8-K

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): January 9, 2026

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 7.01 Regulation FD Disclosure.

In the fourth quarter of 2025, MetLife, Inc. (the “Company”) executed a reorganization to align with its strategic initiative to accelerate growth in asset management. As part of this reorganization, the Company adjusted its segment structure. Specifically, MetLife Investment Management (“MIM”), the Company’s institutional asset management business which was formerly reported in Corporate & Other, became a reportable segment. Concurrently, MetLife Holdings is no longer deemed to be a reportable segment and is now primarily reported in Corporate & Other. These changes were applied retrospectively for the quarters ended December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025 and the year ended December 31, 2024. Additionally, certain products formerly reported in the MetLife Holdings segment have been moved to Group Benefits and Retirement and Income Solutions (“RIS”) in connection with the resegmentation and, accordingly, are now reported within those segments. This change was applied retrospectively only for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025.

As a result, the Company is now organized into the following six segments: Group Benefits; RIS; Asia; Latin America; Europe, the Middle East and Africa; and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other.

Also, in conjunction with the Company’s strategy, effective January 1, 2025, the Company amended agreements between MIM and MetLife entities to manage general account assets at current market fee rates, a change from 2024. This change was applied retrospectively only for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025.

None of the above-described changes impacted prior period consolidated net income (loss) or consolidated adjusted earnings.

To reflect these changes, the Company has adopted a new presentation format for its Quarterly Financial Supplement (“QFS”), which will be used beginning with the quarter and full year ended December 31, 2025. To aid investors’ understanding of the impact of these changes, the Company has revised the information presented in its QFS for the quarters ended December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025 and the year ended December 31, 2024 (the “Historical Results Financial Supplement”).

A copy of the Historical Results Financial Supplement is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The Historical Results Financial Supplement is furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 9.01 Financial Statements and Exhibits.

| 99.1 | Historical Results Financial Supplement for the quarters ended December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025 and the year ended December 31, 2024. | | --- | --- || 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: January 9, 2026

4

Document

Table of Contents

Exhibit 99.1

Historical Results*

Financial Supplement

Presented in a Revised Format

for the Quarters Ended

December 31, 2024, March 31, 2025,

June 30, 2025 and September 30, 2025

and the Year Ended December 31, 2024

Presented to Conform with the Presentation

Adopted for the Fourth Quarter 2025 Financial Supplement

*See MetLife, Inc.'s Form 8-K dated January 9, 2026 for further information.

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 INVESTMENT MANAGEMENT
Statements of Adjusted Earnings Available to Common Shareholders	22
Assets Under Management Information; and Other Revenues by Client Segment	23
CORPORATE & OTHER
Statements of Adjusted Earnings Available to Common Shareholders	24
Future Policy Benefits; Policyholder Account Balances; Market Risk Benefits; and Separate Account Liabilities	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 Mortgage Loans; and Summary of 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-10

Table of Contents

METLIFE
As used in this QFS, “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended							For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Revenues
Premiums		$	12,617	$	11,723	$	10,810	$	10,555	$	44,945
Universal life and investment-type product policy fees		1,217		1,229		1,259		1,247		4,974
Net investment income		5,405		4,885		5,661		6,089		21,273
Other revenues		641		687		679		724		2,601
Net investment gains (losses)		(311)		(387)		(273)		(325)		(1,184)
Net derivative gains (losses)		(903)		432		(796)		(929)		(1,623)
Total revenues		18,666		18,569		17,340		17,361		70,986
Expenses
Policyholder benefits and claims		12,572		11,806		10,767		10,369		44,728
Policyholder liability remeasurement (gains) losses		(42)		(31)		5		(159)		(206)
Market risk benefit remeasurement (gains) losses		(764)		299		(277)		(263)		(1,109)
Interest credited to policyholder account balances		2,012		1,647		2,400		2,561		8,339
Policyholder dividends		150		144		146		134		595
Amortization of DAC, VOBA and negative VOBA		517		519		528		522		2,021
Interest expense on debt		259		258		269		271		1,037
Other expenses, net of capitalization of DAC		2,581		2,573		2,522		2,716		9,959
Total expenses		17,285		17,215		16,360		16,151		65,364
Income (loss) before provision for income tax		1,381		1,354		980		1,210		5,622
Provision for income tax expense (benefit)		106		404		245		308		1,178
Net income (loss)		1,275		950		735		902		4,444
Less: Net income (loss) attributable to noncontrolling interests		4		5		6		6		18
Net income (loss) attributable to MetLife, Inc.		1,271		945		729		896		4,426
Less: Preferred stock dividends		32		66		31		66		200
Preferred stock redemption premium		—		—		—		12		—
Net income (loss) available to MetLife, Inc.'s common shareholders		$	1,239	$	879	$	698	$	818	$	4,226
Premiums, fees and other revenues		$	14,475	$	13,639	$	12,748	$	12,526	$	52,520

Table of Contents

METLIFE<br>CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Net income (loss) available to MetLife, Inc.'s common shareholders	$	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)	(311)		(387)		(273)		(325)
Less: Net derivative gains (losses)	(903)		432		(796)		(929)
Less: Market risk benefit remeasurement gains (losses)	764		(299)		277		263
Less: Goodwill impairment	—		—		—		—
Less: Other adjustments to net income (loss) (1)	(118)		(234)		(61)		20
Less: Provision for income tax (expense) benefit	352		23		195		223
Add: Net income (loss) attributable to noncontrolling interests	4		5		6		6
Add: Preferred stock redemption premium	—		—		—		12
Adjusted earnings available to common shareholders	1,459		1,349		1,362		1,584
Less: Total notable items (2)	10		—		—		18
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,449	$	1,349	$	1,362	$	1,566
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	1.78	$	1.28	$	1.03	$	1.22
Less: Net investment gains (losses)	(0.45)		(0.56)		(0.40)		(0.49)
Less: Net derivative gains (losses)	(1.29)		0.63		(1.18)		(1.39)
Less: Market risk benefit remeasurement gains (losses)	1.09		(0.44)		0.41		0.39
Less: Goodwill impairment	—		—		—		—
Less: Other adjustments to net income (loss)	(0.15)		(0.33)		(0.10)		0.04
Less: Provision for income tax (expense) benefit	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	2.09		1.96		2.02		2.37
Less: Total notable items per diluted common share (2)	0.01		—		—		0.03
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)	$	2.08	$	1.96	$	2.02	$	2.34
	For the Three Months Ended
Unaudited (In millions, except per share data)	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	$	—	$	—	$	—	$	89
Litigation reserves and settlement costs	(47)		—		—		—
Tax adjustments	57		—		—		(71)
Total notable items	$	10	$	—	$	—	$	18
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments	$	—	$	—	$	—	$	0.13
Litigation reserves and settlement costs	(0.07)		—		—		—
Tax adjustments	0.08		—		—		(0.11)
Total notable items	$	0.01	$	—	$	—	$	0.03
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Weighted average common shares outstanding - diluted	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	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025
Book value per common share (1)	$	34.28		$	35.16		$	35.79		$	39.52
Adjusted book value per common share (1)	$	54.81		$	55.01		$	56.23		$	56.57
	For the Three Months Ended
Unaudited	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025
Return on MetLife, Inc.'s (2):
Common stockholders' equity	19.6		%	14.9		%	11.7		%	13.1		%
Adjusted return on MetLife, Inc.'s (2):
Adjusted common stockholders' equity	15.4		%	14.4		%	14.6		%	16.9		%
Adjusted common stockholders' equity, excluding total notable items (3)	15.3		%	14.4		%	14.6		%	16.7		%
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025
Common shares outstanding, beginning of period	693.7			689.2			673.3			666.8
Share repurchases	(4.6)			(17.0)			(6.5)			(6.3)
Newly issued shares	0.1			1.1			—			0.2
Common shares outstanding, end of period	689.2			673.3			666.8			660.7
Weighted average common shares outstanding - basic	693.0			682.3			670.8			664.7
Dilutive effect of the exercise or issuance of stock-based awards	4.9			4.7			4.2			4.4
Weighted average common shares outstanding - diluted	697.9			687.0			675.0			669.1
MetLife Policyholder Trust Shares	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 Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Total revenues	$	18,666	$	18,569	$	17,340	$	17,361	$	70,986
Less: Adjustments to total revenues:
Net investment gains (losses)	(311)		(387)		(273)		(325)		(1,184)
Net derivative gains (losses)	(903)		432		(796)		(929)		(1,623)
Investment hedge adjustments	(127)		(103)		(102)		(100)		(604)
Asymmetrical and non-economic accounting, excluding Investment hedge adjustments	34		36		42		78		158
Unit-linked contract income	183		(227)		498		580		1,091
Reinsurance activity	31		43		47		177		31
Other	5		(57)		—		(23)		34
Divested businesses	16		5		3		2		32
Total adjusted revenues	$	19,738	$	18,827	$	17,921	$	17,901	$	73,051
	For the Three Months Ended								For the Year Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Net investment income	$	5,405	$	4,885	$	5,661	$	6,089	$	21,273
Less: Adjustments to net investment income:
Investment hedge adjustments	(127)		(103)		(102)		(100)		(604)
Unit-linked contract income	183		(227)		498		580		1,091
Reinsurance activity	31		43		47		177		31
Other	16		(42)		16		(8)		82
Divested businesses	1		1		—		—		1
Adjusted net investment income	$	5,301	$	5,213	$	5,202	$	5,440	$	20,672
	For the Three Months Ended								For the Year Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Variable investment income (Included in net investment income above)	$	293	$	327	$	195	$	483	$	1,013
	For the Three Months Ended								For the Year Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Premiums, fees and other revenues	$	14,475	$	13,639	$	12,748	$	12,526	$	52,520
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting	34		36		42		78		158
Other	(11)		(15)		(16)		(15)		(48)
Divested businesses	15		4		3		2		31
Adjusted premiums, fees and other revenues	$	14,437	$	13,614	$	12,719	$	12,461	$	52,379
Adjusted premiums, fees and other revenues, on a constant currency basis	$	14,569	$	13,779	$	12,751	$	12,461

