# EDGAR Filing Document

**Accession Number:** 0000937834
**File Stem:** 0000937834-25-000014
**Filing Date:** 2025-11
**Character Count:** 366399
**Document Hash:** 75d90d25ea2b23018c938f87470ca6ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000937834-25-000014.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0000937834-25-000014

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 136

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** METROPOLITAN LIFE INSURANCE CO
- **CENTRAL INDEX KEY:** 0000937834
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 135581829
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55029
- **FILM NUMBER:** 251473051

**BUSINESS ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166
- **BUSINESS PHONE:** 212-578-9000

**MAIL ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166

?xml version='1.0' encoding='ASCII'? mlic-20250930

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 **______________________________________**

**Form 10-Q** 

**(Mark One)**

---

| | |
|:---|:---|
| ☑ | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025** 

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE TRANSITION PERIOD FROM TO** 

**Commission file number: 000-55029** 

**________________________________________**

**Metropolitan Life Insurance Company**

*(Exact name of registrant as specified in its charter)*

---

| | | | |
|:---|:---|:---|:---|
| **New York** | **New York** | **New York** | **13-5581829** |
| *(State or other jurisdiction of<br>incorporation or organization)* | *(State or other jurisdiction of<br>incorporation or organization)* | *(State or other jurisdiction of<br>incorporation or organization)* | *(I.R.S. Employer<br>Identification No.)* |
| **200 Park Avenue,** | **New York,** | **NY** | **10166-0188** |
| *(Address of principal executive offices)* | *(Address of principal executive offices)* | *(Address of principal executive offices)* | *(Zip Code)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(212) 578-9500** 

*(Registrant's telephone number, including area code)*

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| None | N/A | N/A |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☑&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☑ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☑

At November 12, 2025, 494,466,664 shares of the registrant's common stock were outstanding, all of which were owned directly by MetLife, Inc.

**REDUCED DISCLOSURE FORMAT**

**The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is, therefore, filing this Form 10-Q with the reduced disclosure format.**

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **<u>[Part I — Financial Information](#i94b146efa7eb48d781a2845356194486_16)</u>** | **<u>[Part I — Financial Information](#i94b146efa7eb48d781a2845356194486_16)</u>** | |
| Item 1. | Financial Statements (Unaudited) (at September 30, 2025 and December 31, 2024 and for the Three Months and Nine Months Ended September 30, 2025 and 2024) |  |
|  | <u>[Interim Condensed Consolidated Balance Sheets](#i94b146efa7eb48d781a2845356194486_22)</u> | <u>[4](#i94b146efa7eb48d781a2845356194486_22)</u> |
|  | <u>[Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](#i94b146efa7eb48d781a2845356194486_25)</u> | <u>[5](#i94b146efa7eb48d781a2845356194486_25)</u> |
|  | <u>[Interim Condensed Consolidated Statements of Equity](#i94b146efa7eb48d781a2845356194486_28)</u> | <u>[6](#i94b146efa7eb48d781a2845356194486_28)</u> |
|  | <u>[Interim Condensed Consolidated Statements of Cash Flows](#i94b146efa7eb48d781a2845356194486_31)</u> | <u>[7](#i94b146efa7eb48d781a2845356194486_31)</u> |
|  | <u>[Notes to the Interim Condensed Consolidated Financial Statements:](#i94b146efa7eb48d781a2845356194486_34)</u> |  |
|  | <u>[Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies](#i94b146efa7eb48d781a2845356194486_34)</u> | <u>[8](#i94b146efa7eb48d781a2845356194486_37)</u> |
|  | <u>[Note 2 — Segment Information](#i94b146efa7eb48d781a2845356194486_52)</u> | <u>[10](#i94b146efa7eb48d781a2845356194486_55)</u> |
|  | <u>[Note 3 — Future Policy Benefits](#i94b146efa7eb48d781a2845356194486_85)</u> | <u>[16](#i94b146efa7eb48d781a2845356194486_85)</u> |
|  | <u>[Note 4 — Policyholder Account Balances](#i94b146efa7eb48d781a2845356194486_109)</u> | <u>[22](#i94b146efa7eb48d781a2845356194486_109)</u> |
|  | <u>[Note 5 — Market Risk Benefits](#i94b146efa7eb48d781a2845356194486_127)</u> | <u>[27](#i94b146efa7eb48d781a2845356194486_127)</u> |
|  | <u>[Note 6 — Separate Accounts](#i94b146efa7eb48d781a2845356194486_145)</u> | <u>[30](#i94b146efa7eb48d781a2845356194486_145)</u> |
|  | <u>[Note 7 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue](#i94b146efa7eb48d781a2845356194486_160)</u> | <u>[33](#i94b146efa7eb48d781a2845356194486_160)</u> |
|  | <u>[Note 8 — Closed Block](#i94b146efa7eb48d781a2845356194486_181)</u> | <u>[35](#i94b146efa7eb48d781a2845356194486_181)</u> |
|  | <u>[Note 9 — Investments](#i94b146efa7eb48d781a2845356194486_187)</u> | <u>[37](#i94b146efa7eb48d781a2845356194486_187)</u> |
|  | <u>[Note 10 — Derivatives](#i94b146efa7eb48d781a2845356194486_220)</u> | <u>[54](#i94b146efa7eb48d781a2845356194486_220)</u> |
|  | <u>[Note 11 — Fair Value](#i94b146efa7eb48d781a2845356194486_271)</u> | <u>[66](#i94b146efa7eb48d781a2845356194486_274)</u> |
|  | <u>[Note 12 — Long-term Debt](#i94b146efa7eb48d781a2845356194486_310)</u> | <u>[81](#i94b146efa7eb48d781a2845356194486_310)</u> |
|  | <u>[Note 13 — Equity](#i94b146efa7eb48d781a2845356194486_316)</u> | <u>[81](#i94b146efa7eb48d781a2845356194486_316)</u> |
|  | <u>[Note 14 — Other Revenues and Other Expenses](#i94b146efa7eb48d781a2845356194486_346)</u> | <u>[84](#i94b146efa7eb48d781a2845356194486_346)</u> |
|  | <u>[Note 15 — Income Tax](#i94b146efa7eb48d781a2845356194486_364)</u> | <u>[85](#i94b146efa7eb48d781a2845356194486_364)</u> |
|  | <u>[Note 16 — Contingencies, Commitments and Guarantees](#i94b146efa7eb48d781a2845356194486_370)</u> | <u>[85](#i94b146efa7eb48d781a2845356194486_370)</u> |
|  | <u>[Note 17 — Related Party Transactions](#i94b146efa7eb48d781a2845356194486_382)</u> | <u>[88](#i94b146efa7eb48d781a2845356194486_382)</u> |
| **Item 2.** | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i94b146efa7eb48d781a2845356194486_406)</u> | <u>[91](#i94b146efa7eb48d781a2845356194486_406)</u> |
| **Item 4.** | <u>[Controls and Procedures](#i94b146efa7eb48d781a2845356194486_511)</u> | <u>[101](#i94b146efa7eb48d781a2845356194486_511)</u> |
| **<u>[Part II — Other Information](#i94b146efa7eb48d781a2845356194486_517)</u>** | **<u>[Part II — Other Information](#i94b146efa7eb48d781a2845356194486_517)</u>** |  |
| **Item 1.** | <u>[Legal Proceedings](#i94b146efa7eb48d781a2845356194486_520)</u> | <u>[101](#i94b146efa7eb48d781a2845356194486_520)</u> |
| **Item 1A.** | <u>[Risk Factors](#i94b146efa7eb48d781a2845356194486_523)</u> | <u>[101](#i94b146efa7eb48d781a2845356194486_523)</u> |
| **Item 5.** | <u>[Other Information](#i94b146efa7eb48d781a2845356194486_526)</u> | <u>[101](#i94b146efa7eb48d781a2845356194486_526)</u> |
| **Item 6.** | <u>[Exhibits](#i94b146efa7eb48d781a2845356194486_529)</u> | <u>[102](#i94b146efa7eb48d781a2845356194486_529)</u> |
| **<u>[Glossary](#i94b146efa7eb48d781a2845356194486_532)</u>** | **<u>[Glossary](#i94b146efa7eb48d781a2845356194486_532)</u>** | <u>[103](#i94b146efa7eb48d781a2845356194486_532)</u> |
| **<u>[Signatures](#i94b146efa7eb48d781a2845356194486_535)</u>** | **<u>[Signatures](#i94b146efa7eb48d781a2845356194486_535)</u>** | <u>[105](#i94b146efa7eb48d781a2845356194486_535)</u> |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

*As used in this Form 10-Q, "MLIC," the "Company," "we," "our" and "us" refer to Metropolitan Life Insurance Company, a New York corporation incorporated in 1868, and its subsidiaries. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, "MetLife").*

**Note Regarding Forward-Looking Statements**

This Quarterly Report on Form 10-Q, 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," "target," "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 strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

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 Metropolitan Life Insurance Company's filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:

(1) economic condition difficulties, including risks relating to interest rates, the effects of announced or future tariff increases on the global economy, credit spreads, declining equity or debt markets, real estate, obligors and counterparties, government default or shutdown, derivatives, climate change and public health;

(2) global capital and credit market adversity;

(3) credit facility inaccessibility;

(4) financial strength or credit ratings downgrades;

(5) unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers' credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks;

(6) statutory life insurance reserve financing costs or limited market capacity;

(7) legal, regulatory, and supervisory and enforcement policy changes;

(8) changes in tax rates, tax laws or interpretations;

(9) litigation and regulatory investigations;

(10) unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;

(11) investment defaults, downgrades, or volatility;

(12) investment sales or lending difficulties;

(13) collateral or derivative-related payments;

(14) investment valuations, allowances, or impairments changes;

(15) claims or other results that differ from our estimates, assumptions, or models;

(16) business competition;

(17) technological changes;

(18) catastrophes;

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

(19) climate changes or responses to it;

(20) deficiencies in our closed block;

(21) impairment of value of business acquired, value of distribution agreements acquired or value of customer relationships acquired;

(22) product guarantee volatility, costs, and counterparty risks;

(23) risk management failures;

(24) insufficient protection from operational risks;

(25) failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or disaster recovery failures;

(26) accounting standards changes;

(27) excessive risk-taking; and

(28) marketing and distribution difficulties.

Metropolitan Life Insurance Company does not undertake any obligation to publicly correct or update any forward-looking statement if Metropolitan Life Insurance Company later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures Metropolitan Life Insurance Company makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.

**Note Regarding Reliance on Statements in Our Contracts**

See "Exhibits — Note Regarding Reliance on Statements in Our Contracts" for information regarding agreements included as exhibits to this Quarterly Report on Form 10-Q.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Part I — Financial Information**

*Item 1. Financial Statements*

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Interim Condensed Consolidated Balance Sheets**

**September 30, 2025 and December 31, 2024 (Unaudited)**

**(In millions, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Investments: |  |  |
| Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $196 and $112, respectively); and amortized cost: $157,177 and $153,744, respectively | $149295 | $140832 |
| Mortgage loans (net of allowance for credit loss of $740 and $503, respectively; includes $176 and $198, respectively, relating to variable interest entities) | 56842 | 60025 |
| Policy loans | 5615 | 5601 |
| Real estate and real estate joint ventures (includes $1,966 and $2,000, respectively, relating to variable interest entities; $382 and $378, respectively, under the fair value option; $148 and $0, of real estate held-for-sale, respectively) | 9015 | 8902 |
| Other limited partnership interests | 6898 | 7054 |
| Short-term investments, at estimated fair value | 2232 | 2391 |
| Other invested assets (includes $465 and $729, respectively, of leveraged and direct financing leases; $46 and $112, respectively, relating to variable interest entities) | 15899 | 17674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | 245796 | 242479 |
| Cash and cash equivalents, principally at estimated fair value (includes $34 and $0, respectively, relating to variable interest entities) | 6640 | 7271 |
| Accrued investment income | 2104 | 1986 |
| Premiums, reinsurance and other receivables | 28580 | 28084 |
| Market risk benefits, at estimated fair value | 232 | 246 |
| Deferred policy acquisition costs and value of business acquired | 3015 | 3136 |
| Current income tax recoverable | 441 | 245 |
| Deferred income tax asset | 2656 | 2883 |
| Other assets | 4228 | 4264 |
| Separate account assets | 74081 | 79202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $367773 | $369796 |
| **Liabilities and Equity** |  |  |
| **Liabilities** |  |  |
| Future policy benefits | $127858 | $126619 |
| Policyholder account balances | 103402 | 102140 |
| Market risk benefits, at estimated fair value | 2354 | 2339 |
| Other policy-related balances | 8867 | 8338 |
| Policyholder dividends payable | 215 | 231 |
| Payables for collateral under securities loaned and other transactions | 11614 | 11271 |
| Long-term debt | 1295 | 1553 |
| Other liabilities | 23872 | 23669 |
| Separate account liabilities | 74081 | 79202 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 353558 | 355362 |
| **Contingencies, Commitments and Guarantees (Note 16)** |  |  |
| **Equity** |  |  |
| Metropolitan Life Insurance Company stockholder's equity: |  |  |
| Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 494,466,664 shares issued and outstanding | 5 | 5 |
| Additional paid-in capital | 12475 | 12475 |
| Retained earnings | 6314 | 7444 |
| Accumulated other comprehensive income (loss) | (5013) | (5994) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Metropolitan Life Insurance Company stockholder's equity | 13781 | 13930 |
| Noncontrolling interests | 434 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 14215 | 14434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $367773 | $369796 |

---

**See accompanying notes to the interim condensed consolidated financial statements.**

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)**

**Three Months and Nine Months Ended September 30, 2025 and 2024 (Unaudited)**

**(In millions)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months<br>Ended<br>September 30,** | **Three Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| Premiums | $6231 | $6213 | $19564 | $19793 |
| Universal life and investment-type product policy fees | 369 | 369 | 1151 | 1109 |
| Net investment income | 2931 | 2920 | 8613 | 8680 |
| Other revenues | 427 | 445 | 1283 | 1347 |
| Net investment gains (losses) | (216) | (181) | (823) | (423) |
| Net derivative gains (losses) | (403) | (382) | (1033) | (378) |
| &nbsp;&nbsp;Total revenues | 9339 | 9384 | 28755 | 30128 |
| **Expenses** |  |  |  |  |
| Policyholder benefits and claims | 6504 | 6534 | 20510 | 20749 |
| Policyholder liability remeasurement (gains) losses | 2 | (164) | 8 | (148) |
| Market risk benefit remeasurement (gains) losses | (175) | 482 | (127) | (234) |
| Interest credited to policyholder account balances | 954 | 983 | 2826 | 2863 |
| Policyholder dividends | 96 | 115 | 320 | 342 |
| Other expenses | 1360 | 1490 | 4013 | 4284 |
| &nbsp;&nbsp;Total expenses | 8741 | 9440 | 27550 | 27856 |
| &nbsp;&nbsp;Income (loss) before provision for income tax | 598 | (56) | 1205 | 2272 |
| Provision for income tax expense (benefit) | 81 | (47) | 159 | 395 |
| &nbsp;&nbsp;Net income (loss) | 517 | (9) | 1046 | 1877 |
| Less: Net income (loss) attributable to noncontrolling interests | (4) | (4) | (9) | (7) |
| &nbsp;&nbsp;Net income (loss) attributable to Metropolitan Life Insurance Company | $521 | $(5) | $1055 | $1884 |
| Comprehensive income (loss) | $1568 | $1524 | $3101 | $3874 |
| Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax | (4) | (4) | (9) | (7) |
| &nbsp;&nbsp;&nbsp;Comprehensive income (loss) attributable to Metropolitan Life Insurance Company | $1572 | $1528 | $3110 | $3881 |

---

**See accompanying notes to the interim condensed consolidated financial statements.**

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Interim Condensed Consolidated Statements of Equity**

 **Nine Months Ended September 30, 2025 and 2024 (Unaudited)**

**(In millions)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common<br>Stock** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Accumulated <br>Other <br>Comprehensive <br>Income (Loss)** | **Total<br>Metropolitan Life<br>Insurance Company<br>Stockholder's Equity** | **Noncontrolling<br>Interests** | **Total<br>Equity** |
| Balance at December 31, 2024 | $5 | $12475 | $7444 | $(5994) | $13930 | $504 | $14434 |
| Cumulative effects of change in accounting principles for equity method investee at January 1, 2025 |  |  |  | (1074) | (1074) |  | (1074) |
| Dividends to MetLife, Inc. |  |  | (1966) |  | (1966) |  | (1966) |
| Change in equity of noncontrolling interests |  |  |  |  |  | (59) | (59) |
| Net income (loss) |  |  | 534 |  | 534 | (5) | 529 |
| Other comprehensive income (loss), net of income tax |  |  |  | 1004 | 1004 |  | 1004 |
| Balance at June 30, 2025 | $5 | $12475 | $6012 | $(6064) | $12428 | $440 | $12868 |
| Dividends to MetLife, Inc. |  |  | (219) |  | (219) |  | (219) |
| Change in equity of noncontrolling interests |  |  |  |  |  | (2) | (2) |
| Net income (loss) |  |  | 521 |  | 521 | (4) | 517 |
| Other comprehensive income (loss), net of income tax |  |  |  | 1051 | 1051 |  | 1051 |
| Balance at September 30, 2025 | $5 | $12475 | $6314 | $(5013) | $13781 | $434 | $14215 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common<br>Stock** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Accumulated <br>Other <br>Comprehensive <br>Income (Loss)** | **Total<br>Metropolitan Life<br>Insurance Company<br>Stockholder's Equity** | **Noncontrolling<br>Interests** | **Total<br>Equity** |
| Balance at December 31, 2023 | $5 | $12475 | $7645 | $(6872) | $13253 | $363 | $13616 |
| Cumulative effects of changes in accounting principles, net of income tax |  |  | (219) |  | (219) |  | (219) |
| Dividends to MetLife, Inc. |  |  | (2000) |  | (2000) |  | (2000) |
| Change in equity of noncontrolling interests |  |  |  |  |  | 132 | 132 |
| Net income (loss) |  |  | 1889 |  | 1889 | (3) | 1886 |
| Other comprehensive income (loss), net of income tax |  |  |  | 464 | 464 |  | 464 |
| Balance at June 30, 2024 | $5 | $12475 | $7315 | $(6408) | $13387 | $492 | $13879 |
| Dividends to MetLife, Inc. |  |  | (738) |  | (738) |  | (738) |
| Change in equity of noncontrolling interests |  |  |  |  |  | 11 | 11 |
| Net income (loss) |  |  | (5) |  | (5) | (4) | (9) |
| Other comprehensive income (loss), net of income tax |  |  |  | 1533 | 1533 |  | 1533 |
| Balance at September 30, 2024 | $5 | $12475 | $6572 | $(4875) | $14177 | $499 | $14676 |

---

**See accompanying notes to the interim condensed consolidated financial statements.**

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Interim Condensed Consolidated Statements of Cash Flows**

**Nine Months Ended September 30, 2025 and 2024 (Unaudited)**

**(In millions)**

---

| | | |
|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** |
| **Net cash provided by (used in) operating activities** | $3356 | $3819 |
| **Cash flows from investing activities** |  |  |
| Sales, maturities and repayments of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available-for-sale | 22294 | 22419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 46 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 7051 | 5056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate and real estate joint ventures | 136 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other limited partnership interests | 463 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 5093 | 4504 |
| Purchases and originations of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available-for-sale | (25393) | (22620) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | (40) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | (3860) | (3709) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate and real estate joint ventures | (372) | (552) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other limited partnership interests | (298) | (350) |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | (4813) | (3800) |
| Cash received in connection with freestanding derivatives | 835 | 507 |
| Cash paid in connection with freestanding derivatives | (1142) | (1165) |
| Net change in policy loans | (14) | (112) |
| Net change in other invested assets | 462 | 363 |
| Other, net | 75 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 523 | 1468 |
| **Cash flows from financing activities** |  |  |
| Policyholder account balances - deposits | 60807 | 55369 |
| Policyholder account balances - withdrawals | (63181) | (57417) |
| Net change in payables for collateral under securities loaned and other transactions | 343 | (548) |
| Long-term debt repaid | (260) | (150) |
| Derivatives with certain financing elements and other derivative-related transactions, net | 31 | (49) |
| Dividends paid to MetLife, Inc. | (2185) | (2738) |
| Other, net | (71) | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (4516) | (5442) |
| Effect of change in foreign currency exchange rates on cash and cash equivalents balances | 6 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in cash and cash equivalents | (631) | (156) |
| Cash and cash equivalents, beginning of period | 7271 | 6795 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash and cash equivalents, end of period** | $6640 | $6639 |
| **Supplemental disclosures of cash flow information** |  |  |
| Net cash paid (received) for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $66 | $75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax | $557 | $493 |
| Non-cash transactions: |  |  |
| Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions | $— | $876 |
| Real estate and real estate joint ventures acquired in satisfaction of debt | $128 | $298 |
| Other invested assets received in connection with the sale of other limited partnership interests | $17 | $299 |

---

**&nbsp;&nbsp;&nbsp;&nbsp;**

**See accompanying notes to the interim condensed consolidated financial statements.**

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)**

**1. Business, Basis of Presentation and Summary of Significant Accounting Policies**

***Business***

Metropolitan Life Insurance Company and its subsidiaries (collectively, "MLIC" or the "Company") is a provider of insurance, annuities and employee benefits. MLIC is organized into three segments: Group Benefits, Retirement and Income Solutions ("RIS"), and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. See Note 2 for further information on the Company's segments and Corporate & Other. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, "MetLife").

***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, 2024 consolidated balance sheet data was derived from audited consolidated financial statements included in Metropolitan Life Insurance Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 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 statements of the Company included in the 2024 Annual Report.

***<u>Consolidation</u>***

The accompanying interim condensed consolidated financial statements include the accounts of Metropolitan Life Insurance Company and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities ("VIEs") for which the Company is the primary beneficiary. Intercompany accounts and transactions are eliminated.

The Company uses either the equity method of accounting or the fair value option ("FVO") for its investments in joint ventures, including real estate joint ventures ("REJV") and other limited partnership interests ("OLPI") when it has more than a minor ownership interest or more than a minor influence over the investee's operations. The Company generally recognizes its share of the investee's earnings in net investment income on a three-month lag in instances where the investee's financial information is not sufficiently timely or when the investee's reporting period differs from the Company's reporting period.

Effective January 1, 2025, an operating joint venture engaged in insurance underwriting activities, for which the Company uses the equity method of accounting, adopted the accounting pronouncement related to targeted improvements to the accounting for long-duration contracts. See Note 13 for further information.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.

***Recent Accounting Pronouncements***

Changes to GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of Accounting Standards Updates ("ASUs") to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following table provides a description of ASUs recently issued by the FASB and the impact of their future adoption on the Company's consolidated financial statements.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)** 

***<u>Future Adoption of Accounting Pronouncements</u>***

ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company's consolidated financial statements or disclosures. ASUs issued but not yet adopted as of September 30, 2025 that are currently being assessed and may or may not have a material impact on the Company's consolidated financial statements or disclosures are summarized in the table below.

---

| | | | |
|:---|:---|:---|:---|
| **Standard** | **Description** | **Effective Date and<br>Method of Adoption** | **Impact on Financial Statements** |
| ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* | Among other things, the amendments in this update require that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation; and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received). | Effective for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption permitted). | The Company will include the applicable enhanced disclosures in its 2025 annual consolidated financial statements. |
| ASU 2024-03, *Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as amended by ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying The Effective Date* | The key amendments in this update require disclosures in the notes to financial statements around employee compensation costs, depreciation, intangible asset amortization and certain other costs and expenses. Information on selling expenses is also required. | Effective for annual periods beginning January 1, 2027, and <br>interim periods beginning January 1, 2028, to be applied prospectively with an option for retrospective application (with early adoption permitted). | The Company is evaluating the impact of the guidance on its consolidated financial statements. |
| ASU 2025-06, *Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software* | The key amendments in this update remove all references to prescriptive and sequential software development project stages and require that an entity capitalize software costs when both: (i) management has authorized and committed to funding the software project; and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. | Effective for annual and interim periods beginning January 1, 2028, to be applied either prospectively, retrospectively, or using a modified transition approach (with early adoption permitted as of the beginning of an annual reporting period). | The Company is evaluating the impact of the guidance on its consolidated financial statements. |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

 **2. Segment Information**

The Company is organized into three segments: Group Benefits, RIS and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. In the fourth quarter of 2024, the Company adopted ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*. As such, the disclosures have been enhanced to reflect the adoption of this update.

***Group Benefits***

The Group Benefits segment, based in the United States ("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 and accident & health insurance.

***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, benefit funding solutions and capital markets investment products.

***MetLife Holdings***

The MetLife Holdings segment principally consists of operations relating to products and businesses that the Company no longer actively markets in the U.S. These include variable, universal, term and whole life insurance, variable, fixed and index-linked annuities and long-term care insurance.

***Financial Measure and Segment Accounting Policies***

Adjusted earnings is used by the Company's chief operating decision maker, its Chief Executive Officer, to evaluate performance and allocate resources. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management's and many other employees' performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of the Company's performance relative to its business plan and facilitate comparisons to industry results.

Consistent with GAAP guidance for segment reporting, adjusted earnings is the Company's GAAP measure of segment performance and is reported below. The Company believes the presentation of adjusted earnings enhances its investors' understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business.

Adjusted earnings focuses on the Company's primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings excludes results of discontinued operations under GAAP.

Market volatility can have a significant impact on the Company's financial results. Adjusted earnings for the Company's segments excludes net investment gains (losses), net derivative gains (losses), market risk benefit ("MRB") remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method, and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.

Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings for the Company's segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**2. Segment Information (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits ("FPBs"), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest credited to policyholder account balances ("PABs") excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.

"Divested businesses" are those that have been or will be sold or exited by MLIC but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MLIC that do not meet the criteria to be included in results of discontinued operations under GAAP.

Other adjustments, which are applicable to the Company's segments, are made in calculating adjusted earnings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income and interest credited to PABs exclude certain amounts related to contractholder-directed equity securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic guaranteed interest contracts ("GICs") accounted for as freestanding derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income and other expenses also exclude Reinsurance adjustments (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Reinsurance adjustments" relate to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

The Company's segment accounting policies are the same as those used to prepare the Company's interim condensed consolidated financial statements. In addition, segment accounting policies include the method of capital allocation described below.

Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in MetLife's and the Company's businesses.

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**2. Segment Information (continued)**

MetLife's economic capital model, coupled with considerations of local capital requirements, aligns segment allocated equity with emerging standards and consistent risk principles. The model applies statistics-based risk evaluation principles to the material risks to which the Company is exposed. These consistent risk principles include calibrating required economic capital shock factors to a specific confidence level and time horizon while applying an industry standard method for the inclusion of diversification benefits among risk types. MetLife's management is responsible for the ongoing production and enhancement of the economic capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards.

Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company's consolidated net investment income, net income (loss) or adjusted earnings.

Net investment income is based upon the actual results of each segment's specifically identifiable investment portfolios adjusted for allocated equity. Expenses are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company's product pricing.

***Corporate & Other***

Corporate & Other contains various start-up, developing and run-off businesses, including the Company's ancillary non-U.S. operations. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including enterprise-wide strategic initiatives), interest expense related to the majority of the Company's outstanding debt, expenses associated with certain legal proceedings and income tax audit issues and the elimination of intersegment amounts (which generally relate to intersegment loans bearing interest rates commensurate with related borrowings).

