MetLife · Earnings release

For Immediate Release | Global Communications | MetLife, Inc.

•Net income increased 30%1 to $1.1 billion, or

•Adjusted earnings increased 18% to $1.6 billion,

driven by higher variable investment income,

volume growth and favorable underwriting.

•Adjusted earnings per share increased 23% to

•Premiums, fees and other revenues (PFOs)

increased 5% to $14.3 billion.

•Adjusted PFOs, excluding pension risk transfers

(PRT), increased 10% to $13.3 billion, with

growth in all segments.

•Net investment income up 10% to $5.4 billion.

•Variable investment income up 58% to $518

million, driven by higher private equity returns.

•Book value per share (BVPS) up 8% to $37.92,

•Returned over $1.1 billion to shareholders via

share repurchases and common stock dividends.

•Holding company cash and liquid assets totaled

$3.9 billion at quarter end, at top of target range.

•Group Benefits adjusted earnings up 19% to

$439 million primarily due to favorable life

underwriting and volume growth.

•Retirement and Income Solutions adjusted

•Asia adjusted earnings up 31% to $487 million.

•Latin America adjusted earnings up 5% to

•EMEA adjusted earnings up 33% to $110 million.

•MetLife Investment Management adjusted

earnings up 68% to $47 million.

Earnings

Per Share

Net

Adjusted

Return

on Equity (ROE)

Adjusted

Comment from Michel Khalaf, President

and Chief Executive Officer:

MetLife delivered exceptional performance

in the first quarter, with adjusted earnings

per share up 23 percent and widespread

top-line growth.

Our strong start to 2026 reflects how we're

accelerating progress in year two of New

Frontier, supported by disciplined

execution across the enterprise, and

deliberate capital deployment that

balances investment in our businesses

with returning capital to shareholders.

We remain confident in delivering against

the ambitious financial targets we laid out

under New Frontier. By keeping customers

at the center, we will continue to drive

responsible growth and create long‑term

shareholder value that consistently

compounds over time.

1In this news release, all comparisons of results for the first quarter of 2026 are with the first quarter of 2025, unless otherwise noted.

($ in millions, except per share data)

Three Months Ended

Change

Premiums, fees and other revenues

5%

Net investment income

Net investment gains (losses)

Net derivative gains (losses)

Total revenues

Adjusted premiums, fees and other revenues

4%

Adjusted premiums, fees and other revenues, excluding pension risk

transfers (PRT)

Market risk benefit remeasurement gains (losses)

Net income (loss)

Net income (loss) per share

Adjusted earnings

Adjusted earnings per share

Adjusted earnings, excluding total notable items

Adjusted earnings, excluding total notable items per share

Book value per share

8%

Adjusted book value per share

4%

Expense ratio

Direct expense ratio, excluding total notable items related to direct

expenses and PRT

Adjusted expense ratio, excluding total notable items related to

adjusted other expenses and PRT

ROE

Adjusted ROE

Adjusted ROE, excluding total notable items

Information regarding the non-GAAP and other financial measures included in this news release

and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP

and Other Financial Disclosures” below and in the tables that accompany this news release.

Supplemental slides for the first quarter of 2026, titled “1Q26 Earnings Call Presentation,” are

available on the MetLife Investor Relations website at https://investor.metlife.com and in the

Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection

with this earnings release. Supplemental information about MetLife's diversified global

investment portfolio is contained in the "1Q26 - General Account Assets Under Management

Fact Sheet," available on the above-mentioned website.

Total Company Discussion

Premiums, fees and other income were $14.3 billion, up 5 percent compared with the prior-

year quarter. Adjusted premiums, fees and other revenues, excluding pension risk transfers,

were $13.3 billion, up 10 percent.

Net investment income was $5.4 billion, up 10 percent, primarily due to higher variable

investment income and asset growth. Adjusted net investment income was $5.5 billion, up 5

percent, mainly driven by higher variable investment income.

Net investment losses were $670 million, or $529 million after tax, reflecting normal trading

activity and a stable credit environment. Net derivative gains amounted to $74 million, or

$58 million after tax, driven by higher interest rates.

Net income was $1.1 billion reflecting higher adjusted earnings, partially offset by certain

investment-related items. On a per-share basis, net income increased 36 percent to $1.74.

Adjusted earnings were $1.6 billion, up 18 percent on a reported basis and 15 percent on a

constant currency basis. On a per-share basis, adjusted earnings were $2.42, up 23 percent.

Direct expense ratio, excluding total notable items related to direct expenses and PRT, was

11.9 percent, compared to 12.0 percent in the prior-year quarter.

