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8-K

Metlife Inc (MET)

8-K 2025-02-05 For: 2025-02-05
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 5, 2025

METLIFE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-15787 13-4075851
(Commission File Number) (IRS Employer Identification No.)
200 Park Avenue, New York, NY 10166-0188
(Address of Principal Executive Offices) (Zip Code)

(212) 578-9500

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | --- | --- || ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | | --- | --- |

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 MET New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock,<br>Series A, par value $0.01 MET PRA New York Stock Exchange
Depositary Shares, each representing a 1/1,000th<br>interest in a share of 5.625% Non-Cumulative <br>Preferred Stock, Series E MET PRE New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F MET PRF New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Item 2.02 Results of Operations and Financial Condition.

On February 5, 2025, MetLife, Inc. issued (i) a news release announcing its results for the quarter and full year ended December 31, 2024 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, (ii) a Quarterly Financial Supplement for the quarter ended December 31, 2024 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference and (iii) a fact sheet setting forth its total assets under management as of December 31, 2024 (the "Total AUM Fact Sheet"), a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

The Earnings Release and the Quarterly Financial Supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K. The foregoing description of the Total AUM Fact Sheet is not complete and is qualified in its entirety by reference to the Total AUM Fact Sheet.

Item 7.01 Regulation FD Disclosure.

On February 5, 2025, MetLife, Inc. issued a supplemental slide presentation for the quarter and full year ended December 31, 2024, as well as outlook information (the “Supplemental Slides”), a copy of which is attached hereto as Exhibit 99.4 and is incorporated herein by reference. The slides highlight information in MetLife, Inc.’s Earnings Release and Quarterly Financial Supplement and provide outlook information, as well as other prior public disclosures. The Supplemental Slides are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 8.01 Other Events.

The text of Item 2.02 above with respect to the Total AUM Fact Sheet is incorporated herein by reference.

Consolidated Company Outlook

As used herein, “MetLife,” “we,” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.

At the December 2024 Investor Day, we introduced our New Frontier five-year strategy which is designed to accelerate growth across our global platform while delivering attractive returns and all-weather performance. Our New Frontier strategy builds upon the success of our five-year Next Horizon strategy, which we announced in 2019, with an aim to focus, simplify and differentiate the Company.

Our outlook reflects continued uncertainty around inflation and unemployment in 2025. We expect the U.S. dollar to strengthen in 2025 compared to 2024.

Based on the forward yield curve as of December 31, 2024, we expect long-term interest rates to remain stable in 2025 with the yield curve steepening, as short-term interest rates decline. We believe that our investment portfolio is highly diversified and positioned to perform well in a variety of economic scenarios.

As of December 31, 2024, we had $5.1 billion of cash and liquid assets at the holding companies which is above the high end of our $3.0 billion to $4.0 billion holding company cash target. In 2025, we expect to maintain this holding company cash target. We have also returned a total of approximately $21.0 billion to shareholders from 2020 through 2024, and we expect to generate approximately $25.0 billion in free cash flow over the next five years.

Our continued capital stress testing and longstanding commitment to liquidity position us to withstand a variety of economic conditions. We do not expect any material liquidity deficiencies, and we expect to remain able to comply with the financial covenants of our credit agreements. We will continue reviewing accounting estimates, asset valuations and various financial scenarios for capital and liquidity implications.

Assuming (i) interest rates follow the observable forward yield curves as of December 31, 2024, including a 10-year U.S. Treasury rate of 4.69% at December 31, 2025, (ii) S&P 500 equity index annual return of 5%, and (iii) private equity annual returns between 9% to 11% over the near-term; we expect to maintain the two-year average annual ratio of free cash flow to adjusted earnings, excluding total notable items, at 65% to 75%.

Further, based on the aforementioned assumptions, we (i) increased our target for adjusted return on equity1, excluding total notable items, from 13% - 15% to 15% - 17%, and (ii) established a new target of double-digit adjusted earnings per share growth, excluding total notable items, over the near-term.

Based on our continued focus on expense discipline and our overall efficiency mindset, we lowered our full year direct expense ratio target, excluding total notable items related to direct expenses and pension risk transfers, from 12.3% to (i) 12.1% over the near-term and (ii) 11.3% over the New Frontier period.

Our outlook relies on the accuracy of our assumptions about future economic and business conditions, which can be affected by known and unknown risks, uncertainties and other factors. We continually review our assumptions, implement mitigation plans, and take precautions. We may revise our outlook as we obtain more information regarding economic

conditions, regulatory changes, and other events, and the impact of these events on our business operations, investment portfolio, derivatives, financial results and financial condition.

__________________

1Beginning with fourth quarter and full year 2024 results and going forward, “adjusted return on equity” refers to return on equity, excluding accumulated other comprehensive income other than foreign currency translation adjustments and certain ceded reinsurance-related embedded derivatives.

Forward-Looking Statements

The forward-looking statements in this Item 8.01 of MetLife, Inc.’s Current Report on Form 8-K, which contain words 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, are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife, Inc.’s future results could differ, and it 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.

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.

Item 9.01 Financial Statements and Exhibits.

| 99.1 | News release of MetLife, Inc., dated February 5, 2025, announcing its results for the quarter and full year ended December 31, 2024 | | --- | --- || 99.2 | Quarterly Financial Supplement for the quarter ended December 31, 2024 | | --- | --- || 99.3 | Total AUM Fact Sheet as of December 31, 2024 | | --- | --- || 99.4 | Supplemental Slides for the quarter and full year ended December 31, 2024 and Outlook | | --- | --- | | 101 | Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language) | | --- | --- || 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101) | | --- | --- |

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

METLIFE, INC.
By: /s/ Tamara L. Schock
Name: Tamara L. Schock
Title: Executive Vice President and<br>Chief Accounting Officer

Date: February 5, 2025

5

Document

Exhibit 99.1

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For Immediate Release İ Global Communications İ MetLife, Inc.

MetLife Announces Full Year and Fourth Quarter 2024 Results

NEW YORK, February 5, 2025 - MetLife, Inc. (NYSE: MET) today announced its full year and fourth quarter 2024 results.

Full Year Results Summary

•Net income of $4.2 billion, compared to net income of $1.4 billion for the full year 2023. Net income of $5.94 per share, up 228 percent from the prior year.

•Adjusted earnings of $5.8 billion, compared to adjusted earnings of $5.5 billion for the full year 2023. Adjusted earnings of $8.15 per share, up 12 percent from the prior year.

•Adjusted earnings, excluding total notable items, of $5.8 billion, compared to $5.6 billion for the full year 2023. On a per share basis, adjusted earnings, excluding total notable items, of $8.11, up 11 percent from $7.33 for the full year 2023.

•Book value of $34.28 per share, down 4 percent from $35.85 per share at December 31, 2023.

•Adjusted book value* of $54.81 per share, up 2 percent from $53.75 per share at December 31, 2023.

•Return on equity (ROE) of 16.9 percent.

•Adjusted ROE* of 15.2 percent.

•Holding company cash and liquid assets of $5.1 billion at December 31, 2024, which is above the target cash buffer of $3.0 - $4.0 billion.

Fourth Quarter Results Summary

•Net income of $1.2 billion, or $1.78 per share, compared to net income of $574 million, or $0.77 per share, in the fourth quarter of 2023.

•Adjusted earnings of $1.5 billion, or $2.09 per share, compared to adjusted earnings of $1.4 billion, or $1.83 per share, in the fourth quarter of 2023.

•Adjusted earnings, excluding total notable items, of $1.4 billion, or $2.08 per share, compared to adjusted earnings, excluding total notable items, of $1.4 billion, or $1.93 per share, in the fourth quarter of 2023.

•ROE of 19.6 percent.

•Adjusted ROE* of 15.4 percent; adjusted ROE,* excluding notable items, of 15.3 percent.

"MetLife's strength and resilience were evident in 2024 as we delivered solid fourth quarter and full year results," said MetLife President and Chief Executive Officer Michel Khalaf. "We exceeded our five-year Next Horizon commitments and begin our New Frontier strategy from a position of strength with a greater emphasis on responsible growth."

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Fourth Quarter and Full Year 2024 Summary

($ in millions, except per share data) Three Months Ended <br>December 31, Year Ended<br>December 31,
2024 2023 Change 2024 2023 Change
Premiums, fees and other revenues $ 14,475 $ 13,687 6% $ 52,520 $ 51,961 1%
Net investment income 5,405 5,366 1% 21,273 19,908 7%
Net investment gains (losses) (311) (174) (1,184) (2,824)
Net derivative gains (losses) (903) 149 (1,623) (2,140)
Total revenues $ 18,666 $ 19,028 $ 70,986 $ 66,905
Adjusted premiums, fees and other revenues $ 14,437 $ 13,671 6% $ 52,379 $ 51,966 1%
Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT) $ 11,844 $ 11,811 $ 47,530 $ 46,642 2%
Market risk benefit remeasurement gains (losses) $ 764 $ (431) $ 1,109 $ 994
Net income (loss) $ 1,239 $ 574 116% $ 4,226 $ 1,380 206%
Net income (loss) per share $ 1.78 $ 0.77 131% $ 5.94 $ 1.81 228%
Adjusted earnings $ 1,459 $ 1,361 7% $ 5,796 $ 5,525 5%
Adjusted earnings per share $ 2.09 $ 1.83 14% $ 8.15 $ 7.25 12%
Adjusted earnings, excluding total notable items $ 1,449 $ 1,437 1% $ 5,770 $ 5,587 3%
Adjusted earnings, excluding total notable items per share $ 2.08 $ 1.93 8% $ 8.11 $ 7.33 11%
Book value per share $ 34.28 $ 35.85 (4)% $ 34.28 $ 35.85 (4)%
Adjusted book value* per share $ 54.81 $ 53.75 2% $ 54.81 $ 53.75 2%
Expense ratio 17.8 % 18.6 % 19.0 % 18.7 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT 13.1 % 12.4 % 12.1 % 12.2 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 21.9 % 20.6 % 20.9 % 20.5 %
ROE 19.6 % 9.6 % 16.9 % 5.4 %
Adjusted ROE* 15.4 % 13.8 % 15.2 % 13.6 %
Adjusted ROE,* excluding total notable items 15.3 % 14.6 % 15.2 % 13.8 %

* Beginning with fourth quarter and full year 2024 results and going forward, “adjusted book value” refers to book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA) and certain ceded reinsurance-related embedded derivatives, and “adjusted ROE” refers to ROE, excluding AOCI other than FCTA and certain ceded reinsurance-related embedded derivatives. These changes did not impact prior period amounts.

Page 2 of 26

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 fourth quarter of 2024, titled “4Q24 Supplemental Slides and Outlook” 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 "4Q24 - General Account Assets Under Management Fact Sheet," available on the above-mentioned website. Additionally, further information is available under the heading "Consolidated Company Outlook" in Item 8.01 of the Form 8-K.

Total Company Discussion

MetLife reported fourth quarter 2024 premiums, fees and other revenues of $14.5 billion, up 6 percent compared to the fourth quarter of 2023. Adjusted premiums, fees and other revenues were $14.4 billion, up 6 percent on a reported basis and up 7 percent on a constant currency basis from the prior-year period.

Net investment income was $5.4 billion, up 1 percent from the fourth quarter of 2023, primarily due to higher variable investment income from higher private equity returns, asset growth and higher rates, offset by decreases in the estimated fair value of certain securities that do not qualify as separate accounts under GAAP. Adjusted net investment income was $5.3 billion, up 5 percent, primarily due to higher variable investment income and asset growth.

Net investment losses were $311 million, or $246 million after tax during the quarter, reflecting normal trading activity and a stable credit environment. Net derivative losses amounted to $903 million, or $713 million after tax during the quarter, driven by an increase in long-term interest rates and the strengthening of the U.S. dollar versus the yen.

Net income was $1.2 billion, compared to net income of $574 million in the fourth quarter of 2023. The increase was primarily driven by market risk benefit remeasurement gains and the positive impact of higher adjusted earnings. This was partially offset by higher net derivative losses. On a per-share basis, net income was $1.78, compared to net income of $0.77 in the prior-year period.

MetLife reported adjusted earnings of $1.5 billion, up 7 percent on a reported basis, and up 10 percent on a constant currency basis, from the fourth quarter of 2023. On a per-share basis, adjusted earnings were $2.09, up 14 percent from the prior-year period.

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Adjusted Earnings by Segment Summary

Three Months Ended<br>December 31, 2024 Year Ended<br>December 31, 2024
Segment Change from<br>prior-year period (on a reported basis) Change from<br>prior-year period <br>(on a constant<br>currency basis) Change from<br>prior year Change from<br>prior year <br>(on a constant<br>currency basis)
Group Benefits (11)% (3)%
Retirement and Income Solutions (RIS) (8)% (2)%
Asia 50% 52% 26% 30%
Latin America (3)% 10% 5% 11%
Europe, the Middle East and Africa (EMEA) 26% 31% 7% 12%
MetLife Holdings (2)% (12)%

Business Discussions

All comparisons of the results for the fourth quarter of 2024 in the business discussions that follow are with the fourth quarter of 2023, unless otherwise noted.

Page 4 of 26

GROUP BENEFITS

($ in millions) Three Months Ended<br>December 31, 2024 Three Months EndedDecember 31, 2023
Adjusted earnings $416 466
Notable item(s) $0 0
Adjusted earnings ex. notables $416 466
Adjusted premiums, fees and other revenues $6,184 6,001

All values are in US Dollars.

•Adjusted earnings were $416 million, down 11 percent, primarily driven by lower non-medical health underwriting margins.

•Adjusted premiums, fees and other revenues were $6.2 billion, up 3 percent, driven by growth in core and voluntary products.

•Sales were up 8 percent for the year, primarily driven by strong growth in national accounts.

RIS

($ in millions) Three Months Ended<br>December 31, 2024 Three Months EndedDecember 31, 2023
Adjusted earnings $386 421
Notable item(s) $0 0
Adjusted earnings ex. notables $386 421
Adjusted premiums, fees and other revenues $3,620 2,883
Adjusted premiums, fees and other revenues, excluding PRT $1,027 1,023

All values are in US Dollars.

•Adjusted earnings were $386 million, down 8 percent, driven by lower recurring interest margins and less favorable underwriting, partially offset by higher variable investment income.

•Adjusted premiums, fees and other revenues were $3.6 billion, up 26 percent, driven by PRT, which includes UK funded reinsurance.

•Excluding PRT, adjusted premiums, fees and other revenues were $1.0 billion, essentially flat.

•Sales were up 45 percent for the year, driven by most products, including U.S. pension risk transfer deals.

Page 5 of 26

ASIA

($ in millions) Three Months Ended<br>December 31, 2024 Three Months EndedDecember 31, 2023 Constant<br>currency<br>change
Adjusted earnings $443 296 52%
Notable item(s) $0 0
Adjusted earnings ex. notables $443 296 52%
Adjusted premiums, fees and other revenues $1,635 1,705 (1)%
Asia general account assets under management (at amortized cost) $129,959 130,093 5%

All values are in US Dollars.

•Adjusted earnings were $443 million, up 50 percent on a reported basis, and up 52 percent on a constant currency basis, driven by higher variable investment income and favorable underwriting.

•Adjusted premiums, fees and other revenues were $1.6 billion, down 4 percent on a reported basis, and down 1 percent on a constant currency basis.

•Asia general account assets under management (at amortized cost) were $130.0 billion, essentially flat on a reported basis and up 5 percent on a constant currency basis.

•Sales were $513 million, down 15 percent on a constant currency basis, driven by lower sales in Japan, partially offset by growth in Korea and India.

LATIN AMERICA

($ in millions) Three Months Ended<br>December 31, 2024 Three Months EndedDecember 31, 2023 Constant<br>currency<br>change
Adjusted earnings $201 207 10%
Notable item(s) $0 0
Adjusted earnings ex. notables $201 207 10%
Adjusted premiums, fees and other revenues $1,438 1,486 9%

All values are in US Dollars.

•Adjusted earnings were $201 million, down 3 percent on a reported basis, and up 10 percent on a constant currency basis, driven by higher volume growth, partially offset by lower Chilean encaje returns.

•Adjusted premiums, fees and other revenues were $1.4 billion, down 3 percent on a reported basis, and up 9 percent on a constant currency basis, with strong growth and solid persistency across the region.

•Sales were $335 million, up 9 percent on a constant currency basis, led by growth in key markets.

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EMEA

($ in millions) Three Months Ended<br>December 31, 2024 Three Months EndedDecember 31, 2023 Constant<br>currency<br>change
Adjusted earnings $59 47 31%
Notable item(s) $0 0
Adjusted earnings ex. notables $59 47 31%
Adjusted premiums, fees and other revenues $652 595 13%

All values are in US Dollars.

•Adjusted earnings were $59 million, up 26 percent on a reported basis and 31 percent on a constant currency basis, due to volume growth and lower tax charges.

•Adjusted premiums, fees and other revenues were $652 million, up 10 percent on a reported basis and up 13 percent on a constant currency basis due to strong sales across the region.

•Sales were $251 million, up 28 percent on a constant currency basis.

METLIFE HOLDINGS

($ in millions) Three Months Ended<br>December 31, 2024 Three Months EndedDecember 31, 2023
Adjusted earnings $153 156
Notable item(s) $0 0
Adjusted earnings ex. notables $153 156
Adjusted premiums, fees and other revenues $815 901

All values are in US Dollars.

•Adjusted earnings were $153 million, down 2 percent, primarily as a result of the reinsurance transaction completed in 2023, partially offset by favorable life underwriting margins.

•Adjusted premiums, fees and other revenues were $815 million, down 10 percent.

CORPORATE & OTHER

($ in millions) Three Months Ended<br>December 31, 2024 Three Months EndedDecember 31, 2023
Adjusted earnings $(199) (232)
Notable item(s) $10 (76)
Adjusted earnings ex. notables $(209) (156)

All values are in US Dollars.

•Adjusted loss of $199 million, compared to an adjusted loss of $232 million in the prior-year period.

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INVESTMENTS

($ in millions) Three Months Ended<br>December 31, 2024 Three Months Ended<br>December 31, 2023 Change
Adjusted net investment income $5,301 $5,047 5%

•Adjusted net investment income was $5.3 billion, up 5 percent, driven by variable investment income. Recurring investment income was $5.0 billion, essentially flat compared to the prior-year period. Variable investment income was $293 million, compared to $63 million in the prior-year period, primarily driven by higher private equity returns.

