hedging -37 -204 +81.9%
Interest Rate Swap · Fair Value Hedging -42 -211 +80.1%
Show Hedging Designation breakouts
Nondesignated · Nonoperating Income Expense 3 0
Show ASU 2017-12 Accounting Pronouncement [Axis] breakouts
Effects of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) [Member] -2 -7 +71.4%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Fair Value Hedging 5 7 -28.6%
Liability For Future Policy Benefit Remeasurement Gain Loss 35 -42 +183.3%
Show Business Segments breakouts
Asia · Operating Segments 6 -59 +110.2%
EMEA · Operating Segments -1 -3 +66.7%
Group Benefits · Operating Segments -3 0
Latin America · Operating Segments 0 20 -100.0%
RIS · Operating Segments 26 0
Market Risk Benefit Change In Fair Value Gain Loss -267 -764 +65.1%
Show Consolidation Items breakouts
Material Reconciling Items -267 -764 +65.1%
Interest Credited To Policyholders Account Balances 2,342 2,012 +16.4%
Show Business Segments breakouts
Asia · Operating Segments 825 708 +16.5%
EMEA · Operating Segments 25 17 +47.1%
Group Benefits · Operating Segments 157 46 +241.3%
Latin America · Operating Segments 87 101 -13.9%
RIS · Operating Segments 951 863 +10.2%
Show Derivative Risk breakouts
Currency Swap · Fair Value Hedging 6 89 -93.3%
Currency Swap · Fair Value Hedging 6 89 -93.3%
Interest Rate Swap · Fair Value Hedging -12 16 -175.0%
Interest Rate Swap · Fair Value Hedging -12 25 -148.0%
Show Hedging Designation breakouts
Nondesignated · Nonoperating Income Expense 38 51 -25.5%
Show ASU 2017-12 Accounting Pronouncement [Axis] breakouts
Effects of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) [Member] -38 -54 +29.6%
Policyholder Dividends 129 150 -14.0%
Operating Expenses 3,682 3,357 +9.7%
Benefits Losses And Expenses 22,697 17,285 +31.3%
Income Before Taxes 1,117 1,381 -19.1%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income -22 -32 +31.2%
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income 39 -1,007 +103.9%
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -92 -238 +61.3%
Income Tax Expense (Benefit) 301 106 +184.0%
Show Business Segments breakouts
Asia · Operating Segments 179 170 +5.3%
EMEA · Operating Segments 32 1 +3100.0%
Group Benefits · Operating Segments 125 110 +13.6%
Latin America · Operating Segments 73 57 +28.1%
RIS · Operating Segments 109 101 +7.9%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income -6 -12 +50.0%
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income 7 -213 +103.3%
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -18 -53 +66.0%
Show — breakouts
Income Tax Expense (Benefit) -51 -98 +48.0%
Show Consolidation Items breakouts
Material Reconciling Items 190 352 -46.0%
Net Income 816 1,275 -36.0%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income -16 -20 +20.0%
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income 32 -794 +104.0%
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -74 -185 +60.0%
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income -58 -999 +94.2%
Net Income Loss Attributable To Noncontrolling Interest 7 4 +75.0%
Net Income 809 1,271 -36.3%
Dividends Preferred Stock 31 32 -3.1%
Net Income Loss Available To Common Stockholders Basic 778 1,239 -37.2%
EPS (Basic) 1.18 1.78 -33.7%
EPS (Diluted) 1.17 1.77 -33.9%
Revenue 600 556 +7.9%
Show Product Lines breakouts
Administrative Service 76 68 +11.8%
Distribution Service 36 38 -5.3%
Institutional Client asset management fees (1) 25 6 +316.7%
Other revenue from service contracts from customers 165 175 -5.7%
Prepaid legal plans 158 135 +17.0%
Vision fee for service arrangements 140 134 +4.5%
Sales & Marketing 1,872 1,538 +21.7%
General & Administrative 186 18 +933.3%
Operating Income 1,679 1,491 +12.6%
Show Business Segments breakouts
