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MetLife MET Variable Life — Net liability for FPBs

Other product segments

Fixed & Immediate Annuities
$78.65B+15.4%
Participating Life Insurance Contract
$47.06B-2.2%
Short-Duration Insurance, Other
$15.34B+8.0%
Long-term Care
$14.98B+1.8%
Fixed Annuity
$12.45B+19.9%
Long-Duration Insurance, Other
$11.21B+4.2%
Whole and Term Life & Endowments
$9.24B-20.1%
Accident & health insurance
$7.26B-25.0%
Fixed & Immediate Annuities for Deferred Profit Liabilities
$3.88B+1.9%
Universal and Variable Universal Life
$3.07B+5.8%
Accident and Health Insurance Product Line for Deferred Profit Liabilities
$984M+9.0%
Whole and Term Life & Endowments for Deferred Profit Liabilities
$915M+14.7%
Fixed Annuity for Deferred Profit Liabilities
$540M+3.6%

Similar metrics at other companies

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UNMIndividual Disability — Net liability for future policy benefits
$1.88B-1.8%
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CBSegment Life — Net liability for future policy benefits
$14.76B+10.5%
Horace Mann Educators logo
HMNExperience life — Net liability for future policy benefits
$721.3M-3.8%
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UNMVoluntary Benefits — Net liability for future policy benefits
$1.14B0.0%
Globe Life logo
GLLife — Net liability for future policy benefits—long duration life
$14.2B+4.2%
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HMNDeferred variable annuities — Liability
$2.1M-16.0%

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-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is MetLife's variable life — net liability for fpbs?
MetLife (MET) reported variable life — net liability for fpbs of $1.05B in Q1 2026.
How has MetLife's variable life — net liability for fpbs changed year-over-year?
MetLife's variable life — net liability for fpbs decreased by 9.1% year-over-year, from $1.16B to $1.05B.
What is the long-term trend for MetLife's variable life — net liability for fpbs?
Over 2 years (2023 to 2025), MetLife's variable life — net liability for fpbs has grown at a -5.0% compound annual growth rate (CAGR), from $5.06B to $4.57B.
What does variable life — net liability for fpbs mean?
This represents the net liability for Future Policy Benefits (FPBs) specifically associated with variable life insurance products. It reflects the actuarial estimate of the present value of future benefits payable to policyholders minus the present value of future premiums. This is a critical measure of the long-term financial obligation the insurer carries for its variable life portfolio.