MetLife Inc. Files 10-Q for Q2 2024

TL;DR

MetLife's Q2 2024 10-Q is in. Financials look steady, no major surprises.

AI Summary

MetLife Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and segment information are presented, reflecting the company's ongoing business activities in the life insurance sector.

Why It Matters

This filing provides investors and analysts with a detailed look at MetLife's financial health and operational performance during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 2024 Q2 — Reporting Period (Financial performance for the second quarter of 2024 is detailed.)
• 1231 — Fiscal Year End (Indicates the end of MetLife's fiscal year.)

Key Players & Entities

• METLIFE INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240801 (date) — Filing date
• 212-578-5500 (phone_number) — MetLife's business phone number

FAQ

Key Financial Figures

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

Filing Documents

• met-20240630.htm (10-Q) — 9053KB
• mlinc-2024630xex311.htm (EX-31.1) — 9KB
• mlinc-2024630xex312.htm (EX-31.2) — 9KB
• mlinc-2024630xex321.htm (EX-32.1) — 3KB
• mlinc-2024630xex322.htm (EX-32.2) — 3KB
• 0001099219-24-000201.txt ( ) — 42919KB
• met-20240630.xsd (EX-101.SCH) — 112KB
• met-20240630_cal.xml (EX-101.CAL) — 108KB
• met-20240630_def.xml (EX-101.DEF) — 945KB
• met-20240630_lab.xml (EX-101.LAB) — 1515KB
• met-20240630_pre.xml (EX-101.PRE) — 1286KB
• met-20240630_htm.xml (XML) — 12418KB

— Financial Information

Part I — Financial Information Item 1. Financial Statements (Unaudited) (at June 30, 2024 and December 31, 2023 and for the Three Months and Six Months Ended June 30, 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 18 Note 4 — Future Policy Benefits 18 Note 5 — Policyholder Account Balances 29 Note 6 — Market Risk Benefits 38 Note 7 — Separate Accounts 42 Note 8 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue 46 Note 9 — Closed Block 47 Note 10 — Investments 50 Note 11 — Derivatives 64 Note 12 — Fair Value 76 Note 13 — Long-term Debt 92 Note 14 — Equity 92 Note 15 — Other Revenues and Other Expenses 97 Note 16 — Employee Benefit Plans 98 Note 17 — Income Tax 98 Note 18 — Earnings Per Common Share 99 Note 19 — Contingencies, Commitments and Guarantees 99

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 103

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 153

Controls and Procedures

Item 4. Controls and Procedures 154

— Other Information

Part II — Other Information

Legal Proceedings

Item 1. Legal Proceedings 155

Risk Factors

Item 1A. Risk Factors 155

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 155

Other Information

Item 5. Other Information 156

Exhibits

Item 6. Exhibits 157

Signatures

Signatures 158 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 June 30, 2024 and December 31, 2023 (Unaudited) (In millions, except share and per share data) June 30, 2024 December 31, 2023 Assets Investments: Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $ 121 and $ 184 , respectively); and amortized cost: $ 303,191 and $ 300,555 , respectively $ 277,736 $ 281,412 Equity securities, at estimated fair value 754 757 Contractholder-directed equity securities and fair value option securities, at estimated fair value 10,106 10,331 Mortgage loans (net of allowance for credit loss of $ 806 and $ 721 , respectively) 89,802 92,506 Policy loans 8,691 8,788 Real estate and real estate joint ventures (includes $ 321 and $ 317 , respectively, under the fair value option; $ 34 and $ 0 , respectively, of real estate held-for-sale; $ 210 and $ 0 , respectively, relating to variable interest entities) 13,517 13,332 Other limited partnership interests 14,288 14,764 Short-term investments, principally at estimated fair value 3,804 6,045 Other invested assets (includes $ 1,863 and $ 1,993 , respectively, of leveraged and direct financing leases; $ 429 and $ 333 , respectively, relating to variable interest entities) 18,131 18,202 Total investments 436,829 446,137 Cash and cash equivalents, principally at estimated fair value 20,786 20,639 Accrued investment income 3,657 3,589 Premiums, reinsurance and other receivables 31,820 28,971 Market risk benefits, at estimated fair value 356 286 Deferred policy acquisition costs and value of business acquired 19,568 20,151 Current income tax recoverable 348 190 Deferred income tax asset 2,681 2,612 Goodwill 8,950 9,236 Other assets 11,043 11,139 Separate account assets 139,707 144,634 Total assets $ 675,745 $ 687,584 Liabilities and Equity Liabilities Future policy benefits $ 190,993 $ 196,406 Policyholder account balan

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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