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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): January 9, 2026
METLIFE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
 
1-15787 13-4075851
(Commission File Number) (IRS Employer Identification No.)
200 Park Avenue, New York, NY 10166-0188
(Address of Principal Executive Offices) (Zip Code)
(212) 578-9500
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report) 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 MET New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock,
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 7.01 Regulation FD Disclosure.
In the fourth quarter of 2025, MetLife, Inc. (the “Company”) executed a reorganization to align with its strategic initiative to accelerate growth in asset management. As part of this reorganization, the Company adjusted its segment structure. Specifically, MetLife Investment Management (“MIM”), the Company’s institutional asset management business which was formerly reported in Corporate & Other, became a reportable segment. Concurrently, MetLife Holdings is no longer deemed to be a reportable segment and is now primarily reported in Corporate & Other. These changes were applied retrospectively for the quarters ended December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025 and the year ended December 31, 2024. Additionally, certain products formerly reported in the MetLife Holdings segment have been moved to Group Benefits and Retirement and Income Solutions (“RIS”) in connection with the resegmentation and, accordingly, are now reported within those segments. This change was applied retrospectively only for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025.
As a result, the Company is now organized into the following six segments: Group Benefits; RIS; Asia; Latin America; Europe, the Middle East and Africa; and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other.

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

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

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

A copy of the Historical Results Financial Supplement is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The Historical Results Financial Supplement is furnished and not filed pursuant to instruction B.2 of Form 8-K.
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/ Adrienne O’Neill
Name: Adrienne O’Neill
Title: Executive Vice President and
Chief Accounting Officer
Date: January 9, 2026
4
EX-99.1 2 ex991preqfsq425.htm EX-99.1 Document
Table of Contents
Exhibit 99.1




 image0a45.jpg
Historical Results*
Financial Supplement

Presented in a Revised Format
for the Quarters Ended
December 31, 2024, March 31, 2025,
June 30, 2025 and September 30, 2025
and the Year Ended December 31, 2024

Presented to Conform with the Presentation
Adopted for the Fourth Quarter 2025 Financial Supplement


















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

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 Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Revenues
Premiums $ 12,617  $ 11,723  $ 10,810  $ 10,555  $ 44,945 
Universal life and investment-type product policy fees 1,217  1,229  1,259  1,247  4,974 
Net investment income 5,405  4,885  5,661  6,089  21,273 
Other revenues 641  687  679  724  2,601 
Net investment gains (losses) (311) (387) (273) (325) (1,184)
Net derivative gains (losses) (903) 432  (796) (929) (1,623)
Total revenues 18,666  18,569  17,340  17,361  70,986 
Expenses
Policyholder benefits and claims 12,572  11,806  10,767  10,369  44,728 
Policyholder liability remeasurement (gains) losses (42) (31) 5  (159) (206)
Market risk benefit remeasurement (gains) losses (764) 299  (277) (263) (1,109)
Interest credited to policyholder account balances 2,012  1,647  2,400  2,561  8,339 
Policyholder dividends 150  144  146  134  595 
Amortization of DAC, VOBA and negative VOBA 517  519  528  522  2,021 
Interest expense on debt 259  258  269  271  1,037 
Other expenses, net of capitalization of DAC 2,581  2,573  2,522  2,716  9,959 
Total expenses 17,285  17,215  16,360  16,151  65,364 
Income (loss) before provision for income tax 1,381  1,354  980  1,210  5,622 
Provision for income tax expense (benefit) 106  404  245  308  1,178 
Net income (loss) 1,275  950  735  902  4,444 