Asia · Operating Segments 435 443 -1.8%
EMEA · Operating Segments 96 59 +62.7%
Group Benefits · Operating Segments 470 416 +13.0%
Latin America · Operating Segments 200 201 -0.5%
RIS · Operating Segments 466 386 +20.7%
Show — breakouts
Operating Income -301 -439 +31.4%
Show Consolidation Items breakouts
Corporate Non Segment 313 425 -26.4%
Operating Segments 1,366 1,066 +28.1%
Comprehensive Income 291 -2,675 +110.9%
Wtd Avg Shares (Basic) -3.6 -4.5 +20.0%
Wtd Avg Shares (Diluted) -3.7 -4.4 +15.9%
Income Loss From Equity Method Investments 429 301 +42.5%
Show Investment Type breakouts
REJV 18 -1 +1900.0%
Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1 7,245 6,071 +19.3%
Operating Lease Lease Income (Q)
Show Investment Type breakouts
Leased real estate 90 86 +4.7%
Other real estate 107 87 +23.0%
Labor And Related Expense 945 955 -1.0%
Professional Fees 434 465 -6.7%
Other Expenses (Q)
Show Business Segments breakouts
Asia · Operating Segments 99 98 +1.0%
EMEA · Operating Segments 148 131 +13.0%
Group Benefits · Operating Segments 560 517 +8.3%
Latin America · Operating Segments 238 182 +30.8%
RIS · Operating Segments 48 28 +71.4%
Show — breakouts
Other Expenses -106 -133 +20.3%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Short-Term Investments 3,601 5,156 -30.2%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 2,761 4,127 -33.1%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 537 702 -23.5%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 42 5 +740.0%
Show Consolidated Entities breakouts
Parent Company 34 653 -94.8%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 3,340 4,834 -30.9%
Cash & Cash Equivalents 22,032 20,068 +9.8%
Show Consolidated Entities breakouts
Parent Company 1,202 2,159 -44.3%
Show Counterparty Name breakouts
Chariot Re · Reinsurance Agreement 977
Non-Current Assets
Equity Securities Fv Ni Current And Noncurrent 858 712 +20.5%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 464 415 +11.8%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 77 61 +26.2%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 317 236 +34.3%
Show Financial Instrument breakouts
Common Stock 744 618 +20.4%
Equity Securities 858 712 +20.5%
Nonredeemable Preferred Stock 114 94 +21.3%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 858 712 +20.5%
Deferred Tax Assets 2,585 2,994 -13.7%
Goodwill 9,613 8,901 +8.0%
Show Business Segments breakouts
Asia 4,067 4,047 +0.5%
Corporate And Other 887 887 0.0%
EMEA 927 895 +3.6%
Group Benefits 1,158 1,158 0.0%
Latin America 944 856 +10.3%
MIM 718 146 +391.8%
RIS 912 912 0.0%
Total Assets 745,166 677,457 +10.0%
Show Financial Instrument breakouts
Commitments To Extend Credit 6.2 4.7 +31.9%
Show Consolidated Entities breakouts
Parent Company 48,687 47,171 +3.2%
Variable Interest Entity Not Primary Beneficiary 24.6 20.4 +20.6%
Variable Interest Entity Primary Beneficiary 306 305 +0.3%
Variable Interest Entity Primary Beneficiary and Asset Manager 2,458 387 +535.1%
Variable Interest Entity Primary Beneficiary and Asset Manager · Cash And Cash Equivalents 90 3 +2900.0%
Variable Interest Entity Primary Beneficiary and Asset Manager · Contract-holder Directed Equity Securities 451
Variable Interest Entity Primary Beneficiary and Asset Manager · FVO securities 1,300
Variable Interest Entity Primary Beneficiary and Asset Manager · Investment Funds [Member] 490 375 +30.7%
Variable Interest Entity Primary Beneficiary and Asset Manager · Other Assets 21 9 +133.3%
Variable Interest Entity Primary Beneficiary · Cash And Cash Equivalents 6 8 -25.0%
Variable Interest Entity Primary Beneficiary · Other Assets 34 65 -47.7%
Variable Interest Entity Primary Beneficiary · Partnership 45 49 -8.2%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 1.4 1.3 +7.7%