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METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended								For the Year Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Total expenses	$	17,285	$	17,215	$	16,360	$	16,151	$	65,364
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses	(764)		299		(277)		(263)		(1,109)
Goodwill impairment	—		—		—		—		—
Asymmetrical and non-economic accounting	46		139		31		18		322
Market volatility	(49)		(44)		(40)		(49)		(256)
Unit-linked contract costs	185		(234)		486		578		1,081
Reinsurance activity	30		42		45		135		30
Other	25		19		21		2		49
Divested businesses	23		9		6		10		57
Total adjusted expenses	$	17,789	$	16,985	$	16,088	$	15,720	$	65,190
	For the Three Months Ended								For the Year Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Capitalization of DAC	$	(719)	$	(698)	$	(787)	$	(852)	$	(2,833)
Less: Divested businesses	—		—		—		—		—
Adjusted capitalization of DAC	$	(719)	$	(698)	$	(787)	$	(852)	$	(2,833)
	For the Three Months Ended								For the Year Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Other expenses	$	3,300	$	3,271	$	3,309	$	3,568	$	12,792
Less: Adjustments to other expenses:
Reinsurance activity	30		42		45		135		30
Other	25		19		21		2		49
Divested businesses	13		8		7		9		38
Adjusted other expenses	$	3,232	$	3,202	$	3,236	$	3,422	$	12,675
Adjusted other expenses, on a constant currency basis	$	3,292	$	3,271	$	3,243	$	3,422

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METLIFE<br>EXPENSE DETAIL AND RATIOS
	For the Three Months Ended												For the Year Ended
Unaudited (In millions, except ratio data)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2024
Other expenses, net of capitalization of DAC	$	2,581		$	2,573		$	2,522		$	2,716		$	9,959
Premiums, fees and other revenues	$	14,475		$	13,639		$	12,748		$	12,526		$	52,520
Expense ratio	17.8		%	18.9		%	19.8		%	21.7		%	19.0		%
	For the Three Months Ended												For the Year Ended
Unaudited (In millions)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2024
Adjusted other expenses by major category
Direct expenses	$	1,396		$	1,459		$	1,445		$	1,443		$	5,611
Pension, postretirement and postemployment benefit costs	71			70			66			69			266
Premium taxes, other taxes, and licenses & fees	253			160			158			272			783
Commissions and other variable expenses	1,512			1,513			1,567			1,638			6,015
Adjusted other expenses	3,232			3,202			3,236			3,422			12,675
Adjusted capitalization of DAC	(719)			(698)			(787)			(852)			(2,833)
Adjusted other expenses, net of adjusted capitalization of DAC	$	2,513		$	2,504		$	2,449		$	2,570		$	9,842
	For the Three Months Ended												For the Year Ended
Unaudited (In millions, except ratio data)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2024
Employee-related costs	$	955		$	991		$	935		$	962		$	3,696
Third-party staffing costs	439			353			392			374			1,491
General and administrative expenses	2			115			118			107			424
Direct expenses	1,396			1,459			1,445			1,443			5,611
Less: Total notable items related to direct expenses (1)	(152)			—			—			—			(152)
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,548		$	1,459		$	1,445		$	1,443		$	5,763
Adjusted other expenses, net of adjusted capitalization of DAC	$	2,513		$	2,504		$	2,449		$	2,570		$	9,842
Less: Total notable items related to adjusted other expenses (1)	(85)			—			—			102			(85)
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,598		$	2,504		$	2,449		$	2,468		$	9,927
Adjusted premiums, fees and other revenues	$	14,437		$	13,614		$	12,719		$	12,461		$	52,379
Less: PRT	2,593			1,476			328			(10)			4,849
Adjusted premiums, fees and other revenues, excluding PRT	$	11,844		$	12,138		$	12,391		$	12,471		$	47,530
Direct expense ratio	9.7		%	10.7		%	11.4		%	11.6		%	10.7		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	13.1		%	12.0		%	11.7		%	11.6		%	12.1		%
Adjusted expense ratio	17.4		%	18.4		%	19.3		%	20.6		%	18.8		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)	21.9		%	20.6		%	19.8		%	19.8		%	20.9		%
(1)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.

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METLIFE<br><br>GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	281,043	$	291,735	$	298,737	$	304,645
Equity securities, at estimated fair value	712		747		790		788
Contractholder-directed equity securities and fair value option securities, at estimated fair value	10,672		10,725		11,694		12,270
Mortgage loans	89,012		87,908		86,868		85,843
Policy loans	8,545		8,663		8,664		8,589
Real estate and real estate joint ventures	13,342		13,481		14,007		13,932
Other limited partnership interests	14,378		14,137		14,279		14,741
Short-term investments, principally at estimated fair value	5,156		5,543		5,300		5,962
Other invested assets	18,504		17,470		16,352		16,932
Total investments	441,364		450,409		456,691		463,702
Cash and cash equivalents, principally at estimated fair value	20,068		21,326		22,178		20,233
Accrued investment income	3,489		3,557		3,532		3,791
Premiums, reinsurance and other receivables	29,761		31,251		31,503		40,329
Market risk benefits, at estimated fair value	372		317		352		392
Deferred policy acquisition costs and value of business acquired	19,627		20,162		20,993		21,175
Current income tax recoverable	295		338		554		374
Deferred income tax assets	2,994		2,524		2,925		2,719
Goodwill	8,901		9,036		9,142		9,095
Other assets	11,082		11,253		11,425		11,572
Separate account assets	139,504		138,143		143,175		146,344
Total assets	$	677,457	$	688,316	$	702,470	$	719,726
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	193,646	$	197,667	$	198,965	$	199,169
Policyholder account balances	221,445		225,623		232,433		235,312
Market risk benefits, at estimated fair value	2,581		2,844		2,709		2,585
Other policy-related balances	18,899		19,523		19,899		20,361
Policyholder dividends payable	385		356		367		369
Payables for collateral under securities loaned and other transactions	17,128		17,440		17,147		17,139
Short-term debt	465		381		379		378
Long-term debt	15,086		14,695		15,374		15,300
Collateral financing arrangement	476		463		438		398
Subordinated debt securities	3,164		4,153		4,153		4,154
Deferred income tax liability	132		430		430		574
Other liabilities	36,843		38,843		39,074		48,452
Separate account liabilities	139,504		138,143		143,175		146,344
Total liabilities	649,754		660,561		674,543		690,535
Equity
Preferred stock, at par value	—		—		—		—
Common stock, at par value	12		12		12		12
Additional paid-in capital	33,791		33,820		33,822		32,855
Retained earnings	42,626		43,131		43,447		43,887
Treasury stock, at cost	(27,798)		(29,222)		(29,737)		(30,244)
Accumulated other comprehensive income (loss)	(21,186)		(20,248)		(19,859)		(17,566)
Total MetLife, Inc.'s stockholders' equity	27,445		27,493		27,685		28,944
Noncontrolling interests	258		262		242		247
Total equity	27,703		27,755		27,927		29,191
Total liabilities and equity	$	677,457	$	688,316	$	702,470	$	719,726