Less: Net income (loss) attributable to noncontrolling interests 4  5  6  6  18 
Net income (loss) attributable to MetLife, Inc. 1,271  945  729  896  4,426 
Less: Preferred stock dividends 32  66  31  66  200 
 Preferred stock redemption premium —  —  —  12  — 
Net income (loss) available to MetLife, Inc.'s common shareholders $ 1,239  $ 879  $ 698  $ 818  $ 4,226 
Premiums, fees and other revenues $ 14,475  $ 13,639  $ 12,748  $ 12,526  $ 52,520 
2
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Net income (loss) available to MetLife, Inc.'s common shareholders $ 1,239  $ 879  $ 698  $ 818 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (311) (387) (273) (325)
Less: Net derivative gains (losses) (903) 432  (796) (929)
Less: Market risk benefit remeasurement gains (losses) 764  (299) 277  263 
Less: Goodwill impairment —  —  —  — 
Less: Other adjustments to net income (loss) (1) (118) (234) (61) 20 
Less: Provision for income tax (expense) benefit 352  23  195  223 
Add: Net income (loss) attributable to noncontrolling interests 4  5  6  6 
Add: Preferred stock redemption premium —  —  —  12 
Adjusted earnings available to common shareholders 1,459  1,349  1,362  1,584 
Less: Total notable items (2) 10  —  —  18 
Adjusted earnings available to common shareholders, excluding total notable items (2) $ 1,449  $ 1,349  $ 1,362  $ 1,566 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share $ 1.78  $ 1.28  $ 1.03  $ 1.22 
Less: Net investment gains (losses) (0.45) (0.56) (0.40) (0.49)
Less: Net derivative gains (losses) (1.29) 0.63  (1.18) (1.39)
Less: Market risk benefit remeasurement gains (losses) 1.09  (0.44) 0.41  0.39 
Less: Goodwill impairment —  —  —  — 
Less: Other adjustments to net income (loss) (0.15) (0.33) (0.10) 0.04 
Less: Provision for income tax (expense) benefit 0.50  0.03  0.29  0.33 
Add: Net income (loss) attributable to noncontrolling interests 0.01  0.01  0.01  0.01 
Add: Preferred stock redemption premium —  —  —  0.02 
Adjusted earnings available to common shareholders per diluted common share 2.09  1.96  2.02  2.37 
Less: Total notable items per diluted common share (2) 0.01  —  —  0.03 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3) $ 2.08  $ 1.96  $ 2.02  $ 2.34 
For the Three Months Ended
Unaudited (In millions, except per share data) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments $ —  $ —  $ —  $ 89 
Litigation reserves and settlement costs (47) —  —  — 
Tax adjustments 57  —  —  (71)
Total notable items  $ 10  $ —  $ —  $ 18 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments $ —  $ —  $ —  $ 0.13 
Litigation reserves and settlement costs (0.07) —  —  — 
Tax adjustments 0.08  —  —  (0.11)
Total notable items  $ 0.01  $ —  $ —  $ 0.03 
For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Weighted average common shares outstanding - diluted 697.9  687.0  675.0  669.1 
(1)See Pages A-1 and A-7 for further detail.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Pages A-2 and A-3 for further detail.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.
3
METLIFE
CORPORATE OVERVIEW (CONTINUED)
Unaudited December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Book value per common share (1) $ 34.28  $ 35.16  $ 35.79  $ 39.52 
Adjusted book value per common share (1) $ 54.81  $ 55.01  $ 56.23  $ 56.57 
For the Three Months Ended
Unaudited December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Return on MetLife, Inc.'s (2):
Common stockholders' equity 19.6  % 14.9  % 11.7  % 13.1  %
Adjusted return on MetLife, Inc.'s (2):
Adjusted common stockholders' equity 15.4  % 14.4  % 14.6  % 16.9  %
Adjusted common stockholders' equity, excluding total notable items (3)
 15.3  % 14.4  % 14.6  % 16.7  %
For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Common shares outstanding, beginning of period 693.7  689.2  673.3  666.8 
Share repurchases (4.6) (17.0) (6.5) (6.3)
Newly issued shares 0.1  1.1  —  0.2 
Common shares outstanding, end of period 689.2  673.3  666.8  660.7 
Weighted average common shares outstanding - basic 693.0  682.3  670.8  664.7 
Dilutive effect of the exercise or issuance of stock-based awards 4.9  4.7  4.2  4.4 
Weighted average common shares outstanding - diluted 697.9  687.0  675.0  669.1 
MetLife Policyholder Trust Shares 111.6  110.1  108.6  107.4 
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 for further detail.