FOURTH QUARTER 2024 NOTABLE ITEMS

( in millions) Adjusted Earnings
Notable Items Group Benefits RIS Asia Latin<br>America EMEA MetLife<br>Holdings Corporate<br>&<br>Other Total
Litigation reserves and settlement costs $0 $0 $0 $0 $0 $0 $(47) $(47)
Tax adjustments $0 $0 $0 $0 $0 $0 $57 $57
Total notable items $0 $0 $0 $0 $0 $0 $10 $10

All values are in US Dollars.

Contacts:     For Media:     Dave Franecki (973) 264-7465, Dave.Franecki@metlife.com

For Investors:      John Hall (212) 578-7888, John.A.Hall@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 combined fourth quarter and full year 2024 earnings and outlook conference call and audio webcast on Thursday, February 6, 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://registrations.events/direct/Q4I757070).

The conference call will be available for replay via telephone and the internet beginning at 11:00 a.m. (ET) on Thursday, February 6, 2025, until Thursday, February 13, 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 75707. To access the replay of the conference call via the internet, visit the MetLife Investor Relations webpage

Page 8 of 26

(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<br>stockholders’ equity; and
(viii) adjusted return on equity. (viii) adjusted return on MetLife, Inc.’s common<br>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;

Page 9 of 26

(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.

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 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;

Page 10 of 26

•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 the Company’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 benefits remeasurement gains (losses) and goodwill impairments. Further, net investment income excludes adjusted earnings adjustments 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 to the line items indicated 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

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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 excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs"). Net investment income excludes returns on invested assets (including cash and cash equivalents) subject to ceded reinsurance arrangements with third parties ("Reinsurance adjustments").

•Other revenues include fee revenue on synthetic guaranteed interest contracts ("GICs") accounted for as freestanding derivatives.

•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.

•Other expenses exclude (i) Reinsurance adjustments, (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 attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.

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 AOCI (AOCI other than FCTA) and the estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income tax.

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•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 (AOCI other than FCTA), 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) 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, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to 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

Page 13 of 26

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 results and outlook:

•Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items 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.

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•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, 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;

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(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.

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MetLife, Inc.
GAAP Consolidated Statements of Operations
(In millions)
For the Three Months Ended For the Year Ended
December 31, December 31,
2024 2023 2024 2023
Revenues
Premiums $ 12,617 $ 11,786 $ 44,945 $ 44,283
Universal life and investment-type product policy fees 1,217 1,241 4,974 5,152
Net investment income 5,405 5,366 21,273 19,908
Other revenues 641 660 2,601 2,526
Net investment gains (losses) (311) (174) (1,184) (2,824)
Net derivative gains (losses) (903) 149 (1,623) (2,140)
Total revenues 18,666 19,028 70,986 66,905
Expenses
Policyholder benefits and claims 12,572 11,779 44,728 44,590
Policyholder liability remeasurement (gains) losses (42) (3) (206) (45)
Market risk benefit remeasurement (gains) losses (764) 431 (1,109) (994)
Interest credited to policyholder account balances 2,012 2,405 8,339 7,860
Policyholder dividends 150 159 595 622
Amortization of DAC, VOBA and negative VOBA 517 498 2,021 1,926
Interest expense on debt 259 269 1,037 1,045
Other expenses, net of capitalization of DAC 2,581 2,549 9,959 9,739
Total expenses 17,285 18,087 65,364 64,743
Income (loss) before provision for income tax 1,381 941 5,622 2,162
Provision for income tax expense (benefit) 106 327 1,178 560
Net income (loss) 1,275 614 4,444 1,602
Less: Net income (loss) attributable to noncontrolling interests 4 7 18 24
Net income (loss) attributable to MetLife, Inc. 1,271 607 4,426 1,578
Less: Preferred stock dividends 32 33 200 198
Net income (loss) available to MetLife, Inc.'s common shareholders $ 1,239 $ 574 $ 4,226 $ 1,380
See footnotes on last page.

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MetLife, Inc.
(In millions, except per share data)
For the Three Months Ended For the Year Ended
December 31, December 31,
2024 2023 2024 2023
Reconciliation to Adjusted Earnings Available to Common Shareholders Earnings Per <br>Weighted Average <br>Common Share Diluted (1) Earnings Per <br>Weighted Average <br>Common Share Diluted (1) Earnings Per <br>Weighted Average <br>Common Share Diluted (1) Earnings Per <br>Weighted Average <br>Common Share Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders $ 1,239 $ 1.78 $ 574 $ 0.77 $ 4,226 $ 5.94 $ 1,380 $ 1.81
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (311) (0.45) (174) (0.23) (1,184) (1.67) (2,824) (3.70)
Net derivative gains (losses) (903) (1.29) 149 0.20 (1,623) (2.28) (2,140) (2.81)
Market risk benefit remeasurement gains (losses) 764 1.09 (431) (0.58) 1,109 1.56 994 1.30
Premiums 15 0.02 — — 31 0.04 — —
Universal life and investment-type product policy fees — — — — — — — —
Net investment income 104 0.15 319 0.43 601 0.85 159 0.21
Other revenues 23 0.03 16 0.02 110 0.15 (5) (0.01)
Policyholder benefits and claims and policyholder dividends (12) (0.02) 36 0.05 18 0.03 5 0.01
Policyholder liability remeasurement (gains) losses — — — — — — — —
Interest credited to policyholder account balances (180) (0.23) (685) (0.93) (1,184) (1.67) (1,251) (1.65)
Capitalization of DAC — — — — — — — —
Amortization of DAC, VOBA and negative VOBA — — — — — — — —
Interest expense on debt — — — — — — — —
Other expenses (68) (0.10) (16) (0.02) (117) (0.16) (93) (0.12)
Goodwill impairment — — — — — — — —
Provision for income tax (expense) benefit 352 0.50 6 0.01 687 0.97 1,034 1.36
Add: Net income (loss) attributable to noncontrolling interests 4 0.01 7 0.01 18 0.03 24 0.03
Preferred stock redemption premium — — — — — — — —
Adjusted earnings available to common shareholders 1,459 2.09 1,361 1.83 5,796 8.15 5,525 7.25
Less: Total notable items 10 0.01 (76) (0.10) 26 0.04 (62) (0.08)
Adjusted earnings available to common shareholders, excluding total notable items $ 1,449 $ 2.08 $ 1,437 $ 1.93 $ 5,770 $ 8.11 $ 5,587 $ 7.33
Adjusted earnings available to common shareholders on a constant currency basis $ 1,459 $ 2.09 $ 1,329 $ 1.79 $ 5,796 $ 8.15 $ 5,430 $ 7.12
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 1,449 $ 2.08 $ 1,405 $ 1.89 $ 5,770 $ 8.11 $ 5,492 $ 7.20
Weighted average common shares outstanding - diluted 697.9 743.4 711.1 762.3
See footnotes on last page.

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MetLife, Inc.
(In millions)
For the Three Months Ended For the Year Ended
December 31, December 31,
2024 2023 2024 2023
Premiums, Fees and Other Revenues
Premiums, fees and other revenues $ 14,475 $ 13,687 $ 52,520 $ 51,961
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting 34 29 158 29
Other adjustments (11) (13) (48) (34)
Divested businesses 15 — 31 —
Adjusted premiums, fees and other revenues $ 14,437 $ 13,671 $ 52,379 $ 51,966
Adjusted premiums, fees and other revenues, on a constant currency basis $ 14,437 $ 13,440 $ 52,379 $ 51,966
Less: PRT 2,593 1,860 4,849 5,324
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis $ 11,844 $ 11,580 $ 47,530 $ 46,642
Net Investment Income
Net investment income $ 5,405 $ 5,366 $ 21,273 $ 19,908
Less: Adjustments to net investment income
Investment hedge adjustments (127) (253) (604) (1,012)
Joint venture adjustments 16 (8) 82 (12)
Unit-linked contract income and reinsurance adjustments 214 580 1,122 1,183
Divested businesses 1 — 1 —
Adjusted net investment income $ 5,301 $ 5,047 $ 20,672 $ 19,749
Revenues and Expenses
Total revenues $ 18,666 $ 19,028 $ 70,986 $ 66,905
Less: Adjustments to total revenues:
Net investment gains (losses) (311) (174) (1,184) (2,824)
Net derivative gains (losses) (903) 149 (1,623) (2,140)
Investment hedge adjustments (127) (253) (604) (1,012)
Asymmetrical and non-economic accounting 34 29 158 29
Joint venture adjustments 16 (8) 82 (12)
Unit-linked contract income and reinsurance adjustments 214 580 1,122 1,183
Other adjustments (11) (13) (48) (34)
Divested businesses 16 — 32 —
Total adjusted revenues $ 19,738 $ 18,718 $ 73,051 $ 71,715
Total expenses $ 17,285 $ 18,087 $ 65,364 $ 64,743
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses (764) 431 (1,109) (994)
Goodwill impairment — — — —
Asymmetrical and non-economic accounting 46 129 322 247
Market volatility (49) (62) (256) (184)
Unit-linked contract costs and reinsurance adjustments 215 582 1,111 1,183
Other adjustments 25 7 49 55
Divested businesses 23 9 57 38
Total adjusted expenses $ 17,789 $ 16,991 $ 65,190 $ 64,398
See footnotes on last page.

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MetLife, Inc.
(In millions, except per share and ratio data)
For the Three Months Ended For the Year Ended
December 31, December 31,
2024 2023 2024 2023
Expense Detail and Ratios
Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC
Capitalization of DAC $ (719) $ (728) $ (2,833) $ (2,917)
Less: Divested businesses — — — —
Adjusted capitalization of DAC $ (719) $ (728) $ (2,833) $ (2,917)
Reconciliation of Other Expenses to Adjusted Other Expenses
Other expenses $ 3,300 $ 3,277 $ 12,792 $ 12,656
Less: Reinsurance adjustments 30 — 30 —
Less: Other adjustments 25 7 49 55
Less: Divested businesses 13 9 38 38
Adjusted other expenses $ 3,232 $ 3,261 $ 12,675 $ 12,563
Other Detail and Ratios
Other expenses, net of capitalization of DAC $ 2,581 $ 2,549 $ 9,959 $ 9,739
Premiums, fees and other revenues $ 14,475 $ 13,687 $ 52,520 $ 51,961
Expense ratio 17.8 % 18.6 % 19.0 % 18.7 %
Direct expenses $ 1,396 $ 1,559 $ 5,611 $ 5,808
Less: Total notable items related to direct expenses (152) 96 (152) 96
Direct expenses, excluding total notable items related to direct expenses $ 1,548 $ 1,463 $ 5,763 $ 5,712
Adjusted other expenses $ 3,232 $ 3,261 $ 12,675 $ 12,563
Adjusted capitalization of DAC (719) (728) (2,833) (2,917)
Adjusted other expenses, net of adjusted capitalization of DAC 2,513 2,533 9,842 9,646
Less: Total notable items related to adjusted other expenses (85) 96 (85) 96
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 2,598 $ 2,437 $ 9,927 $ 9,550
Adjusted premiums, fees and other revenues $ 14,437 $ 13,671 $ 52,379 $ 51,966
Less: PRT 2,593 1,860 4,849 5,324
Adjusted premiums, fees and other revenues, excluding PRT $ 11,844 $ 11,811 $ 47,530 $ 46,642
Direct expense ratio 9.7 % 11.4 % 10.7 % 11.2 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT 13.1 % 12.4 % 12.1 % 12.2 %
Adjusted expense ratio 17.4 % 18.5 % 18.8 % 18.6 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 21.9 % 20.6 % 20.9 % 20.5 %
See footnotes on last page.

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MetLife, Inc.
(In millions, except per share data)
December 31,
Equity Details 2024 2023
Total MetLife, Inc.'s stockholders' equity $ 27,445 $ 30,015
Less: Preferred stock 3,818 3,818
MetLife, Inc.'s common stockholders' equity 23,627 26,197
Less: Unrealized investment gains (losses), net of related offsets and income tax (19,402) (14,506)
Deferred gains (losses) on derivatives, net of income tax 370 183
Future policy benefits discount rate remeasurement gain (losses), net of income tax 6,529 2,658
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax (71) 27
Defined benefit plans adjustment, net of income tax (1,442) (1,446)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (129) —
Total MetLife, Inc.'s adjusted common stockholders' equity 37,772 39,281
Less: Accumulated year-to-date total notable items, net of income tax 26 (62)
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items $ 37,746 $ 39,343
December 31,
Book Value (2) 2024 2023
Book value per common share 34.28 35.85
Less: Unrealized investment gains (losses), net of related offsets and income tax (28.15) (19.85)
Deferred gains (losses) on derivatives, net of income tax 0.54 0.25
Future policy benefits discount rate remeasurement gain (losses), net of income tax 9.46 3.64
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax (0.10) 0.04
Defined benefit plans adjustment, net of income tax (2.09) (1.98)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (0.19) —
Adjusted book value per common share $ 54.81 $ 53.75
Common shares outstanding, end of period (3) 689.2 730.8
For the Three Months Ended For the Year Ended
--- --- --- --- --- --- --- --- --- --- --- --- ---
December 31, (4) December 31,
Return on Equity 2024 2023 2024 2023
Return on MetLife, Inc.'s:
Common stockholders' equity 19.6 % 9.6 % 16.9 % 5.4 %
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity 15.4 % 13.8 % 15.2 % 13.6 %
Adjusted common stockholders' equity, excluding total notable items 15.3 % 14.6 % 15.2 % 13.8 %
For the Three Months Ended For the Year Ended
December 31, December 31,
Average Common Stockholders' Equity 2024 2023 2024 2023
Average common stockholders' equity $ 25,347 $ 24,019 $ 25,008 $ 25,784
Average adjusted common stockholders' equity $ 37,867 $ 39,368 $ 38,084 $ 40,599
Average adjusted common stockholders' equity, excluding total notable items $ 37,846 $ 39,392 $ 38,076 $ 40,608
See footnotes on last page.

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MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(In millions)
For the Three Months Ended For the Year Ended
December 31, December 31,
2024 2023 2024 2023
Group Benefits (5):
Adjusted earnings available to common shareholders $ 416 $ 466 $ 1,606 $ 1,655
Less: Total notable items — — (58) 27
Adjusted earnings available to common shareholders, excluding total notable items $ 416 $ 466 $ 1,664 $ 1,628
Adjusted premiums, fees and other revenues $ 6,184 $ 6,001 $ 24,870 $ 23,929
Retirement & Income Solutions (5):
Adjusted earnings available to common shareholders $ 386 $ 421 $ 1,667 $ 1,708
Less: Total notable items — — 104 61
Adjusted earnings available to common shareholders, excluding total notable items $ 386 $ 421 $ 1,563 $ 1,647
Adjusted premiums, fees and other revenues $ 3,620 $ 2,883 $ 8,594 $ 8,832
Less: PRT 2,593 1,860 4,849 5,324
Adjusted premiums, fees and other revenues, excluding PRT $ 1,027 $ 1,023 $ 3,745 $ 3,508
Asia:
Adjusted earnings available to common shareholders $ 443 $ 296 $ 1,621 $ 1,282
Less: Total notable items — — (41) (94)
Adjusted earnings available to common shareholders, excluding total notable items $ 443 $ 296 $ 1,662 $ 1,376
Adjusted earnings available to common shareholders on a constant currency basis $ 443 $ 291 $ 1,621 $ 1,248
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 443 $ 291 $ 1,662 $ 1,342
Adjusted premiums, fees and other revenues $ 1,635 $ 1,705 $ 6,757 $ 6,969
Adjusted premiums, fees and other revenues, on a constant currency basis $ 1,635 $ 1,654 $ 6,757 $ 6,608
Latin America:
Adjusted earnings available to common shareholders $ 201 $ 207 $ 881 $ 840
Less: Total notable items — — 4 —
Adjusted earnings available to common shareholders, excluding total notable items $ 201 $ 207 $ 877 $ 840
Adjusted earnings available to common shareholders on a constant currency basis $ 201 $ 182 $ 881 $ 791
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 201 $ 182 $ 877 $ 791
Adjusted premiums, fees and other revenues $ 1,438 $ 1,486 $ 5,936 $ 5,727
Adjusted premiums, fees and other revenues, on a constant currency basis $ 1,438 $ 1,325 $ 5,936 $ 5,392
See footnotes on last page.

Page 22 of 26

MetLife, Inc.
Adjusted Earnings Available to Common Shareholders (Continued)
(In millions)
For the Three Months Ended For the Year Ended
December 31, December 31,
2024 2023 2024 2023
EMEA:
Adjusted earnings available to common shareholders $ 59 $ 47 $ 283 $ 265
Less: Total notable items — — (5) 18
Adjusted earnings available to common shareholders, excluding total notable items $ 59 $ 47 $ 288 $ 247
Adjusted earnings available to common shareholders on a constant currency basis $ 59 $ 45 $ 283 $ 253
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 59 $ 45 $ 288 $ 235
Adjusted premiums, fees and other revenues $ 652 $ 595 $ 2,548 $ 2,346
Adjusted premiums, fees and other revenues, on a constant currency basis $ 652 $ 576 $ 2,548 $ 2,271
MetLife Holdings (5):
Adjusted earnings available to common shareholders $ 153 $ 156 $ 647 $ 733
Less: Total notable items — — 12 2
Adjusted earnings available to common shareholders, excluding total notable items $ 153 $ 156 $ 635 $ 731
Adjusted premiums, fees and other revenues $ 815 $ 901 $ 3,272 $ 3,708
Corporate & Other (5):
Adjusted earnings available to common shareholders $ (199) $ (232) $ (909) $ (958)
Less: Total notable items 10 (76) 10 (76)
Adjusted earnings available to common shareholders, excluding total notable items $ (209) $ (156) $ (919) $ (882)
Adjusted premiums, fees and other revenues $ 93 $ 100 $ 402 $ 455
See footnotes on last page.