Operating Lease Right-of-Use Assets 984 928 +6.0%
Intangible Assets 636 710 -10.4%
Other Assets
Contractholder Directed Equity Securities And Fair Value Option Securities At Estimated Fair Value 13,959 10,672 +30.8%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 8,606 7,306 +17.8%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 3,894 2,176 +79.0%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 1,459 1,190 +22.6%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1,751 0
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 13,959 10,672 +30.8%
Real Estate Investments 13,440 13,342 +0.7%
Show Financial Instrument breakouts
Residential Loans Held For Investment [Member] 378 378 0.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 302 183 +65.0%
Variable Interest Entity Primary Beneficiary and Asset Manager · REJV 81
Variable Interest Entity Primary Beneficiary · REJV 221 183 +20.8%
Other Investments 16,332 18,504 -11.7%
Show Consolidated Entities breakouts
Parent Company 563 586 -3.9%
Variable Interest Entity Primary Beneficiary 560 424 +32.1%
Investments 472,178 441,364 +7.0%
Show Consolidated Entities breakouts
Parent Company 1,592 2,958 -46.2%
Accrued Investment Income Receivable 3,719 3,489 +6.6%
Show Consolidated Entities breakouts
Parent Company 2 8 -75.0%
Premiums And Other Receivables Net 49,059 29,761 +64.8%
Show Product Lines breakouts
Assumed Reinsurance [Member] 1,594 1,432 +11.3%
Ceded Reinsurance [Member] 39,853 21,833 +82.5%
Direct Reinsurance [Member] 7,612 6,496 +17.2%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 0 47 -100.0%
Show Counterparty Name breakouts
Chariot Re · Reinsurance Agreement 9.8
Show Ceded Credit Risk breakouts
Reinsurance Agreement 2
Market Risk Benefit Asset Amount 458 372 +23.1%
Show Product Lines breakouts
Assumed Reinsurance [Member] 54 7 +671.4%
Direct Reinsurance [Member] 404 365 +10.7%
Investments Segment · Corporate And Other 258 231 +11.7%
Other Insurance Product Line 200 141 +41.8%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Fair Value Measurements Recurring 458 372 +23.1%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 458 372 +23.1%
Deferred Policy Acquisition Costs And Value Of Business Acquired 21,107 19,627 +7.5%
Show Product Lines breakouts
Assumed Reinsurance [Member] 355 352 +0.9%
Ceded Reinsurance [Member] 601 478 +25.7%
Direct Reinsurance [Member] 21,353 19,753 +8.1%
Show Business Segments breakouts
Asia 12,518 11,720 +6.8%
Corporate And Other 2,696 3,105 -13.2%
EMEA 2,112 1,758 +20.1%
Group Benefits 250 250 0.0%
Latin America 2,736 2,229 +22.7%
RIS 795 565 +40.7%
Income Tax Receivable 660 295 +123.7%
Other Assets 11,822 11,082 +6.7%
Show Consolidated Entities breakouts
Parent Company 785 654 +20.0%
Separate Account Assets 151,933 139,504 +8.9%
Show Product Lines breakouts
Pass Through Separate Accounts [Member] 128.7 113.6 +13.3%
Separate Accounts With Minimum Return Or Account Value [Member] 23.3 25.9 -10.0%
Show Business Segments breakouts
Asia 10,732 8,231 +30.4%
Asia · Agency Securities 1,128 1,115 +1.2%
Asia · Bond funds 191 186 +2.7%
Asia · Bonds 2,051 2,044 +0.3%
Asia · Corporate Bond Securities 733 723 +1.4%
Asia · Equity Funds 3,366 2,636 +27.7%
Asia · Fixed Maturities 2,189 2,044 +7.1%
Asia · Investments 10,092 7,778 +29.8%
Asia · Mutual Fund 3,893 3,098 +25.7%
Asia · Other 336 276 +21.7%
Asia · Other Assets 640 453 +41.3%
Asia · Other invested assets 312 312 0.0%
Asia · Public Utilities 173 188 -8.0%
Asia · Redeemable Preferred Stock 138
Asia · Separate Account Equity Security 3,698 2,324 +59.1%
Asia · US States And Political Subdivisions 17 18 -5.6%
Corporate And Other 26,922 34,894 -22.8%