Adjusted Earnings by Segment Summary

Three Months Ended

Segment

Change from

prior-year period

(on a reported

basis)

Change from

prior-year period

(on a constant

currency basis)

Group Benefits

Retirement and Income Solutions (RIS)

Asia

Latin America

5%

(9)%

Europe, the Middle East and Africa (EMEA)

MetLife Investment Management (MIM)

Business Discussions

GROUP BENEFITS

($ in millions)

Three Months Ended

Three Months Ended

Change

Adjusted earnings

Adjusted PFOs

2%

•Adjusted earnings were $439 million, up 19 percent, primarily reflecting favorable life

underwriting and volume growth.

•Adjusted PFOs were $6.5 billion, up 2 percent. Overall growth was partially offset by the

impact of participating contracts. PFOs from participating contracts can fluctuate with claims

experience.

•Sales were up 15 percent, primarily driven by growth across both core and voluntary

products.

RIS

($ in millions)

Three Months Ended

Three Months Ended

Change

Adjusted earnings

Adjusted PFOs

(3)%

Adjusted PFOs, excluding PRT

•Adjusted earnings were $451 million, up 11 percent, primarily driven by higher variable

investment income and favorable underwriting.

•Adjusted PFOs were $2.4 billion.

•Adjusted PFOs, excluding PRT, were $1.5 billion, up 58 percent, reflecting growth across

most products, led by U.K. longevity reinsurance, post-retirement benefits and structured

settlements.

•Total retained liability exposure grew 3 percent, including 1 percent in retained general

account liabilities.

ASIA

($ in millions)

Three Months Ended

Three Months Ended

Change

Constant

currency

change

Adjusted earnings

Adjusted PFOs

3%

5%

Asia general account assets under

management (at amortized cost)

5%

7%

•Adjusted earnings were $487 million, up 31 percent on both a reported basis and a

constant currency basis, driven by higher variable investment income and volume growth.

•Adjusted PFOs were $1.7 billion, up 3 percent on a reported basis, and up 5 percent on a

constant currency basis.

•Asia general account assets under management (at amortized cost) were

$140.7 billion, up 7 percent on a constant currency basis.

•Sales were $766 million, up 22 percent on a constant currency basis, primarily driven by

strong growth in Japan and Korea.

LATIN AMERICA

($ in millions)

Three Months Ended

Three Months Ended

Change

Constant

currency

change

Adjusted earnings

5%

(9)%

Adjusted PFOs

•Adjusted earnings were $229 million, up 5 percent on a reported basis and down 9 percent

on a constant currency basis, reflecting unfavorable tax-related items, including the impact

of the Mexico value-added tax change, partially offset by volume growth and favorable

underwriting.

•Adjusted PFOs were $1.9 billion, up 25 percent on a reported basis and up 11 percent on a

constant currency basis, due to strong growth and solid persistency across the region.

•Sales were $521 million, up 20 percent on a constant currency basis, driven by growth

across the region.

EMEA

($ in millions)

Three Months Ended

Three Months Ended

Change

Constant

currency

change

Adjusted earnings

Adjusted PFOs

•Adjusted earnings were $110 million, up 33 percent on a reported basis and 28 percent on

a constant currency basis, primarily driven by strong volume growth.

•Adjusted PFOs were $797 million, up 19 percent on a reported basis and up 15 percent on

a constant currency basis, reflecting strong sales momentum and solid renewal activity

across the region.

•Sales were $370 million, up 17 percent on a constant currency basis.

METLIFE INVESTMENT MANAGEMENT

($ in millions)

Three Months Ended

Three Months Ended

Change

Adjusted earnings

Other revenues

Total assets under management

•Adjusted earnings were $47 million compared with $28 million, driven by business growth

and expense management.

•Other revenues were $314 million, up 44 percent reflecting the acquisition of PineBridge

Investments.

•Total assets under management were $736.3 billion, up 22 percent.

CORPORATE & OTHER

($ in millions)

Three Months Ended

Three Months Ended

Change

Adjusted earnings

•Adjusted loss of $177 million, compared to an adjusted loss of $129 million.

INVESTMENTS

($ in millions)

Three Months Ended

Three Months Ended

Change

Adjusted net investment income

5%

•Adjusted net investment income was $5.5 billion, up 5 percent. Variable investment

income increased 58 percent to $518 million, primarily driven by higher returns on private

equity assets.