Page 23 of 26

MetLife, Inc.
For the Year Ended
June 30, 2024 September 30, 2024 December 31, 2024 December 31,2024
Variable investment income(post-tax, in millions) (6)
Group Benefits 4 $ 3 $ 2 $ 1 $ 10
RIS 64 50 71 258
Asia 99 44 121 320
Latin America 2 8 4 15
EMEA — — — —
MetLife Holdings 46 29 29 159
Corporate & Other 21 (5) 6 38
Total variable investment income 205 $ 235 $ 128 $ 232 $ 800
Segments: Group Benefits, RIS, Asia, Latin America and EMEA (7)
Capital Deployed Value of New Business Internal Rate of Return Payback (Years)
Value of new business ( in billions)
2023 $ 3.6 $ 2.6 19 % 5
2022 $ 3.7 $ 2.3 17 % 6
2021 $ 2.8 $ 1.9 17 % 6
2020 $ 3.2 $ 1.9 17 % 6
2019 $ 3.8 $ 1.8 15 % 7
Average asset balances (in billions)
Private equity $ 14.3
Real estate and other funds 4.6
Total average asset balances $ 18.9
See footnotes on last page.

All values are in US Dollars.

Page 24 of 26

Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc.
to Free Cash Flow of All Holding Companies
(In billions, except ratios)
For the Year Ended December 31,
2024 2023
MetLife, Inc. (parent company only) net cash provided by operating activities $ 4.7 $ 4.2
Adjustments from net cash provided by operating activities to free cash flow:
Add: Incremental debt to be at or below target leverage ratios — —
Add: Adjustments from net cash provided by operating activities to free cash flow (8) (0.1) (0.7)
MetLife, Inc. (parent company only) free cash flow 4.6 3.5
Other MetLife, Inc. holding companies free cash flow (9) — 0.1
Free cash flow of all holding companies $ 4.6 $ 3.6
Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders:
MetLife, Inc. (parent company only) net cash provided by operating activities $ 4.7 $ 4.2
Consolidated net income (loss) available to MetLife, Inc.'s common shareholders $ 4.2 $ 1.4
Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders (10) 112 % 303 %
Ratio of free cash flow to adjusted earnings available to common shareholders:
Free cash flow of all holding companies (11) $ 4.6 $ 3.6
Consolidated adjusted earnings available to common shareholders (11) $ 5.8 $ 5.5
Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders (11) 79 % 66 %
See footnotes on last page.

Page 25 of 26

MetLife, Inc.
Cash & Capital (12), (13), (14) (in billions)
Holding Companies Cash & Liquid Assets $ 5.1
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 December 31, 2024 and 2023.
(3) There were share repurchases of approximately 0.4 billion and 3.2 billion for the three months and year ended December 31, 2024, respectively. There were share repurchases of approximately 470 million in January 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) Excludes MetLife Holdings; Value of New Business is the present value of future profits net of the cost of capital and time value of guarantees from new sales.
(8) Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; and (iv) investment portfolio and derivatives changes and other, net.
(9) Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions to subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; (iv) other expenses; (v) dividends and returns of capital to MetLife, Inc. and (vi) investment portfolio and derivatives changes and other, net.
(10) Including the free cash flow of other MetLife, Inc. holding companies of 0 and 0.1 billion for the years ended December 31, 2024 and 2023, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 112% and 311%, respectively.
(11) i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2024, was positively impacted by notable items, primarily related to tax adjustments of 0.1 billion, net of income tax, and actuarial assumption review and other insurance adjustments of 0.02 billion, net of income tax, offset by litigation reserves and settlement costs of (0.05) billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2024, would be 79%.ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2023, was negatively impacted by notable items, related to litigation reserves and settlement costs of (0.1) billion, net of income tax, offset by actuarial assumption review and other insurance adjustments of 0.01 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2023, would be 65%.
(12) The 2024 combined U.S. risk based capital (RBC) ratio is estimated to be 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.
(13) The total U.S. statutory adjusted capital is expected to be approximately 17.4 billion at December 31, 2024, down 1% from September 30, 2024. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company.
(14) The expected Japan solvency margin ratio as of December 31, 2024 is approximately 675%.

All values are in US Dollars.

Page 26 of 26

Document

Table of Contents

Exhibit 99.2

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Fourth Quarter

Financial Supplement

December 31, 2024

Table of Contents

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METLIFE<br>TABLE OF CONTENTS
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS 2
CORPORATE OVERVIEW 3
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS 5
EXPENSE DETAIL AND RATIOS 7
GAAP CONSOLIDATED BALANCE SHEETS 8
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 9
Group Benefits
Statements of Adjusted Earnings Available to Common Shareholders 10
Other Expenses by Major Category; and Other Information 11
RIS
Statements of Adjusted Earnings Available to Common Shareholders 12
Future Policy Benefits; Policyholder Account Balances; Separate Account Liabilities; Synthetic GICs; and Longevity Reinsurance 13
Other Expenses by Major Category; and Spread 14
ASIA
Statements of Adjusted Earnings Available to Common Shareholders 15
Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Information 16
Asia General Account Assets Under Management and Related Measures 17
LATIN AMERICA
Statements of Adjusted Earnings Available to Common Shareholders 18
Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Information 19
EMEA
Statements of Adjusted Earnings Available to Common Shareholders 20
Other Expenses by Major Category; and Other Information 21
METLIFE HOLDINGS
Statements of Adjusted Earnings Available to Common Shareholders 22
Future Policy Benefits; Policyholder Account Balances; Market Risk Benefits; and Separate Account Liabilities 23
Other Expenses by Major Category; and Other Information 24
CORPORATE & OTHER
Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source 25
INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields 26
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses: Fixed Maturity Securities Available-for-Sale 27
Summary of Net Mortgage Loans; and Summary of Net Commercial Mortgage Loans by Region and Property Type 28
Footnotes 29
APPENDIX
Reconciliation Detail A-1
Notable Items A-2
Equity Details, Book Value Details and Return on Equity A-4
Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis A-5
Non-GAAP and Other Financial Disclosures A-6
Acronyms A-9

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METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe 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 its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Revenues
Premiums $ 11,786 $ 10,053 $ 11,628 $ 10,647 $ 12,617 $ 44,283 $ 44,945
Universal life and investment-type product policy fees 1,241 1,248 1,281 1,228 1,217 5,152 4,974
Net investment income 5,366 5,436 5,205 5,227 5,405 19,908 21,273
Other revenues 660 674 638 648 641 2,526 2,601
Net investment gains (losses) (174) (375) (421) (77) (311) (2,824) (1,184)
Net derivative gains (losses) 149 (979) (508) 767 (903) (2,140) (1,623)
Total revenues 19,028 16,057 17,823 18,440 18,666 66,905 70,986
Expenses
Policyholder benefits and claims 11,779 10,074 11,485 10,597 12,572 44,590 44,728
Policyholder liability remeasurement (gains) losses (3) (22) (10) (132) (42) (45) (206)
Market risk benefit remeasurement (gains) losses 431 (694) (182) 531 (764) (994) (1,109)
Interest credited to policyholder account balances 2,405 2,290 2,000 2,037 2,012 7,860 8,339
Policyholder dividends 159 147 148 150 150 622 595
Amortization of DAC, VOBA and negative VOBA 498 502 493 509 517 1,926 2,021
Interest expense on debt 269 264 257 257 259 1,045 1,037
Other expenses, net of capitalization of DAC 2,549 2,451 2,430 2,497 2,581 9,739 9,959
Total expenses 18,087 15,012 16,621 16,446 17,285 64,743 65,364
Income (loss) before provision for income tax 941 1,045 1,202 1,994 1,381 2,162 5,622
Provision for income tax expense (benefit) 327 170 249 653 106 560 1,178
Net income (loss) 614 875 953 1,341 1,275 1,602 4,444
Less: Net income (loss) attributable to noncontrolling interests 7 8 7 (1) 4 24 18
Net income (loss) attributable to MetLife, Inc. 607 867 946 1,342 1,271 1,578 4,426
Less: Preferred stock dividends 33 67 34 67 32 198 200
Net income (loss) available to MetLife, Inc.'s common shareholders $ 574 $ 800 $ 912 $ 1,275 $ 1,239 $ 1,380 $ 4,226
Premiums, fees and other revenues $ 13,687 $ 11,975 $ 13,547 $ 12,523 $ 14,475 $ 51,961 $ 52,520

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METLIFE<br>CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Net income (loss) available to MetLife, Inc.'s common shareholders $ 574 $ 800 $ 912 $ 1,275 $ 1,239
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (174) (375) (421) (77) (311)
Less: Net derivative gains (losses) 149 (979) (508) 767 (903)
Less: Market risk benefit remeasurement gains (losses) (431) 694 182 (531) 764
Less: Goodwill impairment — — — — —
Less: Other adjustments to net income (loss) (1) (330) (126) (232) (65) (118)
Less: Provision for income tax (expense) benefit 6 260 270 (195) 352
Add: Net income (loss) attributable to noncontrolling interests 7 8 7 (1) 4
Add: Preferred stock redemption premium — — — — —
Adjusted earnings available to common shareholders 1,361 1,334 1,628 1,375 1,459
Less: Total notable items (2) (76) — — 16 10
Adjusted earnings available to common shareholders, excluding total notable items (2) $ 1,437 $ 1,334 $ 1,628 $ 1,359 $ 1,449
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share $ 0.77 $ 1.10 $ 1.28 $ 1.81 $ 1.78
Less: Net investment gains (losses) (0.23) (0.51) (0.59) (0.11) (0.45)
Less: Net derivative gains (losses) 0.20 (1.34) (0.71) 1.09 (1.29)
Less: Market risk benefit remeasurement gains (losses) (0.58) 0.95 0.25 (0.75) 1.09
Less: Goodwill impairment — — — — —
Less: Other adjustments to net income (loss) (0.45) (0.18) (0.32) (0.09) (0.15)
Less: Provision for income tax (expense) benefit 0.01 0.36 0.38 (0.28) 0.50
Add: Net income (loss) attributable to noncontrolling interests 0.01 0.01 0.01 — 0.01
Add: Preferred stock redemption premium — — — — —
Adjusted earnings available to common shareholders per diluted common share 1.83 1.83 2.28 1.95 2.09
Less: Total notable items per diluted common share (2) (0.10) — — 0.02 0.01
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3) $ 1.93 $ 1.83 $ 2.28 $ 1.93 $ 2.08
For the Three Months Ended
Unaudited (In millions, except per share data) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments $ — $ — $ — $ 16 $ —
Litigation reserves and settlement costs (76) — — — (47)
Tax adjustments — — — — 57
Total notable items $ (76) $ — $ — $ 16 $ 10
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments $ — $ — $ — $ 0.02 $ —
Litigation reserves and settlement costs (0.10) — — — (0.07)
Tax adjustments — — — — 0.08
Total notable items $ (0.10) $ — $ — $ 0.02 $ 0.01
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Weighted average common shares outstanding - diluted 743.4 728.4 714.7 703.7 697.9
(1)See Pages A-1 and A-7 for further detail.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. 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. See Pages A-2 and A-3 for further detail.
(3)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.

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METLIFE<br>CORPORATE OVERVIEW (CONTINUED)
Unaudited December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Book value per common share (1) $ 35.85 $ 34.54 $ 33.30 $ 39.02 $ 34.28
Adjusted book value per common share (1) (2) $ 53.75 $ 53.13 $ 53.12 $ 54.72 $ 54.81
For the Three Months Ended
Unaudited December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Return on MetLife, Inc.'s (3):
Common stockholders' equity 9.6 % 12.6 % 15.2 % 20.2 % 19.6 %
Adjusted return on MetLife, Inc.'s (2) (3):
Adjusted common stockholders' equity 13.8 % 13.8 % 17.3 % 14.6 % 15.4 %
Adjusted common stockholders' equity, excluding total notable items (3) 14.6 % 13.8 % 17.3 % 14.4 % 15.3 %
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Common shares outstanding, beginning of period 744.4 730.8 715.7 703.8 693.7
Share repurchases (13.7) (16.9) (12.0) (10.5) (4.6)
Newly issued shares 0.1 1.8 0.1 0.4 0.1
Common shares outstanding, end of period 730.8 715.7 703.8 693.7 689.2
Weighted average common shares outstanding - basic 738.6 723.2 710.5 699.3 693.0
Dilutive effect of the exercise or issuance of stock-based awards 4.8 5.2 4.2 4.4 4.9
Weighted average common shares outstanding - diluted 743.4 728.4 714.7 703.7 697.9
MetLife Policyholder Trust Shares 117.6 116.0 114.3 113.1 111.6
(1) Calculated using common shares outstanding, end of period.
(2)Beginning with fourth quarter and full year 2024 results and going forward, “adjusted book value” refers to book value, excluding AOCI, other than FCTA and certain ceded reinsurance-related embedded derivatives, and “adjusted return on equity” refers to return on equity, excluding AOCI other than FCTA and certain ceded reinsurance-related embedded derivatives. These changes did not impact prior period amounts.
(3) Annualized using quarter-to-date results. See Page A-4 for further detail.
(4)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 can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.

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METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Total revenues $ 19,028 $ 16,057 $ 17,823 $ 18,440 $ 18,666 $ 66,905 $ 70,986
Less: Adjustments to total revenues:
Net investment gains (losses) (174) (375) (421) (77) (311) (2,824) (1,184)
Net derivative gains (losses) 149 (979) (508) 767 (903) (2,140) (1,623)
Investment hedge adjustments (253) (176) (172) (129) (127) (1,012) (604)
Asymmetrical and non-economic accounting 29 39 35 50 34 29 158
Joint venture adjustments (8) 2 (2) 66 16 (12) 82
Unit-linked contract income and reinsurance adjustments 580 542 219 147 214 1,183 1,122
Other adjustments (13) (12) (11) (14) (11) (34) (48)
Divested businesses — — — 16 16 — 32
Total adjusted revenues $ 18,718 $ 17,016 $ 18,683 $ 17,614 $ 19,738 $ 71,715 $ 73,051
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Net investment income $ 5,366 $ 5,436 $ 5,205 $ 5,227 $ 5,405 $ 19,908 $ 21,273
Less: Adjustments to net investment income:
Investment hedge adjustments (253) (176) (172) (129) (127) (1,012) (604)
Joint venture adjustments (8) 2 (2) 66 16 (12) 82
Unit-linked contract income and reinsurance adjustments 580 542 219 147 214 1,183 1,122
Divested businesses — — — — 1 — 1
Adjusted net investment income $ 5,047 $ 5,068 $ 5,160 $ 5,143 $ 5,301 $ 19,749 $ 20,672
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Variable investment income (Included in net investment income above) $ 63 $ 260 $ 298 $ 162 $ 293 $ 419 $ 1,013
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Premiums, fees and other revenues $ 13,687 $ 11,975 $ 13,547 $ 12,523 $ 14,475 $ 51,961 $ 52,520
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting 29 39 35 50 34 29 158
Other adjustments (13) (12) (11) (14) (11) (34) (48)
Divested businesses — — — 16 15 — 31
Adjusted premiums, fees and other revenues $ 13,671 $ 11,948 $ 13,523 $ 12,471 $ 14,437 $ 51,966 $ 52,379
Adjusted premiums, fees and other revenues, on a constant currency basis $ 13,440 $ 11,718 $ 13,372 $ 12,348 $ 14,437

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METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Total expenses $ 18,087 $ 15,012 $ 16,621 $ 16,446 $ 17,285 $ 64,743 $ 65,364
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses 431 (694) (182) 531 (764) (994) (1,109)
Goodwill impairment — — — — — — —
Asymmetrical and non-economic accounting 129 38 166 72 46 247 322
Market volatility (62) (67) (88) (52) (49) (184) (256)
Unit-linked contract costs and reinsurance adjustments 582 539 214 143 215 1,183 1,111
Other adjustments 7 7 5 12 25 55 49
Divested businesses 9 4 4 26 23 38 57
Total adjusted expenses $ 16,991 $ 15,185 $ 16,502 $ 15,714 $ 17,789 $ 64,398 $ 65,190
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Capitalization of DAC $ (728) $ (740) $ (683) $ (691) $ (719) $ (2,917) $ (2,833)
Less: Divested businesses — — — — — — —
Adjusted capitalization of DAC $ (728) $ (740) $ (683) $ (691) $ (719) $ (2,917) $ (2,833)
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Other expenses $ 3,277 $ 3,191 $ 3,113 $ 3,188 $ 3,300 $ 12,656 $ 12,792
Less: Adjustments to other expenses:
Reinsurance adjustments — — — — 30 — 30
Other adjustments 7 7 5 12 25 55 49
Divested businesses 9 4 4 17 13 38 38
Adjusted other expenses $ 3,261 $ 3,180 $ 3,104 $ 3,159 $ 3,232 $ 12,563 $ 12,675
Adjusted other expenses on a constant currency basis $ 3,164 $ 3,090 $ 3,056 $ 3,112 $ 3,232

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METLIFE<br>EXPENSE DETAIL AND RATIOS
For the Three Months Ended For the Year Ended
Unaudited (In millions, except ratio data) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Other expenses, net of capitalization of DAC $ 2,549 $ 2,451 $ 2,430 $ 2,497 $ 2,581 $ 9,739 $ 9,959
Premiums, fees and other revenues $ 13,687 $ 11,975 $ 13,547 $ 12,523 $ 14,475 $ 51,961 $ 52,520
Expense ratio 18.6 % 20.5 % 17.9 % 19.9 % 17.8 % 18.7 % 19.0 %
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Adjusted other expenses by major category
Direct expenses $ 1,559 $ 1,426 $ 1,397 $ 1,392 $ 1,396 $ 5,808 $ 5,611
Pension, postretirement and postemployment benefit costs 69 65 65 65 71 246 266
Premium taxes, other taxes, and licenses & fees 153 176 171 183 253 660 783
Commissions and other variable expenses 1,480 1,513 1,471 1,519 1,512 5,849 6,015
Adjusted other expenses 3,261 3,180 3,104 3,159 3,232 12,563 12,675
Adjusted capitalization of DAC (728) (740) (683) (691) (719) (2,917) (2,833)
Adjusted other expenses, net of adjusted capitalization of DAC $ 2,533 $ 2,440 $ 2,421 $ 2,468 $ 2,513 $ 9,646 $ 9,842
For the Three Months Ended For the Year Ended
Unaudited (In millions, except ratio data) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Employee-related costs $ 882 $ 950 $ 900 $ 891 $ 955 $ 3,619 $ 3,696
Third-party staffing costs 399 342 356 354 439 1,426 1,491
General and administrative expenses 278 134 141 147 2 763 424
Direct expenses 1,559 1,426 1,397 1,392 1,396 5,808 5,611
Less: Total notable items related to direct expenses (1) 96 — — — (152) 96 (152)
Direct expenses, excluding total notable items related to direct expenses (1) $ 1,463 $ 1,426 $ 1,397 $ 1,392 $ 1,548 $ 5,712 $ 5,763
Adjusted other expenses, net of adjusted capitalization of DAC $ 2,533 $ 2,440 $ 2,421 $ 2,468 $ 2,513 $ 9,646 $ 9,842
Less: Total notable items related to adjusted other expenses (1) 96 — — — (85) 96 (85)
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1) $ 2,437 $ 2,440 $ 2,421 $ 2,468 $ 2,598 $ 9,550 $ 9,927
Adjusted premiums, fees and other revenues $ 13,671 $ 11,948 $ 13,523 $ 12,471 $ 14,437 $ 51,966 $ 52,379
Less: PRT 1,860 (25) 1,752 529 2,593 5,324 4,849
Adjusted premiums, fees and other revenues, excluding PRT $ 11,811 $ 11,973 $ 11,771 $ 11,942 $ 11,844 $ 46,642 $ 47,530
Direct expense ratio 11.4 % 11.9 % 10.3 % 11.2 % 9.7 % 11.2 % 10.7 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1) 12.4 % 11.9 % 11.9 % 11.7 % 13.1 % 12.2 % 12.1 %
Adjusted expense ratio 18.5 % 20.4 % 17.9 % 19.8 % 17.4 % 18.6 % 18.8 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1) 20.6 % 20.4 % 20.6 % 20.7 % 21.9 % 20.5 % 20.9 %
(1)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 can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.