Corporate And Other · Balanced Funds 2 70 -97.1%
Corporate And Other · Bond funds 2,041 2,603 -21.6%
Corporate And Other · Equity Funds 13,782 18,587 -25.9%
Corporate And Other · Investments 26,922 34,892 -22.8%
Corporate And Other · Mutual Fund 26,922 34,751 -22.5%
Corporate And Other · Other 11,097 13,491 -17.7%
EMEA 7,164 4,875 +47.0%
EMEA · Agency Securities 4,326 3,017 +43.4%
EMEA · Bond funds 44 41 +7.3%
EMEA · Bonds 4,787 3,337 +43.5%
EMEA · Corporate Bond Securities 461 320 +44.1%
EMEA · Equity Funds 169 55 +207.3%
EMEA · Fixed Maturities 4,787 3,337 +43.5%
EMEA · Investments 7,139 4,709 +51.6%
EMEA · Mutual Fund 281 129 +117.8%
EMEA · Other 68 33 +106.1%
EMEA · Other Assets 25 166 -84.9%
EMEA · Other invested assets 118 43 +174.4%
EMEA · Separate Account Equity Security 1,953 1,200 +62.7%
Group Benefits 1,438 1,319 +9.0%
Group Benefits · Balanced Funds 80 68 +17.6%
Group Benefits · Bond funds 87 86 +1.2%
Group Benefits · Equity Funds 1,156 1,047 +10.4%
Group Benefits · Investments 1,438 1,319 +9.0%
Group Benefits · Mutual Fund 1,438 1,319 +9.0%
Group Benefits · Other 115 118 -2.5%
Latin America 48,549 38,765 +25.2%
Latin America · Agency Securities 12,336 10,545 +17.0%
Latin America · Bond funds 5,657 3,228 +75.2%
Latin America · Bonds 21,085 18,265 +15.4%
Latin America · Corporate Bond Securities 8,749 7,720 +13.3%
Latin America · Equity Funds 13,495 11,067 +21.9%
Latin America · Fixed Maturities 21,085 18,265 +15.4%
Latin America · Investments 48,251 37,470 +28.8%
Latin America · Mutual Fund 19,152 14,295 +34.0%
Latin America · Other Assets 298 1,295 -77.0%
Latin America · Other invested assets 3,753 2,557 +46.8%
Latin America · Separate Account Equity Security 4,261 2,353 +81.1%
RIS 57,128 51,420 +11.1%
RIS · Agency Securities 9,257 9,950 -7.0%
RIS · Asset Backed Securities Securitized Loans And Receivables 2,388 2,145 +11.3%
RIS · Balanced Funds 89 1 +8800.0%
RIS · Bond funds 1,270 847 +49.9%
RIS · Bonds 18,719 19,972 -6.3%
RIS · Corporate Bond Securities 8,078 8,682 -7.0%
RIS · Equity Funds 6,561 1,521 +331.4%
RIS · Fixed Maturities 29,421 31,146 -5.5%
RIS · Investments 52,101 45,409 +14.7%
RIS · Mutual Fund 18,593 10,035 +85.3%
RIS · Other 10,673 7,666 +39.2%
RIS · Other Assets 5,027 6,011 -16.4%
RIS · Other invested assets 1,198 1,398 -14.3%
RIS · Public Utilities 1,077 1,090 -1.2%
RIS · Redeemable Preferred Stock 8 8 0.0%
RIS · Separate Account Equity Security 2,889 2,830 +2.1%
RIS · Separate Account Mortgage Backed Security 8,306 9,021 -7.9%
RIS · US States And Political Subdivisions 307 250 +22.8%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 77,488 63,979 +21.1%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 73,554 74,535 -1.3%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 891 990 -10.0%
Show Financial Instrument breakouts
Agency Securities · Separate Account Debt Security 27,047 24,642 +9.8%
Asset Backed Securities Securitized Loans And Receivables · Separate Account Debt Security 2,388 2,162 +10.5%
Balanced Funds · Separate Account Equity Security 171 139 +23.0%
Bond funds · Separate Account Equity Security 9,290 6,991 +32.9%
Bonds · Separate Account Debt Security 46,642 43,704 +6.7%
Corporate Bond Securities · Separate Account Debt Security 18,021 17,497 +3.0%
Equity Funds · Separate Account Equity Security 38,529 34,913 +10.4%
Fixed Maturities · Separate Account Debt Security 57,482 54,933 +4.6%
Mutual Fund · Separate Account Equity Security 70,279 63,627 +10.5%
Other invested assets 5,381 4,310 +24.8%
Other · Separate Account Equity Security 22,289 21,584 +3.3%
Public Utilities · Separate Account Debt Security 1,250 1,285 -2.7%
Redeemable Preferred Stock · Separate Account Debt Security 146 8 +1725.0%