(3)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.

4
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Total revenues $ 18,666  $ 18,569  $ 17,340  $ 17,361  $ 70,986 
Less: Adjustments to total revenues:
Net investment gains (losses) (311) (387) (273) (325) (1,184)
Net derivative gains (losses) (903) 432  (796) (929) (1,623)
Investment hedge adjustments (127) (103) (102) (100) (604)
Asymmetrical and non-economic accounting, excluding Investment hedge adjustments
 34  36  42  78  158 
Unit-linked contract income
 183  (227) 498  580  1,091 
Reinsurance activity
 31  43  47  177  31 
Other
5  (57) —  (23) 34 
Divested businesses
 16  5  3  2  32 
Total adjusted revenues $ 19,738  $ 18,827  $ 17,921  $ 17,901  $ 73,051 
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Net investment income $ 5,405  $ 4,885  $ 5,661  $ 6,089  $ 21,273 
Less: Adjustments to net investment income:
Investment hedge adjustments (127) (103) (102) (100) (604)
Unit-linked contract income
 183  (227) 498  580  1,091 
Reinsurance activity
 31  43  47  177  31 
Other
 16  (42) 16  (8) 82 
Divested businesses 1  1  —  —  1 
Adjusted net investment income $ 5,301  $ 5,213  $ 5,202  $ 5,440  $ 20,672 
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Variable investment income (Included in net investment income above) $ 293  $ 327  $ 195  $ 483  $ 1,013 
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Premiums, fees and other revenues $ 14,475  $ 13,639  $ 12,748  $ 12,526  $ 52,520 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting 34  36  42  78  158 
Other
(11) (15) (16) (15) (48)
Divested businesses
 15  4  3  2  31 
Adjusted premiums, fees and other revenues $ 14,437  $ 13,614  $ 12,719  $ 12,461  $ 52,379 
Adjusted premiums, fees and other revenues, on a constant currency basis $ 14,569  $ 13,779  $ 12,751  $ 12,461 
5
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Total expenses $ 17,285  $ 17,215  $ 16,360  $ 16,151  $ 65,364 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses (764) 299  (277) (263) (1,109)
Goodwill impairment —  —  —  —  — 
Asymmetrical and non-economic accounting 46  139  31  18  322 
Market volatility (49) (44) (40) (49) (256)
Unit-linked contract costs
 185  (234) 486  578  1,081 
Reinsurance activity
 30  42  45  135  30 
Other
25  19  21  2  49 
Divested businesses
23  9  6  10  57 
Total adjusted expenses $ 17,789  $ 16,985  $ 16,088  $ 15,720  $ 65,190 
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Capitalization of DAC $ (719) $ (698) $ (787) $ (852) $ (2,833)
Less: Divested businesses —  —  —  —  — 
Adjusted capitalization of DAC $ (719) $ (698) $ (787) $ (852) $ (2,833)
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Other expenses $ 3,300  $ 3,271  $ 3,309  $ 3,568  $ 12,792 
Less: Adjustments to other expenses:
Reinsurance activity
 30  42  45  135  30 
Other
25  19  21  2  49 
Divested businesses 13  8  7  9  38 
Adjusted other expenses $ 3,232  $ 3,202  $ 3,236  $ 3,422  $ 12,675 
Adjusted other expenses, on a constant currency basis
 $ 3,292  $ 3,271  $ 3,243  $ 3,422 
6
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months Ended For the Year Ended