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METLIFE<br>GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value $ 281,412 $ 278,409 $ 277,736 $ 293,779 $ 281,043
Equity securities, at estimated fair value 757 750 754 746 712
Contractholder-directed equity securities and fair value option securities, at estimated fair value 10,331 10,313 10,106 9,289 10,672
Mortgage loans 92,506 91,458 89,802 90,415 89,012
Policy loans 8,788 8,800 8,691 8,822 8,545
Real estate and real estate joint ventures 13,332 12,992 13,517 13,731 13,342
Other limited partnership interests 14,764 14,301 14,288 14,186 14,378
Short-term investments, principally at estimated fair value 6,045 4,884 3,804 4,609 5,156
Other invested assets 18,202 18,097 18,131 19,706 18,504
Total investments 446,137 440,004 436,829 455,283 441,364
Cash and cash equivalents, principally at estimated fair value 20,639 19,840 20,786 21,765 20,068
Accrued investment income 3,589 3,636 3,657 3,722 3,489
Premiums, reinsurance and other receivables 28,971 29,986 31,820 31,443 29,761
Market risk benefits, at estimated fair value 286 351 356 310 372
Deferred policy acquisition costs and value of business acquired 20,151 19,842 19,568 20,401 19,627
Current income tax recoverable 190 — 348 304 295
Deferred income tax assets 2,612 2,751 2,681 2,469 2,994
Goodwill 9,236 9,037 8,950 9,155 8,901
Other assets 11,139 11,126 11,043 11,315 11,082
Separate account assets 144,634 141,003 139,707 148,809 139,504
Total assets $ 687,584 $ 677,576 $ 675,745 $ 704,976 $ 677,457
LIABILITIES AND EQUITY
Liabilities
Future policy benefits $ 196,406 $ 191,013 $ 190,993 $ 201,340 $ 193,646
Policyholder account balances 219,269 219,168 219,543 224,609 221,445
Market risk benefits, at estimated fair value 3,179 2,696 2,618 3,117 2,581
Other policy-related balances 19,736 20,219 19,379 19,932 18,899
Policyholder dividends payable 386 357 365 381 385
Payables for collateral under securities loaned and other transactions 17,524 17,470 17,719 17,132 17,128
Short-term debt 119 127 390 404 465
Long-term debt 15,548 15,972 14,809 15,278 15,086
Collateral financing arrangement 637 590 555 529 476
Junior subordinated debt securities 3,161 3,162 3,163 3,163 3,164
Current income tax payable — 10 — — —
Deferred income tax liability 927 835 216 956 132
Other liabilities 35,805 36,158 38,748 38,162 36,843
Separate account liabilities 144,634 141,003 139,707 148,809 139,504
Total liabilities 657,331 648,780 648,205 673,812 649,754
Equity
Preferred stock, at par value — — — — —
Common stock, at par value 12 12 12 12 12
Additional paid-in capital 33,690 33,718 33,740 33,766 33,791
Retained earnings 40,146 40,350 40,873 41,765 42,626
Treasury stock, at cost (24,591) (25,774) (26,637) (27,418) (27,798)
Accumulated other comprehensive income (loss) (19,242) (19,771) (20,736) (17,240) (21,186)
Total MetLife, Inc.'s stockholders' equity 30,015 28,535 27,252 30,885 27,445
Noncontrolling interests 238 261 288 279 258
Total equity 30,253 28,796 27,540 31,164 27,703
Total liabilities and equity $ 687,584 $ 677,576 $ 675,745 $ 704,976 $ 677,457

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METLIFESUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Adjusted earnings before provision for income tax
GROUP BENEFITS $ 590 $ 359 $ 674 $ 472 $ 526
RIS 532 504 518 591 487
ASIA 419 582 625 431 613
LATIN AMERICA 271 331 311 309 258
EMEA 63 103 98 94 60
METLIFE HOLDINGS 193 196 188 226 189
CORPORATE & OTHER (341) (244) (233) (223) (184)
Total adjusted earnings before provision for income tax $ 1,727 $ 1,831 $ 2,181 $ 1,900 $ 1,949
Provision for income tax expense (benefit)
GROUP BENEFITS $ 124 $ 75 $ 141 $ 99 $ 110
RIS 111 105 108 119 101
ASIA 123 159 176 125 170
LATIN AMERICA 64 98 85 88 57
EMEA 16 26 21 24 1
METLIFE HOLDINGS 37 37 35 44 36
CORPORATE & OTHER (142) (70) (47) (41) (17)
Total provision for income tax expense (benefit) $ 333 $ 430 $ 519 $ 458 $ 458
Adjusted earnings available to common shareholders
GROUP BENEFITS $ 466 $ 284 $ 533 $ 373 $ 416
RIS 421 399 410 472 386
ASIA 296 423 449 306 443
LATIN AMERICA 207 233 226 221 201
EMEA 47 77 77 70 59
METLIFE HOLDINGS 156 159 153 182 153
CORPORATE & OTHER (1) (232) (241) (220) (249) (199)
Total adjusted earnings available to common shareholders (1) $ 1,361 $ 1,334 $ 1,628 $ 1,375 $ 1,459
(1)Includes impact of preferred stock dividends of 33 million, 67 million, 34 million, 67 million and 32 million for the three months ended December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively.

All values are in US Dollars.

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GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Adjusted revenues
Premiums $ 5,404 $ 5,711 $ 5,599 $ 5,538 $ 5,579 $ 21,558 $ 22,427
Universal life and investment-type product policy fees 218 222 229 231 227 878 909
Net investment income 334 315 313 311 313 1,301 1,252
Other revenues 379 397 382 377 378 1,493 1,534
Total adjusted revenues 6,335 6,645 6,523 6,457 6,497 25,230 26,122
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 4,712 5,236 4,780 4,927 4,881 19,164 19,824
Policyholder liability remeasurement (gains) losses 3 (3) 2 — — (28) (1)
Interest credited to policyholder account balances 49 48 48 49 46 193 191
Capitalization of DAC (4) (4) (5) (4) (5) (20) (18)
Amortization of DAC, VOBA and negative VOBA 7 6 7 6 7 26 26
Interest expense on debt 1 — 1 — 1 2 2
Other expenses 977 1,003 1,016 1,007 1,041 3,796 4,067
Total adjusted expenses 5,745 6,286 5,849 5,985 5,971 23,133 24,091
Adjusted earnings before provision for income tax 590 359 674 472 526 2,097 2,031
Provision for income tax expense (benefit) 124 75 141 99 110 442 425
Adjusted earnings 466 284 533 373 416 1,655 1,606
Preferred stock dividends — — — — — — —
Adjusted earnings available to common shareholders $ 466 $ 284 $ 533 $ 373 $ 416 $ 1,655 $ 1,606
Adjusted premiums, fees and other revenues $ 6,001 $ 6,330 $ 6,210 $ 6,146 $ 6,184 $ 23,929 $ 24,870

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GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Direct and allocated expenses $ 490 $ 505 $ 490 $ 486 $ 519
Pension, postretirement and postemployment benefit costs 12 14 14 14 14
Premium taxes, other taxes, and licenses & fees 79 89 95 93 86
Commissions and other variable expenses 396 395 417 414 422
Adjusted other expenses $ 977 $ 1,003 $ 1,016 $ 1,007 $ 1,041
OTHER INFORMATION (1)
For the Three Months Ended
Unaudited (In millions, except ratios) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Group Life (2)
Adjusted premiums, fees and other revenues $ 2,199 $ 2,340 $ 2,309 $ 2,293 $ 2,289
Mortality ratio 83.5 % 90.2 % 79.1 % 85.6 % 83.2 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues $ 2,689 $ 2,773 $ 2,742 $ 2,718 $ 2,771
Interest adjusted benefit ratio (4) 70.7 % 73.9 % 70.8 % 72.4 % 71.8 %
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

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RIS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Adjusted revenues
Premiums $ 2,736 $ 675 $ 2,448 $ 1,451 $ 3,460 $ 8,248 $ 8,034
Universal life and investment-type product policy fees 81 75 73 67 99 313 314
Net investment income 2,032 2,089 2,117 2,133 2,143 7,803 8,482
Other revenues 66 63 61 61 61 271 246
Total adjusted revenues 4,915 2,902 4,699 3,712 5,763 16,635 17,076
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 3,503 1,471 3,248 2,247 4,280 11,269 11,246
Policyholder liability remeasurement (gains) losses (15) 1 (23) (148) — (131) (170)
Interest credited to policyholder account balances 783 796 838 874 863 2,887 3,371
Capitalization of DAC (40) (61) (46) (53) (58) (176) (218)
Amortization of DAC, VOBA and negative VOBA 13 15 16 14 21 49 66
Interest expense on debt 4 4 3 4 4 14 15
Other expenses 135 172 145 183 166 565 666
Total adjusted expenses 4,383 2,398 4,181 3,121 5,276 14,477 14,976
Adjusted earnings before provision for income tax 532 504 518 591 487 2,158 2,100
Provision for income tax expense (benefit) 111 105 108 119 101 450 433
Adjusted earnings 421 399 410 472 386 1,708 1,667
Preferred stock dividends — — — — — — —
Adjusted earnings available to common shareholders $ 421 $ 399 $ 410 $ 472 $ 386 $ 1,708 $ 1,667
Adjusted premiums, fees and other revenues $ 2,883 $ 813 $ 2,582 $ 1,579 $ 3,620 $ 8,832 $ 8,594
Less: PRT 1,860 (25) 1,752 529 2,593 5,324 4,849
Adjusted premiums, fees and other revenues, excluding PRT $ 1,023 $ 838 $ 830 $ 1,050 $ 1,027 $ 3,508 $ 3,745

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RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Balance, end of period (at balance sheet discount rate) (2), (3) 69,407 $ 67,402 $ 69,385 $ 72,914 $ 71,510
Less: Accumulated other comprehensive (income) loss (1,735) (2,952) 297 (3,134)
Balance, end of period (at original discount rate) 69,685 $ 69,137 $ 72,337 $ 72,617 $ 74,644
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Balance, end of period 82,405 $ 83,049 $ 84,270 $ 85,410 $ 84,923
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Balance, end of period 53,093 $ 51,012 $ 50,033 $ 52,537 $ 51,420
SYNTHETIC GICS (4), (5)
Unaudited (In millions) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Balance, end of period 49,066 $ 48,100 $ 48,982 $ 49,081 $ 49,599
LONGEVITY REINSURANCE (6)
Unaudited (In millions) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Balance, end of period 21,945 $ 21,333 $ 24,422 $ 25,699 $ 25,121
(1)Includes 3,782 million, 3,791 million, 3,830 million, 3,847 million and 3,872 million of DPL at December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)Includes 311 million, 296 million, 1,972 million, 2,081 million and 1,956 million of future policy benefits subject to reinsurance, which are included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets at December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively.
(4)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(5)Includes 1,282 million, 0, 0, 0 and 221 million of transfers from separate account GICs to synthetic GICs at December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively.
(6)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the United Kingdom pension risk transfer market.

All values are in US Dollars.

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RIS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Direct and allocated expenses $ 71 $ 80 $ 74 $ 75 $ 80
Pension, postretirement and postemployment benefit costs 3 4 3 4 3
Premium taxes, other taxes, and licenses & fees 1 17 11 16 18
Commissions and other variable expenses 60 71 57 88 65
Adjusted other expenses $ 135 $ 172 $ 145 $ 183 $ 166
SPREAD
For the Three Months Ended
Unaudited December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Investment income yield excluding variable investment income yield 5.32 % 5.24 % 5.28 % 5.25 % 5.22 %
Variable investment income yield 1.96 % 6.30 % 5.83 % 4.58 % 6.46 %
Total investment income yield 5.19 % 5.28 % 5.30 % 5.23 % 5.26 %
Average crediting rate 4.20 % 4.23 % 4.31 % 4.38 % 4.35 %
Amortization of DPL and losses at inception (1) (0.22) % (0.22) % (0.22) % (0.21) % (0.21) %
Total average crediting rate 3.98 % 4.01 % 4.09 % 4.17 % 4.14 %
Annualized general account spread (2) 1.21 % 1.27 % 1.21 % 1.06 % 1.12 %
Annualized general account spread excluding variable investment income yield 1.34 % 1.23 % 1.19 % 1.08 % 1.08 %
(1)Includes the amortization of DPL of (0.23)%, (0.23)%, (0.23)%, (0.23)% and (0.23)% for the three months ended December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively.
(2)The general account is comprised of invested assets supporting future policy benefits and policyholder account balances.

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ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Adjusted revenues
Premiums $ 1,252 $ 1,297 $ 1,216 $ 1,272 $ 1,206 $ 5,251 $ 4,991
Universal life and investment-type product policy fees 428 426 434 420 410 1,632 1,690
Net investment income 1,003 1,108 1,167 1,132 1,251 3,957 4,658
Other revenues 25 21 18 18 19 86 76
Total adjusted revenues 2,708 2,852 2,835 2,842 2,886 10,926 11,415
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 1,051 1,067 988 1,035 993 4,333 4,083
Policyholder liability remeasurement (gains) losses 13 (32) (4) 60 (59) 105 (35)
Interest credited to policyholder account balances 619 647 657 683 708 2,301 2,695
Capitalization of DAC (381) (361) (335) (336) (348) (1,583) (1,380)
Amortization of DAC, VOBA and negative VOBA 202 205 202 211 214 772 832
Interest expense on debt — — — — — — —
Other expenses 785 744 702 758 765 3,158 2,969
Total adjusted expenses 2,289 2,270 2,210 2,411 2,273 9,086 9,164
Adjusted earnings before provision for income tax 419 582 625 431 613 1,840 2,251
Provision for income tax expense (benefit) 123 159 176 125 170 558 630
Adjusted earnings 296 423 449 306 443 1,282 1,621
Preferred stock dividends — — — — — — —
Adjusted earnings available to common shareholders $ 296 $ 423 $ 449 $ 306 $ 443 $ 1,282 $ 1,621
Adjusted premiums, fees and other revenues $ 1,705 $ 1,744 $ 1,668 $ 1,710 $ 1,635 $ 6,969 $ 6,757

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ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Adjusted premiums, fees and other revenues $ 1,705 $ 1,744 $ 1,668 $ 1,710 $ 1,635
Adjusted premiums, fees and other revenues, on a constant currency basis $ 1,654 $ 1,696 $ 1,678 $ 1,673 $ 1,635
Add: Operating joint ventures, on a constant currency basis (1) 364 526 651 538 412
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis $ 2,018 $ 2,222 $ 2,329 $ 2,211 $ 2,047
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Direct and allocated expenses $ 300 $ 282 $ 272 $ 303 $ 319
Pension, postretirement and postemployment benefit costs 20 15 15 15 19
Premium taxes, other taxes, and licenses & fees 34 33 28 31 26
Commissions and other variable expenses 431 414 387 409 401
Adjusted other expenses $ 785 $ 744 $ 702 $ 758 $ 765
Adjusted other expenses, net of adjusted capitalization of DAC $ 404 $ 383 $ 367 $ 422 $ 417
Adjusted other expenses on a constant currency basis $ 758 $ 723 $ 709 $ 742 $ 765
Add: Operating joint ventures, on a constant currency basis (2) 97 115 106 119 94
Adjusted other expenses, including operating joint ventures, on a constant currency basis $ 855 $ 838 $ 815 $ 861 $ 859
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis $ 473 $ 442 $ 433 $ 483 $ 484
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Japan:
Life $ 194 $ 134 $ 137 $ 141 $ 107
Accident & Health 57 69 63 59 78
Annuities 178 148 146 147 112
Other 1 2 2 2 2
Total Japan 430 353 348 349 299
Other Asia 174 221 278 234 214
Total sales $ 604 $ 574 $ 626 $ 583 $ 513
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Adjusted earnings available to common shareholders $ 296 $ 423 $ 449 $ 306 $ 443
Adjusted earnings available to common shareholders, on a constant currency basis $ 291 $ 415 $ 448 $ 304 $ 443
(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

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ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
GA AUM $ 123,434 $ 120,743 $ 117,606 $ 128,115 $ 120,626
GA AUM (at amortized cost) $ 130,093 $ 128,618 $ 126,997 $ 135,107 $ 129,959
GA AUM (at amortized cost), on a constant currency basis $ 123,958 $ 126,038 $ 127,010 $ 129,923 $ 129,959
Add: Operating joint ventures, on a constant currency basis (1) 7,874 8,150 9,097 9,583 9,978
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis $ 131,832 $ 134,188 $ 136,107 $ 139,506 $ 139,937
(1)Includes MetLife, Inc.'s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