Separate Account Equity Security · Separate Account Equity Security 12,801 8,707 +47.0%
Separate Account Mortgage Backed Security · Separate Account Debt Security 8,306 9,059 -8.3%
US States And Political Subdivisions · Separate Account Debt Security 324 280 +15.7%
Show Ceded Credit Risk breakouts
Reinsurance Agreement 8.3
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 151,933 139,504 +8.9%
Show Separate Account Asset Category breakouts
Investments 145,943 131,577 +10.9%
Other Assets 5,990 7,927 -24.4%
Non-Current Liabilities
Deferred Tax Liabilities 536 132 +306.1%
Total Liabilities 716,245 649,754 +10.2%
Show Consolidated Entities breakouts
Parent Company 20,289 19,726 +2.9%
Variable Interest Entity Primary Beneficiary 126 140 -10.0%
Variable Interest Entity Primary Beneficiary and Asset Manager 3 1,392 -99.8%
Variable Interest Entity Primary Beneficiary and Asset Manager · Long Term Debt 28
Variable Interest Entity Primary Beneficiary and Asset Manager · Other Liabilities 158 3 +5166.7%
Variable Interest Entity Primary Beneficiary · Other Liabilities 9 7 +28.6%
Variable Interest Entity Primary Beneficiary · Short Term Debt 117 133 -12.0%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 164 154.1 +6.4%
Long-Term Debt (Q)
Show Consolidated Entities breakouts
Parent Company 15,450 15,878 -2.7%
Show Long-Term Debt Type breakouts
Other Notes [Member] 462 399 +15.8%
Senior Notes 13,999 14,431 -3.0%
Other Liabilities
Available For Sale Securities Debt Securities 315,931 281,043 +12.4%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 18,732 16,675 +12.3%
Fair Value Inputs Level1 · US Treasury And Government 18,732 16,675 +12.3%
Fair Value Inputs Level2 · Asset Backed Securities 21,747 14,755 +47.4%
Fair Value Inputs Level2 · Commercial Mortgage Backed Securities 9,318 8,194 +13.7%
Fair Value Inputs Level2 · Domestic Corporate Debt Securities 74,437 67,333 +10.6%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 263,303 229,176 +14.9%
Fair Value Inputs Level2 · Foreign Corporate Debt Securities 43,761 39,295 +11.4%
Fair Value Inputs Level2 · Foreign Government Debt Securities 40,696 40,209 +1.2%
Fair Value Inputs Level2 · Residential Mortgage Backed Securities 43,491 32,771 +32.7%
Fair Value Inputs Level2 · US States And Political Subdivisions 11,063 9,866 +12.1%
Fair Value Inputs Level2 · US Treasury And Government 18,790 16,753 +12.2%
Fair Value Inputs Level3 · Asset Backed Securities 1,150 5,836 -80.3%
Fair Value Inputs Level3 · Commercial Mortgage Backed Securities 416 1,153 -63.9%
Fair Value Inputs Level3 · Domestic Corporate Debt Securities 13,522 12,041 +12.3%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 33,896 35,192 -3.7%
Fair Value Inputs Level3 · Foreign Corporate Debt Securities 16,828 14,464 +16.3%
Fair Value Inputs Level3 · Foreign Government Debt Securities 52 41 +26.8%
Fair Value Inputs Level3 · Residential Mortgage Backed Securities 1,927 1,650 +16.8%
Fair Value Inputs Level3 · US States And Political Subdivisions 1 7 -85.7%
Show Financial Instrument breakouts
Asset Backed Securities 22,897 20,591 +11.2%
Commercial Mortgage Backed Securities 9,734 9,347 +4.1%
Domestic Corporate Debt Securities 87,959 79,374 +10.8%
Foreign Corporate Debt Securities 60,589 53,759 +12.7%
Foreign Government Debt Securities 40,748 40,250 +1.2%
Residential Mortgage Backed Securities 45,418 34,421 +31.9%
US States And Political Subdivisions 11,064 9,873 +12.1%
US Treasury And Government 37,522 33,428 +12.2%
Show Consolidated Entities breakouts
Parent Company 995 1,719 -42.1%
Show Fair Value By Asset Class breakouts
Asset Backed Securities · Fair Value Measurements Recurring 22,897 20,591 +11.2%
Commercial Mortgage Backed Securities · Fair Value Measurements Recurring 9,734 9,347 +4.1%
