MetLife is one of the largest insurance and financial services companies globally, serving individuals, employers, and institutional clients across insurance, annuities, and asset management. Its two largest U.S. businesses are Group Benefits and Retirement and Income Solutions (RIS). Group Benefits sells life, disability, dental, vision, and supplemental health products to U.S. employers, who offer these as employee benefits — profitability is driven by mortality and claims experience relative to pricing, and MetLife reprices these products annually. RIS provides annuity and retirement solutions primarily to institutional buyers, with pension risk transfer (PRT) as the flagship product — corporate pension plans buy group annuities from MetLife to offload retiree payment obligations. RIS profitability is driven largely by investment spread. MetLife also runs MetLife Investment Management (MIM), an institutional asset manager overseeing $742B in AUM following the acquisition of PineBridge Investments, serving pension plans, sovereign wealth funds, and other institutions. Internationally, MetLife operates across Asia (led by Japan), Latin America (led by Mexico and Chile), and EMEA. MetLife earns money through underwriting income, investment spread between portfolio yields and policyholder crediting rates, variable investment income from private equity and real estate funds, and asset management fees. Key earnings drivers include claims experience, investment portfolio performance (particularly private equity), PRT and Group Benefits volume growth, and capital returns via buybacks.