MetLife · Earnings release

For Immediate Release | Global Communications | MetLife, Inc.

Comment from Michel Khalaf, President

and Chief Executive Officer:

This quarter, we continued to execute our

New Frontier strategy to create value for our

customers and shareholders. While the

quarter didn’t demonstrate the full earnings

power of MetLife, we saw clear momentum

across several of our market-leading

businesses, coupled with solid underlying

fundamentals.

Higher sales drove revenue growth in Asia,

Latin America and EMEA as we leveraged

our leading positions in international

markets.

We continued to progress on our previously

announced strategic transactions with

Chariot Re, Talcott Financial Group and

PineBridge Investments to accelerate our

growth in asset management and capitalize

on our retirement platform.

And we diligently managed expenses while

returning capital to shareholders.

Looking ahead, we’re confident in the

resiliency and all-weather nature of our New

Frontier strategy and our ability to deliver on

our commitments.

•Net income was $698 million.

•Adjusted earnings declined to $1.4 billion, due

to less favorable underwriting and lower

investment margins, partially offset by volume

growth and favorable expense margins.

•Premiums, fees and other revenues (PFOs)

•Adjusted PFOs excluding pension risk transfers

(PRT) rose 5% to $12.4 billion, due to growth in

all segments except MetLife Holdings.

•Net investment income rose 9% to $5.7 billion.

•Variable investment income fell to $195 million,

primarily driven by lower private equity returns.

•Book value per share (BVPS) rose 7% to

•Returned approximately $900 million to

shareholders via share repurchases and

common stock dividends.

•Holding company cash and liquid assets

totaled $5.2 billion at quarter end.

•Group Benefits adjusted PFOs rose 4%, driven

by growth in core and voluntary products.

•Retirement and Income Solutions total liability

exposures grew 6%, including 5% in general

account liabilities.

•Asia sales increased 9% on a constant

currency basis, driven by Japan and Korea.

•Latin America adjusted earnings rose 3% and

15% on a constant currency basis.

•EMEA adjusted earnings rose 30%, reflecting

strong volume growth across the region.

•Institutional client assets under management

grew to more than $200 billion at MetLife

Investment Management.

Earnings

Per Share

Net

Adjusted

Return

on Equity (ROE)

Adjusted

Second Quarter 2025 Summary

($ in millions, except per share data)

Three Months Ended

Change

Premiums, fees and other revenues

(6)%

Net investment income

9%

Net investment gains (losses)

Net derivative gains (losses)

Total revenues

Adjusted premiums, fees and other revenues

(6)%

Adjusted premiums, fees and other revenues, excluding pension risk

transfers (PRT)

5%

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

7%

Adjusted book value per share

6%

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.

In this news release, all comparisons of results for the second quarter of 2025 are with the

second quarter of 2024, unless otherwise noted.

Supplemental slides for the second quarter of 2025, titled “2Q25 Supplemental Slides” 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 "2Q25 - General Account Assets Under Management

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

Total Company Discussion

MetLife reported second quarter 2025 premiums, fees and other revenues of $12.7 billion, down

6 percent. Adjusted premiums, fees and other revenues, excluding pension risk transfers, were

$12.4 billion, up 5 percent.

Net investment income was $5.7 billion, up 9 percent, primarily due to increases in the

estimated fair value of certain securities that do not qualify as separate accounts under GAAP.

Adjusted net investment income was $5.2 billion, up 1 percent, primarily due to asset growth.

Net investment losses were $273 million, or $216 million after tax, reflecting normal trading

activity and a stable credit market. Net derivative losses amounted to $796 million, or

$629 million after tax, driven by stronger equity markets and higher long-term interest rates.

Net income decreased 23 percent to $698 million. Higher net derivative losses and lower

adjusted earnings were the primary drivers. On a per-share basis, net income decreased 20

Adjusted earnings were $1.4 billion, down 16 percent on a reported basis, and down 15 percent

on a constant currency basis. On a per-share basis, adjusted earnings were $2.02, down 11

percent.

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

3%

Europe, the Middle East and Africa (EMEA)

MetLife Holdings

(6)%

Business Discussions

GROUP BENEFITS

($ in millions)

Three Months Ended

Three Months Ended

Change

Adjusted earnings

Adjusted PFOs

4%

•Adjusted earnings were $400 million, down 25 percent, primarily due to less favorable

underwriting across life and non-medical health products.