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METLIFESUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Adjusted earnings before provision for income tax
GROUP BENEFITS	$	526	$	468	$	508	$	577
RIS	487		505		460		551
ASIA	613		534		489		752
LATIN AMERICA	258		291		317		208
EMEA	60		109		128		115
MIM	20		37		72		78
CORPORATE & OTHER	(15)		(102)		(141)		(100)
Total adjusted earnings before provision for income tax	$	1,949	$	1,842	$	1,833	$	2,181
Provision for income tax expense (benefit)
GROUP BENEFITS	$	110	$	98	$	107	$	121
RIS	101		99		90		110
ASIA	170		162		143		212
LATIN AMERICA	57		72		84		60
EMEA	1		26		28		28
MIM	4		9		18		20
CORPORATE & OTHER	15		(39)		(30)		(20)
Total provision for income tax expense (benefit)	$	458	$	427	$	440	$	531
Adjusted earnings available to common shareholders
GROUP BENEFITS	$	416	$	370	$	401	$	456
RIS	386		406		370		441
ASIA	443		372		346		540
LATIN AMERICA	201		219		233		148
EMEA	59		83		100		87
MIM	16		28		54		58
CORPORATE & OTHER (1)	(62)		(129)		(142)		(146)
Total adjusted earnings available to common shareholders (1)	$	1,459	$	1,349	$	1,362	$	1,584
(1)Includes impact of preferred stock dividends of 32 million, 66 million, 31 million and 66 million for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, and September 30, 2025, respectively.

All values are in US Dollars.

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GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended							For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Adjusted revenues
Premiums		$	5,579	$	5,763	$	5,801	$	5,662	$	22,427
Universal life and investment-type product policy fees		227		233		240		227		909
Net investment income		313		353		345		356		1,252
Other revenues		378		434		405		417		1,534
Total adjusted revenues		6,497		6,783		6,791		6,662		26,122
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		4,881		5,183		5,161		4,982		19,824
Policyholder liability remeasurement (gains) losses		—		(18)		(4)		(9)		(1)
Interest credited to policyholder account balances		46		72		73		73		191
Capitalization of DAC		(5)		(5)		(7)		(7)		(18)
Amortization of DAC, VOBA and negative VOBA		7		6		7		7		26
Interest expense on debt		1		1		1		1		2
Other expenses		1,041		1,076		1,052		1,038		4,067
Total adjusted expenses		5,971		6,315		6,283		6,085		24,091
Adjusted earnings before provision for income tax		526		468		508		577		2,031
Provision for income tax expense (benefit)		110		98		107		121		425
Adjusted earnings		416		370		401		456		1,606
Preferred stock dividends		—		—		—		—		—
Adjusted earnings available to common shareholders		416		370		401		456		1,606
Less: Total notable items		—		—		—		(2)		(58)
Adjusted earnings available to common shareholders, excluding total notable items		$	416	$	370	$	401	$	458	$	1,664
Adjusted premiums, fees and other revenues		$	6,184	$	6,430	$	6,446	$	6,306	$	24,870

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GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025
Direct and allocated expenses	$	519		$	529		$	507		$	502
Pension, postretirement and postemployment benefit costs	14			13			15			14
Premium taxes, other taxes, and licenses & fees	86			83			88			87
Commissions and other variable expenses	422			451			442			435
Adjusted other expenses	$	1,041		$	1,076		$	1,052		$	1,038
OTHER INFORMATION (1)
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025
Group Life (2)
Adjusted premiums, fees and other revenues	$	2,289		$	2,352		$	2,371		$	2,328
Mortality ratio	83.2		%	84.8		%	83.0		%	83.4		%
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues	$	2,771		$	2,850		$	2,876		$	2,814
Interest adjusted benefit ratio (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.

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RIS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Adjusted revenues
Premiums		$	3,460	$	2,284	$	1,210	$	1,045	$	8,034
Universal life and investment-type product policy fees		99		104		102		99		314
Net investment income		2,143		2,190		2,166		2,189		8,482
Other revenues		61		69		70		70		246
Total adjusted revenues		5,763		4,647		3,548		3,403		17,076
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		4,280		3,120		2,045		1,836		11,246
Policyholder liability remeasurement (gains) losses		—		(15)		1		(14)		(170)
Interest credited to policyholder account balances		863		883		903		888		3,371
Capitalization of DAC		(58)		(37)		(46)		(50)		(218)
Amortization of DAC, VOBA and negative VOBA		21		19		21		19		66
Interest expense on debt		4		3		4		3		15
Other expenses		166		169		160		170		666
Total adjusted expenses		5,276		4,142		3,088		2,852		14,976
Adjusted earnings before provision for income tax		487		505		460		551		2,100
Provision for income tax expense (benefit)		101		99		90		110		433
Adjusted earnings		386		406		370		441		1,667
Preferred stock dividends		—		—		—		—		—
Adjusted earnings available to common shareholders		386		406		370		441		1,667
Less: Total notable items		—		—		—		13		104
Adjusted earnings available to common shareholders, excluding total notable items		$	386	$	406	$	370	$	428	$	1,563
Adjusted premiums, fees and other revenues		$	3,620	$	2,457	$	1,382	$	1,214	$	8,594
Less: PRT		2,593		1,476		328		(10)		4,849
Adjusted premiums, fees and other revenues, excluding PRT		$	1,027	$	981	$	1,054	$	1,224	$	3,745

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RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)		March 31, 2025		June 30, 2025		September 30, 2025
Balance, end of period (at balance sheet discount rate) (2)	71,510	$	73,415	$	73,506	$	74,263
Less: Accumulated other comprehensive (income) loss		(2,627)		(2,366)		(1,209)
Balance, end of period (at original discount rate)		76,042		75,872		75,472
Future policyholder benefits subject to reinsurance (at balance sheet discount rate)	1,956	$	2,287	$	2,266	$	7,750
Add: Accumulated other comprehensive (income) loss		(16)		(27)		(149)
Balance, end of period (at original discount rate)	1,969	$	2,271	$	2,239	$	7,601
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)		March 31, 2025		June 30, 2025		September 30, 2025
Balance, end of period	84,923	$	90,243	$	92,197	$	92,291
Policyholder account balances subject to reinsurance						$	3,327
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)		March 31, 2025		June 30, 2025		September 30, 2025
Future policyholder benefits (at original discount rate) and Policyholder account balances, excluding amounts subject to reinsurance	157,598	$	164,014	$	165,830	$	156,835
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)		March 31, 2025		June 30, 2025		September 30, 2025
Balance, end of period	51,420	$	55,953	$	54,864	$	55,671
SYNTHETIC GICS (3), (4)
Unaudited (In millions)		March 31, 2025		June 30, 2025		September 30, 2025
Balance, end of period	49,599	$	53,796	$	53,740	$	51,920
LONGEVITY REINSURANCE (5)
Unaudited (In millions)		March 31, 2025		June 30, 2025		September 30, 2025
Balance, end of period	25,121	$	27,369	$	30,087	$	29,293
(1)Includes 3,872 million, 3,899 million, 3,910 million and 3,964 million of DPL at 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)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.
(4)Includes 221 million, 1,242 million, 0 and 0 of transfers from separate account GICs to synthetic GICs at December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively.
(5)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the U.K. PRT market.

