MetLife
Sector unknown·MET · USA (SEC 10-K)·Fiscal year to 31/12/2025
MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Equity and capital markets
Macro
DriverNegative impact: weakens
“Equity Market Along with investments in equity securities and FVO securities, we have exposure to equity market risk through certain liabilities that involve long-term guarantees on equity performance, such as MRBs for variable annuities with guaranteed minimum benefits and certain PABs.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Based on our analysis of the impact of a 100-basis point change (increase or decrease) in interest rates, as well as a 10% change (increase or decrease) in foreign currency exchange rates and equity market prices, we have determined that such a change could have a material adverse effect on the estimated fair value of certain assets and liabilities from interest rate, foreign currency exchange rate and equity market exposures.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The assumptions of investment performance and volatility for variable products are consistent with historical experience of appropriate underlying equity and bond indices, such as the Standard & Poor’s Global Ratings (“S&P”) 500 Index.”
Annual report 2025A · The company itself
Market
“We are also one of the largest institutional investors in the U.S. with a general account portfolio invested primarily in fixed income securities (corporate, structured products, municipals, and government and agency) and mortgage loans, as well as real estate, real estate joint ventures (“REJVs”), other limited partnerships and equity securities.”
Annual report 2025A · The company itself
Market
“MetLife Investment Management MIM provides asset management and advisory services to institutional investors worldwide in public and private fixed income, real estate, equity, alternatives, multi-asset solutions and insurance solutions.”
Annual report 2025A · The company itself
SMEs
End markets
Market
“We sell these products to corporations and other institutions (including local, state and federal governments) and their respective employees, as well as individuals.”
Annual report 2025A · The company itself
Market
“Group Benefits The Group Benefits segment, based in the U.S., offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include term, variable and universal life insurance, dental, group and individual disability, accident & health insurance and vision.”
Annual report 2025A · The company itself
Market
“RIS The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals.”
Annual report 2025A · The company itself
Market
“Asia The Asia segment offers a broad range of products and services to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, accident & health insurance and retirement and savings.”
Annual report 2025A · The company itself
Market
“Latin America The Latin America segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.”
Annual report 2025A · The company itself
Premium consumers
End markets
Market
“Group Benefits The Group Benefits segment, based in the U.S., offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include term, variable and universal life insurance, dental, group and individual disability, accident & health insurance and vision.”
Annual report 2025A · The company itself
Market
“RIS The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals.”
Annual report 2025A · The company itself
Market
“Asia The Asia segment offers a broad range of products and services to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, accident & health insurance and retirement and savings.”
Annual report 2025A · The company itself
Market
“Latin America The Latin America segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Banks and insurance
End markets
Market
“MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management.”
Annual report 2025A · The company itself
Market
“RIS The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include stable value and pension risk transfer products, institutional income annuities, structured settlements, longevity reinsurance solutions, benefit funding solutions, funded reinsurance solutions and capital markets investment products.”
Annual report 2025A · The company itself
Market
“Our institutional clients include insurance companies, pension plans (including corporate and public plans and those under the Taft-Hartley Act) and defined contribution plans, intermediaries (including sub-advisory relationships), sovereign wealth funds, health service organizations, endowments, foundations, non-profits, family offices, high net worth clients, fund of funds, funds, retail clients, supranationals and central authorities.”
Annual report 2025A · The company itself
Europe
Geography
Market
“Table of Contents Risk Solutions Longevity Reinsurance Solutions Longevity reinsurance is a risk mitigation solution for United Kingdom (“U.K.”) pension plan sponsors and U.K. insurance companies that write pension risk transfer business, converting uncertain future pension benefit obligations into a fixed stream of payments to MetLife over the duration of the contract as opposed to a lump sum at inception in typical pension risk transfer transactions.”
Annual report 2025A · The company itself
Geography
“EMEA We operate across EMEA in both developed (Western Europe) and emerging (Central and Eastern Europe, Middle East and Africa) markets. Our largest operations are in the Gulf region, the U.K., Turkey and France.”
Annual report 2025A · The company itself
Geography
“Adjusted premiums, fees and other revenues for the year ended December 31, 2025 increased $353 million, or 14%, compared to 2024. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $335 million, or 13%, compared to 2024, primarily due to growth in our (i) corporate solutions business in the U.K., the Gulf and Egypt, (ii) credit life business in Turkey and Romania, (iii) accident & health and ordinary life businesses across the region, and (iv) pension business in Turkey.”
Annual report 2025A · The company itself
Industrial manufacturing
End markets
Market
“Group Benefits We have built a leading position in the U.S. group insurance market through long-standing relationships with many of the largest employers in the U.S. Our Group Benefits segment, based in the U.S., offers life insurance, dental, group short- and long-term disability, paid family and medical leave, individual disability, accidental death and dismemberment (“AD&D”) insurance, accident & health insurance, and vision, as well as prepaid legal plans and pet insurance.”
Annual report 2025A · The company itself
Public sector
End markets
Market
“We sell these products to corporations and other institutions (including local, state and federal governments) and their respective employees, as well as individuals.”
