8-K
Metlife Inc (MET)
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): November 5, 2025
METLIFE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
| 1-15787 | 13-4075851 | |||
|---|---|---|---|---|
| (Commission File Number) | (IRS Employer Identification No.) | |||
| 200 Park Avenue, | New York, | NY | 10166-0188 | |
| (Address of Principal Executive Offices) | (Zip Code) |
(212) 578-9500
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | --- | --- || ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | | --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.01 | MET | New York Stock Exchange |
| Floating Rate Non-Cumulative Preferred Stock,<br>Series A, par value $0.01 | MET PRA | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th<br>interest in a share of 5.625% Non-Cumulative <br>Preferred Stock, Series E | MET PRE | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F | MET PRF | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 5, 2025, MetLife, Inc. issued (i) a news release announcing its results for the quarter ended September 30, 2025 (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 September 30, 2025 (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 September 30, 2025 (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 November 5, 2025, MetLife, Inc. issued a supplemental slide presentation for the quarter ended September 30, 2025, (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, 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.
Item 9.01 Financial Statements and Exhibits.
| 99.1 | News release of MetLife, Inc., dated November 5, 2025, announcing its results for the quarter ended September 30, 2025 | | --- | --- || 99.2 | Quarterly Financial Supplement for the quarter ended September 30, 2025 | | --- | --- || 99.3 | Total AUM Fact Sheet as of September 30, 2025 | | --- | --- || 99.4 | Supplemental Slides for the quarter ended September 30, 2025 | | --- | --- | | 101 | Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language) | | --- | --- || 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101) | | --- | --- |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| METLIFE, INC. | ||
|---|---|---|
| By: | /s/ Adrienne O'Neill | |
| Name: | Adrienne O'Neill | |
| Title: | Executive Vice President and<br>Chief Accounting Officer |
Date: November 5, 2025
4
EX 99.1 Earnings Release & Tables Q3 25 Page 1 of 24
Exhibit 99.1
For Immediate Release | Global Communications | MetLife, Inc.
MetLife Announces 3Q 2025 Results
Earnings
Per Share
3Q 2025
Net
Income $1.22
Adjusted
Earnings $2.37
Return
on Equity (ROE)
3Q 2025
ROE 13.1%
Adjusted
ROE 16.9%
•Net income was $818 million, or $1.22 per
share.
•Adjusted earnings increased 15%1 to $1.6
billion, primarily driven by higher variable
investment income and volume growth.
•Adjusted earnings per share, excluding total
notable items, up 21% to $2.34.
•Premiums, fees and other revenues (PFOs)
were $12.5 billion.
•Adjusted PFOs, excluding pension risk
transfers (PRT), up 4% to $12.5 billion, with
growth in all segments except MetLife
Holdings.
•Net investment income up 16% to $6.1 billion.
•Variable investment income was $483 million,
primarily reflecting higher private equity returns.
•Book value per share (BVPS) up 1% to $39.52.
Adjusted BVPS increased 3% to $56.57.
•Returned approximately $875 million to
shareholders via share repurchases and
common stock dividends.
•Holding company cash and liquid assets
totaled $4.9 billion at quarter end.
•Delivered solid Group Benefits underwriting,
including a 230-basis point sequential
improvement in non-medical health loss ratio.
•Secured $12 billion in PRT mandates in the
fourth quarter to-date.
•Grew Asia sales 34% on a constant currency
basis, with Japan up 31%, reflecting new
retirement-oriented products. Other Asia sales
grew 39% on a constant currency basis.
•Expanded MetLife Xcelerator in Latin America
through a new partnership with Mercado Libre
in Brazil and Mexico.
Comment from Michel Khalaf, President
and Chief Executive Officer:
MetLife delivered an excellent third quarter
that reinforces the strength of our
diversified business model and disciplined
execution of our New Frontier strategy.
Adjusted earnings per share, excluding
total notable items, grew 21% year-over-
year, driven by strong variable investment
income, broad-based volume growth, and
diligent expense management.
Momentum continues to build as we head
into year-end. We've secured $12 billion in
PRT mandates in the fourth quarter to-date
and launched strategic partnerships that
will expand our reach and enhance access
to our insurance and retirement solutions.
These results demonstrate MetLife's
earnings power and our ability to deliver all-
weather performance – driving responsible
growth and high returns for shareholders
today and in the future.
1In this news release, all comparisons of results for the third quarter of 2025 are with the third quarter of 2024, unless otherwise noted.
Page 2 of 24
Third Quarter 2025 Summary
| ($ in millions, except per share data) | Three Months Ended<br><br>September 30, | |
|---|---|---|
| 2025 | 2024 | |
| Premiums, fees and other revenues | $12,526 | 12,523 |
| Net investment income | 6,089 | 5,227 |
| Net investment gains (losses) | (325) | (77) |
| Net derivative gains (losses) | (929) | 767 |
| Total revenues | $17,361 | 18,440 |
| Adjusted premiums, fees and other revenues | $12,461 | 12,471 |
| Adjusted premiums, fees and other revenues, excluding pension risk<br><br>transfers (PRT) | $12,471 | 11,942 |
| Market risk benefit remeasurement gains (losses) | $263 | (531) |
| Net income (loss) | $818 | 1,275 |
| Net income (loss) per share | $1.22 | 1.81 |
| Adjusted earnings | $1,584 | 1,375 |
| Adjusted earnings per share | $2.37 | 1.95 |
| Adjusted earnings, excluding total notable items | $1,566 | 1,359 |
| Adjusted earnings, excluding total notable items per share | $2.34 | 1.93 |
| Book value per share | $39.52 | 39.02 |
| Adjusted book value per share | $56.57 | 54.72 |
| Expense ratio | 21.7% | 19.9% |
| Direct expense ratio, excluding total notable items related to direct<br><br>expenses and PRT | 11.6% | 11.7% |
| Adjusted expense ratio, excluding total notable items related to<br><br>adjusted other expenses and PRT | 19.8% | 20.7% |
| ROE | 13.1% | 20.2% |
| Adjusted ROE | 16.9% | 14.6% |
| Adjusted ROE, excluding total notable items | 16.7% | 14.4% |
All values are in US Dollars.
Information regarding the non-GAAP and other financial measures included in this news release
and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP
and Other Financial Disclosures” below and in the tables that accompany this news release.
In this news release, all comparisons of results for the third quarter of 2025 are with the third
quarter of 2024, unless otherwise noted.
Supplemental slides for the third quarter of 2025, titled “3Q25 Supplemental Slides” are
available on the MetLife Investor Relations website at https://investor.metlife.com and in the
Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection
with this earnings release. Supplemental information about MetLife's diversified global
investment portfolio is contained in the "3Q25 - General Account Assets Under Management
Fact Sheet," available on the above-mentioned website.
Page 3 of 24
Total Company Discussion
MetLife reported third quarter 2025 premiums, fees and other revenues of $12.5 billion, flat
compared with the prior year quarter. Adjusted premiums, fees and other revenues, excluding
pension risk transfers, were $12.5 billion, up 4 percent.
Net investment income was $6.1 billion, up 16 percent, primarily due to increases in the
estimated fair value of certain securities that do not qualify as separate accounts under GAAP.
Adjusted net investment income was $5.4 billion, up 6 percent, primarily reflecting higher returns
on private equity assets.
Net investment losses were $325 million, or $257 million after tax, reflecting normal trading
activity and a stable credit environment. Net derivative losses amounted to $929 million, or
$734 million after tax, due to stronger equity markets, higher long-term interest rates, and
strengthening of the U.S. dollar.
Net income decreased 36 percent to $818 million. Higher net derivative losses and net
investment losses were the primary drivers, partially offset by market risk benefit
remeasurement gains and higher adjusted earnings. On a per-share basis, net income
decreased 33 percent to $1.22.
Adjusted earnings were $1.6 billion, up 15 percent on both a reported basis and a constant
currency basis. On a per-share basis, adjusted earnings were $2.37, up 22 percent.
THIRD QUARTER 2025 NOTABLE ITEMS
| ($ in millions) | Adjusted Earnings | |||||||
|---|---|---|---|---|---|---|---|---|
| Three Months Ended September 30, 2025 | ||||||||
| Notable Items | Group<br><br>Benefits | RIS | Asia | Latin<br><br>America | EMEA | MetLife<br><br>Holdings | Corporate<br><br>&<br><br>Other | Total |
| Actuarial<br><br>assumption<br><br>review and other<br><br>insurance<br><br>adjustments | $(2) | $13 | $70 | $(4) | $(1) | $13 | $0 | $89 |
| Tax adjustments | — | — | — | (71) | — | — | — | (71) |
| Total notable items | $(2) | $13 | $70 | $(75) | $(1) | $13 | $0 | $18 |
Annual Actuarial Assumption Review and Other Insurance Adjustments
In the third quarter of 2025, MetLife performed its annual global actuarial assumption review.
The actuarial assumption review and other insurance adjustments during the quarter positively
impacted net income by $102 million and adjusted earnings by $89 million.
Tax Adjustments
The company recorded a $71 million after-tax charge in the third quarter related to the resolution
of an industry-wide tax matter in Mexico regarding the Value-Added Tax deduction of certain
health insurance claims expenses.
Page 4 of 24
Adjusted Earnings by Segment Summary
| Three Months Ended<br><br>September 30, 2025 | ||
|---|---|---|
| Segment | Change from<br><br>prior-year period<br><br>(on a reported<br><br>basis) | Change from<br><br>prior-year period<br><br>(on a constant<br><br>currency basis) |
| Group Benefits | 22% | |
| Retirement and Income Solutions (RIS) | (8)% | |
| Asia | 77% | 78% |
| Latin America | (33)% | (34)% |
| Europe, the Middle East and Africa (EMEA) | 26% | 24% |
| MetLife Holdings | 12% |
Business Discussions
GROUP BENEFITS
| ($ in millions) | Three Months Ended<br><br>September 30, 2025 | Three Months EndedSeptember 30, 2024 |
|---|---|---|
| Adjusted earnings | $455 | 373 |
| Notable item(s) | $(2) | (58) |
| Adjusted earnings ex. notables | $457 | 431 |
| Adjusted PFOs | $6,306 | 6,146 |
All values are in US Dollars.
•Adjusted earnings were $455 million, up 22 percent, primarily due to the impact of the
actuarial assumption review and other insurance adjustments in the prior-year period.
•Excluding notable items, adjusted earnings were $457 million, up 6 percent, reflecting
favorable expense margins and volume growth, partially offset by less favorable life
underwriting.
•Adjusted PFOs were $6.3 billion, up 3 percent, driven by core and voluntary products,
partially offset by the impact of favorable mortality on participating life contracts. PFOs from
participating life contracts can fluctuate with claims experience.
RIS
| ($ in millions) | Three Months Ended<br><br>September 30, 2025 | Three Months EndedSeptember 30, 2024 |
|---|---|---|
| Adjusted earnings | $436 | 472 |
| Notable item(s) | $13 | 104 |
| Adjusted earnings ex. notables | $423 | 368 |
| Adjusted PFOs | $1,186 | 1,579 |
| Adjusted PFOs, excluding PRT | $1,196 | 1,050 |
All values are in US Dollars.
•Adjusted earnings were $436 million, down 8 percent, reflecting the impact of the prior-
year actuarial assumption review.
•Excluding notable items, adjusted earnings were $423 million, up 15 percent, largely due
to higher variable investment income.
•Adjusted PFOs, excluding PRT, were $1.2 billion, up 14 percent, mainly driven by higher
structured settlement and UK longevity reinsurance sales.
Page 5 of 24
•Total liability exposure grew 3 percent, including 4 percent in general account liabilities.
ASIA
| ($ in millions) | Three Months Ended<br><br>September 30, 2025 | Three Months EndedSeptember 30, 2024 | Constant<br><br>currency<br><br>change |
|---|---|---|---|
| Adjusted earnings | $543 | 306 | 78% |
| Notable item(s) | $70 | (41) | |
| Adjusted earnings ex. notables | $473 | 347 | 37% |
| Adjusted PFOs | $1,717 | 1,710 | 1% |
| Asia general account assets under<br><br>management (at amortized cost) | $140,892 | 135,107 | 6% |
All values are in US Dollars.
•Adjusted earnings were $543 million, up 77 percent on a reported basis and up 78 percent
on a constant currency basis, reflecting the impact of the annual actuarial assumption
review.
•Excluding notable items, adjusted earnings were $473 million, up 36 percent on a
reported basis and up 37 percent on a constant currency basis, mainly driven by higher
variable investment income and volume growth.
•Adjusted PFOs were $1.7 billion, flat on a reported basis, and up 1 percent on a constant
currency basis.
•Asia general account assets under management (at amortized cost) were
$140.9 billion, up 6 percent on a constant currency basis.
•Sales were $786 million, up 34 percent on a constant currency basis, driven by a 31 percent
increase in Japan and a 39 percent increase in Other Asia markets.
LATIN AMERICA
| ($ in millions) | Three Months Ended<br><br>September 30, 2025 | Three Months EndedSeptember 30, 2024 | Constant<br><br>currency<br><br>change |
|---|---|---|---|
| Adjusted earnings | $147 | 221 | (34)% |
| Notable item(s) | $(75) | 4 | |
| Adjusted earnings ex. notables | $222 | 217 | 2% |
| Adjusted PFOs | $1,663 | 1,496 | 11% |
All values are in US Dollars.
•Adjusted earnings were $147 million, down 33 percent on a reported basis and down 34
percent on a constant currency basis, due to a value-added tax charge in Mexico.
•Excluding notable items, adjusted earnings were $222 million, up 2 percent on both a
reported and constant currency basis, primarily driven by volume growth across the region.
•Adjusted PFOs were $1.7 billion, up 11 percent on both a reported and a constant currency
basis, due to strong growth across the region.
•Sales were $441 million, up 15 percent on a constant currency basis, driven by growth
across the region.
Page 6 of 24
EMEA
| ($ in millions) | Three Months Ended<br><br>September 30, 2025 | Three Months EndedSeptember 30, 2024 | Constant<br><br>currency<br><br>change |
|---|---|---|---|
| Adjusted earnings | $88 | 70 | 24% |
| Notable item(s) | $(1) | (5) | |
| Adjusted earnings ex. notables | $89 | 75 | 17% |
| Adjusted PFOs | $727 | 655 | 9% |
All values are in US Dollars.
•Adjusted earnings were $88 million, up 26 percent on a reported basis, driven by volume
growth and higher recurring interest margins.
•Excluding notable items, adjusted earnings were $89 million, up 19 percent on a reported
basis and up 17 percent on a constant currency basis, primarily due to strong volume
growth.
•Adjusted PFOs were $727 million, up 11 percent on a reported basis and up 9 percent on a
constant currency basis, reflecting strong growth across the region.
•Sales were $301 million, up 24 percent on a constant currency basis, reflecting strong
growth across most markets.
METLIFE HOLDINGS
| ($ in millions) | Three Months Ended<br><br>September 30, 2025 | Three Months EndedSeptember 30, 2024 |
|---|---|---|
| Adjusted earnings | $203 | 182 |
| Notable item(s) | $13 | 12 |
| Adjusted earnings ex. notables | $190 | 170 |
| Adjusted PFOs | $729 | 793 |
All values are in US Dollars.
•Adjusted earnings were $203 million, up 12 percent.
•Excluding notable items, adjusted earnings were $190 million, up 12 percent, primarily
reflecting higher variable investment income.
•Adjusted PFOs were $729 million, down 8 percent, largely due to continued run-off of the
business.
CORPORATE & OTHER
| ($ in millions) | Three Months Ended<br><br>September 30, 2025 | Three Months EndedSeptember 30, 2024 |
|---|---|---|
| Adjusted earnings | $(288) | (249) |
All values are in US Dollars.
•Adjusted loss of $288 million, compared to an adjusted loss of $249 million, primarily due
to elevated expenses, driven by market-related employee costs and higher interest
payments on outstanding debt.
INVESTMENTS
| ($ in millions) | Three Months Ended<br><br>September 30, 2025 | Three Months Ended<br><br>September 30, 2024 | Change |
|---|---|---|---|
| Adjusted net investment income | $5,440 | $5,143 | 6% |
Page 7 of 24
•Adjusted net investment income was $5.4 billion, up 6 percent. Variable investment
income increased 198 percent to $483 million, primarily driven by higher returns on private
equity assets.
Contacts: For Media: Jane Slusark (347) 989-5477, Jane.Slusark@metlife.com
For Investors: John Hall (212) 578-7888, John.A.Hall@metlife.com
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the
world’s leading financial services companies, providing insurance, annuities, employee benefits
and asset management to help individual and institutional customers build a more confident
future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds
leading positions in the United States, Asia, Latin America, Europe and the Middle East. For
more information, visit www.metlife.com.
Conference Call
MetLife will hold its third quarter 2025 earnings conference call and audio webcast on Thursday,
November 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://
events.q4inc.com/attendee/817838289).
The conference call will be available for replay via telephone and the internet beginning at 11:00
a.m. (ET) on Thursday, November 6, 2025, until Thursday, November 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 17886 followed by the #
key. To access the replay of the conference call via the internet, visit the MetLife Investor
Relations webpage (https://investor.metlife.com).
Page 8 of 24
Non-GAAP and Other Financial Disclosures
| Any references in this news release (except in<br><br>this section and the tables that accompany this<br><br>release) to: | should be read as, respectively: | ||
|---|---|---|---|
| (i) | net income (loss); | (i) | net income (loss) available to MetLife,<br><br>Inc.’s common shareholders; |
| (ii) | net income (loss) per share; | (ii) | net income (loss) available to MetLife,<br><br>Inc.’s common shareholders per diluted<br><br>common share; |
| (iii) | adjusted earnings; | (iii) | adjusted earnings available to common<br><br>shareholders; |
| (iv) | adjusted earnings per share; | (iv) | adjusted earnings available to common<br><br>shareholders per diluted common<br><br>share; |
| (v) | book value per share; | (v) | book value per common share; |
| (vi) | adjusted book value per share; | (vi) | adjusted book value per common<br><br>share; |
| (vii) | return on equity; and | (vii) | return on MetLife, Inc.’s common<br><br>stockholders’ equity; and |
| (viii) | adjusted return on equity. | (viii) | adjusted return on MetLife, Inc.’s<br><br>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<br><br>revenues; | (iii) | premiums, fees and other revenues; |
| (iv) | adjusted premiums, fees and other<br><br>revenues, excluding PRT; | (iv) | premiums, fees and other revenues; |
| (v) | adjusted net investment income; | (v) | net investment income; |
| (vi) | adjusted earnings available to common<br><br>shareholders; | (vi) | net income (loss) available to MetLife,<br><br>Inc.’s common shareholders; |
| (vii) | adjusted earnings available to common<br><br>shareholders, excluding total notable<br><br>items; | (vii) | net income (loss) available to MetLife,<br><br>Inc.’s common shareholders; |
| (viii) | adjusted earnings available to common<br><br>shareholders per diluted common share; | (viii) | net income (loss) available to MetLife,<br><br>Inc.’s common shareholders per diluted<br><br>common share; |
| (ix) | adjusted earnings available to common<br><br>shareholders, excluding total notable<br><br>items, per diluted common share; | (ix) | net income (loss) available to MetLife,<br><br>Inc.’s common shareholders per diluted<br><br>common share; |
| (x) | adjusted return on equity; | (x) | return on equity; |
Page 9 of 24
| (xi) | adjusted return on equity, excluding total<br><br>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<br><br>acquisition costs (DAC); | (xiv) | capitalization of DAC; |
| (xv) | total MetLife, Inc.’s adjusted common<br><br>stockholders’ equity; | (xv) | total MetLife, Inc.’s stockholders’<br><br>equity; |
| (xvi) | total MetLife, Inc.’s adjusted common<br><br>stockholders’ equity, excluding total<br><br>notable items; | (xvi) | total MetLife, Inc.’s stockholders’<br><br>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<br><br>capitalization of DAC; | (xix) | other expenses, net of capitalization of<br><br>DAC; |
| (xx) | adjusted other expenses, net of adjusted<br><br>capitalization of DAC, excluding total<br><br>notable items related to adjusted other<br><br>expenses; | (xx) | other expenses, net of capitalization of<br><br>DAC; |
| (xxi) | adjusted expense ratio; | (xxi) | expense ratio; |
| (xxii) | adjusted expense ratio, excluding total<br><br>notable items related to adjusted other<br><br>expenses and PRT; | (xxii) | expense ratio; |
| (xxiii) | direct expenses; | (xxiii) | other expenses; |
| (xxiv) | direct expenses, excluding total notable<br><br>items related to direct expenses; | (xxiv) | other expenses; |
| (xxv) | direct expense ratio; | (xxv) | expense ratio; |
| (xxvi) | direct expense ratio, excluding total<br><br>notable items related to direct expenses<br><br>and PRT; | (xxvi) | expense ratio; |
| (xxvii) | future policy benefits at original discount<br><br>rate; and | (xxvii) | future policy benefits at balance sheet<br><br>discount rate; and |
| (xxviii) | free cash flow of all holding companies. | (xxviii) | MetLife, Inc. (parent company only) net<br><br>cash provided by (used in) operating<br><br>activities. |
Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not
accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to
provide other than a range of net investment gains and losses and net derivative gains and losses, which
can fluctuate significantly within or outside the range and from period to period and may have a material
impact on net income.
Any of these financial measures shown on a constant currency basis reflect the impact of changes in
foreign currency exchange rates and are calculated using the average foreign currency exchange rates
for the current period and applied to the comparable prior period (“constant currency basis”).
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial
measures are included in this earnings news release and in this period’s quarterly financial supplement,
which is available at MetLife’s Investor Relations webpage (https://investor.metlife.com).
MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ
from those used by other companies:
Page 10 of 24
Adjusted earnings and related measures
•adjusted earnings;
•adjusted earnings available to common shareholders;
•adjusted earnings available to common shareholders, on a constant currency basis;
•adjusted earnings available to common shareholders, excluding total notable items;
•adjusted earnings available to common shareholders, excluding total notable items, on a constant
currency basis;
•adjusted earnings available to common shareholders per diluted common share;
•adjusted earnings available to common shareholders, on a constant currency basis per diluted
common share;
•adjusted earnings available to common shareholders, excluding total notable items per diluted
common share; and
•adjusted earnings available to common shareholders, excluding total notable items, on a constant
currency basis per diluted common share.
Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to
evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting,
adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related
measures based on adjusted earnings are also the measures by which senior management’s and many
other employees’ performance is evaluated for the purposes of determining their compensation under
applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings
allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry
results.
Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted
earnings available to common shareholders is defined as adjusted earnings less preferred stock
dividends.
Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums,
fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market
volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and
costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related
measures exclude results of discontinued operations under GAAP.
Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes
net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains
(losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items
relating to joint ventures accounted for under the equity method ("Joint venture adjustments"), and
policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization
guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:
•Net investment income includes earned income on derivatives and amortization of premium on
derivatives that are hedges of investments or that are used to replicate certain investments, but do
not qualify for hedge accounting treatment ("Investment hedge adjustments").
•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical
accounting associated with in-force reinsurance.
•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-
designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments
associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting
associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for
certain single premium annuity business. These losses are amortized into adjusted earnings within
policyholder benefits and claims over the estimated lives of the contracts.
•Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated
Page 11 of 24
with in-force reinsurance.
•Interest credited to policyholder account balances excludes amounts associated with periodic
crediting rate adjustments based on the total return of a contractually referenced pool of assets and
other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
"Divested businesses" are those that have been or will be sold or exited by MetLife but do not meet the
discontinued operations criteria under GAAP. Divested businesses also include the net impact of
transactions with exited businesses that have been eliminated in consolidation under GAAP and costs
relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to
be included in results of discontinued operations under GAAP.
Other adjustments are made in calculating adjusted earnings:
•Net investment income and interest credited to policyholder account balances exclude certain
amounts related to contractholder-directed equity securities ("Unit-linked contract income" and
"Unit-linked contract costs").
•Other expenses exclude (i) implementation of new insurance regulatory requirements and other
costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions
for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic
guaranteed interest contracts ("GICs") accounted for as freestanding derivatives.
•Net investment income and other expenses also exclude Reinsurance adjustments (as defined
below).
•Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•Other revenues exclude and other expenses include fees received in connection with services
provided under transition service agreements.
•"Reinsurance adjustments" relate to amounts subject to ceded reinsurance arrangements with third
parties and joint ventures, including (i) the related investment returns and expenses which are
passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash
equivalents.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not
be recognized at acquisition or adjusted for during the measurement period under GAAP business
combination accounting guidance.
The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax
rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax
(expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax
reforms.
In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock
redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s
common shareholders.
Investment portfolio gains (losses) and derivative gains (losses)
These are measures of investment and hedging activity. Investment portfolio gains (losses) principally
excludes amounts that are reported within net investment gains (losses) but do not relate to the
performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses,
as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally
excludes earned income on derivatives and amortization of premium on derivatives, where such
derivatives are either hedges of investments or are used to replicate certain investments, and where such
derivatives do not qualify for hedge accounting. This earned income and amortization of premium is
reported within adjusted earnings and not within derivative gains (losses).
Page 12 of 24
Return on equity and related measures
•Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common
stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred
gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses),
market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit
plans adjustment components of accumulated other comprehensive income (loss) ("AOCI") and the
estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income
tax.
•Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total
MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of
related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate
remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement
gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of
certain ceded reinsurance-related embedded derivatives and total notable items, all net of income
tax.
•Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s
common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to
common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items:
adjusted earnings available to common shareholders, excluding total notable items, divided by
MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.
The above measures represent a level of equity that excludes most components of AOCI, such as
unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate
remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded
derivatives, as these amounts are primarily driven by market volatility.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other
revenues.
•Direct expense ratio: direct expenses, divided by adjusted premiums, fees and other revenues.
Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and
administrative expenses.
•Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct
expenses, excluding total notable items related to direct expenses, divided by adjusted premiums,
fees and other revenues, excluding PRT.
•Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by
adjusted premiums, fees and other revenues.
•Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT:
adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related
to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
Asia general account (GA) assets under management (GA AUM) and related measures
Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is
stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA
investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued
investment income on such assets, and excludes policy loans, contractholder-directed equity securities,
fair value option securities, mortgage loans originated for third parties, assets subject to ceded
reinsurance arrangements with third parties and joint ventures, and certain other invested assets.
Page 13 of 24
Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including
commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and
residential mortgage loans) and real estate equity (including real estate and real estate joint ventures)
included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted
from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany
activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level)
are excluded from Asia GA AUM.
Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on
investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value
on net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and
residential mortgage loans) and real estate and real estate joint ventures. Asia GA AUM (at amortized
cost) is presented net of related allowance for credit loss.
Statistical sales information
•Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year
premiums and fees from recurring premium policy sales of all products.
•RIS: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and the
contract value for new UK longevity reinsurance contracts, and 100% of annualized full-year
premiums and fees only from recurring premium policy sales of specialized benefit resources and
corporate-owned life insurance.
•Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from
retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium
deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-
premium policy sales of all products (mainly from risk and protection products such as individual life,
accident & health and group).
Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of
business activity.
The following additional information is relevant to an understanding of MetLife’s performance:
•Volume growth, where cited, represents the change in certain measures of our segment results,
including adjusted earnings, attributable to business growth, applying a model in which certain
margins and factors are held constant, the most significant of which are underwriting margins,
investment margins, changes in equity market performance, expense margins and the impact of
changes in foreign currency exchange rates.
•PRT includes U.K. 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
Page 14 of 24
available to common shareholders.
•Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were
unknown and that MetLife could not anticipate when it devised its business plan. Notable items also
include certain items regardless of the extent anticipated in the business plan, to help investors have
a better understanding of MetLife’s results and to evaluate and forecast those results. Notable items
represent a positive (negative) impact to adjusted earnings available to common shareholders.
•We refer to observable forward yield curves as of a particular date in connection with making our
estimates for future results. The observable forward yield curves at a given time are based on
implied future interest rates along a range of interest rate durations. This includes the 10-year U.S.
Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our
estimates for future results.
Forward-Looking Statements
This news release may contain or incorporate by reference information that includes or is based upon
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements give expectations or forecasts of future events and do not relate strictly to
historical or current facts. They use words and terms such as “anticipate,” "are confident," “assume,”
“believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,”
“should,” "target," “will,” “would,” and other words and terms of similar meaning or that are otherwise tied
to future periods or future performance, in each case in all derivative forms. They include statements
relating to strategy, goals and expectations concerning our market position, future operations, margins,
profitability, capital expenditures, liquidity and capital resources and other financial and operating
information. By their nature, forward-looking statements: speak only as of the date they are made; are not
statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties,
assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs
and projections are expressed in good faith and we believe there is a reasonable basis for them.
However, there can be no assurance that management’s expectations, beliefs and projections will result
or be achieved and actual results may vary materially from what is expressed in or indicated by the
forward-looking statements.
Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve
unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our
expectations, and our understanding of the economic environment, but they may be inaccurate and may
change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from
those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other
factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others,
may cause such differences. These factors include:
(1)economic condition difficulties, including risks relating to interest rates, the effects of announced or
future tariff increases on the global economy, credit spreads, declining equity or debt markets, real
estate, obligors and counterparties, government default or shutdown, currency exchange rates,
derivatives, climate change, public health, terrorism and security;
(2)global capital and credit market adversity;
(3)credit facility inaccessibility;
(4)financial strength or credit ratings downgrades;
(5)unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from
reinsurers' credit risk, and the potential shortfall or failure of risk mitigants to protect against such
risks;
(6)statutory life insurance reserve financing costs or limited market capacity;
(7)legal, regulatory, and supervisory and enforcement policy changes;
(8)changes in tax rates, tax laws or interpretations;
(9)litigation and regulatory investigations;
Page 15 of 24
(10)unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our
sustainability;
(11)MetLife, Inc.’s inability to pay dividends and repurchase common stock;
(12)MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;
(13)investment defaults, downgrades, or volatility;
(14)investment sales or lending difficulties;
(15)collateral or derivative-related payments;
(16)investment valuations, allowances, or impairments changes;
(17)claims or other results that differ from our estimates, assumptions, or models;
(18)global political, legal, or operational risks;
(19)business competition;
(20)technological changes;
(21)catastrophes;
(22)climate changes or responses to it;
(23)deficiencies in our closed block;
(24)goodwill or other asset impairment, or deferred income tax asset allowance;
(25)impairment of VOBA, value of distribution agreements acquired or value of customer relationships
acquired;
(26)product guarantee volatility, costs, and counterparty risks;
(27)risk management failures;
(28)insufficient protection from operational risks;
(29)failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or
disaster recovery failures;
(30)accounting standards changes;
(31)excessive risk-taking;
(32)marketing and distribution difficulties;
(33)pension and other postretirement benefit assumption changes;
(34)inability to protect our intellectual property or avoid infringement claims;
(35)acquisition, integration, growth, disposition, or reorganization difficulties;
(36)Brighthouse Financial, Inc. separation risks;
(37)MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the
voting provisions of the MetLife Policyholder Trust; and
(38)legal- and corporate governance-related effects on business combinations.
MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking
statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please
consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S.
Securities and Exchange Commission.
Page 16 of 24
| MetLife, Inc. | ||
|---|---|---|
| GAAP Interim Condensed Consolidated Statements of Operations | ||
| (In millions) | ||
| For the Three Months Ended | ||
| September 30, | ||
| 2025 | 2024 | |
| Revenues | ||
| Premiums | $10,555 | $10,647 |
| Universal life and investment-type product policy fees | 1,247 | 1,228 |
| Net investment income | 6,089 | 5,227 |
| Other revenues | 724 | 648 |
| Net investment gains (losses) | (325) | (77) |
| Net derivative gains (losses) | (929) | 767 |
| Total revenues | 17,361 | 18,440 |
| Expenses | ||
| Policyholder benefits and claims | 10,369 | 10,597 |
| Policyholder liability remeasurement (gains) losses | (159) | (132) |
| Market risk benefit remeasurement (gains) losses | (263) | 531 |
| Interest credited to policyholder account balances | 2,561 | 2,037 |
| Policyholder dividends | 134 | 150 |
| Amortization of DAC, VOBA and negative VOBA | 522 | 509 |
| Interest expense on debt | 271 | 257 |
| Other expenses, net of capitalization of DAC | 2,716 | 2,497 |
| Total expenses | 16,151 | 16,446 |
| Income (loss) before provision for income tax | 1,210 | 1,994 |
| Provision for income tax expense (benefit) | 308 | 653 |
| Net income (loss) | 902 | 1,341 |
| Less: Net income (loss) attributable to noncontrolling interests | 6 | (1) |
| Net income (loss) attributable to MetLife, Inc. | 896 | 1,342 |
| Less: Preferred stock dividends | 66 | 67 |
| Preferred stock redemption premium | 12 | — |
| Net income (loss) available to MetLife, Inc.'s common shareholders | $818 | $1,275 |
| See footnotes on last page. |
Page 17 of 24
| MetLife, Inc. | ||||
|---|---|---|---|---|
| (In millions, except per share data) | ||||
| For the Three Months Ended | ||||
| September 30, | ||||
| 2025 | 2024 | |||
| Reconciliation to Adjusted Earnings Available to Common Shareholders | Earnings Per<br><br>Weighted<br><br>Average<br><br>Common Share<br><br>Diluted (1) | Earnings Per<br><br>Weighted<br><br>Average<br><br>Common Share<br><br>Diluted (1) | ||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $818 | $1.22 | $1,275 | $1.81 |
| Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders: | ||||
| Less: Net investment gains (losses) | (325) | (0.49) | (77) | (0.11) |
| Net derivative gains (losses) | (929) | (1.39) | 767 | 1.09 |
| Market risk benefit remeasurement gains (losses) | 263 | 0.39 | (531) | (0.75) |
| Goodwill impairment | — | — | — | — |
| Other adjustments to net income (loss) | 20 | 0.04 | (65) | (0.09) |
| Provision for income tax (expense) benefit | 223 | 0.33 | (195) | (0.28) |
| Add: Net income (loss) attributable to noncontrolling interests | 6 | 0.01 | (1) | — |
| Preferred stock redemption premium | 12 | 0.02 | — | — |
| Adjusted earnings available to common shareholders | 1,584 | 2.37 | 1,375 | 1.95 |
| Less: Total notable items | 18 | 0.03 | 16 | 0.02 |
| Adjusted earnings available to common shareholders, excluding total notable items | $1,566 | $2.34 | $1,359 | $1.93 |
| Adjusted earnings available to common shareholders on a constant currency basis | $1,584 | $2.37 | $1,376 | $1.96 |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis | $1,566 | $2.34 | $1,360 | $1.93 |
| Weighted average common shares outstanding - diluted | 669.1 | 703.7 | ||
| See footnotes on last page. |
Page 18 of 24
| MetLife, Inc. | ||
|---|---|---|
| (In millions) | ||
| For the Three Months Ended | ||
| September 30, | ||
| 2025 | 2024 | |
| Premiums, Fees and Other Revenues | ||
| Premiums, fees and other revenues | $12,526 | $12,523 |
| Less: Adjustments to premiums, fees and other revenues: | ||
| Asymmetrical and non-economic accounting | 78 | 50 |
| Other adjustments | (15) | (14) |
| Divested businesses | 2 | 16 |
| Adjusted premiums, fees and other revenues | $12,461 | $12,471 |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $12,461 | $12,480 |
| Less: PRT | (10) | 529 |
| Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis | $12,471 | $11,951 |
| Net Investment Income | ||
| Net investment income | $6,089 | $5,227 |
| Less: Adjustments to net investment income | ||
| Investment hedge adjustments | (100) | (129) |
| Joint venture adjustments | (8) | 66 |
| Unit-linked contract income | 580 | 147 |
| Reinsurance adjustments | 177 | — |
| Divested businesses | — | — |
| Adjusted net investment income | $5,440 | $5,143 |
| Revenues and Expenses | ||
| Total revenues | $17,361 | $18,440 |
| Less: Adjustments to total revenues: | ||
| Net investment gains (losses) | (325) | (77) |
| Net derivative gains (losses) | (929) | 767 |
| Investment hedge adjustments | (100) | (129) |
| Asymmetrical and non-economic accounting | 78 | 50 |
| Joint venture adjustments | (8) | 66 |
| Unit-linked contract income | 580 | 147 |
| Reinsurance adjustments | 177 | — |
| Other adjustments, excluding Unit-linked contract income and Reinsurance adjustments | (15) | (14) |
| Divested businesses | 2 | 16 |
| Total adjusted revenues | $17,901 | $17,614 |
| Total expenses | $16,151 | $16,446 |
| Less: Adjustments to total expenses: | ||
| Market risk benefit remeasurement (gains) losses | (263) | 531 |
| Goodwill impairment | — | — |
| Asymmetrical and non-economic accounting | 18 | 72 |
| Market volatility | (49) | (52) |
| Unit-linked contract costs | 578 | 143 |
| Reinsurance adjustments | 135 | — |
| Other adjustments, excluding Unit-linked contract costs and Reinsurance adjustments | 2 | 12 |
| Divested businesses | 10 | 26 |
| Total adjusted expenses | $15,720 | $15,714 |
| See footnotes on last page. |
Page 19 of 24
| MetLife, Inc. | ||
|---|---|---|
| (In millions, except per share and ratio data) | ||
| For the Three Months Ended | ||
| September 30, | ||
| 2025 | 2024 | |
| Expense Detail and Ratios | ||
| Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC | ||
| Capitalization of DAC | $(852) | $(691) |
| Less: Divested businesses | — | — |
| Adjusted capitalization of DAC | $(852) | $(691) |
| Reconciliation of Other Expenses to Adjusted Other Expenses | ||
| Other expenses | $3,568 | $3,188 |
| Less: Reinsurance adjustments | 135 | — |
| Less: Other adjustments, excluding Reinsurance adjustments | 2 | 12 |
| Less: Divested businesses | 9 | 17 |
| Adjusted other expenses | $3,422 | $3,159 |
| Other Detail and Ratios | ||
| Other expenses, net of capitalization of DAC | $2,716 | $2,497 |
| Premiums, fees and other revenues | $12,526 | $12,523 |
| Expense ratio | 21.7% | 19.9% |
| Direct expenses | $1,443 | $1,392 |
| Less: Total notable items related to direct expenses | — | — |
| Direct expenses, excluding total notable items related to direct expenses | $1,443 | $1,392 |
| Adjusted other expenses | $3,422 | $3,159 |
| Adjusted capitalization of DAC | (852) | (691) |
| Adjusted other expenses, net of adjusted capitalization of DAC | 2,570 | 2,468 |
| Less: Total notable items related to adjusted other expenses | 102 | — |
| Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to<br><br>adjusted other expenses | $2,468 | $2,468 |
| Adjusted premiums, fees and other revenues | $12,461 | $12,471 |
| Less: PRT | (10) | 529 |
| Adjusted premiums, fees and other revenues, excluding PRT | $12,471 | $11,942 |
| Direct expense ratio | 11.6% | 11.2% |
| Direct expense ratio, excluding total notable items related to direct expenses and PRT | 11.6% | 11.7% |
| Adjusted expense ratio | 20.6% | 19.8% |
| Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT | 19.8% | 20.7% |
| See footnotes on last page. |
Page 20 of 24
| MetLife, Inc. | ||||||
|---|---|---|---|---|---|---|
| (In millions, except per share data) | ||||||
| September 30, | ||||||
| Equity Details | 2025 | 2024 | ||||
| Total MetLife, Inc.'s stockholders' equity | $28,944 | $30,885 | ||||
| Less: Preferred stock | 2,830 | 3,818 | ||||
| MetLife, Inc.'s common stockholders' equity | 26,114 | 27,067 | ||||
| Less: Unrealized investment gains (losses), net of related offsets and income tax | (14,667) | (11,239) | ||||
| Deferred gains (losses) on derivatives, net of income tax | (1,239) | (292) | ||||
| Future policy benefits discount rate remeasurement gain (losses), net of income tax | 6,028 | 2,004 | ||||
| Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | (83) | 4 | ||||
| Defined benefit plans adjustment, net of income tax | (1,390) | (1,371) | ||||
| Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax | 92 | — | ||||
| Total MetLife, Inc.'s adjusted common stockholders' equity | 37,373 | 37,961 | ||||
| Less: Accumulated year-to-date total notable items, net of income tax | 18 | 16 | ||||
| Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items | $37,355 | $37,945 | ||||
| September 30, | ||||||
| Book Value (2) | 2025 | 2024 | ||||
| Book value per common share | 39.52 | 39.02 | ||||
| Less: Unrealized investment gains (losses), net of related offsets and income tax | (22.20) | (16.20) | ||||
| Deferred gains (losses) on derivatives, net of income tax | (1.88) | (0.42) | ||||
| Future policy benefits discount rate remeasurement gain (losses), net of income tax | 9.12 | 2.89 | ||||
| Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | (0.13) | 0.01 | ||||
| Defined benefit plans adjustment, net of income tax | (2.10) | (1.98) | ||||
| Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax | 0.14 | — | ||||
| Adjusted book value per common share | $56.57 | $54.72 | ||||
| Common shares outstanding, end of period (3) | 660.7 | 693.7 | For the Three Months Ended | |||
| --- | --- | --- | ||||
| September 30, (4) | ||||||
| Return on Equity | 2025 | 2024 | ||||
| Return on MetLife, Inc.'s: | ||||||
| Common stockholders' equity | 13.1% | 20.2% | ||||
| Adjusted return on MetLife, Inc.'s: | ||||||
| Adjusted common stockholders' equity | 16.9% | 14.6% | ||||
| Adjusted common stockholders' equity, excluding total notable items | 16.7% | 14.4% | ||||
| For the Three Months Ended | ||||||
| September 30, | ||||||
| Average Common Stockholders' Equity | 2025 | 2024 | ||||
| Average common stockholders' equity | $24,991 | $25,251 | ||||
| Average adjusted common stockholders' equity | $37,434 | $37,673 | ||||
| Average adjusted common stockholders' equity, excluding total notable items | $37,425 | $37,665 | ||||
| See footnotes on last page. |
Page 21 of 24
| MetLife, Inc. | |||
|---|---|---|---|
| Adjusted Earnings Available to Common Shareholders | |||
| (In millions) | |||
| For the Three Months Ended | |||
| September 30, | |||
| 2025 | 2024 | ||
| Group Benefits (5): | |||
| Adjusted earnings available to common shareholders | $455 | $373 | |
| Less: Total notable items | (2) | (58) | |
| Adjusted earnings available to common shareholders, excluding total notable items | $457 | $431 | |
| Adjusted premiums, fees and other revenues | $6,306 | $6,146 | |
| Retirement & Income Solutions (5): | |||
| Adjusted earnings available to common shareholders | $436 | $472 | |
| Less: Total notable items | 13 | 104 | |
| Adjusted earnings available to common shareholders, excluding total notable items | $423 | $368 | |
| Adjusted premiums, fees and other revenues | $1,186 | $1,579 | |
| Less: PRT | (10) | 529 | |
| Adjusted premiums, fees and other revenues, excluding PRT | $1,196 | $1,050 | |
| Asia: | |||
| Adjusted earnings available to common shareholders | $543 | $306 | |
| Less: Total notable items | 70 | (41) | |
| Adjusted earnings available to common shareholders, excluding total notable items | $473 | $347 | |
| Adjusted earnings available to common shareholders on a constant currency basis | $543 | $305 | |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis | $473 | $346 | |
| Adjusted premiums, fees and other revenues | $1,717 | $1,710 | |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $1,717 | $1,704 | |
| Latin America: | |||
| Adjusted earnings available to common shareholders | $147 | $221 | |
| Less: Total notable items | (75) | 4 | |
| Adjusted earnings available to common shareholders, excluding total notable items | $222 | $217 | |
| Adjusted earnings available to common shareholders on a constant currency basis | $147 | $222 | |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis | $222 | $218 | |
| Adjusted premiums, fees and other revenues | $1,663 | $1,496 | |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $1,663 | $1,498 | |
| See footnotes on last page. |
Page 22 of 24
| MetLife, Inc. | |||
|---|---|---|---|
| Adjusted Earnings Available to Common Shareholders (Continued) | |||
| (In millions) | |||
| For the Three Months Ended | |||
| September 30, | |||
| 2025 | 2024 | ||
| EMEA: | |||
| Adjusted earnings available to common shareholders | $88 | $70 | |
| Less: Total notable items | (1) | (5) | |
| Adjusted earnings available to common shareholders, excluding total notable items | $89 | $75 | |
| Adjusted earnings available to common shareholders on a constant currency basis | $88 | $71 | |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis | $89 | $76 | |
| Adjusted premiums, fees and other revenues | $727 | $655 | |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $727 | $668 | |
| MetLife Holdings (5): | |||
| Adjusted earnings available to common shareholders | $203 | $182 | |
| Less: Total notable items | 13 | 12 | |
| Adjusted earnings available to common shareholders, excluding total notable items | $190 | $170 | |
| Adjusted premiums, fees and other revenues | $729 | $793 | |
| Corporate & Other (5): | |||
| Adjusted earnings available to common shareholders | $(288) | $(249) | |
| Less: Total notable items | — | — | |
| Adjusted earnings available to common shareholders, excluding total notable items | $(288) | $(249) | |
| Adjusted premiums, fees and other revenues | $133 | $92 | |
| See footnotes on last page. |
Page 23 of 24
| MetLife, Inc. | |||
|---|---|---|---|
| For the Three<br><br>Months Ended | |||
| September 30, 2025 | September 30, 2025 | ||
| Variable<br><br>Investment Income<br><br>(post-tax, $ in<br><br>millions) (6) | Assets ($ in billions) | ||
| Group Benefits | $5 | $0.2 | |
| RIS | 146 | 5.6 | |
| Asia | 139 | 8.3 | |
| Latin America | 2 | 0.3 | |
| EMEA | — | — | |
| MetLife Holdings | 76 | 3.4 | |
| Corporate & Other | 14 | 1.1 | |
| Total | $382 | $18.9 | |
| Value of New<br><br>Business | Internal Rate of<br><br>Return | Payback (Years) | |
| Value of new business ( in billions) | |||
| 2024 | $2.6 | 19% | 5 |
| 2023 | $2.6 | 19% | 5 |
| 2022 | $2.3 | 17% | 6 |
| 2021 | $1.9 | 17% | 6 |
| 2020 | $1.9 | 17% | 6 |
| See footnotes on last page. |
All values are in US Dollars.
