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MetLife MET Direct Reinsurance — Future policy benefits

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BHFDirect Reinsurance — Future policy benefits
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GLDirect to Consumer — Liability for Future Policy Benefit, after Reinsurance
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GLDirect to Consumer — Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance
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BHFAssumed Reinsurance — Future policy benefits
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$80.3M-6.7%

Other financials

Income statement

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Revenue$19.1B+2.7%
Net income$1.2B+25.4%
EPS (diluted)$1.74+35.9%

Balance sheet

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Cash & equivalents$22.7B+6.4%
Total debt$14.8B-1.5%
Total equity$27.3B-0.6%
Total assets$743.21B+8.0%

Cash flow

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Operating cash flow$2.7B-37.0%

Valuation

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Market cap$55.3B+3.4%
Enterprise value$47.47B+0.9%
P/E15.3×+2.8×
P/S0.7×0.0×

Profitability

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Net margin4.7%-1.5pp

Returns & leverage

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Return on equity13.2%-2.9pp
Debt / equity0.5×0.0×

Where this comes from

Reported directly by MetLife in its filing.

Tagged under the XBRL concept us-gaap:LiabilityForFuturePolicyBenefits.

The official record: MetLife’s 10-K, filed February 19, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is MetLife's direct reinsurance — future policy benefits?
MetLife (MET) reported direct reinsurance — future policy benefits of $204.12B in Q4 2025.
How has MetLife's direct reinsurance — future policy benefits changed year-over-year?
MetLife's direct reinsurance — future policy benefits increased by 7.8% year-over-year, from $189.33B to $204.12B.
What does direct reinsurance — future policy benefits mean?
This represents the estimated liability for future policy benefits that the company is obligated to pay under its direct reinsurance contracts. It is calculated based on actuarial assumptions regarding mortality, morbidity, and interest rates over the life of the policies. This is a primary measure of the long-term financial commitment and actuarial risk inherent in the reinsurance portfolio.