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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549  
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 6, 2025
METLIFE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
 
1-15787 13-4075851
(Commission File Number) (IRS Employer Identification No.)
200 Park Avenue, New York, NY 10166-0188
(Address of Principal Executive Offices) (Zip Code)
(212) 578-9500
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report) 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 MET New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock,
Series A, par value $0.01		 MET PRA New York Stock Exchange
Depositary Shares, each representing a 1/1,000th
interest in a share of 5.625% Non-Cumulative
Preferred Stock, Series E		 MET PRE New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F MET PRF
 New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐


Item 2.02 Results of Operations and Financial Condition.
On August 6, 2025, MetLife, Inc. issued (i) a news release announcing its results for the quarter ended June 30, 2025 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, (ii) a Quarterly Financial Supplement for the quarter ended June 30, 2025 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference and (iii) a fact sheet setting forth its total assets under management as of June 30, 2025 (the “Total AUM Fact Sheet”), a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference.
The Earnings Release and the Quarterly Financial Supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K. The foregoing description of the Total AUM Fact Sheet is not complete and is qualified in its entirety by reference to the Total AUM Fact Sheet.
Item 7.01 Regulation FD Disclosure.
On August 6, 2025, MetLife, Inc. issued a supplemental slide presentation for the quarter ended June 30, 2025, (the “Supplemental Slides”), a copy of which is attached hereto as Exhibit 99.4 and is incorporated herein by reference. The slides highlight information in MetLife, Inc.’s Earnings Release and Quarterly Financial Supplement, as well as other prior public disclosures. The Supplemental Slides are furnished and not filed pursuant to instruction B.2 of Form 8-K.
Item 8.01 Other Events.
The text of Item 2.02 above with respect to the Total AUM Fact Sheet is incorporated herein by reference.



2

Item 9.01 Financial Statements and Exhibits.

