MetLife Inc. Files 10-Q for Period Ending March 31, 2024

AI Summary

METLIFE INC (MET-PF) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. MetLife Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal executive offices are located at 200 Park Avenue, New York, NY 10166. MetLife Inc. is incorporated in Delaware and operates within the Life Insurance industry (SIC 6311). The filing was submitted on May 2, 2024.

Why It Matters

For investors and stakeholders tracking METLIFE INC, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance data for MetLife Inc. for the first quarter of 2024, enabling informed investment decisions. The detailed financial information within the report is crucial for understanding the company's current financial health, profitability, and any potential risks or opportunities.

Risk Assessment

Risk Level: medium — METLIFE INC shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine disclosure for public companies. While it contains financial data, it does not inherently signal significant positive or negative developments without further analysis of the specific numbers and narrative sections.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to identify key performance indicators, revenue trends, and any disclosed risks or strategic initiatives.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-02 — Filed As Of Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2023-12-31 — Previous Year End (Reference date for prior period data)

Key Players & Entities

• METLIFE INC (company) — Filer name
• 200 PARK AVENUE (location) — Business and mail address
• New York (location) — City for business and mail address
• NY (location) — State for business and mail address
• 10166 (location) — ZIP code for business and mail address
• DE (location) — State of incorporation

FAQ

Industry Context

MetLife Inc. operates in the Life Insurance industry, a sector characterized by the provision of insurance policies and financial services to individuals and businesses.

Regulatory Implications

As a public company in the financial services sector, MetLife Inc. is subject to regulations by the Securities and Exchange Commission (SEC) and other financial regulatory bodies.

What Investors Should Do

1. Analyze the 'Consolidated Statements of Operations' for revenue and net income trends.
2. Examine the 'Consolidated Balance Sheets' for asset, liability, and equity changes.
3. Review 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for qualitative insights.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, reporting on the first quarter's financial performance.

Key Financial Figures

• $0.01 M — ich registered Common Stock, par value $0.01 MET New York Stock Exchange Floating R

Filing Documents

• met-20240331.htm (10-Q) — 7254KB
• mlinc-2024331xex311.htm (EX-31.1) — 9KB
• mlinc-2024331xex312.htm (EX-31.2) — 9KB
• mlinc-2024331xex321.htm (EX-32.1) — 3KB
• mlinc-2024331xex322.htm (EX-32.2) — 3KB
• 0001099219-24-000141.txt ( ) — 36278KB
• met-20240331.xsd (EX-101.SCH) — 110KB
• met-20240331_cal.xml (EX-101.CAL) — 108KB
• met-20240331_def.xml (EX-101.DEF) — 953KB
• met-20240331_lab.xml (EX-101.LAB) — 1490KB
• met-20240331_pre.xml (EX-101.PRE) — 1279KB
• met-20240331_htm.xml (XML) — 9936KB

— Financial Information

Part I — Financial Information Item 1. Financial Statements (Unaudited) (at March 31, 2024 and December 31, 2023 and for the Three Months Ended March 31, 2024 and 2023) Interim Condensed Consolidated Balance Sheets 4 Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) 5 Interim Condensed Consolidated Statements of Equity 6 Interim Condensed Consolidated Statements of Cash Flows 7 Notes to the Interim Condensed Consolidated Financial Statements: Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies 8 Note 2 — Segment Information 11 Note 3 — Disposition 16 Note 4 — Future Policy Benefits 16 Note 5 — Policyholder Account Balances 26 Note 6 — Market Risk Benefits 35 Note 7 — Separate Accounts 39 Note 8 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue 43 Note 9 — Closed Block 44 Note 10 — Investments 46 Note 11 — Derivatives 61 Note 12 — Fair Value 71 Note 13 — Long-term Debt 85 Note 14 — Equity 85 Note 15 — Other Revenues and Other Expenses 89 Note 16 — Employee Benefit Plans 90 Note 17 — Income Tax 90 Note 18 — Earnings Per Common Share 91 Note 19 — Contingencies, Commitments and Guarantees 91 Note 20 — Subsequent Events 94

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 95

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 139

Controls and Procedures

Item 4. Controls and Procedures 140

— Other Information

Part II — Other Information

Legal Proceedings

Item 1. Legal Proceedings 141

Risk Factors

Item 1A. Risk Factors 141

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 141

Other Information

Item 5. Other Information 142

Exhibits

Item 6. Exhibits 143

Signatures

Signatures 144 Table of Contents As used in this Form 10 Q, "MetLife," the "Company," "we," "our" and "us" refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. Note Regarding Forward-Looking Statements This Quarterly Report on Form 10Q, including Management's Discussion and Analysis of Financial Condition and Results of Operations, may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as "anticipate," "are confident," "assume," "believe," "continue," "could," "estimate," "expect," "if," "intend," "likely," "may," "plan," "potential," "project," "should," "will," "would" and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, future sales efforts, future expenses, the outcome of contingencies such as legal proceedings, and future trends in operations and financial results. Many factors determine Company results, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. We do not guarantee any future performance. Our results could differ materially from those we express or imply in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.'s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include: (

— Financial Information

Part I — Financial Information

Financial Statements

Item 1. Financial Statements MetLife, Inc. Interim Condensed Consolidated Balance Sheets March 31, 2024 and December 31, 2023 (Unaudited) (In millions, except share and per share data) March 31, 2024 December 31, 2023 Assets Investments: Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $ 113 and $ 184 , respectively); and amortized cost: $ 300,623 and $ 300,555 , respectively $ 278,409 $ 281,412 Equity securities, at estimated fair value 750 757 Contractholder-directed equity securities and fair value option securities, at estimated fair value 10,313 10,331 Mortgage loans (net of allowance for credit loss of $ 814 and $ 721 , respectively) 91,458 92,506 Policy loans 8,800 8,788 Real estate and real estate joint ventures (includes $ 328 and $ 317 , respectively, under the fair value option) 12,992 13,332 Other limited partnership interests 14,301 14,764 Short-term investments, principally at estimated fair value 4,884 6,045 Other invested assets (includes $ 1,843 and $ 1,993 , respectively, of leveraged and direct financing leases; $ 432 and $ 333 , respectively, relating to variable interest entities) 18,097 18,202 Total investments 440,004 446,137 Cash and cash equivalents, principally at estimated fair value 19,840 20,639 Accrued investment income 3,636 3,589 Premiums, reinsurance and other receivables 29,986 28,971 Market risk benefits, at estimated fair value 351 286 Deferred policy acquisition costs and value of business acquired 19,842 20,151 Current income tax recoverable — 190 Deferred income tax asset 2,751 2,612 Goodwill 9,037 9,236 Other assets 11,126 11,139 Separate account assets 141,003 144,634 Total assets $ 677,576 $ 687,584 Liabilities and Equity Liabilities Future policy benefits $ 191,013 $ 196,406 Policyholder account balances 219,168 219,269 Market risk benefits, at estimated fair value 2,696 3,179 Other policy-related balances 20,219 19,736 Poli

Business

Business "MetLife" and the "Company" refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management. MetLife is organized into six segments: Group Benefits; Retirement and Income Solutions ("RIS"); Asia; Latin America; Europe, the Middle East and Africa ("EMEA"); and MetLife Holdings. Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company's business and operations. Actual results could differ from these estimates. The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2023 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report"), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial stateme

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