•Adjusted PFOs were $6.4 billion, up 4 percent, driven by growth in core and voluntary

products.

•Sales were up 9 percent year-to-date, led by regional business growth and strong re-

enrollment across products.

RIS

($ in millions)

Three Months Ended

Three Months Ended

Change

Adjusted earnings

Adjusted PFOs

Adjusted PFOs, excluding PRT

•Adjusted earnings were $368 million, down 10 percent, largely due to less favorable

recurring interest margins.

•Adjusted PFOs, excluding PRT, were $1.0 billion, up 24 percent, mainly driven by UK

longevity reinsurance.

•Total liability exposure grew 6 percent across most products, including 5 percent in

general account liabilities.

ASIA

($ in millions)

Three Months Ended

Three Months Ended

Change

Constant

currency

change

Adjusted earnings

Adjusted PFOs

2%

(1)%

Asia general account assets under

management (at amortized cost)

6%

•Adjusted earnings were $350 million, down 22 percent on a reported and constant

currency basis, driven by less favorable investment and underwriting margins, partially offset

by volume growth.

•Adjusted PFOs were $1.7 billion, up 2 percent on a reported basis, and down 1 percent on

a constant currency basis.

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

$139.2 billion, up 6 percent on a constant currency basis.

•Sales were $693 million, up 9 percent on a constant currency basis, driven by Japan and

Korea.

LATIN AMERICA

($ in millions)

Three Months Ended

Three Months Ended

Change

Constant

currency

change

Adjusted earnings

3%

Adjusted PFOs

8%

•Adjusted earnings were $233 million, up 3 percent on a reported basis, and up 15 percent

on a constant currency basis, reflecting volume growth across the region and favorable

Chilean encaje returns.

•Adjusted PFOs were $1.6 billion, up 8 percent on a reported basis, and up 18 percent on a

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

•Sales were $381 million, up 4 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 $100 million, up 30 percent on a reported and constant currency

basis, primarily due to strong volume growth across the region.

•Adjusted PFOs were $719 million, up 16 percent on a reported basis and up 14 percent on

a constant currency basis.

•Sales were $309 million, up 13 percent on a constant currency basis, reflecting strength

across the region.

METLIFE HOLDINGS

($ in millions)

Three Months Ended

Three Months Ended

Change

Adjusted earnings

(6)%

Adjusted PFOs

•Adjusted earnings were $144 million, down 6 percent, reflecting lower variable investment

income and the continued run-off of the business, partially offset by favorable underwriting.

•Adjusted PFOs were $740 million, down 10 percent.

CORPORATE & OTHER

($ in millions)

Three Months Ended

Three Months Ended

Change

Adjusted earnings

•Adjusted loss of $233 million, compared to an adjusted loss of $220 million.

INVESTMENTS

($ in millions)

Three Months Ended

Three Months Ended

Change

Adjusted net investment income

1%

•Adjusted net investment income was $5.2 billion, up 1 percent, primarily due to asset

growth. Variable investment income decreased 35 percent to $195 million, primarily driven

by lower private equity returns.

SECOND QUARTER 2025 NOTABLE ITEMS

($ in millions)

Adjusted Earnings

Notable Items

Group

Benefits

RIS

Asia

Latin

America

EMEA

MetLife

Holdings

Corporate

&

Other

Total

Total notable items

$0

$0

$0

$0

$0

$0

$0

$0

Contacts: For Media: Jane Slusark (347) 989-5477, Jane.Slusark@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 second quarter 2025 earnings conference call and audio webcast on

Thursday, August 7, 2025, from 9-10 a.m. (ET). The conference call will be available live via the

internet. To listen to the conference call, click the following link to register (https://

The conference call will be available for replay via telephone and the internet beginning at 11:00

a.m. (ET) on Thursday, August 7, 2025, until Thursday, August 14, 2025, at 11:59 p.m. (ET). To

listen to a replay of the conference call via telephone, dial 800-770-2030 (U.S.) or 647-362-9199

(outside the U.S.). The Conference ID for the replay is 82058 followed by the # key. To access

the replay of the conference call via the internet, visit the MetLife Investor Relations webpage

(https://investor.metlife.com).