The financial measure and accounting policies used to prepare the Company's segment results are the same as those used to prepare results for Corporate & Other. See "— Financial Measure and Segment Accounting Policies."

Set forth in the tables below is certain financial information with respect to the Company's segments for the three months and nine months ended September 30, 2025 and 2024.

---

| | | | |
|:---|:---|:---|:---|
| **Three Months Ended September 30, 2025** | **Group Benefits** | **RIS** | **MetLife<br>Holdings** |
| | **(In millions)** | **(In millions)** | **(In millions)** |
| **Revenues** | | | |
| Premiums | $5389 | $323 | $519 |
| Universal life and investment-type product policy fees | 227 | 66 | 68 |
| Net investment income (1) | 312 | 1709 | 922 |
| Other revenues | 187 | 57 | 37 |
| **Expenses** |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 4644 | 980 | 991 |
| Policyholder liability remeasurement (gains) losses | (9) | 1 | 10 |
| Interest credited to PABs | 44 | 726 | 83 |
| Other expenses: |  |  |  |
| &nbsp;&nbsp;Amortization of deferred policy acquisition costs ("DAC") and value of business acquired ("VOBA") | 6 | 10 | 46 |
| &nbsp;&nbsp;Interest expense on debt |  | 3 | 3 |
| &nbsp;&nbsp;Other segment expenses (2) | 882 | 78 | 145 |
| Provision for income tax expense (benefit) | 117 | 69 | 55 |
| Adjusted earnings | $431 | $288 | $213 |

---

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**2. Segment Information (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Three Months Ended September 30, 2024** | **Group Benefits** | **RIS** | **MetLife<br>Holdings** |
| | **(In millions)** | **(In millions)** | **(In millions)** |
| **Revenues** | | | |
| Premiums | $5294 | $354 | $568 |
| Universal life and investment-type product policy fees | 231 | 57 | 74 |
| Net investment income (1) | 300 | 1664 | 891 |
| Other revenues | 184 | 77 | 39 |
| **Expenses** |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 4626 | 1000 | 1038 |
| Policyholder liability remeasurement (gains) losses |  | (138) | (26) |
| Interest credited to PABs | 48 | 741 | 88 |
| Other expenses: |  |  |  |
| &nbsp;&nbsp;Amortization of DAC and VOBA | 6 | 9 | 49 |
| &nbsp;&nbsp;Interest expense on debt |  | 4 | 4 |
| &nbsp;&nbsp;Other segment expenses (2) | 883 | 79 | 198 |
| Provision for income tax expense (benefit) | 95 | 95 | 45 |
| Adjusted earnings | $351 | $362 | $176 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Nine Months Ended September 30, 2025** | **Group Benefits** | **RIS** | **MetLife<br>Holdings** |
| | **(In millions)** | **(In millions)** | **(In millions)** |
| **Revenues** | | | |
| Premiums | $16411 | $1589 | $1565 |
| Universal life and investment-type product policy fees | 700 | 204 | 225 |
| Net investment income (1) | 916 | 4981 | 2670 |
| Other revenues | 566 | 174 | 108 |
| **Expenses** |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 14332 | 3551 | 2987 |
| Policyholder liability remeasurement (gains) losses | (31) | (9) | 48 |
| Interest credited to PABs | 131 | 2143 | 252 |
| Other expenses: |  |  |  |
| &nbsp;&nbsp;Amortization of DAC and VOBA | 19 | 30 | 138 |
| &nbsp;&nbsp;Interest expense on debt | 1 | 9 | 9 |
| &nbsp;&nbsp;Other segment expenses (2) | 2693 | 235 | 452 |
| Provision for income tax expense (benefit) | 306 | 196 | 133 |
| Adjusted earnings | $1142 | $793 | $549 |

---

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**2. Segment Information (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Nine Months Ended September 30, 2024** | **Group Benefits** | **RIS** | **MetLife<br>Holdings** |
| | **(In millions)** | **(In millions)** | **(In millions)** |
| **Revenues** | | | |
| Premiums | $16098 | $1985 | $1712 |
| Universal life and investment-type product policy fees | 682 | 181 | 232 |
| Net investment income (1) | 908 | 5019 | 2722 |
| Other revenues | 562 | 209 | 126 |
| **Expenses** |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 14059 | 3926 | 3148 |
| Policyholder liability remeasurement (gains) losses | (2) | (160) | 14 |
| Interest credited to PABs | 144 | 2125 | 281 |
| Other expenses: |  |  |  |
| &nbsp;&nbsp;Amortization of DAC and VOBA | 19 | 26 | 148 |
| &nbsp;&nbsp;Interest expense on debt | 1 | 11 | 11 |
| &nbsp;&nbsp;Other segment expenses (2) | 2633 | 235 | 592 |
| Provision for income tax expense (benefit) | 295 | 257 | 119 |
| Adjusted earnings | $1101 | $974 | $479 |

---

__________________

(1)The percentage of net investment income from equity method invested assets by segment was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Group Benefits | 1% | —% | 1% | 1% |
| RIS | 7% | 1% | 5% | 3% |
| MetLife Holdings | 10% | 2% | 6% | 4% |

---

(2)Includes direct and allocated expenses; pension, postretirement and postemployment benefit costs; premium taxes, other taxes, and licenses & fees; and commissions and other variable expenses. This line item is net of capitalization of DAC.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**2. Segment Information (continued)**

The Company does not report total assets by segment, as this metric is not used to allocate resources or evaluate segment performance.

The following table presents the reconciliation of certain financial measures used in calculating segment results to those used in calculating consolidated Company results:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months<br>Ended<br>September 30,** | **Three Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Total segment adjusted earnings | $932 | $889 | $2484 | $2554 |
| Corporate & Other | (10) | (79) | 45 | (79) |
| &nbsp;&nbsp;&nbsp;Total consolidated adjusted earnings | 922 | 810 | 2529 | 2475 |
| Net investment gains (losses) | (216) | (181) | (823) | (423) |
| Net derivative gains (losses) | (403) | (382) | (1033) | (378) |
| MRB remeasurement gains (losses) | 175 | (482) | 127 | 234 |
| Investment hedge adjustments | (52) | (87) | (155) | (326) |
| Other | (36) | 76 | (19) | 119 |
| Provision for income tax (expense) benefit | 127 | 237 | 420 | 176 |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $517 | $(9) | $1046 | $1877 |
| Segment revenues: |  |  |  |  |
| Group | $6115 | $6009 | $18593 | $18250 |
| RIS | 2155 | 2152 | 6948 | 7394 |
| MetLife Holdings | 1546 | 1572 | 4568 | 4792 |
| &nbsp;&nbsp;&nbsp;Total segment revenues | 9816 | 9733 | 30109 | 30436 |
| Net investment gains (losses) | (216) | (181) | (823) | (423) |
| Net derivative gains (losses) | (403) | (382) | (1033) | (378) |
| Investment hedge adjustments | (52) | (87) | (155) | (326) |
| Other | 194 | 301 | 657 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consolidated revenues | $9339 | $9384 | $28755 | $30128 |

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**3. Future Policy Benefits**

The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated deferred profit liability ("DPL"), additional insurance liabilities, participating life and short-duration contracts.

The Company's FPBs on the interim condensed consolidated balance sheets was as follows at:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(In millions)** | **(In millions)** |
| Traditional and Limited-Payment Contracts: |  |  |
| &nbsp;&nbsp;RIS - Annuities | $48332 | $47551 |
| &nbsp;&nbsp;MetLife Holdings - Long-term care | 15309 | 14537 |
| Deferred Profit Liabilities: |  |  |
| &nbsp;&nbsp;RIS - Annuities | 3113 | 3086 |
| Additional Insurance Liabilities: |  |  |
| &nbsp;&nbsp;MetLife Holdings - Universal and variable universal life | 2059 | 1969 |
| MetLife Holdings - Participating life | 41800 | 42663 |
| Other long-duration (1) | 6385 | 6300 |
| Short-duration and other | 10860 | 10513 |
| &nbsp;&nbsp;&nbsp;Total | $127858 | $126619 |

---

__________________

(1) This balance represents liabilities for various smaller product lines across all segments.

***Rollforwards - Traditional and Limited-Payment Contracts***

The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**3. Future Policy Benefits (continued)**

***<u>RIS - Annuities</u>***

The RIS segment's annuity products include pension risk transfers, certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. Information regarding these products was as follows:

---

| | | |
|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** |
| | **(Dollars in millions)** | **(Dollars in millions)** |
| **Present Value of Expected Net Premiums** |  |  |
| Balance, beginning of period, at current discount rate at balance sheet date | $— | $— |
| Balance, beginning of period, at original discount rate | $— | $— |
| &nbsp;&nbsp;&nbsp;Effect of changes in cash flow assumptions (1) |  |  |
| &nbsp;&nbsp;&nbsp;Effect of actual variances from expected experience (2) | (21) | (2) |
| Adjusted balance | (21) | (2) |
| &nbsp;&nbsp;&nbsp;Issuances | 1278 | 1765 |
| &nbsp;&nbsp;&nbsp;Net premiums collected | (1257) | (1763) |
| Ending balance at original discount rate |  |  |
| Balance, end of period, at current discount rate at balance sheet date | $— | $— |
| **Present Value of Expected FPBs** |  |  |
| Balance, beginning of period, at current discount rate at balance sheet date | $47910 | $48886 |
| Balance, beginning of period, at original discount rate | $49191 | $47991 |
| &nbsp;&nbsp;&nbsp;Effect of changes in cash flow assumptions (1) | (67) | (234) |
| &nbsp;&nbsp;&nbsp;Effect of actual variances from expected experience (2) | (58) | (72) |
| Adjusted balance | 49066 | 47685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuances | 1286 | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest accrual | 1840 | 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | (3514) | (3348) |
| Ending balance at original discount rate | 48678 | 47903 |
| &nbsp;&nbsp;&nbsp;Effect of changes in discount rate assumptions | (69) | 1172 |
| Balance, end of period, at current discount rate at balance sheet date | 48609 | 49075 |
| Cumulative amount of fair value hedging adjustments | (277) | (151) |
| Net liability for FPBs | $48332 | $48924 |
| Undiscounted - Expected future benefit payments | $92094 | $91841 |
| Discounted - Expected future benefit payments (at current discount rate at balance sheet date) | $48609 | $49075 |
| Weighted-average duration of the liability | 9 years | 9 years |
| Weighted-average interest accretion (original locked-in) rate | 5.1% | 5.1% |
| Weighted-average current discount rate at balance sheet date | 5.3% | 5.0% |

---

__________________

(1)For the nine months ended September 30, 2025, the net effect of changes in cash flow assumptions was substantially offset by the corresponding impact in DPL associated with the RIS segment's annuity products of $63 million. For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was partially offset by the corresponding impact in DPL associated with the RIS segment's annuity products of $112 million.

(2)For the nine months ended September 30, 2025, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment's annuity products of $31 million. For the nine months ended September 30, 2024, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the RIS segment's annuity products of $32 million.

For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to mortality.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**3. Future Policy Benefits (continued)**

When single premium annuity contracts are issued, the FPB reserve is required to be measured at an upper-medium grade discount rate. Due to differences between the upper-medium grade discount rate and pricing assumptions used to determine the contractual premium, the initial FPB reserve at issue for a particular cohort may be greater than the contractual premium received, and the difference must be recognized as an immediate loss at issue. On these cohorts, future experience that differs from expected experience and changes in cash flow assumptions result in the recognition of remeasurement gains and losses with net remeasurement gains limited to the amount of the original loss at issue, after which any favorable experience is deferred and recorded within the DPL. For the nine months ended September 30, 2024, the Company recognized a net remeasurement gain related to the net effect of changes in cash flow assumptions.

*<u>Significant Methodologies and Assumptions</u>*

The principal inputs used in the establishment of the FPB for the RIS segment's annuity products include actual premiums, actual benefits, in-force data, locked-in claim-related expenses, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**3. Future Policy Benefits (continued)**

***<u>MetLife Holdings - Long-term Care</u>***

The MetLife Holdings segment's long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:

---

| | | |
|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** |
| | **(Dollars in millions)** | **(Dollars in millions)** |
| **Present Value of Expected Net Premiums** |  |  |
| Balance, beginning of period, at current discount rate at balance sheet date | $5475 | $5687 |
| Balance, beginning of period, at original discount rate | $5568 | $5566 |
| &nbsp;&nbsp;&nbsp;Effect of changes in cash flow assumptions  | 68 | 212 |
| &nbsp;&nbsp;&nbsp;Effect of actual variances from expected experience | 99 | 34 |
| Adjusted balance | 5735 | 5812 |
| &nbsp;&nbsp;&nbsp;Interest accrual | 212 | 213 |
| &nbsp;&nbsp;&nbsp;Net premiums collected | (421) | (424) |
| Ending balance at original discount rate | 5526 | 5601 |
| &nbsp;&nbsp;&nbsp;Effect of changes in discount rate assumptions | 57 | 159 |
| Balance, end of period, at current discount rate at balance sheet date | $5583 | $5760 |
| **Present Value of Expected FPBs** |  |  |
| Balance, beginning of period, at current discount rate at balance sheet date | $20012 | $20927 |
| Balance, beginning of period, at original discount rate | $21024 | $20494 |
| &nbsp;&nbsp;&nbsp;Effect of changes in cash flow assumptions  | 66 | 205 |
| &nbsp;&nbsp;&nbsp;Effect of actual variances from expected experience | 149 | 45 |
| Adjusted balance | 21239 | 20744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest accrual | 833 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | (690) | (638) |
| Ending balance at original discount rate | 21382 | 20918 |
| &nbsp;&nbsp;&nbsp;Effect of changes in discount rate assumptions | (490) | 499 |
| Balance, end of period, at current discount rate at balance sheet date | 20892 | 21417 |
| Net liability for FPBs | $15309 | $15657 |
| Undiscounted:  |  |  |
| &nbsp;&nbsp;Expected future gross premiums | $10462 | $10735 |
| &nbsp;&nbsp;Expected future benefit payments | $44833 | $45098 |
| Discounted (at current discount rate at balance sheet date): |  |  |
| &nbsp;&nbsp;Expected future gross premiums | $7059 | $7319 |
| &nbsp;&nbsp;Expected future benefit payments | $20892 | $21417 |
| Weighted-average duration of the liability | 13 years | 14 years |
| Weighted-average interest accretion (original locked-in) rate | 5.4% | 5.4% |
| Weighted-average current discount rate at balance sheet date | 5.6% | 5.2% |

---

For the nine months ended September 30, 2025, the net effect of changes in cash flow assumptions was primarily driven by updates in operational assumptions related to the future premium rate increases, substantially offset by unfavorable morbidity and policyholder behavior related to lapses.

For the nine months ended September 30, 2025, the net effect of actual variances from expected experience was primarily driven by unfavorable mortality and morbidity, partially offset by the future premium rate increases.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**3. Future Policy Benefits (continued)**

*<u>Significant Methodologies and Assumptions</u>*

The principal inputs used in the establishment of the FPB reserve for long-term care products include actual premiums, actual benefits, in-force data, locked-in claim-related expenses, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, incidence, claim utilization, claim cost inflation, claim continuance, and premium rate increases.

***Rollforward - Additional Insurance Liabilities***

The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for universal life and variable universal life contract features whereby the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.

The following information about the direct liability for additional insurance liabilities includes a disaggregated rollforward. The products grouped within the rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in the disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforward and accompanying financial information do not include a reduction for amounts ceded to reinsurers.

***<u>MetLife Holdings</u>***

The MetLife Holdings segment's universal life and variable universal life products provide a contract feature whereby the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:

---

| | | |
|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** |
| | **Universal and Variable Universal Life** | **Universal and Variable Universal Life** |
| | **(Dollars in millions)** | **(Dollars in millions)** |
| Balance, beginning of period | $1969 | $1841 |
| &nbsp;&nbsp;Less: Accumulated other comprehensive income (loss) ("AOCI") adjustment | (17) | (14) |
| Balance, beginning of period, before AOCI adjustment | 1986 | 1855 |
| &nbsp;&nbsp;Effect of changes in cash flow assumptions | (19) | (1) |
| &nbsp;&nbsp;Effect of actual variances from expected experience | 24 | 24 |
| Adjusted balance | 1991 | 1878 |
| &nbsp;&nbsp;Assessments accrual | 68 | 67 |
| &nbsp;&nbsp;Interest accrual | 77 | 72 |
| &nbsp;&nbsp;Excess benefits paid | (64) | (57) |
| Balance, end of period, before AOCI adjustment | 2072 | 1960 |
| &nbsp;&nbsp;Add: AOCI adjustment  | (13) | (11) |
| Balance, end of period | 2059 | 1949 |
| &nbsp;&nbsp;Less: Reinsurance recoverables | 2059 | 1949 |
| Balance, end of period, net of reinsurance | $— | $— |
| Weighted-average duration of the liability | 16 years | 16 years |
| Weighted-average interest accretion rate | 5.2% | 5.2% |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**3. Future Policy Benefits (continued)**

The Company's gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings' participating life contracts, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **Gross Premiums or Assessments (1)** | **Interest Expense (2)** | **Gross Premiums or Assessments (1)** | **Interest Expense (2)** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Traditional and Limited-Payment Contracts: |  |  |  |  |
| &nbsp;&nbsp;RIS - Annuities | $1305 | $1840 | $1815 | $1803 |
| &nbsp;&nbsp;MetLife Holdings - Long-term care | 539 | 621 | 543 | 599 |
| Deferred Profit Liabilities: |  |  |  |  |
| &nbsp;&nbsp;RIS - Annuities | N/A | 114 | N/A | 112 |
| Additional Insurance Liabilities: |  |  |  |  |
| &nbsp;&nbsp;MetLife Holdings - Universal and variable universal life | 262 | 77 | 288 | 72 |
| Other long-duration | 687 | 228 | 686 | 229 |
| &nbsp;&nbsp;&nbsp; Total | $2793 | $2880 | $3332 | $2815 |

---

__________________

(1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.

(2)Interest expense is included in policyholder benefits and claims.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**3. Future Policy Benefits (continued)**

***Liabilities for Unpaid Claims and Claim Expenses***

***<u>Rollforward of Claims and Claim Adjustment Expenses</u>***

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:

---

| | | |
|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** |
| | **(In millions)** | **(In millions)** |
| Balance, beginning of period | $11698 | $11609 |
| &nbsp;&nbsp;&nbsp;Less: Reinsurance recoverables | 2004 | 1740 |
| Net balance, beginning of period | 9694 | 9869 |
| Incurred related to: |  |  |
| &nbsp;&nbsp;&nbsp;Current period | 16010 | 15444 |
| &nbsp;&nbsp;&nbsp;Prior periods (1) | (256) | (307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total incurred | 15754 | 15137 |
| Paid related to: |  |  |
| &nbsp;&nbsp;&nbsp;Current period | (10533) | (10270) |
| &nbsp;&nbsp;&nbsp;Prior periods | (4543) | (4663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total paid | (15076) | (14933) |
| Net balance, end of period | 10372 | 10073 |
| &nbsp;&nbsp;&nbsp;Add: Reinsurance recoverables | 2051 | 1914 |
| Balance, end of period (included in FPBs and other policy-related balances) | $12423 | $11987 |

---

__________________

(1)For the nine months ended September 30, 2025 and 2024, incurred claims and claim adjustment expenses associated with prior periods decreased due to favorable claims experience in the respective current period.

**4. Policyholder Account Balances**

The Company establishes liabilities for PABs, which are generally equal to the account value, and which include accrued interest credited, but exclude the impact of any applicable charge that may be incurred upon surrender.

The Company's PABs on the interim condensed consolidated balance sheets were as follows at:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(In millions)** | **(In millions)** |
| Group Benefits - Group life | $7384 | $7469 |
| RIS: |  |  |
| &nbsp;&nbsp;Capital markets investment products and stable value GICs | 59516 | 57799 |
| &nbsp;&nbsp;Annuities and risk solutions | 12422 | 11673 |
| MetLife Holdings - Annuities | 8844 | 9513 |
| Other | 15236 | 15686 |
| &nbsp;&nbsp;Total | $103402 | $102140 |

---

***Rollforwards***

The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**4. Policyholder Account Balances (continued)**

***<u>Group Benefits</u>***

*<u>Group Life</u>*

The Group Benefits segment's group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:

---

| | | |
|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** |
| | **(Dollars in millions)** | **(Dollars in millions)** |
| Balance, beginning of period | $7469 | $7605 |
| Deposits | 2637 | 2659 |
| Policy charges | (504) | (493) |
| Surrenders and withdrawals | (2344) | (2388) |
| Benefit payments | (7) | (9) |
| Net transfers from (to) separate accounts | 2 | (3) |
| Interest credited | 131 | 144 |
| Balance, end of period | $7384 | $7515 |
| Weighted-average annual crediting rate | 2.4% | 2.6% |
| At period end: |  |  |
| Cash surrender value | $7316 | $7453 |
| Net amount at risk, excluding offsets from reinsurance: |  |  |
| &nbsp;&nbsp;In the event of death | $266256 | $265266 |

---

The Group Benefits segment's group life product account values by range of guaranteed minimum crediting rates ("GMCR") and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Range of GMCR** | **At GMCR** | **Greater than<br> 0% but less<br> than 0.50% above GMCR** | **Equal to or greater than 0.50% but less than 1.50%<br> above GMCR** | **Equal to or greater than 1.50% above GMCR** | **Total <br>Account <br>Value** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **September 30, 2025** | | | | | |
| Equal to or greater than 0% but less than 2% | $489 | $— | $666 | $4099 | $5254 |
| Equal to or greater than 2% but less than 4% | 1180 | 93 | 60 |  | 1333 |
| Equal to or greater than 4% | 683 | 25 | 3 | 52 | 763 |
| Products with either a fixed rate or no GMCR | N/A | N/A | N/A | N/A | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2352 | $118 | $729 | $4151 | $7384 |
| **September 30, 2024** |  |  |  |  |  |
| Equal to or greater than 0% but less than 2% | $456 | $— | $788 | $4141 | $5385 |
| Equal to or greater than 2% but less than 4% | 1266 | 8 | 59 | 1 | 1334 |
| Equal to or greater than 4% | 684 |  | 39 | 36 | 759 |
| Products with either a fixed rate or no GMCR | N/A | N/A | N/A | N/A | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2406 | $8 | $886 | $4178 | $7515 |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**4. Policyholder Account Balances (continued)**

***<u>RIS</u>***

*<u>Capital Markets Investment Products and Stable Value GICs</u>*

The RIS segment's capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows:

---

| | | |
|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** |
| | **(Dollars in millions)** | **(Dollars in millions)** |
| Balance, beginning of period | $57799 | $58554 |
| Deposits | 56275 | 50792 |
| Surrenders and withdrawals | (57731) | (51643) |
| Interest credited | 1613 | 1638 |
| Effect of foreign currency translation and other, net | 1560 | 279 |
| Balance, end of period | $59516 | $59620 |
| Weighted-average annual crediting rate | 3.7% | 3.8% |
| Cash surrender value at period end | $927 | $1397 |

---

The RIS segment's capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Range of GMCR** | **At GMCR** | **Greater than<br> 0% but less<br> than 0.50% above GMCR** | **Equal to or greater than 0.50% but less than 1.50%<br> above GMCR** | **Equal to or greater than 1.50% above GMCR** | **Total <br>Account <br>Value** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **September 30, 2025** | | | | | |
| Equal to or greater than 0% but less than 2% | $— | $— | $— | $2728 | $2728 |
| Products with either a fixed rate or no GMCR | N/A | N/A | N/A | N/A | 56788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $— | $— | $2728 | $59516 |
| **September 30, 2024** |  |  |  |  |  |
| Equal to or greater than 0% but less than 2% | $— | $— | $— | $2754 | $2754 |
| Products with either a fixed rate or no GMCR | N/A | N/A | N/A | N/A | 56866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $— | $— | $2754 | $59620 |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**4. Policyholder Account Balances (continued)**

*<u>Annuities and Risk Solutions</u>*

The RIS segment's annuity and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:

---

| | | |
|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** |
| | **(Dollars in millions)** | **(Dollars in millions)** |
| Balance, beginning of period | $11673 | $10650 |
| Deposits | 1098 | 1259 |
| Policy charges | (137) | (110) |
| Surrenders and withdrawals | (159) | (242) |
| Benefit payments | (456) | (446) |
| Net transfers from (to) separate accounts | (3) | 20 |
| Interest credited | 389 | 348 |
| Other | 17 | 8 |
| Balance, end of period | $12422 | $11487 |
| Weighted-average annual crediting rate | 4.4% | 4.3% |
| At period end: |  |  |
| Cash surrender value | $7766 | $7171 |
| Net amount at risk, excluding offsets from reinsurance: |  |  |
| &nbsp;&nbsp;In the event of death | $34279 | $34169 |

---

The RIS segment's annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Range of GMCR** | **At GMCR** | **Greater than<br> 0% but less<br> than 0.50% above GMCR** | **Equal to or greater than 0.50% but less than 1.50%<br> above GMCR** | **Equal to or greater than 1.50% above GMCR** | **Total <br>Account <br>Value** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **September 30, 2025** | | | | | |
| Equal to or greater than 0% but less than 2% | $— | $— | $8 | $2523 | $2531 |
| Equal to or greater than 2% but less than 4% | 161 | 59 | 346 | 32 | 598 |
| Equal to or greater than 4% | 3409 | 11 | 292 | 7 | 3719 |
| Products with either a fixed rate or no GMCR | N/A | N/A | N/A | N/A | 5574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $3570 | $70 | $646 | $2562 | $12422 |
| **September 30, 2024** |  |  |  |  |  |
| Equal to or greater than 0% but less than 2% | $— | $— | $19 | $2056 | $2075 |
| Equal to or greater than 2% but less than 4% | 198 | 35 | 11 | 417 | 661 |
| Equal to or greater than 4% | 3400 |  | 343 | 6 | 3749 |
| Products with either a fixed rate or no GMCR | N/A | N/A | N/A | N/A | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $3598 | $35 | $373 | $2479 | $11487 |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**4. Policyholder Account Balances (continued)**

***<u>MetLife Holdings</u>***

*<u>Annuities</u>*

The MetLife Holdings segment's annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:

---

| | | |
|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** |
| | **(Dollars in millions)** | **(Dollars in millions)** |
| Balance, beginning of period | $9513 | $10888 |
| Deposits | 115 | 115 |
| Policy charges | (8) | (8) |
| Surrenders and withdrawals | (972) | (1236) |
| Benefit payments | (267) | (291) |
| Net transfers from (to) separate accounts | 245 | 105 |
| Interest credited | 215 | 241 |
| Other | 3 | 7 |
| Balance, end of period | $8844 | $9821 |
| Weighted-average annual crediting rate | 3.2% | 3.2% |
| At period end: |  |  |
| Cash surrender value | $8284 | $9187 |
| Net amount at risk, excluding offsets from reinsurance (1): |  |  |
| &nbsp;&nbsp;In the event of death | $2295 | $2238 |
| &nbsp;&nbsp;At annuitization or exercise of other living benefits | $653 | $615 |

---

__________________

(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs, which are disclosed in "MetLife Holdings – Annuities" in Note 5.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**4. Policyholder Account Balances (continued)**

The MetLife Holdings segment's annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Range of GMCR** | **At GMCR** | **Greater than<br> 0% but less<br> than 0.50% above GMCR** | **Equal to or greater than 0.50% but less than 1.50%<br> above GMCR** | **Equal to or greater than 1.50% above GMCR** | **Total <br>Account <br>Value** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **September 30, 2025** | | | | | |
| Equal to or greater than 0% but less than 2% | $40 | $10 | $473 | $161 | $684 |
| Equal to or greater than 2% but less than 4% | 2755 | 4017 | 444 | 98 | 7314 |
| Equal to or greater than 4% | 387 | 130 | 1 |  | 518 |
| Products with either a fixed rate or no GMCR | N/A | N/A | N/A | N/A | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $3182 | $4157 | $918 | $259 | $8844 |
| **September 30, 2024** |  |  |  |  |  |
| Equal to or greater than 0% but less than 2% | $3 | $166 | $444 | $52 | $665 |
| Equal to or greater than 2% but less than 4% | 1378 | 6182 | 495 | 153 | 8208 |
| Equal to or greater than 4% | 403 | 150 | 12 |  | 565 |
| Products with either a fixed rate or no GMCR | N/A | N/A | N/A | N/A | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1784 | $6498 | $951 | $205 | $9821 |

---

**5. Market Risk Benefits** 

The Company establishes liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

The Company's MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Asset** | **Liability** | **Net** | **Asset** | **Liability** | **Net** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| MetLife Holdings - Annuities | $211 | $2339 | $2128 | $231 | $2300 | $2069 |
| Other | 21 | 15 | (6) | 15 | 39 | 24 |
| &nbsp;&nbsp;Total | $232 | $2354 | $2122 | $246 | $2339 | $2093 |

---

***Rollforwards***

The following information about the direct and assumed liabilities (assets) for MRBs includes a disaggregated rollforward. The products grouped within this rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**5. Market Risk Benefits (continued)**

***<u>MetLife Holdings - Annuities</u>***

The MetLife Holdings segment's variable annuity products offer contract features whereby the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits ("GMDBs") and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits ("GMIBs"), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits ("GMWBs"), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. Information regarding MetLife Holdings annuity products was as follows:

---

| | | |
|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** |
| | **(In millions)** | **(In millions)** |
| Balance, beginning of period | $2069 | $2702 |
| Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk | $2026 | $2741 |
| &nbsp;&nbsp;Attributed fees collected | 205 | 224 |
| &nbsp;&nbsp;Benefit payments | (69) | (67) |
| &nbsp;&nbsp;Effect of changes in interest rates | (18) | (61) |
| &nbsp;&nbsp;Effect of changes in capital markets | (395) | (471) |
| &nbsp;&nbsp;Effect of changes in equity index volatility | 10 | 38 |
| &nbsp;&nbsp;Actual policyholder behavior different from expected behavior | 150 | 144 |
| &nbsp;&nbsp;Effect of changes in future expected policyholder behavior and other assumptions | (13) | 19 |
| &nbsp;&nbsp;Effect of foreign currency translation and other, net | 189 | 72 |
| &nbsp;&nbsp;Effect of changes in risk margin | (3) | (6) |
| &nbsp;&nbsp;Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk | 2082 | 2633 |
| &nbsp;&nbsp;Cumulative effect of changes in the instrument-specific credit risk | 46 | (25) |
| Balance, end of period | $2128 | $2608 |
| At period end: |  |  |
| Net amount at risk, excluding offsets from hedging (1): |  |  |
| &nbsp;&nbsp;In the event of death | $2295 | $2238 |
| &nbsp;&nbsp;At annuitization or exercise of other living benefits | $653 | $615 |
| Weighted-average attained age of contractholders: |  |  |
| &nbsp;&nbsp;In the event of death | 72 years | 71 years |
| &nbsp;&nbsp;At annuitization or exercise of other living benefits | 71 years | 70 years |

---

__________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in "MetLife Holdings – Annuities" in Note 4.

***<u>Significant Methodologies and Assumptions</u>***

The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits ("GMABs") and GMIBs that typically meet the definition of MRBs, which are measured in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in other comprehensive income (loss) ("OCI").