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LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Adjusted revenues
Premiums $ 1,123 $ 1,115 $ 1,122 $ 1,141 $ 1,098 $ 4,287 $ 4,476
Universal life and investment-type product policy fees 352 370 373 346 330 1,398 1,419
Net investment income 482 386 398 435 431 1,644 1,650
Other revenues 11 11 11 9 10 42 41
Total adjusted revenues 1,968 1,882 1,904 1,931 1,869 7,371 7,586
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 1,132 983 1,018 1,091 1,035 4,094 4,127
Policyholder liability remeasurement (gains) losses (20) (8) (3) (18) 20 (25) (9)
Interest credited to policyholder account balances 116 114 115 108 101 426 438
Capitalization of DAC (181) (178) (175) (174) (177) (651) (704)
Amortization of DAC, VOBA and negative VOBA 124 125 129 126 123 468 503
Interest expense on debt 3 3 4 4 4 11 15
Other expenses 523 512 505 485 505 1,911 2,007
Total adjusted expenses 1,697 1,551 1,593 1,622 1,611 6,234 6,377
Adjusted earnings before provision for income tax 271 331 311 309 258 1,137 1,209
Provision for income tax expense (benefit) 64 98 85 88 57 297 328
Adjusted earnings 207 233 226 221 201 840 881
Preferred stock dividends — — — — — — —
Adjusted earnings available to common shareholders $ 207 $ 233 $ 226 $ 221 $ 201 $ 840 $ 881
Adjusted premiums, fees and other revenues $ 1,486 $ 1,496 $ 1,506 $ 1,496 $ 1,438 $ 5,727 $ 5,936

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LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Direct and allocated expenses $ 154 $ 140 $ 145 $ 129 $ 146
Pension, postretirement and postemployment benefit costs 1 2 1 1 3
Premium taxes, other taxes, and licenses & fees 29 20 19 22 24
Commissions and other variable expenses 339 350 340 333 332
Adjusted other expenses $ 523 $ 512 $ 505 $ 485 $ 505
Adjusted other expenses, net of adjusted capitalization of DAC $ 342 $ 334 $ 330 $ 311 $ 328
Adjusted other expenses on a constant currency basis $ 464 $ 454 $ 454 $ 461 $ 505
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis $ 305 $ 299 $ 299 $ 297 $ 328
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Mexico $ 141 $ 202 $ 183 $ 181 $ 133
Chile 92 93 96 102 121
All other 73 67 76 80 81
Total sales $ 306 $ 362 $ 355 $ 363 $ 335
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Adjusted premiums, fees and other revenues $ 1,486 $ 1,496 $ 1,506 $ 1,496 $ 1,438
Adjusted earnings available to common shareholders $ 207 $ 233 $ 226 $ 221 $ 201
Adjusted premiums, fees and other revenues, on a constant currency basis $ 1,325 $ 1,332 $ 1,351 $ 1,421 $ 1,438
Adjusted earnings available to common shareholders, on a constant currency basis $ 182 $ 205 $ 197 $ 209 $ 201

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EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Adjusted revenues
Premiums $ 519 $ 536 $ 536 $ 562 $ 568 $ 2,016 $ 2,202
Universal life and investment-type product policy fees 67 77 77 84 76 298 314
Net investment income 54 54 54 55 59 197 222
Other revenues 9 7 8 9 8 32 32
Total adjusted revenues 649 674 675 710 711 2,543 2,770
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 256 258 265 276 301 984 1,100
Policyholder liability remeasurement (gains) losses 7 — 1 9 (3) (3) 7
Interest credited to policyholder account balances 18 19 17 17 17 72 70
Capitalization of DAC (116) (128) (115) (119) (124) (457) (486)
Amortization of DAC, VOBA and negative VOBA 90 90 81 91 93 344 355
Interest expense on debt — — — — — — —
Other expenses 331 332 328 342 367 1,260 1,369
Total adjusted expenses 586 571 577 616 651 2,200 2,415
Adjusted earnings before provision for income tax 63 103 98 94 60 343 355
Provision for income tax expense (benefit) 16 26 21 24 1 78 72
Adjusted earnings 47 77 77 70 59 265 283
Preferred stock dividends — — — — — — —
Adjusted earnings available to common shareholders $ 47 $ 77 $ 77 $ 70 $ 59 $ 265 $ 283
Adjusted premiums, fees and other revenues $ 595 $ 620 $ 621 $ 655 $ 652 $ 2,346 $ 2,548

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EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Direct and allocated expenses $ 109 $ 101 $ 104 $ 109 $ 112
Pension, postretirement and postemployment benefit costs 6 1 2 2 2
Premium taxes, other taxes, and licenses & fees 6 6 5 6 7
Commissions and other variable expenses 210 224 217 225 246
Adjusted other expenses $ 331 $ 332 $ 328 $ 342 $ 367
Adjusted other expenses, net of adjusted capitalization of DAC $ 215 $ 204 $ 213 $ 223 $ 243
Adjusted other expenses on a constant currency basis $ 320 $ 321 $ 324 $ 335 $ 367
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis $ 208 $ 198 $ 211 $ 219 $ 243
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Adjusted premiums, fees and other revenues $ 595 $ 620 $ 621 $ 655 $ 652
Adjusted earnings available to common shareholders $ 47 $ 77 $ 77 $ 70 $ 59
Adjusted premiums, fees and other revenues, on a constant currency basis $ 576 $ 602 $ 615 $ 644 $ 652
Adjusted earnings available to common shareholders, on a constant currency basis $ 45 $ 74 $ 75 $ 69 $ 59
Total sales on a constant currency basis $ 196 $ 277 $ 273 $ 244 $ 251

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METLIFE HOLDINGS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Adjusted revenues
Premiums $ 754 $ 713 $ 692 $ 673 $ 702 $ 2,881 $ 2,780
Universal life and investment-type product policy fees 95 78 94 80 74 632 326
Net investment income 1,044 1,010 1,016 981 978 4,494 3,985
Other revenues 52 50 37 40 39 195 166
Total adjusted revenues 1,945 1,851 1,839 1,774 1,793 8,202 7,257
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 1,329 1,251 1,252 1,221 1,230 5,350 4,954
Policyholder liability remeasurement (gains) losses 9 20 17 (35) — 37 2
Interest credited to policyholder account balances 135 103 106 84 97 730 390
Capitalization of DAC (5) (5) (4) (4) (4) (22) (17)
Amortization of DAC, VOBA and negative VOBA 61 59 57 58 55 258 229
Interest expense on debt 3 4 3 4 3 13 14
Other expenses 220 223 220 220 223 927 886
Total adjusted expenses 1,752 1,655 1,651 1,548 1,604 7,293 6,458
Adjusted earnings before provision for income tax 193 196 188 226 189 909 799
Provision for income tax expense (benefit) 37 37 35 44 36 176 152
Adjusted earnings 156 159 153 182 153 733 647
Preferred stock dividends — — — — — — —
Adjusted earnings available to common shareholders $ 156 $ 159 $ 153 $ 182 $ 153 $ 733 $ 647
Adjusted premiums, fees and other revenues $ 901 $ 841 $ 823 $ 793 $ 815 $ 3,708 $ 3,272

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METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Annuities $ 1,610 $ 1,577 $ 1,555 $ 1,606 $ 1,515
Life and Other 53,930 53,604 53,296 53,096 52,918
Long Term Care 15,240 14,845 14,455 15,657 14,537
Balance, end of period (at balance sheet discount rate) $ 70,780 $ 70,026 $ 69,306 $ 70,359 $ 68,970
Less:
Annuities $ (18) $ (46) $ (65) $ (5) $ (63)
Life and Other 27 (2) (27) 31 (34)
Long Term Care 313 (215) (755) 339 (919)
Accumulated other comprehensive (income) loss $ 322 $ (263) $ (847) $ 365 $ (1,016)
Annuities $ 1,628 $ 1,623 $ 1,620 $ 1,611 $ 1,578
Life and Other 53,903 53,606 53,323 53,065 52,952
Long Term Care 14,927 15,060 15,210 15,318 15,456
Balance, end of period (at original discount rate) $ 70,458 $ 70,289 $ 70,153 $ 69,994 $ 69,986
Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
Annuities $ 1,519 $ 1,526 $ 1,468 $ 1,505 $ 1,393
Life and Other $ 2,341 $ 2,345 $ 2,372 $ 2,398 $ 2,410
Long Term Care $ — $ — $ — $ — $ —
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Annuities $ 11,537 $ 11,129 $ 10,747 $ 10,437 $ 10,142
Life and Other 11,641 11,486 11,303 11,284 11,132
Balance, end of period $ 23,178 $ 22,615 $ 22,050 $ 21,721 $ 21,274
Policyholder account balances subject to reinsurance (2)
Annuities $ 3,485 $ 3,345 $ 3,228 $ 3,124 $ 3,027
Life and Other $ 6,352 $ 6,532 $ 6,467 $ 6,410 $ 6,357
MARKET RISK BENEFITS
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Annuities $ 2,722 $ 2,231 $ 2,153 $ 2,608 $ 2,069
Balance, end of period $ 2,722 $ 2,231 $ 2,153 $ 2,608 $ 2,069
Market risk benefits subject to reinsurance $ — $ — $ — $ — $ —
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Annuities $ 29,224 $ 29,866 $ 28,843 $ 29,349 $ 27,829
Life and Other 6,324 6,757 6,738 7,049 7,065
Balance, end of period $ 35,548 $ 36,623 $ 35,581 $ 36,398 $ 34,894
Separate accounts liabilities subject to reinsurance (3)
Annuities $ 83 $ 85 $ 82 $ 83 $ 79
Life and Other $ 5,597 $ 5,980 $ 5,944 $ 6,226 $ 6,244
(1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
(3) Separate account assets retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.

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METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Direct and allocated expenses $ 164 $ 165 $ 156 $ 159 $ 166
Pension, postretirement and postemployment benefit costs 6 6 7 6 7
Premium taxes, other taxes, and licenses & fees 16 16 19 20 15
Commissions and other variable expenses 34 36 38 35 35
Adjusted other expenses $ 220 $ 223 $ 220 $ 220 $ 223
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Lapse Ratio (1)
Traditional life 5.4 % 5.7 % 5.9 % 6.2 % 5.8 %
Variable annuity 11.1 % 11.6 % 12.4 % 12.8 % 12.9 %
(1) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

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CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Adjusted revenues
Premiums $ (2) $ 6 $ 15 $ (6) $ (11) $ 42 $ 4
Universal life and investment-type product policy fees — — 1 — 1 1 2
Net investment income 98 106 95 96 126 353 423
Other revenues 102 98 97 98 103 412 396
Total adjusted revenues 198 210 208 188 219 808 825
Adjusted expenses
Policyholder benefits and claims and policyholder dividends (9) 8 9 — (10) 23 7
Policyholder liability remeasurement (gains) losses — — — — — — —
Interest credited to policyholder account balances — — — — — — —
Capitalization of DAC (1) (3) (3) (1) (3) (8) (10)
Amortization of DAC, VOBA and negative VOBA 1 2 1 3 4 9 10
Interest expense on debt 258 253 246 245 247 1,005 991
Other expenses 290 194 188 164 165 946 711
Total adjusted expenses 539 454 441 411 403 1,975 1,709
Adjusted earnings before provision for income tax (341) (244) (233) (223) (184) (1,167) (884)
Provision for income tax expense (benefit) (142) (70) (47) (41) (17) (407) (175)
Adjusted earnings (199) (174) (186) (182) (167) (760) (709)
Preferred stock dividends 33 67 34 67 32 198 200
Adjusted earnings available to common shareholders $ (232) $ (241) $ (220) $ (249) $ (199) $ (958) $ (909)
Adjusted premiums, fees and other revenues $ 100 $ 104 $ 113 $ 92 $ 93 $ 455 $ 402
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Business activities $ 35 $ 6 $ 30 $ 20 $ 16 $ 87 $ 72
Net investment income 95 102 92 96 126 353 416
Interest expense on debt (269) (265) (255) (256) (257) (1,047) (1,033)
Corporate initiatives and projects (9) (6) (7) (8) (12) (67) (33)
Other (193) (81) (93) (75) (57) (493) (306)
Provision for income tax (expense) benefit and other tax-related items 142 70 47 41 17 407 175
Preferred stock dividends (33) (67) (34) (67) (32) (198) (200)
Adjusted earnings available to common shareholders $ (232) $ (241) $ (220) $ (249) $ (199) $ (958) $ (909)

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INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
At or For the Three Months Ended At or For the Year Ended
Unaudited (In millions, except yields) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Fixed Maturity Securities
Yield (1) 4.39 % 4.38 % 4.38 % 4.52 % 4.47 % 4.20 % 4.44 %
Investment income (2), (3) $ 3,241 $ 3,200 $ 3,206 $ 3,357 $ 3,326 $ 12,499 $ 13,089
Investment gains (losses) (197) (85) (246) (157) (245) (2,472) (733)
Ending carrying value (4) 282,861 279,855 279,170 295,460 280,227 282,861 280,227
Net Mortgage Loans
Yield (1) 5.36 % 5.25 % 5.30 % 5.32 % 5.28 % 5.15 % 5.29 %
Investment income (3) 1,127 1,100 1,096 1,097 1,085 4,353 4,378
Investment gains (losses) (69) (82) 6 (156) (53) (198) (285)
Ending carrying value (5) 84,118 83,452 82,051 82,773 81,460 84,118 81,460
Real Estate and Real Estate Joint Ventures
Yield (1) 2.08 % (2.74) % (0.97) % 1.67 % 1.47 % 0.12 % (0.12) %
Investment income 69 (90) (32) 57 50 16 (15)
Investment gains (losses) 37 35 12 128 70 69 245
Ending carrying value 13,332 12,992 13,517 13,731 13,342 13,332 13,342
Policy Loans
Yield (1) 5.36 % 5.56 % 5.44 % 5.72 % 5.67 % 5.41 % 5.60 %
Investment income 113 113 110 116 114 471 453
Ending carrying value 8,788 8,800 8,691 8,822 8,545 8,788 8,545
Equity Securities
Yield (1) 3.37 % 5.48 % 5.50 % 3.47 % 3.23 % 3.61 % 4.38 %
Investment income 4 7 7 4 5 31 23
Investment gains (losses) 15 28 (19) (31) 4 81 (18)
Ending carrying value 757 750 754 746 712 757 712
Other Limited Partnership Interests
Yield (1) (0.06) % 8.27 % 9.10 % 2.45 % 7.05 % 3.10 % 6.73 %
Investment income (2) 301 325 87 252 455 965
Investment gains (losses) — (50) (9) 3 1 12 (55)
Ending carrying value (6) 14,764 14,301 14,288 14,186 14,367 14,764 14,367
Cash and Cash Equivalents and Short-term Investments
Yield (1) 5.61 % 5.32 % 4.61 % 5.23 % 4.97 % 5.73 % 5.04 %
Investment income 229 246 209 257 249 811 961
Investment gains (losses) (33) 25 37 (46) 18 (10) 34
Ending carrying value (7) 26,684 24,724 24,590 26,374 25,018 26,684 25,018
Other Invested Assets
Investment income 410 348 386 312 368 1,666 1,414
Investment gains (losses) 7 (17) (16) 56 23 (158) 46
Ending carrying value 18,202 18,097 18,131 19,706 18,504 18,202 18,504
Total Investments
Investment income yield (1) 4.69 % 4.75 % 4.83 % 4.75 % 4.87 % 4.58 % 4.80 %
Investment fees and expenses yield (1) (0.13) % (0.14) % (0.13) % (0.13) % (0.13) % (0.13) % (0.13) %
Net Investment Income Yield (1) 4.56 % 4.61 % 4.70 % 4.62 % 4.74 % 4.45 % 4.67 %
Investment income $ 5,191 $ 5,225 $ 5,307 $ 5,287 $ 5,449 $ 20,302 $ 21,268
Investment fees and expenses (144) (157) (147) (144) (147) (553) (595)
Net investment income including divested businesses 5,047 5,068 5,160 5,143 5,302 19,749 20,673
Less: Net investment income from divested businesses — — — — 1 — 1
Adjusted Net Investment Income (8) $ 5,047 $ 5,068 $ 5,160 $ 5,143 $ 5,301 $ 19,749 $ 20,672
Ending Carrying Value $ 449,506 $ 442,971 $ 441,192 $ 461,798 $ 442,175 $ 449,506 $ 442,175
Investment Portfolio Gains (Losses) (9) $ (240) $ (146) $ (235) $ (203) $ (182) $ (2,676) $ (766)
Gross investment gains 292 331 245 368 316 1,115 1,260
Gross investment losses (465) (435) (458) (417) (386) (2,095) (1,696)
Net credit loss (provision) release and (impairments) (67) (42) (22) (154) (112) (1,696) (330)
Investment Portfolio Gains (Losses) (9) (240) (146) (235) (203) (182) (2,676) (766)
Investment portfolio gains (losses) income tax (expense) benefit 80 41 57 56 59 604 213
Investment Portfolio Gains (Losses), Net of Income Tax $ (160) $ (105) $ (178) $ (147) $ (123) $ (2,072) $ (553)
Derivative gains (losses) (9) (123) (1,175) (698) 619 (1,159) (3,227) (2,413)
Derivative gains (losses) income tax (expense) benefit (45) 304 193 (206) 314 719 605
Derivative Gains (Losses), Net of Income Tax $ (168) $ (871) $ (505) $ 413 $ (845) $ (2,508) $ (1,808)
See footnotes on Page 29.