###

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; and

(vii)

return on MetLife, Inc.’s common

stockholders’ equity; and

(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; and

(xxvii)

future policy benefits at balance sheet

discount rate; and

(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.

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 in this period’s quarterly financial supplement,

which is 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:

•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) amortization of basis adjustments associated with de-

designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments

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

associated with in-force reinsurance, and (iv) 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:

•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").

•Other expenses exclude (i) implementation of new insurance regulatory requirements and other

costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions

for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic

guaranteed interest contracts ("GICs") accounted for as freestanding derivatives.

•Net investment income and other expenses also exclude Reinsurance adjustments (as defined

below).

•Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.

•Other revenues exclude and other expenses include fees received in connection with services

provided under transition service agreements.

•"Reinsurance adjustments" relate to amounts subject to ceded reinsurance arrangements with third

parties, including (i) the related investment returns and expenses which are passed through to the

third-party 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 ("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: adjusted 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: adjusted

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.

Asia general account (GA) assets under management (GA AUM) and related measures

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, contractholder-directed equity securities,

fair value option securities, mortgage loans originated for third parties, assets subject to ceded

reinsurance arrangements with third-party reinsurers, and certain other invested assets. Mortgage loans,

net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net

commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage

loans) and real estate equity (including 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 net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and

residential 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.

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 UK 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.

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

•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 UK funded reinsurance.

•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.

•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.

•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.

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, real

estate, obligors and counterparties, government default, currency exchange rates, derivatives,

climate change, public health and 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 environmental, social, and governance 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 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 Interim Condensed 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

5

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

6

7

Net income (loss) attributable to MetLife, Inc.

Less: Preferred stock dividends

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)

Premiums

3

—

—

—

Universal life and investment-type product policy fees

—

—

—

—

Net investment income

Other revenues

Policyholder benefits and claims and policyholder dividends

Policyholder liability remeasurement (gains) losses

—

—

—

—

Interest credited to policyholder account balances

Capitalization of DAC

—

—

—

—

Amortization of DAC, VOBA and negative VOBA

—

—

—

—

Interest expense on debt

—

—

—

—

Other expenses

(9)

Goodwill impairment

—

—

—

—

Provision for income tax (expense) benefit

Add: Net income (loss) attributable to noncontrolling interests

6

7

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 adjustments

Divested businesses

3

—

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

Joint venture adjustments

(2)

Unit-linked contract income and Reinsurance adjustments

Divested businesses

—

—

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

Asymmetrical and non-economic accounting

Joint venture adjustments

(2)

Unit-linked contract income and Reinsurance adjustments

Other adjustments, excluding Unit-linked contract income and Reinsurance adjustments

Divested businesses

3

—

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 and Reinsurance adjustments

Other adjustments, excluding Unit-linked contract costs and Reinsurance adjustments

5

Divested businesses

6

4

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 adjustments

—

Less: Other adjustments, excluding Reinsurance adjustments

5

Less: Divested businesses

7

4

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 gain (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 gain (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

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

Retirement & Income Solutions (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

MetLife Holdings (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

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.

For the Three

Months Ended

Variable

Investment Income

(post-tax, $ in

millions) (6)

Assets ($ in billions)

Group Benefits

$3

RIS

Asia

Latin America

7

EMEA

—

—

MetLife Holdings

Corporate & Other

(5)

Total

See footnotes on last page.

MetLife, Inc.

Cash & Capital (7),(8), (in billions)

Holding Companies Cash & Liquid Assets

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 $3,818 million of equity related to preferred stock at both June 30, 2025 and 2024.

(3)

There were share repurchases of $510 million for the three months ended June 30, 2025. Year to date, there were share repurchases of

approximately $2.1 billion, including approximately $140 million of share repurchases in July 2025. Common stock dividends totaling $382

million were paid for the three months ended June 30, 2025.

(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 total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $17.1 billion

at June 30, 2025, down 3% from $17.6 billion at March 31, 2025. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries,

excluding American Life Insurance Company.

(8)

The expected Japan solvency margin ratio as of June 30, 2025 is approximately 710%.