All values are in US Dollars.

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RIS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025
Direct and allocated expenses	$	80		$	98		$	89		$	88
Pension, postretirement and postemployment benefit costs	3			4			4			4
Premium taxes, other taxes, and licenses & fees	18			5			3			7
Commissions and other variable expenses	65			62			64			71
Adjusted other expenses	$	166		$	169		$	160		$	170
SPREAD
	For the Three Months Ended
Unaudited	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025
Investment income yield, excluding variable investment income yield	5.22		%	5.05		%	5.07		%	5.07		%
Variable investment income yield	6.46		%	9.03		%	5.45		%	13.46		%
Total investment income yield	5.26		%	5.19		%	5.08		%	5.36		%
Average crediting rate	4.35		%	4.28		%	4.31		%	4.33		%
Amortization of DPL and losses at inception (1)	(0.21)		%	(0.20)		%	(0.21)		%	(0.24)		%
Total average crediting rate	4.14		%	4.08		%	4.10		%	4.09		%
Annualized general account spread (2)	1.12		%	1.11		%	0.98		%	1.27		%
Annualized general account spread, excluding variable investment income yield	1.08		%	0.97		%	0.97		%	0.98		%
(1)Includes the amortization of DPL of (0.23)% for the three months ended December 31, 2024, (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, and (0.23%) 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.

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ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended							For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Adjusted revenues
Premiums		$	1,206	$	1,260	$	1,278	$	1,290	$	4,991
Universal life and investment-type product policy fees		410		406		399		407		1,690
Net investment income		1,251		1,204		1,204		1,374		4,658
Other revenues		19		15		22		20		76
Total adjusted revenues		2,886		2,885		2,903		3,091		11,415
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		993		1,037		1,051		1,074		4,083
Policyholder liability remeasurement (gains) losses		(59)		(11)		(12)		(141)		(35)
Interest credited to policyholder account balances		708		711		757		804		2,695
Capitalization of DAC		(348)		(351)		(418)		(435)		(1,380)
Amortization of DAC, VOBA and negative VOBA		214		216		223		207		832
Interest expense on debt		—		—		—		—		—
Other expenses		765		749		813		830		2,969
Total adjusted expenses		2,273		2,351		2,414		2,339		9,164
Adjusted earnings before provision for income tax		613		534		489		752		2,251
Provision for income tax expense (benefit)		170		162		143		212		630
Adjusted earnings		443		372		346		540		1,621
Preferred stock dividends		—		—		—		—		—
Adjusted earnings available to common shareholders		443		$	372	$	346	$	540	1,621
Less: Total notable items		—		—		—		70		(41)
Adjusted earnings available to common shareholders, excluding total notable items		$	443	$	372	$	346	$	470	$	1,662
Adjusted premiums, fees and other revenues		$	1,635	$	1,681	$	1,699	$	1,717	$	6,757

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ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Adjusted premiums, fees and other revenues	$	1,635	$	1,681	$	1,699	$	1,717
Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,666	$	1,728	$	1,685	$	1,717
Add: Operating joint ventures, on a constant currency basis (1)	409		1,031		737		831
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,075	$	2,759	$	2,422	$	2,548
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Direct and allocated expenses	$	319	$	306	$	304	$	303
Pension, postretirement and postemployment benefit costs	19		13		14		13
Premium taxes, other taxes, and licenses & fees	26		29		33		33
Commissions and other variable expenses	401		401		462		481
Adjusted other expenses	$	765	$	749	$	813	$	830
Adjusted other expenses, net of adjusted capitalization of DAC	$	417	$	398	$	395	$	395
Adjusted other expenses, on a constant currency basis	$	783	$	773	$	802	$	830
Add: Operating joint ventures, on a constant currency basis (2)	93		126		113		135
Adjusted other expenses, including operating joint ventures, on a constant currency basis	$	876	$	899	$	915	$	965
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis	$	490	$	476	$	463	$	481
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Japan:
Life	$	108	$	113	$	159	$	216
Accident & Health	81		69		67		66
Annuities	113		145		226		178
Other	2		2		2		1
Total Japan	304		329		454		461
Other Asia	213		309		238		325
Total sales	$	517	$	638	$	692	$	786
OTHER INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Adjusted earnings available to common shareholders	$	443	$	372	$	346	$	540
Adjusted earnings available to common shareholders, excluding total notable items	$	443	$	372	$	346	$	470
Adjusted earnings available to common shareholders, on a constant currency basis	$	446	$	378	$	345	$	540
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis	$	446	$	378	$	345	$	470
(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

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ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
GA AUM	$	120,626	$	125,119	$	129,325	$	131,751
GA AUM (at amortized cost)	$	129,959	$	134,352	$	139,158	$	140,892
GA AUM (at amortized cost), on a constant currency basis	$	132,972	$	135,452	$	137,926	$	140,892
Add: Operating joint ventures, on a constant currency basis (1)	10,088		11,658		12,388		13,043
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis	$	143,060	$	147,110	$	150,314	$	153,935
Includes MetLife, Inc.’s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

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LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended							For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Adjusted revenues
Premiums		$	1,098	$	1,164	$	1,260	$	1,288	$	4,476
Universal life and investment-type product policy fees		330		340		371		377		1,419
Net investment income		431		408		445		416		1,650
Other revenues		10		9		3		(2)		41
Total adjusted revenues		1,869		1,921		2,079		2,079		7,586
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,035		1,091		1,216		1,218		4,127
Policyholder liability remeasurement (gains) losses		20		(3)		—		(4)		(9)
Interest credited to policyholder account balances		101		98		96		92		438
Capitalization of DAC		(177)		(172)		(176)		(203)		(704)
Amortization of DAC, VOBA and negative VOBA		123		129		137		149		503
Interest expense on debt		4		4		4		4		15
Other expenses		505		483		485		615		2,007
Total adjusted expenses		1,611		1,630		1,762		1,871		6,377
Adjusted earnings before provision for income tax		258		291		317		208		1,209
Provision for income tax expense (benefit)		57		72		84		60		328
Adjusted earnings		201		219		233		148		881
Preferred stock dividends		—		—		—		—		—
Adjusted earnings available to common shareholders		$	201	$	219	$	233	$	148	$	881
Less: Total notable items		—		—		—		(75)		4
Adjusted earnings available to common shareholders, excluding total notable items		$	201	$	219	$	233	$	223	$	877
Adjusted premiums, fees and other revenues		$	1,438	$	1,513	$	1,634	$	1,663	$	5,936

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LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Direct and allocated expenses	$	146	$	135	$	143	$	147
Pension, postretirement and postemployment benefit costs	3		1		2		1
Premium taxes, other taxes, and licenses & fees	24		23		22		123
Commissions and other variable expenses	332		324		318		344
Adjusted other expenses	$	505	$	483	$	485	$	615
Adjusted other expenses, net of adjusted capitalization of DAC	$	328	$	311	$	309	$	412
Adjusted other expenses, on a constant currency basis	$	534	$	513	$	499	$	615
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	346	$	329	$	318	$	412
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Mexico	$	144	$	219	$	191	$	213
Chile	122		115		127		121
All other	86		72		73		107
Total sales	$	352	$	406	$	391	$	441
OTHER INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Adjusted premiums, fees and other revenues	$	1,438	$	1,513	$	1,634	$	1,663
Adjusted earnings available to common shareholders	$	201	$	219	$	233	$	148
Adjusted earnings available to common shareholders, excluding total notable items	$	201	$	219	$	233	$	223
Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,515	$	1,600	$	1,672	$	1,663
Adjusted earnings available to common shareholders, on a constant currency basis	$	213	$	234	$	241	$	148
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis	$	213	$	234	$	241	$	223