FIRST QUARTER 2026 NOTABLE ITEMS

($ in millions)

Adjusted Earnings

Notable Items

Group

Benefits

RIS

Asia

Latin

America

EMEA

MIM

Corporate

&

Other

Total

Total notable items

$0

$0

$0

$0

$0

$0

$0

$0

Contacts: For Media: Steve LaMarca (646) 884-3840, Steve.LaMarca@metlife.com

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the

world’s leading financial services companies, providing insurance, annuities, employee benefits

and asset management to help individual and institutional customers build a more confident

future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds

leading positions in the United States, Asia, Latin America, Europe and the Middle East. For

more information, visit www.metlife.com.

Conference Call

MetLife will hold its first quarter 2026 earnings conference call on Thursday, May 7, 2026, from

9-10 a.m. (ET) via a live webcast. Please click on the following link to register: https://

events.q4inc.com/attendee/313008777. A replay of the webcast will be available at

investor.metlife.com for seven days following the call.

###

Non-GAAP and Other Financial Disclosures

Any references in this news release (except in

this section and the tables that accompany this

release) to:

Should be read as, respectively:

(i)

net income (loss)

(i)

net income (loss) available to MetLife,

Inc.’s common shareholders

(ii)

net income (loss) per share

(ii)

net income (loss) available to MetLife,

Inc.’s common shareholders per diluted

common share

(iii)

adjusted earnings

(iii)

adjusted earnings available to common

shareholders

(iv)

adjusted earnings per share

(iv)

adjusted earnings available to common

shareholders per diluted common

share

(v)

book value per share

(v)

book value per common share

(vi)

adjusted book value per share

(vi)

adjusted book value per common

share

(vii)

return on equity

(vii)

return on MetLife, Inc.’s common

stockholders’ equity

(viii)

adjusted return on equity

(viii)

adjusted return on MetLife, Inc.’s

common stockholders’ equity

In this news release, MetLife presents certain measures of its performance on a consolidated and

segment basis that are not calculated in accordance with accounting principles generally accepted in the

United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our

investors’ understanding of MetLife’s performance by highlighting the results of operations and the

underlying profitability drivers of the business. Segment-specific financial measures are calculated using

only the portion of consolidated results attributable to that specific segment.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly

comparable financial measures calculated in accordance with GAAP:

Non-GAAP financial measures:

Comparable GAAP financial measures:

(i)

total adjusted revenues

(i)

total revenues

(ii)

total adjusted expenses

(ii)

total expenses

(iii)

adjusted premiums, fees and other

revenues

(iii)

premiums, fees and other revenues

(iv)

adjusted premiums, fees and other

revenues, excluding PRT

(iv)

premiums, fees and other revenues

(v)

adjusted net investment income

(v)

net investment income

(vi)

adjusted earnings available to common

shareholders

(vi)

net income (loss) available to MetLife,

Inc.’s common shareholders

(vii)

adjusted earnings available to common

shareholders, excluding total notable items

(vii)

net income (loss) available to MetLife,

Inc.’s common shareholders

(viii)

adjusted earnings available to common

shareholders per diluted common share

(viii)

net income (loss) available to MetLife,

Inc.’s common shareholders per diluted

common share

(ix)

adjusted earnings available to common

shareholders, excluding total notable

items, per diluted common share

(ix)

net income (loss) available to MetLife,

Inc.’s common shareholders per diluted

common share

(x)

adjusted return on equity

(x)

return on equity

(xi)

adjusted return on equity, excluding total

notable items

(xi)

return on equity

(xii)

investment portfolio gains (losses)

(xii)

net investment gains (losses)

(xiii)

derivative gains (losses)

(xiii)

net derivative gains (losses)

(xiv)

adjusted capitalization of deferred policy

acquisition costs (DAC)

(xiv)

capitalization of DAC

(xv)

total MetLife, Inc.’s adjusted common

stockholders’ equity

(xv)

total MetLife, Inc.’s stockholders’ equity

(xvi)

total MetLife, Inc.’s adjusted common

stockholders’ equity, excluding total

notable items

(xvi)

total MetLife, Inc.’s stockholders’ equity

(xvii)

adjusted book value per common share

(xvii)

book value per common share

(xviii)

adjusted other expenses

(xviii)

other expenses

(xix)

adjusted other expenses, net of adjusted

capitalization of DAC

(xix)

other expenses, net of capitalization of

DAC

(xx)

adjusted other expenses, net of adjusted

capitalization of DAC, excluding total

notable items related to adjusted other

expenses

(xx)

other expenses, net of capitalization of

DAC

(xxi)

adjusted expense ratio

(xxi)

expense ratio

(xxii)

adjusted expense ratio, excluding total

notable items related to adjusted other

expenses and PRT

(xxii)

expense ratio

(xxiii)

direct expenses

(xxiii)

other expenses

(xxiv)

direct expenses, excluding total notable

items related to direct expenses

(xxiv)

other expenses

(xxv)

direct expense ratio

(xxv)

expense ratio

(xxvi)

direct expense ratio, excluding total

notable items related to direct expenses

and PRT

(xxvi)

expense ratio

(xxvii)

future policy benefits at original discount

rate

(xxvii)

future policy benefits at balance sheet

discount rate

(xxviii)

free cash flow of all holding companies

(xxviii)