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INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE<br>BY SECTOR AND QUALITY DISTRIBUTION
December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Unaudited (In millions, except ratios) Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total
U.S. corporate $ 80,717 28.7 % $ 80,553 28.9 % $ 80,678 29.1 % $ 84,851 28.9 % $ 78,584 28.2 %
Foreign corporate 55,444 19.7 % 54,029 19.4 % 53,419 19.2 % 56,752 19.3 % 53,354 19.1 %
Foreign government 45,489 16.2 % 42,793 15.4 % 40,054 14.4 % 44,132 15.0 % 39,895 14.3 %
Residential mortgage-backed 29,096 10.3 % 31,142 11.2 % 32,616 11.7 % 35,264 12.0 % 34,135 12.3 %
U.S. government and agency 32,252 11.5 % 31,848 11.4 % 33,238 12.0 % 34,676 11.8 % 33,350 12.0 %
Asset-backed securities and collateralized loan obligations 17,294 6.1 % 17,468 6.3 % 17,775 6.4 % 17,520 6.0 % 20,390 7.3 %
Municipals 11,171 4.0 % 10,938 3.9 % 10,470 3.8 % 10,798 3.7 % 9,762 3.5 %
Commercial mortgage-backed 9,949 3.5 % 9,638 3.5 % 9,486 3.4 % 9,786 3.3 % 9,182 3.3 %
Fixed Maturity Securities Available-For-Sale excluding invested assets subject to ceded reinsurance $ 281,412 100.0 % $ 278,409 100.0 % $ 277,736 100.0 % $ 293,779 100.0 % $ 278,652 100.0 %
Reinsurance adjustments — — — — 2,391
Fixed Maturity Securities Available-For-Sale $ 281,412 $ 278,409 $ 277,736 $ 293,779 $ 281,043
NRSRO NAIC
RATING DESIGNATION
Aaa / Aa / A 1 $ 194,722 69.2 % $ 192,127 69.0 % $ 192,239 69.2 % $ 203,560 69.3 % $ 192,099 68.9 %
Baa 2 73,680 26.2 % 73,367 26.4 % 72,732 26.2 % 77,031 26.2 % 74,345 26.7 %
Ba 3 10,299 3.7 % 10,323 3.7 % 9,189 3.3 % 9,666 3.3 % 8,680 3.1 %
B 4 2,371 0.8 % 2,259 0.8 % 3,291 1.2 % 3,131 1.1 % 3,035 1.1 %
Caa and lower 5 258 0.1 % 267 0.1 % 226 0.1 % 331 0.1 % 425 0.2 %
In or near default 6 82 — % 66 — % 59 — % 60 — % 68 — %
Fixed Maturity Securities Available-For-Sale excluding invested assets subject to ceded reinsurance $ 281,412 100.0 % $ 278,409 100.0 % $ 277,736 100.0 % $ 293,779 100.0 % $ 278,652 100.0 %
Reinsurance adjustments — — — — 2,391
Fixed Maturity Securities Available-For-Sale (10) $ 281,412 $ 278,409 $ 277,736 $ 293,779 $ 281,043
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Gross unrealized gains $ 6,876 $ 6,021 $ 5,096 $ 8,093 $ 4,965
Gross unrealized losses 25,835 28,122 30,430 23,558 31,041
Net Unrealized Gains (Losses) excluding invested assets subject to ceded reinsurance $ (18,959) $ (22,101) $ (25,334) $ (15,465) $ (26,076)
Reinsurance adjustments — — — — (142)
Net Unrealized Gains (Losses) $ (18,959) $ (22,101) $ (25,334) $ (15,465) $ (26,218)
See footnotes on Page 29.

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INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Commercial mortgage loans $ 52,111 $ 51,527 $ 50,109 $ 50,478 $ 48,967
Agricultural mortgage loans 19,559 19,461 19,383 19,210 19,030
Residential mortgage loans 13,096 13,201 13,273 13,844 14,186
Total 84,766 84,189 82,765 83,532 82,183
Allowance for credit loss (648) (737) (714) (759) (723)
Net mortgage loans excluding invested assets subject to ceded reinsurance $ 84,118 $ 83,452 $ 82,051 $ 82,773 $ 81,460
Reinsurance adjustments — — — — 85
Net Mortgage Loans $ 84,118 $ 83,452 $ 82,051 $ 82,773 $ 81,545
SUMMARY OF NET COMMERCIAL MORTGAGE LOANS<br><br>BY REGION AND PROPERTY TYPE (5)
December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Unaudited (In millions, except ratios) Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total
Pacific $ 9,016 17.3 % $ 9,036 17.5 % $ 8,680 17.3 % $ 8,745 17.3 % $ 8,738 17.8 %
Non-U.S. 8,933 17.1 % 8,453 16.4 % 8,385 16.7 % 8,593 17.0 % 7,901 16.1 %
Middle Atlantic 7,477 14.3 % 7,430 14.4 % 7,250 14.5 % 6,999 13.9 % 6,938 14.2 %
South Atlantic 6,637 12.7 % 6,802 13.2 % 6,517 13.0 % 6,459 12.8 % 5,890 12.0 %
West South Central 3,472 6.7 % 3,502 6.8 % 3,386 6.8 % 3,455 6.9 % 3,228 6.6 %
New England 2,859 5.5 % 2,821 5.5 % 2,821 5.6 % 2,838 5.6 % 2,680 5.5 %
Mountain 2,193 4.2 % 2,192 4.3 % 2,264 4.5 % 2,217 4.4 % 2,317 4.7 %
East North Central 1,822 3.5 % 1,701 3.3 % 1,600 3.2 % 1,543 3.1 % 1,453 3.0 %
East South Central 654 1.3 % 653 1.3 % 652 1.3 % 608 1.2 % 481 1.0 %
West North Central 613 1.2 % 644 1.2 % 472 1.0 % 472 0.9 % 410 0.8 %
Multi-Region and Other 8,435 16.2 % 8,293 16.1 % 8,082 16.1 % 8,549 16.9 % 8,931 18.3 %
Total excluding invested assets subject to ceded reinsurance $ 52,111 100.0 % $ 51,527 100.0 % $ 50,109 100.0 % $ 50,478 100.0 % $ 48,967 100.0 %
Reinsurance adjustments — — — — 82
Total $ 52,111 $ 51,527 $ 50,109 $ 50,478 $ 49,049
Office $ 19,651 37.7 % $ 19,369 37.6 % $ 18,799 37.5 % $ 18,861 37.4 % $ 18,269 37.3 %
Apartment 11,974 23.0 % 11,353 22.0 % 10,954 21.9 % 10,750 21.3 % 10,472 21.4 %
Retail 7,218 13.9 % 7,371 14.3 % 7,443 14.8 % 7,273 14.4 % 6,612 13.5 %
Single Family Rental 4,728 9.1 % 4,823 9.4 % 4,822 9.6 % 5,141 10.2 % 5,355 10.9 %
Industrial 5,275 10.1 % 5,315 10.3 % 4,941 9.9 % 5,313 10.5 % 4,999 10.2 %
Hotel 3,140 6.0 % 3,199 6.2 % 3,049 6.1 % 3,051 6.0 % 3,178 6.5 %
Other 125 0.2 % 97 0.2 % 101 0.2 % 89 0.2 % 82 0.2 %
Total excluding invested assets subject to ceded reinsurance $ 52,111 100.0 % $ 51,527 100.0 % $ 50,109 100.0 % $ 50,478 100.0 % $ 48,967 100.0 %
Reinsurance adjustments — — — — 82
Total $ 52,111 $ 51,527 $ 50,109 $ 50,478 $ 49,049
See footnotes on Page 29.

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INVESTMENTSFOOTNOTES
(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for third parties, invested assets (including cash and cash equivalents) subject to ceded reinsurance with third parties, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of 107 million, 85 million, 22 million, 76 million and 22 million for the three months ended December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively, and 188 million and 205 million for the year ended December 31, 2023 and December 31, 2024, respectively.
(3)Investment income from fixed maturity securities and net mortgage loans includes prepayment fees.
(4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities.
March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Fixed maturity securities available-for-sale 281,412 $ 278,409 $ 277,736 $ 293,779 $ 281,043
Less: Reinsurance adjustments — — — 2,391
Fixed maturity securities available-for-sale excluding invested assets subject to ceded reinsurance 281,412 $ 278,409 $ 277,736 $ 293,779 $ 278,652
Fair value option securities 1,446 1,434 1,681 1,575
Fixed maturity securities excluding invested assets subject to ceded reinsurance ("Fixed Maturity Securities" as presented on the yield table) 282,861 $ 279,855 $ 279,170 $ 295,460 $ 280,227
(5)The following table presents a reconciliation to ending carrying value presented for net mortgage loans.
March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Mortgage Loans 92,506 $ 91,458 $ 89,802 $ 90,415 $ 89,012
Less: Mortgage loans originated for third parties, net of ACL 8,006 7,751 7,642 7,467
Net mortgage loans 84,118 $ 83,452 $ 82,051 $ 82,773 $ 81,545
Less: Reinsurance adjustments — — — 85
Net mortgage loans excluding invested assets subject to ceded reinsurance ("Net Mortgage Loans" as presented on the yield table) 84,118 $ 83,452 $ 82,051 $ 82,773 $ 81,460
(6)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests.
March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Other limited partnership interests 14,764 $ 17,301 $ 14,288 $ 14,186 $ 14,378
Less: Reinsurance adjustments — — — 11
Other limited partnership interests excluding invested assets subject to ceded reinsurance ("Other Limited Partnership Interests" as presented on the yield table) 14,764 $ 17,301 $ 14,288 $ 14,186 $ 14,367
(7)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments.
March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Cash and cash equivalents and short-term investments 26,684 $ 24,724 $ 24,590 $ 26,374 $ 25,224
Less: Reinsurance adjustments — — — 206
Cash and cash equivalents and short-term investments excluding invested assets subject to ceded reinsurance ("Cash and Cash Equivalents and Short-term Investments" as presented on the yield table) 26,684 $ 24,724 $ 24,590 $ 26,374 $ 25,018
(8)Adjusted net investment income reflects the adjustments as presented on Page 5.
(9)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
For the Year Ended
March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Net investment gains (losses) (174) $ (375) $ (421) $ (77) $ (311) $ (2,824) $ (1,184)
Less: Non-investment portfolio gains (losses) (226) (176) 188 (122) (81) (336)
Less: Provision for credit loss on certain mortgage loans originated for third parties (4) (15) 4 11 (73) (4)
Less: Other adjustments 1 5 (66) (18) 6 (78)
Investment portfolio gains (losses) (240) $ (146) $ (235) $ (203) $ (182) $ (2,676) $ (766)
For the Year Ended
March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Net derivative gains (losses) 149 $ (979) $ (508) $ 767 $ (903) $ (2,140) $ (1,623)
Less: Investment hedge adjustments 176 172 129 127 1,012 604
Less: Reinsurance adjustments — — — 110 — 110
Less: Other adjustments 20 18 19 19 75 76
Derivative gains (losses) (123) $ (1,175) $ (698) $ 619 $ (1,159) $ (3,227) $ (2,413)
(10)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.

All values are in US Dollars.

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Appendix

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APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders $ 574 $ 800 $ 912 $ 1,275 $ 1,239 $ 1,380 $ 4,226
Add: Preferred stock dividends 33 67 34 67 32 198 200
Add: Preferred stock redemption premium — — — — — — —
Add: Net income (loss) attributable to noncontrolling interests 7 8 7 (1) 4 24 18
Net income (loss) 614 875 953 1,341 1,275 $ 1,602 $ 4,444
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses) (174) (375) (421) (77) (311) (2,824) (1,184)
Net derivative gains (losses) 149 (979) (508) 767 (903) (2,140) (1,623)
Market risk benefit remeasurement gains (losses) (431) 694 182 (531) 764 994 1,109
Premiums - Divested businesses — — — 16 15 — 31
Universal life and investment-type product policy fees - Divested businesses — — — — — — —
Net investment income
Investment hedge adjustments (253) (176) (172) (129) (127) (1,012) (604)
Unit-linked contract income and reinsurance adjustments 580 542 219 147 214 1,183 1,122
Joint venture adjustments (8) 2 (2) 66 16 (12) 82
Divested businesses — — — — 1 — 1
Other revenues
Asymmetrical and non-economic accounting 29 39 35 50 34 29 158
Other adjustments (13) (12) (11) (14) (11) (34) (48)
Divested businesses — — — — — — —
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting (26) (14) (161) 7 (51) (179) (219)
Market volatility 62 67 88 52 49 184 256
Divested businesses — — — (9) (10) — (19)
Policyholder liability remeasurement (gains) losses — — — — — — —
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting (103) (24) (5) (79) 5 (68) (103)
Unit-linked contract costs (582) (539) (214) (143) (185) (1,183) (1,081)
Divested businesses — — — — — — —
Capitalization of DAC - Divested businesses — — — — — — —
Amortization of DAC, VOBA and negative VOBA - Divested businesses — — — — — — —
Interest expense on debt - Divested businesses — — — — — — —
Other expenses
Reinsurance adjustments — — — — (30) — (30)
Other adjustments (7) (7) (5) (12) (25) (55) (49)
Divested businesses (9) (4) (4) (17) (13) (38) (38)
Goodwill impairment — — — — — — —
Provision for income tax (expense) benefit 6 260 270 (195) 352 1,034 687
Adjusted earnings 1,394 1,401 1,662 1,442 1,491 5,723 5,996
Less: Preferred stock dividends 33 67 34 67 32 198 200
Adjusted earnings available to common shareholders $ 1,361 $ 1,334 $ 1,628 $ 1,375 $ 1,459 $ 5,525 $ 5,796

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APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Actuarial assumption review and other insurance adjustments $ — $ — $ — $ 16 $ — $ 14 $ 16
Litigation reserves and settlement costs (76) — — — (47) (76) (47)
Tax adjustments — — — — 57 — 57
Total notable items $ (76) $ — $ — $ 16 $ 10 $ (62) $ 26
GROUP BENEFITS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Actuarial assumption review and other insurance adjustments $ — $ — $ — $ (58) $ — $ 27 $ (58)
Total notable items $ — $ — $ — $ (58) $ — $ 27 $ (58)
RIS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Actuarial assumption review and other insurance adjustments $ — $ — $ — $ 104 $ — $ 61 $ 104
Total notable items $ — $ — $ — $ 104 $ — $ 61 $ 104
(1)These notable items represent a positive (negative) impact to 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.

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APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1) (CONTINUED)
ASIA
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Actuarial assumption review and other insurance adjustments $ — $ — $ — $ (41) $ — $ (94) $ (41)
Total notable items $ — $ — $ — $ (41) $ — $ (94) $ (41)
LATIN AMERICA
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Actuarial assumption review and other insurance adjustments $ — $ — $ — $ 4 $ — $ — $ 4
Total notable items $ — $ — $ — $ 4 $ — $ — $ 4
EMEA
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Actuarial assumption review and other insurance adjustments $ — $ — $ — $ (5) $ — $ 18 $ (5)
Total notable items $ — $ — $ — $ (5) $ — $ 18 $ (5)
METLIFE HOLDINGS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Actuarial assumption review and other insurance adjustments $ — $ — $ — $ 12 $ — $ 2 $ 12
Total notable items $ — $ — $ — $ 12 $ — $ 2 $ 12
CORPORATE & OTHER
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Litigation reserves and settlement costs $ (76) $ — $ — $ — $ (47) $ (76) $ (47)
Tax adjustments — — — — 57 — 57
Total notable items $ (76) $ — $ — $ — $ 10 $ (76) $ 10
(1)These notable items represent a positive (negative) impact to 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.

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APPENDIX<br>METLIFE<br>EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Total MetLife, Inc.'s stockholders' equity $ 30,015 $ 28,535 $ 27,252 $ 30,885 $ 27,445
Less: Preferred stock 3,818 3,818 3,818 3,818 3,818
MetLife, Inc.'s common stockholders' equity 26,197 24,717 23,434 27,067 23,627
Less: Unrealized investment gains (losses), net of related offsets and income tax (14,506) (16,813) (19,187) (11,239) (19,402)
Deferred gains (losses) on derivatives, net of income tax 183 202 99 (292) 370
Future policy benefits discount rate remeasurement gains (losses), net of income tax 2,658 4,773 6,606 2,004 6,529
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax 27 (47) (73) 4 (71)
Defined benefit plans adjustment, net of income tax (1,446) (1,421) (1,396) (1,371) (1,442)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1) — — — — (129)
Total MetLife, Inc.'s adjusted common stockholders' equity 39,281 38,023 37,385 37,961 37,772
Less: Accumulated year-to-date total notable items, net of income tax (2) (62) — — 16 26
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2) $ 39,343 $ 38,023 $ 37,385 $ 37,945 $ 37,746
Unaudited (In millions, except per share data) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Book value per common share 35.85 34.54 33.30 39.02 34.28
Less: Unrealized investment gains (losses), net of related offsets and income tax (19.85) (23.49) (27.26) (16.20) (28.15)
Deferred gains (losses) on derivatives, net of income tax 0.25 0.28 0.14 (0.42) 0.54
Future policy benefits discount rate remeasurement gains (losses), net of income tax 3.64 6.68 9.38 2.89 9.46
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax 0.04 (0.07) (0.10) 0.01 (0.10)
Defined benefit plans adjustment, net of income tax (1.98) (1.99) (1.98) (1.98) (2.09)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1) — — — — (0.19)
Adjusted book value per common share 53.75 53.13 53.12 54.72 54.81
Common shares outstanding, end of period 730.8 715.7 703.8 693.7 689.2
For the Three Months Ended (3) For the Year Ended
Unaudited (In millions, except ratios) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024
Return on MetLife, Inc.'s:
Common stockholders' equity 9.6 % 12.6 % 15.2 % 20.2 % 19.6 % 5.4 % 16.9 %
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity 13.8 % 13.8 % 17.3 % 14.6 % 15.4 % 13.6 % 15.2 %
Adjusted common stockholders' equity, excluding total notable items (2) 14.6 % 13.8 % 17.3 % 14.4 % 15.3 % 13.8 % 15.2 %
Average common stockholders' equity $ 24,019 $ 25,457 $ 24,076 $ 25,251 $ 25,347 $ 25,784 $ 25,008
Average adjusted common stockholders' equity $ 39,368 $ 38,652 $ 37,704 $ 37,673 $ 37,867 $ 40,599 $ 38,084
Average adjusted common stockholders' equity, excluding total notable items (2) $ 39,392 $ 38,652 $ 37,704 $ 37,665 $ 37,846 $ 40,608 $ 38,076
(1)Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to third-party reinsurers.
(2)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 can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.
(3) Annualized using quarter-to-date results.