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EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended							For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Adjusted revenues
Premiums		$	568	$	582	$	626	$	638	$	2,202
Universal life and investment-type product policy fees		76		78		84		82		314
Net investment income		59		58		61		66		222
Other revenues		8		8		9		7		32
Total adjusted revenues		711		726		780		793		2,770
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		301		277		309		333		1,100
Policyholder liability remeasurement (gains) losses		(3)		—		4		3		7
Interest credited to policyholder account balances		17		17		20		21		70
Capitalization of DAC		(124)		(126)		(136)		(151)		(486)
Amortization of DAC, VOBA and negative VOBA		93		94		88		85		355
Interest expense on debt		—		—		—		—		—
Other expenses		367		355		367		387		1,369
Total adjusted expenses		651		617		652		678		2,415
Adjusted earnings before provision for income tax		60		109		128		115		355
Provision for income tax expense (benefit)		1		26		28		28		72
Adjusted earnings		59		83		100		87		283
Preferred stock dividends		—		—		—		—		—
Adjusted earnings available to common shareholders		59		83		100		87		283
Less: Total notable items		—		—		—		(1)		(5)
Adjusted earnings available to common shareholders, excluding total notable items		$	59	$	83	$	100	$	88	$	288
Adjusted premiums, fees and other revenues		$	652	$	668	$	719	$	727	$	2,548

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EMEA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Direct and allocated expenses	$	112	$	109	$	111	$	111
Pension, postretirement and postemployment benefit costs	2		1		(3)		2
Premium taxes, other taxes, and licenses & fees	7		6		6		7
Commissions and other variable expenses	246		239		253		267
Adjusted other expenses	$	367	$	355	$	367	$	387
Adjusted other expenses, net of adjusted capitalization of DAC	$	243	$	229	$	231	$	236
Adjusted other expenses, on a constant currency basis	$	380	$	370	$	371	$	387
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	252	$	238	$	233	$	236
OTHER INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Adjusted premiums, fees and other revenues	$	652	$	668	$	719	$	727
Adjusted earnings available to common shareholders	$	59	$	83	$	100	$	87
Adjusted earnings available to common shareholders, excluding total notable items	$	59	$	83	$	100	$	88
Adjusted premiums, fees and other revenues, on a constant currency basis	$	676	$	699	$	727	$	727
Adjusted earnings available to common shareholders, on a constant currency basis	$	60	$	87	$	101	$	87
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis	$	60	$	87	$	101	$	88
Total sales, on a constant currency basis	$	251	$	320	$	310	$	301

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METLIFE INVESTMENT MANAGEMENT<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)		December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2024
Adjusted revenues
Premiums		$	—		$	—		$	—		$	—		$	—
Universal life and investment-type product policy fees		—			—			—			—			—
Net investment income		1			1			2			1			7
Other revenues (1)		181			218			237			238			718
Total adjusted revenues		182			219			239			239			725
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		—			—			—			—			—
Policyholder liability remeasurement (gains) losses		—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—
Capitalization of DAC		—			—			—			—			—
Amortization of DAC, VOBA and negative VOBA		—			—			—			—			—
Interest expense on debt		—			—			—			—			—
Other expenses		162			182			167			161			652
Total adjusted expenses		162			182			167			161			652
Adjusted earnings before provision for income tax		20			37			72			78			73
Provision for income tax expense (benefit)		4			9			18			20			18
Adjusted earnings		16			28			54			58			55
Preferred stock dividends		—			—			—			—			—
Adjusted earnings available to common shareholders		16			28			54			58			55
Less: Total notable items		—			—			—			—			—
Adjusted earnings available to common shareholders, excluding total notable items		$	16		$	28		$	54		$	58		$	55
Operating margin (2)		11.0		%	16.9		%	30.1		%	32.6		%	10.1		%
(1)Beginning January 1, 2025 revenues earned on MIM GA AUM were determined based on market rates.
(2)Calculated as adjusted earnings before provision for income tax as percentage of total adjusted revenues.

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METLIFE INVESTMENT MANAGEMENT
ASSETS UNDER MANAGEMENT INFORMATION
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Institutional Client AUM
Beginning Institutional Client AUM	$	178,703	$	178,666	$	185,970	$	200,616
Additions	14,687		5,945		17,118		19,078
Withdrawals	(9,569)		(7,460)		(9,103)		(9,366)
Change in market value	(5,155)		2,217		6,631		2,062
Acquisitions, dispositions and other	—		6,602		—		—
Ending Institutional Client AUM	$	178,666	$	185,970	$	200,616	$	212,390
MIM GA AUM	$	407,063	$	417,194	$	423,671	$	420,204
Total AUM	$	585,729	$	603,164	$	624,287	$	632,594
OTHER REVENUES BY CLIENT SEGMENT
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Institutional client	$	76	$	77	$	95	$	98
General account (1)	105		141		142		140
Other revenues	$	181	$	218	$	237	$	238
(1)Beginning January 1, 2025 revenues earned on MIM GA AUM were determined based on market rates.

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CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended							For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Adjusted revenues
Premiums		$	691	$	666	$	632	$	632	$	2,784
Universal life and investment-type product policy fees		75		68		63		55		328
Net investment income		1,103		999		979		1,038		4,401
Other revenues		(39)		(87)		(93)		(91)		(156)
Total adjusted revenues		1,830		1,646		1,581		1,634		7,357
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,220		1,210		1,171		1,160		4,961
Policyholder liability remeasurement (gains) losses		—		16		16		4		2
Interest credited to policyholder account balances		97		36		35		37		390
Capitalization of DAC		(7)		(7)		(4)		(6)		(27)
Amortization of DAC, VOBA and negative VOBA		59		55		52		55		239
Interest expense on debt		250		250		260		263		1,005
Other expenses		226		188		192		221		945
Total adjusted expenses		1,845		1,748		1,722		1,734		7,515
Adjusted earnings before provision for income tax		(15)		(102)		(141)		(100)		(158)
Provision for income tax expense (benefit)		15		(39)		(30)		(20)		(41)
Adjusted earnings		(30)		(63)		(111)		(80)		(117)
Preferred stock dividends		32		66		31		66		200
Adjusted earnings available to common shareholders		(62)		(129)		(142)		(146)		(317)
Less: Total notable items		10		—		—		13		22
Adjusted earnings available to common shareholders, excluding total notable items		$	(72)	$	(129)	$	(142)	$	(159)	$	(339)
Adjusted premiums, fees and other revenues		$	727	$	647	$	602	$	596	$	2,956
Adjusted earnings available to common shareholders attributed to business activities		$	153	$	120	$	115	$	173	$	647

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CORPORATE & OTHER
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Annuities	$	1,515	$	1,493	$	1,466	$	1,457
Long-Term Care	14,537		14,716		14,803		15,309
Life and Other	53,298		52,962		52,748		52,480
Balance, end of period (at balance sheet discount rate)	$	69,350	$	69,171	$	69,017	$	69,246
Less:
Annuities	$	(63)	$	(51)	$	(43)	$	(26)
Long-Term Care	(919)		(872)		(922)		(547)
Life and Other	(34)		(26)		(26)		(10)
Accumulated other comprehensive (income) loss	$	(1,016)	$	(949)	$	(991)	$	(583)
Annuities	$	1,578	$	1,544	$	1,509	$	1,483
Long-Term Care	15,456		15,588		15,725		15,856
Life and Other	53,332		52,988		52,774		52,490
Balance, end of period (at original discount rate)	$	70,366	$	70,120	$	70,008	$	69,829
Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
Annuities	$	1,393	$	1,370	$	1,345	$	1,326
Long-Term Care	—		—		—		—
Life and Other	$	2,410	$	2,421	$	2,455	$	2,474
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Annuities	$	10,142	$	6,807	$	6,633	$	6,545
Life and Other	11,117		7,278		7,226		7,164
Balance, end of period	$	21,259	$	14,085	$	13,859	$	13,709
Policyholder account balances subject to reinsurance (2)
Annuities	$	3,027	$	2,930	$	2,848	$	2,761
Life and Other	$	6,357	$	6,301	$	6,240	$	6,178
MARKET RISK BENEFITS
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Annuities	$	2,073	$	2,188	$	2,056	$	1,957
Balance, end of period	$	2,073	$	2,188	$	2,056	$	1,957
Market risk benefits subject to reinsurance (2)	$	—	$	—	$	—	$	—
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Annuities	$	27,829	$	19,795	$	20,317	$	20,252
Life and Other	7,065		6,393		7,022		7,317
Balance, end of period	$	34,894	$	26,188	$	27,339	$	27,569
Separate account liabilities subject to reinsurance (3)
Annuities	$	79	$	73	$	77	$	77
Life and Other	$	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.