Page 24 of 24
| MetLife, Inc. | ||
|---|---|---|
| Cash & Capital (8), (9), (in billions) | ||
| Holding Companies Cash & Liquid Assets | $4.9 | |
| Footnotes | ||
| (1) | Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share. | |
| (2) | Book values exclude 2,830 million and 3,818 million of equity related to preferred stock at September 30, 2025 and September 30, 2024, respectively. | |
| (3) | There were share repurchases of 502 million for the three months ended September 30, 2025. Year-to-date, there were share repurchases of approximately 2.6 billion, including approximately 150 million of share repurchases in October 2025. Common stock dividends totaling 378 million were paid for the three months ended September 30, 2025. | |
| (4) | Annualized using quarter-to-date results. | |
| (5) | Results on a constant currency basis are not included as constant currency impact is not significant. | |
| (6) | Assumes a 21% tax rate. | |
| (7) | 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) | The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately 17.1 billion at September 30, 2025, flat from 17.1 billion at June 30, 2025. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. | |
| (9) | The expected Japan solvency margin ratio as of September 30, 2025 is approximately 740%. |
All values are in US Dollars.
Document
Table of Contents
Exhibit 99.2
Third Quarter
Financial Supplement
September 30, 2025
Table of Contents
| METLIFE<br>TABLE OF CONTENTS | |
|---|---|
| GAAP CONSOLIDATED STATEMENTS OF OPERATIONS | 2 |
| CORPORATE OVERVIEW | 3 |
| KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS | 5 |
| EXPENSE DETAIL AND RATIOS | 7 |
| GAAP CONSOLIDATED BALANCE SHEETS | 8 |
| SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | 9 |
| Group Benefits | |
| Statements of Adjusted Earnings Available to Common Shareholders | 10 |
| Other Expenses by Major Category; and Other Information | 11 |
| RIS | |
| Statements of Adjusted Earnings Available to Common Shareholders | 12 |
| Future Policy Benefits; Policyholder Account Balances; Separate Account Liabilities; Synthetic GICs; and Longevity Reinsurance | 13 |
| Other Expenses by Major Category; and Spread | 14 |
| ASIA | |
| Statements of Adjusted Earnings Available to Common Shareholders | 15 |
| Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Information | 16 |
| Asia General Account Assets Under Management and Related Measures | 17 |
| LATIN AMERICA | |
| Statements of Adjusted Earnings Available to Common Shareholders | 18 |
| Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Information | 19 |
| EMEA | |
| Statements of Adjusted Earnings Available to Common Shareholders | 20 |
| Other Expenses by Major Category; and Other Information | 21 |
| METLIFE HOLDINGS | |
| Statements of Adjusted Earnings Available to Common Shareholders | 22 |
| Future Policy Benefits; Policyholder Account Balances; Market Risk Benefits; and Separate Account Liabilities | 23 |
| Other Expenses by Major Category; and Other Information | 24 |
| CORPORATE & OTHER | |
| Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source | 25 |
| INVESTMENTS | |
| Investment Portfolio Results by Asset Category and Annualized Yields | 26 |
| Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses: Fixed Maturity Securities Available-for-Sale | 27 |
| Summary of Net Mortgage Loans; and Summary of Net Commercial Mortgage Loans by Region and Property Type | 28 |
| Footnotes | 29 |
| APPENDIX | |
| Reconciliation Detail | A-1 |
| Notable Items | A-2 |
| Equity Details, Book Value Details and Return on Equity | A-4 |
| Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis | A-5 |
| Non-GAAP and Other Financial Disclosures | A-6 |
| Acronyms | A-9 |
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-to-Date Period Ended | |||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | |||||||||
| Revenues | ||||||||||||||||
| Premiums | $ | 10,647 | $ | 12,617 | $ | 11,723 | $ | 10,810 | $ | 10,555 | $ | 32,328 | $ | 33,088 | ||
| Universal life and investment-type product policy fees | 1,228 | 1,217 | 1,229 | 1,259 | 1,247 | 3,757 | 3,735 | |||||||||
| Net investment income | 5,227 | 5,405 | 4,885 | 5,661 | 6,089 | 15,868 | 16,635 | |||||||||
| Other revenues | 648 | 641 | 687 | 679 | 724 | 1,960 | 2,090 | |||||||||
| Net investment gains (losses) | (77) | (311) | (387) | (273) | (325) | (873) | (985) | |||||||||
| Net derivative gains (losses) | 767 | (903) | 432 | (796) | (929) | (720) | (1,293) | |||||||||
| Total revenues | 18,440 | 18,666 | 18,569 | 17,340 | 17,361 | 52,320 | 53,270 | |||||||||
| Expenses | ||||||||||||||||
| Policyholder benefits and claims | 10,597 | 12,572 | 11,806 | 10,767 | 10,369 | 32,156 | 32,942 | |||||||||
| Policyholder liability remeasurement (gains) losses | (132) | (42) | (31) | 5 | (159) | (164) | (185) | |||||||||
| Market risk benefit remeasurement (gains) losses | 531 | (764) | 299 | (277) | (263) | (345) | (241) | |||||||||
| Interest credited to policyholder account balances | 2,037 | 2,012 | 1,647 | 2,400 | 2,561 | 6,327 | 6,608 | |||||||||
| Policyholder dividends | 150 | 150 | 144 | 146 | 134 | 445 | 424 | |||||||||
| Amortization of DAC, VOBA and negative VOBA | 509 | 517 | 519 | 528 | 522 | 1,504 | 1,569 | |||||||||
| Interest expense on debt | 257 | 259 | 258 | 269 | 271 | 778 | 798 | |||||||||
| Other expenses, net of capitalization of DAC | 2,497 | 2,581 | 2,573 | 2,522 | 2,716 | 7,378 | 7,811 | |||||||||
| Total expenses | 16,446 | 17,285 | 17,215 | 16,360 | 16,151 | 48,079 | 49,726 | |||||||||
| Income (loss) before provision for income tax | 1,994 | 1,381 | 1,354 | 980 | 1,210 | 4,241 | 3,544 | |||||||||
| Provision for income tax expense (benefit) | 653 | 106 | 404 | 245 | 308 | 1,072 | 957 | |||||||||
| Net income (loss) | 1,341 | 1,275 | 950 | 735 | 902 | 3,169 | 2,587 | |||||||||
| Less: Net income (loss) attributable to noncontrolling interests | (1) | 4 | 5 | 6 | 6 | 14 | 17 | |||||||||
| Net income (loss) attributable to MetLife, Inc. | 1,342 | 1,271 | 945 | 729 | 896 | 3,155 | 2,570 | |||||||||
| Less: Preferred stock dividends | 67 | 32 | 66 | 31 | 66 | 168 | 163 | |||||||||
| Preferred stock redemption premium | — | — | — | — | 12 | — | 12 | |||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $ | 1,275 | $ | 1,239 | $ | 879 | $ | 698 | $ | 818 | $ | 2,987 | $ | 2,395 | ||
| Premiums, fees and other revenues | $ | 12,523 | $ | 14,475 | $ | 13,639 | $ | 12,748 | $ | 12,526 | $ | 38,045 | $ | 38,913 |
Table of Contents
| METLIFE<br>CORPORATE OVERVIEW | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| For the Three Months Ended | ||||||||||
| Unaudited (In millions, except per share data) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $ | 1,275 | $ | 1,239 | $ | 879 | $ | 698 | $ | 818 |
| Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: | ||||||||||
| Less: Net investment gains (losses) | (77) | (311) | (387) | (273) | (325) | |||||
| Less: Net derivative gains (losses) | 767 | (903) | 432 | (796) | (929) | |||||
| Less: Market risk benefit remeasurement gains (losses) | (531) | 764 | (299) | 277 | 263 | |||||
| Less: Goodwill impairment | — | — | — | — | — | |||||
| Less: Other adjustments to net income (loss) (1) | (65) | (118) | (234) | (61) | 20 | |||||
| Less: Provision for income tax (expense) benefit | (195) | 352 | 23 | 195 | 223 | |||||
| Add: Net income (loss) attributable to noncontrolling interests | (1) | 4 | 5 | 6 | 6 | |||||
| Add: Preferred stock redemption premium | — | — | — | — | 12 | |||||
| Adjusted earnings available to common shareholders | 1,375 | 1,459 | 1,349 | 1,362 | 1,584 | |||||
| Less: Total notable items (2) | 16 | 10 | — | — | 18 | |||||
| Adjusted earnings available to common shareholders, excluding total notable items (2) | $ | 1,359 | $ | 1,449 | $ | 1,349 | $ | 1,362 | $ | 1,566 |
| Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share | $ | 1.81 | $ | 1.78 | $ | 1.28 | $ | 1.03 | $ | 1.22 |
| Less: Net investment gains (losses) | (0.11) | (0.45) | (0.56) | (0.40) | (0.49) | |||||
| Less: Net derivative gains (losses) | 1.09 | (1.29) | 0.63 | (1.18) | (1.39) | |||||
| Less: Market risk benefit remeasurement gains (losses) | (0.75) | 1.09 | (0.44) | 0.41 | 0.39 | |||||
| Less: Goodwill impairment | — | — | — | — | — | |||||
| Less: Other adjustments to net income (loss) | (0.09) | (0.15) | (0.33) | (0.10) | 0.04 | |||||
| Less: Provision for income tax (expense) benefit | (0.28) | 0.50 | 0.03 | 0.29 | 0.33 | |||||
| Add: Net income (loss) attributable to noncontrolling interests | — | 0.01 | 0.01 | 0.01 | 0.01 | |||||
| Add: Preferred stock redemption premium | — | — | — | — | 0.02 | |||||
| Adjusted earnings available to common shareholders per diluted common share | 1.95 | 2.09 | 1.96 | 2.02 | 2.37 | |||||
| Less: Total notable items per diluted common share (2) | 0.02 | 0.01 | — | — | 0.03 | |||||
| Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3) | $ | 1.93 | $ | 2.08 | $ | 1.96 | $ | 2.02 | $ | 2.34 |
| For the Three Months Ended | ||||||||||
| Unaudited (In millions, except per share data) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Notable items impacting adjusted earnings available to common shareholders (2): | ||||||||||
| Actuarial assumption review and other insurance adjustments | $ | 16 | $ | — | $ | — | $ | — | $ | 89 |
| Litigation reserves and settlement costs | — | (47) | — | — | — | |||||
| Tax adjustments | — | 57 | — | — | (71) | |||||
| Total notable items | $ | 16 | $ | 10 | $ | — | $ | — | $ | 18 |
| Notable items impacting adjusted earnings available to common shareholders per diluted common share (2): | ||||||||||
| Actuarial assumption review and other insurance adjustments | $ | 0.02 | $ | — | $ | — | $ | — | $ | 0.13 |
| Litigation reserves and settlement costs | — | (0.07) | — | — | — | |||||
| Tax adjustments | — | 0.08 | — | — | (0.11) | |||||
| Total notable items | $ | 0.02 | $ | 0.01 | $ | — | $ | — | $ | 0.03 |
| For the Three Months Ended | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Weighted average common shares outstanding - diluted | 703.7 | 697.9 | 687.0 | 675.0 | 669.1 | |||||
| (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. |
Table of Contents
| METLIFE<br>CORPORATE OVERVIEW (CONTINUED) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unaudited | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Book value per common share (1) | $ | 39.02 | $ | 34.28 | $ | 35.16 | $ | 35.79 | $ | 39.52 | |||||
| Adjusted book value per common share (1) | $ | 54.72 | $ | 54.81 | $ | 55.01 | $ | 56.23 | $ | 56.57 | |||||
| For the Three Months Ended | |||||||||||||||
| Unaudited | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Return on MetLife, Inc.'s (2): | |||||||||||||||
| Common stockholders' equity | 20.2 | % | 19.6 | % | 14.9 | % | 11.7 | % | 13.1 | % | |||||
| Adjusted return on MetLife, Inc.'s (2): | |||||||||||||||
| Adjusted common stockholders' equity | 14.6 | % | 15.4 | % | 14.4 | % | 14.6 | % | 16.9 | % | |||||
| Adjusted common stockholders' equity, excluding total notable items (3) | 14.4 | % | 15.3 | % | 14.4 | % | 14.6 | % | 16.7 | % | |||||
| For the Three Months Ended | |||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Common shares outstanding, beginning of period | 703.8 | 693.7 | 689.2 | 673.3 | 666.8 | ||||||||||
| Share repurchases | (10.5) | (4.6) | (17.0) | (6.5) | (6.3) | ||||||||||
| Newly issued shares | 0.4 | 0.1 | 1.1 | — | 0.2 | ||||||||||
| Common shares outstanding, end of period | 693.7 | 689.2 | 673.3 | 666.8 | 660.7 | ||||||||||
| Weighted average common shares outstanding - basic | 699.3 | 693.0 | 682.3 | 670.8 | 664.7 | ||||||||||
| Dilutive effect of the exercise or issuance of stock-based awards | 4.4 | 4.9 | 4.7 | 4.2 | 4.4 | ||||||||||
| Weighted average common shares outstanding - diluted | 703.7 | 697.9 | 687.0 | 675.0 | 669.1 | ||||||||||
| MetLife Policyholder Trust Shares | 113.1 | 111.6 | 110.1 | 108.6 | 107.4 | ||||||||||
| (1) Calculated using common shares outstanding, end of period. | |||||||||||||||
| (2) Annualized using quarter-to-date results. See Page A-4 for further detail. | |||||||||||||||
| (3)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. |
Table of Contents
| METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Three Months Ended | For the Year-to-Date Period Ended | |||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | |||||||
| Total revenues | $ | 18,440 | $ | 18,666 | $ | 18,569 | $ | 17,340 | $ | 17,361 | $ | 52,320 | $ | 53,270 |
| Less: Adjustments to total revenues: | ||||||||||||||
| Net investment gains (losses) | (77) | (311) | (387) | (273) | (325) | (873) | (985) | |||||||
| Net derivative gains (losses) | 767 | (903) | 432 | (796) | (929) | (720) | (1,293) | |||||||
| Investment hedge adjustments | (129) | (127) | (103) | (102) | (100) | (477) | (305) | |||||||
| Asymmetrical and non-economic accounting | 50 | 34 | 36 | 42 | 78 | 124 | 156 | |||||||
| Joint venture adjustments | 66 | 16 | (42) | 16 | (8) | 66 | (34) | |||||||
| Unit-linked contract income | 147 | 183 | (227) | 498 | 580 | 908 | 851 | |||||||
| Reinsurance adjustments | — | 31 | 43 | 47 | 177 | — | 267 | |||||||
| Other adjustments, excluding Unit-linked contract income and Reinsurance adjustments | (14) | (11) | (15) | (16) | (15) | (37) | (46) | |||||||
| Divested businesses | 16 | 16 | 5 | 3 | 2 | 16 | 10 | |||||||
| Total adjusted revenues | $ | 17,614 | $ | 19,738 | $ | 18,827 | $ | 17,921 | $ | 17,901 | $ | 53,313 | $ | 54,649 |
| For the Three Months Ended | For the Year-to-Date Period Ended | |||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | |||||||
| Net investment income | $ | 5,227 | $ | 5,405 | $ | 4,885 | $ | 5,661 | $ | 6,089 | $ | 15,868 | $ | 16,635 |
| Less: Adjustments to net investment income: | ||||||||||||||
| Investment hedge adjustments | (129) | (127) | (103) | (102) | (100) | (477) | (305) | |||||||
| Joint venture adjustments | 66 | 16 | (42) | 16 | (8) | 66 | (34) | |||||||
| Unit-linked contract income | 147 | 183 | (227) | 498 | 580 | 908 | 851 | |||||||
| Reinsurance adjustments | — | 31 | 43 | 47 | 177 | — | 267 | |||||||
| Divested businesses | — | 1 | 1 | — | — | — | 1 | |||||||
| Adjusted net investment income | $ | 5,143 | $ | 5,301 | $ | 5,213 | $ | 5,202 | $ | 5,440 | $ | 15,371 | $ | 15,855 |
| For the Three Months Ended | For the Year-to-Date Period Ended | |||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | |||||||
| Variable investment income (Included in net investment income above) | $ | 162 | $ | 293 | $ | 327 | $ | 195 | $ | 483 | $ | 720 | $ | 1,005 |
| For the Three Months Ended | For the Year-to-Date Period Ended | |||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | |||||||
| Premiums, fees and other revenues | $ | 12,523 | $ | 14,475 | $ | 13,639 | $ | 12,748 | $ | 12,526 | $ | 38,045 | $ | 38,913 |
| Less: Adjustments to premiums, fees and other revenues: | ||||||||||||||
| Asymmetrical and non-economic accounting | 50 | 34 | 36 | 42 | 78 | 124 | 156 | |||||||
| Other adjustments | (14) | (11) | (15) | (16) | (15) | (37) | (46) | |||||||
| Divested businesses | 16 | 15 | 4 | 3 | 2 | 16 | 9 | |||||||
| Adjusted premiums, fees and other revenues | $ | 12,471 | $ | 14,437 | $ | 13,614 | $ | 12,719 | $ | 12,461 | $ | 37,942 | $ | 38,794 |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $ | 12,480 | $ | 14,569 | $ | 13,779 | $ | 12,751 | $ | 12,461 |
Table of Contents
| METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Three Months Ended | For the Year-to-Date Period Ended | |||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | |||||||
| Total expenses | $ | 16,446 | $ | 17,285 | $ | 17,215 | $ | 16,360 | $ | 16,151 | $ | 48,079 | $ | 49,726 |
| Less: Adjustments to total expenses: | ||||||||||||||
| Market risk benefit remeasurement (gains) losses | 531 | (764) | 299 | (277) | (263) | (345) | (241) | |||||||
| Goodwill impairment | — | — | — | — | — | — | — | |||||||
| Asymmetrical and non-economic accounting | 72 | 46 | 139 | 31 | 18 | 276 | 188 | |||||||
| Market volatility | (52) | (49) | (44) | (40) | (49) | (207) | (133) | |||||||
| Unit-linked contract costs | 143 | 185 | (234) | 486 | 578 | 896 | 830 | |||||||
| Reinsurance adjustments | — | 30 | 42 | 45 | 135 | — | 222 | |||||||
| Other adjustments, excluding Unit-linked contract costs and Reinsurance adjustments | 12 | 25 | 19 | 21 | 2 | 24 | 42 | |||||||
| Divested businesses | 26 | 23 | 9 | 6 | 10 | 34 | 25 | |||||||
| Total adjusted expenses | $ | 15,714 | $ | 17,789 | $ | 16,985 | $ | 16,088 | $ | 15,720 | $ | 47,401 | $ | 48,793 |
| For the Three Months Ended | For the Year-to-Date Period Ended | |||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | |||||||
| Capitalization of DAC | $ | (691) | $ | (719) | $ | (698) | $ | (787) | $ | (852) | $ | (2,114) | $ | (2,337) |
| Less: Divested businesses | — | — | — | — | — | — | — | |||||||
| Adjusted capitalization of DAC | $ | (691) | $ | (719) | $ | (698) | $ | (787) | $ | (852) | $ | (2,114) | $ | (2,337) |
| For the Three Months Ended | For the Year-to-Date Period Ended | |||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | |||||||
| Other expenses | $ | 3,188 | $ | 3,300 | $ | 3,271 | $ | 3,309 | $ | 3,568 | $ | 9,492 | $ | 10,148 |
| Less: Adjustments to other expenses: | ||||||||||||||
| Reinsurance adjustments | — | 30 | 42 | 45 | 135 | — | 222 | |||||||
| Other adjustments, excluding Reinsurance adjustments | 12 | 25 | 19 | 21 | 2 | 24 | 42 | |||||||
| Divested businesses | 17 | 13 | 8 | 7 | 9 | 25 | 24 | |||||||
| Adjusted other expenses | $ | 3,159 | $ | 3,232 | $ | 3,202 | $ | 3,236 | $ | 3,422 | $ | 9,443 | $ | 9,860 |
| Adjusted other expenses, on a constant currency basis | $ | 3,165 | $ | 3,292 | $ | 3,271 | $ | 3,243 | $ | 3,422 |
Table of Contents
| METLIFE<br>EXPENSE DETAIL AND RATIOS | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||||||||
| Unaudited (In millions, except ratio data) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||||||||