MetLife, Inc. (parent company only) net

cash provided by (used in) operating

activities

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not

accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to

provide other than a range of net investment gains and losses and net derivative gains and losses, which

can fluctuate significantly within or outside the range and from period to period and may have a material

impact on net income (loss).

Any of these financial measures shown on a constant currency basis reflect the impact of changes in

foreign currency exchange rates and are calculated using the average foreign currency exchange rates

for the current period and applied to the comparable prior period (“constant currency basis”).

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial

measures are included in this earnings news release and this period’s earnings materials, which are

available at MetLife’s Investor Relations webpage (https://investor.metlife.com).

MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ

from those used by other companies:

Adjusted earnings and related measures

•adjusted earnings;

•adjusted earnings available to common shareholders;

•adjusted earnings available to common shareholders, on a constant currency basis;

•adjusted earnings available to common shareholders, excluding total notable items;

•adjusted earnings available to common shareholders, excluding total notable items, on a constant

currency basis;

•adjusted earnings available to common shareholders per diluted common share;

•adjusted earnings available to common shareholders, on a constant currency basis per diluted

common share;

•adjusted earnings available to common shareholders, excluding total notable items per diluted

common share; and

•adjusted earnings available to common shareholders, excluding total notable items, on a constant

currency basis per diluted common share.

Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to

evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting,

adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related

measures based on adjusted earnings are also the measures by which senior management’s and many

other employees’ performance is evaluated for the purposes of determining their compensation under

applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings

allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry

results.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted

earnings available to common shareholders is defined as adjusted earnings less preferred stock

dividends.

Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums,

fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market

volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and

costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related

measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes

net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains

(losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items

relating to joint ventures accounted for under the equity method (“Joint venture adjustments”), and

policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization

guarantees accounted for as additional liabilities and (ii) market value adjustments.

Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:

•Universal life and investment-type product policy fees exclude asymmetrical accounting associated

with in-force reinsurance.

•Net investment income includes earned income on derivatives and amortization of premium on

derivatives that are hedges of investments or that are used to replicate certain investments, but do

not qualify for hedge accounting treatment (“Investment hedge adjustments”).

•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical

accounting associated with in-force reinsurance.

•Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with

contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-

force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single

premium annuity business. These losses are amortized into adjusted earnings within policyholder

benefits and claims over the estimated lives of the contracts.

•Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated

with in-force reinsurance.

•Interest credited to policyholder account balances excludes amounts associated with periodic

crediting rate adjustments based on the total return of a contractually referenced pool of assets and

other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.

“Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the

discontinued operations criteria under GAAP. Divested businesses also include the net impact of

transactions with exited businesses that have been eliminated in consolidation under GAAP and costs

relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to

be included in results of discontinued operations under GAAP.

Other adjustments are made in calculating adjusted earnings:

•Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-

owned real estate and real estate joint ventures.

•Net investment income and interest credited to policyholder account balances exclude certain

amounts related to contractholder-directed equity securities (“Unit-linked contract income” and

“Unit-linked contract costs”).

•Net investment income and other expenses exclude Reinsurance activity (as defined below).

•Net investment income and interest expense on debt exclude amounts related to collateralized

financing entities that are consolidated variable interest entities.

•Other revenues and other expenses exclude asset management distribution fees on funds that are

passed through to distribution partners.

•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted

for as freestanding derivatives.

•Other expenses exclude (i) amortization and impairment of asset management intangible assets,

(ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition,

integration and other related costs. Other expenses include (i) deductions for net income (loss)

attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits

accrued on synthetic GICs accounted for as freestanding derivatives.

•“Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third

parties and joint ventures, including (i) the related investment returns and expenses which are

passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash

equivalents.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not

be recognized at acquisition or adjusted for during the measurement period under GAAP business

combination accounting guidance.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax

rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax

(expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax

reforms.

In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock

redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s

common shareholders.