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INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. Reinsurance activity and Third-party mortgage loan activity have been excluded from the amounts within this table.
	At or For the Three Months Ended												At or For the Year Ended
Unaudited (In millions, except yields)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2024
Fixed Maturity Securities
Yield (1)	4.47		%	4.36		%	4.61		%	4.61		%	4.44		%
Investment income (2), (3)	$	3,326		$	3,259		$	3,517		$	3,485		$	13,089
Investment gains (losses)	(245)			(244)			(124)			(150)			(733)
Ending carrying value (4)	280,227			290,416			297,565			296,663			280,227
Mortgage Loans
Yield (1)	5.28		%	5.21		%	5.12		%	5.22		%	5.29		%
Investment income (3)	1,085			1,056			1,026			1,009			4,378
Investment gains (losses)	(53)			(159)			(288)			(65)			(285)
Ending carrying value (5)	81,460			80,581			79,848			76,896			81,460
Real Estate and Real Estate Joint Ventures
Yield (1)	1.47		%	4.01		%	3.47		%	1.83		%	(0.12)		%
Investment income	50			134			120			63			(15)
Investment gains (losses)	70			(40)			3			47			245
Ending carrying value	13,342			13,481			14,007			13,932			13,342
Policy Loans
Yield (1)	5.67		%	5.38		%	5.64		%	5.76		%	5.60		%
Investment income	114			107			113			115			453
Ending carrying value	8,545			8,663			8,664			8,589			8,545
Equity Securities
Yield (1)	3.23		%	6.16		%	2.30		%	3.46		%	4.38		%
Investment income	5			9			3			4			23
Investment gains (losses)	4			(12)			45			17			(18)
Ending carrying value	712			747			790			788			712
Other Limited Partnership Interests
Yield (1)	7.05		%	6.22		%	3.46		%	11.89		%	6.73		%
Investment income	252			222			122			431			965
Investment gains (losses)	1			(1)			21			4			(55)
Ending carrying value (6)	14,367			14,125			14,265			14,726			14,367
Cash and Cash Equivalents and Short-term Investments
Yield (1)	4.97		%	4.42		%	4.19		%	4.36		%	5.04		%
Investment income	249			224			232			239			961
Investment gains (losses)	18			(9)			(38)			13			34
Ending carrying value (7)	25,018			26,862			27,432			25,853			25,018
Other Invested Assets
Investment income	368			365			218			241			1,414
Investment gains (losses)	23			4			25			(76)			46
Ending carrying value (8)	18,504			17,470			16,350			16,871			18,504
Total Investments
Investment income yield (1)	4.87		%	4.82		%	4.73		%	4.99		%	4.80		%
Investment fees and expenses yield (1)	(0.13)		%	(0.15)		%	(0.13)		%	(0.13)		%	(0.13)		%
Net Investment Income Yield (1)	4.74		%	4.67		%	4.60		%	4.86		%	4.67		%
Investment income	$	5,449		$	5,376		$	5,351		$	5,587		$	21,268
Investment fees and expenses	(147)			(162)			(149)			(147)			(595)
Net investment income including divested businesses	5,302			5,214			5,202			5,440			20,673
Less: Net investment income from divested businesses	1			1			—			—			1
Adjusted Net Investment Income (9)	$	5,301		$	5,213		$	5,202		$	5,440		$	20,672
Ending Carrying Value	$	442,175		$	452,345		$	458,921		$	454,318		$	442,175
Investment Portfolio Gains (Losses) (10)	$	(182)		$	(461)		$	(356)		$	(210)		$	(766)
Gross investment gains	316			142			204			373			1,260
Gross investment losses	(386)			(423)			(264)			(269)			(1,696)
Net credit loss (provision) release and (impairments)	(112)			(180)			(296)			(314)			(330)
Investment Portfolio Gains (Losses) (10)	(182)			(461)			(356)			(210)			(766)
Investment portfolio gains (losses) income tax (expense) benefit	59			116			94			41			213
Investment Portfolio Gains (Losses), Net of Income Tax	$	(123)		$	(345)		$	(262)		$	(169)		$	(553)
Derivative Gains (Losses) (10)	(1,159)			344			(892)			(746)			(2,413)
Derivative gains (losses) income tax (expense) benefit	314			(99)			181			193			605
Derivative Gains (Losses), Net of Income Tax	$	(845)		$	245		$	(711)		$	(553)		$	(1,808)
See footnotes on Page 29.

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INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE<br>BY SECTOR AND QUALITY DISTRIBUTION
		December 31, 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
U.S. corporate		$	78,584	28.2	%	$	80,316	27.7	%	$	81,562	27.5	%	$	81,720	27.7	%
Foreign corporate		53,354		19.1	%	55,083		19.1	%	58,792		19.9	%	57,798		19.6	%
Foreign government		39,895		14.3	%	40,892		14.2	%	42,097		14.2	%	41,610		14.1	%
Residential mortgage-backed		34,135		12.3	%	39,083		13.5	%	40,764		13.8	%	41,292		14.0	%
U.S. government and agency		33,350		12.0	%	33,535		11.6	%	32,463		11.0	%	32,315		11.0	%
Asset-backed securities and collateralized loan obligations		20,390		7.3	%	20,748		7.2	%	20,929		7.1	%	20,313		6.9	%
Municipals		9,762		3.5	%	9,764		3.4	%	9,802		3.3	%	10,486		3.6	%
Commercial mortgage-backed		9,182		3.3	%	9,388		3.3	%	9,428		3.2	%	9,245		3.1	%
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity		$	278,652	100.0	%	$	288,809	100.0	%	$	295,837	100.0	%	$	294,779	100.0	%
Reinsurance activity		2,391				2,926				2,900				9,866
Fixed Maturity Securities Available-For-Sale		$	281,043			$	291,735			$	298,737			$	304,645
NRSRO	NAIC
RATING	DESIGNATION
Aaa / Aa / A	1	$	192,099	68.9	%	$	199,468	69.1	%	$	203,465	68.8	%	$	202,215	68.7	%
Baa	2	74,345		26.7	%	77,112		26.7	%	80,262		27.1	%	80,465		27.3	%
Ba	3	8,680		3.1	%	8,674		3.0	%	8,566		2.9	%	8,364		2.8	%
B	4	3,035		1.1	%	3,198		1.1	%	3,260		1.1	%	3,379		1.1	%
Caa and lower	5	425		0.2	%	291		0.1	%	204		0.1	%	258		0.1	%
In or near default	6	68		—	%	66		—	%	80		—	%	98		—	%
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity		$	278,652	100.0	%	$	288,809	100.0	%	$	295,837	100.0	%	$	294,779	100.0	%
Reinsurance activity		2,391				2,926				2,900				9,866
Fixed Maturity Securities Available-For-Sale (11)		$	281,043			$	291,735			$	298,737			$	304,645
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)		December 31, 2024				March 31, 2025				June 30, 2025				September 30, 2025
Gross unrealized gains		$	4,965			$	5,398			$	6,192			$	7,130
Gross unrealized losses		31,041				28,891				28,951				26,495
Net Unrealized Gains (Losses), excluding Reinsurance activity		$	(26,076)			$	(23,493)			$	(22,759)			$	(19,365)
Reinsurance activity		(142)				(109)				(88)				(575)
Net Unrealized Gains (Losses)		$	(26,218)			$	(23,602)			$	(22,847)			$	(19,940)
See footnotes on Page 29.