| Other expenses, net of capitalization of DAC | $ | 2,497 | $ | 2,581 | $ | 2,573 | $ | 2,522 | $ | 2,716 | $ | 7,378 | $ | 7,811 | |||||||
| Premiums, fees and other revenues | $ | 12,523 | $ | 14,475 | $ | 13,639 | $ | 12,748 | $ | 12,526 | $ | 38,045 | $ | 38,913 | |||||||
| Expense ratio | 19.9 | % | 17.8 | % | 18.9 | % | 19.8 | % | 21.7 | % | 19.4 | % | 20.1 | % | |||||||
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||||||||
| Adjusted other expenses by major category | |||||||||||||||||||||
| Direct expenses | $ | 1,392 | $ | 1,396 | $ | 1,459 | $ | 1,445 | $ | 1,443 | $ | 4,215 | $ | 4,347 | |||||||
| Pension, postretirement and postemployment benefit costs | 65 | 71 | 70 | 66 | 69 | 195 | 205 | ||||||||||||||
| Premium taxes, other taxes, and licenses & fees | 183 | 253 | 160 | 158 | 272 | 530 | 590 | ||||||||||||||
| Commissions and other variable expenses | 1,519 | 1,512 | 1,513 | 1,567 | 1,638 | 4,503 | 4,718 | ||||||||||||||
| Adjusted other expenses | 3,159 | 3,232 | 3,202 | 3,236 | 3,422 | 9,443 | 9,860 | ||||||||||||||
| Adjusted capitalization of DAC | (691) | (719) | (698) | (787) | (852) | (2,114) | (2,337) | ||||||||||||||
| Adjusted other expenses, net of adjusted capitalization of DAC | $ | 2,468 | $ | 2,513 | $ | 2,504 | $ | 2,449 | $ | 2,570 | $ | 7,329 | $ | 7,523 | |||||||
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||||||||
| Unaudited (In millions, except ratio data) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||||||||
| Employee-related costs | $ | 891 | $ | 955 | $ | 991 | $ | 935 | $ | 962 | $ | 2,741 | $ | 2,888 | |||||||
| Third-party staffing costs | 354 | 439 | 353 | 392 | 374 | 1,052 | 1,119 | ||||||||||||||
| General and administrative expenses | 147 | 2 | 115 | 118 | 107 | 422 | 340 | ||||||||||||||
| Direct expenses | 1,392 | 1,396 | 1,459 | 1,445 | 1,443 | 4,215 | 4,347 | ||||||||||||||
| Less: Total notable items related to direct expenses (1) | — | (152) | — | — | — | — | — | ||||||||||||||
| Direct expenses, excluding total notable items related to direct expenses (1) | $ | 1,392 | $ | 1,548 | $ | 1,459 | $ | 1,445 | $ | 1,443 | $ | 4,215 | $ | 4,347 | |||||||
| Adjusted other expenses, net of adjusted capitalization of DAC | $ | 2,468 | $ | 2,513 | $ | 2,504 | $ | 2,449 | $ | 2,570 | $ | 7,329 | $ | 7,523 | |||||||
| Less: Total notable items related to adjusted other expenses (1) | — | (85) | — | — | 102 | — | 102 | ||||||||||||||
| Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1) | $ | 2,468 | $ | 2,598 | $ | 2,504 | $ | 2,449 | $ | 2,468 | $ | 7,329 | $ | 7,421 | |||||||
| Adjusted premiums, fees and other revenues | $ | 12,471 | $ | 14,437 | $ | 13,614 | $ | 12,719 | $ | 12,461 | $ | 37,942 | $ | 38,794 | |||||||
| Less: PRT | 529 | 2,593 | 1,476 | 328 | (10) | 2,256 | 1,794 | ||||||||||||||
| Adjusted premiums, fees and other revenues, excluding PRT | $ | 11,942 | $ | 11,844 | $ | 12,138 | $ | 12,391 | $ | 12,471 | $ | 35,686 | $ | 37,000 | |||||||
| Direct expense ratio | 11.2 | % | 9.7 | % | 10.7 | % | 11.4 | % | 11.6 | % | 11.1 | % | 11.2 | % | |||||||
| Direct expense ratio, excluding total notable items related to direct expenses and PRT (1) | 11.7 | % | 13.1 | % | 12.0 | % | 11.7 | % | 11.6 | % | 11.8 | % | 11.7 | % | |||||||
| Adjusted expense ratio | 19.8 | % | 17.4 | % | 18.4 | % | 19.3 | % | 20.6 | % | 19.3 | % | 19.4 | % | |||||||
| Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1) | 20.7 | % | 21.9 | % | 20.6 | % | 19.8 | % | 19.8 | % | 20.5 | % | 20.1 | % | |||||||
| (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. |
Table of Contents
| METLIFE<br>GAAP CONSOLIDATED BALANCE SHEETS | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| ASSETS | ||||||||||
| Investments: | ||||||||||
| Fixed maturity securities available-for-sale, at estimated fair value | $ | 293,779 | $ | 281,043 | $ | 291,735 | $ | 298,737 | $ | 304,645 |
| Equity securities, at estimated fair value | 746 | 712 | 747 | 790 | 788 | |||||
| Contractholder-directed equity securities and fair value option securities, at estimated fair value | 9,289 | 10,672 | 10,725 | 11,694 | 12,270 | |||||
| Mortgage loans | 90,415 | 89,012 | 87,908 | 86,868 | 85,843 | |||||
| Policy loans | 8,822 | 8,545 | 8,663 | 8,664 | 8,589 | |||||
| Real estate and real estate joint ventures | 13,731 | 13,342 | 13,481 | 14,007 | 13,932 | |||||
| Other limited partnership interests | 14,186 | 14,378 | 14,137 | 14,279 | 14,741 | |||||
| Short-term investments, principally at estimated fair value | 4,609 | 5,156 | 5,543 | 5,300 | 5,962 | |||||
| Other invested assets | 19,706 | 18,504 | 17,470 | 16,352 | 16,932 | |||||
| Total investments | 455,283 | 441,364 | 450,409 | 456,691 | 463,702 | |||||
| Cash and cash equivalents, principally at estimated fair value | 21,765 | 20,068 | 21,326 | 22,178 | 20,233 | |||||
| Accrued investment income | 3,722 | 3,489 | 3,557 | 3,532 | 3,791 | |||||
| Premiums, reinsurance and other receivables | 31,443 | 29,761 | 31,251 | 31,503 | 40,329 | |||||
| Market risk benefits, at estimated fair value | 310 | 372 | 317 | 352 | 392 | |||||
| Deferred policy acquisition costs and value of business acquired | 20,401 | 19,627 | 20,162 | 20,993 | 21,175 | |||||
| Current income tax recoverable | 304 | 295 | 338 | 554 | 374 | |||||
| Deferred income tax assets | 2,469 | 2,994 | 2,524 | 2,925 | 2,719 | |||||
| Goodwill | 9,155 | 8,901 | 9,036 | 9,142 | 9,095 | |||||
| Other assets | 11,315 | 11,082 | 11,253 | 11,425 | 11,572 | |||||
| Separate account assets | 148,809 | 139,504 | 138,143 | 143,175 | 146,344 | |||||
| Total assets | $ | 704,976 | $ | 677,457 | $ | 688,316 | $ | 702,470 | $ | 719,726 |
| LIABILITIES AND EQUITY | ||||||||||
| Liabilities | ||||||||||
| Future policy benefits | $ | 201,340 | $ | 193,646 | $ | 197,667 | $ | 198,965 | $ | 199,169 |
| Policyholder account balances | 224,609 | 221,445 | 225,623 | 232,433 | 235,312 | |||||
| Market risk benefits, at estimated fair value | 3,117 | 2,581 | 2,844 | 2,709 | 2,585 | |||||
| Other policy-related balances | 19,932 | 18,899 | 19,523 | 19,899 | 20,361 | |||||
| Policyholder dividends payable | 381 | 385 | 356 | 367 | 369 | |||||
| Payables for collateral under securities loaned and other transactions | 17,132 | 17,128 | 17,440 | 17,147 | 17,139 | |||||
| Short-term debt | 404 | 465 | 381 | 379 | 378 | |||||
| Long-term debt | 15,278 | 15,086 | 14,695 | 15,374 | 15,300 | |||||
| Collateral financing arrangement | 529 | 476 | 463 | 438 | 398 | |||||
| Subordinated debt securities | 3,163 | 3,164 | 4,153 | 4,153 | 4,154 | |||||
| Deferred income tax liability | 956 | 132 | 430 | 430 | 574 | |||||
| Other liabilities | 38,162 | 36,843 | 38,843 | 39,074 | 48,452 | |||||
| Separate account liabilities | 148,809 | 139,504 | 138,143 | 143,175 | 146,344 | |||||
| Total liabilities | 673,812 | 649,754 | 660,561 | 674,543 | 690,535 | |||||
| Equity | ||||||||||
| Preferred stock, at par value | — | — | — | — | — | |||||
| Common stock, at par value | 12 | 12 | 12 | 12 | 12 | |||||
| Additional paid-in capital | 33,766 | 33,791 | 33,820 | 33,822 | 32,855 | |||||
| Retained earnings | 41,765 | 42,626 | 43,131 | 43,447 | 43,887 | |||||
| Treasury stock, at cost | (27,418) | (27,798) | (29,222) | (29,737) | (30,244) | |||||
| Accumulated other comprehensive income (loss) | (17,240) | (21,186) | (20,248) | (19,859) | (17,566) | |||||
| Total MetLife, Inc.'s stockholders' equity | 30,885 | 27,445 | 27,493 | 27,685 | 28,944 | |||||
| Noncontrolling interests | 279 | 258 | 262 | 242 | 247 | |||||
| Total equity | 31,164 | 27,703 | 27,755 | 27,927 | 29,191 | |||||
| Total liabilities and equity | $ | 704,976 | $ | 677,457 | $ | 688,316 | $ | 702,470 | $ | 719,726 |
Table of Contents
| METLIFESUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Adjusted earnings before provision for income tax | ||||||||||
| GROUP BENEFITS | $ | 472 | $ | 526 | $ | 464 | $ | 507 | $ | 576 |
| RIS | 591 | 487 | 500 | 458 | 546 | |||||
| ASIA | 431 | 613 | 536 | 495 | 755 | |||||
| LATIN AMERICA | 309 | 258 | 290 | 317 | 206 | |||||
| EMEA | 94 | 60 | 109 | 128 | 116 | |||||
| METLIFE HOLDINGS | 226 | 189 | 190 | 177 | 252 | |||||
| CORPORATE & OTHER | (223) | (184) | (247) | (249) | (270) | |||||
| Total adjusted earnings before provision for income tax | $ | 1,900 | $ | 1,949 | $ | 1,842 | $ | 1,833 | $ | 2,181 |
| Provision for income tax expense (benefit) | ||||||||||
| GROUP BENEFITS | $ | 99 | $ | 110 | $ | 97 | $ | 107 | $ | 121 |
| RIS | 119 | 101 | 99 | 90 | 110 | |||||
| ASIA | 125 | 170 | 162 | 145 | 212 | |||||
| LATIN AMERICA | 88 | 57 | 72 | 84 | 59 | |||||
| EMEA | 24 | 1 | 26 | 28 | 28 | |||||
| METLIFE HOLDINGS | 44 | 36 | 36 | 33 | 49 | |||||
| CORPORATE & OTHER | (41) | (17) | (65) | (47) | (48) | |||||
| Total provision for income tax expense (benefit) | $ | 458 | $ | 458 | $ | 427 | $ | 440 | $ | 531 |
| Adjusted earnings available to common shareholders | ||||||||||
| GROUP BENEFITS | $ | 373 | $ | 416 | $ | 367 | $ | 400 | $ | 455 |
| RIS | 472 | 386 | 401 | 368 | 436 | |||||
| ASIA | 306 | 443 | 374 | 350 | 543 | |||||
| LATIN AMERICA | 221 | 201 | 218 | 233 | 147 | |||||
| EMEA | 70 | 59 | 83 | 100 | 88 | |||||
| METLIFE HOLDINGS | 182 | 153 | 154 | 144 | 203 | |||||
| CORPORATE & OTHER (1) | (249) | (199) | (248) | (233) | (288) | |||||
| Total adjusted earnings available to common shareholders (1) | $ | 1,375 | $ | 1,459 | $ | 1,349 | $ | 1,362 | $ | 1,584 |
| (1)Includes impact of preferred stock dividends of 67 million, 32 million, 66 million, 31 million, and 66 million for the three months ended September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively. |
All values are in US Dollars.
Table of Contents
| GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Adjusted revenues | |||||||||||||||
| Premiums | $ | 5,538 | $ | 5,579 | $ | 5,763 | $ | 5,801 | $ | 5,662 | $ | 16,848 | $ | 17,226 | |
| Universal life and investment-type product policy fees | 231 | 227 | 233 | 240 | 227 | 682 | 700 | ||||||||
| Net investment income | 311 | 313 | 315 | 310 | 321 | 939 | 946 | ||||||||
| Other revenues | 377 | 378 | 434 | 405 | 417 | 1,156 | 1,256 | ||||||||
| Total adjusted revenues | 6,457 | 6,497 | 6,745 | 6,756 | 6,627 | 19,625 | 20,128 | ||||||||
| Adjusted expenses | |||||||||||||||
| Policyholder benefits and claims and policyholder dividends | 4,927 | 4,881 | 5,183 | 5,161 | 4,982 | 14,943 | 15,326 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | — | (18) | (4) | (9) | (1) | (31) | ||||||||
| Interest credited to policyholder account balances | 49 | 46 | 44 | 43 | 45 | 145 | 132 | ||||||||
| Capitalization of DAC | (4) | (5) | (5) | (7) | (7) | (13) | (19) | ||||||||
| Amortization of DAC, VOBA and negative VOBA | 6 | 7 | 6 | 7 | 7 | 19 | 20 | ||||||||
| Interest expense on debt | — | 1 | — | 1 | — | 1 | 1 | ||||||||
| Other expenses | 1,007 | 1,041 | 1,071 | 1,048 | 1,033 | 3,026 | 3,152 | ||||||||
| Total adjusted expenses | 5,985 | 5,971 | 6,281 | 6,249 | 6,051 | 18,120 | 18,581 | ||||||||
| Adjusted earnings before provision for income tax | 472 | 526 | 464 | 507 | 576 | 1,505 | 1,547 | ||||||||
| Provision for income tax expense (benefit) | 99 | 110 | 97 | 107 | 121 | 315 | 325 | ||||||||
| Adjusted earnings | 373 | 416 | 367 | 400 | 455 | 1,190 | 1,222 | ||||||||
| Preferred stock dividends | — | — | — | — | — | — | — | ||||||||
| Adjusted earnings available to common shareholders | 373 | 416 | 367 | 400 | 455 | 1,190 | 1,222 | ||||||||
| Less: Total notable items | (58) | — | — | — | (2) | (58) | (2) | ||||||||
| Adjusted earnings available to common shareholders, excluding total notable items | $ | 431 | $ | 416 | $ | 367 | $ | 400 | $ | 457 | $ | 1,248 | $ | 1,224 | |
| Adjusted premiums, fees and other revenues | $ | 6,146 | $ | 6,184 | $ | 6,430 | $ | 6,446 | $ | 6,306 | $ | 18,686 | $ | 19,182 |
Table of Contents
| GROUP BENEFITS | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OTHER EXPENSES BY MAJOR CATEGORY | |||||||||||||||
| For the Three Months Ended | |||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Direct and allocated expenses | $ | 486 | $ | 519 | $ | 524 | $ | 503 | $ | 498 | |||||
| Pension, postretirement and postemployment benefit costs | 14 | 14 | 13 | 14 | 14 | ||||||||||
| Premium taxes, other taxes, and licenses & fees | 93 | 86 | 83 | 88 | 87 | ||||||||||
| Commissions and other variable expenses | 414 | 422 | 451 | 443 | 434 | ||||||||||
| Adjusted other expenses | $ | 1,007 | $ | 1,041 | $ | 1,071 | $ | 1,048 | $ | 1,033 | |||||
| OTHER INFORMATION (1) | |||||||||||||||
| For the Three Months Ended | |||||||||||||||
| Unaudited (In millions, except ratios) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Group Life (2) | |||||||||||||||
| Adjusted premiums, fees and other revenues | $ | 2,293 | $ | 2,289 | $ | 2,352 | $ | 2,371 | $ | 2,328 | |||||
| Mortality ratio | 85.6 | % | 83.2 | % | 84.8 | % | 83.0 | % | 83.4 | % | |||||
| Group Non-Medical Health (3) | |||||||||||||||
| Adjusted premiums, fees and other revenues | $ | 2,718 | $ | 2,771 | $ | 2,850 | $ | 2,876 | $ | 2,814 | |||||
| Interest adjusted benefit ratio (4) | 72.4 | % | 71.8 | % | 74.1 | % | 74.8 | % | 72.5 | % | |||||
| (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. |
Table of Contents
| RIS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Adjusted revenues | |||||||||||||||
| Premiums | $ | 1,451 | $ | 3,460 | $ | 2,284 | $ | 1,210 | $ | 1,045 | $ | 4,574 | $ | 4,539 | |
| Universal life and investment-type product policy fees | 67 | 99 | 85 | 85 | 80 | 215 | 250 | ||||||||
| Net investment income | 2,133 | 2,143 | 2,167 | 2,145 | 2,166 | 6,339 | 6,478 | ||||||||
| Other revenues | 61 | 61 | 61 | 60 | 61 | 185 | 182 | ||||||||
| Total adjusted revenues | 3,712 | 5,763 | 4,597 | 3,500 | 3,352 | 11,313 | 11,449 | ||||||||
| Adjusted expenses | |||||||||||||||
| Policyholder benefits and claims and policyholder dividends | 2,247 | 4,280 | 3,121 | 2,043 | 1,835 | 6,966 | 6,999 | ||||||||
| Policyholder liability remeasurement (gains) losses | (148) | — | (15) | 1 | (14) | (170) | (28) | ||||||||
| Interest credited to policyholder account balances | 874 | 863 | 859 | 878 | 864 | 2,508 | 2,601 | ||||||||
| Capitalization of DAC | (53) | (58) | (37) | (44) | (50) | (160) | (131) | ||||||||
| Amortization of DAC, VOBA and negative VOBA | 14 | 21 | 17 | 18 | 18 | 45 | 53 | ||||||||
| Interest expense on debt | 4 | 4 | 3 | 3 | 3 | 11 | 9 | ||||||||
| Other expenses | 183 | 166 | 149 | 143 | 150 | 500 | 442 | ||||||||
| Total adjusted expenses | 3,121 | 5,276 | 4,097 | 3,042 | 2,806 | 9,700 | 9,945 | ||||||||
| Adjusted earnings before provision for income tax | 591 | 487 | 500 | 458 | 546 | 1,613 | 1,504 | ||||||||
| Provision for income tax expense (benefit) | 119 | 101 | 99 | 90 | 110 | 332 | 299 | ||||||||
| Adjusted earnings | 472 | 386 | 401 | 368 | 436 | 1,281 | 1,205 | ||||||||
| Preferred stock dividends | — | — | — | — | — | — | — | ||||||||
| Adjusted earnings available to common shareholders | 472 | 386 | 401 | 368 | 436 | 1,281 | 1,205 | ||||||||
| Less: Total notable items | 104 | — | — | — | 13 | 104 | 13 | ||||||||
| Adjusted earnings available to common shareholders, excluding total notable items | $ | 368 | $ | 386 | $ | 401 | $ | 368 | $ | 423 | $ | 1,177 | $ | 1,192 | |
| Adjusted premiums, fees and other revenues | $ | 1,579 | $ | 3,620 | $ | 2,430 | $ | 1,355 | $ | 1,186 | $ | 4,974 | $ | 4,971 | |
| Less: PRT | 529 | 2,593 | 1,476 | 328 | (10) | 2,256 | 1,794 | ||||||||
| Adjusted premiums, fees and other revenues, excluding PRT | $ | 1,050 | $ | 1,027 | $ | 954 | $ | 1,027 | $ | 1,196 | $ | 2,718 | $ | 3,177 |
Table of Contents
| RIS | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FUTURE POLICY BENEFITS (1) | |||||||||
| Unaudited (In millions) | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Balance, end of period (at balance sheet discount rate) (2), (3) | 72,914 | $ | 71,510 | $ | 73,415 | $ | 73,506 | $ | 74,263 |
| Less: Accumulated other comprehensive (income) loss | (3,134) | (2,627) | (2,366) | (1,209) | |||||
| Balance, end of period (at original discount rate) | 72,617 | $ | 74,644 | $ | 76,042 | $ | 75,872 | $ | 75,472 |
| POLICYHOLDER ACCOUNT BALANCES | |||||||||
| Unaudited (In millions) | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Balance, end of period (4) | 85,410 | $ | 84,923 | $ | 87,191 | $ | 89,205 | $ | 89,385 |
| SEPARATE ACCOUNT LIABILITIES | |||||||||
| Unaudited (In millions) | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Balance, end of period | 52,537 | $ | 51,420 | $ | 49,452 | $ | 47,993 | $ | 48,568 |
| SYNTHETIC GICS (5), (6) | |||||||||
| Unaudited (In millions) | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Balance, end of period | 49,081 | $ | 49,599 | $ | 53,796 | $ | 53,740 | $ | 51,920 |
| LONGEVITY REINSURANCE (7) | |||||||||
| Unaudited (In millions) | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Balance, end of period | 25,699 | $ | 25,121 | $ | 27,369 | $ | 30,087 | $ | 29,293 |
| (1)Includes 3,847 million, 3,872 million, 3,899 million, 3,910 million and 3,964 million of DPL at September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively. | |||||||||
| (2)Represents the current discount rate at the respective balance sheet date. | |||||||||
| (3)Includes 2,081 million, 1,956 million, 2,287 million, 2,266 million and 7,750 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 September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively. | |||||||||
| (4)Includes 3,327 million of policyholder account balances subject to reinsurance, which are included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheet at September 30, 2025. | |||||||||
| (5)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. | |||||||||
| (6)Includes 0, 221 million, 1,242 million, 0 and 0 of transfers from separate account GICs to synthetic GICs at September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively. | |||||||||
| (7)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 PRT market. |
All values are in US Dollars.