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**5. Market Risk Benefits (continued)**

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 11 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.'s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument, which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions, including changes in interest rates, equity indices, market volatility and foreign currency exchange rates, and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

***<u>Other</u>*** 

In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 11 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities (assets) was as follows:

---

| | | |
|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** |
| | **(In millions)** | **(In millions)** |
| Balance, beginning of period | $24 | $(1) |
| Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk | $29 | $2 |
| &nbsp;&nbsp;Attributed fees collected | 2 | 2 |
| &nbsp;&nbsp;Effect of changes in interest rates | (20) | 10 |
| &nbsp;&nbsp;Effect of changes in capital markets | (2) |  |
| &nbsp;&nbsp;Actual policyholder behavior different from expected behavior | (7) |  |
| &nbsp;&nbsp;Effect of changes in future expected policyholder behavior and other assumptions | (2) | 1 |
| &nbsp;&nbsp;Effect of foreign currency translation and other, net | (4) | 40 |
| Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk | (4) | 55 |
| &nbsp;&nbsp;Cumulative effect of changes in the instrument-specific credit risk | (2) | (8) |
| Balance, end of period | $(6) | $47 |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**6. Separate Accounts**

Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.

***Separate Account Liabilities***

The Company's separate account liabilities on the interim condensed consolidated balance sheets were as follows at:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(In millions)** | **(In millions)** |
| RIS: |  |  |
| &nbsp;&nbsp;Stable Value and Risk Solutions | $27286 | $32761 |
| &nbsp;&nbsp;Annuities | 11247 | 11001 |
| MetLife Holdings - Annuities | 27289 | 27766 |
| Other | 8259 | 7674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total  | $74081 | $79202 |

---

***<u>Rollforwards</u>***

The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

The separate account liabilities are primarily comprised of the following: RIS stable value and risk solutions contracts, RIS annuities participating and non-participating group contracts, and MetLife Holdings variable annuities.

The balances of and changes in separate account liabilities were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **RIS<br>Stable Value and Risk Solutions** | **RIS<br>Annuities** | **MetLife Holdings<br>Annuities** |
| | **(In millions)** | **(In millions)** | **(In millions)** |
| **Nine Months Ended September 30, 2025** | | | |
| Balance, beginning of period | $32761 | $11001 | $27766 |
| Premiums and deposits | 1277 | 80 | 166 |
| Policy charges | (157) | (15) | (416) |
| Surrenders and withdrawals | (6037) | (594) | (2510) |
| Benefit payments | (96) |  | (344) |
| Investment performance | 1843 | 776 | 2871 |
| Net transfers from (to) general account | 26 | (23) | (246) |
| Other (1) | (2331) | 22 | 2 |
| Balance, end of period | $27286 | $11247 | $27289 |
| **Nine Months Ended September 30, 2024** |  |  |  |
| Balance, beginning of period | $35562 | $11659 | $29162 |
| Premiums and deposits | 949 | 34 | 175 |
| Policy charges | (166) | (16) | (453) |
| Surrenders and withdrawals | (3761) | (609) | (2789) |
| Benefit payments | (69) |  | (377) |
| Investment performance | 1799 | 561 | 3680 |
| Net transfers from (to) general account | (21) |  | (105) |
| Other (1) | (594) | 360 | (8) |
| Balance, end of period | $33699 | $11989 | $29285 |
| Cash surrender value at September 30, 2025 (2) | $24944 | N/A | $27166 |
| Cash surrender value at September 30, 2024 (2) | $29568 | N/A | $29147 |

---

__________________

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**6. Separate Accounts (continued)**

(1)&nbsp;&nbsp;&nbsp;&nbsp;Other for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value represents the amount of the contractholders' account balances distributable at the balance sheet date less policy loans and certain surrender charges.

***Separate Account Assets***

The Company's aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Group Benefits** | **RIS** | **MetLife Holdings** | **Total** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Fixed maturity securities: |  |  |  |  |
| Bonds: |  |  |  |  |
| Government and agency | $— | $8684 | $— | $8684 |
| Public utilities |  | 1035 |  | 1035 |
| Municipals |  | 279 |  | 279 |
| Corporate bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Materials |  | 246 |  | 246 |
| &nbsp;&nbsp;&nbsp;Communications |  | 706 |  | 706 |
| &nbsp;&nbsp;&nbsp;Consumer |  | 1564 |  | 1564 |
| &nbsp;&nbsp;&nbsp;Energy |  | 901 |  | 901 |
| &nbsp;&nbsp;&nbsp;Financial |  | 2713 |  | 2713 |
| &nbsp;&nbsp;&nbsp;Industrial and other |  | 700 |  | 700 |
| &nbsp;&nbsp;&nbsp;Technology |  | 547 |  | 547 |
| Total corporate bonds |  | 7377 |  | 7377 |
| &nbsp;&nbsp;&nbsp;Total bonds |  | 17375 |  | 17375 |
| Mortgage-backed securities |  | 7682 |  | 7682 |
| Asset-backed securities and collateralized loan obligations (collectively, "ABS & CLO") |  | 1929 |  | 1929 |
| Redeemable preferred stock |  | 8 |  | 8 |
| &nbsp;&nbsp;&nbsp;Total fixed maturity securities |  | 26994 |  | 26994 |
| Equity securities |  | 2783 |  | 2783 |
| Mutual funds | 1425 | 4170 | 34020 | 39615 |
| Other invested assets |  | 1246 |  | 1246 |
| &nbsp;&nbsp;Total investments | 1425 | 35193 | 34020 | 70638 |
| Other assets |  | 3443 |  | 3443 |
| &nbsp;&nbsp;&nbsp;Total | $1425 | $38636 | $34020 | $74081 |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**6. Separate Accounts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Group Benefits** | **RIS** | **MetLife Holdings** | **Total** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Fixed maturity securities: |  |  |  |  |
| Bonds: |  |  |  |  |
| Government and agency | $— | $9865 | $— | $9865 |
| Public utilities |  | 1075 |  | 1075 |
| Municipals |  | 219 |  | 219 |
| Corporate bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Materials |  | 244 |  | 244 |
| &nbsp;&nbsp;&nbsp;Communications |  | 800 |  | 800 |
| &nbsp;&nbsp;&nbsp;Consumer |  | 1862 |  | 1862 |
| &nbsp;&nbsp;&nbsp;Energy |  | 952 |  | 952 |
| &nbsp;&nbsp;&nbsp;Financial |  | 3403 |  | 3403 |
| &nbsp;&nbsp;&nbsp;Industrial and other |  | 769 |  | 769 |
| &nbsp;&nbsp;&nbsp;Technology |  | 513 |  | 513 |
| &nbsp;&nbsp;Total corporate bonds |  | 8543 |  | 8543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total bonds |  | 19702 |  | 19702 |
| Mortgage-backed securities |  | 8842 |  | 8842 |
| ABS & CLO |  | 1904 |  | 1904 |
| Redeemable preferred stock |  | 8 |  | 8 |
| &nbsp;&nbsp;&nbsp;Total fixed maturity securities |  | 30456 |  | 30456 |
| Equity securities |  | 2726 |  | 2726 |
| Mutual funds | 1319 | 4069 | 34024 | 39412 |
| Other invested assets |  | 1268 |  | 1268 |
| &nbsp;&nbsp;Total investments | 1319 | 38519 | 34024 | 73862 |
| Other assets |  | 5340 |  | 5340 |
| &nbsp;&nbsp;&nbsp;Total | $1319 | $43859 | $34024 | $79202 |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**7. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue**

***DAC and VOBA***

Information regarding total DAC and VOBA, DAC by segment, and Corporate & Other, was as follows at:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Group Benefits** | **RIS** | **MetLife Holdings (1)** | **Corporate & Other** | **Total** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **DAC:** | | | | | |
| Balance at January 1, 2025 | $244 | $214 | $2526 | $140 | $3124 |
| Capitalizations | 11 | 67 | 1 |  | 79 |
| Amortization | (19) | (28) | (138) | (13) | (198) |
| Balance at September 30, 2025 | $236 | $253 | $2389 | $127 | $3005 |
| Balance at January 1, 2024 | $255 | $155 | $2723 | $158 | $3291 |
| Capitalizations | 10 | 77 | (1) |  | 86 |
| Amortization | (19) | (25) | (148) | (14) | (206) |
| Balance at September 30, 2024 | $246 | $207 | $2574 | $144 | $3171 |
| **Total DAC and VOBA:** |  |  |  |  |  |
| Balance at September 30, 2025 |  |  |  |  | $3015 |
| Balance at September 30, 2024 |  |  |  |  | $3184 |
| Balance at December 31, 2024 |  |  |  |  | $3136 |

---

__________________

(1)Includes DAC balances primarily related to whole life, variable annuities, term life, long-term care and universal life products.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**7. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue (continued)**

***Unearned Revenue***

Information regarding the Company's unearned revenue primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30, 2025** | **Nine Months<br>Ended<br>September 30, 2025** | **Nine Months<br>Ended<br>September 30, 2025** |
| | **RIS** | **MetLife Holdings** | **Total** |
| | **(In millions)** | **(In millions)** | **(In millions)** |
| Balance, beginning of period | $14 | $5 | $19 |
| Deferrals | 2 |  | 2 |
| Amortization | (2) | (1) | (3) |
| Balance, end of period | $14 | $4 | $18 |
|  | **Nine Months<br>Ended<br>September 30, 2024** | **Nine Months<br>Ended<br>September 30, 2024** | **Nine Months<br>Ended<br>September 30, 2024** |
|  | **RIS** | **MetLife Holdings** | **Total** |
|  | **(In millions)** | **(In millions)** | **(In millions)** |
| Balance, beginning of period | $16 | $5 | $21 |
| Deferrals | 2 |  | 2 |
| Amortization | (3) |  | (3) |
| Balance, end of period | $15 | $5 | $20 |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**8. Closed Block**

On April 7, 2000 (the "Demutualization Date"), Metropolitan Life Insurance Company converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving Metropolitan Life Insurance Company's plan of reorganization, as amended (the "Plan of Reorganization"). On the Demutualization Date, Metropolitan Life Insurance Company established a closed block for the benefit of holders of certain individual life insurance policies of Metropolitan Life Insurance Company. See Note 9 to the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for further information on the closed block.

Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon policy count within the closed block.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

Information regarding the liabilities and assets designated to the closed block was as follows at:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(In millions)** | **(In millions)** |
| **Closed Block Liabilities** | | |
| FPBs | $34074 | $35015 |
| Other policy-related balances | 292 | 315 |
| Policyholder dividends payable | 157 | 174 |
| Policyholder dividend obligation |  |  |
| Current income tax payable | 9 | 6 |
| Other liabilities | 1149 | 854 |
| &nbsp;&nbsp;&nbsp;Total closed block liabilities | 35681 | 36364 |
| **Assets Designated to the Closed Block** |  |  |
| Investments: |  |  |
| Fixed maturity securities available-for-sale ("AFS"), at estimated fair value | 19163 | 18958 |
| Mortgage loans | 5532 | 5720 |
| Policy loans | 3689 | 3829 |
| Real estate and REJV | 688 | 659 |
| Other invested assets | 377 | 523 |
| &nbsp;&nbsp;&nbsp;Total investments | 29449 | 29689 |
| Cash and cash equivalents | 1140 | 930 |
| Accrued investment income | 370 | 367 |
| Premiums, reinsurance and other receivables | 52 | 45 |
| Deferred income tax asset | 348 | 470 |
| &nbsp;&nbsp;&nbsp;Total assets designated to the closed block | 31359 | 31501 |
| &nbsp;&nbsp;&nbsp;Excess of closed block liabilities over assets designated to the closed block | 4322 | 4863 |
| AOCI: |  |  |
| Unrealized investment gains (losses), net of income tax | (670) | (1256) |
| Unrealized gains (losses) on derivatives, net of income tax | 58 | 183 |
| &nbsp;&nbsp;&nbsp;Total amounts included in AOCI | (612) | (1073) |
| &nbsp;&nbsp;&nbsp;Maximum future earnings to be recognized from closed block assets and liabilities | $3710 | $3790 |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**8. Closed Block (continued)** 

Information regarding the closed block revenues and expenses was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months<br>Ended<br>September 30,** | **Three Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **Revenues** |  |  |  |  |
| Premiums | $202 | $214 | $614 | $648 |
| Net investment income | 347 | 336 | 1002 | 1021 |
| Net investment gains (losses) | (14) | 1 | (73) | (19) |
| Net derivative gains (losses) | 5 | (1) | (3) | 6 |
| &nbsp;&nbsp;&nbsp;Total revenues | 540 | 550 | 1540 | 1656 |
| **Expenses** |  |  |  |  |
| Policyholder benefits and claims | 372 | 390 | 1138 | 1209 |
| Policyholder dividends | 72 | 90 | 245 | 266 |
| Other expenses | 19 | 21 | 57 | 61 |
| &nbsp;&nbsp;&nbsp;Total expenses | 463 | 501 | 1440 | 1536 |
| &nbsp;&nbsp;&nbsp;Revenues, net of expenses before provision for income tax expense (benefit) | 77 | 49 | 100 | 120 |
| Provision for income tax expense (benefit) | 15 | 11 | 20 | 26 |
| &nbsp;&nbsp;&nbsp;Revenues, net of expenses and provision for income tax expense (benefit) | $62 | $38 | $80 | $94 |

---

Metropolitan Life Insurance Company charges the closed block with federal income taxes, state and local premium taxes and other state or local taxes, as well as asset management expenses relating to the closed block as provided in the Plan of Reorganization. Metropolitan Life Insurance Company also charges the closed block for expenses of maintaining the policies included in the closed block.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments**

***Fixed Maturity Securities AFS***

***<u>Fixed Maturity Securities AFS by Sector</u>***

The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities ("RMBS") includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans, broadly syndicated bank loans and other assets. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities ("CMBS") primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, "Structured Products."

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized<br>Cost** | | **Gross Unrealized** | **Gross Unrealized** | **Estimated<br>Fair<br>Value** | **Amortized<br>Cost** | | **Gross Unrealized** | **Gross Unrealized** | **Estimated<br>Fair<br>Value** |
|<br>**Sector** | **Amortized<br>Cost** |<br>**Allowance for**<br>**Credit Loss ("ACL")** | **Gains** | **Losses** | **Estimated<br>Fair<br>Value** | **Amortized<br>Cost** |<br>**ACL** | **Gains** | **Losses** | **Estimated<br>Fair<br>Value** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| U.S. corporate | $50078 | $(139) | $1092 | $2766 | $48265 | $50394 | $(45) | $609 | $3830 | $47128 |
| Foreign corporate | 27339 |  | 776 | 2276 | 25839 | 27536 | (15) | 248 | 3484 | 24285 |
| U.S. government and agency | 24999 |  | 196 | 3102 | 22093 | 25163 |  | 87 | 3407 | 21843 |
| RMBS | 26666 | (2) | 451 | 1479 | 25636 | 23080 | (1) | 203 | 2069 | 21213 |
| ABS & CLO | 13875 | (5) | 149 | 190 | 13829 | 13432 | (7) | 86 | 306 | 13205 |
| CMBS | 5316 | (14) | 61 | 227 | 5136 | 5605 | (8) | 38 | 356 | 5279 |
| Municipals | 5837 |  | 137 | 493 | 5481 | 5373 |  | 100 | 542 | 4931 |
| Foreign government | 3067 | (36) | 150 | 165 | 3016 | 3161 | (36) | 97 | 274 | 2948 |
| &nbsp;&nbsp;&nbsp;Total fixed maturity securities AFS | $157177 | $(196) | $3012 | $10698 | $149295 | $153744 | $(112) | $1468 | $14268 | $140832 |

---

***<u>Maturities of Fixed Maturity Securities AFS</u>***

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Due in One<br>Year or Less** | **Due After<br> One Year <br>Through<br>Five Years** | **Due After<br>Five Years<br>Through Ten<br>Years** | **Due After<br>Ten Years** | **Structured<br>Products** | **Total Fixed<br>Maturity<br>Securities<br>AFS** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Amortized cost, net of ACL | $6573 | $23446 | $26137 | $54989 | $45836 | $156981 |
| Estimated fair value | $6548 | $23429 | $26049 | $48668 | $44601 | $149295 |

---

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

***<u>Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector</u>***

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Less than 12 Months** | **Less than 12 Months** | **Equal to or Greater<br>than 12 Months** | **Equal to or Greater<br>than 12 Months** | **Less than 12 Months** | **Less than 12 Months** | **Equal to or Greater<br>than 12 Months** | **Equal to or Greater<br>than 12 Months** |
|<br>**Sector & Credit Quality** | **Estimated<br>Fair<br>Value** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair<br>Value** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair<br>Value** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair<br>Value** | **Gross<br>Unrealized<br>Losses** |
| | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| U.S. corporate | $3258 | $79 | $20284 | $2664 | $8413 | $273 | $21608 | $3536 |
| Foreign corporate | 1365 | 93 | 11502 | 2183 | 5143 | 253 | 13141 | 3221 |
| U.S. government and agency | 2672 | 62 | 9489 | 3040 | 4619 | 164 | 9432 | 3243 |
| RMBS | 2079 | 36 | 9458 | 1443 | 4483 | 93 | 10674 | 1976 |
| ABS & CLO | 2279 | 18 | 2511 | 172 | 1388 | 15 | 4296 | 289 |
| CMBS | 386 | 11 | 2222 | 213 | 607 | 10 | 2942 | 347 |
| Municipals | 651 | 21 | 1858 | 472 | 724 | 22 | 1895 | 520 |
| Foreign government | 179 | 3 | 1015 | 159 | 691 | 23 | 1181 | 246 |
| &nbsp;&nbsp;Total fixed maturity securities AFS | $12869 | $323 | $58339 | $10346 | $26068 | $853 | $65169 | $13378 |
| Investment grade | $11837 | $291 | $56919 | $10220 | $24320 | $767 | $62876 | $13122 |
| Below investment grade | 1032 | 32 | 1420 | 126 | 1748 | 86 | 2293 | 256 |
| &nbsp;&nbsp;Total fixed maturity securities AFS | $12869 | $323 | $58339 | $10346 | $26068 | $853 | $65169 | $13378 |
| &nbsp;&nbsp;&nbsp;Total number of securities in anunrealized loss position | 1722 |  | 5820 |  | 3637 |  | 6786 |  |

---

***<u>Evaluation of Fixed Maturity Securities AFS for Credit Loss</u>***

*<u>Evaluation and Measurement Methodologies</u>*

See Note 10 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for a description of the Company's Evaluation and Measurement Methodologies of Fixed Maturity Securities AFS for Credit Loss.

*<u>Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position</u>*

Gross unrealized losses on securities without an ACL decreased $3.6 billion for the nine months ended September 30, 2025 to $10.7 billion primarily due to a decrease in interest rates.

As shown in the table above, most of the gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater at September 30, 2025, relate to investment grade securities. These unrealized losses are principally due to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.

As of September 30, 2025, $126 million of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater on below investment grade securities were concentrated in the consumer, technology and industrial sectors within U.S. and foreign corporate securities and in foreign government securities. These unrealized losses are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty and, with respect to fixed-rate securities, rising interest rates since purchase.

At September 30, 2025, the Company did not intend to sell its securities in an unrealized loss position without an ACL, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost. Therefore, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at September 30, 2025.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)** 

Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.

***<u>Rollforward of ACL for Fixed Maturity Securities AFS By Sector</u>***

The rollforward of ACL for fixed maturity securities AFS by sector was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **U.S.<br> Corporate** | **Foreign Corporate** | **Foreign<br>Government** | **RMBS** | **ABS & CLO** | **CMBS** | **Total** |
| **Three Months Ended September 30, 2025** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Balance, at beginning of period | $49 | $— | $36 | $2 | $4 | $12 | $103 |
| ACL not previously recorded | 65 |  |  |  |  |  | 65 |
| Changes for securities with previously recorded ACL | 25 |  |  |  | 1 | 2 | 28 |
| Securities sold or exchanged |  |  |  |  |  |  |  |
| Balance, at end of period | $139 | $— | $36 | $2 | $5 | $14 | $196 |
| **Three Months Ended September 30, 2024** |  |  |  |  |  |  |  |
| Balance, at beginning of period | $27 | $2 | $33 | $1 | $7 | $7 | $77 |
| ACL not previously recorded | 23 | 9 |  |  |  |  | 32 |
| Changes for securities with previously recorded ACL | (1) |  | 8 |  | 1 | (1) | 7 |
| Securities sold or exchanged | (3) |  |  |  |  |  | (3) |
| Balance, at end of period | $46 | $11 | $41 | $1 | $8 | $6 | $113 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **U.S.<br> Corporate** | **Foreign Corporate** | **Foreign<br>Government** | **RMBS** | **ABS & CLO** | **CMBS** | **Total** |
| **Nine Months Ended September 30, 2025** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Balance, at beginning of period | $45 | $15 | $36 | $1 | $7 | $8 | $112 |
| ACL not previously recorded | 81 |  |  | 1 |  | 3 | 85 |
| Changes for securities with previously recorded ACL | 36 | (2) |  |  | 1 | 3 | 38 |
| Securities sold or exchanged | (23) | (13) |  |  | (3) |  | (39) |
| Balance, at end of period | $139 | $— | $36 | $2 | $5 | $14 | $196 |
| **Nine Months Ended September 30, 2024** |  |  |  |  |  |  |  |
| Balance, at beginning of period | $62 | $2 | $50 | $1 | $6 | $11 | $132 |
| ACL not previously recorded | 37 | 9 |  |  |  |  | 46 |
| Changes for securities with previously recorded ACL | 5 |  | 6 |  | 2 | (1) | 12 |
| Securities sold or exchanged | (58) |  | (15) |  |  | (4) | (77) |
| Balance, at end of period | $46 | $11 | $41 | $1 | $8 | $6 | $113 |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

***Mortgage Loans***

***<u>Mortgage Loans by Portfolio Segment</u>***

Mortgage loans are summarized as follows at:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Portfolio Segment** | **Carrying<br>Value** | **% of <br>Total** | **Carrying<br>Value** | **% of <br>Total** |
| | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| Commercial | $31408 | 55.2% | $34692 | 57.8% |
| Agricultural | 14943 | 26.3 | 15208 | 25.3 |
| Residential | 11231 | 19.8 | 10628 | 17.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total amortized cost | 57582 | 101.3 | 60528 | 100.8 |
| ACL | (740) | (1.3) | (503) | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total mortgage loans | $56842 | 100.0% | $60025 | 100.0% |

---

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($724) million and ($791) million at September 30, 2025 and December 31, 2024, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at September 30, 2025 was $160 million, $138 million and $94 million, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at December 31, 2024 was $178 million, $158 million and $92 million, respectively. The accrued interest income related to mortgage loans is included in accrued investment income on the interim condensed consolidated balance sheets.

Purchases of mortgage loans, consisting primarily of residential mortgage loans, from unaffiliated parties, were $414 million and $1.5 billion for the three months and nine months ended September 30, 2025, respectively, and $564 million and $1.0 billion for the three months and nine months ended September 30, 2024, respectively.

Sales of mortgage loans, consisting primarily of commercial mortgage loans, to an equity method investee, were $168 million for both the three months and nine months ended September 30, 2024.