Domestic Corporate Debt Securities · Fair Value Measurements Recurring 87,959 79,374 +10.8%
Foreign Corporate Debt Securities · Fair Value Measurements Recurring 60,589 53,759 +12.7%
Foreign Government Debt Securities · Fair Value Measurements Recurring 40,748 40,250 +1.2%
Residential Mortgage Backed Securities · Fair Value Measurements Recurring 45,418 34,421 +31.9%
US States And Political Subdivisions · Fair Value Measurements Recurring 11,064 9,873 +12.1%
US Treasury And Government · Fair Value Measurements Recurring 37,522 33,428 +12.2%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 315,931 281,043 +12.4%
Liability For Future Policy Benefits 208,855 193,646 +7.9%
Show Product Lines breakouts
Accident and Health Insurance Product Line for Deferred Profit Liabilities · Asia 993 849 +17.0%
Accident And Health Insurance Segment · Asia 7,913 9,406 -15.9%
Assumed Reinsurance [Member] 4,733 4,318 +9.6%
Direct Reinsurance [Member] 204,122 189,328 +7.8%
Fixed & Immediate Annuities for Deferred Profit Liabilities · RIS 3,855 3,780 +2.0%
Fixed & Immediate Annuities · RIS 79,523 66,262 +20.0%
Fixed Annuity for Deferred Profit Liabilities · Latin America 562 498 +12.9%
Fixed Annuity · Latin America 12,336 9,600 +28.5%
Long-term Care · Corporate And Other 15,224 14,537 +4.7%
Other Longduration Insurance Product Line 11,148 10,712 +4.1%
Other Shortduration Insurance Product Line 14,766 13,632 +8.3%
Participating Life Insurance Policy · Corporate And Other 47,359 48,485 -2.3%
Universal and Variable Universal Life · Asia 330 355 -7.0%
Universal and Variable Universal Life · Corporate And Other 2,713 2,496 +8.7%
Variable Life · Asia 1,074 1,108 -3.1%
Whole and Term Life & Endowments for Deferred Profit Liabilities · Asia 919 759 +21.1%
Whole and Term Life & Endowments · Asia 10,140 11,167 -9.2%
Policyholder Contract Deposits 236,857 221,445 +7.0%
Show Product Lines breakouts
Assumed Reinsurance [Member] 370 177 +109.0%
Direct Reinsurance [Member] 236,487 221,268 +6.9%
Show Business Segments breakouts
Asia 104,239 94,903 +9.8%
Corporate And Other 13,476 21,259 -36.6%
EMEA 8,058 7,214 +11.7%
Group Benefits 11,005 7,632 +44.2%
Latin America 6,530 5,514 +18.4%
RIS 93,549 84,923 +10.2%
Market Risk Benefit Liability Amount 2,406 2,581 -6.8%
Show Product Lines breakouts
Assumed Reinsurance [Member] 26 15 +73.3%
Direct Reinsurance [Member] 2,380 2,566 -7.2%
Investments Segment · Corporate And Other 2,043 2,300 -11.2%
Other Insurance Product Line 363 281 +29.2%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Fair Value Measurements Recurring 2,406 2,581 -6.8%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 2,406 2,581 -6.8%
Other Policy Related Balances 20,070 18,899 +6.2%
Show Product Lines breakouts
Assumed Reinsurance [Member] 1,297 1,052 +23.3%
Ceded Reinsurance [Member] 309 291 +6.2%
Direct Reinsurance [Member] 19,082 18,138 +5.2%
Policyholder Dividends Payable 356 385 -7.5%
Show Business Segments breakouts
Asia 94 81 +16.0%
Corporate And Other 262 304 -13.8%
Payables For Collateral Under Securities Loaned And Other Transactions 17,115 17,128 -0.1%
Show Consolidated Entities breakouts
Parent Company 61 290 -79.0%
Short Term Borrowings 355 465 -23.7%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 117 133 -12.0%
Show Short Term Debt Type breakouts
Variable Interest Entity Primary Beneficiary 117 133 -12.0%
Long Term Debt And Capital Lease Obligations Including Current Maturities 14,467 15,086 -4.1%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 28 0
Secured Debt 352 476 -26.1%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Estimate Of Fair Value Fair Value Disclosure 322 425 -24.2%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 352 476 -26.1%
