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MetLife MET Pass Through Separate Accounts — Separate account assets

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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:SeparateAccountAssets.

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 pass through separate accounts — separate account assets?
MetLife (MET) reported pass through separate accounts — separate account assets of $128.7B in Q4 2025.
How has MetLife's pass through separate accounts — separate account assets changed year-over-year?
MetLife's pass through separate accounts — separate account assets increased by 13.3% year-over-year, from $113.6B to $128.7B.
What does pass through separate accounts — separate account assets mean?
This metric represents the total value of assets held in separate accounts where the investment risk is borne entirely by the policyholder rather than the insurer. These assets are legally segregated from the company's general account to protect contract holders, typically associated with variable life insurance or annuity products. It serves as a measure of the scale of fee-based, risk-transferred assets under management within the insurance portfolio.