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)
3

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/ Toby S. Brown
Name: Toby S. Brown
Title: Executive Vice President,
Global Head of Reinsurance and
Interim Chief Accounting Officer
Date: August 6, 2025
4
EX-99.1 2 ex991earningsreleasetables.htm EX-99.1 EX 99.1 Earnings Release & Tables Q2 25
Page 1 of 23
Exhibit 99.1
  For Immediate Release | Global Communications | MetLife, Inc.
mllogonewa22.jpg
MetLife Announces 2Q 2025 Results
Comment from Michel Khalaf, President
and Chief Executive Officer:
This quarter, we continued to execute our
New Frontier strategy to create value for our
customers and shareholders. While the
quarter didn’t demonstrate the full earnings
power of MetLife, we saw clear momentum
across several of our market-leading
businesses, coupled with solid underlying
fundamentals.
Higher sales drove revenue growth in Asia,
Latin America and EMEA as we leveraged
our leading positions in international
markets.
We continued to progress on our previously
announced strategic transactions with
Chariot Re, Talcott Financial Group and
PineBridge Investments to accelerate our
growth in asset management and capitalize
on our retirement platform.
And we diligently managed expenses while
returning capital to shareholders.
Looking ahead, we’re confident in the
resiliency and all-weather nature of our New
Frontier strategy and our ability to deliver on
our commitments.
•Net income was $698 million.
•Adjusted earnings declined to $1.4 billion, due
to less favorable underwriting and lower
investment margins, partially offset by volume
growth and favorable expense margins.
•Premiums, fees and other revenues (PFOs)
were $12.7 billion.
•Adjusted PFOs excluding pension risk transfers
(PRT) rose 5% to $12.4 billion, due to growth in
all segments except MetLife Holdings.
•Net investment income rose 9% to $5.7 billion.
•Variable investment income fell to $195 million,
primarily driven by lower private equity returns.
•Book value per share (BVPS) rose 7% to
$35.79. Adjusted BVPS up 6% to $56.23.
•Returned approximately $900 million to
shareholders via share repurchases and
common stock dividends.
•Holding company cash and liquid assets
totaled $5.2 billion at quarter end.
•Group Benefits adjusted PFOs rose 4%, driven
by growth in core and voluntary products.
•Retirement and Income Solutions total liability
exposures grew 6%, including 5% in general
account liabilities.
•Asia sales increased 9% on a constant
currency basis, driven by Japan and Korea.
•Latin America adjusted earnings rose 3% and
15% on a constant currency basis.
•EMEA adjusted earnings rose 30%, reflecting
strong volume growth across the region.
•Institutional client assets under management
grew to more than $200 billion at MetLife
Investment Management.
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Earnings
Per Share
2Q 2025
Net
Income            $1.03
Adjusted
Earnings          $2.02
Return
on Equity (ROE)
2Q 2025
ROE              11.7%
Adjusted
ROE              14.6%
Page 2 of 23
Second Quarter 2025 Summary
($ in millions, except per share data)
Three Months Ended
June 30,
2025
2024
Change
Premiums, fees and other revenues
$12,748
$13,547
(6)%
Net investment income
5,661
5,205
9%
Net investment gains (losses)
(273)
(421)
Net derivative gains (losses)
(796)
(508)
Total revenues
$17,340
$17,823
Adjusted premiums, fees and other revenues
$12,719
$13,523
(6)%
Adjusted premiums, fees and other revenues, excluding pension risk
transfers (PRT)
$12,391
$11,771
5%
Market risk benefit remeasurement gains (losses)
$277
$182
Net income (loss)
$698
$912
(23)%
Net income (loss) per share
$1.03
$1.28
(20)%
Adjusted earnings
$1,362
$1,628
(16)%
Adjusted earnings per share
$2.02
$2.28
(11)%
Adjusted earnings, excluding total notable items
$1,362
$1,628
(16)%
Adjusted earnings, excluding total notable items per share
$2.02
$2.28
(11)%
Book value per share
$35.79
$33.30
7%
Adjusted book value per share
$56.23
$53.12
6%
Expense ratio
19.8%
17.9%
Direct expense ratio, excluding total notable items related to direct
expenses and PRT
11.7%
11.9%
Adjusted expense ratio, excluding total notable items related to
adjusted other expenses and PRT
19.8%
20.6%
ROE
11.7%
15.2%
Adjusted ROE
14.6%
17.3%
Adjusted ROE, excluding total notable items
14.6%
17.3%
Information regarding the non-GAAP and other financial measures included in this news release
and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP
and Other Financial Disclosures” below and in the tables that accompany this news release.
In this news release, all comparisons of results for the second quarter of 2025 are with the
second quarter of 2024, unless otherwise noted.
Supplemental slides for the second quarter of 2025, titled “2Q25 Supplemental Slides” are
available on the MetLife Investor Relations website at https://investor.metlife.com and in the
Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection
with this earnings release. Supplemental information about MetLife's diversified global
investment portfolio is contained in the "2Q25 - General Account Assets Under Management
Fact Sheet," available on the above-mentioned website. 
Page 3 of 23
Total Company Discussion
MetLife reported second quarter 2025 premiums, fees and other revenues of $12.7 billion, down
6 percent. Adjusted premiums, fees and other revenues, excluding pension risk transfers, were
$12.4 billion, up 5 percent.
Net investment income was $5.7 billion, up 9 percent, primarily due to increases in the
estimated fair value of certain securities that do not qualify as separate accounts under GAAP.
Adjusted net investment income was $5.2 billion, up 1 percent, primarily due to asset growth.
Net investment losses were $273 million, or $216 million after tax, reflecting normal trading
activity and a stable credit market. Net derivative losses amounted to $796 million, or
$629 million after tax, driven by stronger equity markets and higher long-term interest rates.
Net income decreased 23 percent to $698 million. Higher net derivative losses and lower
adjusted earnings were the primary drivers. On a per-share basis, net income decreased 20
percent to $1.03.
Adjusted earnings were $1.4 billion, down 16 percent on a reported basis, and down 15 percent
on a constant currency basis. On a per-share basis, adjusted earnings were $2.02, down 11
percent.
Adjusted Earnings by Segment Summary
Three Months Ended
June 30, 2025
Segment
Change from
prior-year period
(on a reported
basis)
Change from
prior-year period
(on a constant
currency basis)
Group Benefits
(25)%
Retirement and Income Solutions (RIS)
(10)%
Asia
(22)%
(22)%
Latin America
3%
15%
Europe, the Middle East and Africa (EMEA)
30%
30%
MetLife Holdings
(6)%
Page 4 of 23
Business Discussions
GROUP BENEFITS
($ in millions)
Three Months Ended
June 30, 2025
Three Months Ended
June 30, 2024
Change
Adjusted earnings
$400
$533
(25)%
Adjusted PFOs
$6,446
$6,210
4%
•Adjusted earnings were $400 million, down 25 percent, primarily due to less favorable
underwriting across life and non-medical health products.
•Adjusted PFOs were $6.4 billion, up 4 percent, driven by growth in core and voluntary
products.
•Sales were up 9 percent year-to-date, led by regional business growth and strong re-
enrollment across products.
RIS
($ in millions)
Three Months Ended
June 30, 2025
Three Months Ended
June 30, 2024
Change
Adjusted earnings
$368
$410
(10)%
Adjusted PFOs
$1,355
$2,582
(48)%
Adjusted PFOs, excluding PRT
$1,027
$830
24%
•Adjusted earnings were $368 million, down 10 percent, largely due to less favorable
recurring interest margins. 
•Adjusted PFOs, excluding PRT, were $1.0 billion, up 24 percent, mainly driven by UK
longevity reinsurance.
•Total liability exposure grew 6 percent across most products, including 5 percent in
general account liabilities.
ASIA
($ in millions)
Three Months Ended
June 30, 2025
Three Months Ended
June 30, 2024
Change
Constant
currency
change
Adjusted earnings
$350
$449
(22)%
(22)%
Adjusted PFOs
$1,699
$1,668
2%
(1)%
Asia general account assets under
management (at amortized cost)
$139,158
$126,997
10%
6%
•Adjusted earnings were $350 million, down 22 percent on a reported and constant
currency basis, driven by less favorable investment and underwriting margins, partially offset
by volume growth.
•Adjusted PFOs were $1.7 billion, up 2 percent on a reported basis, and down 1 percent on
a constant currency basis.
•Asia general account assets under management (at amortized cost) were
$139.2 billion, up 6 percent on a constant currency basis.
•Sales were $693 million, up 9 percent on a constant currency basis, driven by Japan and
Korea.
Page 5 of 23
LATIN AMERICA
($ in millions)
Three Months Ended
June 30, 2025
Three Months Ended
June 30, 2024
Change
Constant
currency
change
Adjusted earnings
$233
$226
3%
15%
Adjusted PFOs
$1,634
$1,506
8%
18%
•Adjusted earnings were $233 million, up 3 percent on a reported basis, and up 15 percent
on a constant currency basis, reflecting volume growth across the region and favorable
Chilean encaje returns.
•Adjusted PFOs were $1.6 billion, up 8 percent on a reported basis, and up 18 percent on a
constant currency basis, due to strong sales growth and solid persistency across the region.
•Sales were $381 million, up 4 percent on a constant currency basis, driven by growth across
the region.
EMEA
($ in millions)
Three Months Ended
June 30, 2025
Three Months Ended
June 30, 2024
Change
Constant
currency
change
Adjusted earnings
$100
$77
30%
30%
Adjusted PFOs
$719
$621
16%
14%
•Adjusted earnings were $100 million, up 30 percent on a reported and constant currency
basis, primarily due to strong volume growth across the region.
•Adjusted PFOs were $719 million, up 16 percent on a reported basis and up 14 percent on
a constant currency basis.
•Sales were $309 million, up 13 percent on a constant currency basis, reflecting strength
across the region.
METLIFE HOLDINGS
($ in millions)
Three Months Ended
June 30, 2025
Three Months Ended
June 30, 2024
Change
Adjusted earnings
$144
$153
(6)%
Adjusted PFOs
$740
$823
(10)%
•Adjusted earnings were $144 million, down 6 percent, reflecting lower variable investment
income and the continued run-off of the business, partially offset by favorable underwriting.
•Adjusted PFOs were $740 million, down 10 percent.
CORPORATE & OTHER
($ in millions)
Three Months Ended
June 30, 2025
Three Months Ended
June 30, 2024
Change
Adjusted earnings
$(233)
$(220)
•Adjusted loss of $233 million, compared to an adjusted loss of $220 million.
Page 6 of 23
INVESTMENTS
($ in millions)
Three Months Ended
June 30, 2025
Three Months Ended
June 30, 2024
Change
Adjusted net investment income
$5,202
$5,160
1%
•Adjusted net investment income was $5.2 billion, up 1 percent, primarily due to asset
growth. Variable investment income decreased 35 percent to $195 million, primarily driven
by lower private equity returns.
SECOND QUARTER 2025 NOTABLE ITEMS
($ in millions)
Adjusted Earnings
Three Months Ended June 30, 2025
Notable Items
Group
Benefits
RIS
Asia
Latin
America
EMEA
MetLife
Holdings
Corporate
&
Other
Total
Total notable items
$0
$0
$0
$0
$0
$0
$0
$0
Contacts:      For Media:  Jane Slusark (347) 989-5477, Jane.Slusark@metlife.com
For Investors:   John Hall (212) 578-7888, John.A.Hall@metlife.com
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the
world’s leading financial services companies, providing insurance, annuities, employee benefits
and asset management to help individual and institutional customers build a more confident
future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds
leading positions in the United States, Asia, Latin America, Europe and the Middle East. For
more information, visit www.metlife.com.
Conference Call
MetLife will hold its second quarter 2025 earnings conference call and audio webcast on
Thursday, August 7, 2025, from 9-10 a.m. (ET). The conference call will be available live via the
internet. To listen to the conference call, click the following link to register (https://
events.q4inc.com/attendee/683094308).
The conference call will be available for replay via telephone and the internet beginning at 11:00
a.m. (ET) on Thursday, August 7, 2025, until Thursday, August 14, 2025, at 11:59 p.m. (ET). To
listen to a replay of the conference call via telephone, dial 800-770-2030 (U.S.) or 647-362-9199
(outside the U.S.). The Conference ID for the replay is 82058 followed by the # key. To access
the replay of the conference call via the internet, visit the MetLife Investor Relations webpage
(https://investor.metlife.com).
###
Page 7 of 23
Non-GAAP and Other Financial Disclosures
Any references in this news release (except in
this section and the tables that accompany this
release) to:
should be read as, respectively:
(i)
net income (loss);
(i) 
net income (loss) available to MetLife,
Inc.’s common shareholders;
(ii)
net income (loss) per share;
(ii)
net income (loss) available to MetLife,
Inc.’s common shareholders per diluted
common share;
(iii)
adjusted earnings;
(iii)
adjusted earnings available to common
shareholders;
(iv)
adjusted earnings per share;
(iv)
adjusted earnings available to common
shareholders per diluted common
share;
(v)
book value per share;
(v)
book value per common share;
(vi)
adjusted book value per share;
(vi)
adjusted book value per common
share;
(vii)
return on equity; and
(vii)
return on MetLife, Inc.’s common
stockholders’ equity; and
(viii)
adjusted return on equity.
(viii)
adjusted return on MetLife, Inc.’s
common stockholders’ equity.
In this news release, MetLife presents certain measures of its performance on a consolidated and
segment basis that are not calculated in accordance with accounting principles generally accepted in the
United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our
investors’ understanding of MetLife’s performance by highlighting the results of operations and the
underlying profitability drivers of the business. Segment-specific financial measures are calculated using
only the portion of consolidated results attributable to that specific segment.
The following non-GAAP financial measures should not be viewed as substitutes for the most directly
comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:
Comparable GAAP financial measures:
(i)
total adjusted revenues;
(i)
total revenues;
(ii)
total adjusted expenses;
(ii)
total expenses;
(iii)
adjusted premiums, fees and other
revenues;
(iii)
premiums, fees and other revenues;
(iv)
adjusted premiums, fees and other
revenues, excluding PRT;
(iv)
premiums, fees and other revenues;
(v)
adjusted net investment income;
(v)
net investment income;
(vi)
adjusted earnings available to common
shareholders;
(vi)
net income (loss) available to MetLife,
Inc.’s common shareholders;
(vii)
adjusted earnings available to common
shareholders, excluding total notable
items;
(vii)
net income (loss) available to MetLife,
Inc.’s common shareholders;
(viii)
adjusted earnings available to common
shareholders per diluted common share;
(viii)
net income (loss) available to MetLife,
Inc.’s common shareholders per diluted
common share;
(ix)
adjusted earnings available to common
shareholders, excluding total notable
items, per diluted common share;
(ix)
net income (loss) available to MetLife,
Inc.’s common shareholders per diluted
common share;
(x)
adjusted return on equity;
(x)
return on equity;
Page 8 of 23
(xi)
adjusted return on equity, excluding total
notable items;
(xi)
return on equity;
(xii)
investment portfolio gains (losses);
(xii)
net investment gains (losses);
(xiii)
derivative gains (losses);
(xiii)
net derivative gains (losses);
(xiv)
adjusted capitalization of deferred policy
acquisition costs (DAC);
(xiv)
capitalization of DAC;
(xv)
total MetLife, Inc.’s adjusted common
stockholders’ equity;
(xv)
total MetLife, Inc.’s stockholders’
equity;
(xvi)
total MetLife, Inc.’s adjusted common
stockholders’ equity, excluding total
notable items;
(xvi)
total MetLife, Inc.’s stockholders’
equity;
(xvii)
adjusted book value per common share;
(xvii)
book value per common share;
(xviii)
adjusted other expenses;
(xviii)
other expenses;
(xix)
adjusted other expenses, net of adjusted
capitalization of DAC;
(xix)
other expenses, net of capitalization of
DAC;
(xx)
adjusted other expenses, net of adjusted
capitalization of DAC, excluding total
notable items related to adjusted other
expenses;
(xx)
other expenses, net of capitalization of
DAC;
(xxi)
adjusted expense ratio;
(xxi)
expense ratio;
(xxii)
adjusted expense ratio, excluding total
notable items related to adjusted other
expenses and PRT;
(xxii)
expense ratio;
(xxiii)
direct expenses;
(xxiii)
other expenses;
(xxiv)
direct expenses, excluding total notable
items related to direct expenses;
(xxiv)
other expenses;
(xxv)
direct expense ratio;
(xxv)
expense ratio;
(xxvi)
direct expense ratio, excluding total
notable items related to direct expenses
and PRT;
(xxvi)
expense ratio;
(xxvii)
future policy benefits at original discount
rate; and
(xxvii)
future policy benefits at balance sheet
discount rate; and
(xxviii)
free cash flow of all holding companies.
(xxviii)
MetLife, Inc. (parent company only) net
cash provided by (used in) operating
activities.
Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not
accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to
provide other than a range of net investment gains and losses and net derivative gains and losses, which
can fluctuate significantly within or outside the range and from period to period and may have a material
impact on net income.
Any of these financial measures shown on a constant currency basis reflect the impact of changes in
foreign currency exchange rates and are calculated using the average foreign currency exchange rates
for the current period and applied to the comparable prior period (“constant currency basis”).
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial
measures are included in this earnings news release and in this period’s quarterly financial supplement,
which is available at MetLife’s Investor Relations webpage (https://investor.metlife.com).
MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ
from those used by other companies:
Page 9 of 23
Adjusted earnings and related measures
•adjusted earnings;
•adjusted earnings available to common shareholders;
•adjusted earnings available to common shareholders, on a constant currency basis;
•adjusted earnings available to common shareholders, excluding total notable items;
•adjusted earnings available to common shareholders, excluding total notable items, on a constant
currency basis;
•adjusted earnings available to common shareholders per diluted common share;
•adjusted earnings available to common shareholders, on a constant currency basis per diluted
common share;
•adjusted earnings available to common shareholders, excluding total notable items per diluted
common share; and
•adjusted earnings available to common shareholders, excluding total notable items, on a constant
currency basis per diluted common share.
Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to
evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting,
adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related
measures based on adjusted earnings are also the measures by which senior management’s and many
other employees’ performance is evaluated for the purposes of determining their compensation under
applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings
allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry
results.
Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted
earnings available to common shareholders is defined as adjusted earnings less preferred stock
dividends.
Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums,
fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market
volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and
costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related
measures exclude results of discontinued operations under GAAP.
Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes
net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains
(losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items
relating to joint ventures accounted for under the equity method ("Joint venture adjustments"), and
policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization
guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:
•Net investment income includes earned income on derivatives and amortization of premium on
derivatives that are hedges of investments or that are used to replicate certain investments, but do
not qualify for hedge accounting treatment ("Investment hedge adjustments").
•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical
accounting associated with in-force reinsurance.
•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-
designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments
associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting
associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for
certain single premium annuity business. These losses are amortized into adjusted earnings within
policyholder benefits and claims over the estimated lives of the contracts.
•Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated
Page 10 of 23
with in-force reinsurance.
•Interest credited to policyholder account balances excludes amounts associated with periodic
crediting rate adjustments based on the total return of a contractually referenced pool of assets and
other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
"Divested businesses" are those that have been or will be sold or exited by MetLife but do not meet the
discontinued operations criteria under GAAP. Divested businesses also include the net impact of
transactions with exited businesses that have been eliminated in consolidation under GAAP and costs
relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to
be included in results of discontinued operations under GAAP.
Other adjustments are made in calculating adjusted earnings:
•Net investment income and interest credited to policyholder account balances exclude certain
amounts related to contractholder-directed equity securities ("Unit-linked contract income" and
"Unit-linked contract costs").
•Other expenses exclude (i) implementation of new insurance regulatory requirements and other
costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions
for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic
guaranteed interest contracts ("GICs") accounted for as freestanding derivatives.
•Net investment income and other expenses also exclude Reinsurance adjustments (as defined
below).
•Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•Other revenues exclude and other expenses include fees received in connection with services
provided under transition service agreements.
•"Reinsurance adjustments" relate to amounts subject to ceded reinsurance arrangements with third
parties, including (i) the related investment returns and expenses which are passed through to the
third-party reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not
be recognized at acquisition or adjusted for during the measurement period under GAAP business
combination accounting guidance.
The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax
rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax
(expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax
reforms.
In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock
redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s
common shareholders.
Investment portfolio gains (losses) and derivative gains (losses)
These are measures of investment and hedging activity. Investment portfolio gains (losses) principally
excludes amounts that are reported within net investment gains (losses) but do not relate to the
performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses,
as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally
excludes earned income on derivatives and amortization of premium on derivatives, where such
derivatives are either hedges of investments or are used to replicate certain investments, and where such
derivatives do not qualify for hedge accounting. This earned income and amortization of premium is
reported within adjusted earnings and not within derivative gains (losses).
Page 11 of 23
Return on equity and related measures
•Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common
stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred
gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses),
market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit
plans adjustment components of accumulated other comprehensive income ("AOCI") and the
estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income
tax.
•Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total
MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of
related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate
remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement
gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of
certain ceded reinsurance-related embedded derivatives and total notable items, all net of income
tax.
•Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s
common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to
common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items:
adjusted earnings available to common shareholders, excluding total notable items, divided by
MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.
The above measures represent a level of equity that excludes most components of AOCI, such as
unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate
remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded
derivatives, as these amounts are primarily driven by market volatility.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other
revenues.
•Direct expense ratio: adjusted direct expenses, divided by adjusted premiums, fees and other
revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and
general and administrative expenses.
•Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted
direct expenses, excluding total notable items related to direct expenses, divided by adjusted
premiums, fees and other revenues, excluding PRT.
•Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by
adjusted premiums, fees and other revenues.
•Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT:
adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related
to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
Asia general account (GA) assets under management (GA AUM) and related measures
Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is
stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA
investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued
investment income on such assets, and excludes policy loans, contractholder-directed equity securities,
fair value option securities, mortgage loans originated for third parties, assets subject to ceded
reinsurance arrangements with third-party reinsurers, and certain other invested assets. Mortgage loans,
Page 12 of 23
net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net
commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage
loans) and real estate equity (including real estate and real estate joint ventures) included in Asia GA
AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value
to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily
related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from
Asia GA AUM.
Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on
investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value
on net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and
residential mortgage loans) and real estate and real estate joint ventures. Asia GA AUM (at amortized
cost) is presented net of related allowance for credit loss.
Statistical sales information
•Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year
premiums and fees from recurring premium policy sales of all products.
•RIS: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and the
contract value for new UK longevity reinsurance contracts, and 100% of annualized full-year
premiums and fees only from recurring premium policy sales of specialized benefit resources and
corporate-owned life insurance.
•Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from
retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium
deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-
premium policy sales of all products (mainly from risk and protection products such as individual life,
accident & health and group).
Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of
business activity.
The following additional information is relevant to an understanding of MetLife’s performance:
•Volume growth, where cited, represents the change in certain measures of our segment results,
including adjusted earnings, attributable to business growth, applying a model in which certain
margins and factors are held constant, the most significant of which are underwriting margins,
investment margins, changes in equity market performance, expense margins and the impact of
changes in foreign currency exchange rates.
•PRT includes UK funded reinsurance.
•Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife
holding companies and include cash and cash equivalents, short term investments and publicly
traded securities excluding assets that are pledged or otherwise committed. Assets pledged or
otherwise committed include amounts received in connection with securities lending, repurchase
agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding
agreements and secured borrowings, as well as amounts held in the closed block.
•MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash
for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free
cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating
subsidiaries, expenses and other net flows of the holding companies (including capital contributions
to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This
measure of free cash flow is prior to capital actions, such as common stock dividends and
repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as
a substitute for net cash provided by (used in) operating activities calculated in accordance with
GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings
Page 13 of 23
available to common shareholders.
•Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were
unknown and that MetLife could not anticipate when it devised its business plan. Notable items also
include certain items regardless of the extent anticipated in the business plan, to help investors have
a better understanding of MetLife’s results and to evaluate and forecast those results. Notable items
represent a positive (negative) impact to adjusted earnings available to common shareholders.
•We refer to observable forward yield curves as of a particular date in connection with making our
estimates for future results. The observable forward yield curves at a given time are based on
implied future interest rates along a range of interest rate durations. This includes the 10-year U.S.
Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our
estimates for future results.
Forward-Looking Statements
This news release may contain or incorporate by reference information that includes or is based upon
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements give expectations or forecasts of future events and do not relate strictly to
historical or current facts. They use words and terms such as “anticipate,” "are confident," “assume,”
“believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,”
“should,” "target," “will,” “would,” and other words and terms of similar meaning or that are otherwise tied
to future periods or future performance, in each case in all derivative forms. They include statements
relating to strategy, goals and expectations concerning our market position, future operations, margins,
profitability, capital expenditures, liquidity and capital resources and other financial and operating
information. By their nature, forward-looking statements: speak only as of the date they are made; are not
statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties,
assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs
and projections are expressed in good faith and we believe there is a reasonable basis for them.
However, there can be no assurance that management’s expectations, beliefs and projections will result
or be achieved and actual results may vary materially from what is expressed in or indicated by the
forward-looking statements.
Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve
unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our
expectations, and our understanding of the economic environment, but they may be inaccurate and may
change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from
those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other
factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others,
may cause such differences. These factors include:
(1)economic condition difficulties, including risks relating to interest rates, the effects of announced or
future tariff increases on the global economy, credit spreads, declining equity or debt markets, real
estate, obligors and counterparties, government default, currency exchange rates, derivatives,
climate change, public health and terrorism and security;
(2)global capital and credit market adversity;
(3)credit facility inaccessibility;
(4)financial strength or credit ratings downgrades;
(5)unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from
reinsurers' credit risk, and the potential shortfall or failure of risk mitigants to protect against such
risks;
(6)statutory life insurance reserve financing costs or limited market capacity;
(7)legal, regulatory, and supervisory and enforcement policy changes;
(8)changes in tax rates, tax laws or interpretations;
(9)litigation and regulatory investigations;
Page 14 of 23
(10)unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our
sustainability;
(11)MetLife, Inc.’s inability to pay dividends and repurchase common stock;
(12)MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;
(13)investment defaults, downgrades, or volatility;
(14)investment sales or lending difficulties;
(15)collateral or derivative-related payments;
(16)investment valuations, allowances, or impairments changes;
(17)claims or other results that differ from our estimates, assumptions, or models;
(18)global political, legal, or operational risks;
(19)business competition;
(20)technological changes;
(21)catastrophes;
(22)climate changes or responses to it;
(23)deficiencies in our closed block;
(24)goodwill or other asset impairment, or deferred income tax asset allowance;
(25)impairment of VOBA, value of distribution agreements acquired or value of customer relationships
acquired;
(26)product guarantee volatility, costs, and counterparty risks;
(27)risk management failures;
(28)insufficient protection from operational risks;
(29)failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or
disaster recovery failures;
(30)accounting standards changes;
(31)excessive risk-taking;
(32)marketing and distribution difficulties;
(33)pension and other postretirement benefit assumption changes;
(34)inability to protect our intellectual property or avoid infringement claims;
(35)acquisition, integration, growth, disposition, or reorganization difficulties;
(36)Brighthouse Financial, Inc. separation risks;
(37)MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the
voting provisions of the MetLife Policyholder Trust; and
(38)legal- and corporate governance-related effects on business combinations.
MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking
statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please
consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S.
Securities and Exchange Commission.
Page 15 of 23
MetLife, Inc.
GAAP Interim Condensed Consolidated Statements of Operations
(In millions)
For the Three Months Ended
June 30,
2025
2024
Revenues
Premiums
$10,810
$11,628
Universal life and investment-type product policy fees
1,259
1,281
Net investment income
5,661
5,205
Other revenues
679
638
Net investment gains (losses)
(273)
(421)
Net derivative gains (losses)
(796)
(508)
Total revenues
17,340
17,823
Expenses
Policyholder benefits and claims
10,767
11,485
Policyholder liability remeasurement (gains) losses
5
(10)
Market risk benefit remeasurement (gains) losses
(277)
(182)
Interest credited to policyholder account balances
2,400
2,000
Policyholder dividends
146
148
Amortization of DAC, VOBA and negative VOBA
528
493
Interest expense on debt
269
257
Other expenses, net of capitalization of DAC
2,522
2,430
Total expenses
16,360
16,621
Income (loss) before provision for income tax
980
1,202
Provision for income tax expense (benefit)
245
249
Net income (loss)
735
953
Less: Net income (loss) attributable to noncontrolling interests
6
7
Net income (loss) attributable to MetLife, Inc.
729
946
Less: Preferred stock dividends
31
34
Net income (loss) available to MetLife, Inc.'s common shareholders
$698
$912
See footnotes on last page.
Page 16 of 23
MetLife, Inc.
(In millions, except per share data)
For the Three Months Ended
June 30,
2025
2024
Reconciliation to Adjusted Earnings Available to Common Shareholders
Earnings Per
Weighted
Average
Common Share
Diluted (1)
Earnings Per
Weighted
Average
Common Share
Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders
$698
$1.03
$912
$1.28
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)
(273)
(0.40)
(421)
(0.59)
Net derivative gains (losses)
(796)
(1.18)
(508)
(0.71)
Market risk benefit remeasurement gains (losses)
277
0.41
182
0.25
Premiums
3
—
—
—
Universal life and investment-type product policy fees
—
—
—
—
Net investment income
459
0.68
45
0.06
Other revenues
26
0.04
24
0.03
Policyholder benefits and claims and policyholder dividends
40
0.06
(73)
(0.10)
Policyholder liability remeasurement (gains) losses
—
—
—
—
Interest credited to policyholder account balances
(516)
(0.77)
(219)
(0.30)
Capitalization of DAC
—
—
—
—
Amortization of DAC, VOBA and negative VOBA
—
—
—
—
Interest expense on debt
—
—
—
—
Other expenses
(73)
(0.11)
(9)
(0.01)
Goodwill impairment
—
—
—
—
Provision for income tax (expense) benefit
195
0.29
270
0.38
Add: Net income (loss) attributable to noncontrolling interests
6
0.01
7
0.01
Preferred stock redemption premium
—
—
—
—
Adjusted earnings available to common shareholders
1,362
2.02
1,628
2.28
Less: Total notable items
—
—
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$1,362
$2.02
$1,628
$2.28
Adjusted earnings available to common shareholders on a constant currency basis
$1,362
$2.02
$1,605
$2.25
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$1,362
$2.02
$1,605
$2.25
Weighted average common shares outstanding - diluted
675.0
714.7
See footnotes on last page.
Page 17 of 23
MetLife, Inc.
(In millions)
For the Three Months Ended
June 30,
2025
2024
Premiums, Fees and Other Revenues
Premiums, fees and other revenues
$12,748
$13,547
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting
42
35
Other adjustments
(16)
(11)
Divested businesses
3
—
Adjusted premiums, fees and other revenues
$12,719
$13,523
Adjusted premiums, fees and other revenues, on a constant currency basis
$12,719
$13,467
Less: PRT
328
1,752
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis
$12,391
$11,715
Net Investment Income
Net investment income
$5,661
$5,205
Less: Adjustments to net investment income
Investment hedge adjustments
(102)
(172)
Joint venture adjustments
16
(2)
Unit-linked contract income and Reinsurance adjustments
545
219
Divested businesses
—
—
Adjusted net investment income
$5,202
$5,160
Revenues and Expenses
Total revenues
$17,340
$17,823
Less: Adjustments to total revenues:
Net investment gains (losses)
(273)
(421)
Net derivative gains (losses)
(796)
(508)
Investment hedge adjustments
(102)
(172)
Asymmetrical and non-economic accounting
42
35
Joint venture adjustments
16
(2)
Unit-linked contract income and Reinsurance adjustments
545
219
Other adjustments, excluding Unit-linked contract income and Reinsurance adjustments
(16)
(11)
Divested businesses
3
—
Total adjusted revenues
$17,921
$18,683
Total expenses
$16,360
$16,621
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses
(277)
(182)
Goodwill impairment
—
—
Asymmetrical and non-economic accounting
31
166
Market volatility
(40)
(88)
Unit-linked contract costs and Reinsurance adjustments
531
214
Other adjustments, excluding Unit-linked contract costs and Reinsurance adjustments
21
5
Divested businesses
6
4
Total adjusted expenses
$16,088
$16,502
See footnotes on last page.
Page 18 of 23
MetLife, Inc.
(In millions, except per share and ratio data)
For the Three Months Ended
June 30,
2025
2024
Expense Detail and Ratios
Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC
Capitalization of DAC
$(787)
$(683)
Less: Divested businesses
—
—
Adjusted capitalization of DAC
$(787)
$(683)
Reconciliation of Other Expenses to Adjusted Other Expenses
Other expenses
$3,309
$3,113
Less: Reinsurance adjustments
45
—
Less: Other adjustments, excluding Reinsurance adjustments
21
5
Less: Divested businesses
7
4
Adjusted other expenses
$3,236
$3,104
Other Detail and Ratios
Other expenses, net of capitalization of DAC
$2,522
$2,430
Premiums, fees and other revenues
$12,748
$13,547
Expense ratio
19.8%
17.9%
Direct expenses
$1,445
$1,397
Less: Total notable items related to direct expenses
—
—
Direct expenses, excluding total notable items related to direct expenses
$1,445
$1,397
Adjusted other expenses
$3,236
$3,104
Adjusted capitalization of DAC
(787)
(683)
Adjusted other expenses, net of adjusted capitalization of DAC
2,449
2,421
Less: Total notable items related to adjusted other expenses
—
—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to
adjusted other expenses
$2,449
$2,421
Adjusted premiums, fees and other revenues
$12,719
$13,523
Less: PRT
328
1,752
Adjusted premiums, fees and other revenues, excluding PRT
$12,391
$11,771
Direct expense ratio
11.4%
10.3%
Direct expense ratio, excluding total notable items related to direct expenses and PRT
11.7%
11.9%
Adjusted expense ratio
19.3%
17.9%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT
19.8%
20.6%
See footnotes on last page.
Page 19 of 23
MetLife, Inc.
(In millions, except per share data)
June 30,
Equity Details
2025
2024
Total MetLife, Inc.'s stockholders' equity
$27,685
$27,252
Less: Preferred stock
3,818
3,818
MetLife, Inc.'s common stockholders' equity 
23,867
23,434
Less: Unrealized investment gains (losses), net of related offsets and income tax
(16,484)
(19,187)
Deferred gains (losses) on derivatives, net of income tax
(1,466)
99
Future policy benefits discount rate remeasurement gain (losses), net of income tax
5,876
6,606
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax
(64)
(73)
  Defined benefit plans adjustment, net of income tax
(1,407)
(1,396)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax
(83)
—
Total MetLife, Inc.'s adjusted common stockholders' equity
37,495
37,385
Less: Accumulated year-to-date total notable items, net of income tax
—
—
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items
$37,495
$37,385
June 30,
Book Value (2)
2025
2024
Book value per common share
35.79
33.30
Less: Unrealized investment gains (losses), net of related offsets and income tax
(24.72)
(27.26)
Deferred gains (losses) on derivatives, net of income tax
(2.20)
0.14
Future policy benefits discount rate remeasurement gain (losses), net of income tax
8.81
9.38
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax
(0.10)
(0.10)
  Defined benefit plans adjustment, net of income tax
(2.11)
(1.98)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax
(0.12)
—
Adjusted book value per common share
$56.23
$53.12
Common shares outstanding, end of period (3)
666.8
703.8
For the Three Months Ended
June 30, (4)
Return on Equity
2025
2024
Return on MetLife, Inc.'s:
Common stockholders' equity
11.7%
15.2%
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity
14.6%
17.3%
Adjusted common stockholders' equity, excluding total notable items
14.6%
17.3%
For the Three Months Ended
June 30,
Average Common Stockholders' Equity
2025
2024
Average common stockholders' equity
$23,771
$24,076
Average adjusted common stockholders' equity
$37,267
$37,704
Average adjusted common stockholders' equity, excluding total notable items
$37,267
$37,704
See footnotes on last page.
Page 20 of 23
MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(In millions)
For the Three Months Ended
June 30,
2025
2024
Group Benefits (5):
Adjusted earnings available to common shareholders
$400
$533
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$400
$533
Adjusted premiums, fees and other revenues
$6,446
$6,210
Retirement & Income Solutions (5):
Adjusted earnings available to common shareholders
$368
$410
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$368
$410
Adjusted premiums, fees and other revenues
$1,355
$2,582
Less: PRT
328
1,752
Adjusted premiums, fees and other revenues, excluding PRT
$1,027
$830
Asia:
Adjusted earnings available to common shareholders
$350
$449
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$350
$449
Adjusted earnings available to common shareholders on a constant currency basis
$350
$449
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$350
$449
Adjusted premiums, fees and other revenues
$1,699
$1,668
Adjusted premiums, fees and other revenues, on a constant currency basis
$1,699
$1,722
Latin America:
Adjusted earnings available to common shareholders
$233
$226
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$233
$226
Adjusted earnings available to common shareholders on a constant currency basis
$233
$203
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$233
$203
Adjusted premiums, fees and other revenues
$1,634
$1,506
Adjusted premiums, fees and other revenues, on a constant currency basis
$1,634
$1,386
See footnotes on last page.
Page 21 of 23
MetLife, Inc.
Adjusted Earnings Available to Common Shareholders (Continued)
(In millions)
For the Three Months Ended
June 30,
2025
2024
EMEA:
Adjusted earnings available to common shareholders
$100
$77
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$100
$77
Adjusted earnings available to common shareholders on a constant currency basis
$100
$77
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$100
$77
Adjusted premiums, fees and other revenues
$719
$621
Adjusted premiums, fees and other revenues, on a constant currency basis
$719
$631
MetLife Holdings (5):
Adjusted earnings available to common shareholders
$144
$153
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$144
$153
Adjusted premiums, fees and other revenues
$740
$823
Corporate & Other (5):
Adjusted earnings available to common shareholders
$(233)
$(220)
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$(233)
$(220)
Adjusted premiums, fees and other revenues
$126
$113
See footnotes on last page.
Page 22 of 23
MetLife, Inc.
For the Three
Months Ended
June 30, 2025
June 30, 2025
Variable
Investment Income
(post-tax, $ in
millions) (6)
Assets ($ in billions)
Group Benefits
$3
$0.2
RIS
60
5.6
Asia
64
8.0
Latin America
7
0.3
EMEA
—
—
MetLife Holdings
25
3.3
Corporate & Other
(5)
1.4
Total
$154
$18.8
See footnotes on last page.
Page 23 of 23
MetLife, Inc.
June 30, 2025
Cash & Capital (7),(8), (in billions)
Holding Companies Cash & Liquid Assets
$5.2
Footnotes
(1)
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis
and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted
common share.
(2)
Book values exclude $3,818 million of equity related to preferred stock at both June 30, 2025 and 2024.
(3)
There were share repurchases of $510 million for the three months ended June 30, 2025. Year to date, there were share repurchases of
approximately $2.1 billion, including approximately $140 million of share repurchases in July 2025. Common stock dividends totaling $382
million were paid for the three months ended June 30, 2025.
(4)
Annualized using quarter-to-date results.
(5)
Results on a constant currency basis are not included as constant currency impact is not significant.
(6)
Assumes a 21% tax rate.
(7)
The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $17.1 billion
at June 30, 2025, down 3% from $17.6 billion at March 31, 2025. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries,
excluding American Life Insurance Company.
(8)
The expected Japan solvency margin ratio as of June 30, 2025 is approximately 710%.
EX-99.2 3 ex992qfsq225.htm EX-99.2 Document
Exhibit 99.2