Unaudited (In millions, except ratio data) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Other expenses, net of capitalization of DAC $ 2,581  $ 2,573  $ 2,522  $ 2,716  $ 9,959 
Premiums, fees and other revenues $ 14,475  $ 13,639  $ 12,748  $ 12,526  $ 52,520 
Expense ratio 17.8  % 18.9  % 19.8  % 21.7  % 19.0  %
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Adjusted other expenses by major category
Direct expenses $ 1,396  $ 1,459  $ 1,445  $ 1,443  $ 5,611 
Pension, postretirement and postemployment benefit costs 71  70  66  69  266 
Premium taxes, other taxes, and licenses & fees 253  160  158  272  783 
Commissions and other variable expenses 1,512  1,513  1,567  1,638  6,015 
Adjusted other expenses
 3,232  3,202  3,236  3,422  12,675 
Adjusted capitalization of DAC (719) (698) (787) (852) (2,833)
Adjusted other expenses, net of adjusted capitalization of DAC
 $ 2,513  $ 2,504  $ 2,449  $ 2,570  $ 9,842 
For the Three Months Ended For the Year Ended
Unaudited (In millions, except ratio data) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Employee-related costs $ 955  $ 991  $ 935  $ 962  $ 3,696 
Third-party staffing costs 439  353  392  374  1,491 
General and administrative expenses 2  115  118  107  424 
Direct expenses 1,396  1,459  1,445  1,443  5,611 
Less: Total notable items related to direct expenses (1) (152) —  —  —  (152)
Direct expenses, excluding total notable items related to direct expenses (1) $ 1,548  $ 1,459  $ 1,445  $ 1,443  $ 5,763 
Adjusted other expenses, net of adjusted capitalization of DAC
 $ 2,513  $ 2,504  $ 2,449  $ 2,570  $ 9,842 
Less: Total notable items related to adjusted other expenses (1) (85) —  —  102  (85)
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
 $ 2,598  $ 2,504  $ 2,449  $ 2,468  $ 9,927 
Adjusted premiums, fees and other revenues $ 14,437  $ 13,614  $ 12,719  $ 12,461  $ 52,379 
Less: PRT 2,593  1,476  328  (10) 4,849 
Adjusted premiums, fees and other revenues, excluding PRT $ 11,844  $ 12,138  $ 12,391  $ 12,471  $ 47,530 
Direct expense ratio 9.7  % 10.7  % 11.4  % 11.6  % 10.7  %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1) 13.1  % 12.0  % 11.7  % 11.6  % 12.1  %
Adjusted expense ratio 17.4  % 18.4  % 19.3  % 20.6  % 18.8  %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1) 21.9  % 20.6  % 19.8  % 19.8  % 20.9  %
(1)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.

7
METLIFE
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value $ 281,043  $ 291,735  $ 298,737  $ 304,645 
Equity securities, at estimated fair value 712  747  790  788 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 10,672  10,725  11,694  12,270 
Mortgage loans 89,012  87,908  86,868  85,843 
Policy loans 8,545  8,663  8,664  8,589 
Real estate and real estate joint ventures 13,342  13,481  14,007  13,932 
Other limited partnership interests 14,378  14,137  14,279  14,741 
Short-term investments, principally at estimated fair value 5,156  5,543  5,300  5,962 
Other invested assets 18,504  17,470  16,352  16,932 
Total investments 441,364  450,409  456,691  463,702 
Cash and cash equivalents, principally at estimated fair value 20,068  21,326  22,178  20,233 
Accrued investment income 3,489  3,557  3,532  3,791 
Premiums, reinsurance and other receivables 29,761  31,251  31,503  40,329 