Investment portfolio gains (losses) and derivative gains (losses)

These are measures of investment and hedging activity. Investment portfolio gains (losses) principally

excludes amounts that are reported within net investment gains (losses) but do not relate to the

performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses,

as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally

excludes earned income on derivatives and amortization of premium on derivatives, where such

derivatives are either hedges of investments or are used to replicate certain investments, and where such

derivatives do not qualify for hedge accounting. This earned income and amortization of premium is

reported within adjusted earnings and not within derivative gains (losses).

Return on equity and related measures

•Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common

stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred

gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses),

market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit

plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and the

estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income

tax.

•Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total

MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of

related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate

remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement

gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of

certain ceded reinsurance-related embedded derivatives and total notable items, all net of income

tax.

•Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s

common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.

•Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to

common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity.

•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items:

adjusted earnings available to common shareholders, excluding total notable items, divided by

MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.

The above measures represent a level of equity that excludes most components of AOCI, such as

unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate

remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded

derivatives, as these amounts are primarily driven by market volatility.

Expense ratio, direct expense ratio, adjusted expense ratio and related measures

•Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other

revenues.

•Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct

expenses are comprised of employee-related costs, third-party staffing costs, and general and

administrative expenses.

•Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct

expenses, excluding total notable items related to direct expenses, divided by adjusted premiums,

fees and other revenues, excluding PRT.

•Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by

adjusted premiums, fees and other revenues.

•Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT:

adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related

to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

Assets Under Management (“AUM”):

•Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client

AUM (each, as defined below).

•MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM

(as defined below) that MetLife Investment Management, LLC and certain of its affiliates (“MIM”)

manages or advises.

•General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account

(“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total

investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash

and cash equivalents, and accrued investment income on such assets, and excludes policy loans,

certain contractholder-directed equity securities, fair value option securities, mortgage loans

originated for third parties, assets subject to ceded reinsurance arrangements with third parties and

joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint

ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been

adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on

the nature and characteristics of the underlying investments which can vary from how they are

classified under GAAP. Accordingly, the underlying investments within certain real estate and real

estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of

deduction for encumbering debt) have been reclassified to exclude them from real estate and real

estate joint ventures and include them as commercial mortgage loans.

•Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as

defined below). MIM manages or advises Institutional Client AUM in accordance with client

guidelines contained in each investment advisory agreement.

◦Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which

are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements

at estimated fair value, as well as accrued investment income on such assets.

◦Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with

third parties and joint ventures, which are managed or advised by MIM and are generally included

in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued

investment income on such assets.

◦Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM

on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as

accrued investment income on such assets. Such non-proprietary assets are owned by

unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s

consolidated financial statements.

•Asia General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its Asia GA

investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total

investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale,

cash and cash equivalents, and accrued investment income on such assets, and excludes policy

loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans

originated for third parties, assets subject to ceded reinsurance arrangements with third parties and

joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint

ventures included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have

been adjusted from carrying value to estimated fair value. At the segment level, intersegment

balances (intercompany activity, primarily related to investments in subsidiaries that eliminate at the

MetLife consolidated level) are excluded from Asia GA AUM.

Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on

investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair

value on mortgage loans and real estate and real estate joint ventures. Asia GA AUM (at amortized

cost) is presented net of related allowance for credit loss.

Other items

The following additional information is relevant to an understanding of MetLife’s performance:

•Statistical sales information:

•Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-

year premiums and fees from recurring premium policy sales of all products.

•RIS: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and

the contract value for new U.K. longevity reinsurance contracts, and 100% of annualized full-year

premiums and fees only from recurring premium policy sales of specialized benefit resources and

corporate-owned life insurance.

•Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from

retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium

deposits from credit insurance and 100% of annualized full-year premiums and fees from

recurring-premium policy sales of all products (mainly from risk and protection products such as

individual life, accident & health and group).

Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of

business activity.

•Volume growth, where cited, represents the change in certain measures of our segment results,

including adjusted earnings, attributable to business growth, applying a model in which certain

margins and factors are held constant, the most significant of which are underwriting margins,

investment margins, changes in equity market performance, expense margins and the impact of

changes in foreign currency exchange rates.

•PRT includes U.K. funded reinsurance.

•Institutional net flows reflect Institutional Client AUM total fund additions less withdrawals.

•“Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated

and acquired for third parties, including (i) the related investment returns and expenses which are

passed through to the third-party lenders and (ii) the corresponding mortgage loan assets.

•We refer to observable forward yield curves as of a particular date in connection with making our

estimates for future results. The observable forward yield curves at a given time are based on

implied future interest rates along a range of interest rate durations. This includes the 10-year U.S.

Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our

estimates for future results.

•Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were

unknown and that MetLife could not anticipate when it devised its business plan. Notable items also

include certain items regardless of the extent anticipated in the business plan, to help investors have

a better understanding of MetLife’s results and to evaluate and forecast those results. Notable items

represent a positive (negative) impact to adjusted earnings available to common shareholders.

•Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife

holding companies and include cash and cash equivalents, short-term investments and publicly

traded securities excluding assets that are pledged or otherwise committed. Assets pledged or

otherwise committed include amounts received in connection with securities lending, repurchase

agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding

agreements and secured borrowings, as well as amounts held in the closed block.

•MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash

for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free

cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating

subsidiaries, expenses and other net flows of the holding companies (including capital contributions

to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This

measure of free cash flow is prior to capital actions, such as common stock dividends and

repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as

a substitute for net cash provided by (used in) operating activities calculated in accordance with

GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings

available to common shareholders.

Forward-Looking Statements

This news release may contain or incorporate by reference information that includes or is based upon

forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements give expectations or forecasts of future events and do not relate strictly to

historical or current facts. They use words and terms such as “anticipate,” “are confident,” “assume,”

“believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,”

“should,” “target,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied

to future periods or future performance, in each case in all derivative forms. They include statements

relating to strategy, goals and expectations concerning our market position, future operations, margins,

profitability, capital expenditures, liquidity and capital resources and other financial and operating

information. By their nature, forward-looking statements: speak only as of the date they are made; are not

statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties,

assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs

and projections are expressed in good faith and we believe there is a reasonable basis for them.

However, there can be no assurance that management’s expectations, beliefs and projections will result

or be achieved and actual results may vary materially from what is expressed in or indicated by the

forward-looking statements.

Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve

unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our

expectations, and our understanding of the economic environment, but they may be inaccurate and may

change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from

those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other

factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others,

may cause such differences. These factors include:

(1)economic condition difficulties, including risks relating to interest rates, the effects of announced or

future tariff increases on the global economy, credit spreads, declining equity or debt markets,

changes in the value of assets under management, real estate, obligors and counterparties,

government default or shutdown, currency exchange rates, derivatives, climate change, public

health, terrorism and security;

(2)global capital and credit market adversity;

(3)credit facility inaccessibility;

(4)financial strength or credit ratings downgrades;

(5)unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from

reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such

risks;

(6)statutory life insurance reserve financing costs or limited market capacity;

(7)legal, regulatory, and supervisory and enforcement policy changes;

(8)changes in tax rates, tax laws or interpretations;

(9)litigation and regulatory investigations;

(10)unsuccessful efforts to meet all sustainability standards or to enhance our sustainability;

(11)MetLife, Inc.’s inability to pay dividends and repurchase common stock;

(12)MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;

(13)investment defaults, downgrades, or volatility;

(14)investment sales or lending difficulties;

(15)collateral or derivative-related payments;

(16)investment valuations, allowances, or impairments changes;

(17)claims or other results that differ from our estimates, assumptions, or models;

(18)global political, legal, or operational risks;

(19)business competition;

(20)technological changes;

(21)catastrophes;

(22)climate changes or responses to it;

(23)deficiencies in our closed block;

(24)goodwill or other asset impairment, or deferred income tax asset allowance;

(25)impairment of value of business acquired ("VOBA"), value of distribution agreements acquired or

value of customer relationships acquired;

(26)product guarantee volatility, costs, and counterparty risks;

(27)risk management failures;

(28)insufficient protection from operational risks;

(29)failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or

disaster recovery failures;

(30)accounting standards changes;

(31)excessive risk-taking;

(32)marketing and distribution difficulties;

(33)pension and other postretirement benefit assumption changes;

(34)inability to protect our intellectual property or avoid infringement claims;

(35)acquisition, integration, growth, disposition, or reorganization difficulties;

(36)Brighthouse Financial, Inc. separation risks;

(37)MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the

voting provisions of the MetLife Policyholder Trust; and

(38)legal- and corporate governance-related effects on business combinations.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking

statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please

consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S.

Securities and Exchange Commission.

MetLife, Inc.

GAAP Consolidated Statements of Operations

(In millions)

For the Three Months Ended

Revenues

Premiums

Universal life and investment-type product policy fees

Net investment income

Other revenues

Net investment gains (losses)

Net derivative gains (losses)

Total revenues

Expenses

Policyholder benefits and claims

Policyholder liability remeasurement (gains) losses

Market risk benefit remeasurement (gains) losses

Interest credited to policyholder account balances

Policyholder dividends

Amortization of DAC, VOBA and negative VOBA

Interest expense on debt

Other expenses, net of capitalization of DAC

Total expenses

Income (loss) before provision for income tax

Provision for income tax expense (benefit)

Net income (loss)

Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests

5

Net income (loss) attributable to MetLife, Inc.