Table of Contents

INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)	December 31, 2024				March 31, 2025				June 30, 2025				September 30, 2025
Commercial mortgage loans	$	48,967			$	47,890			$	46,674			$	44,953
Agricultural mortgage loans	19,030				18,779				18,993				18,045
Residential mortgage loans	14,186				14,783				15,286				14,968
Total	82,183				81,452				80,953				77,966
Allowance for credit loss	(723)				(871)				(1,105)				(1,070)
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity	81,460				80,581				79,848				76,896
Reinsurance activity	85				82				78				2,270
Third-party mortgage loan activity	7,467				7,245				6,942				6,677
Mortgage loans	$	89,012			$	87,908			$	86,868			$	85,843
SUMMARY OF COMMERCIAL MORTGAGE LOANS<br><br>BY REGION AND PROPERTY TYPE
	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
Pacific	$	8,738	17.8	%	$	8,677	18.1	%	$	8,611	18.4	%	$	8,617	19.2	%
Non-U.S.	7,901		16.1	%	7,802		16.3	%	7,839		16.8	%	7,555		16.8	%
Middle Atlantic	6,938		14.2	%	6,877		14.4	%	6,561		14.1	%	6,369		14.2	%
South Atlantic	5,890		12.0	%	5,796		12.1	%	5,630		12.1	%	5,321		11.8	%
West South Central	3,228		6.6	%	3,214		6.7	%	3,274		7.0	%	3,195		7.1	%
Mountain	2,317		4.7	%	2,455		5.1	%	2,470		5.3	%	2,369		5.3	%
New England	2,680		5.5	%	2,501		5.2	%	2,386		5.1	%	2,340		5.2	%
East North Central	1,453		3.0	%	1,453		3.0	%	1,460		3.1	%	1,398		3.1	%
East South Central	481		1.0	%	481		1.0	%	476		1.0	%	453		1.0	%
West North Central	410		0.8	%	408		0.9	%	407		0.9	%	405		0.9	%
Multi-Region and Other	8,931		18.3	%	8,226		17.2	%	7,560		16.2	%	6,931		15.4	%
Total, excluding Reinsurance activity and Third-party mortgage loan activity	48,967		100.0	%	47,890		100.0	%	46,674		100.0	%	44,953		100.0	%
Reinsurance activity	82				82				78				735
Third-party mortgage loan activity	7,260				7,047				6,703				6,503
Total	$	56,309			$	55,019			$	53,455			$	52,191
Office	$	18,269	37.3	%	$	18,134	37.9	%	$	17,912	38.4	%	$	17,253	38.4	%
Apartment	10,472		21.4	%	10,549		22.0	%	9,899		21.2	%	9,713		21.6	%
Retail	6,612		13.5	%	6,502		13.6	%	6,768		14.5	%	6,505		14.5	%
Single Family Rental	5,355		10.9	%	4,844		10.1	%	4,780		10.2	%	4,481		9.9	%
Industrial	4,999		10.2	%	4,506		9.4	%	3,942		8.5	%	3,764		8.4	%
Hotel	3,178		6.5	%	3,268		6.8	%	3,285		7.0	%	3,151		7.0	%
Other	82		0.2	%	87		0.2	%	88		0.2	%	86		0.2	%
Total, excluding Reinsurance activity and Third-party mortgage loan activity	48,967		100.0	%	47,890		100.0	%	46,674		100.0	%	44,953		100.0	%
Reinsurance activity	82				82				78				735
Third-party mortgage loan activity	7,260				7,047				6,703				6,503
Total	$	56,309			$	55,019			$	53,455			$	52,191
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), Reinsurance activity, Third-party mortgage loan activity, 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 22 million, (20) million, 107 million and 99 million for the three months ended December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively, and 205 million for the year ended December 31, 2024.
(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities.
		March 31, 2025		June 30, 2025		September 30, 2025
Fixed maturity securities available-for-sale	281,043	$	291,735	$	298,737	$	304,645
Less: Reinsurance activity		2,926		2,900		9,866
Fixed maturity securities available-for-sale, excluding Reinsurance activity	278,652	$	288,809	$	295,837	$	294,779
Add: Fair value option securities		1,607		1,728		1,884
Fixed maturity securities, excluding Reinsurance activity	280,227	$	290,416	$	297,565	$	296,663
(5)The following table presents a reconciliation to ending carrying value presented for mortgage loans.
		March 31, 2025		June 30, 2025		September 30, 2025
Mortgage Loans	89,012	$	87,908	$	86,868	$	85,843
Less: Reinsurance activity		82		78		2,270
Less: Third-party mortgage loan activity		7,245		6,942		6,677
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity	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.
		March 31, 2025		June 30, 2025		September 30, 2025
Other limited partnership interests	14,378	$	14,137	$	14,279	$	14,741
Less: Reinsurance activity		12		14		15
Other limited partnership interests, excluding Reinsurance activity	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.
		March 31, 2025		June 30, 2025		September 30, 2025
Cash and cash equivalents and short-term investments	25,224	$	26,869	$	27,478	$	26,195
Less: Reinsurance activity		7		46		342
Cash and cash equivalents and short-term investments, excluding Reinsurance activity	25,018	$	26,862	$	27,432	$	25,853
(8)The following table presents a reconciliation to ending carrying value presented for other invested assets.
		March 31, 2025		June 30, 2025		September 30, 2025
Other invested assets	18,504	$	17,470	$	16,352	$	16,932
Less: Reinsurance activity		—		2		61
Other invested assets, excluding Reinsurance activity	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 Ended
		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Net investment gains (losses)	(311)	$	(387)	$	(273)	$	(325)	$	(1,184)
Less: Non-investment portfolio gains (losses)		65		86		(88)		(336)
Less: Third-party mortgage loan activity		(34)		20		(75)		(4)
Add: Joint venture adjustments (12)		(42)		16		(53)		82
Less: Reinsurance activity		—		—		(1)		—
Less: Other (12)		1		(7)		(4)		4
Investment portfolio gains (losses)	(182)	$	(461)	$	(356)	$	(210)	$	(766)
								For the Year Ended
		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Net derivative gains (losses)	(903)	$	432	$	(796)	$	(929)	$	(1,623)
Less: Investment hedge adjustments		103		102		100		604
Add: Joint venture adjustments (12)		—		—		45		—
Less: Reinsurance activity		(35)		(22)		(247)		110
Less: Other (12)		20		16		9		76
Derivative gains (losses)	(1,159)	$	344	$	(892)	$	(746)	$	(2,413)
(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 Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,239	$	879	$	698	$	818	$	4,226
Add: Preferred stock dividends	32		66		31		66		200
Add: Preferred stock redemption premium	—		—		—		12		—
Add: Net income (loss) attributable to noncontrolling interests	4		5		6		6		18
Net income (loss)	1,275		950		735		902		4,444
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)	(311)		(387)		(273)		(325)		(1,184)
Net derivative gains (losses)	(903)		432		(796)		(929)		(1,623)
Market risk benefit remeasurement gains (losses)	764		(299)		277		263		1,109
Premiums - Divested businesses	15		4		3		—		31
Universal life and investment-type product policy fees
Asymmetrical and non-economic accounting	—		—		—		—		—
Divested businesses	—		—		—		—		—
Net investment income
Investment hedge adjustments	(127)		(103)		(102)		(100)		(604)
Joint venture adjustments	16		(42)		16		(8)		82
Unit-linked contract income	183		(227)		498		580		1,091
Reinsurance activity	31		43		47		177		31
Divested businesses	1		1		—		—		1
Other revenues
Asymmetrical and non-economic accounting	34		36		42		78		158
Other adjustments	(11)		(15)		(16)		(15)		(48)
Divested businesses	—		—		—		2		—
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting	(51)		(75)		(1)		52		(219)
Market volatility	49		44		40		49		256
Divested businesses	(10)		(1)		1		(1)		(19)
Policyholder liability remeasurement (gains) losses
Asymmetrical and non-economic accounting	—		—		—		(2)		—
Divested businesses	—		—		—		—		—
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting	5		(64)		(30)		(68)		(103)
Unit-linked contract costs	(185)		234		(486)		(578)		(1,081)
Divested businesses	—		—		—		—		—
Capitalization of DAC - Divested businesses	—		—		—		—		—
Amortization of DAC, VOBA and negative VOBA - Divested businesses	—		—		—		—		—
Interest expense on debt
Divested businesses	—		—		—		—		—
Other expenses
Reinsurance activity	(30)		(42)		(45)		(135)		(30)
Other adjustments, excluding Reinsurance activity	(25)		(19)		(21)		(2)		(49)
Divested businesses	(13)		(8)		(7)		(9)		(38)
Goodwill impairment	—		—		—		—		—
Provision for income tax (expense) benefit	352		23		195		223		687
Adjusted earnings	1,491		1,415		1,393		1,650		5,996
Less: Preferred stock dividends	32		66		31		66		200
Adjusted earnings available to common shareholders	$	1,459	$	1,349	$	1,362	$	1,584	$	5,796