For the nine months ended September 30, 2025, the Company exchanged, as part of loan restructurings, commercial mortgage loans with an amortized cost of $52 million for equity interests in REJVs.

For the three months and nine months ended September 30, 2025, the Company contributed commercial mortgage loans with an amortized cost of $59 million to REJVs which subsequently completed foreclosure on those mortgage loans. For the nine months ended September 30, 2024, the Company contributed commercial mortgage loans with an amortized cost of $181 million to REJVs which subsequently completed foreclosure on those mortgage loans.

***<u>Rollforward of ACL for Mortgage Loans by Portfolio Segment</u>***

The rollforward of ACL for mortgage loans, by portfolio segment, was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| | **Commercial** | **Agricultural** | **Residential** | **Total** | **Commercial** | **Agricultural** | **Residential** | **Total** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Balance, beginning of period | $312 | $63 | $128 | $503 | $210 | $152 | $147 | $509 |
| Provision (release) | 307 | 15 | 22 | 344 | 108 | 37 | (25) | 120 |
| Charge-offs, net of recoveries | (100) | (7) |  | (107) | (12) | (77) |  | (89) |
| Balance, end of period | $519 | $71 | $150 | $740 | $306 | $112 | $122 | $540 |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

The gross charge-offs of mortgage loans by origination year and portfolio segment for the nine months ended September 30, 2025 was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Segment** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** |
|  | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Commercial | $— | $— | $— | $— | $— | $100 | $100 |
| Agricultural |  |  |  |  |  | 7 | 7 |
| Total | $— | $— | $— | $— | $— | $107 | $107 |

---

*<u>ACL Methodology</u>*

The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company's ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company's commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan's underlying collateral, less selling cost. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

*<u>Commercial and Agricultural Mortgage Loan Portfolio Segments</u>*

Within each loan portfolio segment, commercial and agricultural loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan's credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company's experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value ("LTV") ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. In its evaluation, the Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for such loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios ("DSCR"). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company's experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company's agricultural mortgage loans.

Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.

For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property's net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company's ongoing review of its commercial mortgage loan portfolio.

For agricultural mortgage loans, the Company's primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

After commercial and agricultural mortgage loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that is not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.

*<u>Residential Mortgage Loan Portfolio Segment</u>*

The Company's residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company reverts to industry historical loss experience using a straight-line basis over one year.

For residential mortgage loans, the Company's primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.

***<u>Modifications to Borrowers Experiencing Financial Difficulty</u>***

The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications, in materially impacted mortgage segments, where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means: principal forgiveness, interest rate reduction, other-than-insignificant payment delay or term extension. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any ACL recorded. All loans modified to borrowers experiencing financial difficulties are evaluated individually for credit loss as collateral dependent loans.

These mortgage loan modifications are summarized as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **Amortized Cost** | **Amortized Cost** | **Amortized Cost** | **Affected Loans** <br>**(in Years)** | **Affected Loans** <br>**(in Years)** | |
| <br>**Portfolio Segment** | **Maturity<br>Extension** | **Payment<br>Delay** | **Total** | **Weighted Average<br> Life Increase** | **Average Years Payment Deferral** | <br>**% of Book<br>Value** |
|  | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| Commercial | $208 | $— | $208 | Less than one year |  | <1% |
| Agricultural |  | 126 | 126 |  | 2 years | <1% |
| Total | $208 | $126 | $334 |  |  |  |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
| | **Amortized Cost** | **Amortized Cost** | **Amortized Cost** | **Affected Loans** <br>**(in Years)** | **Affected Loans** <br>**(in Years)** | |
| <br>**Portfolio Segment** | **Maturity<br>Extension** | **Payment<br>Delay** | **Total** | **Weighted Average<br> Life Increase** | **Average Years Payment Deferral** | <br>**% of Book<br>Value** |
|  | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| Commercial | $28 | $— | $28 | Less than one year |  | <1% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **Amortized Cost** | **Amortized Cost** | **Amortized Cost** | **Affected Loans** <br>**(in Years)** | **Affected Loans** <br>**(in Years)** | |
| <br>**Portfolio Segment** | **Maturity<br>Extension** | **Payment<br>Delay** | **Total** | **Weighted Average<br> Life Increase** | **Average Years Payment Deferral** | <br>**% of Book<br>Value** |
|  | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| Commercial | $668 | $— | $668 | 4 years |  | 2.2% |
| Agricultural |  | 126 | 126 |  | 2 years | <1% |
| Total | $668 | $126 | $794 |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
| | **Amortized Cost** | **Amortized Cost** | **Amortized Cost** | **Affected Loans** <br>**(in Years)** | **Affected Loans** <br>**(in Years)** | |
| <br>**Portfolio Segment** | **Maturity<br>Extension** | **Payment<br>Delay** | **Total** | **Weighted Average<br> Life Increase** | **Average Years Payment Deferral** | <br>**% of Book<br>Value** |
|  | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| Commercial | $167 | $— | $167 | Less than one year |  | <1% |

---

For the three months and nine months ended September 30, 2025, all commercial and agricultural mortgage loans modified within the past 12 months to borrowers experiencing financial difficulties and still outstanding were current. For the three months ended September 30, 2024, all commercial mortgage loans modified within the past 12 months to borrowers experiencing financial difficulties and still outstanding were current. For the nine months ended September 30, 2024, commercial mortgage loans with an amortized cost of $171 million which were extended over the past 12 months became delinquent and foreclosed.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

***<u>Credit Quality of Mortgage Loans by Portfolio Segment</u>***

The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Quality Indicator** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving<br>Loans** | **Total** | **% of<br>Total** |
|  | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| **LTV ratios:** |  |  |  |  |  |  |  |  |  |
| Less than 65% | $1180 | $1884 | $1400 | $828 | $1488 | $7833 | $2111 | $16724 | 53.3% |
| 65% to 75% | 77 | 456 | 346 | 1592 | 1112 | 2261 |  | 5844 | 18.6 |
| 76% to 80% |  |  |  | 242 | 96 | 1118 |  | 1456 | 4.6 |
| Greater than 80% | 152 | 172 | 115 | 514 | 803 | 5628 |  | 7384 | 23.5 |
| Total | $1409 | $2512 | $1861 | $3176 | $3499 | $16840 | $2111 | $31408 | 100.0% |
| **DSCR:** |  |  |  |  |  |  |  |  |  |
| > 1.20x | $1171 | $2078 | $1236 | $2619 | $2877 | $13512 | $2069 | $25562 | 81.4% |
| 1.00x - 1.20x | 133 | 225 | 431 | 250 | 465 | 1846 | 42 | 3392 | 10.8 |
| <1.00x | 105 | 209 | 194 | 307 | 157 | 1482 |  | 2454 | 7.8 |
| Total | $1409 | $2512 | $1861 | $3176 | $3499 | $16840 | $2111 | $31408 | 100.0% |

---

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Quality Indicator** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving<br>Loans** | **Total** | **% of<br>Total** |
|  | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| **LTV ratios:** |  |  |  |  |  |  |  |  |  |
| Less than 65% | $554 | $502 | $812 | $1635 | $1353 | $7708 | $1115 | $13679 | 91.5% |
| 65% to 75% | 5 | 37 | 35 | 286 | 168 | 525 | 89 | 1145 | 7.7 |
| 76% to 80% |  |  |  | 23 | 29 | 3 | 4 | 59 | 0.4 |
| Greater than 80% |  |  |  |  |  | 59 | 1 | 60 | 0.4 |
| &nbsp;&nbsp;&nbsp;Total | $559 | $539 | $847 | $1944 | $1550 | $8295 | $1209 | $14943 | 100.0% |

---

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Quality Indicator** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving<br>Loans** | **Total** | **% of<br>Total** |
|  | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| **Performance indicators:** |  |  |  |  |  |  |  |  |  |
| Performing | $586 | $1447 | $280 | $1632 | $1027 | $5915 | $— | $10887 | 96.9% |
| Nonperforming (1) | 3 | 35 | 17 | 66 | 17 | 206 |  | 344 | 3.1 |
| &nbsp;&nbsp;&nbsp;Total | $589 | $1482 | $297 | $1698 | $1044 | $6121 | $— | $11231 | 100.0% |

---

__________________

(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $132 million and $111 million at September 30, 2025 and December 31, 2024, respectively.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

***<u>Past Due and Nonaccrual Mortgage Loans</u>***

The Company has a high quality, well performing mortgage loan portfolio, with 98% of all mortgage loans classified as performing at both September 30, 2025 and December 31, 2024. The Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Past Due** | **Past Due** | **Past Due <br>and Still Accruing Interest** | **Past Due <br>and Still Accruing Interest** | **Nonaccrual** | **Nonaccrual** |
|<br>**Portfolio Segment** | **September 30, 2025** | **December 31, 2024** | **September 30, 2025** | **December 31, 2024** | **September 30, 2025** | **December 31, 2024** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Commercial | $436 | $378 | $— | $— | $1121 | $578 |
| Agricultural | 180 | 243 | 117 | 171 | 77 | 82 |
| Residential | 344 | 337 |  |  | 344 | 337 |
| &nbsp;&nbsp;&nbsp;Total | $960 | $958 | $117 | $171 | $1542 | $997 |

---

***Real Estate and REJV***

The Company's real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method REJV. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** | **Three Months <br> Ended <br> September 30,** | **Three Months <br> Ended <br> September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **September 30, 2025** | **December 31, 2024** | **2025** | **2024** | **2025** | **2024** |
|<br>**Income Type** | **Carrying Value** | **Carrying Value** | **Income** | **Income** | **Income** | **Income** |
|  | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Wholly-owned real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Leased real estate | $1600 | $1640 | $44 | $42 | $126 | $118 |
| &nbsp;&nbsp;&nbsp;Other real estate | 546 | 538 | 82 | 74 | 246 | 194 |
| REJV | 6869 | 6724 | (1) | 4 | 52 | (103) |
| &nbsp;&nbsp;&nbsp;Total real estate and REJV | $9015 | $8902 | $125 | $120 | $424 | $209 |

---

Depreciation expense on real estate investments was $23 million and $66 million for the three months and nine months ended September 30, 2025, respectively, and $25 million and $69 million for the three months and nine months ended September 30, 2024, respectively. Real estate investments were net of accumulated depreciation of $798 million and $734 million at September 30, 2025 and December 31, 2024, respectively.

***<u>Leased Real Estate Investments - Operating Leases</u>***

The Company, as lessor, leases investment real estate, principally commercial real estate for office, apartment and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants' revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification and geographic diversification.

See Note 10 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for a summary of leased real estate investments and income earned, by property type.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

***Other Invested Assets***

***<u>Tax Equity Investments</u>***

The Company invests in certain tax equity investments, including low income housing tax credit partnerships and renewable energy partnerships. The carrying value of tax equity investments, reported in other invested assets on the interim condensed consolidated balance sheets, was $707 million and $714 million at September 30, 2025 and December 31, 2024, respectively. For the three months and nine months ended September 30, 2025, income tax credits and other income tax benefits of $38 million and $98 million, respectively, and amortized expenses of $30 million and $87 million, respectively, were recognized net as a component of income tax expense on the Company's interim condensed consolidated statement of operations. For the three months and nine months ended September 30, 2024, income tax credits and other income tax benefits of $37 million and $112 million, respectively, and amortized expenses of $33 million and $100 million, respectively, were recognized net as a component of income tax expense on the Company's interim condensed consolidated statement of operations.

***<u>FVO Securities and Equity Securities</u>***

The following table presents FVO securities and equity securities by asset type.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Cost** | **Net Unrealized Gains (Losses) (1)** | **Estimated Fair Value** | **Cost** | **Net Unrealized Gains (Losses) (1)** | **Estimated Fair Value** |
|<br>**Asset Type** | **Cost** | **Net Unrealized Gains (Losses) (1)** | **Estimated Fair Value** | **Cost** | **Net Unrealized Gains (Losses) (1)** | **Estimated Fair Value** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| FVO securities (2) | $251 | $717 | $968 | $296 | $576 | $872 |
| Equity securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock (3) | $103 | $31 | $134 | $139 | $9 | $148 |
| &nbsp;&nbsp;&nbsp;Non-redeemable preferred stock | 41 | 5 | 46 | 22 | 2 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity securities | $144 | $36 | $180 | $161 | $11 | $172 |

---

__________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings.

(2)Includes fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

(3)Includes common stock and certain mutual funds.

***Cash Equivalents***

Cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $3.0 billion and $4.9 billion, at estimated fair value, at September 30, 2025 and December 31, 2024, respectively.

***Concentrations of Credit Risk***

There were no investments in any counterparty that were greater than 10% of the Company's equity, other than the U.S. government and its agencies, at estimated fair value, at both September 30, 2025 and December 31, 2024.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

***Securities Lending Transactions and Repurchase Agreements***

***<u>Securities, Collateral and Reinvestment Portfolio</u>***

Transactions and agreements accounted for as secured borrowings were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Securities (1)** | | | **Securities (1)** | | |
|<br>**Agreement Type** | **Estimated Fair Value** |<br>**Cash Collateral Received from Counterparties (2)** |<br>**Reinvestment Portfolio at Estimated <br>Fair Value** | **Estimated Fair Value** | **Cash Collateral Received from Counterparties (2)** | **Reinvestment Portfolio at Estimated <br>Fair Value** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Securities lending | $6759 | $6944 | $6890 | $6038 | $6202 | $6098 |
| Repurchase agreements | $3006 | $2975 | $2952 | $3019 | $2975 | $2925 |

---

__________________

(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at September 30, 2025 and within fixed maturity securities AFS at December 31, 2024.

(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.

***<u>Contractual Maturities</u>***

Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Remaining Maturities** | **Remaining Maturities** | **Remaining Maturities** | **Remaining Maturities** | | **Remaining Maturities** | **Remaining Maturities** | **Remaining Maturities** | **Remaining Maturities** | |
| **Cash collateral liability by security type:** | **Open (1)** | **1 Month<br>or Less** | **Over 1<br> Month to 6<br>Months** | **Over 6 <br>Months<br> to 1 Year** |<br>**Total** | **Open (1)** | **1 Month<br>or Less** | **Over 1<br>Month to 6<br>Months** | **Over 6 Months to 1 Year** |<br>**Total** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| &nbsp;&nbsp;&nbsp;**Securities lending:** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and agency | $1165 | $2904 | $2875 | $— | $6944 | $1767 | $3023 | $1412 | $— | $6202 |
| &nbsp;&nbsp;&nbsp;**Repurchase agreements:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and agency | $— | $2975 | $— | $— | $2975 | $— | $2975 | $— | $— | $2975 |

---

__________________

(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell investments to meet the return obligation, it may have difficulty selling such collateral that is invested in a timely manner, be forced to sell investments in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both.

The securities lending and repurchase agreement reinvestment portfolios consist principally of high quality, liquid, publicly traded fixed maturity securities AFS, short-term investments, cash equivalents or cash. If the securities in the reinvestment portfolio become less liquid, liquidity resources within the general account are available to meet any potential cash demands when securities are put back by the counterparty.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

***Invested Assets on Deposit and Pledged as Collateral***

Invested assets on deposit and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, and were as follows at:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(In millions)** | **(In millions)** |
| Invested assets on deposit (regulatory deposits) | $104 | $102 |
| Invested assets pledged as collateral (1) | 24463 | 21252 |
| &nbsp;&nbsp;Total invested assets on deposit and pledged as collateral | $24567 | $21354 |

---

__________________

(1)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements and secured debt (see Notes 4 and 14 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 10.

See "— Securities Lending Transactions and Repurchase Agreements" for information regarding securities supporting securities lending transactions and repurchase agreements, and Note 8 for information regarding investments designated to the closed block. In addition, the Company's investment in Federal Home Loan Bank of New York common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $628 million at redemption value at both September 30, 2025 and December 31, 2024.

***Variable Interest Entities***

The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE's primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party's relationship with or involvement in the entity.

***<u>Consolidated VIEs</u>***

Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company's obligation to the VIEs is limited to the amount of its committed investment.

The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Asset Type** | **Total<br>Assets** | **Total<br>Liabilities** | **Total<br>Assets** | **Total<br>Liabilities** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| REJV | $1972 | $2 | $2004 | $3 |
| Mortgage loan joint ventures | 197 |  | 210 |  |
| Renewable energy partnership (primarily other invested assets) | 59 | 3 | 57 |  |
| Investment funds (primarily other invested assets) |  |  | 65 | 1 |
| Total | $2228 | $5 | $2336 | $4 |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

***<u>Unconsolidated VIEs</u>***

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Asset Type** | **Carrying<br>Amount** | **Maximum<br>Exposure<br>to Loss (1)** | **Carrying<br>Amount** | **Maximum<br>Exposure<br>to Loss (1)** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Fixed maturity securities AFS (2) | $42476 | $42476 | $37602 | $37602 |
| OLPI | 6494 | 8413 | 6746 | 8590 |
| Other invested assets | 1138 | 1437 | 985 | 1129 |
| Other investments (REJV and mortgage loans) | 881 | 957 | 475 | 661 |
| &nbsp;&nbsp;&nbsp;Total | $50989 | $53283 | $45808 | $47982 |

---

__________________

(1)The maximum exposure to loss relating to fixed maturity securities AFS and FVO securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to OLPI, REJV and mortgage loans is equal to the carrying amounts plus any unrecognized unfunded commitments. For certain of its investments in other invested assets, the Company's return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company's involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities generally issued by trusts that do not have substantial equity.

As described in Note 16, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs for either the nine months ended September 30, 2025 or 2024.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

***Net Investment Income***

The composition of net investment income by asset type was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months <br> Ended <br> September 30,** | **Three Months <br> Ended <br> September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
|<br>**Asset Type** | **2025** | **2024** | **2025** | **2024** |
|  | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Fixed maturity securities AFS | $1922 | $1908 | $5687 | $5586 |
| Mortgage loans | 749 | 813 | 2255 | 2464 |
| Policy loans | 75 | 73 | 216 | 214 |
| Real estate and REJV | 125 | 120 | 424 | 209 |
| OLPI | 222 | 26 | 362 | 358 |
| Cash, cash equivalents and short-term investments | 75 | 102 | 244 | 280 |
| FVO securities | 68 | 46 | 116 | 141 |
| Operating joint venture | 84 | 84 | 132 | 113 |
| Equity securities | 1 | 1 | 5 | 7 |
| Other | 7 | 90 | 180 | 295 |
| &nbsp;&nbsp;&nbsp;Subtotal investment income | 3328 | 3263 | 9621 | 9667 |
| Less: Investment expenses | 397 | 343 | 1008 | 987 |
| &nbsp;&nbsp;&nbsp;Net investment income | $2931 | $2920 | $8613 | $8680 |
| **Net Investment Income Information** |  |  |  |  |
| Net realized and unrealized gains (losses) recognized in net investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from sales and disposals | $— | $— | $— | $(15) |
| &nbsp;&nbsp;&nbsp;Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and REJV) | 70 | 60 | 140 | 200 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) recognized in net investment income | $70 | $60 | $140 | $185 |
| Changes in estimated fair value subsequent to purchase of FVO securities still held at the end of the respective periods and recognized in net investment income | $68 | $45 | $114 | $153 |
| Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and an operating joint venture) | $331 | $130 | $582 | $414 |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

***Net Investment Gains (Losses)***

***<u>Net Investment Gains (Losses) by Asset Type and Transaction Type</u>***

The composition of net investment gains (losses) by asset type and transaction type was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months <br> Ended <br> September 30,** | **Three Months <br> Ended <br> September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
|<br>**Asset Type** | **2025** | **2024** | **2025** | **2024** |
|  | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Fixed maturity securities AFS | $(169) | $(169) | $(395) | $(386) |
| Equity securities | (14) | (22) | (7) | (13) |
| Mortgage loans | (13) | (88) | (353) | (143) |
| Real estate and REJV (excluding changes in estimated fair value) | 6 | 121 | 8 | 160 |
| OLPI (excluding changes in estimated fair value) (1) | 5 | 4 | 25 | (43) |
| Other gains (losses) | (21) | 9 | (21) | 7 |
| &nbsp;&nbsp;Subtotal | (206) | (145) | (743) | (418) |
| Change in estimated fair value of OLPI and REJV | (1) | (1) | (1) | 4 |
| Non-investment portfolio gains (losses) | (9) | (35) | (79) | (9) |
| &nbsp;&nbsp;Subtotal | (10) | (36) | (80) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses) | $(216) | $(181) | $(823) | $(423) |
| **Transaction Type** |  |  |  |  |
| Realized gains (losses) on investments sold or disposed (1) | $(65) | $(5) | $(316) | $(304) |
| Impairment (losses) | (18) |  | (23) |  |
| Recognized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;Change in ACL recognized in earnings | (107) | (112) | (430) | (98) |
| &nbsp;&nbsp;Unrealized net gains (losses) recognized in earnings | (17) | (29) | 25 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total recognized gains (losses) | (124) | (141) | (405) | (110) |
| Non-investment portfolio gains (losses) | (9) | (35) | (79) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses) | $(216) | $(181) | $(823) | $(423) |
| **Net Investment Gains (Losses) Information** |  |  |  |  |
| Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses) | $(15) | $(23) | $(5) | $(9) |
| Other gains (losses) include: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on disposed investments which were previously in a qualified cash flow hedging relationship | $(26) | $— | $(17) | $3 |
| Foreign currency gains (losses) | $1 | $(24) | $(75) | $(16) |
| **Net Realized Investment Gains (Losses) From Sales and Disposals of Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognized in net investment gains (losses) | $(65) | $(5) | $(316) | $(304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognized in net investment income |  |  |  | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized investment gains (losses) from sales and disposals of investments | $(65) | $(5) | $(316) | $(319) |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

__________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Includes a net loss of $1 million and $38 million for the nine months ended September 30, 2025 and 2024, respectively, for private equity investments sold. For the nine months ended September 30, 2025 and 2024, the Company sold $36 million and $638 million, respectively, in portfolios of investments to a fund for proceeds of $35 million and $600 million, respectively, in cash and receivables secured by the value of the fund. An affiliate has entered into an agreement to serve as the asset manager of the fund for which it receives a management fee.

***<u>Fixed Maturity Securities AFS and Equity Securities – Composition of Net Investment Gains (Losses)</u>***

The composition of net investment gains (losses) for these securities was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months <br> Ended <br> September 30,** | **Three Months <br> Ended <br> September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
|<br>**Fixed Maturity Securities AFS** | **2025** | **2024** | **2025** | **2024** |
|  | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Proceeds | $3761 | $3723 | $9843 | $11508 |
| Gross investment gains | $59 | $37 | $100 | $152 |
| Gross investment (losses) | (135) | (170) | (406) | (558) |
| &nbsp;&nbsp;Realized gains (losses) on sales and disposals | (76) | (133) | (306) | (406) |
| Net credit loss (provision) release (change in ACL recognized in earnings) | (93) | (36) | (84) | 20 |
| Impairment (losses) |  |  | (5) |  |
| &nbsp;&nbsp;Net credit loss (provision) release and impairment (losses) | $(93) | $(36) | $(89) | $20 |
| &nbsp;&nbsp;&nbsp;Net investment gains (losses) | $(169) | $(169) | $(395) | $(386) |
| **Equity Securities** |  |  |  |  |
| Realized gains (losses) on sales and disposals | $2 | $4 | $(32) | $2 |
| Unrealized net gains (losses) recognized in earnings | (16) | (26) | 25 | (15) |
| Net investment gains (losses) | $(14) | $(22) | $(7) | $(13) |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**9. Investments (continued)**

*<u>Related Party Investment Transactions</u>*

The Company transfers invested assets primarily consisting of fixed maturity securities AFS, mortgage loans, and real estate and REJV to and from affiliates. Invested assets transferred to and from affiliates were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months<br>Ended<br>September 30,** | **Three Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Estimated fair value of invested assets transferred to affiliates | $— | $105 | $21 | $245 |
| Amortized cost of invested assets transferred to affiliates | $— | $118 | $20 | $255 |
| Net investment gains (losses) recognized on transfers | $— | $(13) | $1 | $(10) |
| Estimated fair value of invested assets transferred from affiliates | $— | $— | $70 | $4 |

---

Recurring related party investments were as follows at:

---

| | | | |
|:---|:---|:---|:---|
| | | **September 30, 2025** | **December 31, 2024** |
| | | **September 30, 2025** | **December 31, 2024** |
|<br>**Investment Type/<br>Balance Sheet Category** |<br>**Related Party** | **Carrying Value** | **Carrying Value** |
| | | **(In millions)** | **(In millions)** |
| Affiliated investments (1) | MetLife, Inc. | $1079 | $1014 |
| Affiliated investments (2) | Metropolitan General Insurance Company | 152 | 152 |
| Affiliated funds withheld (3) | Metropolitan Tower Life Insurance Company ("MTL") | 2497 | 2604 |
| Other invested assets |  | $3728 | $3770 |

---

________________

(1)Represents an investment in affiliated senior unsecured notes which have maturity dates from July 2026 to December 2031 and bear interest, payable semi-annually, at rates per annum ranging from 1.61% to 2.16%. These affiliated investments earned investment income of $5 million and $15 million for the three months and nine months ended September 30, 2025, respectively, and $5 million and $14 million for the three months and nine months ended September 30, 2024, respectively.

(2)Represents an investment in the affiliate's unsecured note which matures December 2034 and bears interest, payable semi-annually, at a rate per annum of 6.47%.

(3)Represents affiliated funds withheld, reported in other invested assets, related to an agreement the Company, through its wholly-owned subsidiary, entered into to assume certain group annuity contracts issued in connection with a qualifying pension risk transfer on a modified coinsurance basis from MTL.

The Company incurred investment advisory charges from an affiliate of $105 million and $319 million for the three months and nine months ended September 30, 2025, respectively, and $77 million and $230 million for the three months and nine months ended September 30, 2024, respectively.

See "— Variable Interest Entities" for information on investments in affiliated REJV and affiliated mortgage loan joint ventures.

**10. Derivatives**

***Accounting for Derivatives***

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for a description of the Company's accounting policies for derivatives and Note 11 for information about the fair value hierarchy for derivatives.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**10. Derivatives (continued)**

***Derivative Strategies***

***<u>Types of Derivative Instruments and Derivative Strategies</u>***

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives. Commonly used derivative instruments include, but are not limited to:&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate derivatives: swaps, total return swaps, caps, floors, futures, swaptions, forwards and synthetic GICs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rate derivatives: swaps and forwards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit derivatives: purchased or written single name or index credit default swaps, and forwards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity derivatives: index options, variance swaps, exchange-traded futures and total return swaps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For detailed information on these contracts and the related strategies, see Note 11 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report.