 imagk06.jpg
Second Quarter
Financial Supplement
June 30, 2025
2

METLIFE
TABLE OF CONTENTS
 
 
 
 
 
1
METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Revenues
Premiums $ 11,628  $ 10,647  $ 12,617  $ 11,723  $ 10,810  $ 21,681  $ 22,533 
Universal life and investment-type product policy fees 1,281  1,228  1,217  1,229  1,259  2,529  2,488 
Net investment income 5,205  5,227  5,405  4,885  5,661  10,641  10,546 
Other revenues 638  648  641  687  679  1,312  1,366 
Net investment gains (losses) (421) (77) (311) (387) (273) (796) (660)
Net derivative gains (losses) (508) 767  (903) 432  (796) (1,487) (364)
Total revenues 17,823  18,440  18,666  18,569  17,340  33,880  35,909 
Expenses
Policyholder benefits and claims 11,485  10,597  12,572  11,806  10,767  21,559  22,573 
Policyholder liability remeasurement (gains) losses (10) (132) (42) (31) 5  (32) (26)
Market risk benefit remeasurement (gains) losses (182) 531  (764) 299  (277) (876) 22 
Interest credited to policyholder account balances 2,000  2,037  2,012  1,647  2,400  4,290  4,047 
Policyholder dividends 148  150  150  144  146  295  290 
Amortization of DAC, VOBA and negative VOBA 493  509  517  519  528  995  1,047 
Interest expense on debt 257  257  259  258  269  521  527 
Other expenses, net of capitalization of DAC 2,430  2,497  2,581  2,573  2,522  4,881  5,095 
Total expenses 16,621  16,446  17,285  17,215  16,360  31,633  33,575 
Income (loss) before provision for income tax 1,202  1,994  1,381  1,354  980  2,247  2,334 
Provision for income tax expense (benefit) 249  653  106  404  245  419  649 
Net income (loss) 953  1,341  1,275  950  735  1,828  1,685 
Less: Net income (loss) attributable to noncontrolling interests 7  (1) 4  5  6  15  11 
Net income (loss) attributable to MetLife, Inc. 946  1,342  1,271  945  729  1,813  1,674 
Less: Preferred stock dividends 34  67  32  66  31  101  97 
Net income (loss) available to MetLife, Inc.'s common shareholders $ 912  $ 1,275  $ 1,239  $ 879  $ 698  $ 1,712  $ 1,577 
Premiums, fees and other revenues $ 13,547  $ 12,523  $ 14,475  $ 13,639  $ 12,748  $ 25,522  $ 26,387 
2
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Net income (loss) available to MetLife, Inc.'s common shareholders $ 912  $ 1,275  $ 1,239  $ 879  $ 698 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (421) (77) (311) (387) (273)
Less: Net derivative gains (losses) (508) 767  (903) 432  (796)
Less: Market risk benefit remeasurement gains (losses) 182  (531) 764  (299) 277 
Less: Goodwill impairment —  —  —  —  — 
Less: Other adjustments to net income (loss) (1) (232) (65) (118) (234) (61)
Less: Provision for income tax (expense) benefit 270  (195) 352  23  195 
Add: Net income (loss) attributable to noncontrolling interests 7  (1) 4  5  6 
Add: Preferred stock redemption premium —  —  —  —  — 
Adjusted earnings available to common shareholders 1,628  1,375  1,459  1,349  1,362 
Less: Total notable items (2) —  16  10  —  — 
Adjusted earnings available to common shareholders, excluding total notable items (2) $ 1,628  $ 1,359  $ 1,449  $ 1,349  $ 1,362 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share $ 1.28  $ 1.81  $ 1.78  $ 1.28  $ 1.03 
Less: Net investment gains (losses) (0.59) (0.11) (0.45) (0.56) (0.40)
Less: Net derivative gains (losses) (0.71) 1.09  (1.29) 0.63  (1.18)
Less: Market risk benefit remeasurement gains (losses) 0.25  (0.75) 1.09  (0.44) 0.41 
Less: Goodwill impairment —  —  —  —  — 
Less: Other adjustments to net income (loss) (0.32) (0.09) (0.15) (0.33) (0.10)
Less: Provision for income tax (expense) benefit 0.38  (0.28) 0.50  0.03  0.29 
Add: Net income (loss) attributable to noncontrolling interests 0.01  —  0.01  0.01  0.01 
Add: Preferred stock redemption premium —  —  —  —  — 
Adjusted earnings available to common shareholders per diluted common share 2.28  1.95  2.09  1.96  2.02 
Less: Total notable items per diluted common share (2) —  0.02  0.01  —  — 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3) $ 2.28  $ 1.93  $ 2.08  $ 1.96  $ 2.02 
For the Three Months Ended
Unaudited (In millions, except per share data) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments $ —  $ 16  $ —  $ —  $ — 
Litigation reserves and settlement costs —  —  (47) —  — 
Tax adjustments —  —  57  —  — 
Total notable items  $ —  $ 16  $ 10  $ —  $ — 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments $ —  $ 0.02  $ —  $ —  $ — 
Litigation reserves and settlement costs —  —  (0.07) —  — 
Tax adjustments —  —  0.08  —  — 
Total notable items  $ —  $ 0.02  $ 0.01  $ —  $ — 
For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Weighted average common shares outstanding - diluted 714.7  703.7  697.9  687.0  675.0 
(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.

3
METLIFE
CORPORATE OVERVIEW (CONTINUED)
Unaudited June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Book value per common share (1) $ 33.30  $ 39.02  $ 34.28  $ 35.16  $ 35.79 
Adjusted book value per common share (1) $ 53.12  $ 54.72  $ 54.81  $ 55.01  $ 56.23 
For the Three Months Ended
Unaudited June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Return on MetLife, Inc.'s (2):
Common stockholders' equity 15.2  % 20.2  % 19.6  % 14.9  % 11.7  %
Adjusted return on MetLife, Inc.'s (2):
Adjusted common stockholders' equity 17.3  % 14.6  % 15.4  % 14.4  % 14.6  %
Adjusted common stockholders' equity, excluding total notable items (3)
 17.3  % 14.4  % 15.3  % 14.4  % 14.6  %
For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Common shares outstanding, beginning of period 715.7  703.8  693.7  689.2  673.3 
Share repurchases (12.0) (10.5) (4.6) (17.0) (6.5)
Newly issued shares 0.1  0.4  0.1  1.1  — 
Common shares outstanding, end of period 703.8  693.7  689.2  673.3  666.8 
Weighted average common shares outstanding - basic 710.5  699.3  693.0  682.3  670.8 
Dilutive effect of the exercise or issuance of stock-based awards 4.2  4.4  4.9  4.7  4.2 
Weighted average common shares outstanding - diluted 714.7  703.7  697.9  687.0  675.0 
MetLife Policyholder Trust Shares 114.3  113.1  111.6  110.1  108.6 
(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.