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APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
GROUP BENEFITS (1) $ 6,001 $ 6,330 $ 6,210 $ 6,146 $ 6,184
RIS (1) 2,883 813 2,582 1,579 3,620
ASIA 1,654 1,696 1,678 1,673 1,635
LATIN AMERICA 1,325 1,332 1,351 1,421 1,438
EMEA 576 602 615 644 652
METLIFE HOLDINGS (1) 901 841 823 793 815
CORPORATE & OTHER (1) 100 104 113 92 93
Adjusted premiums, fees and other revenues, on a constant currency basis $ 13,440 $ 11,718 $ 13,372 $ 12,348 $ 14,437
Adjusted premiums, fees and other revenues $ 13,671 $ 11,948 $ 13,523 $ 12,471 $ 14,437
ASIA (including operating joint ventures) (2), (3) $ 2,018 $ 2,222 $ 2,329 $ 2,211 $ 2,047
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
GROUP BENEFITS (1) $ 977 $ 1,003 $ 1,016 $ 1,007 $ 1,041
RIS (1) 135 172 145 183 166
ASIA 758 723 709 742 765
LATIN AMERICA 464 454 454 461 505
EMEA 320 321 324 335 367
METLIFE HOLDINGS (1) 220 223 220 220 223
CORPORATE & OTHER (1) 290 194 188 164 165
Adjusted other expenses on a constant currency basis $ 3,164 $ 3,090 $ 3,056 $ 3,112 $ 3,232
Adjusted other expenses $ 3,261 $ 3,180 $ 3,104 $ 3,159 $ 3,232
ASIA (including operating joint ventures) (2), (4) $ 855 $ 838 $ 815 $ 861 $ 859
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
GROUP BENEFITS (1) $ 466 $ 284 $ 533 $ 373 $ 416
RIS (1) 421 399 410 472 386
ASIA 291 415 448 304 443
LATIN AMERICA 182 205 197 209 201
EMEA 45 74 75 69 59
METLIFE HOLDINGS (1) 156 159 153 182 153
CORPORATE & OTHER (1) (232) (241) (220) (249) (199)
Adjusted earnings available to common shareholders on a constant currency basis $ 1,329 $ 1,295 $ 1,596 $ 1,360 $ 1,459
Adjusted earnings available to common shareholders $ 1,361 $ 1,334 $ 1,628 $ 1,375 $ 1,459
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 15 for operating joint ventures.
(3) Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

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APPENDIX<br><br>METLIFE<br><br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES<br><br><br><br>In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.<br><br><br><br>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 (vi) net income (loss)
(vii) adjusted earnings available to common shareholders (vii) net income (loss) available to MetLife, Inc.’s common shareholders
(viii) adjusted earnings available to common shareholders, excluding total notable items (viii) net income (loss) available to MetLife, Inc.’s common shareholders
(ix) adjusted earnings available to common shareholders per diluted common share (ix) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(x) adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (x) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(xi) adjusted return on equity (xi) return on equity
(xii) adjusted return on equity, excluding total notable items (xii) return on equity
(xiii) investment portfolio gains (losses) (xiii) net investment gains (losses)
(xiv) derivative gains (losses) (xiv) net derivative gains (losses)
(xv) adjusted capitalization of DAC (xv) capitalization of DAC
(xvi) total MetLife, Inc.’s adjusted common stockholders’ equity (xvi) total MetLife, Inc.’s stockholders’ equity
(xvii) total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items (xvii) total MetLife, Inc.’s stockholders’ equity
(xviii) adjusted book value per common share (xviii) book value per common share
(xix) adjusted other expenses (xix) other expenses
(xx) adjusted other expenses, net of adjusted capitalization of DAC (xx) other expenses, net of capitalization of DAC
(xxi) adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (xxi) other expenses, net of capitalization of DAC
(xxii) adjusted expense ratio (xxii) expense ratio
(xxiii) adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (xxiii) expense ratio
(xxiv) direct expenses (xxiv) other expenses
(xxv) direct expenses, excluding total notable items related to direct expenses (xxv) other expenses
(xxvi) direct expense ratio (xxvi) expense ratio
(xxvii) direct expense ratio, excluding total notable items related to direct expenses and PRT (xxvii) expense ratio
(xxviii) future policy benefits at original discount rate (xxviii) future policy benefits at balance sheet discount rate
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 QFS and in this period’s earnings news release, which is available at the MetLife Investor Relations webpage (https://investor.metlife.com).

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APPENDIX<br>METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
MetLife's definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:<br><br><br><br>Adjusted earnings and related measures
• adjusted earnings;
• adjusted earnings available to common shareholders;
• adjusted earnings available to common shareholders, excluding total notable items;
• adjusted earnings available to common shareholders 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 on a constant currency basis.
Adjusted earnings is used by the Company'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.<br><br><br><br>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.<br><br><br><br>Market volatility can have a significant impact on the Company's financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits remeasurement gains (losses) and goodwill impairments. Further, net investment income excludes adjusted earnings adjustments 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 to the line items indicated 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 excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs"). Net investment income excludes returns on invested assets (including cash and cash equivalents) subject to ceded reinsurance arrangements with third parties ("Reinsurance adjustments").
• 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.
• Other expenses exclude (i) Reinsurance adjustments, (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 attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
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.<br><br>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.<br><br>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.

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APPENDIX<br>METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
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 AOCI (AOCI other than FCTA) 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 (AOCI other than FCTA), 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) 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 assets under management 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, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to 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.
Other items
The following additional information is relevant to an understanding of our performance results:
• Statistical sales information for 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.
• PRT includes UK funded reinsurance.

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APPENDIX<br>METLIFE<br>ACRONYMS
AOCI Accumulated other comprehensive income (loss)
DAC Deferred policy acquisition costs
DPL Deferred profit liabilities
EMEA Europe, the Middle East and Africa
FCTA Foreign currency translation adjustments
GA General account
GA AUM General account assets under management
GAAP Accounting principles generally accepted in the United States of America
GICs Guaranteed interest contracts
NAIC National Association of Insurance Commissioners
NRSRO Nationally Recognized Statistical Rating Organization
PRT Pension risk transfers
QFS Quarterly financial supplement
RIS Retirement and Income Solutions
VOBA Value of business acquired

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ex993q42024totalaum

Assets Under Management December 31, 2024 Investors turn to MetLife Investment Management for our client-centric approach and deep, long-established expertise in Fixed Income, Private Capital and Real Estate. We aim to deliver strong, risk-adjusted returns by building sustainable, tailored portfolio solutions. Our hallmark is approachable expertise – a commitment to being accountable and collaborative in helping clients realize their objectives. Total Assets Under Management1 By Asset Type $596.9 Billion Mortgage Loans $107.7 Public Corporates $99.6 Structured Products $69.9 Private Corporates $57.9 U.S. Government and Agency $54.5 Private Infrastructure $36.6 Foreign Governments $35.1 Cash and Short-Term Investments $26.8 Real Estate Equity $23.5 Common and Preferred Equity $21.2 Alternatives $18.3 Emerging Market Debt $14.8 Municipals $12.1 Private Structured Credit $7.4 Bank Loans $5.8 High Yield $4.5 Middle Market Private Capital $1.2 Institutional Client Assets Under Management1 $178.7 Billion Insurance $65.5 Pension $62.5 Sub-Advisory $37.1 Other2 $13.6 1As of December 31, 2024. At estimated fair value. Dollars in billions. Cash and Short-Term Investments includes cash equivalents. See Explanatory Note. 2Includes health service organizations, endowments, foundations, non-profits, family office, high net worth, fund of funds, sovereign wealth funds, supranationals and central authorities. 448 Mandates Representative Capabilities Private Capital Corporate Private Credit Infrastructure Debt Private Structured Credit Middle Market Private Capital Residential Whole Loans Private Equity Fixed Income Bank Loans Core Core Plus Corporate Emerging Market Debt High Yield Liability Driven Investing (LDI) Strategies Multi-Sector Short Duration Stable Value Real Estate Commercial Mortgage Loans Real Estate Equity Index Strategies Insurance Advisory 42% 33% 14% 11% Mandates Profile Institutional Client AUM By Client Type investments.metlife.com Exhibit 99.3

Explanatory Note The following information is relevant to an understanding of our assets under management ("AUM") managed or advised by MetLife Investment Management, LLC and certain of its affiliates ("MIM"). MIM is MetLife, Inc.'s institutional investment management business. Our definitions may differ from those used by other companies. Total Assets Under Management (“Total AUM”) is comprised of GA AUM plus Institutional Client AUM (each, as defined below). 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, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to 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 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 net commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate equity and include them as net 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 (“Mandates”). Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios of MetLife insurance companies, 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 investments subject to reinsurance arrangements with third-party reinsurers, 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. Additional information about MetLife’s general account investment portfolio is available in MetLife, Inc.’s quarterly financial materials for the quarter ended December 31, 2024, which may be accessed through MetLife’s Investor Relations web page at https://investor.metlife.com. Neither MetLife, Inc.’s quarterly financial materials, nor any other information from the MetLife website, is a part of or incorporated by reference into this Total AUM Fact Sheet. Cautionary Statement on Forward-Looking Statements The forward-looking statements in this fact sheet, using words such as "aim," are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife's future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements. L1024044218[exp1025][All States] One MetLife Way | Whippany, New Jersey 07981 © 2023 METLIFE, INC.

ex994q424supplementalsli

4Q24 Supplemental Slides and Outlook1 John McCallion Chief Financial Officer and Head of MetLife Investment Management Exhibit 99.4 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.

2 Table of contents Topic Page No. Net income (loss) to adjusted earnings 3 Adjusted earnings, ex. total notable items 4 Variable investment income (VII) 5 Direct expense ratio 7 Cash & capital 8 Outlook 10 Appendix 15

3 Net income (loss) to adjusted earnings 1 The per share data for each item is calculated on a standalone basis and may not sum to the total. 2 The Actuarial Assumption Review and Other Insurance Adjustments line item reflecting $6 million of after-tax losses includes $5 million of after-tax market risk benefit remeasurement losses and $1 million of after-tax net derivative losses. These amounts are therefore not included in the Net Derivative Gains (Losses) or Market Risk Benefit Remeasurement Gains (Losses) line items. 4Q24 FY24 (post-tax) $ in millions $ per share1 $ in millions $ per share1 Net Income (Loss) $1,239 $1.78 $4,226 $5.94 Less: Net Investment Gains (Losses) (246) (0.35) (935) (1.31) Net Derivative Gains (Losses)2 (713) (1.02) (1,281) (1.80) Market Risk Benefit Remeasurement Gains (Losses)2 604 0.87 881 1.24 Actuarial Assumption Review and Other Insurance Adjustments2 - - (6) (0.01) Investment Hedge Adjustments (100) (0.14) (477) (0.67) Other 235 0.34 248 0.35 Adjusted Earnings $1,459 $2.09 $5,796 $8.15 Less Notable Items: Actuarial Assumption Review and Other Insurance Adjustments - - 16 0.02 Litigation Reserves and Settlement Costs (47) (0.07) (47) (0.07) Tax Adjustments 57 0.08 57 0.08 Adjusted Earnings ex. Total Notable Items $1,449 $2.08 $5,770 $8.11

4 ($ in millions - except per share data) 4Q24 4Q23 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $416 $466 (11%) Underwriting Margins RIS 386 421 (8%) Volume Growth Investment Margins; Underwriting Margins Asia 443 296 50% 52% Investment Margins; Underwriting Margins Latin America 201 207 (3%) 10% Volume Growth Equity Markets EMEA 59 47 26% 31% Volume Growth; Taxes Expense Margins; Underwriting Margins MetLife Holdings 153 156 (2%) Underwriting Margins Foregone earnings2 Corporate & Other (209) (156) Investment Margin Expenses; Taxes Adjusted Earnings ex. Total Notable Items $1,449 $1,437 1% 3% Adjusted EPS ex. Total Notable Items $2.08 $1.93 8% 10% Adjusted earnings, ex. total notable items, by segment & C&O 1 To be discussed on MetLife, Inc.’s fourth quarter and full year 2024 earnings conference call and audio webcast. 2 As a result of reinsurance transaction with Global Atlantic Financial Group being effective in November 2023.

5 2024 VII below guidance1 driven by lower real estate returns ($ in millions - pre-tax) 1 Quarterly target VII range of $375 million, based on full year 2024 guidance of ~ $1.5 billion. 2 Other includes Real Estate and Other Funds and Prepayment Fees. $0 Private Equity Other2 1Q24 2Q24 3Q24 4Q24 FY23 FY24 $260 $298 $162 $293 $1,013 $419

6 1 Assumes a 21% U.S. statutory tax rate. VII by segment and C&O ($ in millions - post-tax1) 1Q24 2Q24 3Q24 4Q24 FY24 Group Benefits $4 $3 $2 $1 $10 RIS 73 64 50 71 258 Asia 56 99 44 121 320 Latin America 1 2 8 4 15 EMEA — — — — — MetLife Holdings 55 46 29 29 159 Corporate & Other 16 21 (5) 6 38 Total Variable Investment Income $205 $235 $128 $232 $800

7 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 12.3% Annual Target FY24 direct expense ratio1 of 12.1%, below 12.3% annual target 12.0% 11.9% 12.2% 11.9% 12.3% 11.7% 12.4% 13.1% 12.2% 12.1% 1Q23 1Q24 2Q23 2Q24 3Q23 3Q24 4Q23 4Q24 FY23 FY24

8 Holding Company Cash1 Cash & capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 Excludes notable items. 3 Based on estimate and 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 include conditions and factors occurring after the year end. 4 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both periods. $3.0B to $4.0B Cash Buffer Capital ($ in billions) • Share repurchases of ~$0.4 billion in 4Q24 and ~$3.2 billion in FY24 – ~$470 million shares repurchased in January 2025 • Average 2023 - 2024 free cash flow ratio2 of 72% • 2024 Combined NAIC Risk-Based Capital (RBC) ratio3 above 360% target • Expected total U.S. Statutory Adjusted Capital4 of $17.4 billion at 12/31/24, down 1% from 9/30/24 • Expected Japan Solvency Margin ratio of ~675% at 12/31/24

9 $1.2B 2020-2024 Create ~$1B additional capacity to accelerate growth over 5 years $20.7B 2020-2024 Generate ~$20B of distributable cash2 over 5 years 15.2%3 FY 2024 Deliver 12–14% Adjusted ROE1 Positive Operating Leverage 1 Excluding total notable items. Next Horizon target of 12-14% communicated at 2019 Investor Day, was updated to 13-15% in 4Q2022 earnings call. 2 Represents free cash flow of all holding companies. 3 Beginning with fourth quarter and full year 2024 results and going forward, “adjusted ROE” refers to return on equity, excluding accumulated other comprehensive income other than foreign currency translation adjustments and certain ceded reinsurance-related embedded derivatives. Beat all of our Next Horizon commitments Accretive Returns Strong Free Cash Flow

Outlook

11 Overview 1 One to three years. 2 Excluding total notable items. 3 2-year average excluding total notable items. 4 Excluding total notable items related to direct expenses and PRT. 5 Pre-tax. 6 Post-tax. Includes MetLife Investment Management. 7 See pages 19 and 20 in the Appendix for more information. 8 Increase/decrease of 10 basis points from base for interest rates shorter than 1 year; no change in longer-term interest rates. • U.S. Dollar strengthens in 2025 vs 2024 • Long-term interest rates stable with yield curve steepening • S&P 500 annual return of 5% Near-term1 targets: • Double-digit adjusted EPS growth • Adjusted return on equity2 of 15-17% • Free cash flow ratio of 65-75% of adjusted earnings3 Corporate guidance for 2025: • Direct expense ratio target of 12.1%4 • Variable investment income of ~$1.7 billion5 • Corporate & Other adjusted loss of $850 – $950 million6 • Effective tax rate to be between 24-26% Adjusted Earnings Impact from Rates $ in millions 2025 2026 2027 50 bps declining interest rate scenario7 ($35) ($104) ($159) 50 bps rising interest rate scenario7 $40 $110 $170 10 bps increase in SOFR8 $5 $9 $8 10 bps decrease in SOFR8 ($5) ($9) ($7) Macro Assumptions Near-Term1 Targets and Corporate Guidance Key Sensitivities

12 VII average asset balances and key drivers 2023 2024 ($ in billions) Private Equity 2025 Expected Real Estate and Other Funds Average Asset Balance • Near-term annual return assumptions: – Private equity: 9-11% – Real estate and other funds: 7-9% • VII includes prepayment fees on fixed maturity securities and mortgage loans $18.9 $19.0$18.9 $14.2 $4.8 $14.3 $4.6 $14.5 $4.4 Key Drivers

13 Near-Term Guidance • Adjusted premiums, fees and other revenues (PFOs) expected to grow annually 4-7% • Group Life mortality ratio of 84.5% in 2024; target of 84-89%1 • Group Non-Medical Health interest adjusted benefit ratio of 72.2% in 2024; target of 69-74%1 • Incremental adjusted earnings of 5-10% in 2025 from product mix, greater operating efficiencies and higher investment income • Liability exposures2 expected to grow 3-5% annually • General account investment spread3 of 117 bps in 2024; expected to be 110-135 bps in 2025 • Incremental adjusted earnings of ~5% from total fee and underwriting income, net of expenses • Adjusted PFOs expected to decline by 4-6% annually • Adjusted earnings of $650 - $800 million in 2025 Group Benefits Retirement and Income Solutions MetLife Holdings 1 Full year ratios reflect simple quarterly average. 2 Includes future policy benefits, policyholder account liabilities, and separate account liabilities, as well as notional amounts not recorded on MetLife's balance sheet. 3 Average annualized general account spread.

14 Near-Term Guidance1 • Sales growth of mid-to-high single-digits • General account assets under management2 to grow at mid single-digits • Adjusted earnings in 2025 to grow mid single-digits on a constant currency basis and low single-digits on a reported basis due to FX headwinds • Adjusted earnings to grow mid single-digits in 2026 and 20273 • Adjusted PFOs and adjusted earnings in 2025 to grow high single-digits on a constant currency basis and flat on a reported basis due to FX headwinds • Adjusted PFOs and adjusted earnings to grow high-single digits in 2026 and 20273 • Adjusted PFOs to grow mid-to-high single digits • Adjusted earnings run-rate of $70 - $75 million per quarter in 2025 • Adjusted earnings expected to grow mid single-digits in 2026-2027 Asia Latin America EMEA 1 Sales and AUM growth rates on a constant currency basis; adjusted earnings and PFOs growth rates on a reported basis, unless otherwise noted. 2 Excludes fair value adjustments and operating joint ventures. 3 On both a constant currency and reported basis.

