METMetLife

2 paragraphs in Risk Factors of the 10-K filed Feb 19, 2026 with nothing like them in the 10-K filed Feb 21, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.

Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.

Market conditions resulting in reductions in the value of assets we manage or lower transaction volume may have an adverse effect on the revenues and profitability of our institutional asset management services, which depend on fees related primarily to the value of assets under management (“AUM”).

Similar paragraph at 1 of 75 other Financials companies: PRU

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We May Have to Pledge Collateral or Make Payments in Derivatives and Reinsurance Transactions

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New in the latest 10-Q

26 paragraphs in the 10-Q filed Nov 6, 2026 with nothing like them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

Treasury stock acquired in connection with share repurchases (includes $13 of excise tax) (1,463) (1,463) (1,463)

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Treasury stock acquired in connection with share repurchases (includes $7 of excise tax) (657) (657) (657)

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For the nine months ended September 30, 2026 and 2025, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to mortality.

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The principal inputs used in the establishment of the FPB reserve 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.

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For the nine months ended September 30, 2025, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to morbidity, partially offset by mortality.

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The principal inputs used in the establishment of the FPB reserve for the Asia segment’s accident & health 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 and morbidity.

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For the nine months ended September 30, 2026, the net effect of changes in cash flow assumptions was primarily driven by updates in policyholder behavior related to lapses and cost of care, as well as morbidity assumptions related to future incidence. This was substantially offset by updates in operational assumptions related to future premium rate increases and morbidity assumptions related to incurred but not reported development. 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 future premium rate increases, substantially offset by unfavorable morbidity and policyholder behavior related to lapses.

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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.

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(1) At December 31, 2025, investments in Chilean government and agency fixed income securities did not exceed 10% of the Company’s equity.

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September 30, 2026 December 31, 2025 September 30, 2026 December 31, 2025 Instrument Type Consolidated VIEs Other Consolidated VIEs

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Net credit loss (provision) release (change in ACL recognized in earnings) 35 (97) 64 (87)

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Goodwill is tested for impairment at least annually or more frequently if events or circumstances, such as adverse changes in the business climate, indicate that there may be justification for conducting an interim test.

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For purposes of goodwill impairment testing, if the carrying value of a reporting unit exceeds its estimated fair value, an impairment charge would be recognized for the amount of the difference; however, the loss recognized would not exceed the total amount of goodwill allocated to that reporting unit. Additionally, the Company will consider income tax effects from any tax-deductible goodwill on the carrying value of the reporting unit when measuring the goodwill impairment loss, if applicable. The key inputs, judgments and assumptions necessary in determining estimated fair value of the reporting units include projected adjusted earnings, current book value, the level of economic capital required to support the mix of business, long-term growth rates, comparative market multiples, the account value of in-force business, projections of new and renewed business, as well as margins on such business, interest rate levels, credit spreads, equity market levels, and the discount rate that we believe is appropriate for the respective reporting unit.

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We apply significant judgment when determining the estimated fair value of our reporting units and when assessing the relationship of market capitalization to the aggregate estimated fair value of our reporting units. The valuation methodologies utilized are subject to key judgments and assumptions that are sensitive to change. Estimates of fair value are inherently uncertain and represent reasonable expectations regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based may differ from actual future results. The estimated fair value of the reporting units tested can be impacted by unexpected changes in the legislative, regulatory and macroeconomic environment. Declines in the estimated fair value of our reporting units could result in goodwill impairments in future periods which could materially and adversely affect our results of operations or financial position.

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In the third quarter of 2026, the Company performed its annual goodwill impairment tests on all reporting units using both qualitative and quantitative assessments. The quantitative assessment utilized the market multiple and/or a discounted cash flow valuation based on best available data as of June 30, 2026. The Company concluded that the estimated fair values of all such reporting units were substantially in excess of their carrying values and, therefore, goodwill was not impaired.

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The actuarial assumption review resulted in a loss of $86 million and a gain of $102 million for the three months ended September 30, 2026 and 2025, respectively. Of the $86 million loss, a loss of $76 million was recognized in adjusted earnings available to common shareholders. Of the $102 million gain, a gain of $89 million was recognized in adjusted earnings available to common shareholders. The $188 million decrease was primarily driven by (i) updates to policyholder behavior assumptions in the long-term care business in Corporate & Other related to refinements to the lapse assumption, (ii) updates to operational assumptions in Corporate & Other related to future premium rate increases for the long-term care business, and (iii) less favorable mortality experience in the pension risk transfer and structured settlements businesses in the RIS segment, partially offset by favorable mortality experience in the life business in the Asia segment. These decreases were partially offset by favorable morbidity experience in the long-term care business in Corporate & Other, partially offset by unfavorable morbidity experience in the accident & health business in the Asia segment.

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Notable items decreased adjusted earnings by $78 million. The current period includes an unfavorable impact of $65 million driven by the actuarial assumption review. The prior period includes a favorable impact of $13 million driven by the actuarial assumption review.

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Notable items decreased adjusted earnings by $78 million. The current period includes an unfavorable impact of $65 million driven by the actuarial assumption review. The prior period includes a favorable impact of $13 million driven by the actuarial assumption review.

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Discussions below are presented in order of magnitude. Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

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Discussions below are presented in order of magnitude. Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

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Discussions below are presented in order of magnitude. Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

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Discussions below are presented in order of magnitude. Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

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Discussions below are presented in order of magnitude. Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

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Discussions below are presented in order of magnitude. Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

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Notable items decreased adjusted earnings available to common shareholders by $26 million. The current period includes an unfavorable impact of $13 million driven by the actuarial assumption review. The prior period includes a favorable impact of $13 million driven by the actuarial assumption review.

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Notable items decreased adjusted earnings available to common shareholders by $26 million. The current period includes an unfavorable impact of $13 million driven by the actuarial assumption review. The prior period includes a favorable impact of $13 million driven by the actuarial assumption review.

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Nov 6, 2026 against Item 1A of the 10-K filed Feb 19, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.

What the 10-Q itself says about its 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 2025 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2025 Annual Report.

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1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.