***Primary Risks Managed by Derivatives***

The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company's derivatives, excluding embedded derivatives, held at:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Primary Underlying Risk Exposure** | **Gross**<br>**Notional**<br>**Amount** | **Estimated Fair Value** | **Estimated Fair Value** | **Gross<br>Notional<br>Amount** | **Estimated Fair Value** | **Estimated Fair Value** |
| | **Primary Underlying Risk Exposure** | **Gross**<br>**Notional**<br>**Amount** | **Assets** | **Liabilities** | **Gross<br>Notional<br>Amount** | **Assets** | **Liabilities** |
| | | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Derivatives Designated as Hedging Instruments: | Derivatives Designated as Hedging Instruments: |  |  |  |  |  |  |
| Fair value hedges: |  |  |  |  |  |  |  |
| Interest rate swaps | Interest rate | $4665 | $933 | $625 | $4801 | $1018 | $630 |
| Foreign currency swaps | Foreign currency exchange rate | 972 | 33 | 13 | 1450 | 32 | 67 |
| &nbsp;&nbsp;Subtotal |  | 5637 | 966 | 638 | 6251 | 1050 | 697 |
| Cash flow hedges: |  |  |  |  |  |  |  |
| Interest rate swaps | Interest rate | 3680 |  | 279 | 3788 |  | 329 |
| Foreign currency swaps | Foreign currency exchange rate | 34764 | 2324 | 971 | 32634 | 2305 | 1018 |
| &nbsp;&nbsp;Subtotal |  | 38444 | 2324 | 1250 | 36422 | 2305 | 1347 |
| &nbsp;&nbsp;Total qualifying hedges |  | 44081 | 3290 | 1888 | 42673 | 3355 | 2044 |
| Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Derivatives Not Designated or Not Qualifying as Hedging Instruments: |  |  |  |  |  |  |
| Interest rate swaps | Interest rate | 15397 | 1537 | 655 | 15405 | 1400 | 742 |
| Interest rate floors | Interest rate | 5390 | 39 |  | 5519 | 34 |  |
| Interest rate caps | Interest rate | 14950 | 39 |  | 15700 | 128 |  |
| Interest rate futures | Interest rate | 1318 |  | 4 | 93 |  |  |
| Interest rate options | Interest rate | 28007 | 123 | 60 | 30209 | 201 | 122 |
| Synthetic GICs | Interest rate | 3164 |  |  | 6042 |  |  |
| Foreign currency swaps | Foreign currency exchange rate | 3865 | 267 | 114 | 4170 | 496 | 2 |
| Foreign currency forwards | Foreign currency exchange rate | 1508 | 3 | 10 | 1288 | 22 | 8 |
| Credit default swaps — purchased | Credit | 700 | 2 | 6 | 729 | 13 | 1 |
| Credit default swaps — written | Credit | 9534 | 177 | 2 | 9519 | 152 | 5 |
| Equity futures | Equity market | 592 |  | 1 | 720 | 3 |  |
| Equity index options | Equity market | 10162 | 171 | 237 | 11336 | 166 | 198 |
| Equity total return swaps | Equity market | 2044 |  | 113 | 1799 | 42 | 9 |
| &nbsp;&nbsp;Total non-designated or nonqualifying derivatives | &nbsp;&nbsp;Total non-designated or nonqualifying derivatives | 96631 | 2358 | 1202 | 102529 | 2657 | 1087 |
| &nbsp;&nbsp;Total |  | $140712 | $5648 | $3090 | $145202 | $6012 | $3131 |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**10. Derivatives (continued)**

Based on gross notional amounts, a substantial portion of the Company's derivatives was not designated or did not qualify as part of a hedging relationship at either September 30, 2025 or December 31, 2024. The Company's use of derivatives includes (i) derivatives that serve as macro hedges of the Company's exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules, (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship, (iii) derivatives that economically hedge MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs are already recorded in net income, and (iv) written credit default swaps and interest rate swaps that are used to synthetically create investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**10. Derivatives (continued)**

***The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)***

The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, nonqualifying hedging relationships and embedded derivatives:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Net<br>Investment<br>Income** | **Net<br>Investment<br>Gains<br>(Losses)** | **Net<br>Derivative<br>Gains<br>(Losses)** | **Policyholder<br>Benefits and<br>Claims** | **Interest Credited to PABs** | **OCI** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Gain (Loss) on Fair Value Hedges: |  |  |  |  |  |  |
| Interest rate derivatives: |  |  |  |  |  |  |
| Derivatives designated as hedging instruments (1) | $— | $— | N/A | $6 | $2 | N/A |
| Hedged items |  |  | N/A | (10) | (2) | N/A |
| Foreign currency exchange rate derivatives: |  |  |  |  |  |  |
| Derivatives designated as hedging instruments (1) | 2 |  | N/A |  | (4) | N/A |
| Hedged items | (3) |  | N/A |  | 3 | N/A |
| &nbsp;&nbsp;&nbsp;Subtotal | (1) |  | N/A | (4) | (1) | N/A |
| Gain (Loss) on Cash Flow Hedges: |  |  |  |  |  |  |
| Interest rate derivatives: (1) |  |  |  |  |  |  |
| Amount of gains (losses) deferred in AOCI | N/A | N/A | N/A | N/A | N/A | $(5) |
| Amount of gains (losses) reclassified from AOCI into income | 4 | (26) |  |  |  | 22 |
| Foreign currency exchange rate derivatives: (1) |  |  |  |  |  |  |
| Amount of gains (losses) deferred in AOCI | N/A | N/A | N/A | N/A | N/A | 120 |
| Amount of gains (losses) reclassified from AOCI into income | 1 | (87) |  |  |  | 86 |
| Foreign currency transaction gains (losses) on hedged items |  | 88 |  |  |  |  |
| Credit derivatives: (1) |  |  |  |  |  |  |
| Amount of gains (losses) deferred in AOCI | N/A | N/A | N/A | N/A | N/A |  |
| Amount of gains (losses) reclassified from AOCI into income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subtotal | 5 | (25) |  |  |  | 223 |
| Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: |  |  |  |  |  |  |
| Interest rate derivatives (1) |  | N/A | (57) | N/A | N/A | N/A |
| Foreign currency exchange rate derivatives (1) |  | N/A | 66 | N/A | N/A | N/A |
| Credit derivatives — purchased (1) |  | N/A | (6) | N/A | N/A | N/A |
| Credit derivatives — written (1) |  | N/A |  | N/A | N/A | N/A |
| Equity derivatives (1) | (23) | N/A | (276) | N/A | N/A | N/A |
| Foreign currency transaction gains (losses) on hedged items |  | N/A | (30) | N/A | N/A | N/A |
| Subtotal | (23) | N/A | (303) | N/A | N/A | N/A |
| Earned income on derivatives | 18 |  | 57 | 1 | (38) |  |
| Synthetic GICs | N/A | N/A | 2 | N/A | N/A | N/A |
| Embedded derivatives | N/A | N/A | (159) | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Total | $(1) | $(25) | $(403) | $(3) | $(39) | $223 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**10. Derivatives (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **Net Investment Income** | **Net Investment Gains (Losses)** | **Net Derivative Gains (Losses)** | **Policyholder Benefits and Claims** | **Interest Credited to PABs** | **OCI** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Gain (Loss) on Fair Value Hedges: |  |  |  |  |  |  |
| Interest rate derivatives: |  |  |  |  |  |  |
| Derivatives designated as hedging instruments (1) | $— | $— | N/A | $185 | $86 | N/A |
| Hedged items |  |  | N/A | (191) | (87) | N/A |
| Foreign currency exchange rate derivatives: |  |  |  |  |  |  |
| Derivatives designated as hedging instruments (1) | (22) |  | N/A |  | 32 | N/A |
| Hedged items | 22 |  | N/A |  | (34) | N/A |
| &nbsp;&nbsp;&nbsp;Subtotal |  |  | N/A | (6) | (3) | N/A |
| Gain (Loss) on Cash Flow Hedges: |  |  |  |  |  |  |
| Interest rate derivatives: (1) |  |  |  |  |  |  |
| Amount of gains (losses) deferred in AOCI | N/A | N/A | N/A | N/A | N/A | $172 |
| Amount of gains (losses) reclassified from AOCI into income | 4 | 1 |  |  |  | (5) |
| Foreign currency exchange rate derivatives: (1) |  |  |  |  |  |  |
| Amount of gains (losses) deferred in AOCI | N/A | N/A | N/A | N/A | N/A | (125) |
| Amount of gains (losses) reclassified from AOCI into income | 1 | 508 |  |  |  | (509) |
| Foreign currency transaction gains (losses) on hedged items |  | (491) |  |  |  |  |
| Credit derivatives: (1) |  |  |  |  |  |  |
| Amount of gains (losses) deferred in AOCI | N/A | N/A | N/A | N/A | N/A |  |
| Amount of gains (losses) reclassified from AOCI into income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subtotal | 5 | 18 |  |  |  | (467) |
| Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: |  |  |  |  |  |  |
| Interest rate derivatives (1) |  | N/A | 127 | N/A | N/A | N/A |
| Foreign currency exchange rate derivatives (1) |  | N/A | (188) | N/A | N/A | N/A |
| Credit derivatives — purchased (1) |  | N/A | (3) | N/A | N/A | N/A |
| Credit derivatives — written (1) |  | N/A | 25 | N/A | N/A | N/A |
| Equity derivatives (1) | (10) | N/A | (150) | N/A | N/A | N/A |
| Foreign currency transaction gains (losses) on hedged items |  | N/A | 93 | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Subtotal | (10) | N/A | (96) | N/A | N/A | N/A |
| Earned income on derivatives | 34 |  | 91 | (5) | (35) |  |
| Synthetic GICs | N/A | N/A | 2 | N/A | N/A | N/A |
| Embedded derivatives | N/A | N/A | (379) | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Total | $29 | $18 | $(382) | $(11) | $(38) | $(467) |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**10. Derivatives (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Net<br>Investment<br>Income** | **Net<br>Investment<br>Gains<br>(Losses)** | **Net<br>Derivative<br>Gains<br>(Losses)** | **Policyholder<br>Benefits and<br>Claims** | **Interest Credited to PABs** | **OCI** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Gain (Loss) on Fair Value Hedges: |  |  |  |  |  |  |
| Interest rate derivatives: |  |  |  |  |  |  |
| Derivatives designated as hedging instruments (1) | $— | $— | N/A | $83 | $48 | N/A |
| Hedged items |  |  | N/A | (97) | (47) | N/A |
| Foreign currency exchange rate derivatives: |  |  |  |  |  |  |
| Derivatives designated as hedging instruments (1) | (25) |  | N/A |  | 119 | N/A |
| Hedged items | 23 |  | N/A |  | (120) | N/A |
| &nbsp;&nbsp;&nbsp;Subtotal | (2) |  | N/A | (14) |  | N/A |
| Gain (Loss) on Cash Flow Hedges: |  |  |  |  |  |  |
| Interest rate derivatives: (1) |  |  |  |  |  |  |
| Amount of gains (losses) deferred in AOCI | N/A | N/A | N/A | N/A | N/A | $30 |
| Amount of gains (losses) reclassified from AOCI into income | 30 | (17) |  |  |  | (13) |
| Foreign currency exchange rate derivatives: (1) |  |  |  |  |  |  |
| Amount of gains (losses) deferred in AOCI | N/A | N/A | N/A | N/A | N/A | 132 |
| Amount of gains (losses) reclassified from AOCI into income | 3 | 1331 |  |  |  | (1334) |
| Foreign currency transaction gains (losses) on hedged items |  | (1337) |  |  |  |  |
| Credit derivatives: (1) |  |  |  |  |  |  |
| Amount of gains (losses) deferred in AOCI | N/A | N/A | N/A | N/A | N/A |  |
| &nbsp;&nbsp;&nbsp;Subtotal | 33 | (23) |  |  |  | (1185) |
| Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: |  |  |  |  |  |  |
| Interest rate derivatives (1) |  | N/A | (71) | N/A | N/A | N/A |
| Foreign currency exchange rate derivatives (1) |  | N/A | (406) | N/A | N/A | N/A |
| Credit derivatives — purchased (1) |  | N/A | (18) | N/A | N/A | N/A |
| Credit derivatives — written (1) |  | N/A | 10 | N/A | N/A | N/A |
| Equity derivatives (1) | (34) | N/A | (496) | N/A | N/A | N/A |
| Foreign currency transaction gains (losses) on hedged items |  | N/A | 164 | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Subtotal | (34) | N/A | (817) | N/A | N/A | N/A |
| Earned income on derivatives | 108 |  | 165 | 5 | (109) |  |
| Synthetic GICs | N/A | N/A | 6 | N/A | N/A | N/A |
| Embedded derivatives | N/A | N/A | (387) | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Total | $105 | $(23) | $(1033) | $(9) | $(109) | $(1185) |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**10. Derivatives (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **Net Investment Income** | **Net Investment Gains (Losses)** | **Net Derivative Gains (Losses)** | **Policyholder Benefits and Claims** | **Interest Credited to PABs** | **OCI** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Gain (Loss) on Fair Value Hedges: |  |  |  |  |  |  |
| Interest rate derivatives: |  |  |  |  |  |  |
| Derivatives designated as hedging instruments (1) | $— | $— | N/A | $35 | $33 | N/A |
| Hedged items |  |  | N/A | (54) | (37) | N/A |
| Foreign currency exchange rate derivatives: |  |  |  |  |  |  |
| Derivatives designated as hedging instruments (1) | (20) |  | N/A |  | 1 | N/A |
| Hedged items | 22 |  | N/A |  | 1 | N/A |
| &nbsp;&nbsp;&nbsp;Subtotal | 2 |  | N/A | (19) | (2) | N/A |
| Gain (Loss) on Cash Flow Hedges: |  |  |  |  |  |  |
| Interest rate derivatives: (1) |  |  |  |  |  |  |
| Amount of gains (losses) deferred in AOCI | N/A | N/A | N/A | N/A | N/A | $(43) |
| Amount of gains (losses) reclassified from AOCI into income | 18 | 3 |  |  |  | (21) |
| Foreign currency exchange rate derivatives: (1) |  |  |  |  |  |  |
| Amount of gains (losses) deferred in AOCI | N/A | N/A | N/A | N/A | N/A | 82 |
| Amount of gains (losses) reclassified from AOCI into income | 3 | 333 |  |  |  | (336) |
| Foreign currency transaction gains (losses) on hedged items |  | (327) |  |  |  |  |
| Credit derivatives: (1) |  |  |  |  |  |  |
| Amount of gains (losses) deferred in AOCI | N/A | N/A | N/A | N/A | N/A |  |
| Amount of gains (losses) reclassified from AOCI into income |  | 1 |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;Subtotal | 21 | 10 |  |  |  | (319) |
| Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: |  |  |  |  |  |  |
| Interest rate derivatives (1) |  | N/A | (151) | N/A | N/A | N/A |
| Foreign currency exchange rate derivatives (1) |  | N/A | (107) | N/A | N/A | N/A |
| Credit derivatives — purchased (1) |  | N/A | 2 | N/A | N/A | N/A |
| Credit derivatives — written (1) |  | N/A | 34 | N/A | N/A | N/A |
| Equity derivatives (1) | (46) | N/A | (517) | N/A | N/A | N/A |
| Foreign currency transaction gains (losses) on hedged items |  | N/A | 42 | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Subtotal | (46) | N/A | (697) | N/A | N/A | N/A |
| Earned income on derivatives | 117 |  | 336 | (11) | (126) |  |
| Synthetic GICs | N/A | N/A | 7 | N/A | N/A | N/A |
| Embedded derivatives | N/A | N/A | (24) | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Total | $94 | $10 | $(378) | $(30) | $(128) | $(319) |

---

__________________

(1)Excludes earned income on derivatives.

***Fair Value Hedges***

The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities, and (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**10. Derivatives (continued)**

The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Balance Sheet Line Item** | **Carrying Amount of the<br>Hedged<br>Assets/(Liabilities)** | **Carrying Amount of the<br>Hedged<br>Assets/(Liabilities)** | **Cumulative Amount<br>of Fair Value Hedging Adjustments<br>Included in the Carrying Amount of Hedged<br>Assets/(Liabilities) (1)** | **Cumulative Amount<br>of Fair Value Hedging Adjustments<br>Included in the Carrying Amount of Hedged<br>Assets/(Liabilities) (1)** |
| | **September 30, 2025** | **December 31, 2024** | **September 30, 2025** | **December 31, 2024** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Fixed maturity securities AFS | $125 | $115 | $— | $— |
| Mortgage loans | $— | $98 | $— | $(1) |
| FPBs | $(2511) | $(2583) | $277 | $359 |
| PABs | $(2466) | $(2122) | $(39) | $187 |

---

__________________

(1)Includes ($73) million and ($91) million of hedging adjustments on discontinued hedging relationships at September 30, 2025 and December 31, 2024, respectively.

All components of each derivative's gain or loss were included in the assessment of hedge effectiveness.

***Cash Flow Hedges***

The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.

In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into income. These amounts were $14 million and $25 million for the three months and nine months ended September 30, 2025, respectively, and $8 million and $10 million for the three months and nine months ended September 30, 2024, respectively.

At both September 30, 2025 and December 31, 2024, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed four years.

At September 30, 2025 and December 31, 2024, the balance in AOCI associated with cash flow hedges was $30 million and $1.2 billion, respectively.

All components of each derivative's gain or loss were included in the assessment of hedge effectiveness.

At September 30, 2025, the Company expected to reclassify $298 million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.

***Credit Derivatives***

In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the effects of derivatives on the interim condensed consolidated statements of operations and comprehensive income (loss) table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**10. Derivatives (continued)**

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Rating Agency Designation of Referenced<br>Credit Obligations (1)** | **Estimated<br>Fair Value<br>of Credit<br>Default<br>Swaps** | **Maximum<br>Amount of<br>Future<br>Payments under<br>Credit Default<br>Swaps** | **Weighted<br>Average<br>Years to<br>Maturity (2)** | **Estimated<br>Fair Value<br>of Credit<br>Default<br>Swaps** | **Maximum<br>Amount of<br>Future<br>Payments under <br>Credit Default <br>Swaps** | **Weighted<br>Average<br>Years to<br>Maturity (2)** |
| | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| Aaa/Aa/A |  |  |  |  |  |  |
| Credit default swaps referencing indices | $52 | $4046 | 1.5 | $72 | $4126 | 2.2 |
| &nbsp;&nbsp;Subtotal | 52 | 4046 | 1.5 | 72 | 4126 | 2.2 |
| Baa |  |  |  |  |  |  |
| Single name credit default swaps (3) |  | 15 | 2.7 |  | 55 | 1.3 |
| Credit default swaps referencing indices | 103 | 5184 | 5.1 | 68 | 5209 | 4.1 |
| &nbsp;&nbsp;Subtotal | 103 | 5199 | 5.1 | 68 | 5264 | 4.1 |
| Ba |  |  |  |  |  |  |
| Credit default swaps referencing indices | 1 | 25 | 1.2 | 2 | 25 | 2.0 |
| &nbsp;&nbsp;Subtotal | 1 | 25 | 1.2 | 2 | 25 | 2.0 |
| B |  |  |  |  |  |  |
| Credit default swaps referencing indices | 19 | 234 | 4.2 | 6 | 89 | 3.5 |
| Subtotal | 19 | 234 | 4.2 | 6 | 89 | 3.5 |
| Caa |  |  |  |  |  |  |
| Credit default swaps referencing indices |  | 30 | 0.7 | (1) | 15 | 2.0 |
| &nbsp;&nbsp;Subtotal |  | 30 | 0.7 | (1) | 15 | 2.0 |
| &nbsp;&nbsp;Total | $175 | $9534 | 3.5 | $147 | $9519 | 3.3 |

---

__________________

(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Global Ratings ("S&P") and Fitch Ratings, Inc. If no rating is available from a rating agency, then an internally developed rating is used.

(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.

(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.

***Credit Risk on Freestanding Derivatives***

The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company's derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**10. Derivatives (continued)**

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company's bilateral contracts between two counterparties ("OTC-bilateral") derivative transactions are governed by International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty's bankruptcy. All of the Company's ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third-party custodians.

The Company's over-the-counter cleared ("OTC-cleared") derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.

See Note 11 for a description of the impact of credit risk on the valuation of derivatives.

The estimated fair values of the Company's net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement** | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Gross estimated fair value of derivatives: |  |  |  |  |
| OTC-bilateral (1) | $5633 | $3058 | $6033 | $3132 |
| OTC-cleared (1) | 129 | 4 | 85 | 5 |
| Exchange-traded |  | 5 | 3 |  |
| &nbsp;&nbsp;&nbsp;Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1) | 5762 | 3067 | 6121 | 3137 |
| Gross amounts not offset on the interim condensed consolidated balance sheets: |  |  |  |  |
| Gross estimated fair value of derivatives: (2) |  |  |  |  |
| OTC-bilateral | (2125) | (2125) | (2531) | (2531) |
| OTC-cleared | (2) | (2) | (4) | (4) |
| Cash collateral: (3), (4) |  |  |  |  |
| OTC-bilateral | (1559) |  | (2000) |  |
| OTC-cleared | (125) |  | (78) |  |
| Securities collateral: (5) |  |  |  |  |
| OTC-bilateral | (1899) | (933) | (1487) | (601) |
| OTC-cleared |  | (2) |  | (1) |
| Exchange-traded |  | (5) |  |  |
| &nbsp;&nbsp;&nbsp;Net amount after application of master netting agreements and collateral | $52 | $— | $21 | $— |

---

__________________

(1)At September 30, 2025 and December 31, 2024, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $114 million and $109 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of ($23) million and $6 million, respectively.

(2)Gross estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**10. Derivatives (continued)**

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.

(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At September 30, 2025 and December 31, 2024, the Company received excess cash collateral of $11 million and $16 million, respectively, and provided excess cash collateral of $3 million and $4 million, respectively, which are not included in the table above due to the foregoing limitation.

(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at September 30, 2025, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At September 30, 2025 and December 31, 2024, the Company received excess securities collateral with an estimated fair value of $307 million and $355 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At September 30, 2025 and December 31, 2024, the Company provided excess securities collateral with an estimated fair value of $1.0 billion and $824 million, respectively, for its OTC-bilateral derivatives, $436 million and $423 million, respectively, for its OTC-cleared derivatives, and $84 million and $36 million, respectively, for its exchange-traded derivatives, which is not included in the table above due to the foregoing limitation.

The Company's collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the collateral amount owed by that counterparty reaches a minimum transfer amount. The Company's netting agreements for derivatives generally contain provisions that require the counterparty (or its guarantor, if applicable) to maintain specified minimum credit ratings above investment grade level from Moody's, S&P or both. In those agreements, if the credit rating of the counterparty (or its guarantor, if applicable) were to fall below the applicable minimum rating, that counterparty would be in violation of these provisions, and the Company could terminate the transactions and demand immediate settlement and payment based on reasonable valuation of the derivatives. A significant portion of the Company's netting agreements for derivatives grant similar rights to the counterparty to terminate the transactions and demand immediate settlement and payment if the Company's financial strength rating were to fall below specified minimum levels above investment grade.

The following table presents the estimated fair value of the Company's OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Derivatives<br>Subject to<br>Financial** <br>**Strength-Contingent<br>Provisions** | **Derivatives<br>Not Subject<br>to Financial <br>Strength-Contingent<br>Provisions** | **Total** | **Derivatives<br>Subject to<br>Financial** <br>**Strength-Contingent<br>Provisions** | **Derivatives<br>Not Subject<br>to Financial <br>Strength-Contingent<br>Provisions** | **Total** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Estimated fair value of derivatives in a net liability position (1) | $918 | $15 | $933 | $580 | $21 | $601 |
| Estimated fair value of collateral provided: |  |  |  |  |  |  |
| Fixed maturity securities AFS | $1334 | $16 | $1350 | $962 | $23 | $985 |

---

_______________

(1)After taking into consideration the existence of netting agreements.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**10. Derivatives (continued)**

***Embedded Derivatives***

The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives.

The following table presents the estimated fair value and balance sheet location of the Company's embedded derivatives that have been separated from their host contracts at:

---

| | | | |
|:---|:---|:---|:---|
| | **Balance Sheet Location** | **September 30, 2025** | **December 31, 2024** |
| | | **(In millions)** | **(In millions)** |
| Embedded derivatives within asset host contracts: |  |  |  |
| Assumed on affiliated reinsurance | Other invested assets | $24 | $181 |
| Funds withheld on affiliated assumed reinsurance | Other invested assets | 12 | (13) |
| &nbsp;&nbsp;&nbsp;Total |  | $36 | $168 |
| Embedded derivatives within liability host contracts: |  |  |  |
| Assumed on affiliated reinsurance | Other liabilities | $66 | $— |
| Funds withheld on affiliated ceded reinsurance | Other liabilities | (272) | (461) |
| Fixed annuities with equity indexed returns | PABs | 16 | 172 |
| &nbsp;&nbsp;&nbsp;Total |  | $(190) | $(289) |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**11. Fair Value**

Considerable judgment is often required in interpreting the market data used to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

***Recurring Fair Value Measurements***

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | |
| | **Level 1** | **Level 2** | **Level 3** |<br>**Total** <br>**Estimated**<br>**Fair Value** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **Assets** | | | | |
| Fixed maturity securities AFS: |  |  |  |  |
| U.S. corporate | $— | $41071 | $7194 | $48265 |
| Foreign corporate |  | 16986 | 8853 | 25839 |
| U.S. government and agency | 10201 | 11892 |  | 22093 |
| RMBS |  | 24183 | 1453 | 25636 |
| ABS & CLO |  | 12888 | 941 | 13829 |
| CMBS |  | 5006 | 130 | 5136 |
| Municipals |  | 5481 |  | 5481 |
| Foreign government |  | 2999 | 17 | 3016 |
| &nbsp;&nbsp;&nbsp;Total fixed maturity securities AFS | 10201 | 120506 | 18588 | 149295 |
| Short-term investments | 1992 | 225 | 15 | 2232 |
| Other investments | 35 | 11 | 1484 | 1530 |
| Derivative assets: (1) |  |  |  |  |
| Interest rate |  | 2671 |  | 2671 |
| Foreign currency exchange rate |  | 2627 |  | 2627 |
| Credit |  | 179 |  | 179 |
| Equity market |  | 171 |  | 171 |
| &nbsp;&nbsp;&nbsp;Total derivative assets |  | 5648 |  | 5648 |
| Embedded derivatives within asset host contracts (2) |  |  | 36 | 36 |
| MRBs |  |  | 232 | 232 |
| Separate account assets (3) | 11805 | 61417 | 859 | 74081 |
| &nbsp;&nbsp;&nbsp;Total assets (4) | $24033 | $187807 | $21214 | $233054 |
| **Liabilities** |  |  |  |  |
| Derivative liabilities: (1) |  |  |  |  |
| Interest rate | $4 | $1619 | $— | $1623 |
| Foreign currency exchange rate |  | 1108 |  | 1108 |
| Credit |  | 8 |  | 8 |
| Equity market | 1 | 350 |  | 351 |
| &nbsp;&nbsp;&nbsp;Total derivative liabilities | 5 | 3085 |  | 3090 |
| Embedded derivatives within liability host contracts (2) |  |  | (190) | (190) |
| MRBs |  |  | 2354 | 2354 |
| Separate account liabilities (3) |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;Total liabilities | $5 | $3090 | $2164 | $5259 |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**11. Fair Value (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | |
| | **Level 1** | **Level 2** | **Level 3** |<br>**Total**<br>**Estimated**<br>**Fair Value** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **Assets** | | | | |
| Fixed maturity securities AFS: |  |  |  |  |
| U.S. corporate | $— | $40202 | $6926 | $47128 |
| Foreign corporate |  | 16120 | 8165 | 24285 |
| U.S. government and agency | 10254 | 11589 |  | 21843 |
| RMBS |  | 20000 | 1213 | 21213 |
| ABS & CLO |  | 9329 | 3876 | 13205 |
| CMBS |  | 4778 | 501 | 5279 |
| Municipals |  | 4924 | 7 | 4931 |
| Foreign government |  | 2936 | 12 | 2948 |
| &nbsp;&nbsp;&nbsp;Total fixed maturity securities AFS | 10254 | 109878 | 20700 | 140832 |
| Short-term investments | 2350 | 40 | 1 | 2391 |
| Other investments | 46 | 67 | 1371 | 1484 |
| Derivative assets: (1) |  |  |  |  |
| Interest rate |  | 2781 |  | 2781 |
| Foreign currency exchange rate |  | 2855 |  | 2855 |
| Credit |  | 165 |  | 165 |
| Equity market | 3 | 205 | 3 | 211 |
| &nbsp;&nbsp;&nbsp;Total derivative assets | 3 | 6006 | 3 | 6012 |
| Embedded derivatives within asset host contracts (2) |  |  | 168 | 168 |
| MRBs |  |  | 246 | 246 |
| Separate account assets (3) | 13688 | 64655 | 859 | 79202 |
| &nbsp;&nbsp;&nbsp;Total assets (4) | $26341 | $180646 | $23348 | $230335 |
| **Liabilities** |  |  |  |  |
| Derivative liabilities: (1) |  |  |  |  |
| Interest rate | $— | $1823 | $— | $1823 |
| Foreign currency exchange rate |  | 1095 |  | 1095 |
| Credit |  | 6 |  | 6 |
| Equity market  |  | 207 |  | 207 |
| &nbsp;&nbsp;&nbsp;Total derivative liabilities |  | 3131 |  | 3131 |
| Embedded derivatives within liability host contracts (2) |  |  | (289) | (289) |
| MRBs |  |  | 2339 | 2339 |
| Separate account liabilities (3) |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;Total liabilities | $— | $3133 | $2050 | $5183 |

---

__________________

(1)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(2)Embedded derivatives within asset host contracts are presented within other invested assets on the interim condensed consolidated balance sheets. Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**11. Fair Value (continued)**

(3)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities.