A-1

Table of Contents

APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)
METLIFE TOTAL
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	89	$	16
Litigation reserves and settlement costs		(47)		—		—		—		(47)
Tax adjustments		57		—		—		(71)		57
Total notable items		$	10	$	—	$	—	$	18	$	26
GROUP BENEFITS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(2)	$	(58)
Total notable items		$	—	$	—	$	—	$	(2)	$	(58)
RIS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	13	$	104
Total notable items		$	—	$	—	$	—	$	13	$	104
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-2

Table of Contents

APPENDIX<br><br>METLIFE<br><br>NOTABLE ITEMS (CONTINUED)
ASIA
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	70	$	(41)
Total notable items		$	—	$	—	$	—	$	70	$	(41)
LATIN AMERICA
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(4)	$	4
Tax adjustments		—		—		—		(71)		—
Total notable items		$	—	$	—	$	—	$	(75)	$	4
EMEA
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(1)	$	(5)
Total notable items		$	—	$	—	$	—	$	(1)	$	(5)
CORPORATE & OTHER (2)
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2024
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	13	$	12
Litigation reserves and settlement costs		(47)		—		—		—		(47)
Tax adjustments		57		—		—		—		57
Total notable items		$	10	$	—	$	—	$	13	$	22
(2) Certain amounts in prior periods have been reclassified to conform to current period presentation.

A-3

Table of Contents

APPENDIX<br>METLIFE<br>EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025
Total MetLife, Inc.'s stockholders' equity	$	27,445		$	27,493		$	27,685		$	28,944
Less: Preferred stock	3,818			3,818			3,818			2,830
MetLife, Inc.'s common stockholders' equity	23,627			23,675			23,867			26,114
Less: Unrealized investment gains (losses), net of related offsets and income tax	(19,402)			(17,329)			(16,484)			(14,667)
Deferred gains (losses) on derivatives, net of income tax	370			179			(1,466)			(1,239)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	6,529			5,334			5,876			6,028
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	(71)			(31)			(64)			(83)
Defined benefit plans adjustment, net of income tax	(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	37,772			37,038			37,495			37,373
Less: Accumulated year-to-date total notable items, net of income tax (2)	26			—			—			18
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2)	$	37,746		$	37,038		$	37,495		$	37,355
Unaudited (In millions, except per share data)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025
Book value per common share	$	34.28		$	35.16		$	35.79		$	39.52
Less: Unrealized investment gains (losses), net of related offsets and income tax	(28.15)			(25.74)			(24.72)			(22.20)
Deferred gains (losses) on derivatives, net of income tax	0.54			0.27			(2.20)			(1.88)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	9.46			7.92			8.81			9.12
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	(0.10)			(0.05)			(0.10)			(0.13)
Defined benefit plans adjustment, net of income tax	(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	$	54.81		$	55.01		$	56.23		$	56.57
Common shares outstanding, end of period	689.2			673.3			666.8			660.7
	For the Three Months Ended (3)
Unaudited (In millions, except ratios)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025
Return on MetLife, Inc.'s:
Common stockholders' equity	19.6		%	14.9		%	11.7		%	13.1		%
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity	15.4		%	14.4		%	14.6		%	16.9		%
Adjusted common stockholders' equity, excluding total notable items (2)	15.3		%	14.4		%	14.6		%	16.7		%
Average common stockholders' equity	$	25,347		$	23,651		$	23.771		$	24,991
Average adjusted common stockholders' equity	$	37,867		$	37,405		$	37,267		$	37,434
Average adjusted common stockholders' equity, excluding total notable items (2)	$	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.

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APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
GROUP BENEFITS (1)	$	6,184	$	6,430	$	6,446	$	6,306
RIS (1)	3,620		2,457		1,382		1,214
ASIA	1,666		1,728		1,685		1,717
LATIN AMERICA	1,515		1,600		1,672		1,663
EMEA	676		699		727		727
MIM (1)	181		218		237		238
CORPORATE & OTHER (1)	727		647		602		596
Adjusted premiums, fees and other revenues, on a constant currency basis	$	14,569	$	13,779	$	12,751	$	12,461
Adjusted premiums, fees and other revenues	$	14,437	$	13,614	$	12,719	$	12,461
ASIA (including operating joint ventures) (2), (3)	$	2,075	$	2,759	$	2,422	$	2,548
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
GROUP BENEFITS (1)	$	1,041	$	1,076	$	1,052	$	1,038
RIS (1)	166		169		160		170
ASIA	783		773		802		830
LATIN AMERICA	534		513		499		615
EMEA	380		370		371		387
MIM (1)	162		182		167		161
CORPORATE & OTHER (1)	226		188		192		221
Adjusted other expenses, on a constant currency basis	$	3,292	$	3,271	$	3,243	$	3,422
Adjusted other expenses	$	3,232	$	3,202	$	3,236	$	3,422
ASIA (including operating joint ventures) (2), (4)	$	876	$	899	$	915	$	965
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
GROUP BENEFITS (1)	$	416	$	370	$	401	$	456
RIS (1)	386		406		370		441
ASIA	446		378		345		540
LATIN AMERICA	213		234		241		148
EMEA	60		87		101		87
MIM (1)	16		28		54		58
CORPORATE & OTHER (1)	(62)		(129)		(142)		(146)
Adjusted earnings available to common shareholders, on a constant currency basis	$	1,475	$	1,374	$	1,370	$	1,584
Adjusted earnings available to common shareholders	$	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 15.
(3) Includes MetLife, Inc.’s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.’s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife’s percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

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APPENDIX<br><br>METLIFE<br><br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES<br><br><br><br>In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding of 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).

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APPENDIX<br>METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
MetLife’s definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:<br><br><br><br>Adjusted earnings and related measures
•	adjusted earnings;
•	adjusted earnings available to common shareholders;
•	adjusted earnings available to common shareholders, excluding total notable items;
•	adjusted earnings available to common shareholders per diluted common share;
•	adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and
•	adjusted earnings available to common shareholders, on a constant currency basis.
Adjusted earnings is used by 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) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•	Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.
•	Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
“Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.
Other adjustments are made in calculating adjusted earnings:
•	Net investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities (“Unit-linked contract income” and “Unit-linked contract costs”).
•	Net investment income and other expenses exclude Reinsurance activity (as defined below).
•	Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•	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.
•	“Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.<br><br>The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.<br><br>In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.

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APPENDIX<br>METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Investment portfolio gains (losses) and derivative gains (losses)
These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
Return on equity and related measures
•	Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI 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.

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APPENDIX<br>METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Assets Under Management
•	Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below).
•	MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that MIM manages or advises.
•	General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account (“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate equity and include them as commercial mortgage loans.
•	Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement.
	◦	Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
	◦	Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.'s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
	◦	Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements.
•	Asia General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate 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.<br><br><br><br>Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.
Other items
The following additional information is relevant to an understanding of 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 U.K. funded reinsurance.
•	“Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets.

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APPENDIX<br>METLIFE<br>ACRONYMS
AOCI	Accumulated other comprehensive income (loss)
DAC	Deferred policy acquisition costs
AUM	Assets under management
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
MIM	MetLife Investment Management
MIM GA AUM	MetLife Investment Management general account assets under management
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
U.K.	United Kingdom
VOBA	Value of business acquired

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