Table of Contents
| RIS | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OTHER EXPENSES BY MAJOR CATEGORY | |||||||||||||||
| For the Three Months Ended | |||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Direct and allocated expenses | $ | 75 | $ | 80 | $ | 85 | $ | 80 | $ | 77 | |||||
| Pension, postretirement and postemployment benefit costs | 4 | 3 | 3 | 4 | 4 | ||||||||||
| Premium taxes, other taxes, and licenses & fees | 16 | 18 | 5 | 3 | 7 | ||||||||||
| Commissions and other variable expenses | 88 | 65 | 56 | 56 | 62 | ||||||||||
| Adjusted other expenses | $ | 183 | $ | 166 | $ | 149 | $ | 143 | $ | 150 | |||||
| SPREAD | |||||||||||||||
| For the Three Months Ended | |||||||||||||||
| Unaudited | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Investment income yield, excluding variable investment income yield | 5.25 | % | 5.22 | % | 5.11 | % | 5.13 | % | 5.13 | % | |||||
| Variable investment income yield | 4.58 | % | 6.46 | % | 8.95 | % | 5.40 | % | 13.31 | % | |||||
| Total investment income yield | 5.23 | % | 5.26 | % | 5.24 | % | 5.14 | % | 5.42 | % | |||||
| Average crediting rate | 4.38 | % | 4.35 | % | 4.31 | % | 4.33 | % | 4.35 | % | |||||
| Amortization of DPL and losses at inception (1) | (0.21) | % | (0.21) | % | (0.21) | % | (0.21) | % | (0.24) | % | |||||
| Total average crediting rate | 4.17 | % | 4.14 | % | 4.10 | % | 4.12 | % | 4.11 | % | |||||
| Annualized general account spread (2) | 1.06 | % | 1.12 | % | 1.14 | % | 1.02 | % | 1.31 | % | |||||
| Annualized general account spread, excluding variable investment income yield | 1.08 | % | 1.08 | % | 1.01 | % | 1.01 | % | 1.02 | % | |||||
| (1)Includes the amortization of DPL of (0.23)% for each of the three months ended September 30, 2024, December 31, 2024, March 31, 2025 and June 30, 2025, and (0.24)% for the three months ended September 30, 2025. | |||||||||||||||
| (2)The general account is comprised of invested assets supporting future policy benefits and policyholder account balances. |
Table of Contents
| ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Adjusted revenues | |||||||||||||||
| Premiums | $ | 1,272 | $ | 1,206 | $ | 1,260 | $ | 1,278 | $ | 1,290 | $ | 3,785 | $ | 3,828 | |
| Universal life and investment-type product policy fees | 420 | 410 | 406 | 399 | 407 | 1,280 | 1,212 | ||||||||
| Net investment income | 1,132 | 1,251 | 1,206 | 1,210 | 1,377 | 3,407 | 3,793 | ||||||||
| Other revenues | 18 | 19 | 15 | 22 | 20 | 57 | 57 | ||||||||
| Total adjusted revenues | 2,842 | 2,886 | 2,887 | 2,909 | 3,094 | 8,529 | 8,890 | ||||||||
| Adjusted expenses | |||||||||||||||
| Policyholder benefits and claims and policyholder dividends | 1,035 | 993 | 1,037 | 1,051 | 1,074 | 3,090 | 3,162 | ||||||||
| Policyholder liability remeasurement (gains) losses | 60 | (59) | (11) | (12) | (141) | 24 | (164) | ||||||||
| Interest credited to policyholder account balances | 683 | 708 | 711 | 757 | 804 | 1,987 | 2,272 | ||||||||
| Capitalization of DAC | (336) | (348) | (351) | (418) | (435) | (1,032) | (1,204) | ||||||||
| Amortization of DAC, VOBA and negative VOBA | 211 | 214 | 216 | 223 | 207 | 618 | 646 | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | ||||||||
| Other expenses | 758 | 765 | 749 | 813 | 830 | 2,204 | 2,392 | ||||||||
| Total adjusted expenses | 2,411 | 2,273 | 2,351 | 2,414 | 2,339 | 6,891 | 7,104 | ||||||||
| Adjusted earnings before provision for income tax | 431 | 613 | 536 | 495 | 755 | 1,638 | 1,786 | ||||||||
| Provision for income tax expense (benefit) | 125 | 170 | 162 | 145 | 212 | 460 | 519 | ||||||||
| Adjusted earnings | 306 | 443 | 374 | 350 | 543 | 1,178 | 1,267 | ||||||||
| Preferred stock dividends | — | — | — | — | — | — | — | ||||||||
| Adjusted earnings available to common shareholders | 306 | $ | 443 | $ | 374 | $ | 350 | 543 | 1,178 | 1,267 | |||||
| Less: Total notable items | (41) | — | — | — | 70 | (41) | 70 | ||||||||
| Adjusted earnings available to common shareholders, excluding total notable items | $ | 347 | $ | 443 | $ | 374 | $ | 350 | $ | 473 | $ | 1,219 | $ | 1,197 | |
| Adjusted premiums, fees and other revenues | $ | 1,710 | $ | 1,635 | $ | 1,681 | $ | 1,699 | $ | 1,717 | $ | 5,122 | $ | 5,097 |
Table of Contents
| ASIA | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADJUSTED PREMIUMS, FEES AND OTHER REVENUES | ||||||||||
| For the Three Months Ended | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Adjusted premiums, fees and other revenues | $ | 1,710 | $ | 1,635 | $ | 1,681 | $ | 1,699 | $ | 1,717 |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $ | 1,704 | $ | 1,666 | $ | 1,728 | $ | 1,685 | $ | 1,717 |
| Add: Operating joint ventures, on a constant currency basis (1) | 536 | 409 | 1,031 | 737 | 831 | |||||
| Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis | $ | 2,240 | $ | 2,075 | $ | 2,759 | $ | 2,422 | $ | 2,548 |
| OTHER EXPENSES BY MAJOR CATEGORY | ||||||||||
| For the Three Months Ended | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Direct and allocated expenses | $ | 303 | $ | 319 | $ | 306 | $ | 304 | $ | 303 |
| Pension, postretirement and postemployment benefit costs | 15 | 19 | 13 | 14 | 13 | |||||
| Premium taxes, other taxes, and licenses & fees | 31 | 26 | 29 | 33 | 33 | |||||
| Commissions and other variable expenses | 409 | 401 | 401 | 462 | 481 | |||||
| Adjusted other expenses | $ | 758 | $ | 765 | $ | 749 | $ | 813 | $ | 830 |
| Adjusted other expenses, net of adjusted capitalization of DAC | $ | 422 | $ | 417 | $ | 398 | $ | 395 | $ | 395 |
| Adjusted other expenses, on a constant currency basis | $ | 758 | $ | 783 | $ | 773 | $ | 802 | $ | 830 |
| Add: Operating joint ventures, on a constant currency basis (2) | 118 | 93 | 126 | 113 | 135 | |||||
| Adjusted other expenses, including operating joint ventures, on a constant currency basis | $ | 876 | $ | 876 | $ | 899 | $ | 915 | $ | 965 |
| Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis | $ | 489 | $ | 490 | $ | 476 | $ | 463 | $ | 481 |
| SALES ON A CONSTANT CURRENCY BASIS | ||||||||||
| For the Three Months Ended | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Japan: | ||||||||||
| Life | $ | 143 | $ | 108 | $ | 113 | $ | 159 | $ | 216 |
| Accident & Health | 61 | 81 | 69 | 67 | 66 | |||||
| Annuities | 147 | 113 | 145 | 226 | 178 | |||||
| Other | 2 | 2 | 2 | 2 | 1 | |||||
| Total Japan | 353 | 304 | 329 | 454 | 461 | |||||
| Other Asia | 233 | 213 | 309 | 238 | 325 | |||||
| Total sales | $ | 586 | $ | 517 | $ | 638 | $ | 692 | $ | 786 |
| OTHER INFORMATION | ||||||||||
| For the Three Months Ended | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Adjusted earnings available to common shareholders | $ | 306 | $ | 443 | $ | 374 | $ | 350 | $ | 543 |
| Adjusted earnings available to common shareholders, excluding total notable items | $ | 347 | $ | 443 | $ | 374 | $ | 350 | $ | 473 |
| Adjusted earnings available to common shareholders, on a constant currency basis | $ | 305 | $ | 446 | $ | 380 | $ | 349 | $ | 543 |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis | $ | 346 | $ | 446 | $ | 380 | $ | 349 | $ | 473 |
| (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. |
Table of Contents
| ASIA | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| GA AUM | $ | 128,115 | $ | 120,626 | $ | 125,119 | $ | 129,325 | $ | 131,751 |
| GA AUM (at amortized cost) | $ | 135,107 | $ | 129,959 | $ | 134,352 | $ | 139,158 | $ | 140,892 |
| GA AUM (at amortized cost), on a constant currency basis | $ | 132,970 | $ | 132,972 | $ | 135,452 | $ | 137,926 | $ | 140,892 |
| Add: Operating joint ventures, on a constant currency basis (1) | 9,694 | 10,088 | 11,658 | 12,388 | 13,043 | |||||
| GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis | $ | 142,664 | $ | 143,060 | $ | 147,110 | $ | 150,314 | $ | 153,935 |
| (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. |
Table of Contents
| LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Adjusted revenues | |||||||||||||||
| Premiums | $ | 1,141 | $ | 1,098 | $ | 1,164 | $ | 1,260 | $ | 1,288 | $ | 3,378 | $ | 3,712 | |
| Universal life and investment-type product policy fees | 346 | 330 | 340 | 371 | 377 | 1,089 | 1,088 | ||||||||
| Net investment income | 435 | 431 | 407 | 445 | 414 | 1,219 | 1,266 | ||||||||
| Other revenues | 9 | 10 | 9 | 3 | (2) | 31 | 10 | ||||||||
| Total adjusted revenues | 1,931 | 1,869 | 1,920 | 2,079 | 2,077 | 5,717 | 6,076 | ||||||||
| Adjusted expenses | |||||||||||||||
| Policyholder benefits and claims and policyholder dividends | 1,091 | 1,035 | 1,091 | 1,216 | 1,218 | 3,092 | 3,525 | ||||||||
| Policyholder liability remeasurement (gains) losses | (18) | 20 | (3) | — | (4) | (29) | (7) | ||||||||
| Interest credited to policyholder account balances | 108 | 101 | 98 | 96 | 92 | 337 | 286 | ||||||||
| Capitalization of DAC | (174) | (177) | (172) | (176) | (203) | (527) | (551) | ||||||||
| Amortization of DAC, VOBA and negative VOBA | 126 | 123 | 129 | 137 | 149 | 380 | 415 | ||||||||
| Interest expense on debt | 4 | 4 | 4 | 4 | 4 | 11 | 12 | ||||||||
| Other expenses | 485 | 505 | 483 | 485 | 615 | 1,502 | 1,583 | ||||||||
| Total adjusted expenses | 1,622 | 1,611 | 1,630 | 1,762 | 1,871 | 4,766 | 5,263 | ||||||||
| Adjusted earnings before provision for income tax | 309 | 258 | 290 | 317 | 206 | 951 | 813 | ||||||||
| Provision for income tax expense (benefit) | 88 | 57 | 72 | 84 | 59 | 271 | 215 | ||||||||
| Adjusted earnings | 221 | 201 | 218 | 233 | 147 | 680 | 598 | ||||||||
| Preferred stock dividends | — | — | — | — | — | — | — | ||||||||
| Adjusted earnings available to common shareholders | $ | 221 | $ | 201 | $ | 218 | $ | 233 | $ | 147 | $ | 680 | $ | 598 | |
| Less: Total notable items | 4 | — | — | — | (75) | 4 | (75) | ||||||||
| Adjusted earnings available to common shareholders, excluding total notable items | $ | 217 | $ | 201 | $ | 218 | $ | 233 | $ | 222 | $ | 676 | $ | 673 | |
| Adjusted premiums, fees and other revenues | $ | 1,496 | $ | 1,438 | $ | 1,513 | $ | 1,634 | $ | 1,663 | $ | 4,498 | $ | 4,810 |
Table of Contents
| LATIN AMERICA | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| OTHER EXPENSES BY MAJOR CATEGORY | ||||||||||
| For the Three Months Ended | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Direct and allocated expenses | $ | 129 | $ | 146 | $ | 135 | $ | 143 | $ | 147 |
| Pension, postretirement and postemployment benefit costs | 1 | 3 | 1 | 2 | 1 | |||||
| Premium taxes, other taxes, and licenses & fees | 22 | 24 | 23 | 22 | 123 | |||||
| Commissions and other variable expenses | 333 | 332 | 324 | 318 | 344 | |||||
| Adjusted other expenses | $ | 485 | $ | 505 | $ | 483 | $ | 485 | $ | 615 |
| Adjusted other expenses, net of adjusted capitalization of DAC | $ | 311 | $ | 328 | $ | 311 | $ | 309 | $ | 412 |
| Adjusted other expenses, on a constant currency basis | $ | 486 | $ | 534 | $ | 513 | $ | 499 | $ | 615 |
| Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis | $ | 311 | $ | 346 | $ | 329 | $ | 318 | $ | 412 |
| SALES ON A CONSTANT CURRENCY BASIS | ||||||||||
| For the Three Months Ended | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Mexico | $ | 195 | $ | 144 | $ | 219 | $ | 191 | $ | 213 |
| Chile | 102 | 122 | 115 | 127 | 121 | |||||
| All other | 87 | 86 | 72 | 73 | 107 | |||||
| Total sales | $ | 384 | $ | 352 | $ | 406 | $ | 391 | $ | 441 |
| OTHER INFORMATION | ||||||||||
| For the Three Months Ended | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Adjusted premiums, fees and other revenues | $ | 1,496 | $ | 1,438 | $ | 1,513 | $ | 1,634 | $ | 1,663 |
| Adjusted earnings available to common shareholders | $ | 221 | $ | 201 | $ | 218 | $ | 233 | $ | 147 |
| Adjusted earnings available to common shareholders, excluding total notable items | $ | 217 | $ | 201 | $ | 218 | $ | 233 | $ | 222 |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $ | 1,498 | $ | 1,515 | $ | 1,600 | $ | 1,672 | $ | 1,663 |
| Adjusted earnings available to common shareholders, on a constant currency basis | $ | 222 | $ | 213 | $ | 233 | $ | 241 | $ | 147 |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis | $ | 218 | $ | 213 | $ | 233 | $ | 241 | $ | 222 |
Table of Contents
| EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Adjusted revenues | |||||||||||||||
| Premiums | $ | 562 | $ | 568 | $ | 582 | $ | 626 | $ | 638 | $ | 1,634 | $ | 1,846 | |
| Universal life and investment-type product policy fees | 84 | 76 | 78 | 84 | 82 | 238 | 244 | ||||||||
| Net investment income | 55 | 59 | 58 | 61 | 67 | 163 | 186 | ||||||||
| Other revenues | 9 | 8 | 8 | 9 | 7 | 24 | 24 | ||||||||
| Total adjusted revenues | 710 | 711 | 726 | 780 | 794 | 2,059 | 2,300 | ||||||||
| Adjusted expenses | |||||||||||||||
| Policyholder benefits and claims and policyholder dividends | 276 | 301 | 277 | 309 | 333 | 799 | 919 | ||||||||
| Policyholder liability remeasurement (gains) losses | 9 | (3) | — | 4 | 3 | 10 | 7 | ||||||||
| Interest credited to policyholder account balances | 17 | 17 | 17 | 20 | 21 | 53 | 58 | ||||||||
| Capitalization of DAC | (119) | (124) | (126) | (136) | (151) | (362) | (413) | ||||||||
| Amortization of DAC, VOBA and negative VOBA | 91 | 93 | 94 | 88 | 85 | 262 | 267 | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | ||||||||
| Other expenses | 342 | 367 | 355 | 367 | 387 | 1,002 | 1,109 | ||||||||
| Total adjusted expenses | 616 | 651 | 617 | 652 | 678 | 1,764 | 1,947 | ||||||||
| Adjusted earnings before provision for income tax | 94 | 60 | 109 | 128 | 116 | 295 | 353 | ||||||||
| Provision for income tax expense (benefit) | 24 | 1 | 26 | 28 | 28 | 71 | 82 | ||||||||
| Adjusted earnings | 70 | 59 | 83 | 100 | 88 | 224 | 271 | ||||||||
| Preferred stock dividends | — | — | — | — | — | — | — | ||||||||
| Adjusted earnings available to common shareholders | 70 | 59 | 83 | 100 | 88 | 224 | 271 | ||||||||
| Less: Total notable items | (5) | — | — | — | (1) | (5) | (1) | ||||||||
| Adjusted earnings available to common shareholders, excluding total notable items | $ | 75 | $ | 59 | $ | 83 | $ | 100 | $ | 89 | $ | 229 | $ | 272 | |
| Adjusted premiums, fees and other revenues | $ | 655 | $ | 652 | $ | 668 | $ | 719 | $ | 727 | $ | 1,896 | $ | 2,114 |
Table of Contents
| EMEA | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| OTHER EXPENSES BY MAJOR CATEGORY | ||||||||||
| For the Three Months Ended | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Direct and allocated expenses | $ | 109 | $ | 112 | $ | 109 | $ | 111 | $ | 111 |
| Pension, postretirement and postemployment benefit costs | 2 | 2 | 1 | (3) | 2 | |||||
| Premium taxes, other taxes, and licenses & fees | 6 | 7 | 6 | 6 | 7 | |||||
| Commissions and other variable expenses | 225 | 246 | 239 | 253 | 267 | |||||
| Adjusted other expenses | $ | 342 | $ | 367 | $ | 355 | $ | 367 | $ | 387 |
| Adjusted other expenses, net of adjusted capitalization of DAC | $ | 223 | $ | 243 | $ | 229 | $ | 231 | $ | 236 |
| Adjusted other expenses, on a constant currency basis | $ | 347 | $ | 380 | $ | 370 | $ | 371 | $ | 387 |
| Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis | $ | 226 | $ | 252 | $ | 238 | $ | 233 | $ | 236 |
| OTHER INFORMATION | ||||||||||
| For the Three Months Ended | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Adjusted premiums, fees and other revenues | $ | 655 | $ | 652 | $ | 668 | $ | 719 | $ | 727 |
| Adjusted earnings available to common shareholders | $ | 70 | $ | 59 | $ | 83 | $ | 100 | $ | 88 |
| Adjusted earnings available to common shareholders, excluding total notable items | $ | 75 | $ | 59 | $ | 83 | $ | 100 | $ | 89 |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $ | 668 | $ | 676 | $ | 699 | $ | 727 | $ | 727 |
| Adjusted earnings available to common shareholders, on a constant currency basis | $ | 71 | $ | 60 | $ | 87 | $ | 101 | $ | 88 |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis | $ | 76 | $ | 60 | $ | 87 | $ | 101 | $ | 89 |
| Total sales, on a constant currency basis | $ | 243 | $ | 251 | $ | 320 | $ | 310 | $ | 301 |
Table of Contents
| METLIFE HOLDINGS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Adjusted revenues | |||||||||||||||
| Premiums | $ | 673 | $ | 702 | $ | 657 | $ | 624 | $ | 621 | $ | 2,078 | $ | 1,902 | |
| Universal life and investment-type product policy fees | 80 | 74 | 86 | 80 | 74 | 252 | 240 | ||||||||
| Net investment income | 981 | 978 | 989 | 964 | 1,025 | 3,007 | 2,978 | ||||||||
| Other revenues | 40 | 39 | 37 | 36 | 34 | 127 | 107 | ||||||||
| Total adjusted revenues | 1,774 | 1,793 | 1,769 | 1,704 | 1,754 | 5,464 | 5,227 | ||||||||
| Adjusted expenses | |||||||||||||||
| Policyholder benefits and claims and policyholder dividends | 1,221 | 1,230 | 1,200 | 1,164 | 1,152 | 3,724 | 3,516 | ||||||||
| Policyholder liability remeasurement (gains) losses | (35) | — | 16 | 16 | 4 | 2 | 36 | ||||||||
| Interest credited to policyholder account balances | 84 | 97 | 88 | 90 | 89 | 293 | 267 | ||||||||
| Capitalization of DAC | (4) | (4) | (4) | (3) | (1) | (13) | (8) | ||||||||
| Amortization of DAC, VOBA and negative VOBA | 58 | 55 | 55 | 53 | 53 | 174 | 161 | ||||||||
| Interest expense on debt | 4 | 3 | 3 | 3 | 3 | 11 | 9 | ||||||||
| Other expenses | 220 | 223 | 221 | 204 | 202 | 663 | 627 | ||||||||
| Total adjusted expenses | 1,548 | 1,604 | 1,579 | 1,527 | 1,502 | 4,854 | 4,608 | ||||||||
| Adjusted earnings before provision for income tax | 226 | 189 | 190 | 177 | 252 | 610 | 619 | ||||||||
| Provision for income tax expense (benefit) | 44 | 36 | 36 | 33 | 49 | 116 | 118 | ||||||||
| Adjusted earnings | 182 | 153 | 154 | 144 | 203 | 494 | 501 | ||||||||
| Preferred stock dividends | — | — | — | — | — | — | — | ||||||||
| Adjusted earnings available to common shareholders | 182 | 153 | 154 | 144 | 203 | 494 | 501 | ||||||||
| Less: Total notable items | 12 | — | — | — | 13 | 12 | 13 | ||||||||
| Adjusted earnings available to common shareholders, excluding total notable items | $ | 170 | $ | 153 | $ | 154 | $ | 144 | $ | 190 | $ | 482 | $ | 488 | |
| Adjusted premiums, fees and other revenues | $ | 793 | $ | 815 | $ | 780 | $ | 740 | $ | 729 | $ | 2,457 | $ | 2,249 |
Table of Contents
| METLIFE HOLDINGS | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| FUTURE POLICY BENEFITS (1) | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Annuities | $ | 1,606 | $ | 1,515 | $ | 1,493 | $ | 1,466 | $ | 1,457 |
| Life and Other | 53,096 | 52,918 | 52,584 | 52,368 | 52,085 | |||||
| Long-Term Care | 15,657 | 14,537 | 14,716 | 14,803 | 15,309 | |||||
| Balance, end of period (at balance sheet discount rate) | $ | 70,359 | $ | 68,970 | $ | 68,793 | $ | 68,637 | $ | 68,851 |
| Less: | ||||||||||
| Annuities | $ | (5) | $ | (63) | $ | (51) | $ | (43) | $ | (26) |
| Life and Other | 31 | (34) | (26) | (26) | (10) | |||||
| Long-Term Care | 339 | (919) | (872) | (922) | (547) | |||||
| Accumulated other comprehensive (income) loss | $ | 365 | $ | (1,016) | $ | (949) | $ | (991) | $ | (583) |
| Annuities | $ | 1,611 | $ | 1,578 | $ | 1,544 | $ | 1,509 | $ | 1,483 |
| Life and Other | 53,065 | 52,952 | 52,610 | 52,394 | 52,095 | |||||
| Long-Term Care | 15,318 | 15,456 | 15,588 | 15,725 | 15,856 | |||||
| Balance, end of period (at original discount rate) | $ | 69,994 | $ | 69,986 | $ | 69,742 | $ | 69,628 | $ | 69,434 |
| Future policy benefits subject to reinsurance (at balance sheet discount rate) (2) | ||||||||||
| Annuities | $ | 1,505 | $ | 1,393 | $ | 1,370 | $ | 1,345 | $ | 1,326 |
| Life and Other | $ | 2,398 | $ | 2,410 | $ | 2,421 | $ | 2,455 | $ | 2,474 |
| Long-Term Care | $ | — | $ | — | $ | — | $ | — | $ | — |
| POLICYHOLDER ACCOUNT BALANCES | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Annuities | $ | 10,437 | $ | 10,142 | $ | 9,859 | $ | 9,625 | $ | 9,451 |
| Life and Other | 11,284 | 11,132 | 10,986 | 10,849 | 10,716 | |||||
| Balance, end of period | $ | 21,721 | $ | 21,274 | $ | 20,845 | $ | 20,474 | $ | 20,167 |
| Policyholder account balances subject to reinsurance (2) | ||||||||||
| Annuities | $ | 3,124 | $ | 3,027 | $ | 2,930 | $ | 2,848 | $ | 2,761 |
| Life and Other | $ | 6,410 | $ | 6,357 | $ | 6,301 | $ | 6,240 | $ | 6,178 |
| MARKET RISK BENEFITS | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Annuities | $ | 2,608 | $ | 2,069 | $ | 2,377 | $ | 2,214 | $ | 2,114 |
| Balance, end of period | $ | 2,608 | $ | 2,069 | $ | 2,377 | $ | 2,214 | $ | 2,114 |
| Market risk benefits subject to reinsurance (2) | $ | — | $ | — | $ | — | $ | — | $ | — |
| SEPARATE ACCOUNT LIABILITIES | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| Annuities | $ | 29,349 | $ | 27,829 | $ | 26,296 | $ | 27,188 | $ | 27,355 |
| Life and Other | 7,049 | 7,065 | 6,393 | 7,022 | 7,317 | |||||
| Balance, end of period | $ | 36,398 | $ | 34,894 | $ | 32,689 | $ | 34,210 | $ | 34,672 |
| Separate account liabilities subject to reinsurance (3) | ||||||||||
| Annuities | $ | 83 | $ | 79 | $ | 73 | $ | 77 | $ | 77 |
| Life and Other | $ | 6,226 | $ | 6,244 | $ | 5,852 | $ | 6,429 | $ | 6,688 |