Estimate Of Fair Value Fair Value Disclosure 322 425 -24.2%
Subordinated Debt 4,155 3,164 +31.3%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure 4,707 3,587 +31.2%
Show Consolidated Entities breakouts
Parent Company 3,461 2,470 +40.1%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 4,155 3,164 +31.3%
Estimate Of Fair Value Fair Value Disclosure 4,707 3,587 +31.2%
Show Long-Term Debt Type breakouts
Subordinated Debt 988
Notes Issued By Collateralized Financing Entities 1,206
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Fair Value Measurements Recurring 1,206
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary and Asset Manager · NotesMember 1,206
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 1,206
Other Liabilities 57,582 36,843 +56.3%
Show Product Lines breakouts
Assumed Reinsurance [Member] 1,700 1,863 -8.7%
Ceded Reinsurance [Member] 28,255 8,258 +242.2%
Direct Reinsurance [Member] 27,627 26,722 +3.4%
Show Consolidated Entities breakouts
Parent Company 1,317 1,088 +21.0%
Variable Interest Entity Primary Beneficiary 167 0
Show Related Party Transactions By Related Party breakouts
Loans Originated For Third Party 6.5 7.5 -13.3%
Separate Accounts Liability 151,933 139,504 +8.9%
Show Product Lines breakouts
Investments Segment · Corporate And Other 19,621 27,829 -29.5%
Investments Segment · RIS 18,099 11,001 +64.5%
Other Insurance Product Line 26,739 21,590 +23.8%
Stable Value and Risk Solutions · RIS 38,925 40,319 -3.5%
Show Business Segments breakouts
Latin America · Pension Plans Defined Benefit 48,549 38,765 +25.2%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure 80,164 70,359 +13.9%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 80,164 70,359 +13.9%
Estimate Of Fair Value Fair Value Disclosure 80,164 70,359 +13.9%
Redeemable Noncontrolling Interest Equity Carrying Amount 241
Stockholders' Equity
Common Stock 12 12 0.0%
Show Consolidated Entities breakouts
Parent Company 12 12 0.0%
Additional Paid-In Capital 32,858 33,791 -2.8%
Show Consolidated Entities breakouts
Parent Company 32,858 33,791 -2.8%
Retained Earnings 44,290 42,626 +3.9%
Show Consolidated Entities breakouts
Parent Company 44,290 42,626 +3.9%
Treasury Stock Value -30,678 -27,798 -10.4%
Show Consolidated Entities breakouts
Parent Company -30,678 -27,798 -10.4%
Accumulated Other Comprehensive Income -18,084 -21,186 +14.6%
Show Consolidated Entities breakouts
Parent Company -18,084 -21,186 +14.6%
Total Stockholders' Equity 28,398 27,445 +3.5%
Show Consolidated Entities breakouts
Parent Company 28,398 27,445 +3.5%
Minority Interest 282 258 +9.3%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 28,680 27,703 +3.5%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -1,393 -1,442 +3.4%
Accumulated Gain Loss Net Cash Flow Hedge Parent -1,588 370 -529.2%
Accumulated Net Unrealized Investment Gain Loss -15,614 -19,402 +19.5%
Accumulated Other Comprehensive Income -18,084 -21,186 +14.6%
Accumulated Translation Adjustment -6,263 -7,170 +12.6%
Additional Paid In Capital 32,858 33,791 -2.8%
Aoci Liability For Future Policy Benefit Parent 6,871 6,529 +5.2%
Aoci Market Risk Benefit Instrument Specific Credit Risk Parent -97 -71 -36.6%
Common Stock 12 12 0.0%
Noncontrolling Interest 282 258 +9.3%
Parent 28,398 27,445 +3.5%
Retained Earnings 44,290 42,626 +3.9%
Treasury Stock Common -30,678 -27,798 -10.4%
Total Liabilities & Equity 745,166 677,457 +10.0%
Show Consolidated Entities breakouts
Parent Company 48,687 47,171 +3.2%
Mortgage Loans On Real Estate Commercial And Consumer Net 84,593 89,012 -5.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Fair Value Measurements Nonrecurring 1,583 1,075 +47.3%