4
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Total revenues $ 17,823  $ 18,440  $ 18,666  $ 18,569  $ 17,340  $ 33,880  $ 35,909 
Less: Adjustments to total revenues:
Net investment gains (losses) (421) (77) (311) (387) (273) (796) (660)
Net derivative gains (losses) (508) 767  (903) 432  (796) (1,487) (364)
Investment hedge adjustments (172) (129) (127) (103) (102) (348) (205)
Asymmetrical and non-economic accounting 35  50  34  36  42  74  78 
Joint venture adjustments
 (2) 66  16  (42) 16  —  (26)
Unit-linked contract income and Reinsurance adjustments
 219  147  214  (184) 545  761  361 
Other adjustments, excluding Unit-linked contract income and Reinsurance adjustments
 (11) (14) (11) (15) (16) (23) (31)
Divested businesses
 —  16  16  5  3  —  8 
Total adjusted revenues $ 18,683  $ 17,614  $ 19,738  $ 18,827  $ 17,921  $ 35,699  $ 36,748 
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Net investment income $ 5,205  $ 5,227  $ 5,405  $ 4,885  $ 5,661  $ 10,641  $ 10,546 
Less: Adjustments to net investment income:
Investment hedge adjustments (172) (129) (127) (103) (102) (348) (205)
Joint venture adjustments
 (2) 66  16  (42) 16  —  (26)
Unit-linked contract income and Reinsurance adjustments
 219  147  214  (184) 545  761  361 
Divested businesses —  —  1  1  —  —  1 
Adjusted net investment income $ 5,160  $ 5,143  $ 5,301  $ 5,213  $ 5,202  $ 10,228  $ 10,415 
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Variable investment income (Included in net investment income above) $ 298  $ 162  $ 293  $ 327  $ 195  $ 558  $ 522 
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Premiums, fees and other revenues $ 13,547  $ 12,523  $ 14,475  $ 13,639  $ 12,748  $ 25,522  $ 26,387 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting 35  50  34  36  42  74  78 
Other adjustments (11) (14) (11) (15) (16) (23) (31)
Divested businesses
 —  16  15  4  3  —  7 
Adjusted premiums, fees and other revenues $ 13,523  $ 12,471  $ 14,437  $ 13,614  $ 12,719  $ 25,471  $ 26,333 
Adjusted premiums, fees and other revenues, on a constant currency basis $ 13,467  $ 12,443  $ 14,534  $ 13,745  $ 12,719 
5
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Total expenses $ 16,621  $ 16,446  $ 17,285  $ 17,215  $ 16,360  $ 31,633  $ 33,575 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses (182) 531  (764) 299  (277) (876) 22 
Goodwill impairment —  —  —  —  —  —  — 
Asymmetrical and non-economic accounting 166  72  46  139  31  204  170 
Market volatility (88) (52) (49) (44) (40) (155) (84)
Unit-linked contract costs and Reinsurance adjustments
 214  143  215  (192) 531  753  339 
Other adjustments, excluding Unit-linked contract costs and Reinsurance adjustments
 5  12  25  19  21  12  40 
Divested businesses
4  26  23  9  6  8  15 
Total adjusted expenses $ 16,502  $ 15,714  $ 17,789  $ 16,985  $ 16,088  $ 31,687  $ 33,073 
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Capitalization of DAC $ (683) $ (691) $ (719) $ (698) $ (787) $ (1,423) $ (1,485)
Less: Divested businesses —  —  —  —  —  —  — 
Adjusted capitalization of DAC $ (683) $ (691) $ (719) $ (698) $ (787) $ (1,423) $ (1,485)
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Other expenses $ 3,113  $ 3,188  $ 3,300  $ 3,271  $ 3,309  $ 6,304  $ 6,580 
Less: Adjustments to other expenses:
Reinsurance adjustments
 —  —  30  42  45  —  87 
Other adjustments, excluding Reinsurance adjustments
 5  12  25  19  21  12  40 
Divested businesses 4  17  13  8  7  8  15 
Adjusted other expenses $ 3,104  $ 3,159  $ 3,232  $ 3,202  $ 3,236  $ 6,284  $ 6,438 
Adjusted other expenses, on a constant currency basis
 $ 3,102  $ 3,154  $ 3,282  $ 3,261  $ 3,236 
6
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Other expenses, net of capitalization of DAC $ 2,430  $ 2,497  $ 2,581  $ 2,573  $ 2,522  $ 4,881  $ 5,095 
Premiums, fees and other revenues $ 13,547  $ 12,523  $ 14,475  $ 13,639  $ 12,748  $ 25,522  $ 26,387 
Expense ratio 17.9  % 19.9  % 17.8  % 18.9  % 19.8  % 19.1  % 19.3  %
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Adjusted other expenses by major category
Direct expenses $ 1,397  $ 1,392  $ 1,396  $ 1,459  $ 1,445  $ 2,823  $ 2,904 
Pension, postretirement and postemployment benefit costs 65  65  71  70  66  130  136 
Premium taxes, other taxes, and licenses & fees 171  183  253  160  158  347  318 
Commissions and other variable expenses 1,471  1,519  1,512  1,513  1,567  2,984  3,080 
Adjusted other expenses
 3,104  3,159  3,232  3,202  3,236  6,284  6,438 
Adjusted capitalization of DAC (683) (691) (719) (698) (787) (1,423) (1,485)
Adjusted other expenses, net of adjusted capitalization of DAC
 $ 2,421  $ 2,468  $ 2,513  $ 2,504  $ 2,449  $ 4,861  $ 4,953 
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Employee-related costs $ 900  $ 891  $ 955  $ 991  $ 935  $ 1,850  $ 1,926 
Third-party staffing costs 356  354  439  353  392  698  745 
General and administrative expenses 141  147  2  115  118  275  233 
Direct expenses 1,397  1,392  1,396  1,459  1,445  2,823  2,904 
Less: Total notable items related to direct expenses (1) —  —  (152) —  —  —  — 
Direct expenses, excluding total notable items related to direct expenses (1) $ 1,397  $ 1,392  $ 1,548  $ 1,459  $ 1,445  $ 2,823  $ 2,904 
Adjusted other expenses, net of adjusted capitalization of DAC
 $ 2,421  $ 2,468  $ 2,513  $ 2,504  $ 2,449  $ 4,861  $ 4,953 
Less: Total notable items related to adjusted other expenses (1) —  —  (85) —  —  —  — 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
 $ 2,421  $ 2,468  $ 2,598  $ 2,504  $ 2,449  $ 4,861  $ 4,953 
Adjusted premiums, fees and other revenues $ 13,523  $ 12,471  $ 14,437  $ 13,614  $ 12,719  $ 25,471  $ 26,333 
Less: PRT 1,752  529  2,593  1,476  328  1,727  1,804 
Adjusted premiums, fees and other revenues, excluding PRT $ 11,771  $ 11,942  $ 11,844  $ 12,138  $ 12,391  $ 23,744  $ 24,529 
Direct expense ratio 10.3  % 11.2  % 9.7  % 10.7  % 11.4  % 11.1  % 11.0  %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1) 11.9  % 11.7  % 13.1  % 12.0  % 11.7  % 11.9  % 11.8  %
Adjusted expense ratio 17.9  % 19.8  % 17.4  % 18.4  % 19.3  % 19.1  % 18.8  %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1) 20.6  % 20.7  % 21.9  % 20.6  % 19.8  % 20.5  % 20.2  %
(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.

7
METLIFE
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value $ 277,736  $ 293,779  $ 281,043  $ 291,735  $ 298,737 
Equity securities, at estimated fair value 754  746  712  747  790 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 10,106  9,289  10,672  10,725  11,694 
Mortgage loans 89,802  90,415  89,012  87,908  86,868 
Policy loans 8,691  8,822  8,545  8,663  8,664 
Real estate and real estate joint ventures 13,517  13,731  13,342  13,481  14,007 
Other limited partnership interests 14,288  14,186  14,378  14,137  14,279 
Short-term investments, principally at estimated fair value 3,804  4,609  5,156  5,543  5,300 
Other invested assets 18,131  19,706  18,504  17,470  16,352 
Total investments 436,829  455,283  441,364  450,409  456,691 
Cash and cash equivalents, principally at estimated fair value 20,786  21,765  20,068  21,326  22,178 
Accrued investment income 3,657  3,722  3,489  3,557  3,532 
Premiums, reinsurance and other receivables 31,820  31,443  29,761  31,251  31,503 
Market risk benefits, at estimated fair value 356  310  372  317  352 
Deferred policy acquisition costs and value of business acquired 19,568  20,401  19,627  20,162  20,993 
Current income tax recoverable 348  304  295  338  554 
Deferred income tax assets 2,681  2,469  2,994  2,524  2,925 
Goodwill 8,950  9,155  8,901  9,036  9,142 
Other assets 11,043  11,315  11,082  11,253  11,425 
Separate account assets 139,707  148,809  139,504  138,143  143,175 
Total assets $ 675,745  $ 704,976  $ 677,457  $ 688,316  $ 702,470 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits $ 190,993  $ 201,340  $ 193,646  $ 197,667  $ 198,965 
Policyholder account balances 219,543  224,609  221,445  225,623  232,433 
Market risk benefits, at estimated fair value 2,618  3,117  2,581  2,844  2,709 
Other policy-related balances 19,379  19,932  18,899  19,523  19,899 
Policyholder dividends payable 365  381  385  356  367 
Payables for collateral under securities loaned and other transactions 17,719  17,132  17,128  17,440  17,147 
Short-term debt 390  404  465  381  379 
Long-term debt 14,809  15,278  15,086  14,695  15,374 
Collateral financing arrangement 555  529  476  463  438 
Subordinated debt securities 3,163  3,163  3,164  4,153  4,153 
Current income tax payable —  —  —  —  — 
Deferred income tax liability 216  956  132  430  430 
Other liabilities 38,748  38,162  36,843  38,843  39,074 
Separate account liabilities 139,707  148,809  139,504  138,143  143,175 
Total liabilities 648,205  673,812  649,754  660,561  674,543 
Equity
Preferred stock, at par value —  —  —  —  — 
Common stock, at par value 12  12  12  12  12 
Additional paid-in capital 33,740  33,766  33,791  33,820  33,822 
Retained earnings 40,873  41,765  42,626  43,131  43,447 
Treasury stock, at cost (26,637) (27,418) (27,798) (29,222) (29,737)
Accumulated other comprehensive income (loss) (20,736) (17,240) (21,186) (20,248) (19,859)
Total MetLife, Inc.'s stockholders' equity 27,252  30,885  27,445  27,493  27,685 
Noncontrolling interests 288  279  258  262  242 
Total equity 27,540  31,164  27,703  27,755  27,927 
Total liabilities and equity $ 675,745  $ 704,976  $ 677,457  $ 688,316  $ 702,470 
8
METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
   For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Adjusted earnings before provision for income tax
GROUP BENEFITS $ 674  $ 472  $ 526  $ 464  $ 507 
RIS 518  591  487  500  458 
ASIA 625  431  613  536  495 
LATIN AMERICA 311  309  258  290  317 
EMEA 98  94  60  109  128 
METLIFE HOLDINGS 188  226  189  190  177 
CORPORATE & OTHER (233) (223) (184) (247) (249)
Total adjusted earnings before provision for income tax
 $ 2,181  $ 1,900  $ 1,949  $ 1,842  $ 1,833 
Provision for income tax expense (benefit)
GROUP BENEFITS $ 141  $ 99  $ 110  $ 97  $ 107 
RIS 108  119  101  99  90 
ASIA 176  125  170  162  145 
LATIN AMERICA 85  88  57  72  84 
EMEA 21  24  1  26  28 
METLIFE HOLDINGS 35  44  36  36  33 
CORPORATE & OTHER (47) (41) (17) (65) (47)
Total provision for income tax expense (benefit)
 $ 519  $ 458  $ 458  $ 427  $ 440 
Adjusted earnings available to common shareholders
GROUP BENEFITS $ 533  $ 373  $ 416  $ 367  $ 400 
RIS 410  472  386  401  368 
ASIA 449  306  443  374  350 
LATIN AMERICA 226  221  201  218  233 
EMEA 77  70  59  83  100 
METLIFE HOLDINGS 153  182  153  154  144 
CORPORATE & OTHER (1) (220) (249) (199) (248) (233)
Total adjusted earnings available to common shareholders (1) $ 1,628  $ 1,375  $ 1,459  $ 1,349  $ 1,362 
(1)Includes impact of preferred stock dividends of $34 million, $67 million, $32 million, $66 million, and $31 million for the three months ended June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025 and June 30, 2025, respectively.
9
GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Adjusted revenues
Premiums $ 5,599  $ 5,538  $ 5,579  $ 5,763  $ 5,801  $ 11,310  $ 11,564 
Universal life and investment-type product policy fees 229  231  227  233  240  451  473 
Net investment income 313  311  313  315  310  628  625 
Other revenues 382  377  378  434  405  779  839 
Total adjusted revenues 6,523  6,457  6,497  6,745  6,756  13,168  13,501 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 4,780  4,927  4,881  5,183  5,161  10,016  10,344 
Policyholder liability remeasurement (gains) losses 2  —  —  (18) (4) (1) (22)
Interest credited to policyholder account balances 48  49  46  44  43  96  87 
Capitalization of DAC (5) (4) (5) (5) (7) (9) (12)
Amortization of DAC, VOBA and negative VOBA 7  6  7  6  7  13  13 
Interest expense on debt 1  —  1  —  1  1  1 
Other expenses 1,016  1,007  1,041  1,071  1,048  2,019  2,119 
Total adjusted expenses 5,849  5,985  5,971  6,281  6,249  12,135  12,530 
Adjusted earnings before provision for income tax 674  472  526  464  507  1,033  971 
Provision for income tax expense (benefit) 141  99  110  97  107  216  204 
Adjusted earnings 533  373  416  367  400  817  767 
Preferred stock dividends —  —  —  —  —  —  — 
Adjusted earnings available to common shareholders $ 533  $ 373  $ 416  $ 367  $ 400  $ 817  $ 767 
Adjusted premiums, fees and other revenues $ 6,210  $ 6,146  $ 6,184  $ 6,430  $ 6,446  $ 12,540  $ 12,876 
10
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
   For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Direct and allocated expenses $ 490  $ 486  $ 519  $ 524  $ 503 
Pension, postretirement and postemployment benefit costs 14  14  14  13  14 
Premium taxes, other taxes, and licenses & fees 95  93  86  83  88 
Commissions and other variable expenses 417  414  422  451  443 
Adjusted other expenses $ 1,016  $ 1,007  $ 1,041  $ 1,071  $ 1,048 
OTHER INFORMATION (1)
   For the Three Months Ended
Unaudited (In millions, except ratios) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Group Life (2)
Adjusted premiums, fees and other revenues $ 2,309  $ 2,293  $ 2,289  $ 2,352  $ 2,371 
Mortality ratio 79.1  % 85.6  % 83.2  % 84.8  % 83.0  %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues $ 2,742  $ 2,718  $ 2,771  $ 2,850  $ 2,876 
Interest adjusted benefit ratio (4) 70.8  % 72.4  % 71.8  % 74.1  % 74.8  %
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.
11
RIS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Adjusted revenues
Premiums $ 2,448  $ 1,451  $ 3,460  $ 2,284  $ 1,210  $ 3,123  $ 3,494 
Universal life and investment-type product policy fees 73  67  99  85  85  148  170 
Net investment income 2,117  2,133  2,143  2,167  2,145  4,206  4,312 
Other revenues 61  61  61  61  60  124  121 
Total adjusted revenues 4,699  3,712  5,763  4,597  3,500  7,601  8,097 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 3,248  2,247  4,280  3,121  2,043  4,719  5,164 
Policyholder liability remeasurement (gains) losses (23) (148) —  (15) 1  (22) (14)
Interest credited to policyholder account balances 838  874  863  859  878  1,634  1,737 
Capitalization of DAC (46) (53) (58) (37) (44) (107) (81)
Amortization of DAC, VOBA and negative VOBA 16  14  21  17  18  31  35 
Interest expense on debt 3  4  4  3  3  7  6 
Other expenses 145  183  166  149  143  317  292 
Total adjusted expenses 4,181  3,121  5,276  4,097  3,042  6,579  7,139 
Adjusted earnings before provision for income tax 518  591  487  500  458  1,022  958 
Provision for income tax expense (benefit) 108  119  101  99  90  213  189 
Adjusted earnings 410  472  386  401  368  809  769 
Preferred stock dividends —  —  —  —  —  —  — 
Adjusted earnings available to common shareholders $ 410  $ 472  $ 386  $ 401  $ 368  $ 809  $ 769 
Adjusted premiums, fees and other revenues $ 2,582  $ 1,579  $ 3,620  $ 2,430  $ 1,355  $ 3,395  $ 3,785 
Less: PRT
 1,752  529  2,593  1,476  328  1,727  1,804 
Adjusted premiums, fees and other revenues, excluding PRT $ 830  $ 1,050  $ 1,027  $ 954  $ 1,027  $ 1,668  $ 1,981 
12
RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Balance, end of period (at balance sheet discount rate) (2), (3) $ 69,385  $ 72,914  $ 71,510  $ 73,415  $ 73,506 
Less: Accumulated other comprehensive (income) loss (2,952) 297  (3,134) (2,627) (2,366)
Balance, end of period (at original discount rate) $ 72,337  $ 72,617  $ 74,644  $ 76,042  $ 75,872 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Balance, end of period $ 84,270  $ 85,410  $ 84,923  $ 87,191  $ 89,205 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Balance, end of period $ 50,033  $ 52,537  $ 51,420  $ 49,452  $ 47,993 
SYNTHETIC GICS (4), (5)
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Balance, end of period $ 48,982  $ 49,081  $ 49,599  $ 53,796  $ 53,740 
LONGEVITY REINSURANCE (6)
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Balance, end of period $ 24,422  $ 25,699  $ 25,121  $ 27,369  $ 30,087 
(1)Includes $3,830 million, $3,847 million, $3,872 million, $3,899 million and $3,910 million of DPL at June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025 and June 30, 2025, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)Includes $1,972 million, $2,081 million, $1,956 million, $2,287 million and $2,266 million of future policy benefits subject to reinsurance, which are included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets at June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025 and June 30, 2025, respectively.
(4)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(5)Includes $0, $0, $221 million, $1,242 million and $0 of transfers from separate account GICs to synthetic GICs at June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025 and June 30, 2025, respectively.
(6)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the United Kingdom PRT market.
13
RIS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Direct and allocated expenses $ 74  $ 75  $ 80  $ 85  $ 80 
Pension, postretirement and postemployment benefit costs 3  4  3  3  4 
Premium taxes, other taxes, and licenses & fees 11  16  18  5  3 
Commissions and other variable expenses 57  88  65  56  56 
Adjusted other expenses $ 145  $ 183  $ 166  $ 149  $ 143 
SPREAD
For the Three Months Ended
Unaudited June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Investment income yield, excluding variable investment income yield
 5.28  % 5.25  % 5.22  % 5.11  % 5.13  %
Variable investment income yield 5.83  % 4.58  % 6.46  % 8.95  % 5.40  %
Total investment income yield 5.30  % 5.23  % 5.26  % 5.24  % 5.14  %
Average crediting rate 4.31  % 4.38  % 4.35  % 4.31  % 4.33  %
Amortization of DPL and losses at inception (1) (0.22) % (0.21) % (0.21) % (0.21) % (0.21) %
Total average crediting rate 4.09  % 4.17  % 4.14  % 4.10  % 4.12  %
Annualized general account spread (2)
 1.21  % 1.06  % 1.12  % 1.14  % 1.02  %
Annualized general account spread, excluding variable investment income yield
 1.19  % 1.08  % 1.08  % 1.01  % 1.01  %
(1)Includes the amortization of DPL of (0.23)% for each of the three months ended June 30, 2024, September 30, 2024, December 31, 2024 , March 31, 2025 and June 30, 2025.
(2)The general account is comprised of invested assets supporting future policy benefits and policyholder account balances.
14
ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Adjusted revenues
Premiums $ 1,216  $ 1,272  $ 1,206  $ 1,260  $ 1,278  $ 2,513  $ 2,538 
Universal life and investment-type product policy fees 434  420  410  406  399  860  805 
Net investment income 1,167  1,132  1,251  1,206  1,210  2,275  2,416 
Other revenues 18  18  19  15  22  39  37 
Total adjusted revenues 2,835  2,842  2,886  2,887  2,909  5,687  5,796 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 988  1,035  993  1,037  1,051  2,055  2,088 
Policyholder liability remeasurement (gains) losses (4) 60  (59) (11) (12) (36) (23)
Interest credited to policyholder account balances 657  683  708  711  757  1,304  1,468 
Capitalization of DAC (335) (336) (348) (351) (418) (696) (769)
Amortization of DAC, VOBA and negative VOBA 202  211  214  216  223  407  439 
Interest expense on debt —  —  —  —  —  —  — 
Other expenses 702  758  765  749  813  1,446  1,562 
Total adjusted expenses 2,210  2,411  2,273  2,351  2,414  4,480  4,765 
Adjusted earnings before provision for income tax 625  431  613  536  495  1,207  1,031 
Provision for income tax expense (benefit) 176  125  170  162  145  335  307 
Adjusted earnings 449  306  443  374  350  872  724 
Preferred stock dividends —  —  —  —  —  —  — 
Adjusted earnings available to common shareholders $ 449  $ 306  $ 443  $ 374  $ 350  $ 872  $ 724 
Adjusted premiums, fees and other revenues $ 1,668  $ 1,710  $ 1,635  $ 1,681  $ 1,699  $ 3,412  $ 3,380 
15
ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Adjusted premiums, fees and other revenues $ 1,668  $ 1,710  $ 1,635  $ 1,681  $ 1,699 
Adjusted premiums, fees and other revenues, on a constant currency basis $ 1,722  $ 1,715  $ 1,679  $ 1,741  $ 1,699 
Add: Operating joint ventures, on a constant currency basis (1) 646  534  409  1,023  732 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis $ 2,368  $ 2,249  $ 2,088  $ 2,764  $ 2,431 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Direct and allocated expenses $ 272  $ 303  $ 319  $ 306  $ 304 
Pension, postretirement and postemployment benefit costs 15  15  19  13  14 
Premium taxes, other taxes, and licenses & fees 28  31  26  29  33 
Commissions and other variable expenses 387  409  401  401  462 
Adjusted other expenses $ 702  $ 758  $ 765  $ 749  $ 813 
Adjusted other expenses, net of adjusted capitalization of DAC $ 367  $ 422  $ 417  $ 398  $ 395 
Adjusted other expenses, on a constant currency basis
 $ 735  $ 766  $ 792  $ 781  $ 813 
Add: Operating joint ventures, on a constant currency basis (2) 106  118  93  126  113 
Adjusted other expenses, including operating joint ventures, on a constant currency basis $ 841  $ 884  $ 885  $ 907  $ 926 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
 $ 445  $ 494  $ 494  $ 480  $ 466 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Japan:
Life $ 139  $ 143  $ 109  $ 114  $ 159 
Accident & Health 67  63  83  71  69 
Annuities 146  147  112  144  226 
Other 2  2  2  2  2 
Total Japan 354  355  306  331  456 
Other Asia 279  233  213  308  237 
   Total sales $ 633  $ 588  $ 519  $ 639  $ 693 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Adjusted earnings available to common shareholders $ 449  $ 306  $ 443  $ 374  $ 350 
Adjusted earnings available to common shareholders, on a constant currency basis $ 449  $ 303  $ 447  $ 380  $ 350 
(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.