Market risk benefits, at estimated fair value 372  317  352  392 
Deferred policy acquisition costs and value of business acquired 19,627  20,162  20,993  21,175 
Current income tax recoverable 295  338  554  374 
Deferred income tax assets 2,994  2,524  2,925  2,719 
Goodwill 8,901  9,036  9,142  9,095 
Other assets 11,082  11,253  11,425  11,572 
Separate account assets 139,504  138,143  143,175  146,344 
Total assets $ 677,457  $ 688,316  $ 702,470  $ 719,726 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits $ 193,646  $ 197,667  $ 198,965  $ 199,169 
Policyholder account balances 221,445  225,623  232,433  235,312 
Market risk benefits, at estimated fair value 2,581  2,844  2,709  2,585 
Other policy-related balances 18,899  19,523  19,899  20,361 
Policyholder dividends payable 385  356  367  369 
Payables for collateral under securities loaned and other transactions 17,128  17,440  17,147  17,139 
Short-term debt 465  381  379  378 
Long-term debt 15,086  14,695  15,374  15,300 
Collateral financing arrangement 476  463  438  398 
Subordinated debt securities 3,164  4,153  4,153  4,154 
Deferred income tax liability 132  430  430  574 
Other liabilities 36,843  38,843  39,074  48,452 
Separate account liabilities 139,504  138,143  143,175  146,344 
Total liabilities 649,754  660,561  674,543  690,535 
Equity
Preferred stock, at par value —  —  —  — 
Common stock, at par value 12  12  12  12 
Additional paid-in capital 33,791  33,820  33,822  32,855 
Retained earnings 42,626  43,131  43,447  43,887 
Treasury stock, at cost (27,798) (29,222) (29,737) (30,244)
Accumulated other comprehensive income (loss) (21,186) (20,248) (19,859) (17,566)
Total MetLife, Inc.'s stockholders' equity 27,445  27,493  27,685  28,944 
Noncontrolling interests 258  262  242  247 
Total equity 27,703  27,755  27,927  29,191 
Total liabilities and equity $ 677,457  $ 688,316  $ 702,470  $ 719,726 
8
METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
   For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Adjusted earnings before provision for income tax
GROUP BENEFITS $ 526  $ 468  $ 508  $ 577 
RIS 487  505  460  551 
ASIA 613  534  489  752 
LATIN AMERICA 258  291  317  208 
EMEA 60  109  128  115 
MIM 20  37  72  78 
CORPORATE & OTHER (15) (102) (141) (100)
Total adjusted earnings before provision for income tax
 $ 1,949  $ 1,842  $ 1,833  $ 2,181 
Provision for income tax expense (benefit)
GROUP BENEFITS $ 110  $ 98  $ 107  $ 121 
RIS 101  99  90  110 
ASIA 170  162  143  212 
LATIN AMERICA 57  72  84  60 
EMEA 1  26  28  28 
MIM 4  9  18  20 
CORPORATE & OTHER 15  (39) (30) (20)
Total provision for income tax expense (benefit)
 $ 458  $ 427  $ 440  $ 531 
Adjusted earnings available to common shareholders
GROUP BENEFITS $ 416  $ 370  $ 401  $ 456 
RIS 386  406  370  441 
ASIA 443  372  346  540 
LATIN AMERICA 201  219  233  148 
EMEA 59  83  100  87 
MIM 16  28  54  58 
CORPORATE & OTHER (1) (62) (129) (142) (146)
Total adjusted earnings available to common shareholders (1) $ 1,459  $ 1,349  $ 1,362  $ 1,584 
(1)Includes impact of preferred stock dividends of $32 million, $66 million, $31 million and $66 million for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, and September 30, 2025, respectively.
