MetLife Inc. Files Q3 2024 10-Q

TL;DR

MetLife's Q3 2024 10-Q is in: Revenues and derivative impacts detailed.

AI Summary

MetLife Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its revenues and gains/losses on derivative instruments. Key financial data points and segment information are presented, along with details on preferred stock and residential loans held for investment.

Why It Matters

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

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial performance and potential risks for the company.

Key Numbers

• 2024 Q3 — Reporting Period (Covers the third quarter of 2024.)
• 2024-09-30 — As of Date (Financial position as of the end of Q3 2024.)
• 2023-12-31 — Prior Year End (For comparison with the current period.)

Key Players & Entities

• METLIFE INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241101 (date) — Filing Date
• 200 PARK AVENUE (address) — Business and Mail Address
• NEW YORK (location) — City
• 10166 (postal_code) — ZIP Code
• 212-578-5500 (phone_number) — Business Phone

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-20240930.htm (10-Q) — 9153KB
• mlinc-2024930xex101.htm (EX-10.1) — 44KB
• mlinc-2024930xex311.htm (EX-31.1) — 9KB
• mlinc-2024930xex312.htm (EX-31.2) — 9KB
• mlinc-2024930xex321.htm (EX-32.1) — 3KB
• mlinc-2024930xex322.htm (EX-32.2) — 3KB
• image_0.jpg (GRAPHIC) — 6KB
• 0001099219-24-000257.txt ( ) — 43232KB
• met-20240930.xsd (EX-101.SCH) — 113KB
• met-20240930_cal.xml (EX-101.CAL) — 108KB
• met-20240930_def.xml (EX-101.DEF) — 939KB
• met-20240930_lab.xml (EX-101.LAB) — 1524KB
• met-20240930_pre.xml (EX-101.PRE) — 1281KB
• met-20240930_htm.xml (XML) — 12493KB

— Financial Information

Part I — Financial Information Item 1. Financial Statements (Unaudited) (at September 30, 2024 and December 31, 2023 and for the Three Months and Nine Months Ended September 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 10 Note 3 — Disposition 17 Note 4 — Future Policy Benefits 17 Note 5 — Policyholder Account Balances 30 Note 6 — Market Risk Benefits 39 Note 7 — Separate Accounts 43 Note 8 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue 47 Note 9 — Closed Block 48 Note 10 — Investments 51 Note 11 — Derivatives 65 Note 12 — Fair Value 77 Note 13 — Long-term Debt 93 Note 14 — Equity 93 Note 15 — Other Revenues and Other Expenses 98 Note 16 — Employee Benefit Plans 99 Note 17 — Income Tax 99 Note 18 — Earnings Per Common Share 100 Note 19 — Contingencies, Commitments and Guarantees 100

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 157

Controls and Procedures

Item 4. Controls and Procedures 158

— Other Information

Part II — Other Information

Legal Proceedings

Item 1. Legal Proceedings 159

Risk Factors

Item 1A. Risk Factors 159

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 159

Other Information

Item 5. Other Information 160

Exhibits

Item 6. Exhibits 161

Signatures

Signatures 162 Table of C ontents 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 September 30, 2024 and December 31, 2023 (Unaudited) (In millions, except share and per share data) September 30, 2024 December 31, 2023 Assets Investments: Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $ 162 and $ 184 , respectively); and amortized cost: $ 309,406 and $ 300,555 , respectively $ 293,779 $ 281,412 Equity securities, at estimated fair value 746 757 Contractholder-directed equity securities and fair value option securities, at estimated fair value 9,289 10,331 Mortgage loans (net of allowance for credit loss of $ 847 and $ 721 , respectively) 90,415 92,506 Policy loans 8,822 8,788 Real estate and real estate joint ventures (includes $ 380 and $ 317 , respectively, under the fair value option; $ 59 and $ 0 , respectively, of real estate held-for-sale; $ 230 and $ 0 , respectively, relating to variable interest entities) 13,731 13,332 Other limited partnership interests 14,186 14,764 Short-term investments, principally at estimated fair value 4,609 6,045 Other invested assets (includes $ 1,949 and $ 1,993 , respectively, of leveraged and direct financing leases; $ 472 and $ 333 , respectively, relating to variable interest entities) 19,706 18,202 Total investments 455,283 446,137 Cash and cash equivalents, principally at estimated fair value 21,765 20,639 Accrued investment income 3,722 3,589 Premiums, reinsurance and other receivables 31,443 28,971 Market risk benefits, at estimated fair value 310 286 Deferred policy acquisition costs and value of business acquired 20,401 20,151 Current income tax recoverable 304 190 Deferred income tax asset 2,469 2,612 Goodwill 9,155 9,236 Other assets 11,315 11,139 Separate account assets 148,809 144,634 Total assets $ 704,976 $ 687,584 Liabilities and Equity Liabilities Future policy benefits $ 201,340 $ 196,406 Policyholder acco

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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