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 (INSTANT) — — —
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.

This table is rendered from the same JSON returned by /api/financials.

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