(4)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value ("NAV") per share (or its equivalent) practical expedient. The estimated fair value of such investments was $38 million and $46 million at September 30, 2025 and December 31, 2024, respectively.

The following describes the valuation methodologies used to measure assets and liabilities at fair value.

***<u>Investments</u>***

*<u>Securities, Short-term Investments and Other Investments</u>*

When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company's securities holdings, and valuation of these securities does not involve management's judgment.

When quoted prices in active markets are not available, the determination of estimated fair value of securities is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based, in large part, on management's judgment or estimation and cannot be supported by reference to market activity. Unobservable inputs are based on management's assumptions about the inputs market participants would use in pricing such investments.

The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein.

The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g., cash flows) to a single current, discounted amount. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**11. Fair Value (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Instrument** | | **Level 2**<br>**Observable Inputs** | **Level 3**<br>**Unobservable Inputs** | **Level 3**<br>**Unobservable Inputs** |
| **Fixed maturity securities AFS** | **Fixed maturity securities AFS** | **Fixed maturity securities AFS** | **Fixed maturity securities AFS** | **Fixed maturity securities AFS** |
| &nbsp;&nbsp;**U.S. corporate and Foreign corporate securities** | &nbsp;&nbsp;**U.S. corporate and Foreign corporate securities** | &nbsp;&nbsp;**U.S. corporate and Foreign corporate securities** | &nbsp;&nbsp;**U.S. corporate and Foreign corporate securities** | &nbsp;&nbsp;**U.S. corporate and Foreign corporate securities** |
|  | Valuation Approaches: Principally the market and income approaches. | Valuation Approaches: Principally the market and income approaches. | Valuation Approaches: Principally the market approach. | Valuation Approaches: Principally the market approach. |
|  | Key Inputs:  | Key Inputs:  | Key Inputs:  | Key Inputs:  |
|  | • | quoted prices in markets that are not active | • | illiquidity premium |
|  | • | benchmark yields; spreads off benchmark yields; new issuances; issuer ratings | • | delta spread adjustments to reflect specific credit-related issues |
|  | • | trades of identical or comparable securities; duration | • | credit spreads |
|  | • | privately-placed securities are valued using the additional key inputs: | • | &nbsp;&nbsp;&nbsp;quoted prices in markets that are not active for identical or similar<br>securities that are less liquid and based on lower levels of trading<br>activity than securities classified in Level 2 |
|  |  | market yield curve; call provisions |  | &nbsp;&nbsp;&nbsp;quoted prices in markets that are not active for identical or similar<br>securities that are less liquid and based on lower levels of trading<br>activity than securities classified in Level 2 |
|  |  | &nbsp;&nbsp;&nbsp;observable prices and spreads for similar public or private securities that<br>incorporate the credit quality and industry sector of the issuer | • | independent non-binding broker quotations |
|  |  | delta spread adjustments to reflect specific credit-related issues |  |  |
| &nbsp;&nbsp;**U.S. government and agency securities, Municipals and Foreign government securities** | &nbsp;&nbsp;**U.S. government and agency securities, Municipals and Foreign government securities** | &nbsp;&nbsp;**U.S. government and agency securities, Municipals and Foreign government securities** | &nbsp;&nbsp;**U.S. government and agency securities, Municipals and Foreign government securities** | &nbsp;&nbsp;**U.S. government and agency securities, Municipals and Foreign government securities** |
|  | Valuation Approaches: Principally the market approach.  | Valuation Approaches: Principally the market approach.  | Valuation Approaches: Principally the market approach.  | Valuation Approaches: Principally the market approach.  |
|  | Key Inputs:  | Key Inputs:  | Key Inputs:  | Key Inputs:  |
|  | • | quoted prices in markets that are not active | • | independent non-binding broker quotations |
|  | • | benchmark U.S. Treasury yield or other yields | • | &nbsp;&nbsp;&nbsp;quoted prices in markets that are not active for identical or similar<br>securities that are less liquid and based on lower levels of trading<br>activity than securities classified in Level 2 |
|  | • | the spread off the U.S. Treasury yield curve for the identical security |  | &nbsp;&nbsp;&nbsp;quoted prices in markets that are not active for identical or similar<br>securities that are less liquid and based on lower levels of trading<br>activity than securities classified in Level 2 |
|  | • | issuer ratings and issuer spreads; broker-dealer quotations | • | credit spreads |
|  | • | comparable securities that are actively traded |  |  |
| &nbsp;&nbsp;**Structured Products** | &nbsp;&nbsp;**Structured Products** | &nbsp;&nbsp;**Structured Products** | &nbsp;&nbsp;**Structured Products** | &nbsp;&nbsp;**Structured Products** |
|  | Valuation Approaches: Principally the market and income approaches.  | Valuation Approaches: Principally the market and income approaches.  | Valuation Approaches: Principally the market and income approaches. | Valuation Approaches: Principally the market and income approaches. |
|  | Key Inputs:  | Key Inputs:  | Key Inputs:  | Key Inputs:  |
|  | • | quoted prices in markets that are not active | • | credit spreads |
|  | • | spreads for actively traded securities; spreads off benchmark yields | • | &nbsp;&nbsp;&nbsp;quoted prices in markets that are not active for identical or similar<br>securities that are less liquid and based on lower levels of trading<br>activity than securities classified in Level 2 |
|  | • | expected prepayment speeds and volumes |  | &nbsp;&nbsp;&nbsp;quoted prices in markets that are not active for identical or similar<br>securities that are less liquid and based on lower levels of trading<br>activity than securities classified in Level 2 |
|  | • | current and forecasted loss severity; ratings; geographic region | • | independent non-binding broker quotations |
|  | • | weighted average coupon and weighted average maturity | • | credit ratings |
|  | • | average delinquency rates; DSCR |  |  |
|  | • | credit ratings |  |  |
|  | • | issuance-specific information, including, but not limited to: |  |  |
|  |  | collateral type; structure of the security; vintage of the loans |  |  |
|  |  | payment terms of the underlying assets |  |  |
|  |  | payment priority within the tranche; deal performance |  |  |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**11. Fair Value (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Instrument** | **Level 2**<br>**Observable Inputs** | **Level 2**<br>**Observable Inputs** | **Level 3**<br>**Unobservable Inputs** | **Level 3**<br>**Unobservable Inputs** |
| **Short-term investments and Other investments** | **Short-term investments and Other investments** | **Short-term investments and Other investments** | **Short-term investments and Other investments** | **Short-term investments and Other investments** |
|  | • | Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above; while certain other investments are similar to equity securities. The valuation approaches and observable inputs used in their valuation are also similar to those described above. Other investments contain equity securities valued using quoted prices in markets that are not considered active. | • | Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above, while certain other investments are similar to equity securities. The valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments contain equity securities that use key unobservable inputs such as credit ratings, issuance structures and those described above for fixed maturities AFS. Other investments also include certain REJV and use the valuation approach and key inputs as described for OLPI below. |
| **Separate account assets and Separate account liabilities (1)** | **Separate account assets and Separate account liabilities (1)** | **Separate account assets and Separate account liabilities (1)** | **Separate account assets and Separate account liabilities (1)** | **Separate account assets and Separate account liabilities (1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly** | &nbsp;&nbsp;&nbsp;&nbsp;**Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly** | &nbsp;&nbsp;&nbsp;&nbsp;**Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly** | &nbsp;&nbsp;&nbsp;&nbsp;**Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly** | &nbsp;&nbsp;&nbsp;&nbsp;**Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly** |
|  | Key Input: | Key Input: | • | N/A |
|  | • | quoted prices or reported NAV provided by the fund managers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**OLPI** | &nbsp;&nbsp;&nbsp;&nbsp;**OLPI** | &nbsp;&nbsp;&nbsp;&nbsp;**OLPI** | &nbsp;&nbsp;&nbsp;&nbsp;**OLPI** | &nbsp;&nbsp;&nbsp;&nbsp;**OLPI** |
|  | • | N/A | Valued giving consideration to the underlying holdings<br>of the partnerships and adjusting, if appropriate. | Valued giving consideration to the underlying holdings<br>of the partnerships and adjusting, if appropriate. |
|  |  |  | Key Input: | Key Input: |
|  |  |  | • | NAV |

---

__________________

(1)Estimated fair value equals carrying value, based on the value of the underlying assets, including: mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, OLPI, short-term investments and cash and cash equivalents. The estimated fair value of fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents is determined on a basis consistent with the assets described under "— Securities, Short-term Investments and Other Investments" and "— Derivatives — Freestanding Derivatives."

***<u>Derivatives</u>***

The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models.

The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. With respect to certain OTC-bilateral and OTC-cleared derivatives, management may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Unobservable inputs are based on management's assumptions about the inputs market participants would use in pricing such derivatives.

Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company's derivatives and could materially affect net income.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**11. Fair Value (continued)**

The credit risk of both the counterparty and the Company is considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by the counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company's ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

*<u>Freestanding Derivatives</u>*

<u>Level 2 Valuation Approaches and Key Inputs:</u>

This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3.

<u>Level 3 Valuation Approaches and Key Inputs:</u>

These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.

Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Instrument** | | **Interest Rate** | | **Foreign Currency<br>Exchange Rate** | | **Credit** | | **Equity Market** |
| Inputs common to Level 2 and Level 3 by instrument type | • | swap yield curves | • | swap yield curves | • | swap yield curves | • | swap yield curves |
| Inputs common to Level 2 and Level 3 by instrument type | • | basis curves | • | basis curves | • | credit curves | • | spot equity index levels |
| Inputs common to Level 2 and Level 3 by instrument type | • | interest rate volatility (1) | • | currency spot rates | • | recovery rates | • | dividend yield curves |
|  |  |  | • | cross currency basis curves |  |  | • | equity volatility (1) |
| Level 3 | • | N/A | • | N/A | • | N/A | • | dividend yield curves (2) |
|  |  |  |  |  |  |  | • | equity volatility (1), (2) |
|  |  |  |  |  |  |  | • | correlation between model inputs (1) |

---

__________________

(1)Option-based only.

(2)Extrapolation beyond the observable limits of the curve(s).

***<u>Embedded Derivatives</u>***

Embedded derivatives principally include equity-indexed annuity contracts and investment risk related to certain affiliated reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**11. Fair Value (continued)**

The estimated fair value of the embedded derivatives within funds withheld related to certain ceded affiliated reinsurance and experience refund related to certain assumed affiliated reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the reinsurance liability. The estimated fair value of the underlying assets is determined as described in "— Investments — Securities, Short-term Investments and Other Investments." The estimated fair value of these embedded derivatives is included, along with their underlying host contracts, in other liabilities and other invested assets on the interim condensed consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.

The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company's actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.

***<u>MRBs</u>***

See Note 5 for information on the Company's valuation approaches and key inputs for MRBs.

***<u>Transfers between Levels</u>***

Overall, transfers between levels occur when there are changes in the observability of inputs and market activity.

*<u>Transfers into or out of Level 3:</u>*

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**11. Fair Value (continued)**

***<u>Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)</u>***

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **Impact of<br>Increase in Input<br>on Estimated<br>Fair Value (2)** |
| | **Valuation**<br>**Techniques** | **Valuation**<br>**Techniques** | **Significant<br>Unobservable Inputs** | **Significant<br>Unobservable Inputs** | **Range** | **Range** | **Weighted<br>Average (1)** | **Range** | **Range** | **Weighted<br>Average (1)** | **Impact of<br>Increase in Input<br>on Estimated<br>Fair Value (2)** |
| **Fixed maturity securities AFS (3)** | **Fixed maturity securities AFS (3)** | **Fixed maturity securities AFS (3)** | | | | | | | | | |
| U.S. corporate and foreign corporate | • | Matrix pricing | • | Offered quotes (4) | 47 | 126 | 96 | 49 | 126 | 94 | Increase |
|  | • | Market pricing | • | Quoted prices (4) |  | 101 | 93 | 13 | 100 | 94 | Increase |
| RMBS | • | Market pricing | • | Quoted prices (4) | 33 | 197 | 96 |  | 128 | 95 | Increase (5) |
| ABS & CLO | • | Market pricing | • | Quoted prices (4) | 82 | 160 | 99 | 44 | 113 | 98 | Increase (5) |
| **MRBs** | **MRBs** | **MRBs** |  |  |  |  |  |  |  |  |  |
| Direct and assumed guaranteed minimum benefits | • | Option pricing techniques | • | Mortality rates: |  |  |  |  |  |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;Ages 0 - 40 | 0.01% | 0.13% | 0.05% | 0.01% | 0.13% | 0.05% | (6) |
|  |  |  |  | &nbsp;&nbsp;Ages 41 - 60 | 0.05% | 0.68% | 0.22% | 0.05% | 0.68% | 0.22% | (6) |
|  |  |  |  | &nbsp;&nbsp;Ages 61 - 115 | 0.35% | 100% | 1.23% | 0.35% | 100% | 1.14% | (6) |
|  |  |  | • | Lapse rates: |  |  |  |  |  |  |  |
|  |  |  |  | &nbsp;&nbsp;Durations 1 - 10 | 0.80% | 20.10% | 13.37% | 0.80% | 20.10% | 12.86% | Decrease (7) |
|  |  |  |  | &nbsp;&nbsp;Durations 11 - 20 | 3.30% | 10.55% | 8.17% | 3.10% | 10.10% | 6.05% | Decrease (7) |
|  |  |  |  | &nbsp;&nbsp;Durations 21 - 116 | 1.20% | 10.55% | 7.48% | 1% | 10.10% | 8.20% | Decrease (7) |
|  |  |  | • | Utilization rates | 0.20% | 16.25% | 0.54% | 0.20% | 16.25% | 0.79% | Increase (8) |
|  |  |  | • | Withdrawal rates | 0% | 7.75% | 4.92% | 0% | 7.75% | 4.77% | (9) |
|  |  |  | • | Long-term equity volatilities | 16.87% | 22.49% | 18.96% | 16.63% | 22.27% | 18.77% | Increase (10) |
|  |  |  | • | Nonperformance risk spread | 0.32% | 0.64% | 0.58% | 0.33% | 0.66% | 0.64% | Decrease (11) |

---

__________________

(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data.

(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, changes to direct and assumed guaranteed minimum benefits are based on liability positions.

(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.

(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.

(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(6)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on Company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**11. Fair Value (continued)**

(7)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(8)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract's withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(9)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(10)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(11)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRBs.

All other classes of securities classified within Level 3, including those within Other investments, Separate account assets, and Embedded derivatives within funds withheld related to certain ceded affiliated reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table. The valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in "— Nonrecurring Fair Value Measurements."

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**11. Fair Value (continued)**

The following tables summarize the change of all assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), excluding MRBs (see Note 5):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** |
| | **Fixed Maturity Securities AFS** | **Fixed Maturity Securities AFS** | **Fixed Maturity Securities AFS** | **Fixed Maturity Securities AFS** | |
| | **Corporate (6)** | **Structured<br>Products** | **Municipals** | **Foreign<br>Government** |<br>**Short-term<br>Investments** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **Three Months Ended September 30, 2025** | | | | | |
| Balance, beginning of period | $15763 | $2259 | $— | $15 | $3 |
| Total realized/unrealized gains (losses) included in net income (loss) (1), (2) | (37) | 1 |  |  |  |
| Total realized/unrealized gains (losses) included in AOCI | 85 | 19 |  |  |  |
| Purchases (3) | 678 | 914 |  | 2 | 13 |
| Sales (3) | (699) | (428) |  |  | (1) |
| Issuances (3) |  |  |  |  |  |
| Settlements (3) |  |  |  |  |  |
| Transfers into Level 3 (4) | 325 | 23 |  |  |  |
| Transfers out of Level 3 (4) | (68) | (264) |  |  |  |
| Balance, end of period | $16047 | $2524 | $— | $17 | $15 |
| **Three Months Ended September 30, 2024** |  |  |  |  |  |
| Balance, beginning of period | $17475 | $4113 | $— | $11 | $3 |
| Total realized/unrealized gains (losses) included in net income (loss) (1), (2) | (11) | 3 |  | (8) |  |
| Total realized/unrealized gains (losses) included in AOCI | 609 | 73 |  | 7 |  |
| Purchases (3) | 1227 | 456 |  | 1 |  |
| Sales (3) | (886) | (476) |  |  | (2) |
| Issuances (3) |  |  |  |  |  |
| Settlements (3) |  |  |  |  |  |
| Transfers into Level 3 (4) | 94 | 25 |  |  |  |
| Transfers out of Level 3 (4) | (942) | (700) |  |  | (1) |
| Balance, end of period | $17566 | $3494 | $— | $11 | $— |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in net income (loss) for the instruments still held<br>at September 30, 2025 (5) | $(37) | $2 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in net income (loss) for the instruments still held<br>at September 30, 2024 (5) | $(8) | $11 | $— | $(8) | $— |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in AOCI for the instruments still held<br>at September 30, 2025 (5) | $90 | $17 | $— | $(1) | $— |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in AOCI for the instruments still held<br>at September 30, 2024 (5) | $601 | $56 | $— | $8 | $— |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**11. Fair Value (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** |
| | **Other** <br>**Investments** | **Net <br>Derivatives (7)** | **Net Embedded<br>Derivatives (8)** | **Separate<br>Accounts (9)** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **Three Months Ended September 30, 2025** | | | | |
| Balance, beginning of period | $1439 | $— | $385 | $888 |
| Total realized/unrealized gains (losses) included in net income (loss) (1), (2) | 48 |  | (159) | 4 |
| Total realized/unrealized gains (losses) included in AOCI |  |  |  |  |
| Purchases (3) | 4 |  |  | 35 |
| Sales (3) | (7) |  |  | (48) |
| Issuances (3) |  |  |  |  |
| Settlements (3) |  |  |  |  |
| Transfers into Level 3 (4) |  |  |  | 3 |
| Transfers out of Level 3 (4) |  |  |  | (23) |
| Balance, end of period | $1484 | $— | $226 | $859 |
| **Three Months Ended September 30, 2024** |  |  |  |  |
| Balance, beginning of period | $1434 | $(75) | $405 | $969 |
| Total realized/unrealized gains (losses) included in net income (loss) (1), (2) | 28 | 2 | (379) | (4) |
| Total realized/unrealized gains (losses) included in AOCI |  | 5 |  |  |
| Purchases (3) |  |  |  | 15 |
| Sales (3) | (6) |  |  | (89) |
| Issuances (3) |  |  |  |  |
| Settlements (3) |  | 72 | (3) |  |
| Transfers into Level 3 (4) | 53 |  |  | 1 |
| Transfers out of Level 3 (4) |  |  |  | (18) |
| Balance, end of period | $1509 | $4 | $23 | $874 |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in net income (loss) for the instruments still held<br>at September 30, 2025 (5) | $65 | $— | $(159) | $— |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in net income (loss) for the instruments still held<br>at September 30, 2024 (5) | $28 | $(3) | $(379) | $— |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in AOCI for the instruments still held<br>at September 30, 2025 (5) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in AOCI for the instruments still held<br>at September 30, 2024 (5) | $— | $— | $— | $— |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**11. Fair Value (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** |
| | **Fixed Maturity Securities AFS** | **Fixed Maturity Securities AFS** | **Fixed Maturity Securities AFS** | **Fixed Maturity Securities AFS** | |
| | **Corporate (6)** | **Structured<br>Products** | **Municipals** | **Foreign<br>Government** |<br>**Short-term<br>Investments** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **Nine Months Ended September 30, 2025** | | | | | |
| Balance, beginning of period | $15091 | $5590 | $7 | $12 | $1 |
| Total realized/unrealized gains (losses) included in net income (loss) (1), (2) | (73) | 11 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;Total realized/unrealized gains (losses) included in <br>AOCI | 828 | 36 | (1) | 4 | (1) |
| Purchases (3) | 1614 | 1319 |  | 2 | 16 |
| Sales (3) | (1349) | (922) | (7) | (1) | (1) |
| Issuances (3) |  |  |  |  |  |
| Settlements (3) |  |  |  |  |  |
| Transfers into Level 3 (4) | 220 | 29 |  |  |  |
| Transfers out of Level 3 (4) | (284) | (3539) |  | (1) |  |
| Balance, end of period | $16047 | $2524 | $— | $17 | $15 |
| **Nine Months Ended September 30, 2024** |  |  |  |  |  |
| Balance, beginning of period | $17115 | $3196 | $— | $14 | $15 |
| Total realized/unrealized gains (losses) included in net income (loss) (1), (2) | (59) | 16 |  | (6) |  |
| &nbsp;&nbsp;&nbsp;Total realized/unrealized gains (losses) included in <br>AOCI | 312 | 126 |  | 3 |  |
| Purchases (3) | 2612 | 841 |  |  |  |
| Sales (3) | (1641) | (685) |  |  | (15) |
| Issuances (3) |  |  |  |  |  |
| Settlements (3) |  |  |  |  |  |
| Transfers into Level 3 (4) | 55 | 116 |  |  |  |
| Transfers out of Level 3 (4) | (828) | (116) |  |  |  |
| Balance, end of period | $17566 | $3494 | $— | $11 | $— |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in net income (loss) for the instruments still held <br>at September 30, 2025 (5) | $(62) | $13 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in net income (loss) for the instruments still held <br>at September 30, 2024 (5) | $(25) | $19 | $— | $(6) | $— |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in AOCI for the instruments still held <br>at September 30, 2025 (5) | $796 | $30 | $— | $3 | $— |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in AOCI for the instruments still held <br>at September 30, 2024 (5) | $300 | $100 | $— | $3 | $— |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**11. Fair Value (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurements Using Significant Unobservable Inputs (Level 3)** |
| | **Other**<br> **Investments** | **Net <br>Derivatives (7)** | **Net Embedded<br>Derivatives (8)** | **Separate** <br>**Accounts (9)**  |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **Nine Months Ended September 30, 2025** | | | | |
| Balance, beginning of period | $1371 | $3 | $457 | $859 |
| Total realized/unrealized gains (losses) included in net income (loss) (1), (2) | 122 | (3) | (387) | (11) |
| &nbsp;&nbsp;&nbsp;Total realized/unrealized gains (losses) included in <br>AOCI |  |  |  |  |
| Purchases (3) | 25 |  |  | 62 |
| Sales (3) | (56) |  |  | (45) |
| Issuances (3) |  |  |  |  |
| Settlements (3) |  |  | 156 |  |
| Transfers into Level 3 (4) | 22 |  |  | 4 |
| Transfers out of Level 3 (4) |  |  |  | (10) |
| Balance, end of period | $1484 | $— | $226 | $859 |
| **Nine Months Ended September 30, 2024** |  |  |  |  |
| Balance, beginning of period | $1317 | $(160) | $52 | $968 |
| Total realized/unrealized gains (losses) included in net income (loss) (1), (2) | 136 | 1 | (24) | (23) |
| &nbsp;&nbsp;&nbsp;Total realized/unrealized gains (losses) included in <br>AOCI |  | (29) |  |  |
| Purchases (3) | 16 |  |  | 12 |
| Sales (3) | (13) |  |  | (78) |
| Issuances (3) |  |  |  |  |
| Settlements (3) |  | 200 | (5) |  |
| Transfers into Level 3 (4) | 53 |  |  | 2 |
| Transfers out of Level 3 (4) |  | (8) |  | (7) |
| Balance, end of period | $1509 | $4 | $23 | $874 |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in net income (loss) for the instruments still held <br>at September 30, 2025 (5) | $110 | $— | $(386) | $— |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in net income (loss) for the instruments still held <br>at September 30, 2024 (5) | $142 | $(3) | $(24) | $— |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in AOCI for the instruments still held <br>at September 30, 2025 (5) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Changes in unrealized gains (losses) included in AOCI for the instruments still held <br>at September 30, 2024 (5) | $— | $— | $— | $— |

---

__________________

(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses). Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward.

(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**11. Fair Value (continued)**

(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(6)Comprised of U.S. and foreign corporate securities.

(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.

***Nonrecurring Fair Value Measurements***

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(In millions)** | **(In millions)** |
| Carrying value after measurement: | Carrying value after measurement: | Carrying value after measurement: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans (1) | $1025 | $499 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months<br>Ended<br>September 30,** | **Three Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Realized gains (losses) net: | Realized gains (losses) net: | Realized gains (losses) net: | Realized gains (losses) net: | Realized gains (losses) net: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans (1) | $(37) | $(64) | $(351) | $(146) |

---

__________________

(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 9.