16
ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
GA AUM $ 117,606  $ 128,115  $ 120,626  $ 125,119  $ 129,325 
GA AUM (at amortized cost) $ 126,997  $ 135,107  $ 129,959  $ 134,352  $ 139,158 
GA AUM (at amortized cost), on a constant currency basis $ 131,264  $ 134,192  $ 134,197  $ 136,683  $ 139,158 
  Add: Operating joint ventures, on a constant currency basis (1) 9,223  9,717  10,116  11,683  12,413 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis $ 140,487  $ 143,909  $ 144,313  $ 148,366  $ 151,571 
(1)Includes MetLife, Inc.'s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
17
LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Adjusted revenues
Premiums $ 1,122  $ 1,141  $ 1,098  $ 1,164  $ 1,260  $ 2,237  $ 2,424 
Universal life and investment-type product policy fees 373  346  330  340  371  743  711 
Net investment income 398  435  431  407  445  784  852 
Other revenues 11  9  10  9  3  22  12 
Total adjusted revenues 1,904  1,931  1,869  1,920  2,079  3,786  3,999 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 1,018  1,091  1,035  1,091  1,216  2,001  2,307 
Policyholder liability remeasurement (gains) losses (3) (18) 20  (3) —  (11) (3)
Interest credited to policyholder account balances 115  108  101  98  96  229  194 
Capitalization of DAC (175) (174) (177) (172) (176) (353) (348)
Amortization of DAC, VOBA and negative VOBA 129  126  123  129  137  254  266 
Interest expense on debt 4  4  4  4  4  7  8 
Other expenses 505  485  505  483  485  1,017  968 
Total adjusted expenses 1,593  1,622  1,611  1,630  1,762  3,144  3,392 
Adjusted earnings before provision for income tax 311  309  258  290  317  642  607 
Provision for income tax expense (benefit) 85  88  57  72  84  183  156 
Adjusted earnings 226  221  201  218  233  459  451 
Preferred stock dividends —  —  —  —  —  —  — 
Adjusted earnings available to common shareholders $ 226  $ 221  $ 201  $ 218  $ 233  $ 459  $ 451 
Adjusted premiums, fees and other revenues $ 1,506  $ 1,496  $ 1,438  $ 1,513  $ 1,634  $ 3,002  $ 3,147 
18
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Direct and allocated expenses $ 145  $ 129  $ 146  $ 135  $ 143 
Pension, postretirement and postemployment benefit costs 1  1  3  1  2 
Premium taxes, other taxes, and licenses & fees 19  22  24  23  22 
Commissions and other variable expenses 340  333  332  324  318 
Adjusted other expenses $ 505  $ 485  $ 505  $ 483  $ 485 
Adjusted other expenses, net of adjusted capitalization of DAC $ 330  $ 311  $ 328  $ 311  $ 309 
Adjusted other expenses, on a constant currency basis
 $ 466  $ 472  $ 519  $ 498  $ 485 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis $ 306  $ 303  $ 337  $ 320  $ 309 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Mexico $ 189  $ 187  $ 137  $ 209  $ 183 
Chile 98  104  123  117  129 
All other 78  82  83  69  69 
Total sales $ 365  $ 373  $ 343  $ 395  $ 381 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Adjusted premiums, fees and other revenues $ 1,506  $ 1,496  $ 1,438  $ 1,513  $ 1,634 
Adjusted earnings available to common shareholders $ 226  $ 221  $ 201  $ 218  $ 233 
Adjusted premiums, fees and other revenues, on a constant currency basis $ 1,386  $ 1,459  $ 1,475  $ 1,561  $ 1,634 
Adjusted earnings available to common shareholders, on a constant currency basis $ 203  $ 216  $ 207  $ 226  $ 233 

19
EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Adjusted revenues
Premiums $ 536  $ 562  $ 568  $ 582  $ 626  $ 1,072  $ 1,208 
Universal life and investment-type product policy fees 77  84  76  78  84  154  162 
Net investment income 54  55  59  58  61  108  119 
Other revenues 8  9  8  8  9  15  17 
Total adjusted revenues 675  710  711  726  780  1,349  1,506 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 265  276  301  277  309  523  586 
Policyholder liability remeasurement (gains) losses 1  9  (3) —  4  1  4 
Interest credited to policyholder account balances 17  17  17  17  20  36  37 
Capitalization of DAC (115) (119) (124) (126) (136) (243) (262)
Amortization of DAC, VOBA and negative VOBA 81  91  93  94  88  171  182 
Interest expense on debt —  —  —  —  —  —  — 
Other expenses 328  342  367  355  367  660  722 
Total adjusted expenses 577  616  651  617  652  1,148  1,269 
Adjusted earnings before provision for income tax 98  94  60  109  128  201  237 
Provision for income tax expense (benefit) 21  24  1  26  28  47  54 
Adjusted earnings 77  70  59  83  100  154  183 
Preferred stock dividends —  —  —  —  —  —  — 
Adjusted earnings available to common shareholders $ 77  $ 70  $ 59  $ 83  $ 100  $ 154  $ 183 
Adjusted premiums, fees and other revenues $ 621  $ 655  $ 652  $ 668  $ 719  $ 1,241  $ 1,387 
20
EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Direct and allocated expenses $ 104  $ 109  $ 112  $ 109  $ 111 
Pension, postretirement and postemployment benefit costs 2  2  2  1  (3)
Premium taxes, other taxes, and licenses & fees 5  6  7  6  6 
Commissions and other variable expenses 217  225  246  239  253 
Adjusted other expenses $ 328  $ 342  $ 367  $ 355  $ 367 
Adjusted other expenses, net of adjusted capitalization of DAC $ 213  $ 223  $ 243  $ 229  $ 231 
Adjusted other expenses, on a constant currency basis
$ 332  $ 342  $ 376  $ 367  $ 367 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis $ 217  $ 223  $ 249  $ 236  $ 231 
OTHER INFORMATION
   For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Adjusted premiums, fees and other revenues $ 621  $ 655  $ 652  $ 668  $ 719 
Adjusted earnings available to common shareholders $ 77  $ 70  $ 59  $ 83  $ 100 
Adjusted premiums, fees and other revenues, on a constant currency basis $ 631  $ 659  $ 668  $ 691  $ 719 
Adjusted earnings available to common shareholders, on a constant currency basis $ 77  $ 70  $ 59  $ 86  $ 100 
Total sales, on a constant currency basis $ 273  $ 242  $ 250  $ 319  $ 309 
21
METLIFE HOLDINGS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Adjusted revenues
Premiums $ 692  $ 673  $ 702  $ 657  $ 624  $ 1,405  $ 1,281 
Universal life and investment-type product policy fees 94  80  74  86  80  172  166 
Net investment income 1,016  981  978  989  964  2,026  1,953 
Other revenues 37  40  39  37  36  87  73 
Total adjusted revenues 1,839  1,774  1,793  1,769  1,704  3,690  3,473 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 1,252  1,221  1,230  1,200  1,164  2,503  2,364 
Policyholder liability remeasurement (gains) losses 17  (35) —  16  16  37  32 
Interest credited to policyholder account balances 106  84  97  88  90  209  178 
Capitalization of DAC (4) (4) (4) (4) (3) (9) (7)
Amortization of DAC, VOBA and negative VOBA 57  58  55  55  53  116  108 
Interest expense on debt 3  4  3  3  3  7  6 
Other expenses 220  220  223  221  204  443  425 
Total adjusted expenses 1,651  1,548  1,604  1,579  1,527  3,306  3,106 
Adjusted earnings before provision for income tax 188  226  189  190  177  384  367 
Provision for income tax expense (benefit) 35  44  36  36  33  72  69 
Adjusted earnings 153  182  153  154  144  312  298 
Preferred stock dividends —  —  —  —  —  —  — 
Adjusted earnings available to common shareholders $ 153  $ 182  $ 153  $ 154  $ 144  $ 312  $ 298 
Adjusted premiums, fees and other revenues $ 823  $ 793  $ 815  $ 780  $ 740  $ 1,664  $ 1,520 
22
METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Annuities $ 1,555  $ 1,606  $ 1,515  $ 1,493  $ 1,466 
Life and Other 53,296  53,096  52,918  52,584  52,368 
Long-Term Care
 14,455  15,657  14,537  14,716  14,803 
Balance, end of period (at balance sheet discount rate)
 $ 69,306  $ 70,359  $ 68,970  $ 68,793  $ 68,637 
Less:
Annuities $ (65) $ (5) $ (63) $ (51) $ (43)
Life and Other (27) 31  (34) (26) (26)
Long-Term Care
 (755) 339  (919) (872) (922)
Accumulated other comprehensive (income) loss $ (847) $ 365  $ (1,016) $ (949) $ (991)
Annuities $ 1,620  $ 1,611  $ 1,578  $ 1,544  $ 1,509 
Life and Other 53,323  53,065  52,952  52,610  52,394 
Long-Term Care
 15,210  15,318  15,456  15,588  15,725 
Balance, end of period (at original discount rate) $ 70,153  $ 69,994  $ 69,986  $ 69,742  $ 69,628 
Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
Annuities $ 1,468  $ 1,505  $ 1,393  $ 1,370  $ 1,345 
Life and Other $ 2,372  $ 2,398  $ 2,410  $ 2,421  $ 2,455 
Long-Term Care
 $ —  $ —  $ —  $ —  $ — 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Annuities $ 10,747  $ 10,437  $ 10,142  $ 9,859  $ 9,625 
Life and Other 11,303  11,284  11,132  10,986  10,849 
Balance, end of period $ 22,050  $ 21,721  $ 21,274  $ 20,845  $ 20,474 
Policyholder account balances subject to reinsurance (2)
Annuities $ 3,228  $ 3,124  $ 3,027  $ 2,930  $ 2,848 
Life and Other $ 6,467  $ 6,410  $ 6,357  $ 6,301  $ 6,240 
MARKET RISK BENEFITS
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Annuities $ 2,153  $ 2,608  $ 2,069  $ 2,377  $ 2,214 
Balance, end of period $ 2,153  $ 2,608  $ 2,069  $ 2,377  $ 2,214 
Market risk benefits subject to reinsurance (2)
 $ —  $ —  $ —  $ —  $ — 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Annuities $ 28,843  $ 29,349  $ 27,829  $ 26,296  $ 27,188 
Life and Other 6,738  7,049  7,065  6,393  7,022 
Balance, end of period $ 35,581  $ 36,398  $ 34,894  $ 32,689  $ 34,210 
Separate account liabilities subject to reinsurance (3)
Annuities $ 82  $ 83  $ 79  $ 73  $ 77 
Life and Other $ 5,944  $ 6,226  $ 6,244  $ 5,852  $ 6,429 
(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.
23
METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
   For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Direct and allocated expenses $ 156  $ 159  $ 166  $ 168  $ 158 
Pension, postretirement and postemployment benefit costs 7  6  7  6  7 
Premium taxes, other taxes, and licenses & fees 19  20  15  16  12 
Commissions and other variable expenses 38  35  35  31  27 
Adjusted other expenses $ 220  $ 220  $ 223  $ 221  $ 204 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Lapse Ratio (1)
Traditional life 5.9  % 6.2  % 5.8  % 5.9  % 6.0  %
Variable annuity 12.4  % 12.8  % 12.9  % 12.8  % 12.5  %
(1) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