9
GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Adjusted revenues
Premiums $ 5,579  $ 5,763  $ 5,801  $ 5,662  $ 22,427 
Universal life and investment-type product policy fees 227  233  240  227  909 
Net investment income 313  353  345  356  1,252 
Other revenues 378  434  405  417  1,534 
Total adjusted revenues 6,497  6,783  6,791  6,662  26,122 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 4,881  5,183  5,161  4,982  19,824 
Policyholder liability remeasurement (gains) losses —  (18) (4) (9) (1)
Interest credited to policyholder account balances 46  72  73  73  191 
Capitalization of DAC (5) (5) (7) (7) (18)
Amortization of DAC, VOBA and negative VOBA 7  6  7  7  26 
Interest expense on debt 1  1  1  1  2 
Other expenses 1,041  1,076  1,052  1,038  4,067 
Total adjusted expenses 5,971  6,315  6,283  6,085  24,091 
Adjusted earnings before provision for income tax 526  468  508  577  2,031 
Provision for income tax expense (benefit) 110  98  107  121  425 
Adjusted earnings 416  370  401  456  1,606 
Preferred stock dividends —  —  —  —  — 
Adjusted earnings available to common shareholders 416  370  401  456  1,606 
Less: Total notable items

 —  —  —  (2) (58)
Adjusted earnings available to common shareholders, excluding total notable items
 $ 416  $ 370  $ 401  $ 458  $ 1,664 
Adjusted premiums, fees and other revenues $ 6,184  $ 6,430  $ 6,446  $ 6,306  $ 24,870 
10
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
   For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Direct and allocated expenses $ 519  $ 529  $ 507  $ 502 
Pension, postretirement and postemployment benefit costs 14  13  15  14 
Premium taxes, other taxes, and licenses & fees 86  83  88  87 
Commissions and other variable expenses 422  451  442  435 
Adjusted other expenses $ 1,041  $ 1,076  $ 1,052  $ 1,038 
OTHER INFORMATION (1)
   For the Three Months Ended
Unaudited (In millions, except ratios) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Group Life (2)
Adjusted premiums, fees and other revenues $ 2,289  $ 2,352  $ 2,371  $ 2,328 
Mortality ratio 83.2  % 84.8  % 83.0  % 83.4  %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues $ 2,771  $ 2,850  $ 2,876  $ 2,814 
Interest adjusted benefit ratio (4) 71.8  % 74.1  % 74.8  % 72.5  %
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.
11
RIS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Adjusted revenues
Premiums $ 3,460  $ 2,284  $ 1,210  $ 1,045  $ 8,034 
Universal life and investment-type product policy fees 99  104  102  99  314 
Net investment income 2,143  2,190  2,166  2,189  8,482 
Other revenues 61  69  70  70  246 
Total adjusted revenues 5,763  4,647  3,548  3,403  17,076 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 4,280  3,120  2,045  1,836  11,246 
Policyholder liability remeasurement (gains) losses —  (15) 1  (14) (170)
Interest credited to policyholder account balances 863  883  903  888  3,371 
Capitalization of DAC (58) (37) (46) (50) (218)
Amortization of DAC, VOBA and negative VOBA 21  19  21  19  66 
Interest expense on debt 4  3  4  3  15 
Other expenses 166  169  160  170  666 
Total adjusted expenses 5,276  4,142  3,088  2,852  14,976 
Adjusted earnings before provision for income tax 487  505  460  551  2,100 
Provision for income tax expense (benefit) 101  99  90  110  433 
Adjusted earnings 386  406  370  441  1,667 
Preferred stock dividends —  —  —  —  — 
Adjusted earnings available to common shareholders 386  406  370  441  1,667 
Less: Total notable items
 —  —  —  13  104 