Appendix

16 High quality commercial mortgage loan (CML) portfolio1 • Concentrated in high-quality assets and in larger, primary markets • 69% average Loan-to-Value (LTV) Ratio and 2.1x average Debt Service Coverage Ratio (DSCR) – 77% of CML portfolio with LTVs less than or equal to 80% – 94% of CML portfolio with DSCRs greater than or equal to 1x – 79% average office LTV ratio and 2.0x average DSCR 1At December 31, 2024. All references to commercial mortgage loans in this earnings presentation are to net commercial mortgage loans, consisting of commercial mortgage loans, excluding commercial mortgage loans originated for third parties and related allowance for credit loss. LTV and DSCR Matrix $49.0 Billion LTV >1.2x 1.0-1.2x <1.0x Total <65% 45.9% 2.4% 1.6% 49.9% 65-75% 18.1% 1.4% 0.8% 20.3% 76-80% 5.4% 0.2% 0.7% 6.3% >80% 16.7% 3.8% 3.0% 23.5% Total 86.1% 7.8% 6.1% 100.0%

17 Key Sensitivities • 1% change in Group Life mortality ratio translates to ~$75 million of adjusted earnings1 • 1% change in Group Non-Medical Health interest adjusted benefit ratio translates to ~$90 million of adjusted earnings1 • Roughly 75% of the separate account (SA) assets are in equities • +/- 10% change in SA returns translates to ~$25 million ongoing annual impact to adjusted earnings Group Benefits Retirement and Income Solutions MetLife Holdings Impact on $ in millions Change Adjusted Earnings1 SOFR2, 3 +10 bps +$2 -10 bps -$2 U.S. Treasury4 +10 bps +$3 -10 bps -$3 • $1 billion of PRT premium translates to $8-10 million of annual adjusted earnings1 1 Annual impact. 2 SOFR is used as a proxy for all short-term funding rates 3 months or less; change from base rates, no change in other interest rates. 3 This sensitivity holds for a rate change of +/- 50 basis points. 4 Parallel shift in base scenario U.S. Treasury rates from 1 to 30 years. No change in other interest rates.

18 Key Sensitivities Asia Latin America EMEA 1 Higher yields increase adjusted earnings and lower regulatory ratios. 2 Higher yields increase adjusted earnings and improve regulatory ratios. 3 The ProVida encaje is capital required by Superintendencia de Pensiones. The encaje is invested in the same manner as the total pension fund, and the investment income is included in adjusted earnings. Annual Impact on Regulatory $ in millions Change Adjusted Earnings Ratios (%) Parallel shift in yield curve: Japan - UST1 +/-10 bps $1-2 10-15% Japan - JPY1 +/-10 bps $1-2 5-10% Korea2 +/-10 bps $0-1 0-5% Annual Impact on $ in millions Change Adjusted Earnings Mexican peso to U.S. dollar 1% $6 Chilean peso to U.S. dollar 1% $3 Annual return on the ProVida encaje3 1% $3 Annual Impact on $ in millions Change Adjusted Earnings Euro to U.S. Dollar +1% $1.2 British Pound to U.S. Dollar +1% $0.6 Turkish Lira to U.S. Dollar +1% $0.6

19 12/31/24 12/31/25 12/31/26 12/31/27 Base Declining Rate Base Declining Rate Base Declining Rate Base Declining Rate SOFR1 4.49% 3.99% 3.90% 3.40% 3.87% 3.37% 3.93% 3.43% 10-Year U.S. Treasury1 4.57% 4.07% 4.69% 4.19% 4.78% 4.28% 4.88% 4.38% 30-Year U.S. Treasury1 4.78% 4.28% 4.82% 4.32% 4.84% 4.34% 4.87% 4.37% Interest Rates: Base vs. Declining Rate Scenario 1 Base rates based on forward curve as of December 31, 2024.

20 12/31/24 12/31/25 12/31/26 12/31/27 Base Rising Rate Base Rising Rate Base Rising Rate Base Rising Rate SOFR1 4.49% 4.99% 3.90% 4.40% 3.87% 4.37% 3.93% 4.43% 10-Year U.S. Treasury1 4.57% 5.07% 4.69% 5.19% 4.78% 5.28% 4.88% 5.38% 30-Year U.S. Treasury1 4.78% 5.28% 4.82% 5.32% 4.84% 5.34% 4.87% 5.37% Interest Rates: Base vs. Rising Rate Scenario 1 Base rates based on forward curve as of December 31, 2024.

21 Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, using words 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, are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements.

22 Explanatory Note on Non-GAAP and Other Financial Information Any references in this presentation (except in this Explanatory Note on Non-GAAP Financial Information and Reconciliations) 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; and (iv) adjusted earnings available to common shareholders per diluted common share; and (v) adjusted return on equity. (iv) adjusted return on MetLife, Inc.'s common stockholders' equity. In this presentation, 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). We believe that these non-GAAP financial measures enhance our investors' understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our 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) adjusted premiums, fees and other revenues; (i) premiums, fees and other revenues; (ii) adjusted premiums, fees and other revenues, excluding PRT; (ii) premiums, fees and other revenues; (iii) adjusted capitalization of deferred policy acquisition costs (DAC); (iii) capitalization of DAC; (iv) adjusted earnings available to common shareholders; (iv) net income (loss) available to MetLife, Inc.’s common shareholders; (v) adjusted earnings available to common shareholders, excluding total notable items; (v) net income (loss) available to MetLife, Inc.’s common shareholders; (vi) adjusted earnings available to common shareholders per diluted common share; (vi) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (vii) adjusted earnings available to common shareholders, excluding total notable items, per diluted common share; (vii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (viii) adjusted return on equity; (viii) return on equity; (ix) adjusted return on equity, excluding total notable items; (ix) return on equity; (x) adjusted other expenses; (x) other expenses; (xi) adjusted other expenses, net of adjusted capitalization of DAC; (xi) other expenses, net of capitalization of DAC; (xii) adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses; (xii) other expenses, net of capitalization of DAC; (xiii) adjusted expense ratio; (xiii) expense ratio; (xiv) adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT; (xiv) expense ratio; (xv) direct expenses; (xv) other expenses; (xvi) direct expenses, excluding total notable items related to direct expenses; (xvi) other expenses; (xvii) direct expense ratio; (xvii) expense ratio; (xviii) direct expense ratio, excluding total notable items related to direct expenses and PRT; and (xviii) expense ratio; and (xviiii) free cash flows of all holding companies. (xviiii) MeLife, Inc. (parent company) net cash provided by (used in) operating activities.

23 MetLife’s definitions of non-GAAP and other financial measures discussed in this presentation 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, excluding total notable items; • adjusted earnings available to common shareholders 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 on a constant currency basis. Adjusted earnings is used by the 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 the MetLife's financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits remeasurement gains (losses) and goodwill impairments. Further, net investment income excludes adjusted earnings adjustments 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. Explanatory Note on Non-GAAP and Other Financial Information (Continued) 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 presentation and in this period’s earnings news release, which is available at https://investor.metlife.com.

24 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Asymmetrical and non-economic accounting adjustments are made to the line items indicated 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 excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs"). Net investment income excludes returns on invested assets (including cash and cash equivalents) subject to ceded reinsurance arrangements with third parties ("Reinsurance adjustments"). • Other revenues include fee revenue on synthetic guaranteed interest contracts ("GICs") accounted for as freestanding derivatives. • Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements. • Other expenses exclude (i) Reinsurance adjustments, (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 attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives. 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).

25 Explanatory Note on Non-GAAP and Other Financial Information (Continued) 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 AOCI (AOCI other than FCTA) 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 (AOCI other than FCTA), 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) 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. General Account (GA) assets under management (GA AUM) GA AUM is used by MetLife to describe assets in its 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, excluding policy loans, contractholder-directed equity securities fair value option securities, mortgage loans originated for third parties, assets subject to 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 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 net commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate equity and include them as net commercial mortgage loans. Asia 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, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to 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.

26 Explanatory Note on Non-GAAP and Other Financial Information (Continued) 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. • Retirement and Income Solutions: 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 results and outlook: • Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items 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. • 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. • 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. • 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.

27 Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Adjusted Earnings Available to Common Shareholders FY24 4Q24 4Q23 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $ 4,226 $ 5.94 $ 1,239 $ 1.78 $ 574 $ 0.77 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (1,184) (1.67) (311) (0.45) (174) (0.23) Less: Net derivative gains (losses) (1,623) (2.28) (903) (1.29) 149 0.20 Less: Market risk benefit remeasurement gains (losses) 1,109 1.56 764 1.09 (431) (0.58) Less: Other adjustments to net income (loss) (541) (0.76) (118) (0.15) (330) (0.45) Less: Provision for income tax (expense) benefit 687 0.97 352 0.50 6 0.01 Add: Net income (loss) attributable to noncontrolling interests 18 0.03 4 0.01 7 0.01 Adjusted earnings available to common shareholders 5,796 8.15 1,459 2.09 1,361 1.83 Less: Total notable items 26 0.04 10 0.01 (76) (0.10) Adjusted earnings available to common shareholders, excluding total notable items $ 5,770 $ 8.11 $ 1,449 $ 2.08 $ 1,437 $ 1.93 Adjusted earnings available to common shareholders on a constant currency basis $ 5,796 $ 8.15 $ 1,459 $ 2.09 $ 1,329 $ 1.79 Adjusted earnings available to common shareholders, excluding total notable items, on a $ 5,770 $ 8.11 $ 1,449 $ 2.08 $ 1,405 $ 1.89 constant currency basis Weighted average common shares outstanding - diluted 711.1 697.9 743.4 1Adjusted 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.

28 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 4Q24 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 416 $ 386 $ 443 $ 201 $ 59 $ 153 $ (199) Less: Total notable items — — — — — — 10 Adjusted earnings available to common shareholders, excluding total notable items $ 416 $ 386 $ 443 $ 201 $ 59 $ 153 $ (209) Adjusted earnings available to common shareholders, on a constant currency basis $ 443 $ 201 $ 59 Adjusted earnings available to common shareholders, excluding total notable items on a constant currency basis $ 443 $ 201 $ 59 4Q23 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 466 $ 421 $ 296 $ 207 $ 47 $ 156 $ (232) Less: Total notable items — — — — — — (76) Adjusted earnings available to common shareholders, excluding total notable items $ 466 $ 421 $ 296 $ 207 $ 47 $ 156 $ (156) Adjusted earnings available to common shareholders, on a constant currency basis $ 291 $ 182 $ 45 Adjusted earnings available to common shareholders, excluding total notable items on a constant currency basis $ 291 $ 182 $ 45 1Results on a constant currency basis are not included as constant currency impact is not significant.

29 Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 (In millions) Premiums, fees and other revenues $ 11,517 $ 13,587 $ 13,170 $ 13,687 $ 51,961 $ 11,975 $ 13,547 $ 12,523 $ 14,475 $ 52,520 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accounting — — — 29 29 39 35 50 34 158 Other adjustments (3) (7) (11) (13) (34) (12) (11) (14) (11) (48) Divested businesses — — — — — — — 16 15 31 Adjusted premiums, fees and other revenues $ 11,520 $ 13,594 $ 13,181 $ 13,671 $ 51,966 $ 11,948 $ 13,523 $ 12,471 $ 14,437 $ 52,379

30 Expense Detail and Ratios 1Q24 2Q24 3Q24 4Q24 FY24 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (740) $ (683) $ (691) $ (719) $ (2,833) Less: Divested businesses — — — — — Adjusted capitalization of DAC $ (740) $ (683) $ (691) $ (719) $ (2,833) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 3,191 $ 3,113 $ 3,188 $ 3,300 $ 12,792 Less Adjustments to other expenses: Reinsurance adjustments — — — 30 30 Other adjustments 7 5 12 25 49 Divested businesses 4 4 17 13 38 Adjusted other expenses $ 3,180 $ 3,104 $ 3,159 $ 3,232 $ 12,675 Other Detail and Ratios Other expenses, net of capitalization of DAC $ 2,451 $ 2,430 $ 2,497 $ 2,581 $ 9,959 Premiums, fees and other revenues $ 11,975 $ 13,547 $ 12,523 $ 14,475 $ 52,520 Expense ratio 20.5 % 17.9 % 19.9 % 17.8 % 19.0 % Direct expenses $ 1,426 $ 1,397 $ 1,392 $ 1,396 $ 5,611 Less: Total notable items related to direct expenses — — — (152) (152) Direct expenses, excluding total notable items related to direct expenses $ 1,426 $ 1,397 $ 1,392 $ 1,548 $ 5,763 Adjusted other expenses $ 3,180 $ 3,104 $ 3,159 $ 3,232 $ 12,675 Adjusted capitalization of DAC (740) (683) (691) (719) (2,833) Adjusted other expenses, net of adjusted capitalization of DAC $ 2,440 $ 2,421 $ 2,468 $ 2,513 $ 9,842 Less: Total notable items related to adjusted other expenses — — — (85) (85) Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 2,440 $ 2,421 $ 2,468 $ 2,598 $ 9,927 Adjusted premiums, fees and other revenues $ 11,948 $ 13,523 $ 12,471 $ 14,437 $ 52,379 Less: PRT (25) 1,752 529 2,593 4,849 Adjusted premiums, fees and other revenues, excluding PRT $ 11,973 $ 11,771 $ 11,942 $ 11,844 $ 47,530 Direct expense ratio 11.9 % 10.3 % 11.2 % 9.7 % 10.7 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 11.9 % 11.9 % 11.7 % 13.1 % 12.1 % Adjusted expense ratio 20.4 % 17.9 % 19.8 % 17.4 % 18.8 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 20.4 % 20.6 % 20.7 % 21.9 % 20.9 %

31 Expense Detail and Ratios 1Q23 2Q23 3Q23 4Q23 FY23 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (718) $ (729) $ (742) $ (728) $ (2,917) Less: Divested businesses — — — — — Adjusted capitalization of DAC $ (718) $ (729) $ (742) $ (728) $ (2,917) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 3,057 $ 3,133 $ 3,189 $ 3,277 $ 12,656 Less Adjustments to other expenses: Other adjustments 16 11 21 7 55 Divested businesses 11 9 9 9 38 Adjusted other expenses $ 3,030 $ 3,113 $ 3,159 $ 3,261 $ 12,563 Other Detail and Ratios Other expenses, net of capitalization of DAC $ 2,339 $ 2,404 $ 2,447 $ 2,549 $ 9,739 Premiums, fees and other revenues $ 11,517 $ 13,587 $ 13,170 $ 13,687 $ 51,961 Expense ratio 20.3 % 17.7 % 18.6 % 18.6 % 18.7 % Direct expenses $ 1,387 $ 1,415 $ 1,447 $ 1,559 $ 5,808 Less: Total notable items related to direct expenses — — — 96 96 Direct expenses, excluding total notable items related to direct expenses $ 1,387 $ 1,415 $ 1,447 $ 1,463 $ 5,712 Adjusted other expenses $ 3,030 $ 3,113 $ 3,159 $ 3,261 $ 12,563 Adjusted capitalization of DAC (718) (729) (742) (728) (2,917) Adjusted other expenses, net of adjusted capitalization of DAC $ 2,312 $ 2,384 $ 2,417 $ 2,533 $ 9,646 Less: Total notable items related to adjusted other expenses — — — 96 96 Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 2,312 $ 2,384 $ 2,417 $ 2,437 $ 9,550 Adjusted premiums, fees and other revenues $ 11,520 $ 13,594 $ 13,181 $ 13,671 $ 51,966 Less: PRT (21) 2,024 1,461 1,860 5,324 Adjusted premiums, fees and other revenues, excluding PRT $ 11,541 $ 11,570 $ 11,720 $ 11,811 $ 46,642 Direct expense ratio 12.0 % 10.4 % 11.0 % 11.4 % 11.2 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 12.0 % 12.2 % 12.3 % 12.4 % 12.2 % Adjusted expense ratio 20.1 % 17.5 % 18.3 % 18.5 % 18.6 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 20.0 % 20.6 % 20.6 % 20.6 % 20.5 %

32 Equity Details FY24 FY23 (In millions) Equity Details Total MetLife, Inc.'s stockholders' equity $ 27,445 $ 30,015 Less: Preferred stock 3,818 3,818 MetLife, Inc.'s common stockholders' equity 23,627 26,197 Less: Net unrealized investment gains (losses), net of income tax (19,402) (14,506) Deferred gains (losses) on derivatives, net of income tax 370 183 Future policy benefits discount rate remeasurement gain (losses), net of income tax 6,529 2,658 Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax (71) 27 Defined benefit plans adjustment, net of income tax (1,442) (1,446) Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1) (129) — Total MetLife, Inc.'s adjusted common stockholders' equity 37,772 39,281 Less: Accumulated year-to-date total notable items, net of income tax (2) 26 (62) Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2) $ 37,746 $ 39,343 Average Common Stockholders' Equity Average common stockholders' equity $ 25,008 Average adjusted common stockholders' equity $ 38,084 Average adjusted common stockholders' equity, excluding total notable items (2) $ 38,076 Return on Equity Return on MetLife, Inc.'s: Common stockholders' equity 16.9 % Adjusted return on MetLife, Inc.'s: Adjusted common stockholders' equity 15.2 % Adjusted common stockholders' equity, excluding total notable items 15.2 % 1Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to third-party reinsurers. 2Notable 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 can affect MetLife’s results either positively or negatively.

33 Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. to Free Cash Flow of All Holding Companies FY24 FY23 (In billions, except ratios) MetLife, Inc. (parent company only) net cash provided by operating activities $ 4.7 $ 4.2 Adjustments from net cash provided by operating activities to free cash flow: Add: Incremental debt to be at or below target leverage ratios — — Add: Adjustments from net cash provided by operating activities to free cash flow1 (0.1) (0.7) MetLife, Inc. (parent company only) free cash flow 4.6 3.5 Other MetLife, Inc. holding companies free cash flow2 — 0.1 Free cash flow of all holding companies $ 4.6 $ 3.6 Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders: MetLife, Inc. (parent company only) net cash provided by operating activities $ 4.7 $ 4.2 Consolidated net income (loss) available to MetLife, Inc.'s common shareholders $ 4.2 $ 1.4 Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders3 112 % 303 % Ratio of free cash flow to adjusted earnings available to common shareholders: Free cash flow of all holding companies4 $ 4.6 $ 3.6 Consolidated adjusted earnings available to common shareholders4 $ 5.8 $ 5.5 Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders4 79 % 66 % 1Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; and (iv) investment portfolio and derivatives changes and other, net. 2Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions to subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; (iv) other expenses; (v) dividends and returns of capital to MetLife, Inc. and (vi) investment portfolio and derivative changes and other, net. 3Including the free cash flow of other MetLife, Inc. holding companies of $0 billion and $0.1 billion for the years ended December 31, 2024 and 2023, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 112% and 311%, respectively. 4i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2024, was positively impacted by notable items, primarily related to tax adjustments of $0.1 billion, net of income tax, and actuarial assumption review and other insurance adjustments of $0.02 billion, net of income tax, offset by litigation reserves and settlement costs of ($0.05) billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2024, would be 79%. ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2023, was negatively impacted by notable items, related to litigation reserves and settlement costs of ($0.1) billion, net of income tax, offset by actuarial assumption review and other insurance adjustments of $0.01 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2023, would be 65%.

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