Loans Insurance Policy 8,547 8,545 0.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Estimate Of Fair Value Fair Value Disclosure 9,083 9,058 +0.3%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 8,547 8,545 0.0%
Estimate Of Fair Value Fair Value Disclosure 9,083 9,058 +0.3%
Other Limited Partnership Interests 14,917 14,378 +3.7%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Interest Credited To Policy Owner Account (Q)
Show Product Lines breakouts
Annuities and Risk Solutions · RIS 340 205 +65.9%
Capital Markets Investment Products and Stable Value GICs · RIS 597 613 -2.6%
Fixed Annuity · Asia 351 286 +22.7%
Group Policies · Group Benefits 150 46 +226.1%
Universal and Variable Universal Life · Asia 441 364 +21.2%
Show — breakouts
Interest Credited To Policy Owner Account -9 103 -108.7%
Interest Credited To Policy Owner Account -20 84 -123.8%
Market Risk Benefit Increase Decrease From Equity Market Change (Q)
Show Product Lines breakouts
Other Insurance Product Line 51 -5 +1120.0%
Show — breakouts
Market Risk Benefit Increase Decrease From Equity Market Change 77 -13 +692.3%
Net Cash from Operations 7,076 4,611 +53.5%
Investing Activities
Proceeds From Sale And Maturity Of Available For Sale Securities 16,543 14,295 +15.7%
Proceeds From Sale Of Equity Securities Fv Ni 44 69 -36.2%
Proceeds From Sale And Collection Of Mortgage Notes Receivable 5,398 3,160 +70.8%
Proceeds From Real Estate And Real Estate Joint Ventures 259 191 +35.6%
Proceeds From Limited Partnership Investments 356 241 +47.7%
Proceeds From Sale Maturity And Collection Of Shortterm Investments 5,122 2,098 +144.1%
Purchases of Investments -22,364 -17,470 -28.0%
Payments To Acquire Equity Securities Fv Ni -5 -32 +84.4%
Payments To Acquire Mortgage Notes Receivable -4,548 -2,942 -54.6%
Payments To Acquire Real Estate And Real Estate Joint Ventures -78 -183 +57.4%
Payments To Acquire Limited Partnership Interests -495 -471 -5.1%
Payments To Acquire Short Term Investments -2,721 -2,843 +4.3%
Cashreceivedinconnectionwithfreestandingderivatives 367 563 -34.8%
Cash Paid In Connection With Freestanding Derivatives -1,333 -1,198 -11.3%
Payments For Proceeds From Policy Loans 7 165 -95.8%
Net Change In Other Invested Assets -92 -978 +90.6%
Other Investing Activities 12 11 +9.1%
Net Cash from Investing -4,286 -5,364 +20.1%
Noncash Real Estate And Real Estate Joint Ventures Acquired In Satisfaction Of Debt 96 17 +464.7%
Noncash Other Invested Assets Received In Connection With The Sale Of Other Limited Partnership Interests 0 0
Financing Activities
Proceeds From Annuities And Investment Certificates 25,419 23,008 +10.5%
Repayments Of Annuities And Investment Certificates -24,359 -22,580 -7.9%
Net Change In Payables For Collateral Under Securities Loaned And Other Transactions 65 150 -56.7%
Proceeds From Issuance Of Long Term Debt 0 21 -100.0%
Repayments Of Other Long Term Debt -774 -50 -1448.0%
Repayments Of Secured Debt -46 -53 +13.2%
Payments For Proceeds From Derivative Instrument Financing Activities -115 -116 +0.9%
Proceeds From Mortgage Loan Secured Financing 88 138 -36.2%
Repayments Of Mortgage Loan Secured Financing -364 -304 -19.7%
Share Repurchases -460 -406 -13.3%
Payments Of Dividends Preferred Stock And Preference Stock -31 -32 +3.1%
Payments Of Dividends Common Stock -375 -378 +0.8%
Proceeds From Payments For Other Financing Activities -46 83 -155.4%
Net Cash from Financing -998 -519 -92.3%
Supplemental
Interest Paid 287 287 0.0%
Income Taxes Paid 326 327 -0.3%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations 7 -425 +101.6%
Net Change in Cash 1,799 -1,697 +206.0%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 22,032 20,068 +9.8%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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