Adjusted earnings available to common shareholders, excluding total notable items
 $ 386  $ 406  $ 370  $ 428  $ 1,563 
Adjusted premiums, fees and other revenues $ 3,620  $ 2,457  $ 1,382  $ 1,214  $ 8,594 
Less: PRT
 2,593  1,476  328  (10) 4,849 
Adjusted premiums, fees and other revenues, excluding PRT $ 1,027  $ 981  $ 1,054  $ 1,224  $ 3,745 
12
RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Balance, end of period (at balance sheet discount rate) (2)
 $ 71,510  $ 73,415  $ 73,506  $ 74,263 
Less: Accumulated other comprehensive (income) loss (3,134) (2,627) (2,366) (1,209)
Balance, end of period (at original discount rate) 74,644  76,042  75,872  75,472 
Future policyholder benefits subject to reinsurance (at balance sheet discount rate)
 $ 1,956  $ 2,287  $ 2,266  $ 7,750 
Add: Accumulated other comprehensive (income) loss
 13  (16) (27) (149)
Balance, end of period (at original discount rate)
 $ 1,969  $ 2,271  $ 2,239  $ 7,601 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Balance, end of period
 $ 84,923  $ 90,243  $ 92,197  $ 92,291 
Policyholder account balances subject to reinsurance
 $ 3,327 
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Future policyholder benefits (at original discount rate) and Policyholder account balances, excluding amounts subject to reinsurance
 $ 157,598  $ 164,014  $ 165,830  $ 156,835 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Balance, end of period $ 51,420  $ 55,953  $ 54,864  $ 55,671 
SYNTHETIC GICS (3), (4)
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Balance, end of period $ 49,599  $ 53,796  $ 53,740  $ 51,920 
LONGEVITY REINSURANCE (5)
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Balance, end of period $ 25,121  $ 27,369  $ 30,087  $ 29,293 
(1)Includes $3,872 million, $3,899 million, $3,910 million and $3,964 million of DPL at December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(4)Includes $221 million, $1,242 million, $0 and $0 of transfers from separate account GICs to synthetic GICs at December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively.
(5)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the U.K. PRT market.
13
RIS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Direct and allocated expenses $ 80  $ 98  $ 89  $ 88 
Pension, postretirement and postemployment benefit costs 3  4  4  4 
Premium taxes, other taxes, and licenses & fees 18  5  3  7 
Commissions and other variable expenses 65  62  64  71 
Adjusted other expenses $ 166  $ 169  $ 160  $ 170 
SPREAD
For the Three Months Ended
Unaudited December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Investment income yield, excluding variable investment income yield
 5.22  % 5.05  % 5.07  % 5.07  %
Variable investment income yield 6.46  % 9.03  % 5.45  % 13.46  %
Total investment income yield 5.26  % 5.19  % 5.08  % 5.36  %
Average crediting rate 4.35  % 4.28  % 4.31  % 4.33  %
Amortization of DPL and losses at inception (1) (0.21) % (0.20) % (0.21) % (0.24) %
Total average crediting rate 4.14  % 4.08  % 4.10  % 4.09  %
Annualized general account spread (2)
 1.12  % 1.11  % 0.98  % 1.27  %
Annualized general account spread, excluding variable investment income yield
 1.08  % 0.97  % 0.97  % 0.98  %
(1)Includes the amortization of DPL of (0.23)% for the three months ended December 31, 2024, (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, and (0.23%) for the three months ended September 30, 2025.
(2)The general account is comprised of invested assets supporting future policy benefits and policyholder account balances.