24
CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Adjusted revenues
Premiums $ 15  $ (6) $ (11) $ 9  $ 8  $ 21  $ 17 
Universal life and investment-type product policy fees 1  —  1  1  —  1  1 
Net investment income 95  96  126  71  67  201  138 
Other revenues 97  98  103  102  118  195  220 
Total adjusted revenues 208  188  219  183  193  418  376 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 9  —  (10) 9  9  17  18 
Policyholder liability remeasurement (gains) losses —  —  —  —  —  —  — 
Interest credited to policyholder account balances —  —  —  —  —  —  — 
Capitalization of DAC (3) (1) (3) (3) (3) (6) (6)
Amortization of DAC, VOBA and negative VOBA 1  3  4  2  2  3  4 
Interest expense on debt 246  245  247  248  258  499  506 
Other expenses 188  164  165  174  176  382  350 
Total adjusted expenses 441  411  403  430  442  895  872 
Adjusted earnings before provision for income tax (233) (223) (184) (247) (249) (477) (496)
Provision for income tax expense (benefit) (47) (41) (17) (65) (47) (117) (112)
Adjusted earnings (186) (182) (167) (182) (202) (360) (384)
Preferred stock dividends 34  67  32  66  31  101  97 
Adjusted earnings available to common shareholders $ (220) $ (249) $ (199) $ (248) $ (233) $ (461) $ (481)
Adjusted premiums, fees and other revenues $ 113  $ 92  $ 93  $ 112  $ 126  $ 217  $ 238 
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
   For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Business activities $ 30  $ 20  $ 16  $ 9  $ 29  $ 36  $ 38 
Net investment income 92  96  126  78  73  194  151 
Interest expense on debt (255) (256) (257) (258) (269) (520) (527)
Corporate initiatives and projects (7) (8) (12) (10) (13) (13) (23)
Other (93) (75) (57) (66) (69) (174) (135)
Provision for income tax (expense) benefit and other tax-related items 47  41  17  65  47  117  112 
Preferred stock dividends (34) (67) (32) (66) (31) (101) (97)
Adjusted earnings available to common shareholders $ (220) $ (249) $ (199) $ (248) $ (233) $ (461) $ (481)
25
INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. Reinsurance adjustments have been excluded from the amounts within this table.
At or For the Three Months Ended
At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Fixed Maturity Securities
Yield (1) 4.38  % 4.52  % 4.47  % 4.36  % 4.61  % 4.38  % 4.49  %
Investment income (2), (3) $ 3,206  $ 3,357  $ 3,326  $ 3,259  $ 3,517  $ 6,406  $ 6,776 
Investment gains (losses) (246) (157) (245) (244) (124) (331) (368)
Ending carrying value (4) 279,170  295,460  280,227  290,416  297,565  279,170  297,565 
Net Mortgage Loans
Yield (1) 5.30  % 5.32  % 5.28  % 5.21  % 5.12  % 5.28  % 5.17  %
Investment income (3) 1,096  1,097  1,085  1,056  1,026  2,196  2,082 
Investment gains (losses) 6  (156) (53) (159) (288) (76) (447)
Ending carrying value (5) 82,051  82,773  81,460  80,581  79,848  82,051  79,848 
Real Estate and Real Estate Joint Ventures
Yield (1) (0.97) % 1.67  % 1.47  % 4.01  % 3.47  % (1.85) % 3.74  %
Investment income (32) 57  50  134  120  (122) 254 
Investment gains (losses) 12  128  70  (40) 3  47  (37)
Ending carrying value 13,517  13,731  13,342  13,481  14,007  13,517  14,007 
Policy Loans
Yield (1) 5.44  % 5.72  % 5.67  % 5.38  % 5.64  % 5.50  % 5.51  %
Investment income 110  116  114  107  113  223  220 
Ending carrying value 8,691  8,822  8,545  8,663  8,664  8,691  8,664 
Equity Securities
Yield (1) 5.50  % 3.47  % 3.23  % 6.16  % 2.30  % 5.49  % 4.24  %
Investment income 7  4  5  9  3  14  12 
Investment gains (losses) (19) (31) 4  (12) 45  9  33 
Ending carrying value 754  746  712  747  790  754  790 
Other Limited Partnership Interests
Yield (1) 9.10  % 2.45  % 7.05  % 6.22  % 3.46  % 8.68  % 4.84  %
Investment income 325  87  252  222  122  626  344 
Investment gains (losses) (9) 3  1  (1) 21  (59) 20 
Ending carrying value (6) 14,288  14,186  14,367  14,125  14,265  14,288  14,265 
Cash and Cash Equivalents and Short-term Investments
Yield (1) 4.61  % 5.23  % 4.97  % 4.42  % 4.19  % 4.97  % 4.30  %
Investment income 209  257  249  224  232  455  456 
Investment gains (losses) 37  (46) 18  (9) (38) 62  (47)
Ending carrying value (7) 24,590  26,374  25,018  26,862  27,432  24,590  27,432 
Other Invested Assets
Investment income 386  312  368  365  218  734  583 
Investment gains (losses) (16) 56  23  4  25  (33) 29 
Ending carrying value (8) 18,131  19,706  18,504  17,470  16,350  18,131  16,350 
Total Investments
Investment income yield (1) 4.83  % 4.75  % 4.87  % 4.82  % 4.73  % 4.79  % 4.78  %
Investment fees and expenses yield (1) (0.13) % (0.13) % (0.13) % (0.15) % (0.13) % (0.14) % (0.14) %
Net Investment Income Yield (1) 4.70  % 4.62  % 4.74  % 4.67  % 4.60  % 4.65  % 4.64  %
Investment income $ 5,307  $ 5,287  $ 5,449  $ 5,376  $ 5,351  $ 10,532  $ 10,727 
Investment fees and expenses (147) (144) (147) (162) (149) (304) (311)
Net investment income including divested businesses 5,160  5,143  5,302  5,214  5,202  10,228  10,416 
Less: Net investment income from divested businesses —  —  1  1  —  —  1 
Adjusted Net Investment Income (9) $ 5,160  $ 5,143  $ 5,301  $ 5,213  $ 5,202  $ 10,228  $ 10,415 
Ending Carrying Value $ 441,192  $ 461,798  $ 442,175  $ 452,345  $ 458,921  $ 441,192  $ 458,921 
Investment Portfolio Gains (Losses) (10) $ (235) $ (203) $ (182) $ (461) $ (356) $ (381) $ (817)
Gross investment gains 245  368  316  142  204  576  346 
Gross investment losses (458) (417) (386) (423) (264) (893) (687)
Net credit loss (provision) release and (impairments) (22) (154) (112) (180) (296) (64) (476)
Investment Portfolio Gains (Losses) (10) (235) (203) (182) (461) (356) (381) (817)
Investment portfolio gains (losses) income tax (expense) benefit 57  56  59  116  94  98  210 
Investment Portfolio Gains (Losses), Net of Income Tax $ (178) $ (147) $ (123) $ (345) $ (262) $ (283) $ (607)
Derivative Gains (Losses) (10) (698) 619  (1,159) 344  (892) (1,873) (548)
Derivative gains (losses) income tax (expense) benefit 193  (206) 314  (99) 181  497  82 
Derivative Gains (Losses), Net of Income Tax $ (505) $ 413  $ (845) $ 245  $ (711) $ (1,376) $ (466)
See footnotes on Page 29.

26
INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Unaudited (In millions, except ratios) Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total
U.S. corporate $ 80,678  29.1  % $ 84,851  28.9  % $ 78,584  28.2  % $ 80,316  27.7  % $ 81,562  27.5  %
Foreign corporate 53,419  19.2  % 56,752  19.3  % 53,354  19.1  % 55,083  19.1  % 58,792  19.9  %
Foreign government 40,054  14.4  % 44,132  15.0  % 39,895  14.3  % 40,892  14.2  % 42,097  14.2  %
Residential mortgage-backed 32,616  11.7  % 35,264  12.0  % 34,135  12.3  % 39,083  13.5  % 40,764  13.8  %
U.S. government and agency 33,238  12.0  % 34,676  11.8  % 33,350  12.0  % 33,535  11.6  % 32,463  11.0  %
Asset-backed securities and collateralized loan obligations 17,775  6.4  % 17,520  6.0  % 20,390  7.3  % 20,748  7.2  % 20,929  7.1  %
Municipals 10,470  3.8  % 10,798  3.7  % 9,762  3.5  % 9,764  3.4  % 9,802  3.3  %
Commercial mortgage-backed 9,486  3.4  % 9,786  3.3  % 9,182  3.3  % 9,388  3.3  % 9,428  3.2  %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance adjustments
 $ 277,736  100.0  % $ 293,779  100.0  % $ 278,652  100.0  % $ 288,809  100.0  % $ 295,837  100.0  %
Reinsurance adjustments —  —  2,391  2,926  2,900 
Fixed Maturity Securities Available-For-Sale $ 277,736  $ 293,779  $ 281,043  $ 291,735  $ 298,737 
NRSRO NAIC
RATING DESIGNATION
Aaa / Aa / A 1 $ 192,239  69.2  % $ 203,560  69.3  % $ 192,099  68.9  % $ 199,468  69.1  % $ 203,465  68.8  %
Baa 2 72,732  26.2  % 77,031  26.2  % 74,345  26.7  % 77,112  26.7  % 80,262  27.1  %
Ba 3 9,189  3.3  % 9,666  3.3  % 8,680  3.1  % 8,674  3.0  % 8,566  2.9  %
B 4 3,291  1.2  % 3,131  1.1  % 3,035  1.1  % 3,198  1.1  % 3,260  1.1  %
Caa and lower 5 226  0.1  % 331  0.1  % 425  0.2  % 291  0.1  % 204  0.1  %
In or near default 6 59  —  % 60  —  % 68  —  % 66  —  % 80  —  %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance adjustments
 $ 277,736  100.0  % $ 293,779  100.0  % $ 278,652  100.0  % $ 288,809  100.0  % $ 295,837  100.0  %
Reinsurance adjustments —  —  2,391  2,926  2,900 
Fixed Maturity Securities Available-For-Sale (11)
 $ 277,736  $ 293,779  $ 281,043  $ 291,735  $ 298,737 
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Gross unrealized gains $ 5,096  $ 8,093  $ 4,965  $ 5,398  $ 6,192 
Gross unrealized losses 30,430  23,558  31,041  28,891  28,951 
Net Unrealized Gains (Losses), excluding Reinsurance adjustments
 $ (25,334) $ (15,465) $ (26,076) $ (23,493) $ (22,759)
Reinsurance adjustments —  —  (142) (109) (88)
Net Unrealized Gains (Losses) $ (25,334) $ (15,465) $ (26,218) $ (23,602) $ (22,847)
See footnotes on Page 29.
27
INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
              
Commercial mortgage loans $ 50,109  $ 50,478  $ 48,967  $ 47,890  $ 46,674 
Agricultural mortgage loans 19,383  19,210  19,030  18,779  18,993 
Residential mortgage loans 13,273  13,844  14,186  14,783  15,286 
Total 82,765  83,532  82,183  81,452  80,953 
Allowance for credit loss (714) (759) (723) (871) (1,105)
Net mortgage loans, excluding Reinsurance adjustments
 $ 82,051  $ 82,773  $ 81,460  $ 80,581  $ 79,848 
Reinsurance adjustments —  —  85  82  78 
Net Mortgage Loans $ 82,051  $ 82,773  $ 81,545  $ 80,663  $ 79,926 
SUMMARY OF NET COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE (5)
 
June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Unaudited (In millions, except ratios) Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total
Pacific $ 8,680  17.3  % $ 8,745  17.3  % $ 8,738  17.8  % $ 8,677  18.1  % $ 8,611  18.4  %
Non-U.S. 8,385  16.7  % 8,593  17.0  % 7,901  16.1  % 7,802  16.3  % 7,839  16.8  %
Middle Atlantic 7,250  14.5  % 6,999  13.9  % 6,938  14.2  % 6,877  14.4  % 6,561  14.1  %
South Atlantic 6,517  13.0  % 6,459  12.8  % 5,890  12.0  % 5,796  12.1  % 5,630  12.1  %
West South Central 3,386  6.8  % 3,455  6.9  % 3,228  6.6  % 3,214  6.7  % 3,274  7.0  %
Mountain 2,264  4.5  % 2,217  4.4  % 2,317  4.7  % 2,455  5.1  % 2,470  5.3  %
New England 2,821  5.6  % 2,838  5.6  % 2,680  5.5  % 2,501  5.2  % 2,386  5.1  %
East North Central 1,600  3.2  % 1,543  3.1  % 1,453  3.0  % 1,453  3.0  % 1,460  3.1  %
East South Central 652  1.3  % 608  1.2  % 481  1.0  % 481  1.0  % 476  1.0  %
West North Central 472  1.0  % 472  0.9  % 410  0.8  % 408  0.9  % 407  0.9  %
Multi-Region and Other 8,082  16.1  % 8,549  16.9  % 8,931  18.3  % 8,226  17.2  % 7,560  16.2  %
Total, excluding Reinsurance adjustments
 $ 50,109  100.0  % $ 50,478  100.0  % $ 48,967  100.0  % $ 47,890  100.0  % $ 46,674  100.0  %
Reinsurance adjustments —  —  82  82  78 
Total
 $ 50,109  $ 50,478  $ 49,049  $ 47,972  $ 46,752 
Office $ 18,799  37.5  % $ 18,861  37.4  % $ 18,269  37.3  % $ 18,134  37.9  % $ 17,912  38.4  %
Apartment 10,954  21.9  % 10,750  21.3  % 10,472  21.4  % 10,549  22.0  % 9,899  21.2  %
Retail 7,443  14.8  % 7,273  14.4  % 6,612  13.5  % 6,502  13.6  % 6,768  14.5  %
Single Family Rental 4,822  9.6  % 5,141  10.2  % 5,355  10.9  % 4,844  10.1  % 4,780  10.2  %
Industrial 4,941  9.9  % 5,313  10.5  % 4,999  10.2  % 4,506  9.4  % 3,942  8.5  %
Hotel 3,049  6.1  % 3,051  6.0  % 3,178  6.5  % 3,268  6.8  % 3,285  7.0  %
Other 101  0.2  % 89  0.2  % 82  0.2  % 87  0.2  % 88  0.2  %
Total, excluding Reinsurance adjustments
 $ 50,109  100.0  % $ 50,478  100.0  % $ 48,967  100.0  % $ 47,890  100.0  % $ 46,674  100.0  %
Reinsurance adjustments —  —  82  82  78 
Total
 $ 50,109  $ 50,478  $ 49,049  $ 47,972  $ 46,752 
See footnotes on Page 29.
28
INVESTMENTS
FOOTNOTES
(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for third parties, Reinsurance adjustments, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of $22 million, $76 million, $22 million, ($20) million and $107 million for the three months ended June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025 and June 30, 2025, respectively, and $107 million and $87 million for the year-to-date period ended June 30, 2024 and June 30, 2025, respectively.
(3)Investment income from fixed maturity securities and net mortgage loans includes prepayment fees.
(4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities.
June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Fixed maturity securities available-for-sale $ 277,736  $ 293,779  $ 281,043  $ 291,735  $ 298,737 
Less: Reinsurance adjustments —  —  2,391  2,926  2,900 
Fixed maturity securities available-for-sale, excluding Reinsurance adjustments $ 277,736  $ 293,779  $ 278,652  $ 288,809  $ 295,837 
Fair value option securities 1,434  1,681  1,575  1,607  1,728 
Fixed maturity securities, excluding Reinsurance adjustments $ 279,170  $ 295,460  $ 280,227  $ 290,416  $ 297,565 
(5)The following table presents a reconciliation to ending carrying value presented for net mortgage loans.
June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Mortgage Loans $ 89,802  $ 90,415  $ 89,012  $ 87,908  $ 86,868 
Less: Mortgage loans originated for third parties, net of ACL 7,751  7,642  7,467  7,245  6,942 
Net mortgage loans $ 82,051  $ 82,773  $ 81,545  $ 80,663  $ 79,926 
Less: Reinsurance adjustments —  —  85  82  78 
Net mortgage loans, excluding Reinsurance adjustments $ 82,051  $ 82,773  $ 81,460  $ 80,581  $ 79,848 
(6)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests.
June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Other limited partnership interests $ 14,288  $ 14,186  $ 14,378  $ 14,137  $ 14,279 
Less: Reinsurance adjustments —  —  11  12  14 
Other limited partnership interests, excluding Reinsurance adjustments $ 14,288  $ 14,186  $ 14,367  $ 14,125  $ 14,265 
(7)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments.
June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Cash and cash equivalents and short-term investments $ 24,590  $ 26,374  $ 25,224  $ 26,869  $ 27,478 
Less: Reinsurance adjustments —  —  206  7  46 
Cash and cash equivalents and short-term investments, excluding Reinsurance adjustments $ 24,590  $ 26,374  $ 25,018  $ 26,862  $ 27,432 
(8)The following table presents a reconciliation to ending carrying value presented for other invested assets.
June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Other invested assets $ 18,131  $ 19,706  $ 18,504  $ 17,470  $ 16,352 
Less: Reinsurance adjustments —  —  —  —  2 
Other invested assets, excluding Reinsurance adjustments
 $ 18,131  $ 19,706  $ 18,504  $ 17,470  $ 16,350 
(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 Three Months Ended For the Year-to-Date Period Ended
June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Net investment gains (losses) $ (421) $ (77) $ (311) $ (387) $ (273) $ (796) $ (660)
Less: Non-investment portfolio gains (losses) (176) 188  (122) 65  86  (402) 151 
Less: Provision for credit loss on certain mortgage loans originated for third parties (15) 4  11  (34) 20  (19) (14)
Less: Other adjustments 5  (66) (18) 43  (23) 6  20 
Investment portfolio gains (losses) $ (235) $ (203) $ (182) $ (461) $ (356) $ (381) $ (817)
For the Three Months Ended For the Year-to-Date Period Ended
June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Net derivative gains (losses) $ (508) $ 767  $ (903) $ 432  $ (796) $ (1,487) $ (364)
Less: Investment hedge adjustments 172  129  127  103  102  348  205 
Less: Reinsurance adjustments —  —  110  (35) (22) —  (57)
Less: Other adjustments, excluding Reinsurance adjustments 18  19  19  20  16  38  36 
Derivative gains (losses) $ (698) $ 619  $ (1,159) $ 344  $ (892) $ (1,873) $ (548)
(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.
29
imagk06.jpg
Appendix





APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders $ 912  $ 1,275  $ 1,239  $ 879  $ 698  $ 1,712  $ 1,577 
Add: Preferred stock dividends 34  67  32  66  31  101  97 
Add: Preferred stock redemption premium —  —  —  —  —  —  — 
Add: Net income (loss) attributable to noncontrolling interests 7  (1) 4  5  6  15  11 
Net income (loss) 953  1,341  1,275  950  735  1,828  1,685 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses) (421) (77) (311) (387) (273) (796) (660)
Net derivative gains (losses) (508) 767  (903) 432  (796) (1,487) (364)
Market risk benefit remeasurement gains (losses) 182  (531) 764  (299) 277  876  (22)
Premiums - Divested businesses
—  16  15  4  3  —  7 
Universal life and investment-type product policy fees - Divested businesses
—  —  —  —  —  —  — 
Net investment income
Investment hedge adjustments (172) (129) (127) (103) (102) (348) (205)
Unit-linked contract income and Reinsurance adjustments 219  147  214  (184) 545  761  361 
Joint venture adjustments (2) 66  16  (42) 16  —  (26)
Divested businesses —  —  1  1  —  —  1 
Other revenues
Asymmetrical and non-economic accounting 35  50  34  36  42  74  78 
Other adjustments (11) (14) (11) (15) (16) (23) (31)
Divested businesses —  —  —  —  —  —  — 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting (161) 7  (51) (75) (1) (175) (76)
Market volatility 88  52  49  44  40  155  84 
Divested businesses —  (9) (10) (1) 1  —  — 
Policyholder liability remeasurement (gains) losses
Asymmetrical and non-economic accounting —  —  —  —  —  —  — 
Divested businesses —  —  —  —  —  —  — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting (5) (79) 5  (64) (30) (29) (94)
Unit-linked contract costs (214) (143) (185) 234  (486) (753) (252)
Divested businesses —  —  —  —  —  —  — 
Capitalization of DAC - Divested businesses
—  —  —  —  —  —  — 
Amortization of DAC, VOBA and negative VOBA - Divested businesses
—  —  —  —  —  —  — 
Interest expense on debt - Divested businesses
—  —  —  —  —  —  — 
Other expenses
Reinsurance adjustments
 —  —  (30) (42) (45) —  (87)
Other adjustments, excluding Reinsurance adjustments (5) (12) (25) (19) (21) (12) (40)
Divested businesses (4) (17) (13) (8) (7) (8) (15)
Goodwill impairment —  —  —  —  —  —  — 
Provision for income tax (expense) benefit 270  (195) 352  23  195  530  218 
Adjusted earnings 1,662  1,442  1,491  1,415  1,393  3,063  2,808 
Less: Preferred stock dividends 34  67  32  66  31  101  97 
Adjusted earnings available to common shareholders $ 1,628  $ 1,375  $ 1,459  $ 1,349  $ 1,362  $ 2,962  $ 2,711 
A-1
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Actuarial assumption review and other insurance adjustments $ —  $ 16  $ —  $ —  $ —  $ —  $ — 
Litigation reserves and settlement costs —  —  (47) —  —  —  — 
Tax adjustments —  —  57  —  —  —  — 
Total notable items $ —  $ 16  $ 10  $ —  $ —  $ —  $ — 
GROUP BENEFITS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Actuarial assumption review and other insurance adjustments $ —  $ (58) $ —  $ —  $ —  $ —  $ — 
Total notable items $ —  $ (58) $ —  $ —  $ —  $ —  $ — 
RIS
   For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Actuarial assumption review and other insurance adjustments $ —  $ 104  $ —  $ —  $ —  $ —  $ — 
Total notable items $ —  $ 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
APPENDIX
METLIFE
NOTABLE ITEMS (CONTINUED)
ASIA
   For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Actuarial assumption review and other insurance adjustments
$ —  $ (41) $ —  $ —  $ —  $ —  $ — 
Total notable items
 $ —  $ (41) $ —  $ —  $ —  $ —  $ — 
LATIN AMERICA
  
 For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions)
 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Actuarial assumption review and other insurance adjustments
 $ —  $ 4  $ —  $ —  $ —  $ —  $ — 
Total notable items
 $ —  $ 4  $ —  $ —  $ —  $ —  $ — 
EMEA
  
 For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions)
 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Actuarial assumption review and other insurance adjustments
$ —  $ (5) $ —  $ —  $ —  $ —  $ — 
Total notable items
$ —  $ (5) $ —  $ —  $ —  $ —  $ — 
METLIFE HOLDINGS
  
 For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions)
 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Actuarial assumption review and other insurance adjustments
$ —  $ 12  $ —  $ —  $ —  $ —  $ — 
Total notable items
 $ —  $ 12  $ —  $ —  $ —  $ —  $ — 
CORPORATE & OTHER
  
 For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions)
 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
Litigation reserves and settlement costs $ —  $ —  $ (47) $ —  $ —  $ —  $ — 
Tax adjustments —  —  57  —  —  —  — 
Total notable items $ —  $ —  $ 10  $ —  $ —  $ —  $ — 
A-3
APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Total MetLife, Inc.'s stockholders' equity $ 27,252  $ 30,885  $ 27,445  $ 27,493  $ 27,685 
Less: Preferred stock 3,818  3,818  3,818  3,818  3,818 
MetLife, Inc.'s common stockholders' equity 23,434  27,067  23,627  23,675  23,867 
Less: Unrealized investment gains (losses), net of related offsets and income tax (19,187) (11,239) (19,402) (17,329) (16,484)
Deferred gains (losses) on derivatives, net of income tax
 99  (292) 370  179  (1,466)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax 6,606  2,004  6,529  5,334  5,876 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax (73) 4  (71) (31) (64)
  Defined benefit plans adjustment, net of income tax (1,396) (1,371) (1,442) (1,416) (1,407)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
 —  —  (129) (100) (83)
Total MetLife, Inc.'s adjusted common stockholders' equity
 37,385  37,961  37,772  37,038  37,495 
Less: Accumulated year-to-date total notable items, net of income tax (2)
 —  16  26  —  — 
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2)
 $ 37,385  $ 37,945  $ 37,746  $ 37,038  $ 37,495 
Unaudited (In millions, except per share data) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Book value per common share $ 33.30  $ 39.02  $ 34.28  $ 35.16  $ 35.79 
Less: Unrealized investment gains (losses), net of related offsets and income tax (27.26) (16.20) (28.15) (25.74) (24.72)
  Deferred gains (losses) on derivatives, net of income tax
 0.14  (0.42) 0.54  0.27  (2.20)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax 9.38  2.89  9.46  7.92  8.81 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax (0.10) 0.01  (0.10) (0.05) (0.10)
  Defined benefit plans adjustment, net of income tax (1.98) (1.98) (2.09) (2.10) (2.11)
  Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
 —  —  (0.19) (0.15) (0.12)
Adjusted book value per common share
 $ 53.12  $ 54.72  $ 54.81  $ 55.01  $ 56.23 
Common shares outstanding, end of period 703.8  693.7  689.2  673.3  666.8 
For the Three Months Ended (3)
Unaudited (In millions, except ratios) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
Return on MetLife, Inc.'s:
Common stockholders' equity 15.2  % 20.2  % 19.6  % 14.9  % 11.7  %
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity
 17.3  % 14.6  % 15.4  % 14.4  % 14.6  %
Adjusted common stockholders' equity, excluding total notable items (2)
 17.3  % 14.4  % 15.3  % 14.4  % 14.6  %
Average common stockholders' equity $ 24,076  $ 25,251  $ 25,347  $ 23,651  $ 23,771 
Average adjusted common stockholders' equity
 $ 37,704  $ 37,673  $ 37,867  $ 37,405  $ 37,267 
Average adjusted common stockholders' equity, excluding total notable items (2)
 $ 37,704  $ 37,665  $ 37,846  $ 37,405  $ 37,267 
(1)Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to third-party reinsurers.
(2)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.
(3) Annualized using quarter-to-date results.
A-4
APPENDIX
METLIFE
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
 ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
GROUP BENEFITS (1) $ 6,210  $ 6,146  $ 6,184  $ 6,430  $ 6,446 
RIS (1) 2,582  1,579  3,620  2,430  1,355 
ASIA 1,722  1,715  1,679  1,741  1,699 
LATIN AMERICA 1,386  1,459  1,475  1,561  1,634 
EMEA 631  659  668  691  719 
METLIFE HOLDINGS (1) 823  793  815  780  740 
CORPORATE & OTHER (1) 113  92  93  112  126 
Adjusted premiums, fees and other revenues, on a constant currency basis $ 13,467  $ 12,443  $ 14,534  $ 13,745  $ 12,719 
Adjusted premiums, fees and other revenues $ 13,523  $ 12,471  $ 14,437  $ 13,614  $ 12,719 
ASIA (including operating joint ventures) (2), (3) $ 2,368  $ 2,249  $ 2,088  $ 2,764  $ 2,431 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
GROUP BENEFITS (1) $ 1,016  $ 1,007  $ 1,041  $ 1,071  $ 1,048 
RIS (1) 145  183  166  149  143 
ASIA 735  766  792  781  813 
LATIN AMERICA 466  472  519  498  485 
EMEA 332  342  376  367  367 
METLIFE HOLDINGS (1) 220  220  223  221  204 
CORPORATE & OTHER (1) 188  164  165  174  176 
Adjusted other expenses, on a constant currency basis
 $ 3,102  $ 3,154  $ 3,282  $ 3,261  $ 3,236 
Adjusted other expenses $ 3,104  $ 3,159  $ 3,232  $ 3,202  $ 3,236 
ASIA (including operating joint ventures) (2), (4) $ 841  $ 884  $ 885  $ 907  $ 926 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025
GROUP BENEFITS (1) $ 533  $ 373  $ 416  $ 367  $ 400 
RIS (1) 410  472  386  401  368 
ASIA 449  303  447  380  350 
LATIN AMERICA 203  216  207  226  233 
EMEA 77  70  59  86  100 
METLIFE HOLDINGS (1) 153  182  153  154  144 
CORPORATE & OTHER (1) (220) (249) (199) (248) (233)
Adjusted earnings available to common shareholders, on a constant currency basis $ 1,605  $ 1,367  $ 1,469  $ 1,366  $ 1,362 
Adjusted earnings available to common shareholders $ 1,628  $ 1,375  $ 1,459  $ 1,349  $ 1,362 
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses for operating joint ventures are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 16.
(3) Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
A-5
APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES

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

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures: Comparable GAAP financial measures:
(i) total adjusted revenues (i) total revenues
(ii) total adjusted expenses (ii) total expenses
(iii) adjusted premiums, fees and other revenues (iii) premiums, fees and other revenues
(iv) adjusted premiums, fees and other revenues, excluding PRT (iv) premiums, fees and other revenues
(v) adjusted net investment income (v) net investment income
(vi) adjusted earnings (vi) net income (loss)
(vii) adjusted earnings available to common shareholders (vii) net income (loss) available to MetLife, Inc.’s common shareholders
(viii) adjusted earnings available to common shareholders, excluding total notable items (viii) net income (loss) available to MetLife, Inc.’s common shareholders
(ix) adjusted earnings available to common shareholders per diluted common share (ix) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(x) adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (x) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(xi) adjusted return on equity (xi) return on equity
(xii)
adjusted return on equity, excluding total notable items
(xii)
 return on equity
(xiii)
 investment portfolio gains (losses)
(xiii)
 net investment gains (losses)
(xiv)
 derivative gains (losses)
(xiv)
 net derivative gains (losses)
(xv)
 adjusted capitalization of DAC
(xv)
 capitalization of DAC
(xvi)
total MetLife, Inc.’s adjusted common stockholders’ equity
(xvi)
 total MetLife, Inc.’s stockholders’ equity
(xvii)
total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items
(xvii)
 total MetLife, Inc.’s stockholders’ equity
(xviii)
adjusted book value per common share
(xviii)
 book value per common share
(xix)
 adjusted other expenses
(xix)
 other expenses
(xx)
 adjusted other expenses, net of adjusted capitalization of DAC
(xx)
 other expenses, net of capitalization of DAC
(xxi)
 adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses
(xxi)
 other expenses, net of capitalization of DAC
(xxii)
 adjusted expense ratio
(xxii)
 expense ratio
(xxiii)
 adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT
(xxiii)
 expense ratio
(xxiv)
 direct expenses
(xxiv)
 other expenses
(xxv)
 direct expenses, excluding total notable items related to direct expenses
(xxv)
 other expenses
(xxvi)
 direct expense ratio
(xxvi)
 expense ratio
(xxvii)
 direct expense ratio, excluding total notable items related to direct expenses and PRT
(xxvii)
 expense ratio
(xxviii)
 future policy benefits at original discount rate
(xxviii)
 future policy benefits at balance sheet discount rate
Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period ("constant currency basis").
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release, which is available at MetLife's Investor Relations webpage (https://investor.metlife.com).
A-6
APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
MetLife’s definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:

Adjusted earnings and related measures
• adjusted earnings;
• adjusted earnings available to common shareholders;
• adjusted earnings available to common shareholders, excluding total notable items;
• adjusted earnings available to common shareholders per diluted common share;
• adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and
•
adjusted earnings available to common shareholders on, a constant currency basis.
Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.
Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method ("Joint venture adjustments"), and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:
•
Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments").
•
Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
•
Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•
Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.
•
Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
"Divested businesses" are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.
Other adjustments are made in calculating adjusted earnings:
•
Net investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities ("Unit-linked contract income" and "Unit-linked contract costs").
•
Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
• Net investment income and other expenses also exclude Reinsurance adjustments (as defined below).
•
Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
• Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.
•
"Reinsurance adjustments" relate to amounts subject to ceded reinsurance arrangements with third-parties, including (i) the related investment returns and expenses which are passed through to the third-party reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.
A-7

APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Investment portfolio gains (losses) and derivative gains (losses)
These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
Return on equity and related measures
•
Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI and the estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income tax.
•
Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of certain ceded reinsurance-related embedded derivatives and total notable items, all net of income tax.
•
Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
•
Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity.
•
Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.
The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•
Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
•
Direct expense ratio: adjusted direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.
•
Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
•
Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
•
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
Asia general account assets under management and related measures
Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third-party reinsurers, and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.

Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and residential mortgage loans) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.
Other items
The following additional information is relevant to an understanding of our performance:
•
Statistical sales information for Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
•
PRT includes UK funded reinsurance.
A-8
APPENDIX
METLIFE
ACRONYMS
 
AOCI Accumulated other comprehensive income (loss)
DAC Deferred policy acquisition costs
DPL Deferred profit liabilities
EMEA Europe, the Middle East and Africa
FCTA Foreign currency translation adjustments
GA General account
GA AUM General account assets under management
GAAP Accounting principles generally accepted in the United States of America
GICs Guaranteed interest contracts
NAIC National Association of Insurance Commissioners
NRSRO Nationally Recognized Statistical Rating Organization
PRT Pension risk transfers
QFS Quarterly financial supplement
RIS Retirement and Income Solutions
VOBA Value of business acquired
A-9

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EX-99.3 4 ex993q22025totalaum.htm EX-99.3 ex993q22025totalaum
Assets Under Management Exhibit 99.3 June 30, 2025 Investors turn to MetLife Investment Management for our client-centric approach and long-established expertise in Insurance Solutions, Fixed Income, Private Capital, Real Estate and Small to Mid-Cap Value Equities. We aim to meet a range of long-term investment objectives and risk-adjusted returns over time by building sustainable, tailored investment solutions. Our hallmark is approachable expertise - a commitment to being accountable and collaborative in helping clients realize their objectives. By Client Segment $ in Billions Insurance $ 70.8 Pension $ 66.0 Sub-Advisory $ 37.5 Other5 $ 26.3 1As of June 30, 2025. At estimated fair value. Excludes $15.5 billion of General Account Assets Under Management that are not managed or advised by MetLife Investment Management and certain of its affiliates. See Explanatory Note. 2Capital Markets is not an actively marketed capability. 3Represents advisory services which are not reflected in Total Assets Under Management. 4As of June 30, 2025. At estimated fair value. See Explanatory Note. 5Includes health service organizations, endowments, foundations, non-profits, family office, high net worth, fund of funds, sovereign wealth funds, supranationals and central authorities. Representative Capabilities Private Capital Insurance Solutions3 Corporate Private Credit Customized Portfolio Solutions Infrastructure Debt Strategic & Tactical Asset Allocation Private Asset Based Finance Portfolio Optimization Middle Market Private Capital Portfolio Construction Residential Whole Loans Derivatives Solutions Single Family Rental Financing ALM/Asset Modeling Private Equity Sustainable & Transition Finance Fixed Income Bank Loans Real Estate Core Core Debt & Equity Core Insurance Core Plus Debt & Equity Core Plus Value-Add Opportunistic Debt & Equity Corporate Agricultural Mortgage Loans Emerging Market Debt Global Fixed Income Index Strategies High Yield Long Duration Equities Liability Driven Investment Strategies Small-Cap Core Multi-Sector Small-Cap Value Municipals Small to Mid-Cap Value Short & Intermediate Duration Stable Value Sustainable & Transition Finance Institutional Client Assets Under Management4 - $200.6 Billion https://investments.metlife.com $624.3B Fixed Income 50% Private Capital 25% Real Estate 17% Index Strategies 5% Equities/Capital Markets2 3% 50% 25% 17% 5% 3% Total Assets Under Management1 By Core Capability

 
Explanatory Note The following information is relevant to an understanding of our assets under management ("AUM") managed or advised by MetLife Investment Management, LLC and certain of its affiliates ("MIM"). MIM is MetLife, Inc.'s institutional investment management business. Our definitions may differ from those used by other companies. Total Assets Under Management (“Total AUM”) is comprised of 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, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third-party reinsurers, and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties (“net mortgage loans”) (including commercial (“net commercial mortgage loans”), agricultural (“net agricultural mortgage loans”) and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily net commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate equity and include them as net commercial mortgage loans. Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement. Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios of MetLife insurance companies, which are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets. Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third-party reinsurers, which are managed or advised by MIM and are generally included in MetLife, Inc.'s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets. Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements. Additional information about MetLife’s general account investment portfolio is available in MetLife, Inc.’s quarterly financial materials for the quarter ended June 30, 2025, which may be accessed through MetLife’s Investor Relations web page at https://investor.metlife.com. Neither MetLife, Inc.’s quarterly financial materials, nor any other information from the MetLife website, is a part of or incorporated by reference into this Total AUM Fact Sheet. Cautionary Statement on Forward-Looking Statements The forward-looking statements in this fact sheet, using words such as "aim," are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife's future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements. L1024044218[exp1025][All States] © 2025 MetLife Investment Management

 
EX-99.4 5 ex994q225supplementalsli.htm EX-99.4 ex994q225supplementalsli
2Q25 Supplemental Slides1 John McCallion Chief Financial Officer and Head of MetLife Investment Management Exhibit 99.4 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.

 
2 Topic Page No. Net income (loss) to adjusted earnings 3 Adjusted earnings by segment and Corporate & Other (C&O) 4 Variable investment income (VII) 5 Direct expense ratio 7 Cash & capital 8 Appendix 9 Table of contents

 
3 Net income (loss) to adjusted earnings 2Q25 (post-tax) $ in millions $ per share1 Net Income (Loss) $698 $1.03 Less: Net Investment Gains (Losses) (216) (0.32) Net Derivative Gains (Losses) (629) (0.93) Market Risk Benefit Remeasurement Gains (Losses) 219 0.32 Investment Hedge Adjustments (81) (0.12) Other 43 0.06 Adjusted Earnings $1,362 $2.02 1 The per share data for each item is calculated on a standalone basis and may not sum to the total.

 
4 1 To be discussed on MetLife, Inc.'s second quarter 2025 earnings conference call and audio webcast. ($ in millions - except per share data) 2Q25 2Q24 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $400 $533 (25%) Underwriting Margins RIS 368 410 (10%) Investment Margins Asia 350 449 (22%) (22%) Volume Growth Investment Margins; Underwriting Margins Latin America 233 226 3% 15% Volume Growth EMEA 100 77 30% 30% Volume Growth MetLife Holdings 144 153 (6%) Underwriting Margins Investment Margins; Business Run-off Corporate & Other (233) (220) Expense Margins Investment Margins Adjusted Earnings ex. Total Notable Items $1,362 $1,628 (16%) (15%) Adjusted EPS ex. Total Notable Items $2.02 $2.28 (11%) (10%) Adjusted earnings by segment and C&O

 
5 $298 $162 $293 $327 $195 2Q24 3Q24 4Q24 1Q25 2Q25 2Q25 VII below guidance1 due to lower private equity returns; In-line with preliminary disclosure2 ($ in millions - pre-tax) Private Equity Other3 1 Quarterly target VII of $425 million, based on full year 2025 guidance of ~ $1.7 billion (pre-tax). 2 Preliminary 2Q25 variable investment income of $175 million - $225 million, pre-tax, as disclosed in MetLife, Inc's Form 8-K dated June 23, 2025. 3 Other includes Real Estate and Other Funds and Prepayment Fees. $0

 
6 Variable investment income 2Q24 3Q24 4Q24 1Q25 2Q25 Assets2 June 30, 2025 % of Total Assets3 ($ in millions - post-tax1) ($ in billions) Group Benefits $3 $2 $1 $3 $3 $0.2 1% RIS 64 50 71 99 60 5.6 30% Asia 99 44 121 94 64 8.0 43% Latin America 2 8 4 3 7 0.3 2% EMEA — — — — — — — MetLife Holdings 46 29 29 53 25 3.3 18% Corporate & Other 21 (5) 6 6 (5) 1.4 7% Total $235 $128 $232 $258 $154 $18.8 100% 1 Assumes a 21% U.S. statutory tax rate. 2 Related to VII. 3 Each item is calculated on a standalone basis and may not sum to the total. VII by segment and C&O

 
7 12.1% 11.9% 11.7% FY24 2Q24 2Q25 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 12.1% Annual Target (2025) 2Q25 direct expense ratio1 of 11.7%, below 12.1% annual target 12.3% Annual Target (2024)

 
8 Holding Company Cash1 $4.4 $4.5 $5.1 $4.5 $5.2 2Q24 3Q24 4Q24 1Q25 2Q25 Cash & capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both periods. 3 National Association of Insurance Commissioners. $3.0 to $4.0 Cash Buffer Capital ($ in billions) • Total cash return to shareholders of $892 million in 2Q25 – Share repurchases of $510 million in 2Q25, year-to-date of ~$2.1 billion, including ~$140 million in July 2025 – Common stock dividends of $382 million in 2Q25 • Expected total U.S. Statutory Adjusted Capital2 on an NAIC3 basis of $17.1 billion at 6/30/25, down 3% from $17.6 billion at 3/31/25 • Expected Japan Solvency Margin ratio of 710% at 6/30/25

 
Appendix

 
10 1At June 30, 2025. All references to commercial mortgage loans in this earnings presentation are to net commercial mortgage loans, consisting of commercial mortgage loans, excluding commercial mortgage loans originated for third parties and related allowance for credit loss. • Concentrated in high-quality assets and in larger, primary markets • 69% average Loan-to-Value (LTV) Ratio and 2.0x average Debt Service Coverage Ratio (DSCR) – 76% of CML portfolio with LTVs less than or equal to 80% – 92% of CML portfolio with DSCRs greater than or equal to 1x – 80% average office LTV ratio and 1.9x average DSCR LTV and DSCR Matrix $46.7 Billion DSCR LTV >1.2x 1.0-1.2x <1.0x Total <65% 46.7% 3.0% 1.6% 51.3% 65-75% 16.5% 2.1% 0.6% 19.2% 76-80% 4.4% 0.9% 0.3% 5.6% >80% 14.0% 4.8% 5.1% 23.9% Total 81.6% 10.8% 7.6% 100.0% High quality commercial mortgage loans (CML) portfolio1

 
11 Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, using words such as “anticipate,” “are confident,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms, are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements.

 
12 Explanatory Note on Non-GAAP and Other Financial Information Any references in this presentation (except in this Explanatory Note on Non-GAAP Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss); (i) net income (loss) available to MetLife, Inc.’s common shareholders; (ii) net income (loss) per share; (ii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (iii) adjusted earnings; (iii) adjusted earnings available to common shareholders; (iv) adjusted earnings per share; (iv) adjusted earnings available to common shareholders per diluted common share; (v) book value per share; (iv) book value per common share; (vi) adjusted book value per share. (vi) adjusted book value per common share. (vii) return on equity; and (vii) return on MetLife, Inc.’s common stockholders’ equity; and (viii) adjusted return on equity. (vii) adjusted return on MetLife, Inc.’s common stockholders’ equity. In this presentation, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our investors’ understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: Non-GAAP financial measures: Comparable GAAP financial measures: (i) adjusted premiums, fees and other revenues; (i) premiums, fees and other revenues; (ii) adjusted premiums, fees and other revenues, excluding PRT; (ii) premiums, fees and other revenues; (iii) adjusted capitalization of deferred policy acquisition costs (DAC); (iii) capitalization of DAC; (iv) adjusted earnings available to common shareholders; (iv) net income (loss) available to MetLife, Inc.’s common shareholders; (v) adjusted earnings available to common shareholders, excluding total notable items; (v) net income (loss) available to MetLife, Inc.’s common shareholders; (vi) adjusted earnings available to common shareholders per diluted common share; (vi) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (vii) adjusted earnings available to common shareholders, excluding total notable items, per diluted common share; (vii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (viii) adjusted return on equity; (viii) return on equity; (ix) adjusted return on equity, excluding total notable items; (ix) return on equity; (x) adjusted other expenses; (x) other expenses; (xi) adjusted other expenses, net of adjusted capitalization of DAC; (xi) other expenses, net of capitalization of DAC; (xii) adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses; (xii) other expenses, net of capitalization of DAC; (xiii) adjusted expense ratio; (xiii) expense ratio; (xiv) adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT; (xiv) expense ratio; (xv) direct expenses; (xv) other expenses; (xvi) direct expenses, excluding total notable items related to direct expenses; (xvi) other expenses; (xvii) direct expense ratio; (xvii) expense ratio; (xviii) direct expense ratio, excluding total notable items related to direct expenses and PRT; and (xviii) expense ratio; and (xviiii) free cash flows of all holding companies. (xviiii) MeLife, Inc. (parent company) net cash provided by (used in) operating activities.

 
13 MetLife’s definitions of non-GAAP and other financial measures discussed in this presentation may differ from those used by other companies: Adjusted earnings and related measures • adjusted earnings; • adjusted earnings available to common shareholders; • adjusted earnings available to common shareholders, excluding total notable items; • adjusted earnings available to common shareholders per diluted common share; • adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and • adjusted earnings available to common shareholders, on a constant currency basis. Adjusted earnings is used by MetLife's chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP. Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method ("Joint venture adjustments"), and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments. Explanatory Note on Non-GAAP and Other Financial Information (Continued) Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income. Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period (“constant currency basis”). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this presentation and in this period’s earnings news release, which is available at MetLife’s Investor Relations webpage (https://investor.metlife.com).

 
14 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings: • Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments"). • Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance. • Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation- indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts. • Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance. • Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance. "Divested businesses" are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Other adjustments are made in calculating adjusted earnings: • Net investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities ("Unit-linked contract income" and "Unit-linked contract costs"). • Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic guaranteed interest contracts ("GICs") accounted for as freestanding derivatives. • Net investment income and other expenses also exclude Reinsurance adjustments (as defined below). • Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives. • Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements. • "Reinsurance adjustments" relate to amounts subject to ceded reinsurance arrangements with third-parties, including (i) the related investment returns and expenses which are passed through to the third-party reinsurers and (ii) the corresponding invested assets and cash and cash equivalents. Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms. In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders. Investment portfolio gains (losses) and derivative gains (losses) These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).

 
15 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Return on equity and related measures • Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of accumulated other comprehensive income ("AOCI") and the estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income tax. • Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of certain ceded reinsurance-related embedded derivatives and total notable items, all net of income tax. • Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity. • Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity. • Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items. The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility. Expense ratio, direct expense ratio, adjusted expense ratio and related measures • Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. • Direct expense ratio: adjusted direct expenses, divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses. • Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues. • Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. General Account (GA) assets under management (GA AUM) GA AUM is used by MetLife to describe assets in its GA investment portfolio. GA AUM is stated at estimated fair value, and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and excludes policy loans, contractholder-directed equity securities fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third-party reinsurers, and certain other invested assets; plus accrued investment income on assets included in GA AUM. Mortgage loans, net of mortgage loans originated for third parties (“net mortgage loans”) (including commercial (“net commercial mortgage loans”), agricultural ("net agricultural mortgage loans") and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily net commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate equity and include them as net commercial mortgage loans. Asia GA AUM and related measures Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third-party reinsurers, and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM. Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and residential mortgage loans) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.

 
16 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Statistical sales information • Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products. • Retirement and Income Solutions: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and the contract value for new UK longevity reinsurance contracts, and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate-owned life insurance. • Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. The following additional information is relevant to an understanding of MetLife’s performance: • Volume growth, where cited, represents the change in certain measures of our segment results, including adjusted earnings, attributable to business growth, applying a model in which certain margins and factors are held constant, the most significant of which are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates. • PRT includes UK funded reinsurance. • Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife holding companies and include cash and cash equivalents, short term investments and publicly traded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block. • MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders. • Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. • We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.

 
17 Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Adjusted Earnings Available to Common Shareholders 2Q25 2Q24 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $ 698 $ 1.03 $ 912 $ 1.28 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (273) (0.40) (421) (0.59) Less: Net derivative gains (losses) (796) (1.18) (508) (0.71) Less: Market risk benefit remeasurement gains (losses) 277 0.41 182 0.25 Less: Other adjustments to net income (loss) (61) (0.10) (232) (0.32) Less: Provision for income tax (expense) benefit 195 0.29 270 0.38 Add: Net income (loss) attributable to noncontrolling interests 6 0.01 7 0.01 Adjusted earnings available to common shareholders 1,362 2.02 1,628 2.28 Less: Total notable items — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 1,362 $ 2.02 $ 1,628 $ 2.28 Adjusted earnings available to common shareholders, on a constant currency basis $ 1,362 $ 2.02 $ 1,605 $ 2.25 Adjusted earnings available to common shareholders, excluding total notable items, on a $ 1,362 $ 2.02 $ 1,605 $ 2.25 constant currency basis Weighted average common shares outstanding - diluted 675.0 714.7 1Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

 
18 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 2Q25 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 400 $ 368 $ 350 $ 233 $ 100 $ 144 $ (233) Less: Total notable items — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 400 $ 368 $ 350 $ 233 $ 100 $ 144 $ (233) Adjusted earnings available to common shareholders, on a constant currency basis $ 350 $ 233 $ 100 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 350 $ 233 $ 100 2Q24 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 533 $ 410 $ 449 $ 226 $ 77 $ 153 $ (220) Less: Total notable items — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 533 $ 410 $ 449 $ 226 $ 77 $ 153 $ (220) Adjusted earnings available to common shareholders, on a constant currency basis $ 449 $ 203 $ 77 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 449 $ 203 $ 77 1Results on a constant currency basis are not included as constant currency impact is not significant.

 
19 Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues FY24 2Q24 2Q25 (In millions) Premiums, fees and other revenues $ 52,520 $ 13,547 $ 12,748 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accounting 158 35 42 Other adjustments (48) (11) (16) Divested businesses 31 — 3 Adjusted premiums, fees and other revenues $ 52,379 $ 13,523 $ 12,719

 
20 Expense Detail and Ratios FY24 2Q24 2Q25 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (2,833) $ (683) $ (787) Less: Divested businesses — — — Adjusted capitalization of DAC $ (2,833) $ (683) $ (787) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 12,792 $ 3,113 $ 3,309 Less Adjustments to other expenses: Reinsurance adjustments 30 — 45 Other adjustments, excluding Reinsurance adjustments 49 5 21 Divested businesses 38 4 7 Adjusted other expenses $ 12,675 $ 3,104 $ 3,236 Other Detail and Ratios Other expenses, net of capitalization of DAC $ 9,959 $ 2,430 $ 2,522 Premiums, fees and other revenues $ 52,520 $ 13,547 $ 12,748 Expense ratio 19.0 % 17.9 % 19.8 % Direct expenses $ 5,611 $ 1,397 $ 1,445 Less: Total notable items related to direct expenses (152) — — Direct expenses, excluding total notable items related to direct expenses $ 5,763 $ 1,397 $ 1,445 Adjusted other expenses $ 12,675 $ 3,104 $ 3,236 Adjusted capitalization of DAC (2,833) (683) (787) Adjusted other expenses, net of adjusted capitalization of DAC $ 9,842 $ 2,421 $ 2,449 Less: Total notable items related to adjusted other expenses (85) — — Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 9,927 $ 2,421 $ 2,449 Adjusted premiums, fees and other revenues $ 52,379 $ 13,523 $ 12,719 Less: PRT 4,849 1,752 328 Adjusted premiums, fees and other revenues, excluding PRT $ 47,530 $ 11,771 $ 12,391 Direct expense ratio 10.7 % 10.3 % 11.4 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 12.1 % 11.9 % 11.7 % Adjusted expense ratio 18.8 % 17.9 % 19.3 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 20.9 % 20.6 % 19.8 %