***Fair Value of Financial Instruments Carried at Other Than Fair Value***

The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. The following tables exclude cash and cash equivalents, which are primarily classified as Level 1, and accrued investment income, payables for collateral under securities loaned and other transactions, short-term debt and those short-term investments that are not securities (i.e., time deposits), which are primarily classified as Level 2. The Company believes that due to the short-term nature of these excluded financial instruments, the estimated fair value approximates carrying value.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**11. Fair Value (continued)**

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | |
| |<br>**Carrying<br>Value** | **Level 1** | **Level 2** | **Level 3** |<br>**Total<br>Estimated<br>Fair Value** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **Assets** | | | | | |
| Mortgage loans | $56842 | $— | $— | $55312 | $55312 |
| Policy loans | $5615 | $— | $— | $5916 | $5916 |
| Other invested assets | $1870 | $— | $1864 | $— | $1864 |
| Premiums, reinsurance and other receivables | $12884 | $— | $221 | $12771 | $12992 |
| **Liabilities** |  |  |  |  |  |
| PABs | $87405 | $— | $— | $86676 | $86676 |
| Long-term debt | $1293 | $— | $1455 | $— | $1455 |
| Other liabilities | $11323 | $— | $785 | $10502 | $11287 |
| Separate account liabilities | $22202 | $— | $22202 | $— | $22202 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | |
| |<br>**Carrying<br>Value** | **Level 1** | **Level 2** | **Level 3** |<br>**Total<br>Estimated<br>Fair Value** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **Assets** | | | | | |
| Mortgage loans | $60025 | $— | $— | $56824 | $56824 |
| Policy loans | $5601 | $— | $— | $5863 | $5863 |
| Other invested assets | $2117 | $— | $1734 | $409 | $2143 |
| Premiums, reinsurance and other receivables | $13390 | $— | $345 | $13212 | $13557 |
| **Liabilities** |  |  |  |  |  |
| PABs | $86061 | $— | $— | $83986 | $83986 |
| Long-term debt | $1552 | $— | $1632 | $— | $1632 |
| Other liabilities | $11160 | $— | $259 | $10862 | $11121 |
| Separate account liabilities | $25873 | $— | $25873 | $— | $25873 |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**12. Long-term Debt**

***Other Notes***

In September 2025, Missouri Reinsurance, Inc., a wholly-owned subsidiary of the Company, fully redeemed in cash three promissory notes issued to MetLife, Inc. under a term loan agreement. The redeemed notes included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $80 million 5.34% fixed rate, originally maturing in March 2028;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $80 million 5.68% fixed rate, originally maturing in March 2033; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $50 million 6.05% fixed rate, originally maturing in March 2038.

**13. Equity**

***AOCI***

Information regarding changes in the balances of each component of AOCI attributable to Metropolitan Life Insurance Company was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months <br> Ended <br> September 30, 2025** | **Three Months <br> Ended <br> September 30, 2025** | **Three Months <br> Ended <br> September 30, 2025** | **Three Months <br> Ended <br> September 30, 2025** | **Three Months <br> Ended <br> September 30, 2025** | **Three Months <br> Ended <br> September 30, 2025** | **Three Months <br> Ended <br> September 30, 2025** |
| | **Unrealized**<br>**Investment Gains**<br>**(Losses), Net of**<br>**Related Offsets (1)** | **Deferred<br>Gains (Losses)<br>on Derivatives** | **FPBs Discount Rate Remeasurement Gains (Losses)** | **MRBs Instrument-Specific Credit Risk Remeasurement Gains (Losses)** | **Foreign<br>Currency<br>Translation<br>Adjustments** | **Defined<br>Benefit<br>Plans<br>Adjustment** | **Total** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Balance, beginning of period | $(5752) | $(153) | $134 | $(28) | $(134) | $(131) | $(6064) |
| OCI before reclassifications | 1054 | 115 | (249) | (10) | 66 |  | 976 |
| Deferred income tax benefit (expense) | (313) | (24) | 261 | 2 | (13) |  | (87) |
| &nbsp;&nbsp;&nbsp;AOCI before reclassifications, net of income tax | (5011) | (62) | 146 | (36) | (81) | (131) | (5175) |
| Amounts reclassified from AOCI | 95 | 108 |  |  |  | 2 | 205 |
| Deferred income tax benefit (expense) | (20) | (23) |  |  |  |  | (43) |
| &nbsp;&nbsp;&nbsp;Amounts reclassified from AOCI, net of income tax | 75 | 85 |  |  |  | 2 | 162 |
| Balance, end of period | $(4936) | $23 | $146 | $(36) | $(81) | $(129) | $(5013) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months <br> Ended <br> September 30, 2024** | **Three Months <br> Ended <br> September 30, 2024** | **Three Months <br> Ended <br> September 30, 2024** | **Three Months <br> Ended <br> September 30, 2024** | **Three Months <br> Ended <br> September 30, 2024** | **Three Months <br> Ended <br> September 30, 2024** | **Three Months <br> Ended <br> September 30, 2024** |
| | **Unrealized**<br>**Investment Gains**<br>**(Losses), Net of**<br>**Related Offsets (1)** | **Deferred<br>Gains (Losses)<br>on Derivatives** | **FPBs Discount Rate Remeasurement Gains (Losses)** | **MRBs Instrument-Specific Credit Risk Remeasurement Gains (Losses)** | **Foreign<br>Currency<br>Translation<br>Adjustments** | **Defined<br>Benefit<br>Plans<br>Adjustment** | **Total** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Balance, beginning of period | $(8711) | $822 | $1793 | $(23) | $(129) | $(160) | $(6408) |
| OCI before reclassifications | 5859 | 47 | (3681) | 62 | 9 |  | 2296 |
| Deferred income tax benefit (expense) | (1222) | (10) | 765 | (13) | (1) |  | (481) |
| &nbsp;&nbsp;&nbsp;AOCI before reclassifications, net of income tax | (4074) | 859 | (1123) | 26 | (121) | (160) | (4593) |
| Amounts reclassified from AOCI | 144 | (514) |  |  |  | 3 | (367) |
| Deferred income tax benefit (expense) | (22) | 108 |  |  |  | (1) | 85 |
| &nbsp;&nbsp;&nbsp;Amounts reclassified from AOCI, net of income tax | 122 | (406) |  |  |  | 2 | (282) |
| Balance, end of period | $(3952) | $453 | $(1123) | $26 | $(121) | $(158) | $(4875) |

---

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**13. Equity (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30, 2025** | **Nine Months<br>Ended<br>September 30, 2025** | **Nine Months<br>Ended<br>September 30, 2025** | **Nine Months<br>Ended<br>September 30, 2025** | **Nine Months<br>Ended<br>September 30, 2025** | **Nine Months<br>Ended<br>September 30, 2025** | **Nine Months<br>Ended<br>September 30, 2025** |
| | **Unrealized<br>Investment Gains<br>(Losses), Net of<br>Related Offsets (1)** | **Deferred<br>Gains (Losses)<br>on Derivatives** | **FPBs Discount Rate Remeasurement Gains (Losses)** | **MRBs Instrument-Specific Credit Risk Remeasurement Gains (Losses)** | **Foreign<br>Currency<br>Translation<br>Adjustments** | **Defined<br>Benefit<br>Plans<br>Adjustment** | **Total** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Balance at December 31, 2024 | $(8651) | $959 | $1972 | $(30) | $(111) | $(133) | $(5994) |
| Cumulative effects of change in accounting principles for equity method investee at January 1, 2025 | 70 |  | (1144) |  |  |  | (1074) |
| OCI before reclassifications | 4387 | 162 | (1044) | (7) | 36 | (1) | 3533 |
| Deferred income tax benefit (expense) | (1002) | (34) | 362 | 1 | (6) |  | (679) |
| &nbsp;&nbsp;&nbsp;AOCI before reclassifications, net of income tax | (5196) | 1087 | 146 | (36) | (81) | (134) | (4214) |
| Amounts reclassified from AOCI | 329 | (1347) |  |  |  | 6 | (1012) |
| Deferred income tax benefit (expense) | (69) | 283 |  |  |  | (1) | 213 |
| &nbsp;&nbsp;&nbsp;Amounts reclassified from AOCI, net of income tax | 260 | (1064) |  |  |  | 5 | (799) |
| Balance, end of period | $(4936) | $23 | $146 | $(36) | $(81) | $(129) | $(5013) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30, 2024** | **Nine Months<br>Ended<br>September 30, 2024** | **Nine Months<br>Ended<br>September 30, 2024** | **Nine Months<br>Ended<br>September 30, 2024** | **Nine Months<br>Ended<br>September 30, 2024** | **Nine Months<br>Ended<br>September 30, 2024** | **Nine Months<br>Ended<br>September 30, 2024** |
| | **Unrealized<br>Investment Gains<br>(Losses), Net of<br>Related Offsets (1)** | **Deferred<br>Gains (Losses)<br>on Derivatives** | **FPBs Discount Rate Remeasurement Gains (Losses)** | **MRBs Instrument-Specific Credit Risk Remeasurement Gains (Losses)** | **Foreign<br>Currency<br>Translation<br>Adjustments** | **Defined<br>Benefit<br>Plans<br>Adjustment** | **Total** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Balance, beginning of period | $(6495) | $705 | $(807) | $33 | $(143) | $(165) | $(6872) |
| OCI before reclassifications | 2645 | 39 | (372) | (9) | 28 |  | 2331 |
| Deferred income tax benefit (expense) | (462) | (8) | 56 | 2 | (6) |  | (418) |
| &nbsp;&nbsp;&nbsp;AOCI before reclassifications, net of income tax | (4312) | 736 | (1123) | 26 | (121) | (165) | (4959) |
| Amounts reclassified from AOCI | 456 | (358) |  |  |  | 9 | 107 |
| Deferred income tax benefit (expense) | (96) | 75 |  |  |  | (2) | (23) |
| &nbsp;&nbsp;&nbsp;Amounts reclassified from AOCI, net of income tax | 360 | (283) |  |  |  | 7 | 84 |
| Balance, end of period | $(3952) | $453 | $(1123) | $26 | $(121) | $(158) | $(4875) |

---

__________________

(1)Primarily unrealized gains (losses) on fixed maturity securities.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**13. Equity (continued)**

Information regarding amounts reclassified out of each component of AOCI was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months<br>Ended<br>September 30,** | **Three Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | |
| | **2025** | **2024** | **2025** | **2024** | |
|<br>**AOCI Components** | **Amounts Reclassified from AOCI** | **Amounts Reclassified from AOCI** | **Amounts Reclassified from AOCI** | **Amounts Reclassified from AOCI** |<br>**Consolidated Statements of<br>Operations and<br>Comprehensive Income (Loss)<br>Locations** |
|  | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |  |
| Unrealized investment gains (losses): |  |  |  |  |  |
| Unrealized investment gains (losses) | $(90) | $(135) | $(317) | $(423) | Net investment gains (losses) |
| Unrealized investment gains (losses) | (1) |  | (2) |  | Net investment income |
| Unrealized investment gains (losses) | (4) | (9) | (10) | (33) | Net derivative gains (losses) |
| &nbsp;&nbsp;&nbsp;Unrealized investment gains (losses), before income tax | (95) | (144) | (329) | (456) |  |
| Income tax (expense) benefit | 20 | 22 | 69 | 96 |  |
| &nbsp;&nbsp;&nbsp;Unrealized investment gains (losses), net of income tax | (75) | (122) | (260) | (360) |  |
| Deferred gains (losses) on derivatives - cash flow hedges: |  |  |  |  |  |
| Interest rate derivatives | 4 | 4 | 30 | 18 | Net investment income |
| Interest rate derivatives | (26) | 1 | (17) | 3 | Net investment gains (losses) |
| Foreign currency exchange rate derivatives | 1 | 1 | 3 | 3 | Net investment income |
| Foreign currency exchange rate derivatives | (87) | 508 | 1331 | 333 | Net investment gains (losses) |
| Credit derivatives |  |  |  | 1 | Net investment gains (losses) |
| &nbsp;&nbsp;&nbsp;Gains (losses) on cash flow hedges, before income tax | (108) | 514 | 1347 | 358 |  |
| Income tax (expense) benefit | 23 | (108) | (283) | (75) |  |
| &nbsp;&nbsp;&nbsp;Gains (losses) on cash flow hedges, net of income tax | (85) | 406 | 1064 | 283 |  |
| Defined benefit plans adjustment: (1) |  |  |  |  |  |
| Amortization of net actuarial gains (losses) | (2) | (3) | (7) | (10) |  |
| Amortization of prior service (costs) credit |  |  | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;Amortization of defined benefit plan items, before income tax | (2) | (3) | (6) | (9) |  |
| Income tax (expense) benefit |  | 1 | 1 | 2 |  |
| &nbsp;&nbsp;&nbsp;Amortization of defined benefit plan items, net of income tax | (2) | (2) | (5) | (7) |  |
| &nbsp;&nbsp;&nbsp;Total reclassifications, net of income tax | $(162) | $282 | $799 | $(84) |  |

---

__________________

(1)These AOCI components are included in the computation of net periodic benefit costs.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**14. Other Revenues and Other Expenses**

***Other Revenues***

Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months<br>Ended<br>September 30,** | **Three Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Prepaid legal plans | $109 | $112 | $329 | $349 |
| Administrative services-only contracts | 71 | 68 | 216 | 200 |
| Recordkeeping and administrative services (1) | 35 | 37 | 104 | 111 |
| Other revenue from service contracts from customers | 17 | 10 | 43 | 33 |
| &nbsp;&nbsp;&nbsp;Total revenues from service contracts from customers | 232 | 227 | 692 | 693 |
| Other (2) | 195 | 218 | 591 | 654 |
| &nbsp;&nbsp;&nbsp;Total other revenues | $427 | $445 | $1283 | $1347 |

---

__________________

(1)Related to products and businesses no longer actively marketed by the Company.

(2)Primarily includes reinsurance ceded. See Note 17.

***Other Expenses***

Information on other expenses was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months<br>Ended<br>September 30,** | **Three Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Amortization of DAC and VOBA | $66 | $69 | $200 | $207 |
| Interest expense on debt  | 27 | 30 | 83 | 92 |
| General and administrative expenses (1) | 628 | 650 | 1906 | 1998 |
| Commissions and other variable expenses | 510 | 606 | 1440 | 1589 |
| Capitalization of DAC | (31) | (34) | (79) | (86) |
| Premium taxes, other taxes, and licenses & fees | 97 | 113 | 276 | 318 |
| Pension, postretirement and postemployment benefit costs | 63 | 56 | 187 | 166 |
| &nbsp;&nbsp;&nbsp;Total other expenses | $1360 | $1490 | $4013 | $4284 |

---

__________________

(1)Includes ($42) million and ($110) million for the three months and nine months ended September 30, 2025, respectively, and ($46) million and ($111) million for the three months and nine months ended September 30, 2024, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

***Affiliated Expenses***

See Note 17 for a discussion of affiliated expenses included in the table above.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**15. Income Tax**

For the three months and nine months ended September 30, 2025, the effective tax rate on income (loss) before provision for income tax was 14% and 13%, respectively. The Company's effective tax rate for the three months ended September 30, 2025 differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) non-taxable investment income; and (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments. The Company's effective tax rate for the nine months ended September 30, 2025 differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) non-taxable investment income; (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments; and (iii) the corporate tax deduction for stock compensation.

For the three months and nine months ended September 30, 2024, the effective tax rate on income (loss) before provision for income tax was 84% and 17%, respectively. The Company's effective tax rate for the three months ended September 30, 2024 differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) non-taxable investment income; and (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments. The Company's effective tax rate for the nine months ended September 30, 2024 differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) non-taxable investment income; (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments; and (iii) the corporate tax deduction for stock compensation.

**16. Contingencies, Commitments and Guarantees**

***Contingencies***

***<u>Litigation</u>***

The Company is a defendant in a large number of litigation matters. Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed below and those otherwise provided for in the Company's interim condensed consolidated financial statements, have arisen in the course of the Company's business, including, but not limited to, in connection with its activities as an insurer, mortgage lender, employer, investor, investment advisor, broker-dealer, and taxpayer.

The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the U.S. Securities and Exchange Commission; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority, as well as from local and national regulators and government authorities in jurisdictions outside the U.S. where the Company conducts business. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company's compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. In certain circumstances where liabilities have been established there may be coverage under one or more corporate insurance policies, pursuant to which there may be an insurance recovery. Insurance recoveries are recognized as gains when any contingencies relating to the insurance claim have been resolved, which is the earlier of when the gains are realized or realizable. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated at September 30, 2025. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company's financial position. Given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company's consolidated net income or cash flows in particular quarterly or annual periods.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**16. Contingencies, Commitments and Guarantees (continued)** 

***<u>Matters as to Which an Estimate Can Be Made</u>***

For some matters, the Company is able to estimate a reasonably possible range of loss. For matters where a loss is believed to be reasonably possible, but not probable, the Company has not made an accrual. As of September 30, 2025, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $125 million.

***<u>Matters as to Which an Estimate Cannot Be Made</u>***

For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

***<u>Asbestos-Related Claims</u>***

Metropolitan Life Insurance Company is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. Metropolitan Life Insurance Company has never engaged in the business of manufacturing or selling asbestos-containing products, nor has Metropolitan Life Insurance Company issued liability or workers' compensation insurance to companies in the business of manufacturing or selling asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of Metropolitan Life Insurance Company's employees during the period from the 1920s through approximately the 1950s and allege that Metropolitan Life Insurance Company learned or should have learned of certain health risks posed by asbestos and, among other things, improperly publicized or failed to disclose those health risks. Metropolitan Life Insurance Company believes that it should not have legal liability in these cases. The outcome of most asbestos litigation matters, however, is uncertain and can be impacted by numerous variables, including differences in legal rulings in various jurisdictions, the nature of the alleged injury and factors unrelated to the ultimate legal merit of the claims asserted against Metropolitan Life Insurance Company.

Metropolitan Life Insurance Company's defenses include that: (i) Metropolitan Life Insurance Company owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of Metropolitan Life Insurance Company; (iii) Metropolitan Life Insurance Company's conduct was not the cause of the plaintiffs' injuries; and (iv) plaintiffs' exposure occurred after the dangers of asbestos were known. During the course of the litigation, certain trial courts have granted motions dismissing claims against Metropolitan Life Insurance Company, while other trial courts have denied Metropolitan Life Insurance Company's motions. There can be no assurance that Metropolitan Life Insurance Company will receive favorable decisions on motions in the future. While most cases brought to date have settled, Metropolitan Life Insurance Company intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.

As reported in the 2024 Annual Report, Metropolitan Life Insurance Company received approximately 2,936 asbestos-related claims in 2024. For the nine months ended September 30, 2025 and 2024, Metropolitan Life Insurance Company received approximately 2,013 and 2,251 new asbestos-related claims, respectively. See Note 19 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for historical information concerning asbestos claims and Metropolitan Life Insurance Company's update to its recorded liability at December 31, 2024. The number of asbestos cases that may be brought, the aggregate amount of any liability that Metropolitan Life Insurance Company may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year.

The ability of Metropolitan Life Insurance Company to estimate its ultimate asbestos exposure is subject to considerable uncertainty, and the conditions impacting its liability can be dynamic and subject to change. The availability of reliable data is limited and it is difficult to predict the numerous variables that can affect liability estimates, including the number of future claims, the cost to resolve claims, the disease mix and severity of disease in pending and future claims, the willingness of courts to allow plaintiffs to pursue claims against Metropolitan Life Insurance Company when exposure to asbestos took place after the dangers of asbestos exposure were well known, and the impact of any possible future adverse verdicts and their amounts.

------

**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**16. Contingencies, Commitments and Guarantees (continued)** 

The ability to make estimates regarding ultimate asbestos exposure declines significantly as the estimates relate to years further in the future. In the Company's judgment, there is a future point after which losses cease to be probable and reasonably estimable. It is reasonably possible that the Company's total exposure to asbestos claims may be materially greater than the asbestos liability currently accrued and that future charges to income may be necessary, but management does not believe any such charges are likely to have a material effect on the Company's financial position.

The Company believes adequate provision has been made in its interim condensed consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. Metropolitan Life Insurance Company's recorded asbestos liability covers pending claims, claims not yet asserted, and legal defense costs and is based on estimates and includes significant assumptions underlying its analysis.

Metropolitan Life Insurance Company reevaluates on a quarterly and annual basis its exposure from asbestos litigation, including studying its claims experience, reviewing external literature regarding asbestos claims experience in the U.S., assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. Based upon its regular reevaluation of its exposure from asbestos litigation, Metropolitan Life Insurance Company has updated its liability analysis for asbestos-related claims through September 30, 2025.

***<u>Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court of the State of New York, County of New York, filed December 27, 2017)</u>***

Total Asset Recovery Services (the "Relator") brought an action under the qui tam provision of the New York False Claims Act (the "Act") on behalf of itself and the State of New York. The Relator originally filed this action under seal in 2010, and the complaint was unsealed on December 19, 2017. The Relator alleges that MetLife, Inc., Metropolitan Life Insurance Company and several other insurance companies violated the Act by filing false unclaimed property reports with the State of New York from 1986 to 2017, to avoid having to escheat the proceeds of more than 25,000 life insurance policies, including policies for which the defendants escheated funds as part of their demutualizations in the late 1990s. The Relator seeks treble damages and other relief. In December 2020, the Appellate Division of the New York State Supreme Court, First Department, reversed the court's order granting MetLife, Inc. and Metropolitan Life Insurance Company's motion to dismiss and remanded the case. The Relator filed a Fourth Amended Complaint in January 2023. On October 13, 2024, the trial court denied the defendants' motion to dismiss the complaint. The Company intends to defend the action vigorously.

***Commitments***

***<u>Mortgage Loan Commitments</u>***

The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $2.4 billion and $1.5 billion at September 30, 2025 and December 31, 2024, respectively.

***<u>Commitments to Fund Partnership Investments, Bank Credit Facilities and Private Corporate Bond Investments</u>***

The Company commits to fund partnership investments and to lend funds under bank credit facilities and private corporate bond investments. The amounts of these unfunded commitments were $4.3 billion and $4.0 billion at September 30, 2025 and December 31, 2024, respectively.

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**16. Contingencies, Commitments and Guarantees (continued)** 

***Guarantees***

In the normal course of its business, the Company has provided certain indemnities and guarantees to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $487 million, with a cumulative maximum of $586 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities or guarantees.

In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company's interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future.

The Company's recorded liabilities were $2 million at both September 30, 2025 and December 31, 2024, for indemnities and guarantees.

**17. Related Party Transactions** 

***Service Agreements***

The Company has entered into various agreements with affiliates for services necessary to conduct its activities. Typical services provided under these agreements include personnel, policy administrative functions and distribution services. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual cost incurred by the Company and/or its affiliates. Expenses and fees incurred with affiliates related to these agreements, recorded in other expenses, were $736 million and $2.3 billion for the three months and nine months ended September 30, 2025, respectively, and $744 million and $2.2 billion for the three months and nine months ended September 30, 2024, respectively. Total revenues received from affiliates related to these agreements were $18 million and $55 million for the three months and nine months ended September 30, 2025, respectively, and $12 million and $33 million for the three months and nine months ended September 30, 2024, respectively.

The Company had net payables to affiliates, related to the items discussed above, of $12 million and $88 million at September 30, 2025 and December 31, 2024, respectively.

See Notes 9 and 12 for additional information on related party transactions.

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**17. Related Party Transactions (continued)**

***Related Party Reinsurance Transactions***

The Company has reinsurance agreements with certain of MetLife, Inc.'s subsidiaries, including MetLife Reinsurance Company of Charleston ("MRC"), MetLife Reinsurance Company of Vermont, MTL, Superior Vision Insurance, Inc. and MetLife Insurance K.K., all of which are related parties.

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated statements of operations and comprehensive income (loss) was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months<br>Ended<br>September 30,** | **Three Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **Premiums** |  |  |  |  |
| Reinsurance assumed | $2 | $2 | $5 | $4 |
| Reinsurance ceded | (103) | (95) | (321) | (300) |
| &nbsp;&nbsp;&nbsp;Net premiums | $(101) | $(93) | $(316) | $(296) |
| **Universal life and investment-type product policy fees** |  |  |  |  |
| Reinsurance assumed | $8 | $6 | $23 | $14 |
| Reinsurance ceded |  | (1) | (1) | (2) |
| &nbsp;&nbsp;&nbsp;Net universal life and investment-type product policy fees | $8 | $5 | $22 | $12 |
| **Other revenues** |  |  |  |  |
| Reinsurance assumed | $28 | $43 | $83 | $106 |
| Reinsurance ceded | 112 | 112 | 338 | 344 |
| &nbsp;&nbsp;&nbsp;Net other revenues | $140 | $155 | $421 | $450 |
| **Policyholder benefits and claims** |  |  |  |  |
| Reinsurance assumed | $10 | $8 | $28 | $31 |
| Reinsurance ceded | (82) | (85) | (257) | (253) |
| &nbsp;&nbsp;&nbsp;Net policyholder benefits and claims | $(72) | $(77) | $(229) | $(222) |
| **Policyholder liability remeasurement (gains) losses** |  |  |  |  |
| Reinsurance assumed | $6 | $(9) | $3 | $(9) |
| Reinsurance ceded | 6 | 5 | 6 | 5 |
| &nbsp;&nbsp;&nbsp;Net policyholder liability remeasurement (gains) losses | $12 | $(4) | $9 | $(4) |
| **Interest credited to PABs** |  |  |  |  |
| Reinsurance assumed  | $89 | $89 | $259 | $268 |
| Reinsurance ceded | (2) | (3) | (7) | (8) |
| &nbsp;&nbsp;&nbsp;Net interest credited to PABs | $87 | $86 | $252 | $260 |
| **Other expenses** |  |  |  |  |
| Reinsurance assumed | $11 | $12 | $34 | $35 |
| Reinsurance ceded | 69 | 154 | 99 | 264 |
| &nbsp;&nbsp;&nbsp;Net other expenses | $80 | $166 | $133 | $299 |

---

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Metropolitan Life Insurance Company**

**(A Wholly-Owned Subsidiary of MetLife, Inc.)**

**Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)**

**17. Related Party Transactions (continued)**

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated balance sheets was as follows at:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Assumed** | **Ceded** | **Assumed** | **Ceded** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| **Assets** | | | | |
| Premiums, reinsurance and other receivables | $157 | $10961 | $163 | $11048 |
| DAC and VOBA | 126 | (151) | 140 | (156) |
| &nbsp;&nbsp;&nbsp;Total assets | $283 | $10810 | $303 | $10892 |
| **Liabilities** |  |  |  |  |
| FPBs | $1983 | $— | $2028 | $— |
| PABs | 8640 |  | 8845 |  |
| Other policy-related balances | 65 | (53) | 66 | (47) |
| Other liabilities | 856 | 9623 | 856 | 9748 |
| &nbsp;&nbsp;&nbsp;Total liabilities | $11544 | $9570 | $11795 | $9701 |

---

The Company ceded two blocks of business to an affiliate on a 75% coinsurance with funds withheld basis. Certain contractual features of this reinsurance agreement qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company's interim condensed consolidated balance sheets. The embedded derivatives related to the funds withheld associated with this agreement are included within other liabilities and were ($36) million and ($46) million at September 30, 2025 and December 31, 2024, respectively. Net derivative gains (losses) associated with these embedded derivatives were ($6) million and ($10) million for the three months and nine months ended September 30, 2025, respectively, and ($15) million and ($8) million for the three months and nine months ended September 30, 2024, respectively.

Certain contractual features of the closed block agreement with MRC qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company's interim condensed consolidated balance sheets. The embedded derivative related to the funds withheld associated with this reinsurance agreement was included within other liabilities and was ($236) million and ($415) million at September 30, 2025 and December 31, 2024, respectively. Net derivative gains (losses) associated with the embedded derivative were ($77) million and ($179) million for the three months and nine months ended September 30, 2025, respectively, and ($235) million and ($99) million for the three months and nine months ended September 30, 2024, respectively.