| (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. |
Table of Contents
| METLIFE HOLDINGS | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OTHER EXPENSES BY MAJOR CATEGORY | |||||||||||||||
| For the Three Months Ended | |||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Direct and allocated expenses | $ | 159 | $ | 166 | $ | 168 | $ | 158 | $ | 154 | |||||
| Pension, postretirement and postemployment benefit costs | 6 | 7 | 6 | 7 | 7 | ||||||||||
| Premium taxes, other taxes, and licenses & fees | 20 | 15 | 16 | 12 | 14 | ||||||||||
| Commissions and other variable expenses | 35 | 35 | 31 | 27 | 27 | ||||||||||
| Adjusted other expenses | $ | 220 | $ | 223 | $ | 221 | $ | 204 | $ | 202 | |||||
| OTHER INFORMATION | |||||||||||||||
| For the Three Months Ended | |||||||||||||||
| Unaudited (In millions, except ratios) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Lapse Ratio (1) | |||||||||||||||
| Traditional life | 6.2 | % | 5.8 | % | 5.9 | % | 6.0 | % | 6.0 | % | |||||
| Variable annuity | 12.8 | % | 12.9 | % | 12.8 | % | 12.5 | % | 12.3 | % | |||||
| (1) Lapse ratios are calculated based on the average of the most recent 12 months of experience. |
Table of Contents
| CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Adjusted revenues | |||||||||||||||
| Premiums | $ | (6) | $ | (11) | $ | 9 | $ | 8 | $ | 11 | $ | 15 | $ | 28 | |
| Universal life and investment-type product policy fees | — | 1 | 1 | — | — | 1 | 1 | ||||||||
| Net investment income | 96 | 126 | 71 | 67 | 70 | 297 | 208 | ||||||||
| Other revenues | 98 | 103 | 102 | 118 | 122 | 293 | 342 | ||||||||
| Total adjusted revenues | 188 | 219 | 183 | 193 | 203 | 606 | 579 | ||||||||
| Adjusted expenses | |||||||||||||||
| Policyholder benefits and claims and policyholder dividends | — | (10) | 9 | 9 | 9 | 17 | 27 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | — | — | — | — | — | — | ||||||||
| Interest credited to policyholder account balances | — | — | — | — | — | — | — | ||||||||
| Capitalization of DAC | (1) | (3) | (3) | (3) | (5) | (7) | (11) | ||||||||
| Amortization of DAC, VOBA and negative VOBA | 3 | 4 | 2 | 2 | 3 | 6 | 7 | ||||||||
| Interest expense on debt | 245 | 247 | 248 | 258 | 261 | 744 | 767 | ||||||||
| Other expenses | 164 | 165 | 174 | 176 | 205 | 546 | 555 | ||||||||
| Total adjusted expenses | 411 | 403 | 430 | 442 | 473 | 1,306 | 1,345 | ||||||||
| Adjusted earnings before provision for income tax | (223) | (184) | (247) | (249) | (270) | (700) | (766) | ||||||||
| Provision for income tax expense (benefit) | (41) | (17) | (65) | (47) | (48) | (158) | (160) | ||||||||
| Adjusted earnings | (182) | (167) | (182) | (202) | (222) | (542) | (606) | ||||||||
| Preferred stock dividends | 67 | 32 | 66 | 31 | 66 | 168 | 163 | ||||||||
| Adjusted earnings available to common shareholders | (249) | (199) | (248) | (233) | (288) | (710) | (769) | ||||||||
| Less: Total notable items | — | 10 | — | — | — | — | — | ||||||||
| Adjusted earnings available to common shareholders, excluding total notable items | $ | (249) | $ | (209) | $ | (248) | $ | (233) | $ | (288) | $ | (710) | $ | (769) | |
| Adjusted premiums, fees and other revenues | $ | 92 | $ | 93 | $ | 112 | $ | 126 | $ | 133 | $ | 309 | $ | 371 | |
| ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE | |||||||||||||||
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Business activities | $ | 20 | $ | 16 | $ | 9 | $ | 29 | $ | 38 | $ | 56 | $ | 76 | |
| Net investment income | 96 | 126 | 78 | 73 | 74 | 290 | 225 | ||||||||
| Interest expense on debt | (256) | (257) | (258) | (269) | (271) | (776) | (798) | ||||||||
| Corporate initiatives and projects | (8) | (12) | (10) | (13) | (11) | (21) | (34) | ||||||||
| Other | (75) | (57) | (66) | (69) | (100) | (249) | (235) | ||||||||
| Provision for income tax (expense) benefit and other tax-related items | 41 | 17 | 65 | 47 | 48 | 158 | 160 | ||||||||
| Preferred stock dividends | (67) | (32) | (66) | (31) | (66) | (168) | (163) | ||||||||
| Adjusted earnings available to common shareholders | $ | (249) | $ | (199) | $ | (248) | $ | (233) | $ | (288) | $ | (710) | $ | (769) |
Table of Contents
| INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. Reinsurance adjustments have been excluded from the amounts within this table. | |||||||||||||||||||||
| At or For the Three Months Ended | At or For the Year-to-Date Period Ended | ||||||||||||||||||||
| Unaudited (In millions, except yields) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||||||||
| Fixed Maturity Securities | |||||||||||||||||||||
| Yield (1) | 4.52 | % | 4.47 | % | 4.36 | % | 4.61 | % | 4.61 | % | 4.43 | % | 4.53 | % | |||||||
| Investment income (2), (3) | $ | 3,357 | $ | 3,326 | $ | 3,259 | $ | 3,517 | $ | 3,485 | $ | 9,763 | $ | 10,261 | |||||||
| Investment gains (losses) | (157) | (245) | (244) | (124) | (150) | (488) | (518) | ||||||||||||||
| Ending carrying value (4) | 295,460 | 280,227 | 290,416 | 297,565 | 296,663 | 295,460 | 296,663 | ||||||||||||||
| Net Mortgage Loans | |||||||||||||||||||||
| Yield (1) | 5.32 | % | 5.28 | % | 5.21 | % | 5.12 | % | 5.22 | % | 5.29 | % | 5.18 | % | |||||||
| Investment income (3) | 1,097 | 1,085 | 1,056 | 1,026 | 1,009 | 3,293 | 3,091 | ||||||||||||||
| Investment gains (losses) | (156) | (53) | (159) | (288) | (65) | (232) | (512) | ||||||||||||||
| Ending carrying value (5) | 82,773 | 81,460 | 80,581 | 79,848 | 76,896 | 82,773 | 76,896 | ||||||||||||||
| Real Estate and Real Estate Joint Ventures | |||||||||||||||||||||
| Yield (1) | 1.67 | % | 1.47 | % | 4.01 | % | 3.47 | % | 1.83 | % | (0.65) | % | 3.09 | % | |||||||
| Investment income | 57 | 50 | 134 | 120 | 63 | (65) | 317 | ||||||||||||||
| Investment gains (losses) | 128 | 70 | (40) | 3 | 47 | 175 | 10 | ||||||||||||||
| Ending carrying value | 13,731 | 13,342 | 13,481 | 14,007 | 13,932 | 13,731 | 13,932 | ||||||||||||||
| Policy Loans | |||||||||||||||||||||
| Yield (1) | 5.72 | % | 5.67 | % | 5.38 | % | 5.64 | % | 5.76 | % | 5.57 | % | 5.59 | % | |||||||
| Investment income | 116 | 114 | 107 | 113 | 115 | 339 | 335 | ||||||||||||||
| Ending carrying value | 8,822 | 8,545 | 8,663 | 8,664 | 8,589 | 8,822 | 8,589 | ||||||||||||||
| Equity Securities | |||||||||||||||||||||
| Yield (1) | 3.47 | % | 3.23 | % | 6.16 | % | 2.30 | % | 3.46 | % | 4.79 | % | 3.98 | % | |||||||
| Investment income | 4 | 5 | 9 | 3 | 4 | 18 | 16 | ||||||||||||||
| Investment gains (losses) | (31) | 4 | (12) | 45 | 17 | (22) | 50 | ||||||||||||||
| Ending carrying value | 746 | 712 | 747 | 790 | 788 | 746 | 788 | ||||||||||||||
| Other Limited Partnership Interests | |||||||||||||||||||||
| Yield (1) | 2.45 | % | 7.05 | % | 6.22 | % | 3.46 | % | 11.89 | % | 6.62 | % | 7.22 | % | |||||||
| Investment income | 87 | 252 | 222 | 122 | 431 | 713 | 775 | ||||||||||||||
| Investment gains (losses) | 3 | 1 | (1) | 21 | 4 | (56) | 24 | ||||||||||||||
| Ending carrying value (6) | 14,186 | 14,367 | 14,125 | 14,265 | 14,726 | 14,186 | 14,726 | ||||||||||||||
| Cash and Cash Equivalents and Short-term Investments | |||||||||||||||||||||
| Yield (1) | 5.23 | % | 4.97 | % | 4.42 | % | 4.19 | % | 4.36 | % | 5.06 | % | 4.32 | % | |||||||
| Investment income | 257 | 249 | 224 | 232 | 239 | 712 | 695 | ||||||||||||||
| Investment gains (losses) | (46) | 18 | (9) | (38) | 13 | 16 | (34) | ||||||||||||||
| Ending carrying value (7) | 26,374 | 25,018 | 26,862 | 27,432 | 25,853 | 26,374 | 25,853 | ||||||||||||||
| Other Invested Assets | |||||||||||||||||||||
| Investment income | 312 | 368 | 365 | 218 | 241 | 1,046 | 824 | ||||||||||||||
| Investment gains (losses) | 56 | 23 | 4 | 25 | (76) | 23 | (47) | ||||||||||||||
| Ending carrying value (8) | 19,706 | 18,504 | 17,470 | 16,350 | 16,871 | 19,706 | 16,871 | ||||||||||||||
| Total Investments | |||||||||||||||||||||
| Investment income yield (1) | 4.75 | % | 4.87 | % | 4.82 | % | 4.73 | % | 4.99 | % | 4.77 | % | 4.85 | % | |||||||
| Investment fees and expenses yield (1) | (0.13) | % | (0.13) | % | (0.15) | % | (0.13) | % | (0.13) | % | (0.14) | % | (0.14) | % | |||||||
| Net Investment Income Yield (1) | 4.62 | % | 4.74 | % | 4.67 | % | 4.60 | % | 4.86 | % | 4.63 | % | 4.71 | % | |||||||
| Investment income | $ | 5,287 | $ | 5,449 | $ | 5,376 | $ | 5,351 | $ | 5,587 | $ | 15,819 | $ | 16,314 | |||||||
| Investment fees and expenses | (144) | (147) | (162) | (149) | (147) | (448) | (458) | ||||||||||||||
| Net investment income including divested businesses | 5,143 | 5,302 | 5,214 | 5,202 | 5,440 | 15,371 | 15,856 | ||||||||||||||
| Less: Net investment income from divested businesses | — | 1 | 1 | — | — | — | 1 | ||||||||||||||
| Adjusted Net Investment Income (9) | $ | 5,143 | $ | 5,301 | $ | 5,213 | $ | 5,202 | $ | 5,440 | $ | 15,371 | $ | 15,855 | |||||||
| Ending Carrying Value | $ | 461,798 | $ | 442,175 | $ | 452,345 | $ | 458,921 | $ | 454,318 | $ | 461,798 | $ | 454,318 | |||||||
| Investment Portfolio Gains (Losses) (10) | $ | (203) | $ | (182) | $ | (461) | $ | (356) | $ | (210) | $ | (584) | $ | (1,027) | |||||||
| Gross investment gains | 368 | 316 | 142 | 204 | 373 | 944 | 719 | ||||||||||||||
| Gross investment losses | (417) | (386) | (423) | (264) | (269) | (1,310) | (956) | ||||||||||||||
| Net credit loss (provision) release and (impairments) | (154) | (112) | (180) | (296) | (314) | (218) | (790) | ||||||||||||||
| Investment Portfolio Gains (Losses) (10) | (203) | (182) | (461) | (356) | (210) | (584) | (1,027) | ||||||||||||||
| Investment portfolio gains (losses) income tax (expense) benefit | 56 | 59 | 116 | 94 | 41 | 154 | 251 | ||||||||||||||
| Investment Portfolio Gains (Losses), Net of Income Tax | $ | (147) | $ | (123) | $ | (345) | $ | (262) | $ | (169) | $ | (430) | $ | (776) | |||||||
| Derivative Gains (Losses) (10) | 619 | (1,159) | 344 | (892) | (746) | (1,254) | (1,294) | ||||||||||||||
| Derivative gains (losses) income tax (expense) benefit | (206) | 314 | (99) | 181 | 193 | 291 | 275 | ||||||||||||||
| Derivative Gains (Losses), Net of Income Tax | $ | 413 | $ | (845) | $ | 245 | $ | (711) | $ | (553) | $ | (963) | $ | (1,019) | |||||||
| See footnotes on Page 29. |
Table of Contents
| INVESTMENTS | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE<br>BY SECTOR AND QUALITY DISTRIBUTION | |||||||||||||||||||||
| September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||||||||||||||
| Unaudited (In millions, except ratios) | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | |||||||||||
| U.S. corporate | $ | 84,851 | 28.9 | % | $ | 78,584 | 28.2 | % | $ | 80,316 | 27.7 | % | $ | 81,562 | 27.5 | % | $ | 81,720 | 27.7 | % | |
| Foreign corporate | 56,752 | 19.3 | % | 53,354 | 19.1 | % | 55,083 | 19.1 | % | 58,792 | 19.9 | % | 57,798 | 19.6 | % | ||||||
| Foreign government | 44,132 | 15.0 | % | 39,895 | 14.3 | % | 40,892 | 14.2 | % | 42,097 | 14.2 | % | 41,610 | 14.1 | % | ||||||
| Residential mortgage-backed | 35,264 | 12.0 | % | 34,135 | 12.3 | % | 39,083 | 13.5 | % | 40,764 | 13.8 | % | 41,292 | 14.0 | % | ||||||
| U.S. government and agency | 34,676 | 11.8 | % | 33,350 | 12.0 | % | 33,535 | 11.6 | % | 32,463 | 11.0 | % | 32,315 | 11.0 | % | ||||||
| Asset-backed securities and collateralized loan obligations | 17,520 | 6.0 | % | 20,390 | 7.3 | % | 20,748 | 7.2 | % | 20,929 | 7.1 | % | 20,313 | 6.9 | % | ||||||
| Municipals | 10,798 | 3.7 | % | 9,762 | 3.5 | % | 9,764 | 3.4 | % | 9,802 | 3.3 | % | 10,486 | 3.6 | % | ||||||
| Commercial mortgage-backed | 9,786 | 3.3 | % | 9,182 | 3.3 | % | 9,388 | 3.3 | % | 9,428 | 3.2 | % | 9,245 | 3.1 | % | ||||||
| Fixed Maturity Securities Available-For-Sale, excluding Reinsurance adjustments | $ | 293,779 | 100.0 | % | $ | 278,652 | 100.0 | % | $ | 288,809 | 100.0 | % | $ | 295,837 | 100.0 | % | $ | 294,779 | 100.0 | % | |
| Reinsurance adjustments | — | 2,391 | 2,926 | 2,900 | 9,866 | ||||||||||||||||
| Fixed Maturity Securities Available-For-Sale | $ | 293,779 | $ | 281,043 | $ | 291,735 | $ | 298,737 | $ | 304,645 | |||||||||||
| NRSRO | NAIC | ||||||||||||||||||||
| RATING | DESIGNATION | ||||||||||||||||||||
| Aaa / Aa / A | 1 | $ | 203,560 | 69.3 | % | $ | 192,099 | 68.9 | % | $ | 199,468 | 69.1 | % | $ | 203,465 | 68.8 | % | $ | 202,215 | 68.7 | % |
| Baa | 2 | 77,031 | 26.2 | % | 74,345 | 26.7 | % | 77,112 | 26.7 | % | 80,262 | 27.1 | % | 80,465 | 27.3 | % | |||||
| Ba | 3 | 9,666 | 3.3 | % | 8,680 | 3.1 | % | 8,674 | 3.0 | % | 8,566 | 2.9 | % | 8,364 | 2.8 | % | |||||
| B | 4 | 3,131 | 1.1 | % | 3,035 | 1.1 | % | 3,198 | 1.1 | % | 3,260 | 1.1 | % | 3,379 | 1.1 | % | |||||
| Caa and lower | 5 | 331 | 0.1 | % | 425 | 0.2 | % | 291 | 0.1 | % | 204 | 0.1 | % | 258 | 0.1 | % | |||||
| In or near default | 6 | 60 | — | % | 68 | — | % | 66 | — | % | 80 | — | % | 98 | — | % | |||||
| Fixed Maturity Securities Available-For-Sale, excluding Reinsurance adjustments | $ | 293,779 | 100.0 | % | $ | 278,652 | 100.0 | % | $ | 288,809 | 100.0 | % | $ | 295,837 | 100.0 | % | $ | 294,779 | 100.0 | % | |
| Reinsurance adjustments | — | 2,391 | 2,926 | 2,900 | 9,866 | ||||||||||||||||
| Fixed Maturity Securities Available-For-Sale (11) | $ | 293,779 | $ | 281,043 | $ | 291,735 | $ | 298,737 | $ | 304,645 | |||||||||||
| GROSS UNREALIZED GAINS AND LOSSES: | |||||||||||||||||||||
| FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE | |||||||||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||||||||
| Gross unrealized gains | $ | 8,093 | $ | 4,965 | $ | 5,398 | $ | 6,192 | $ | 7,130 | |||||||||||
| Gross unrealized losses | 23,558 | 31,041 | 28,891 | 28,951 | 26,495 | ||||||||||||||||
| Net Unrealized Gains (Losses), excluding Reinsurance adjustments | $ | (15,465) | $ | (26,076) | $ | (23,493) | $ | (22,759) | $ | (19,365) | |||||||||||
| Reinsurance adjustments | — | (142) | (109) | (88) | (575) | ||||||||||||||||
| Net Unrealized Gains (Losses) | $ | (15,465) | $ | (26,218) | $ | (23,602) | $ | (22,847) | $ | (19,940) | |||||||||||
| See footnotes on Page 29. |
Table of Contents
| INVESTMENTS | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SUMMARY OF NET MORTGAGE LOANS (5) | ||||||||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||||||||||||
| Commercial mortgage loans | $ | 50,478 | $ | 48,967 | $ | 47,890 | $ | 46,674 | $ | 44,953 | ||||||||||
| Agricultural mortgage loans | 19,210 | 19,030 | 18,779 | 18,993 | 18,045 | |||||||||||||||
| Residential mortgage loans | 13,844 | 14,186 | 14,783 | 15,286 | 14,968 | |||||||||||||||
| Total | 83,532 | 82,183 | 81,452 | 80,953 | 77,966 | |||||||||||||||
| Allowance for credit loss | (759) | (723) | (871) | (1,105) | (1,070) | |||||||||||||||
| Net mortgage loans, excluding Reinsurance adjustments | $ | 82,773 | $ | 81,460 | $ | 80,581 | $ | 79,848 | $ | 76,896 | ||||||||||
| Reinsurance adjustments | — | 85 | 82 | 78 | 2,270 | |||||||||||||||
| Net Mortgage Loans | $ | 82,773 | $ | 81,545 | $ | 80,663 | $ | 79,926 | $ | 79,166 | ||||||||||
| SUMMARY OF NET COMMERCIAL MORTGAGE LOANS<br><br>BY REGION AND PROPERTY TYPE (5) | ||||||||||||||||||||
| September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||||||||
| Unaudited (In millions, except ratios) | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||
| Pacific | $ | 8,745 | 17.3 | % | $ | 8,738 | 17.8 | % | $ | 8,677 | 18.1 | % | $ | 8,611 | 18.4 | % | $ | 8,617 | 19.2 | % |
| Non-U.S. | 8,593 | 17.0 | % | 7,901 | 16.1 | % | 7,802 | 16.3 | % | 7,839 | 16.8 | % | 7,555 | 16.8 | % | |||||
| Middle Atlantic | 6,999 | 13.9 | % | 6,938 | 14.2 | % | 6,877 | 14.4 | % | 6,561 | 14.1 | % | 6,369 | 14.2 | % | |||||
| South Atlantic | 6,459 | 12.8 | % | 5,890 | 12.0 | % | 5,796 | 12.1 | % | 5,630 | 12.1 | % | 5,321 | 11.8 | % | |||||
| West South Central | 3,455 | 6.9 | % | 3,228 | 6.6 | % | 3,214 | 6.7 | % | 3,274 | 7.0 | % | 3,195 | 7.1 | % | |||||
| Mountain | 2,217 | 4.4 | % | 2,317 | 4.7 | % | 2,455 | 5.1 | % | 2,470 | 5.3 | % | 2,369 | 5.3 | % | |||||
| New England | 2,838 | 5.6 | % | 2,680 | 5.5 | % | 2,501 | 5.2 | % | 2,386 | 5.1 | % | 2,340 | 5.2 | % | |||||
| East North Central | 1,543 | 3.1 | % | 1,453 | 3.0 | % | 1,453 | 3.0 | % | 1,460 | 3.1 | % | 1,398 | 3.1 | % | |||||
| East South Central | 608 | 1.2 | % | 481 | 1.0 | % | 481 | 1.0 | % | 476 | 1.0 | % | 453 | 1.0 | % | |||||
| West North Central | 472 | 0.9 | % | 410 | 0.8 | % | 408 | 0.9 | % | 407 | 0.9 | % | 405 | 0.9 | % | |||||
| Multi-Region and Other | 8,549 | 16.9 | % | 8,931 | 18.3 | % | 8,226 | 17.2 | % | 7,560 | 16.2 | % | 6,931 | 15.4 | % | |||||
| Total, excluding Reinsurance adjustments | $ | 50,478 | 100.0 | % | $ | 48,967 | 100.0 | % | $ | 47,890 | 100.0 | % | $ | 46,674 | 100.0 | % | $ | 44,953 | 100.0 | % |
| Reinsurance adjustments | — | 82 | 82 | 78 | 735 | |||||||||||||||
| Total | $ | 50,478 | $ | 49,049 | $ | 47,972 | $ | 46,752 | $ | 45,688 | ||||||||||
| Office | $ | 18,861 | 37.4 | % | $ | 18,269 | 37.3 | % | $ | 18,134 | 37.9 | % | $ | 17,912 | 38.4 | % | $ | 17,253 | 38.4 | % |
| Apartment | 10,750 | 21.3 | % | 10,472 | 21.4 | % | 10,549 | 22.0 | % | 9,899 | 21.2 | % | 9,713 | 21.6 | % | |||||
| Retail | 7,273 | 14.4 | % | 6,612 | 13.5 | % | 6,502 | 13.6 | % | 6,768 | 14.5 | % | 6,505 | 14.5 | % | |||||
| Single Family Rental | 5,141 | 10.2 | % | 5,355 | 10.9 | % | 4,844 | 10.1 | % | 4,780 | 10.2 | % | 4,481 | 9.9 | % | |||||
| Industrial | 5,313 | 10.5 | % | 4,999 | 10.2 | % | 4,506 | 9.4 | % | 3,942 | 8.5 | % | 3,764 | 8.4 | % | |||||
| Hotel | 3,051 | 6.0 | % | 3,178 | 6.5 | % | 3,268 | 6.8 | % | 3,285 | 7.0 | % | 3,151 | 7.0 | % | |||||
| Other | 89 | 0.2 | % | 82 | 0.2 | % | 87 | 0.2 | % | 88 | 0.2 | % | 86 | 0.2 | % | |||||
| Total, excluding Reinsurance adjustments | $ | 50,478 | 100.0 | % | $ | 48,967 | 100.0 | % | $ | 47,890 | 100.0 | % | $ | 46,674 | 100.0 | % | $ | 44,953 | 100.0 | % |
| Reinsurance adjustments | — | 82 | 82 | 78 | 735 | |||||||||||||||
| Total | $ | 50,478 | $ | 49,049 | $ | 47,972 | $ | 46,752 | $ | 45,688 | ||||||||||
| See footnotes on Page 29. |
Table of Contents
| INVESTMENTSFOOTNOTES | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for third parties, Reinsurance adjustments, 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 76 million, 22 million, (20) million, 107 million and 99 million for the three months ended September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively, and 183 million and 186 million for the year-to-date period ended September 30, 2024 and September 30, 2025, 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, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Fixed maturity securities available-for-sale | 293,779 | $ | 281,043 | $ | 291,735 | $ | 298,737 | $ | 304,645 | ||||
| Less: Reinsurance adjustments | 2,391 | 2,926 | 2,900 | 9,866 | |||||||||
| Fixed maturity securities available-for-sale, excluding Reinsurance adjustments | 293,779 | $ | 278,652 | $ | 288,809 | $ | 295,837 | $ | 294,779 | ||||
| Add: Fair value option securities | 1,575 | 1,607 | 1,728 | 1,884 | |||||||||
| Fixed maturity securities, excluding Reinsurance adjustments | 295,460 | $ | 280,227 | $ | 290,416 | $ | 297,565 | $ | 296,663 | ||||
| (5)The following table presents a reconciliation to ending carrying value presented for net mortgage loans. | |||||||||||||
| December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Mortgage Loans | 90,415 | $ | 89,012 | $ | 87,908 | $ | 86,868 | $ | 85,843 | ||||
| Less: Mortgage loans originated for third parties, net of ACL | 7,467 | 7,245 | 6,942 | 6,677 | |||||||||
| Net mortgage loans | 82,773 | $ | 81,545 | $ | 80,663 | $ | 79,926 | $ | 79,166 | ||||
| Less: Reinsurance adjustments | 85 | 82 | 78 | 2,270 | |||||||||
| Net mortgage loans, excluding Reinsurance adjustments | 82,773 | $ | 81,460 | $ | 80,581 | $ | 79,848 | $ | 76,896 | ||||
| (6)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | |||||||||||||
| December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Other limited partnership interests | 14,186 | $ | 14,378 | $ | 14,137 | $ | 14,279 | $ | 14,741 | ||||
| Less: Reinsurance adjustments | 11 | 12 | 14 | 15 | |||||||||
| Other limited partnership interests, excluding Reinsurance adjustments | 14,186 | $ | 14,367 | $ | 14,125 | $ | 14,265 | $ | 14,726 | ||||
| (7)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | |||||||||||||
| December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Cash and cash equivalents and short-term investments | 26,374 | $ | 25,224 | $ | 26,869 | $ | 27,478 | $ | 26,195 | ||||
| Less: Reinsurance adjustments | 206 | 7 | 46 | 342 | |||||||||
| Cash and cash equivalents and short-term investments, excluding Reinsurance adjustments | 26,374 | $ | 25,018 | $ | 26,862 | $ | 27,432 | $ | 25,853 | ||||
| (8)The following table presents a reconciliation to ending carrying value presented for other invested assets. | |||||||||||||
| December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Other invested assets | 19,706 | $ | 18,504 | $ | 17,470 | $ | 16,352 | $ | 16,932 | ||||
| Less: Reinsurance adjustments | — | — | 2 | 61 | |||||||||