Less: Preferred stock dividends

Preferred stock redemption premium

—

—

Net income (loss) available to MetLife, Inc.'s common shareholders

See footnotes on last page.

MetLife, Inc.

(In millions, except per share data)

For the Three Months Ended

Reconciliation to Adjusted Earnings Available to Common Shareholders

Earnings Per

Weighted

Average

Common Share

Diluted (1)

Earnings Per

Weighted

Average

Common Share

Diluted (1)

Net income (loss) available to MetLife, Inc.'s common shareholders

Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:

Less: Net investment gains (losses)

Net derivative gains (losses)

Market risk benefit remeasurement gains (losses)

Goodwill impairment

—

—

—

—

Other adjustments to net income (loss)

Provision for income tax (expense) benefit

Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests

5

Preferred stock redemption premium

—

—

—

—

Adjusted earnings available to common shareholders

Less: Total notable items

—

—

—

—

Adjusted earnings available to common shareholders, excluding total notable items

Adjusted earnings available to common shareholders on a constant currency basis

Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis

Weighted average common shares outstanding - diluted

See footnotes on last page.

MetLife, Inc.

(In millions)

For the Three Months Ended

Premiums, Fees and Other Revenues

Premiums, fees and other revenues

Less: Adjustments to premiums, fees and other revenues:

Asymmetrical and non-economic accounting

Other

—

Divested businesses

—

4

Adjusted premiums, fees and other revenues

Adjusted premiums, fees and other revenues, on a constant currency basis

Less: PRT

Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis

Net Investment Income

Net investment income

Less: Adjustments to net investment income:

Investment hedge adjustments

Depreciation of wholly-owned real estate and real estate joint ventures

Joint venture adjustments

Unit-linked contract income

Reinsurance activity

Divested businesses

—

1

Adjusted net investment income

Revenues and Expenses

Total revenues

Less: Adjustments to total revenues:

Net investment gains (losses)

Net derivative gains (losses)

Investment hedge adjustments

Depreciation of wholly-owned real estate and real estate joint ventures

Asymmetrical and non-economic accounting, excluding Investment hedge adjustments

Unit-linked contract costs

Reinsurance activity

Other

Divested businesses

—

5

Total adjusted revenues

Total expenses

Less: Adjustments to total expenses:

Market risk benefit remeasurement (gains) losses

Goodwill impairment

—

—

Asymmetrical and non-economic accounting

Market volatility

Unit-linked contract costs

Reinsurance activity

Other

Divested businesses

5

9

Total adjusted expenses

See footnotes on last page.

MetLife, Inc.

(In millions, except per share and ratio data)

For the Three Months Ended

Expense Detail and Ratios

Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC

Capitalization of DAC

Less: Divested businesses

—

—

Adjusted capitalization of DAC

Reconciliation of Other Expenses to Adjusted Other Expenses

Other expenses

Less: Reinsurance activity

Other

Divested businesses

5

8

Adjusted other expenses

Other Detail and Ratios

Other expenses, net of capitalization of DAC

Premiums, fees and other revenues

Expense ratio

Direct expenses

Less: Total notable items related to direct expenses

—

—

Direct expenses, excluding total notable items related to direct expenses

Adjusted other expenses

Adjusted capitalization of DAC

Adjusted other expenses, net of adjusted capitalization of DAC

Less: Total notable items related to adjusted other expenses

—

—

Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to

adjusted other expenses

Adjusted premiums, fees and other revenues

Less: PRT

Adjusted premiums, fees and other revenues, excluding PRT

Direct expense ratio

Direct expense ratio, excluding total notable items related to direct expenses and PRT

Adjusted expense ratio

Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT

See footnotes on last page.

MetLife, Inc.

