Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 238 words changed in this paragraph; it is 58% similar to last year's version.
Our investors or others may evaluate our practices by ESG against sustainability criteria that continue to evolve and may be unclear, inconsistent or based on methodologies that are continually evolving and not always clear or readily measurable. These standards and expectations may also, as a whole, reflect contrasting differing or conflicting values or agendas and are not always susceptible to consensus. priorities. Our decisions and priorities must also necessarily, balance multiple objectives simultaneously, and simultaneously, take account of multiple business goals and interests. Our our practices may not change in the particulars manner or at the rate time frame some stakeholders expect. As a result, our efforts to conduct our business operate in accordance alignment with some or all of these expectations may involve trade-offs. In June 2022, we announced our commitment to achieve net zero greenhouse gas (“GHG”) emissions by 2050 or sooner. This commitment applies to GHG emissions from our global owned and leased offices and vehicle fleets, employee business travel, supply chain and general account investment portfolio, including the general accounts of MetLife, Inc.’s wholly-owned subsidiaries, where reliable data and methodologies are available. We have oriented our climate objectives Our sustainability aspirations and interim targets to advance this commitment, which involves rely on assumptions and expectations that involve risks and uncertainties. Data and measurement techniques continue to evolve. Further, because of the financed emissions included in our investment portfolio, our ability to meet our commitments is dependent achieve these aspirations depends in part on those counterparties meeting their own carbon emissions reduction objectives. Standards, data sources, analytical tools and regulatory requirements related to sustainability practices continue to evolve, and the availability, quality, and comparability of data varies across our operations, supply chain, and investment activities. We also rely on data provided by third parties, which may be incomplete, inaccurate, delayed, or unavailable. As techniques, industry standards, and regulatory expectations continue to develop, our assessments, reporting, and targets may change. We may fail to meet our commitments or interim targets, and our policies and processes to evaluate and manage ESG sustainability standards in coordination with other business priorities may not prove completely effective or fully satisfy expectations of some stakeholders. For example, some current customers and potential customers may decline to do business with us based on our sustainability practices and related policies and actions. We may also face adverse regulatory, investor, media, or public scrutiny leading to business, reputational, or legal challenges.
Source: Item 1A, 10-K 0001099219-26-000013 vs Item 1A, 10-K 0001099219-25-000044
Accounting Policies 176 words changed in this paragraph; it is 44% similar to last year's version.
“MetLife” and the “Company” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. In the fourth quarter of 2025, MetLife executed a reorganization to align with its strategic initiative to accelerate growth in asset management. As part of this reorganization, the Company adjusted its segment structure. MetLife Investment Management, the Company’s institutional asset management business (“MIM”), which was previously reported in Corporate & Other, became a reportable segment. MetLife Holdings was removed as a reportable segment, and its business is now primarily reported in Corporate & Other. These changes were applied retrospectively for all years presented. Additionally, certain products formerly reported in MetLife Holdings have been moved to Group Benefits and Retirement and Income Solutions (“RIS”). This change was applied only for the year ended December 31, 2025. The foregoing changes did not impact prior period consolidated net income (loss) or consolidated adjusted earnings, and are collectively referred to as the “Strategic Reorganization.” As a result of the Strategic Reorganization, MetLife is organized into the following six segments: Group Benefits; Retirement and Income Solutions (“RIS”); RIS; Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MetLife Holdings. MIM. In addition, the Company reports continues to report certain of its results of operations in Corporate & Other. See Note 2 for further information on the Company’s segments and Corporate & Other.
Source: Item 8, Note 1 – Business, Basis of Presentation and Summary of Significant Accounting Policies, 10-K 0001099219-26-000013 vs Item 8, Note 1 – Business, Basis of Presentation and Summary of Significant Accounting Policies, 10-K 0001099219-25-000044
MD&A 161 words changed in this paragraph; it is 32% similar to last year's version.
Years Ended December 31, 2025 2024 2023 Asset Type Carrying Value % of Total Carrying Value % of Total Class Yield% (1) Amount Yield% (1) Amount (Dollars in millions) Freestanding derivatives with positive estimated fair values Fixed maturity securities (2), (3) 4.54% $ 8,212 44.4% 13,765 4.44% $ 8,737 48.0% Operating joint ventures 2,006 10.8 1,142 6.3 Company-owned life insurance policies 1,738 9.4 1,036 5.7 Annuities funding structured settlement claims 1,248 6.7 1,256 6.9 Direct financing leases 1,228 6.6 1,304 7.2 Tax credit 13,089 Mortgage loans (3) 5.20 4,096 5.29 4,378 Real estate and renewable energy partnerships 714 3.9 1,034 5.7 FHLBNY common stock 699 3.8 714 3.9 Leveraged leases 623 3.4 689 3.8 Funds withheld 433 2.3 436 2.4 REJVs 3.48 475 (0.12) (15) Policy loans 5.63 449 5.60 453 Equity securities 4.26 23 4.38 23 Other 1,603 8.7 1,854 10.1 Total $ 18,504 100.0% $ 18,202 100.0% Percentage of cash limited partnership interests 8.28 1,194 6.73 965 Cash and short-term investments 4.26 903 5.04 961 Other invested assets 4.0 % 3.9 % 1,142 1,414 Investment income 4.91% $ 22,047 4.80% $ 21,268 Investment fees and expenses (0.14) (614) (0.13) (595) Net investment income including divested businesses (4) 4.77% $ 21,433 4.67% $ 20,673 Less: net investment income from divested businesses (4) 1 1 Adjusted net investment income $ 21,432 $ 20,672
Source: Item 7, 10-K 0001099219-26-000013 vs Item 7, 10-K 0001099219-25-000044
Legal Proceedings 15 words changed in this paragraph; it is 84% similar to last year's version.
The Company commits to fund partnership investments and to lend funds under bank credit facilities, bridge loans facilities and private corporate bond investments. The amounts of these unfunded commitments were $8.1 $11.1 billion and $9.2 $8.1 billion at December 31, 2024 2025 and 2023, 2024, respectively. See Note 25 for additional information on commitments to related parties.
Source: Item 3, via Note 24 – Contingencies, Commitments and Guarantees, 10-K 0001099219-26-000013 vs Item 3, via Note 24 – Contingencies, Commitments and Guarantees, 10-K 0001099219-25-000044