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

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

**Index to Management's Discussion and Analysis of Financial Condition and Results of Operations**

---

| | |
|:---|:---|
| | **Page** |
| <u>[Forward-Looking Statements and Other Financial Information](#i94b146efa7eb48d781a2845356194486_409)</u> | <u>[92](#i94b146efa7eb48d781a2845356194486_409)</u> |
| <u>[Business](#i94b146efa7eb48d781a2845356194486_412)</u> | <u>[92](#i94b146efa7eb48d781a2845356194486_412)</u> |
| <u>[Results of Operations](#i94b146efa7eb48d781a2845356194486_424)</u> | <u>[94](#i94b146efa7eb48d781a2845356194486_424)</u> |
| <u>[Adopted Accounting Pronouncements](#i94b146efa7eb48d781a2845356194486_463)</u> | <u>[99](#i94b146efa7eb48d781a2845356194486_463)</u> |
| <u>[Future Adoption of Accounting Pronouncements](#i94b146efa7eb48d781a2845356194486_466)</u> | <u>[99](#i94b146efa7eb48d781a2845356194486_466)</u> |
| <u>[Non-GAAP and Other Financial Disclosures](#i94b146efa7eb48d781a2845356194486_469)</u> | <u>[99](#i94b146efa7eb48d781a2845356194486_469)</u> |
| <u>[Risk Management](#i94b146efa7eb48d781a2845356194486_472)</u> | <u>[100](#i94b146efa7eb48d781a2845356194486_472)</u> |

---

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Forward-Looking Statements and Other Financial Information**

For purposes of this discussion, "MLIC," the "Company," "we," "our" and "us" refer to Metropolitan Life Insurance Company, a New York corporation incorporated in 1868, and its subsidiaries. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, "MetLife"). Management's narrative analysis of the Company's results of operations is presented pursuant to General Instruction H(2)(a) of Form 10-Q. This narrative analysis should be read in conjunction with Metropolitan Life Insurance Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report"), the cautionary language regarding forward-looking statements included below, the "Risk Factors" set forth in Part II, Item 1A, and the additional risk factors referred to therein, and the Company's interim condensed consolidated financial statements included elsewhere herein.

This narrative analysis 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. See "Note Regarding Forward-Looking Statements" for cautionary language regarding forward-looking statements.

This narrative analysis includes references to our performance measure, adjusted earnings, that is not based on accounting principles generally accepted in the United States of America ("GAAP"). See "— Non-GAAP and Other Financial Disclosures" for definitions and a discussion of this and other financial measures, and "— Results of Operations" for reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP measures.

**Business**

***Current Market Conditions***

In the United States ("U.S."), citing growing concerns over the labor market, the Federal Open Market Committee recently cut interest rates. Future policy adjustments could be affected by the U.S. government shutdown.

***Regulatory Developments***

The following discussion on regulatory developments should be read in conjunction with "Business — Regulation" in the 2024 Annual Report, as amended or supplemented.

***<u>State Insurance Regulation</u>***

In 2023, the National Association of Insurance Commissioners ("NAIC") adopted an interim solution with regard to the treatment of an insurer's negative interest maintenance reserve ("IMR") balance, which may occur in a rising interest rate environment and can impact how accurately the insurer's surplus and financial strength are captured in its statutory financial statements due to lower surplus and risk-based capital ("RBC") ratios. In August 2025, the NAIC extended its interim statutory accounting guidance to be effective until December 31, 2026, which permits an insurer with a company action level RBC ratio greater than 150% (or an authorized control level RBC ratio greater than 300%) to admit negative IMR for an amount up to 10% of its general account capital and surplus, subject to certain restrictions and reporting obligations. These interim changes did not have an impact on our RBC. The NAIC is developing a long-term solution for the accounting treatment of negative IMR.

In August 2025, the NAIC adopted a principle-based reserving ("PBR") framework for non-variable annuities, located in Section VM-22 of the NAIC Valuation Manual ("VM"), similar to Section VM-20 for life insurance business and Section VM-21 for variable annuities. The framework for non-variable annuities applies to new issues for valuation dates on or after January 1, 2026, and companies have a three-year optional implementation period before Section VM-22 PBR requirements become mandatory to all applicable blocks of business. The ultimate financial impact from PBR on MLIC is uncertain.

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

***<u>Standards of Conduct, ERISA, Fiduciary Considerations, and Other Pension and Retirement Regulation</u>***

In 2021, the U.S. Department of Labor's (the "DOL") final version of the prohibited transaction exemption ("PTE") 2020-02 went into effect, which allows investment advice fiduciaries to receive compensation without violating the Employee Retirement Income Security Act of 1974 ("ERISA"), subject to impartial conduct standards and disclosure obligations aligned with U.S. Securities and Exchange Commission ("SEC") rules. In the preamble to PTE 2020-02, the DOL also provided its interpretation of the five-part test used to determine whether a person is acting as an ERISA investment advice fiduciary. In April 2024, DOL finalized and published a regulation to change the definition of "fiduciary" for purposes of ERISA and parallel provisions of the Internal Revenue Code of 1986, as amended, when a financial professional, including an insurance producer, provides investment advice, and to amend various existing PTEs that financial professionals rely on when making recommendations. Shortly thereafter, these changes were challenged in court, and in July 2024, two federal district courts entered separate stays of the effective date of the new regulation regarding the definition of "fiduciary" and the amendments to the PTEs, pending further orders of the courts. The DOL initially appealed these stay orders but has since indicated that it no longer intends to pursue those appeals and, instead, will revisit and re-evaluate the regulation and PTE amendments. Accordingly, it is unclear when, or whether, the regulation and PTE amendments will take effect.

***<u>Management of Climate Risk and ESG</u>***

In March 2025, the SEC voted to end its defense of final rules that it had adopted in March 2024 requiring registrants to provide additional climate-related information in their registration statements and annual reports, including in their financial statements.

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Results of Operations**

***Overview***

MLIC is a provider of insurance, annuities and employee benefits. MLIC is organized into three segments: Group Benefits; Retirement and Income Solutions ("RIS"); and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. See Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company's segments and Corporate & Other. Management continues to evaluate the Company's segment performance and allocated resources and may adjust related measurements in the future to better reflect segment profitability.

***Pending Reinsurance Transaction***

On April 30, 2025, the Company entered into a definitive agreement with Talcott Resolution Life Insurance Company, a life insurance and annuities subsidiary of Talcott Financial Group, to reinsure approximately $10.0 billion of variable annuity and rider reserves, which are reported in the MetLife Holdings segment. At the closing of the transaction, the Company will enter into a reinsurance agreement on both a modified coinsurance and a funds withheld basis. The transaction is expected to close by the end of 2025 and is subject to regulatory approvals and other customary closing conditions.

***Key Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to MLIC of $1.1 billion for the nine months ended September 30, 2025, compared to $1.9 billion for the nine months ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted earnings of $2.5 billion for both the nine months ended September 30, 2025 and September 30, 2024.

***Consolidated Results***

---

| | | |
|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** |
| | **(In millions)** | **(In millions)** |
| **Revenues** |  |  |
| Premiums | $19564 | $19793 |
| Universal life and investment-type product policy fees | 1151 | 1109 |
| Net investment income | 8613 | 8680 |
| Other revenues | 1283 | 1347 |
| Net investment gains (losses) | (823) | (423) |
| Net derivative gains (losses) | (1033) | (378) |
| &nbsp;&nbsp;&nbsp;Total revenues | 28755 | 30128 |
| **Expenses** |  |  |
| Policyholder benefits and claims and policyholder dividends | 20830 | 21091 |
| Policyholder liability remeasurement (gains) losses | 8 | (148) |
| Market risk benefit remeasurement (gains) losses | (127) | (234) |
| Interest credited to policyholder account balances | 2826 | 2863 |
| Amortization of deferred policy acquisition costs and value of business acquired | 200 | 207 |
| Interest expense on debt | 85 | 92 |
| Other expenses, net of capitalization of deferred policy acquisition costs | 3728 | 3985 |
| &nbsp;&nbsp;&nbsp;Total expenses | 27550 | 27856 |
| Income (loss) before provision for income tax | 1205 | 2272 |
| Provision for income tax expense (benefit) | 159 | 395 |
| &nbsp;&nbsp;&nbsp;Net income (loss) | 1046 | 1877 |
| Less: Net income (loss) attributable to noncontrolling interests | (9) | (7) |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to Metropolitan Life Insurance Company | $1055 | $1884 |

---

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

***<u>Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024</u>***

**Net income (loss) attributable to MLIC** - Decreased $829 million primarily due to the following:

***Net Investment Gains (Losses)* -** Unfavorable change of $400 million ($316 million, net of income tax):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher increase to the allowance for credit loss on mortgage loans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower gains on sales of real estate investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher losses on foreign currency transactions

***Net Derivative Gains (Losses)* -** Unfavorable change of $655 million ($517 million, net of income tax)<sup>(1)</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in the value of the underlying assets - unfavorable impact to embedded derivatives related to funds withheld on reinsurance agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The U.S. dollar weakened more significantly against major currencies in the current period compared to the prior period - unfavorable impact to the estimated fair value of receive-U.S. dollar currency swaps and buy-U.S. dollar currency forwards

***Market Risk Benefit Remeasurement (Gains) Losses***<sup>(2)</sup> **-** Unfavorable change of $107 million ($85 million, net of income tax):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Key U.S. equity indexes increased less significantly in the current period compared to the prior period

***Actuarial Assumption Review* -** Unfavorable change of $80 million ($64 million, net of income tax):

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Variance** |
|<br>**Assumptions** | **2025** | **2024** | **Variance** |
|  | **(In millions, net of income tax)** | **(In millions, net of income tax)** | **(In millions, net of income tax)** |
| Economic | $(34) | $(26) | $(8) |
| Mortality | 13 | 105 | (92) |
| Morbidity | (90) |  | (90) |
| Policyholder behavior | 15 | (44) | 59 |
| Operational | 116 | 49 | 67 |
| &nbsp;&nbsp;&nbsp;Total | $20 | $84 | $(64) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The actuarial assumption reviews resulted in gains of $20 million and $84 million for the nine months ended September 30, 2025 and 2024, respectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Of the $20 million gain, gains of $12 million and $1 million were recognized in market risk benefit remeasurement (gains) losses, and in net derivative gains (losses), respectively, both of which are discussed above, and a gain of $7 million was recognized in adjusted earnings, which is discussed below

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Of the $84 million gain, losses of $14 million and $1 million were recognized in market risk benefit remeasurement (gains) losses, and in net derivative gains (losses), respectively, both of which are discussed above, and a gain of $99 million was recognized in adjusted earnings, which is discussed below

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The $64 million decrease was primarily driven by (i) less favorable mortality experience in the RIS segment and (ii) updates made in the current period to morbidity assumptions in the MetLife Holdings segment associated with an increase in incidence rates for our long-term care business, largely offset by (i) updates to operational assumptions in the MetLife Holdings segment related to future premium rate increases for the long-term care business, and (ii) updates to policyholder behavior assumptions in the deferred annuities business in the MetLife Holdings segment related to lapse experience

***Adjusted Earnings***<sup>(3)</sup> **-** Favorable change of $54 million. See "— Consolidated Results — Adjusted Earnings."

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

***Taxes* -** Favorable change in effective tax rate - 13% in the current period compared to 17% in the prior period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current period effective tax rate on income before provision for income tax was 13% compared to the U.S. statutory rate of 21% primarily due to tax benefits from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Non-taxable investment income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Low income housing and other tax credits, partially offset by the impact of tax equity investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Corporate tax deduction for stock-based compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior period effective tax rate on income before provision for income tax was 17% compared to the U.S. statutory rate of 21% primarily due to tax benefits from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Non-taxable investment income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Low income housing and other tax credits, partially offset by the impact of tax equity investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Corporate tax deduction for stock-based compensation

__________________

(1)Includes amounts relating to investment hedge adjustments, which are also included in adjusted earnings.

(2)See Note 5 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company's market risk benefits ("MRBs").

(3)See "— Non-GAAP and Other Financial Disclosures" for information regarding adjusted earnings.

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

***<u>Reconciliation of net income (loss) to adjusted earnings and premiums, fees and other revenues to adjusted premiums, fees and other revenues</u>***

---

| | | |
|:---|:---|:---|
| | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
| | **2025** | **2024** |
| | **(In millions)** | **(In millions)** |
| Net income (loss) | $1046 | $1877 |
| Less: adjustments from net income (loss) to adjusted earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Revenues: |  |  |
| Net investment gains (losses) | (823) | (423) |
| Net derivative gains (losses) | (1033) | (378) |
| Premiums |  |  |
| Universal life and investment-type product policy fees |  |  |
| Net investment income | (224) | (263) |
| Other revenues | 75 | 86 |
| &nbsp;&nbsp;&nbsp;Expenses: |  |  |
| Policyholder benefits and claims and policyholder dividends | 44 | 43 |
| Policyholder liability remeasurement (gains) losses |  |  |
| Market risk benefit remeasurement (gains) losses | 127 | 234 |
| Interest credited to policyholder account balances | (58) | (64) |
| Capitalization of deferred policy acquisition costs ("DAC") |  |  |
| Amortization of DAC and value of business acquired |  |  |
| Interest expense on debt |  |  |
| Other expenses | (11) | (9) |
| Provision for income tax (expense) benefit | 420 | 176 |
| Adjusted earnings | $2529 | $2475 |
| Premiums, fees and other revenues | $21998 | $22249 |
| Less: adjustments to premiums, fees and other revenues | 75 | 86 |
| Adjusted premiums, fees and other revenues | $21923 | $22163 |

---

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

***Consolidated Results — Adjusted Earnings***

*Business Overview*. Adjusted premiums, fees and other revenues for the nine months ended September 30, 2025 decreased $240 million, or 1%, compared to the prior period. The decrease was primarily due to lower premiums in the pension risk transfer business in the RIS segment, as well as a decline in the MetLife Holdings segment from business run-off. These declines were partially offset by an increase in the Group Benefits segment due to growth in core products, partially offset by a decrease in premiums related to our participating life contracts, which can fluctuate with claims experience. The change in RIS premiums was substantially offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance.

***<u>Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024</u>***

Unless otherwise stated, all amounts discussed below are net of income tax.

**Adjusted Earnings -** Increased $54 million primarily due to the following business drivers:

***Market Factors* -** Decreased adjusted earnings by $123 million:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recurring investment income decreased - lower income on derivatives and lower yields on fixed income securities and mortgage loans, partially offset by higher income on real estate investments; positive flows from pension risk transfer transactions and funding agreement issuances in the RIS segment, substantially offset by lower average invested assets in the MetLife Holdings segment due to business run-off

Partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable investment income increased - higher returns on real estate funds and mortgage loan funds, partially offset by lower returns on corporate debt funds

***Volume Growth*** - Increased adjusted earnings by $28 million:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher average invested assets in Corporate & Other

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Growth in core products in the Group Benefits segment

Partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business run-off in the MetLife Holdings segment

***Underwriting and Other Insurance Adjustments* -** Increased adjusted earnings by $22 million:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Favorable change from refinements to certain insurance and other liabilities in both periods - includes the favorable change from adjustments to certain deposit reinsurance assets in Corporate & Other and an unfavorable refinement in the prior period on certain life policies in the Group Benefits segment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower dividend expense due to scale update in the MetLife Holdings segment

Largely offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unfavorable morbidity - higher incidence coupled with favorable reserve adjustments in the prior period in our disability business, both in the Group Benefits segment, as well as unfavorable experience in the long-term care business in the MetLife Holdings segment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unfavorable mortality - less favorable experience in our annuity and risk solution businesses in the RIS segment

***Actuarial Assumption Review* -** Decreased adjusted earnings by $92 million:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2025 actuarial assumption review impacting the Group Benefits, RIS and MetLife Holdings segments - favorable impact of $7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2024 actuarial assumption review impacting the Group Benefits, RIS and MetLife Holdings segments - favorable impact of $99 million

***Expenses*** - Increased adjusted earnings by $220 million:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower expenses in the MetLife Holdings segment due to a change in the allocation of legal entity expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower corporate-related expenses and interest on certain tax positions in Corporate & Other

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Adopted Accounting Pronouncements**

See Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements.

**Future Adoption of Accounting Pronouncements**

See Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements.

**Non-GAAP and Other Financial Disclosures**

In this report, the Company presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance our investors' understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

---

| | | | |
|:---|:---|:---|:---|
| **Non-GAAP financial measures:** | **Non-GAAP financial measures:** | **Comparable GAAP financial measures:** | **Comparable GAAP financial measures:** |
| (i) | adjusted premiums, fees and other revenues | (i) | premiums, fees and other revenues |
| (ii) | adjusted earnings | (ii) | net income (loss) |

---

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in "— Results of Operations." Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income.

Our definitions of non-GAAP and other financial measures discussed in this report may differ from those used by other companies.

***Adjusted earnings*** 

Adjusted earnings is used by the Company's chief operating decision maker, its Chief Executive Officer ("CEO"), to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is our GAAP measure of segment performance. Adjusted earnings allows analysis of our performance and facilitates comparisons to industry results. For additional information relating to adjusted earnings, see "Financial Measure and Segment Accounting Policies" and "Corporate & Other" in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements.

***The following additional information is relevant to an understanding of our performance:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We sometimes refer to sales activity for various products. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volume growth, where cited, represents the change in certain measures of our segment results, including adjusted earnings, attributable to business growth, applying a model in which certain margins and factors are held constant, the most significant of which are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Total adjusted stockholder's equity</u>: total stockholder's equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), MRBs instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of accumulated other comprehensive income (loss) and the estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Allocated equity</u>: the portion of total adjusted stockholder's equity that MetLife's management allocates to each of its segments based on local capital requirements and economic capital. See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Economic Capital" in the 2024 Annual Report.

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Risk Management**

See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Risk Management" in the 2024 Annual Report for information on our risk management.

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Item 4. Controls and Procedures**

Management, with the participation of the CEO and Chief Financial Officer ("CFO"), has evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended ("Exchange Act"), as of the end of the period covered by this report. Based on that evaluation, the CEO and CFO have concluded that these disclosure controls and procedures are effective.

There were no material changes to the Company's internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

**Part II — Other Information**

**Item 1. Legal Proceedings**

See Note 16 of the Notes to the Interim Condensed Consolidated Financial Statements.

**Item 1A. Risk Factors**

Certain factors that may affect the Company's business or operations are described under "Risk Factors" in Part I, Item 1A, of the 2024 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2024 Annual Report.

**Item 5. Other Information**

***Securities trading plans***

During the three months ended September 30, 2025, none of our Section 16 officers or directors (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any "non-Rule 10b5-1 trading arrangement" (as defined in Section 408(c) of Regulation S-K).

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Item 6. Exhibits**

***(Note Regarding Reliance on Statements in Our Contracts:*** *In reviewing the agreements included as exhibits to this Quarterly Report on Form 10-Q, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about Metropolitan Life Insurance Company, its subsidiaries or affiliates, or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and (i) should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; (iii) may apply standards of materiality in a way that is different from what may be viewed as material to investors; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about Metropolitan Life Insurance Company, its subsidiaries and affiliates may be found elsewhere in this Quarterly Report on Form 10-Q and Metropolitan Life Insurance Company's other public filings, which are available without charge through the U.S. Securities and Exchange Commission website at www.sec.gov.)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | |
|<br>**Exhibit No.** |<br>**Description** | **Form** | **File Number** | **Exhibit** | **Filing Date** |<br>**Filed or Furnished Herewith** |
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](mlic-2025930xex311.htm)</u> |  |  |  |  | X |
| 31.2 | <u>[Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](mlic-2025930xex312.htm)</u> |  |  |  |  | X |
| 32.1 | <u>[Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](mlic-2025930xex321.htm)</u> |  |  |  |  | X |
| 32.2 | <u>[Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](mlic-2025930xex322.htm)</u> |  |  |  |  | X |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |  |  |  |  | X |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |  |  |  |  | X |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |  |  |  |  | X |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |  |  |  |  | X |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |  |  |  |  | X |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document. |  |  |  |  | X |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). |  |  |  |  | X |

---

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Glossary**

Throughout this Form 10-Q, the Company may use certain abbreviations, acronyms and terms which are further detailed below.

---

| | | | |
|:---|:---|:---|:---|
| A.M. Best | A.M. Best Company, Inc. | Farmer Mac | Federal Agricultural Mortgage Corporation |
| ABO | Accumulated Benefit Obligations | FASB | Financial Accounting Standards Board |
| ABS & CLO | Asset-Backed Securities and Collateralized Loan Obligations | FCTA | Foreign Currency Translation Adjustments |
| ACL | Allowance For Credit Loss | Federal Reserve | Federal Reserve Board & Federal Reserve Bank of New York |
| Additional Insurance Liabilities | Universal and variable universal life secondary and paid-up guarantees | Federal Reserve Board | Board of Governors of the Federal Reserve System |
| AFS | Available-For-Sale | FHLBNY | Federal Home Loan Bank of New York |
| AI | Artificial Intelligence | FINRA | Financial Industry Regulatory Authority |
| ALM | Asset/Liability Management | FIO | Federal Insurance Office |
| Alt-A | Alternative Residential Mortgage Loans | Fitch | Fitch Ratings Inc. |
| AOCI | Accumulated Other Comprehensive Income (Loss) | FPB | Future Policy Benefits |
| ASO | Administrative Services-Only | FSOC | Financial Stability Oversight Council |
| ASU | Accounting Standards Update | FVO | Fair Value Option |
| Authorized Control Level RBC | Authorized Control Level RBC, calculated in the manner prescribed by the NAIC | GAAP | Accounting principles generally accepted in the United States of America |
| CCPA | California Consumer Privacy Act | GCC | Group Capital Calculation |
| CEO | Chief Executive Officer | GHG | Greenhouse Gas |
| CFO | Chief Financial Officer | GICs | Guaranteed Interest Contracts |
| CFPB | Consumer Financial Protection Bureau | Global Atlantic | Global Atlantic Financial Group |
| CFTC | Commodity Futures Trading Commission | GMABs | Guaranteed Minimum Accumulation Benefits |
| CISO | Chief Information Security Officer | GMCR | Guaranteed Minimum Crediting Rates |
| CLOs | Collateralized Loan Obligations | GMDBs | Guaranteed Minimum Death Benefits |
| CMBS | Commercial Mortgage-Backed Securities | GMIBs | Guaranteed Minimum Income Benefits |
| CODM | Chief Operating Decision Maker | GMWBs | Guaranteed Minimum Withdrawal Benefits |
| Company Action Level RBC | Minimum level of TAC before corrective action commences is twice authorized control level RBC | GMXBs | Guaranteed Minimum Benefits |
| Credit Facility | Unsecured revolving credit facility | IBNP | Incurred But Not Paid |
| CRO | Chief Risk Officer | IBNR | Incurred But Not Reported |
| Cybersecurity Model Law | NAIC's Insurance Data Security Model Law | IMR | Interest Maintenance Reserve |
| DAC | Deferred Policy Acquisition Costs | IRS | Internal Revenue Service |
| Dodd-Frank | Dodd-Frank Wall Street Reform and Consumer Protection Act | LDTI | Long-Duration Targeted Improvements |
| DOL | U.S. Department of Labor | LDTI Transition Date | January 1, 2021 |
| DPL | Deferred Profit Liability | LTV | Loan-To-Value |
| DSCR | Debt Service Coverage Ratios | MetLife Funding | MetLife Funding, Inc. |
| ERC | Enterprise Risk Committee | MLIC | Metropolitan Life Insurance Company |
| ERISA | Employee Retirement Income Security Act of 1974 | Moody's | Moody's Investors Service, Inc. |
| ERM | Enterprise Risk Management | MoRe | Missouri Reinsurance, Inc. |
| ESG | Environmental, Social and Governance | MRB | Market Risk Benefit |
| Exchange Act | Securities Exchange Act Of 1934 | MRC | MetLife Reinsurance Company of Charleston |

---

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

---

| | | | |
|:---|:---|:---|:---|
| MTL | Metropolitan Tower Life Insurance Company | RIS | Retirement and Income Solutions |
| NAIC | National Association of Insurance Commissioners | RMBS | Residential Mortgage-Backed Securities |
| NAV | Net Asset Value | ROU | Right-of-Use |
| NGEs | Non-Guaranteed Elements | S&P | Standard & Poor's Global Ratings |
| Non-Bank SIFI | Non-Bank Systemically Important Financial Institution | SCL | Special Considerations Letter |
| NPR | Net Premium Ratio | SEC | U.S. Securities and Exchange Commission |
| NQM | Non-Qualified Residential Mortgage | SSG | Structured Securities Group |
| NRSRO | Nationally Recognized Statistical Rating Organizations | Statutory Codification | Codification of Statutory Accounting Principles |
| NYDFS | New York State Department of Financial Services | Structured Products | RMBS, ABS & CLO and CMBS |
| OCI | Other Comprehensive Income (Loss) | Superintendent | New York Superintendent of Financial Services |
| OLPI | Other Limited Partnership Interests | TAC | Total Adjusted Capital, calculated in the manner prescribed by the NAIC |
| OTC | Over-the-Counter | TRRs | Total Rate of Return Swaps |
| OTC-bilateral | Bilateral contracts between two counterparties | U.S. | United States |
| OTC-cleared | OTC derivatives are cleared and settled through central clearing counterparties | ULSG | Universal and Variable Universal Life Policies with Secondary Guarantees |
| PABs | Policyholder Account Balances | UREV | Unearned Revenue |
| PBO | Projected Benefit Obligation | VIEs | Variable Interest Entities |
| PCAOB | Public Company Accounting Oversight Board | VM | Valuation Manual |
| PTE | Prohibited Transaction Exemption | VOBA | Value of Business Acquired |
| RBC | Risk-Based Capital | VOCRA | Value of Customer Relationships Acquired |
| REJV | Real Estate Joint Ventures | VODA | Value of Distribution Agreements |

---

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**<u>[**Table of Contents**](#i94b146efa7eb48d781a2845356194486_7)</u>**

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| METROPOLITAN LIFE INSURANCE COMPANY | METROPOLITAN LIFE INSURANCE COMPANY |
| By: | /s/ Adrienne O'Neill |
|  | Name: Adrienne O'Neill<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Chief Accounting Officer<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Authorized Signatory and Principal<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting Officer) |

---

Date: November 12, 2025

## Exhibit 31.1

**Exhibit 31.1** 

<u>CERTIFICATIONS</u> 

I, Michel A. Khalaf, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Metropolitan Life Insurance Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 12, 2025

---

| |
|:---|
| /s/ Michel A. Khalaf |
| Michel A. Khalaf<br>President and<br>Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

<u>CERTIFICATIONS</u> 

I, John D. McCallion, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Metropolitan Life Insurance Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 12, 2025

---

| |
|:---|
| /s/ John D. McCallion |
| John D. McCallion<br>Executive Vice President and<br>Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1** 

SECTION 906 CERTIFICATION

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED

STATES CODE

I, Michel A. Khalaf, certify that (i) Metropolitan Life Insurance Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the "Form 10-Q") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Metropolitan Life Insurance Company.

Date: November 12, 2025

---

| |
|:---|
| /s/ Michel A. Khalaf |
| Michel A. Khalaf<br>President and<br>Chief Executive Officer |

---

## Exhibit 32.2

**Exhibit 32.2**

SECTION 906 CERTIFICATION

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED

STATES CODE

I, John D. McCallion, certify that (i) Metropolitan Life Insurance Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the "Form 10-Q") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Metropolitan Life Insurance Company.

Date: November 12, 2025

---

| |
|:---|
| /s/ John D. McCallion |
| John D. McCallion<br>Executive Vice President and<br>Chief Financial Officer |

---

<br>