Annual report 2025A · The company itself
Interest rates
Macro
DriverMixed impact: mixed
“We base our pricing on the expected benefits payout which we calculate through the use of assumptions for mortality, longevity, morbidity, expenses, persistency and investment returns and macroeconomic factors such as inflation.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Interest Rates Our exposure to interest rate changes results most significantly from our holdings of fixed maturity securities AFS, mortgage loans, derivatives, and our interest rate sensitive liabilities. Fixed maturity securities AFS include U.S. and foreign government bonds, securities issued by government agencies, corporate bonds, mortgage-backed securities and ABS & CLO, all of which are mainly exposed to changes in medium- and long-term interest rates.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The interest rate sensitive liabilities for purposes of this disclosure include FPBs, PABs related to certain investment type contracts, debt and MRBs primarily consisting of variable annuities with guaranteed minimum benefits which have the same type of interest rate exposure (medium- and long-term interest rates) as fixed maturity securities AFS.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Based on our analysis of the impact of a 100-basis point change (increase or decrease) in interest rates, as well as a 10% change (increase or decrease) in foreign currency exchange rates and equity market prices, we have determined that such a change could have a material adverse effect on the estimated fair value of certain assets and liabilities from interest rate, foreign currency exchange rate and equity market exposures.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“Based on our analysis of the impact of a 100-basis point change (increase or decrease) in interest rates, as well as a 10% change (increase or decrease) in foreign currency exchange rates and equity market prices, we have determined that such a change could have a material adverse effect on the estimated fair value of certain assets and liabilities from interest rate, foreign currency exchange rate and equity market exposures.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Inflation
Macro
DriverNegative impact: weakens
“Our Group Benefits segment quarterly claims experience may vary, as seasonal illnesses affect mortality and morbidity, and due to utilization rate fluctuation in our non-medical health businesses.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our Global Risk Management department develops product pricing standards and provides independent pricing and underwriting oversight for MetLife’s insurance businesses.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“We base our pricing on the expected benefits payout which we calculate through the use of assumptions for mortality, longevity, morbidity, expenses, persistency and investment returns and macroeconomic factors such as inflation.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The Company’s primary best estimate cash flow assumptions include expectations related to mortality, morbidity, termination, claim settlement expense, policy lapse, renewal, retirement, disability incidence, disability terminations, inflation and other contingent events as appropriate to the respective product type and geographical area.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
AI regulation
Regulation
DriverNegative impact: weakens
“Furthermore, consumer protection laws, big data, artificial intelligence (“AI”), cybersecurity, privacy and data protection, anti-money laundering, securities, commodities, broker-dealer and investment adviser regulations, environmental and unclaimed property laws and regulations, and the Employee Retirement Income Security Act of 1974 (“ERISA”) also apply to some of MetLife’s operations, products and services.”
Annual report 2025A · The company itself
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Furthermore, consumer protection laws, big data, artificial intelligence (“AI”), cybersecurity, privacy and data protection, anti-money laundering, securities, commodities, broker-dealer and investment adviser regulations, environmental and unclaimed property laws and regulations, and the Employee Retirement Income Security Act of 1974 (“ERISA”) also apply to some of MetLife’s operations, products and services.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Employment
Macro
DriverNegative impact: weakens
“Our Group Benefits segment quarterly claims experience may vary, as seasonal illnesses affect mortality and morbidity, and due to utilization rate fluctuation in our non-medical health businesses.”
Annual report 2025A · The company itself
Other currencies
Macro
DriverNegative impact: weakens
“As a result of that analysis, we have determined that the estimated fair values of certain assets and liabilities are materially exposed to changes in interest rates, foreign currency exchange rates and equity markets. We have exposure to market risk through our insurance operations and investment activities.”
Annual report 2025A · The company itself
Asia and emerging markets
Geography
Geography
“Asia Our Asia operations are geographically diverse encompassing both developed and emerging markets. We operate in nine jurisdictions throughout Asia, with our largest operation in Japan.”
Annual report 2025A · The company itself
Geography
“Adjusted premiums, fees and other revenues for the year ended December 31, 2025 increased $11 million, or less than 1%, compared to 2024. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $45 million, or 1%, compared to 2024, as increases in premiums in life products in Korea and Bangladesh were largely offset by lower fee income from Japan’s foreign currency-denominated life and annuity products and a decrease in premiums from Japan’s accident & health products.”
Annual report 2025A · The company itself
Geography
“Adjusted premiums, fees and other revenues for the year ended December 31, 2024 decreased $212 million, or 3%, compared to 2023. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $149 million, or 2%, compared to 2023, as increases in premiums in Korea and Australia, as well as fee income from Japan’s foreign currency life and annuity products, were partially offset by a decrease in premiums from Japan’s accident & health and yen-denominated life products.”
Annual report 2025A · The company itself
Geography
“Asia The Asia segment offers a broad range of products and services to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, accident & health insurance and retirement and savings.”
Annual report 2025A · The company itself
Latin America
Geography
Geography
“Latin America Our largest operations in Latin America are in Mexico and Chile.”
Annual report 2025A · The company itself
Geography
“Adjusted premiums, fees and other revenues for the year ended December 31, 2025 increased $670 million, or 11%, compared to 2024. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $855 million, or 15%, compared to 2024, mainly driven by strong sales and solid persistency across the region.”
Annual report 2025A · The company itself
Geography
“Adjusted premiums, fees and other revenues for the year ended December 31, 2024 increased $209 million, or 4%, compared to 2023. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $544 million, or 10%, compared to 2023, mainly driven by strong sales and solid persistency across the region.”
Annual report 2025A · The company itself
Geography
“Latin America The Latin America segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.”
Annual report 2025A · The company itself
United States
Geography
Geography
“Group Benefits The Group Benefits segment, based in the U.S., offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals.”
Annual report 2025A · The company itself
Geography
“RIS The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 2.44 bn USD |
| Revenue growth vs. the year before, same method | 8.5 % |
| EBITDA reported by the company | 6.34 bn USD |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 4.71 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.