METMetLife

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“Revenues derived from any single customer did not exceed 10% of consolidated premiums, universal life and investment-type product policy fees and other revenues for the years ended December 31, 2025, 2024 or 2023.”

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Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Pending cases, settlements and what the company has set aside for them.

“Notable Items - Actuarial assumption review and other insurance adjustments, litigation reserves and settlement costs, and tax adjustments - Decreased adjusted earnings available to common shareholders by $69 million on a reported basis:”

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New “2025 notable items - unfavorable impact of $19 million comprised of unfavorable impact of $32 million - litigation reserves, partially offset by favorable impact of $13 million - actuarial assumption review and other insurance adjustments”

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New “2024 notable items - favorable impact of $22 million comprised of favorable impacts of $57 million - tax adjustments related to interest associated with a tax refund and $12 million - actuarial assumption review and other insurance adjustments, partially offset by unfavorable impact of $47 million - litigation reserves”

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New “(2)i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2025, was negatively impacted by notable items, primarily related to tax adjustments of ($100) million, net of income tax, and litigation reserves and settlement costs of ($32) million, net of income tax, offset by actuarial assumption review and other insurance adjustments of $89 million, net of income tax.”

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“ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2024, was positively impacted by notable items, primarily related to tax adjustments of $57 million, net of income tax, and actuarial assumption review and other insurance adjustments of $16 million, net of income tax, offset by litigation reserves and settlement costs of ($47) million, net of income tax.”

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Promises to pay someone else's debts or losses if they cannot.

“Separate account assets and liabilities include two categories of account types: pass-through separate accounts totaling $128.7 billion and $113.6 billion at December 31, 2025 and 2024, respectively, for which the contractholder assumes all investment risk, and separate accounts for which the Company contractually guarantees either a minimum return or account value to the contractholder which totaled $23.3 billion and $25.9 billion at December 31, 2025 and 2024, respectively.”

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“The Company purchases interest rate caps primarily to protect its floating rate liabilities against rises in interest rates above a specified level, and against interest rate exposure arising from mismatches between assets and liabilities, and interest rate floors primarily to protect its minimum rate guarantee liabilities against declines in interest rates below a specified level.”

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“The table below presents the gross notional amount, estimated fair value and primary underlying risk exposure of the derivatives hedging variable annuity guarantees accounted for as MRBs:”

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“The change in estimated fair values and earned income of derivatives hedging variable annuity guarantees, recorded in net derivative gains (losses), was ($294) million and ($476) million for the years ended December 31, 2025 and 2024, respectively.”

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“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 $329 million, with a cumulative maximum of $628 million, while in other cases such limitations are not specified or applicable.”

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Conditions in loan agreements that, if broken, can make debt due early.

“We do not expect any material liquidity deficiencies, and we expect to remain able to comply with the financial covenants of our credit agreements.”

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“We believe we were in compliance with all applicable financial covenants at December 31, 2025.”

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“The Company believes it was in compliance with all applicable financial covenants at December 31, 2025.”

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Contracts the company must pay for later: purchase obligations, take-or-pay deals.

New “Contractholder-directed equity securities and fair value option securities, at estimated fair value (includes $1,751 and $0, respectively, relating to variable interest entities) 13,959 10,672”

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“Real estate and real estate joint ventures (includes $378 and $378, respectively, under the fair value option; $132 and $65, respectively, of real estate held-for-sale; $302 and $183, respectively, relating to variable interest entities) 13,440 13,342”

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New “Other invested assets (includes $1,698 and $1,851, respectively, of leveraged and direct financing leases; $560 and $424, respectively, relating to variable interest entities) 16,332 18,504”

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New “Cash and cash equivalents, principally at estimated fair value (includes $96 and $0, respectively, relating to variable interest entities) 22,032 20,068”

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“Premiums, reinsurance and other receivables (includes $0 and $47, respectively, relating to variable interest entities) 49,059 29,761”

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