| Other invested assets, excluding Reinsurance adjustments | 19,706 | $ | 18,504 | $ | 17,470 | $ | 16,350 | $ | 16,871 | ||||
| (9)Adjusted net investment income reflects the adjustments as presented on Page 5. | |||||||||||||
| (10)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | |||||||||||||
| For the Year-to-Date Period Ended | |||||||||||||
| December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Net investment gains (losses) | (77) | $ | (311) | $ | (387) | $ | (273) | $ | (325) | $ | (873) | $ | (985) |
| Less: Non-investment portfolio gains (losses) | (122) | 65 | 86 | (88) | (214) | 63 | |||||||
| Less: Provision for credit loss on certain mortgage loans originated for third parties | 11 | (34) | 20 | (75) | (15) | (89) | |||||||
| Add: Joint venture adjustments (12) | 16 | (42) | 16 | (53) | 66 | (79) | |||||||
| Less: Reinsurance adjustments | — | — | — | (1) | — | (1) | |||||||
| Less: Other adjustments, excluding Reinsurance adjustments (12) | (2) | 1 | (7) | (4) | 6 | (10) | |||||||
| Investment portfolio gains (losses) | (203) | $ | (182) | $ | (461) | $ | (356) | $ | (210) | $ | (584) | $ | (1,027) |
| For the Year-to-Date Period Ended | |||||||||||||
| December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Net derivative gains (losses) | 767 | $ | (903) | $ | 432 | $ | (796) | $ | (929) | $ | (720) | $ | (1,293) |
| Less: Investment hedge adjustments | 127 | 103 | 102 | 100 | 477 | 305 | |||||||
| Add: Joint venture adjustments (12) | — | — | — | 45 | — | 45 | |||||||
| Less: Reinsurance adjustments | 110 | (35) | (22) | (247) | — | (304) | |||||||
| Less: Other adjustments, excluding Reinsurance adjustments (12) | 19 | 20 | 16 | 9 | 57 | 45 | |||||||
| Derivative gains (losses) | 619 | $ | (1,159) | $ | 344 | $ | (892) | $ | (746) | $ | (1,254) | $ | (1,294) |
| (11)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. | |||||||||||||
| (12)Certain amounts in prior periods are reclassified to conform to current period presentation. |
All values are in US Dollars.
Table of Contents
Appendix
Table of Contents
| APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Three Months Ended | For the Year-to-Date Period Ended | |||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | |||||||
| Reconciliation to Adjusted Earnings Available to Common Shareholders | ||||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $ | 1,275 | $ | 1,239 | $ | 879 | $ | 698 | $ | 818 | $ | 2,987 | $ | 2,395 |
| Add: Preferred stock dividends | 67 | 32 | 66 | 31 | 66 | 168 | 163 | |||||||
| Add: Preferred stock redemption premium | — | — | — | — | 12 | — | 12 | |||||||
| Add: Net income (loss) attributable to noncontrolling interests | (1) | 4 | 5 | 6 | 6 | 14 | 17 | |||||||
| Net income (loss) | 1,341 | 1,275 | 950 | 735 | 902 | 3,169 | 2,587 | |||||||
| Less: adjustments from net income (loss) to adjusted earnings: | ||||||||||||||
| Net investment gains (losses) | (77) | (311) | (387) | (273) | (325) | (873) | (985) | |||||||
| Net derivative gains (losses) | 767 | (903) | 432 | (796) | (929) | (720) | (1,293) | |||||||
| Market risk benefit remeasurement gains (losses) | (531) | 764 | (299) | 277 | 263 | 345 | 241 | |||||||
| Premiums - Divested businesses | 16 | 15 | 4 | 3 | — | 16 | 7 | |||||||
| Universal life and investment-type product policy fees - Divested businesses | — | — | — | — | — | — | — | |||||||
| Net investment income | ||||||||||||||
| Investment hedge adjustments | (129) | (127) | (103) | (102) | (100) | (477) | (305) | |||||||
| Joint venture adjustments | 66 | 16 | (42) | 16 | (8) | 66 | (34) | |||||||
| Unit-linked contract income | 147 | 183 | (227) | 498 | 580 | 908 | 851 | |||||||
| Reinsurance adjustments | — | 31 | 43 | 47 | 177 | — | 267 | |||||||
| Divested businesses | — | 1 | 1 | — | — | — | 1 | |||||||
| Other revenues | ||||||||||||||
| Asymmetrical and non-economic accounting | 50 | 34 | 36 | 42 | 78 | 124 | 156 | |||||||
| Other adjustments | (14) | (11) | (15) | (16) | (15) | (37) | (46) | |||||||
| Divested businesses | — | — | — | — | 2 | — | 2 | |||||||
| Policyholder benefits and claims and policyholder dividends | ||||||||||||||
| Asymmetrical and non-economic accounting | 7 | (51) | (75) | (1) | 52 | (168) | (24) | |||||||
| Market volatility | 52 | 49 | 44 | 40 | 49 | 207 | 133 | |||||||
| Divested businesses | (9) | (10) | (1) | 1 | (1) | (9) | (1) | |||||||
| Policyholder liability remeasurement (gains) losses | ||||||||||||||
| Asymmetrical and non-economic accounting | — | — | — | — | (2) | — | (2) | |||||||
| Divested businesses | — | — | — | — | — | — | — | |||||||
| Interest credited to policyholder account balances | ||||||||||||||
| Asymmetrical and non-economic accounting | (79) | 5 | (64) | (30) | (68) | (108) | (162) | |||||||
| Unit-linked contract costs | (143) | (185) | 234 | (486) | (578) | (896) | (830) | |||||||
| 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) | (42) | (45) | (135) | — | (222) | |||||||
| Other adjustments, excluding Reinsurance adjustments | (12) | (25) | (19) | (21) | (2) | (24) | (42) | |||||||
| Divested businesses | (17) | (13) | (8) | (7) | (9) | (25) | (24) | |||||||
| Goodwill impairment | — | — | — | — | — | — | — | |||||||
| Provision for income tax (expense) benefit | (195) | 352 | 23 | 195 | 223 | 335 | 441 | |||||||
| Adjusted earnings | 1,442 | 1,491 | 1,415 | 1,393 | 1,650 | 4,505 | 4,458 | |||||||
| Less: Preferred stock dividends | 67 | 32 | 66 | 31 | 66 | 168 | 163 | |||||||
| Adjusted earnings available to common shareholders | $ | 1,375 | $ | 1,459 | $ | 1,349 | $ | 1,362 | $ | 1,584 | $ | 4,337 | $ | 4,295 |
A-1
Table of Contents
| APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| METLIFE TOTAL | |||||||||||||||
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Actuarial assumption review and other insurance adjustments | $ | 16 | $ | — | $ | — | $ | — | $ | 89 | $ | 16 | $ | 89 | |
| Litigation reserves and settlement costs | — | (47) | — | — | — | — | — | ||||||||
| Tax adjustments | — | 57 | — | — | (71) | — | (71) | ||||||||
| Total notable items | $ | 16 | $ | 10 | $ | — | $ | — | $ | 18 | $ | 16 | $ | 18 | |
| GROUP BENEFITS | |||||||||||||||
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Actuarial assumption review and other insurance adjustments | $ | (58) | $ | — | $ | — | $ | — | $ | (2) | $ | (58) | $ | (2) | |
| Total notable items | $ | (58) | $ | — | $ | — | $ | — | $ | (2) | $ | (58) | $ | (2) | |
| RIS | |||||||||||||||
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Actuarial assumption review and other insurance adjustments | $ | 104 | $ | — | $ | — | $ | — | $ | 13 | $ | 104 | $ | 13 | |
| Total notable items | $ | 104 | $ | — | $ | — | $ | — | $ | 13 | $ | 104 | $ | 13 | |
| (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. |
A-2
Table of Contents
| APPENDIX<br><br>METLIFE<br><br>NOTABLE ITEMS (CONTINUED) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASIA | |||||||||||||||
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Actuarial assumption review and other insurance adjustments | $ | (41) | $ | — | $ | — | $ | — | $ | 70 | $ | (41) | $ | 70 | |
| Total notable items | $ | (41) | $ | — | $ | — | $ | — | $ | 70 | $ | (41) | $ | 70 | |
| LATIN AMERICA | |||||||||||||||
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Actuarial assumption review and other insurance adjustments | $ | 4 | $ | — | $ | — | $ | — | $ | (4) | $ | 4 | $ | (4) | |
| Tax adjustments | — | — | — | — | (71) | — | (71) | ||||||||
| Total notable items | $ | 4 | $ | — | $ | — | $ | — | $ | (75) | $ | 4 | $ | (75) | |
| EMEA | |||||||||||||||
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Actuarial assumption review and other insurance adjustments | $ | (5) | $ | — | $ | — | $ | — | $ | (1) | $ | (5) | $ | (1) | |
| Total notable items | $ | (5) | $ | — | $ | — | $ | — | $ | (1) | $ | (5) | $ | (1) | |
| METLIFE HOLDINGS | |||||||||||||||
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Actuarial assumption review and other insurance adjustments | $ | 12 | $ | — | $ | — | $ | — | $ | 13 | $ | 12 | $ | 13 | |
| Total notable items | $ | 12 | $ | — | $ | — | $ | — | $ | 13 | $ | 12 | $ | 13 | |
| CORPORATE & OTHER | |||||||||||||||
| For the Three Months Ended | For the Year-to-Date Period Ended | ||||||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2025 | ||||||||
| Litigation reserves and settlement costs | $ | — | $ | (47) | $ | — | $ | — | $ | — | $ | — | $ | — | |
| Tax adjustments | — | 57 | — | — | — | — | — | ||||||||
| Total notable items | $ | — | $ | 10 | $ | — | $ | — | $ | — | $ | — | $ | — |
A-3
Table of Contents
| APPENDIX<br>METLIFE<br>EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Total MetLife, Inc.'s stockholders' equity | $ | 30,885 | $ | 27,445 | $ | 27,493 | $ | 27,685 | $ | 28,944 | |||||
| Less: Preferred stock | 3,818 | 3,818 | 3,818 | 3,818 | 2,830 | ||||||||||
| MetLife, Inc.'s common stockholders' equity | 27,067 | 23,627 | 23,675 | 23,867 | 26,114 | ||||||||||
| Less: Unrealized investment gains (losses), net of related offsets and income tax | (11,239) | (19,402) | (17,329) | (16,484) | (14,667) | ||||||||||
| Deferred gains (losses) on derivatives, net of income tax | (292) | 370 | 179 | (1,466) | (1,239) | ||||||||||
| Future policy benefits discount rate remeasurement gains (losses), net of income tax | 2,004 | 6,529 | 5,334 | 5,876 | 6,028 | ||||||||||
| Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | 4 | (71) | (31) | (64) | (83) | ||||||||||
| Defined benefit plans adjustment, net of income tax | (1,371) | (1,442) | (1,416) | (1,407) | (1,390) | ||||||||||
| Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1) | — | (129) | (100) | (83) | 92 | ||||||||||
| Total MetLife, Inc.'s adjusted common stockholders' equity | 37,961 | 37,772 | 37,038 | 37,495 | 37,373 | ||||||||||
| Less: Accumulated year-to-date total notable items, net of income tax (2) | 16 | 26 | — | — | 18 | ||||||||||
| Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2) | $ | 37,945 | $ | 37,746 | $ | 37,038 | $ | 37,495 | $ | 37,355 | |||||
| Unaudited (In millions, except per share data) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Book value per common share | $ | 39.02 | $ | 34.28 | $ | 35.16 | $ | 35.79 | $ | 39.52 | |||||
| Less: Unrealized investment gains (losses), net of related offsets and income tax | (16.20) | (28.15) | (25.74) | (24.72) | (22.20) | ||||||||||
| Deferred gains (losses) on derivatives, net of income tax | (0.42) | 0.54 | 0.27 | (2.20) | (1.88) | ||||||||||
| Future policy benefits discount rate remeasurement gains (losses), net of income tax | 2.89 | 9.46 | 7.92 | 8.81 | 9.12 | ||||||||||
| Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | 0.01 | (0.10) | (0.05) | (0.10) | (0.13) | ||||||||||
| Defined benefit plans adjustment, net of income tax | (1.98) | (2.09) | (2.10) | (2.11) | (2.10) | ||||||||||
| Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1) | — | (0.19) | (0.15) | (0.12) | 0.14 | ||||||||||
| Adjusted book value per common share | $ | 54.72 | $ | 54.81 | $ | 55.01 | $ | 56.23 | $ | 56.57 | |||||
| Common shares outstanding, end of period | 693.7 | 689.2 | 673.3 | 666.8 | 660.7 | ||||||||||
| For the Three Months Ended (3) | |||||||||||||||
| Unaudited (In millions, except ratios) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||
| Return on MetLife, Inc.'s: | |||||||||||||||
| Common stockholders' equity | 20.2 | % | 19.6 | % | 14.9 | % | 11.7 | % | 13.1 | % | |||||
| Adjusted return on MetLife, Inc.'s: | |||||||||||||||
| Adjusted common stockholders' equity | 14.6 | % | 15.4 | % | 14.4 | % | 14.6 | % | 16.9 | % | |||||
| Adjusted common stockholders' equity, excluding total notable items (2) | 14.4 | % | 15.3 | % | 14.4 | % | 14.6 | % | 16.7 | % | |||||
| Average common stockholders' equity | $ | 25,251 | $ | 25,347 | $ | 23,651 | $ | 23,771 | $ | 24,991 | |||||
| Average adjusted common stockholders' equity | $ | 37,673 | $ | 37,867 | $ | 37,405 | $ | 37,267 | $ | 37,434 | |||||
| Average adjusted common stockholders' equity, excluding total notable items (2) | $ | 37,665 | $ | 37,846 | $ | 37,405 | $ | 37,267 | $ | 37,425 | |||||
| (1)Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to the 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. |
A-4
Table of Contents
| APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS | ||||||||||
| For the Three Months Ended | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| GROUP BENEFITS (1) | $ | 6,146 | $ | 6,184 | $ | 6,430 | $ | 6,446 | $ | 6,306 |
| RIS (1) | 1,579 | 3,620 | 2,430 | 1,355 | 1,186 | |||||
| ASIA | 1,704 | 1,666 | 1,728 | 1,685 | 1,717 | |||||
| LATIN AMERICA | 1,498 | 1,515 | 1,600 | 1,672 | 1,663 | |||||
| EMEA | 668 | 676 | 699 | 727 | 727 | |||||
| METLIFE HOLDINGS (1) | 793 | 815 | 780 | 740 | 729 | |||||
| CORPORATE & OTHER (1) | 92 | 93 | 112 | 126 | 133 | |||||
| Adjusted premiums, fees and other revenues, on a constant currency basis | $ | 12,480 | $ | 14,569 | $ | 13,779 | $ | 12,751 | $ | 12,461 |
| Adjusted premiums, fees and other revenues | $ | 12,471 | $ | 14,437 | $ | 13,614 | $ | 12,719 | $ | 12,461 |
| ASIA (including operating joint ventures) (2), (3) | $ | 2,240 | $ | 2,075 | $ | 2,759 | $ | 2,422 | $ | 2,548 |
| OTHER EXPENSES ON A CONSTANT CURRENCY BASIS | ||||||||||
| For the Three Months Ended | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| GROUP BENEFITS (1) | $ | 1,007 | $ | 1,041 | $ | 1,071 | $ | 1,048 | $ | 1,033 |
| RIS (1) | 183 | 166 | 149 | 143 | 150 | |||||
| ASIA | 758 | 783 | 773 | 802 | 830 | |||||
| LATIN AMERICA | 486 | 534 | 513 | 499 | 615 | |||||
| EMEA | 347 | 380 | 370 | 371 | 387 | |||||
| METLIFE HOLDINGS (1) | 220 | 223 | 221 | 204 | 202 | |||||
| CORPORATE & OTHER (1) | 164 | 165 | 174 | 176 | 205 | |||||
| Adjusted other expenses, on a constant currency basis | $ | 3,165 | $ | 3,292 | $ | 3,271 | $ | 3,243 | $ | 3,422 |
| Adjusted other expenses | $ | 3,159 | $ | 3,232 | $ | 3,202 | $ | 3,236 | $ | 3,422 |
| ASIA (including operating joint ventures) (2), (4) | $ | 876 | $ | 876 | $ | 899 | $ | 915 | $ | 965 |
| ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS | ||||||||||
| For the Three Months Ended | ||||||||||
| Unaudited (In millions) | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | |||||
| GROUP BENEFITS (1) | $ | 373 | $ | 416 | $ | 367 | $ | 400 | $ | 455 |
| RIS (1) | 472 | 386 | 401 | 368 | 436 | |||||
| ASIA | 305 | 446 | 380 | 349 | 543 | |||||
| LATIN AMERICA | 222 | 213 | 233 | 241 | 147 | |||||
| EMEA | 71 | 60 | 87 | 101 | 88 | |||||
| METLIFE HOLDINGS (1) | 182 | 153 | 154 | 144 | 203 | |||||
| CORPORATE & OTHER (1) | (249) | (199) | (248) | (233) | (288) | |||||
| Adjusted earnings available to common shareholders, on a constant currency basis | $ | 1,376 | $ | 1,475 | $ | 1,374 | $ | 1,370 | $ | 1,584 |
| Adjusted earnings available to common shareholders | $ | 1,375 | $ | 1,459 | $ | 1,349 | $ | 1,362 | $ | 1,584 |
| (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 for operating joint ventures are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 16. | ||||||||||
| (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. |
A-5
Table of Contents
| APPENDIX<br><br>METLIFE<br><br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES<br><br><br><br>In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding of 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.<br><br><br><br>The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: | |||
|---|---|---|---|
| Non-GAAP financial measures: | Comparable GAAP financial measures: | ||
| (i) | total adjusted revenues | (i) | total revenues |
| (ii) | total adjusted expenses | (ii) | total expenses |
| (iii) | adjusted premiums, fees and other revenues | (iii) | premiums, fees and other revenues |
| (iv) | adjusted premiums, fees and other revenues, excluding PRT | (iv) | premiums, fees and other revenues |
| (v) | adjusted net investment income | (v) | net investment income |
| (vi) | adjusted earnings | (vi) | net income (loss) |
| (vii) | adjusted earnings available to common shareholders | (vii) | net income (loss) available to MetLife, Inc.’s common shareholders |
| (viii) | adjusted earnings available to common shareholders, excluding total notable items | (viii) | net income (loss) available to MetLife, Inc.’s common shareholders |
| (ix) | adjusted earnings available to common shareholders per diluted common share | (ix) | net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share |
| (x) | adjusted earnings available to common shareholders, excluding total notable items, per diluted common share | (x) | net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share |
| (xi) | adjusted return on equity | (xi) | return on equity |
| (xii) | adjusted return on equity, excluding total notable items | (xii) | return on equity |
| (xiii) | investment portfolio gains (losses) | (xiii) | net investment gains (losses) |
| (xiv) | derivative gains (losses) | (xiv) | net derivative gains (losses) |
| (xv) | adjusted capitalization of DAC | (xv) | capitalization of DAC |
| (xvi) | total MetLife, Inc.’s adjusted common stockholders’ equity | (xvi) | total MetLife, Inc.’s stockholders’ equity |
| (xvii) | total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items | (xvii) | total MetLife, Inc.’s stockholders’ equity |
| (xviii) | adjusted book value per common share | (xviii) | book value per common share |
| (xix) | adjusted other expenses | (xix) | other expenses |
| (xx) | adjusted other expenses, net of adjusted capitalization of DAC | (xx) | other expenses, net of capitalization of DAC |
| (xxi) | adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses | (xxi) | other expenses, net of capitalization of DAC |
| (xxii) | adjusted expense ratio | (xxii) | expense ratio |
| (xxiii) | adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT | (xxiii) | expense ratio |
| (xxiv) | direct expenses | (xxiv) | other expenses |
| (xxv) | direct expenses, excluding total notable items related to direct expenses | (xxv) | other expenses |
| (xxvi) | direct expense ratio | (xxvi) | expense ratio |
| (xxvii) | direct expense ratio, excluding total notable items related to direct expenses and PRT | (xxvii) | expense ratio |
| (xxviii) | future policy benefits at original discount rate | (xxviii) | future policy benefits at balance sheet discount rate |
| Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period ("constant currency basis"). | |||
| Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release, which is available at MetLife's Investor Relations webpage (https://investor.metlife.com). |
A-6
Table of Contents
| APPENDIX<br>METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED) | |
|---|---|
| MetLife’s definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:<br><br><br><br>Adjusted earnings and related measures | |
| • | adjusted earnings; |
| • | adjusted earnings available to common shareholders; |
| • | adjusted earnings available to common shareholders, excluding total notable items; |
| • | adjusted earnings available to common shareholders per diluted common share; |
| • | adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and |
| • | adjusted earnings available to common shareholders, on a constant currency basis. |
| Adjusted earnings is used by 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.<br><br><br><br>Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. | |
| Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP.<br><br><br><br>Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method ("Joint venture adjustments"), and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments. | |
| Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings: | |
| • | Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments"). |
| • | Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance. |
| • | Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts. |
| • | Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance. |
| • | Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance. |
| "Divested businesses" are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. | |
| Other adjustments are made in calculating adjusted earnings: | |
| • | Net investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities ("Unit-linked contract income" and "Unit-linked contract costs"). |
| • | Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives. |
| • | Net investment income and other expenses also exclude Reinsurance adjustments (as defined below). |
| • | Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives. |
| • | Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements. |
| • | "Reinsurance adjustments" relate to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents. |
| Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.<br><br>The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.<br><br>In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders. |
A-7
Table of Contents
| APPENDIX<br>METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED) | |
|---|---|