(In millions, except per share data)

Equity Details

Total MetLife, Inc.'s stockholders' equity

Less: Preferred stock

MetLife, Inc.'s common stockholders' equity

Less: Unrealized investment gains (losses), net of related offsets and income tax

Deferred gains (losses) on derivatives, net of income tax

Future policy benefits discount rate remeasurement gains (losses), net of income tax

Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax

Defined benefit plans adjustment, net of income tax

Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax

Total MetLife, Inc.'s adjusted common stockholders' equity

Less: Accumulated year-to-date total notable items, net of income tax

—

—

Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items

Book Value (2)

Book value per common share

Less: Unrealized investment gains (losses), net of related offsets and income tax

Deferred gains (losses) on derivatives, net of income tax

Future policy benefits discount rate remeasurement gains (losses), net of income tax

Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax

Defined benefit plans adjustment, net of income tax

Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax

Adjusted book value per common share

Common shares outstanding, end of period (3)

For the Three Months Ended

Return on Equity (4)

Return on MetLife, Inc.'s:

Common stockholders' equity

Adjusted return on MetLife, Inc.'s:

Adjusted common stockholders' equity

Adjusted common stockholders' equity, excluding total notable items

For the Three Months Ended

Average Common Stockholders' Equity

Average common stockholders' equity

Average adjusted common stockholders' equity

Average adjusted common stockholders' equity, excluding total notable items

See footnotes on last page.

MetLife, Inc.

Adjusted Earnings Available to Common Shareholders

(In millions)

For the Three Months Ended

Group Benefits (5):

Adjusted earnings available to common shareholders

Less: Total notable items

—

—

Adjusted earnings available to common shareholders, excluding total notable items

Adjusted premiums, fees and other revenues

Less: Participating contracts

Adjusted premiums, fees and other revenues, excluding participating contracts

RIS (5):

Adjusted earnings available to common shareholders

Less: Total notable items

—

—

Adjusted earnings available to common shareholders, excluding total notable items

Adjusted premiums, fees and other revenues

Less: PRT

Adjusted premiums, fees and other revenues, excluding PRT

Asia:

Adjusted earnings available to common shareholders

Less: Total notable items

—

—

Adjusted earnings available to common shareholders, excluding total notable items

Adjusted earnings available to common shareholders on a constant currency basis

Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis

Adjusted premiums, fees and other revenues

Adjusted premiums, fees and other revenues, on a constant currency basis

Latin America:

Adjusted earnings available to common shareholders

Less: Total notable items

—

—

Adjusted earnings available to common shareholders, excluding total notable items

Adjusted earnings available to common shareholders on a constant currency basis

Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis

Adjusted premiums, fees and other revenues

Adjusted premiums, fees and other revenues, on a constant currency basis

See footnotes on last page.

MetLife, Inc.

Adjusted Earnings Available to Common Shareholders (Continued)

(In millions)

For the Three Months Ended

EMEA:

Adjusted earnings available to common shareholders

Less: Total notable items

—

—

Adjusted earnings available to common shareholders, excluding total notable items

Adjusted earnings available to common shareholders on a constant currency basis

Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis

Adjusted premiums, fees and other revenues

Adjusted premiums, fees and other revenues, on a constant currency basis

MIM (5):

Adjusted earnings available to common shareholders

Less: Total notable items

—

—

Adjusted earnings available to common shareholders, excluding total notable items

Corporate & Other (5):

Adjusted earnings available to common shareholders

Less: Total notable items

—

—

Adjusted earnings available to common shareholders, excluding total notable items

Adjusted premiums, fees and other revenues

See footnotes on last page.

MetLife, Inc.

Variable Investment Income

For the Three

Months Ended

Variable

Investment Income

(post-tax, in

millions) (6)

Assets (in billions)

Group Benefits

$5

RIS

Asia

Latin America

EMEA

1

—

MIM

—

—

Corporate & Other

Total

Cash & Capital

(in billions) (7), (8), (9)

Holding Companies Cash & Liquid Assets

See footnotes on last page.

MetLife, Inc.

Footnotes

(1)

Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not

equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

(2)

Book values exclude $2,830 million and $3,818 million of equity related to preferred stock at March 31, 2026 and March 31, 2025, respectively.

(3)

There were share repurchases of approximately $750 million for the three months ended March 31, 2026. There were share repurchases of approximately

(4)

Annualized using quarter-to-date results.

(5)

Results on a constant currency basis are not included as constant currency impact is not significant.

(6)

Assumes a 21% tax rate.

(7)

The 2025 combined U.S. risk-based capital (RBC) ratio was 379%, which is above MetLife's 360% target on an NAIC basis. This ratio includes MetLife, Inc.'s

principal U.S. insurance subsidiaries, excluding American Life Insurance Company. MetLife calculates RBC annually as of December 31 and, accordingly, the

calculation does not reflect conditions and factors occurring after the year end.

(8)

The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $16.2 billion at

March 31, 2026, down 5% from $17.1 billion at December 31, 2025. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding

American Life Insurance Company.

(9)

The Japan Economic Solvency Ratio is expected to be at middle of the target range of 170% to 190% for the fiscal year ending March 31, 2026.