Is MetLife a good annuity company?
MetLife itself is financially strong, carrying an A+ rating from AM Best and over $700 billion in global assets, but it is not really an option for most individual annuity shoppers anymore. In 2017 MetLife spun its retail annuity and life insurance business out into a separate public company, Brighthouse Financial, which now issues the MYGAs, fixed index annuities and income products people associate with the MetLife name. MetLife today focuses on pension buyouts, structured settlements and group benefits for employers. If your pension was transferred to MetLife, that A+ rating backs your payments directly. If you are shopping for a personal annuity, look at Brighthouse instead.
MetLife at a glance
| Legal name | Metropolitan Life Insurance Company |
|---|---|
| Parent company | MetLife, Inc. (NYSE: MET) |
| Founded | 1868 |
| Headquarters | New York, New York |
| AM Best rating | A+ (Superior) |
| S&P rating | AA- (Very strong) |
| Moody's rating | Aa3 |
| Retail annuities | Spun off to Brighthouse Financial in 2017 |
| What MetLife still writes | Pension risk transfer annuities, structured settlements, group annuities |
| States available | All 50 states plus D.C. |
Where MetLife sits on the AM Best scale
A+ is grade 2 of 13. Most buyers look for A- or better for a long-term contract.
- A++
- A+MetLife
- A
- A-
- B++
- B+
- B
- B-
- C++
- C+
- C
- C-
- D
Today's rates for MetLife
Rates change often and vary by state, term and deposit size. Get today's numbers for your state, side by side with other top-rated carriers. Free, with no obligation.
MetLife's financial strength
Few names in American insurance carry the recognition MetLife does, and the balance sheet behind that name still holds up. AM Best rates MetLife A+ (Superior), a grade the company has kept for many years running, and the broader MetLife organization reports more than $700 billion in assets worldwide.
| Rating agency | Rating | What it means | Outlook |
|---|---|---|---|
| AM Best | A+ | Superior | |
| S&P Global | AA- | Very strong | |
| Moody's | Aa3 | Strong | |
| Fitch | Not rated |
That said, the entity you would actually be buying a personal annuity from is not MetLife anymore. Since 2017, retail annuity business runs through a separate public company called Brighthouse Financial, which carries its own AM Best rating and its own balance sheet, distinct from its former parent.
What changed when Brighthouse split off in 2017
Before 2017, "MetLife annuity" meant a full retail shelf: variable annuities, fixed index contracts and income products sold to individual buyers. That changed when MetLife carved its individual life insurance and annuity operations into a standalone company and took it public as Brighthouse Financial (NYSE: BHF).
Since the split:
- MetLife now concentrates on group employee benefits, corporate owned life insurance and large institutional pension transactions. It is not set up to sell a retail annuity to an individual buyer.
- Brighthouse Financial carries the products people used to buy under the MetLife name, including its Shield buffered annuity series, variable annuities and income annuities, and operates entirely independently today.
If MetLife's reputation is what drew you here, Brighthouse is the company to actually evaluate. If instead you want a mutual company with comparable financial strength and a retail presence, New York Life and Massachusetts Mutual are the closer comparisons.
MetLife's institutional annuity business
MetLife remains a major force in a part of the annuity market most consumers never see directly:
- Pension risk transfer annuities, where MetLife buys pension obligations from large employers and takes over the guaranteed monthly payments owed to plan participants. This is one of the largest such businesses in the country.
- Structured settlement annuities, which guarantee a stream of future payments tied to a legal settlement.
- Group annuities, sold to employers as part of a broader retirement benefits package rather than to individuals.
None of these are something you sign up for directly. If your pension has been transferred to MetLife, though, your monthly check is backed by the A+ rating described above.
Who should look at MetLife versus Brighthouse Financial?
- If you are shopping for a MYGA, fixed index annuity or SPIA and remember MetLife from before 2017, price it out at Brighthouse Financial instead.
- If your employer's pension plan has been handed to MetLife, your payments run through MetLife's institutional annuity operation and its A+ rating.
- If your priority is the strongest possible rating in a retail accessible contract, compare mutual companies such as New York Life and Massachusetts Mutual, both of which hold AM Best's top A++ grade.
Who is MetLife best for?
Between its institutional book and the Brighthouse spinoff, MetLife by itself is not a typical shortlist carrier for a personal annuity purchase in 2026. It remains a solid name for conservative savers indirectly, through pension guarantees, or for buyers researching group benefits at work. For a direct personal purchase, most buyers are better served comparing Brighthouse Financial against the rest of the field before deciding.
Other annuity companies to consider
- Brighthouse Financial: the spinoff that now carries MetLife's former individual annuity lineup
- Integrity Life: another established carrier worth comparing on rating and product mix
- Protective Life: a large, A+ rated carrier with a broad annuity shelf
- Global Atlantic: a major issuer backed by KKR
Pros and cons
Pros
- A+ from AM Best and AA- from S&P
- More than 155 years of continuous operation since 1868
- Over $700 billion in global assets
- One of the most recognized insurance brands in the country
- A leading provider of pension risk transfer and other institutional annuity business
Cons
- Individual retail annuities moved to a separate company, Brighthouse Financial, in 2017
- MetLife itself no longer functions as a primary source for personal MYGAs, FIAs or income annuities
- Shoppers who want the MetLife name for a retail contract need to evaluate Brighthouse instead
Frequently asked questions
Is MetLife a safe company for annuities?
MetLife carries an A+ (Superior) rating from AM Best, which points to a strong ability to pay ongoing obligations. Annuity contracts also get a second layer of protection from your state's life and health guaranty association, though those limits vary by state; check NOLHGA.com for your state's figure. Confirm the current rating and your state's limit before relying on either one.
What types of annuities does MetLife offer?
MetLife's direct annuity business today is mostly institutional, covering pension buyouts, structured settlements and employer sponsored group annuities. For MYGAs, fixed index annuities, variable annuities or income annuities carrying what used to be the MetLife retail lineup, look at Brighthouse Financial, the company MetLife spun those products into. Availability and features vary by state.
How do I buy an annuity from MetLife?
MetLife's institutional products are not something an individual buyer purchases directly; they come through pension plans and structured settlement arrangements. If you are shopping for a personal annuity and want a comparison across Brighthouse Financial and other top rated carriers, we can put those quotes side by side for you.
Written and reviewed by
James Forren Warren
Licensed Retirement Income Strategist · License #20551202
James Forren Warren is a licensed Retirement Income Strategist with Tax Free Wealth Plan. For the past five years he has helped individuals and families turn their savings into retirement income they can count on. He writes and reviews the annuity research on this site and keeps it plain: what a product does, what it costs you, and who it actually fits.
Sources
Educational only, not investment, tax or legal advice. Tax Free Wealth Plan LLC is a licensed insurance agency, not a registered investment adviser or broker-dealer. Annuities are not bank deposits, are not FDIC insured and are not guaranteed by any government agency. Guarantees are backed solely by the claims-paying ability of the issuing insurance company. Features, rates and availability vary by state and change over time; the contract and disclosure documents govern.