| Investment portfolio gains (losses) and derivative gains (losses) | |
| These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses). | |
| Return on equity and related measures | |
| • | Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI and the estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income tax. |
| • | Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of certain ceded reinsurance-related embedded derivatives and total notable items, all net of income tax. |
| • | Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity. |
| • | Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity. |
| • | Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items. |
| The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility. | |
| Expense ratio, direct expense ratio, adjusted expense ratio and related measures | |
| • | Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. |
| • | Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses. |
| • | Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. |
| • | Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues. |
| • | Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. |
| 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, and excludes policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, 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: | |
| • | 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. |
A-8
Table of Contents
| APPENDIX<br>METLIFE<br>ACRONYMS | |
|---|---|
| AOCI | Accumulated other comprehensive income (loss) |
| DAC | Deferred policy acquisition costs |
| DPL | Deferred profit liabilities |
| EMEA | Europe, the Middle East and Africa |
| FCTA | Foreign currency translation adjustments |
| GA | General account |
| GA AUM | General account assets under management |
| GAAP | Accounting principles generally accepted in the United States of America |
| GICs | Guaranteed interest contracts |
| NAIC | National Association of Insurance Commissioners |
| NRSRO | Nationally Recognized Statistical Rating Organization |
| PRT | Pension risk transfers |
| QFS | Quarterly financial supplement |
| RIS | Retirement and Income Solutions |
| VOBA | Value of business acquired |
A-9
Table of Contents
ex993q32025totalaum
Investors turn to MetLife Investment Management for our client-centric approach and long-established expertise in Insurance Solutions, Fixed Income, Private Capital, Real Estate and Small to Mid-Cap Value Equities. We aim to meet a range of long-term investment objectives and risk-adjusted returns over time by building sustainable, tailored investment solutions. Our hallmark is approachable expertise - a commitment to being accountable and collaborative in helping clients realize their objectives. By Client Segment $ in Billions Insurance $ 81.7 Pension $ 64.4 Sub-Advisory $ 39.2 Other5 $ 27.1 1As of September 30, 2025. At estimated fair value. Excludes $14.4 billion of General Account Assets Under Management that are not managed or advised by MetLife Investment Management and certain of its affiliates. See Explanatory Note. 2Capital Markets is not an actively marketed capability. 3Represents advisory services which are not reflected in Total Assets Under Management. 4As of September 30, 2025. At estimated fair value. Includes $14.9 billion, $11.3 billion and $186.2 billion of Separate Account AUM, Reinsurance AUM and Third-Party AUM, respectively. See Explanatory Note. 5Includes health service organizations, endowments, foundations, non-profits, family office, high net worth, fund of funds, sovereign wealth funds, supranationals and central authorities. Representative Capabilities Private Capital Insurance Solutions3 Corporate Private Credit Customized Portfolio Solutions Infrastructure Debt Strategic & Tactical Asset Allocation Private Asset Based Finance Portfolio Optimization Middle Market Private Capital Portfolio Construction Residential Whole Loans Derivatives Solutions Single Family Rental Financing ALM/Asset Modeling Private Equity Sustainable & Transition Finance Fixed Income Bank Loans Real Estate Core Core Debt & Equity Core Insurance Core Plus Debt & Equity Core Plus Value-Add Opportunistic Debt & Equity Corporate Agricultural Mortgage Loans Emerging Market Debt Global Fixed Income Index Strategies High Yield Long Duration Equities Liability Driven Investment Strategies Small-Cap Core Multi-Sector Small-Cap Value Municipals Small to Mid-Cap Value Short & Intermediate Duration Stable Value Sustainable & Transition Finance Institutional Client Assets Under Management4 - $212.4 Billion https://investments.metlife.com $632.6B 50% 25% 17% 5% 3% Total Assets Under Management1 By Core Capability Assets Under Management September 30, 2025 Exhibit 99.3 • Fixed Income • Private Capital • Real Estate • Index Strategies • Equities/Capital Markets2
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 asset management business. Our definitions may differ from those used by other companies. Total Assets Under Management (“Total AUM”) is comprised of MIM General Account AUM plus Institutional Client AUM (each, as defined below). MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that MIM manages or advises. General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account ("GA") investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans, 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. 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 assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.'s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets. Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements. Additional information about MetLife’s general account investment portfolio is available in MetLife, Inc.’s quarterly financial materials for the quarter ended September 30, 2025, 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. 10-27 4948020-[MIM, LLC (US)] © 2025 MetLife Investment Management
ex994q325supplementalsli
3Q25 Supplemental Slides1 John McCallion Chief Financial Officer and Head of MetLife Investment Management 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures. Exhibit 99.4
2 Topic Page No. Net income (loss) to adjusted earnings 3 Annual actuarial assumption review & other insurance adjustments 4 Adjusted earnings by segment and Corporate & Other (C&O) 5 Variable investment income (VII) 6 Direct expense ratio 8 Value of new business 9 Cash & capital 10 Appendix 11 Table of contents
3 Net income (loss) to adjusted earnings 3Q25 (post-tax) $ in millions $ per share1 Net Income (Loss) $818 $1.22 Less: Net Investment Gains (Losses) Not Attributable to Ceded Reinsurance Arrangements (256) (0.38) Net Derivative Gains (Losses) Not Attributable to Ceded Reinsurance Arrangements2 (540) (0.81) Market Risk Benefit Remeasurement Gains (Losses)2 196 0.29 Actuarial Assumption Review and Other Insurance Adjustments2 13 0.02 Investment Hedge Adjustments (79) (0.12) Net Activity Attributable to Ceded Reinsurance Arrangements3 (127) (0.19) Other 27 0.04 Adjusted Earnings $1,584 $2.37 Less Notable Items: Latin America Tax Adjustment (71) (0.11) Actuarial Assumption Review and Other Insurance Adjustments 89 0.13 Adjusted Earnings ex. Total Notable Items $1,566 $2.34 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 $13 million of after-tax gains includes $12 million of after-tax market risk benefit remeasurement gains and $1 million of after-tax net derivative gains. These amounts are therefore not included in the Net Derivative Gains (Losses) Not Attributable to Ceded Reinsurance Arrangements or Market Risk Benefit Remeasurement Gains (Losses) line items. 3 Includes Reinsurance adjustments related to Net Investment Gains (Losses), Net Derivative Gains (Losses), Net Investment Income and Other Expenses, as well as Joint Venture adjustments related to Net Derivative Gains (Losses).
4 • RIS: Small increase in payout annuity business due to higher mortality • Asia: Improvement in Accident & Health experience; favorable lapse experience in Life • MetLife Holdings: Favorable mortality in Life; favorable lapse rates in variable annuities 3Q25 annual actuarial assumption review and other insurance adjustments 1 Retirement and Income Solutions. 2 The per share data for each item is calculated on a standalone basis and may not sum to the total. HighlightsImpact ($ in millions post-tax) Adjusted Earnings Non-Adjusted Earnings Net Income Group Benefits ($2) $— ($2) RIS1 13 — 13 Asia 70 1 71 Latin America (4) — (4) EMEA (1) — (1) MetLife Holdings 13 12 25 Total $89 $13 $102 Total per Share2 $0.13 $0.02 $0.15
51 To be discussed on MetLife, Inc.'s third quarter 2025 earnings conference call and audio webcast. ($ in millions - except per share data) 3Q25 3Q24 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $457 $431 6% Expense Margins; Volume Growth Underwriting Margins RIS 423 368 15% Investment Margins Asia 473 347 36% 37% Investment Margins; Volume Growth Latin America 222 217 2% 2% Volume Growth EMEA 89 75 19% 17% Volume Growth MetLife Holdings 190 170 12% Investment Margins Corporate & Other (288) (249) Expense Margins Adjusted Earnings ex. Total Notable Items $1,566 $1,359 15% 15% Adjusted EPS ex. Total Notable Items $2.34 $1.93 21% 21% Adjusted earnings, ex. total notable items, by segment and C&O
6 $162 $293 $327 $195 $483 3Q24 4Q24 1Q25 2Q25 3Q25 3Q25 VII above guidance1 due to higher private equity returns ($ in millions - pre-tax) Private Equity Other2 1 Quarterly target VII of $425 million, based on full year 2025 guidance of ~ $1.7 billion (pre-tax). 2 Other includes Real Estate and Other Funds and Prepayment Fees. $0
7 Variable investment income 3Q24 4Q24 1Q25 2Q25 3Q25 Assets2 September 30, 2025 % of Total Assets3 ($ in millions - post-tax1) ($ in billions) Group Benefits $2 $1 $3 $3 $5 $0.2 1% RIS 50 71 99 60 146 5.6 30% Asia 44 121 94 64 139 8.3 44% Latin America 8 4 3 7 2 0.3 2% EMEA — — — — — — — MetLife Holdings 29 29 53 25 76 3.4 18% Corporate & Other (5) 6 6 (5) 14 1.1 6% Total $128 $232 $258 $154 $382 $18.9 100% 1 Assumes a 21% U.S. statutory tax rate. 2 Related to VII. 3 Each item is calculated on a standalone basis and may not sum to the total. VII by segment and C&O
8 12.1% 11.7% 11.6% FY24 3Q24 3Q25 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 12.1% Annual Target (2025) 3Q25 direct expense ratio1 of 11.6%, below 12.1% annual target 12.3% Annual Target (2024)
9 1 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. Value of new business1 $3.2 $2.8 $3.7 $3.6 $3.4 $1.9 $1.9 $2.3 $2.6 $2.6 Capital Deployed Value of New Business 2020 2021 2022 2023 2024 ($ in billions) Internal Rate of Return Payback Period 17% 6 Years 17% 6 Years 17% 6 Years 19% 5 Years 19% 5 Years
10 Holding Company Cash1 $4.5 $5.1 $4.5 $5.2 $4.9 3Q24 4Q24 1Q25 2Q25 3Q25 Cash & capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both periods. 3 National Association of Insurance Commissioners. $3.0 to $4.0 Cash Buffer Capital ($ in billions) • Total cash return to shareholders of ~$875 million in 3Q25 – Share repurchases of ~$500 million in 3Q25, year-to-date of ~$2.6 billion through October, including ~$150 million in October 2025 – Common stock dividends of ~$375 million in 3Q25 • Expected total U.S. Statutory Adjusted Capital2 on an NAIC3 basis of ~$17.1 billion at 9/30/25, flat from $17.1 billion at 6/30/25 • Expected Japan Solvency Margin ratio of 740% at 9/30/25 • Estimated Economic Solvency Ratio of 170% to 190% for the period ending March 2026
Appendix
12 1At September 30, 2025. All references to commercial mortgage loans in this earnings presentation are to net commercial mortgage loans excluding Reinsurance adjustments, consisting of commercial mortgage loans, excluding commercial mortgage loans originated for third parties and commercial mortgage loans that are subject to ceded reinsurance arrangements with third parties and joint ventures and related allowance for credit loss. • 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) – 76% of CML portfolio with LTVs less than or equal to 80% – 93% of CML portfolio with DSCRs greater than or equal to 1x – 80% average office LTV ratio and 1.9x average DSCR LTV and DSCR Matrix $45.0 Billion DSCR LTV >1.2x 1.0-1.2x <1.0x Total <65% 50.0% 1.9% 1.3% 53.2% 65-75% 15.5% 1.9% 0.6% 18.0% 76-80% 3.9% 0.9% 0.2% 5.0% >80% 13.6% 4.9% 5.3% 23.8% Total 83.0% 9.6% 7.4% 100.0% High quality commercial mortgage loans (CML) portfolio1
13 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.
14 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; (iv) adjusted earnings available to common shareholders per diluted common share; (v) book value per share; (iv) 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. (vii) 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). 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) 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) MetLife, Inc. (parent company) net cash provided by (used in) operating activities.
15 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 MetLife's chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP. Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method ("Joint venture adjustments"), and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments. 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 MetLife’s Investor Relations webpage (https://investor.metlife.com).
16 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings: • Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments"). • Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance. • Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation- indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts. • Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance. • Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance. "Divested businesses" are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Other adjustments are made in calculating adjusted earnings: • Net investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities ("Unit-linked contract income" and "Unit-linked contract costs"). • Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic guaranteed interest contracts ("GICs") accounted for as freestanding derivatives. • Net investment income and other expenses also exclude Reinsurance adjustments (as defined below). • Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives. • Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements. • "Reinsurance adjustments" relate to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents. Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms. In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders. Investment portfolio gains (losses) and derivative gains (losses) These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
17 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 accumulated other comprehensive income (loss) ("AOCI") and the estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income tax. • Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of certain ceded reinsurance-related embedded derivatives and total notable items, all net of income tax. • Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity. • Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity. • Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items. The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility. Expense ratio, direct expense ratio, adjusted expense ratio and related measures • Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. • Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses. • Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues. • Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. 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, and excludes policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, 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, and excludes policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, 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.
18 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: • Volume growth, where cited, represents the change in certain measures of our segment results, including adjusted earnings, attributable to business growth, applying a model in which certain margins and factors are held constant, the most significant of which are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates. • PRT includes UK funded reinsurance. • Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife holding companies and include cash and cash equivalents, short-term investments and publicly traded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block. • MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders. • Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. • We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.
19 Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Adjusted Earnings Available to Common Shareholders 3Q25 3Q24 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 $ 818 $ 1.22 $ 1,275 $ 1.81 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (325) (0.49) (77) (0.11) Less: Net derivative gains (losses) (929) (1.39) 767 1.09 Less: Market risk benefit remeasurement gains (losses) 263 0.39 (531) (0.75) Less: Other adjustments to net income (loss) 20 0.04 (65) (0.09) Less: Provision for income tax (expense) benefit 223 0.33 (195) (0.28) Add: Net income (loss) attributable to noncontrolling interests 6 0.01 (1) — Add: Preferred stock redemption premium 12 0.02 — — Adjusted earnings available to common shareholders 1,584 2.37 1,375 1.95 Less: Total notable items 18 0.03 16 0.02 Adjusted earnings available to common shareholders, excluding total notable items $ 1,566 $ 2.34 $ 1,359 $ 1.93 Adjusted earnings available to common shareholders, on a constant currency basis $ 1,584 $ 2.37 $ 1,376 $ 1.96 Adjusted earnings available to common shareholders, excluding total notable items, on a $ 1,566 $ 2.34 $ 1,360 $ 1.93 constant currency basis Weighted average common shares outstanding - diluted 669.1 703.7 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.
20 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 3Q25 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 455 $ 436 $ 543 $ 147 $ 88 $ 203 $ (288) Less: Total notable items (2) 13 70 (75) (1) 13 — Adjusted earnings available to common shareholders, excluding total notable items $ 457 $ 423 $ 473 $ 222 $ 89 $ 190 $ (288) Adjusted earnings available to common shareholders, on a constant currency basis $ 543 $ 147 $ 88 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 473 $ 222 $ 89 3Q24 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 373 $ 472 $ 306 $ 221 $ 70 $ 182 $ (249) Less: Total notable items (58) 104 (41) 4 (5) 12 — Adjusted earnings available to common shareholders, excluding total notable items $ 431 $ 368 $ 347 $ 217 $ 75 $ 170 $ (249) Adjusted earnings available to common shareholders, on a constant currency basis $ 305 $ 222 $ 71 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 346 $ 218 $ 76 1Results on a constant currency basis are not included as constant currency impact is not significant.
21 Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues FY24 3Q24 3Q25 (In millions) Premiums, fees and other revenues $ 52,520 $ 12,523 $ 12,526 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accounting 158 50 78 Other adjustments (48) (14) (15) Divested businesses 31 16 2 Adjusted premiums, fees and other revenues $ 52,379 $ 12,471 $ 12,461
22 Expense Detail and Ratios FY24 3Q24 3Q25 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (2,833) $ (691) $ (852) Less: Divested businesses — — — Adjusted capitalization of DAC $ (2,833) $ (691) $ (852) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 12,792 $ 3,188 $ 3,568 Less Adjustments to other expenses: Reinsurance adjustments 30 — 135 Other adjustments, excluding Reinsurance adjustments 49 12 2 Divested businesses 38 17 9 Adjusted other expenses $ 12,675 $ 3,159 $ 3,422 Other Detail and Ratios Other expenses, net of capitalization of DAC $ 9,959 $ 2,497 $ 2,716 Premiums, fees and other revenues $ 52,520 $ 12,523 $ 12,526 Expense ratio 19.0 % 19.9 % 21.7 % Direct expenses $ 5,611 $ 1,392 $ 1,443 Less: Total notable items related to direct expenses (152) — — Direct expenses, excluding total notable items related to direct expenses $ 5,763 $ 1,392 $ 1,443 Adjusted other expenses $ 12,675 $ 3,159 $ 3,422 Adjusted capitalization of DAC (2,833) (691) (852) Adjusted other expenses, net of adjusted capitalization of DAC $ 9,842 $ 2,468 $ 2,570 Less: Total notable items related to adjusted other expenses (85) — 102 Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 9,927 $ 2,468 $ 2,468 Adjusted premiums, fees and other revenues $ 52,379 $ 12,471 $ 12,461 Less: PRT 4,849 529 (10) Adjusted premiums, fees and other revenues, excluding PRT $ 47,530 $ 11,942 $ 12,471 Direct expense ratio 10.7 % 11.2 % 11.6 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 12.1 % 11.7 % 11.6 % Adjusted expense ratio 18.8 % 19.8 % 20.6 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 20.9 % 20.7 % 19.8 %
