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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, Series A, par value $0.01			MET PRA			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative 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.    ☐

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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

2

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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.

3

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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)

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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 Chief Accounting Officer

Date: February 5, 2025

5

Exhibit 99.1

                    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 December 31,																					Year Ended 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

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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 December 31, 2024						Year Ended December 31, 2024
Segment			Change from prior-year period (on a reported basis)			Change from prior-year period (on a constant currency basis)			Change from prior year			Change from prior year (on a constant 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.

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GROUP BENEFITS

($ in millions)			Three Months Ended December 31, 2024			Three Months Ended December 31, 2023			Change
Adjusted earnings			$416			$466			(11)%
Notable item(s)			$0			$0
Adjusted earnings ex. notables			$416			$466			(11)%
Adjusted premiums, fees and other revenues			$6,184			$6,001			3%

•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 December 31, 2024			Three Months Ended December 31, 2023			Change
Adjusted earnings			$386			$421			(8)%
Notable item(s)			$0			$0
Adjusted earnings ex. notables			$386			$421			(8)%
Adjusted premiums, fees and other revenues			$3,620			$2,883			26%
Adjusted premiums, fees and other revenues, excluding PRT			$1,027			$1,023			—%

•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.

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ASIA

($ in millions)			Three Months Ended December 31, 2024			Three Months Ended December 31, 2023			Change			Constant currency change
Adjusted earnings			$443			$296			50%			52%
Notable item(s)			$0			$0
Adjusted earnings ex. notables			$443			$296			50%			52%
Adjusted premiums, fees and other revenues			$1,635			$1,705			(4)%			(1)%
Asia general account assets under management (at amortized cost)			$129,959			$130,093			—%			5%

•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 December 31, 2024			Three Months Ended December 31, 2023			Change			Constant currency change
Adjusted earnings			$201			$207			(3)%			10%
Notable item(s)			$0			$0
Adjusted earnings ex. notables			$201			$207			(3)%			10%
Adjusted premiums, fees and other revenues			$1,438			$1,486			(3)%			9%

•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 December 31, 2024			Three Months Ended December 31, 2023			Change			Constant currency change
Adjusted earnings			$59			$47			26%			31%
Notable item(s)			$0			$0
Adjusted earnings ex. notables			$59			$47			26%			31%
Adjusted premiums, fees and other revenues			$652			$595			10%			13%

•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 December 31, 2024			Three Months Ended December 31, 2023			Change
Adjusted earnings			$153			$156			(2)%
Notable item(s)			$0			$0
Adjusted earnings ex. notables			$153			$156			(2)%
Adjusted premiums, fees and other revenues			$815			$901			(10)%

•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 December 31, 2024			Three Months Ended December 31, 2023			Change
Adjusted earnings			$(199)			$(232)
Notable item(s)			$10			$(76)
Adjusted earnings ex. notables			$(209)			$(156)

•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 December 31, 2024			Three Months Ended 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
			Three Months Ended December 31, 2024
Notable Items			Group Benefits			RIS			Asia			Latin America			EMEA			MetLife Holdings			Corporate & 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

###

Contacts:     For Media:     Dave Franecki (973) 264-7465, [email protected]    

For Investors:      John Hall (212) 578-7888, [email protected]

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

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

Non-GAAP and Other Financial Disclosures

Any references in this news release (except in this section and the tables that accompany this release) to:

should be read as, respectively:

(i)

net income (loss);

(i)

net income (loss) available to MetLife, Inc.’s common shareholders;

(ii)

net income (loss) per share;

(ii)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;

(iii)

adjusted earnings;

(iii)

adjusted earnings available to common shareholders;

(iv)

adjusted earnings per share;

(iv)

adjusted earnings available to common shareholders per diluted common share;

(v)

book value per share;

(v)

book value per common share;

(vi)

adjusted book value per share;

(vi)

adjusted book value per common share;

(vii)

return on equity; and

(vii)

return on MetLife, Inc.’s common stockholders’ equity; and

(viii)

adjusted return on equity.

(viii)

adjusted return on MetLife, Inc.’s common stockholders’ equity.

In this news release, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

Non-GAAP financial measures:

Comparable GAAP financial measures:

(i)

total adjusted revenues;

(i)

total revenues;

(ii)

total adjusted expenses;

(ii)

total expenses;

(iii)

adjusted premiums, fees and other revenues;

(iii)

premiums, fees and other revenues;

(iv)

adjusted premiums, fees and other revenues, excluding PRT;

(iv)

premiums, fees and other revenues;

(v)

adjusted net investment income;

(v)

net investment income;

(vi)

adjusted earnings available to common shareholders;

(vi)

net income (loss) available to MetLife, Inc.’s common shareholders;

(vii)

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

(vii)

net income (loss) available to MetLife, Inc.’s common shareholders;

(viii)

adjusted earnings available to common shareholders per diluted common share;

(viii)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;

Page 9 of 26

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(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;

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•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

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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 Weighted Average Common Share Diluted (1)																								Earnings Per Weighted Average Common Share Diluted (1)												Earnings Per Weighted Average Common Share Diluted (1)												Earnings Per Weighted Average Common Share Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders						$	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.

Page 19 of 26

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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.

Page 20 of 26

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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.

Page 21 of 26

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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.

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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.

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MetLife, Inc.
												For the Three Months Ended																								For the Year Ended
												March 31, 2024						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												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
																		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.

Page 24 of 26

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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

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MetLife, Inc.
						December 31, 2024
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%.

Page 26 of 26

Table of Contents

Exhibit 99.2

 

Fourth Quarter

Financial Supplement

December 31, 2024

4

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Table of Contents

			METLIFE 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

1

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Table of Contents

			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 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 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 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 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 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 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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			METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
									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 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.

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			GROUP BENEFITS 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 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)						December 31, 2023						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						(278)						(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)						December 31, 2023						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)						December 31, 2023						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)						December 31, 2023						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)						December 31, 2023						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.

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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 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 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 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 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 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 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 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 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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			INVESTMENTS FOOTNOTES
			(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.
						December 31, 2023			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			1,449			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.
						December 31, 2023			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			8,388			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.
						December 31, 2023			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.
						December 31, 2023			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 Three Months Ended																		For the Year Ended
						December 31, 2023			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)			64			(226)			(176)			188			(122)						(81)			(336)
			Less: Provision for credit loss on certain mortgage loans originated for third parties			(7)			(4)			(15)			4			11						(73)			(4)
			Less: Other adjustments			9			1			5			(66)			(18)						6			(78)
			Investment portfolio gains (losses)			$	(240)		$	(146)		$	(235)		$	(203)		$	(182)					$	(2,676)		$	(766)
						For the Three Months Ended																		For the Year Ended
						December 31, 2023			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			253			176			172			129			127						1,012			604
			Less: Reinsurance adjustments			—			—			—			—			110						—			110
			Less: Other adjustments			19			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.

29

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Appendix

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			APPENDIX METLIFE 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 METLIFE 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 METLIFE 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 METLIFE 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 METLIFE 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 METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES 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. 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 METLIFE 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: 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. 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 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. 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.

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APPENDIX METLIFE 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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Table of Contents

			APPENDIX METLIFE 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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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

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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.

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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.

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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

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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

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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.

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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

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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

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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

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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

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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

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Outlook

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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

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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

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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.

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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.

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Appendix

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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%

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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.

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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

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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.

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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.

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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.

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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.

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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.

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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).

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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.

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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.

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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.

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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.

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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

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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 %

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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 %

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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.

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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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