14
ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Adjusted revenues
Premiums $ 1,206  $ 1,260  $ 1,278  $ 1,290  $ 4,991 
Universal life and investment-type product policy fees 410  406  399  407  1,690 
Net investment income 1,251  1,204  1,204  1,374  4,658 
Other revenues 19  15  22  20  76 
Total adjusted revenues 2,886  2,885  2,903  3,091  11,415 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 993  1,037  1,051  1,074  4,083 
Policyholder liability remeasurement (gains) losses (59) (11) (12) (141) (35)
Interest credited to policyholder account balances 708  711  757  804  2,695 
Capitalization of DAC (348) (351) (418) (435) (1,380)
Amortization of DAC, VOBA and negative VOBA 214  216  223  207  832 
Interest expense on debt —  —  —  —  — 
Other expenses 765  749  813  830  2,969 
Total adjusted expenses 2,273  2,351  2,414  2,339  9,164 
Adjusted earnings before provision for income tax 613  534  489  752  2,251 
Provision for income tax expense (benefit) 170  162  143  212  630 
Adjusted earnings 443  372  346  540  1,621 
Preferred stock dividends —  —  —  —  — 
Adjusted earnings available to common shareholders 443  $ 372  $ 346  $ 540  1,621 
Less: Total notable items
 —  —  —  70  (41)
Adjusted earnings available to common shareholders, excluding total notable items
 $ 443  $ 372  $ 346  $ 470  $ 1,662 
Adjusted premiums, fees and other revenues $ 1,635  $ 1,681  $ 1,699  $ 1,717  $ 6,757 
15
ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Adjusted premiums, fees and other revenues $ 1,635  $ 1,681  $ 1,699  $ 1,717 
Adjusted premiums, fees and other revenues, on a constant currency basis $ 1,666  $ 1,728  $ 1,685  $ 1,717 
Add: Operating joint ventures, on a constant currency basis (1) 409  1,031  737  831 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis $ 2,075  $ 2,759  $ 2,422  $ 2,548 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Direct and allocated expenses $ 319  $ 306  $ 304  $ 303 
Pension, postretirement and postemployment benefit costs 19  13  14  13 
Premium taxes, other taxes, and licenses & fees 26  29  33  33 
Commissions and other variable expenses 401  401  462  481 
Adjusted other expenses $ 765  $ 749  $ 813  $ 830 
Adjusted other expenses, net of adjusted capitalization of DAC $ 417  $ 398  $ 395  $ 395 
Adjusted other expenses, on a constant currency basis
 $ 783  $ 773  $ 802  $ 830 
Add: Operating joint ventures, on a constant currency basis (2) 93  126  113  135 
Adjusted other expenses, including operating joint ventures, on a constant currency basis $ 876  $ 899  $ 915  $ 965 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
 $ 490  $ 476  $ 463  $ 481 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Japan:
Life $ 108  $ 113  $ 159  $ 216 
Accident & Health 81  69  67  66 
Annuities 113  145  226  178 
Other 2  2  2  1 
Total Japan 304  329  454  461 
Other Asia 213  309  238  325 
   Total sales $ 517  $ 638  $ 692  $ 786 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Adjusted earnings available to common shareholders $ 443  $ 372  $ 346  $ 540 
Adjusted earnings available to common shareholders, excluding total notable items
 $ 443  $ 372  $ 346  $ 470 
Adjusted earnings available to common shareholders, on a constant currency basis $ 446  $ 378  $ 345  $ 540 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
 $ 446  $ 378  $ 345  $ 470 
(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
16
ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
GA AUM $ 120,626  $ 125,119  $ 129,325  $ 131,751 
GA AUM (at amortized cost) $ 129,959  $ 134,352  $ 139,158  $ 140,892 
GA AUM (at amortized cost), on a constant currency basis $ 132,972  $ 135,452  $ 137,926  $ 140,892 
  Add: Operating joint ventures, on a constant currency basis (1) 10,088  11,658  12,388  13,043 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis $ 143,060  $ 147,110  $ 150,314  $ 153,935 
Includes MetLife, Inc.’s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
17
LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Adjusted revenues
Premiums $ 1,098  $ 1,164  $ 1,260  $ 1,288  $ 4,476 
Universal life and investment-type product policy fees 330  340  371  377  1,419 
Net investment income 431  408  445  416  1,650 
Other revenues 10  9  3  (2) 41 
Total adjusted revenues 1,869  1,921  2,079  2,079  7,586 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 1,035  1,091  1,216  1,218  4,127 
Policyholder liability remeasurement (gains) losses 20  (3) —  (4) (9)
Interest credited to policyholder account balances 101  98  96  92  438 
Capitalization of DAC (177) (172) (176) (203) (704)
Amortization of DAC, VOBA and negative VOBA 123  129  137  149  503 
Interest expense on debt 4  4  4  4  15 
Other expenses 505  483  485  615  2,007 
Total adjusted expenses 1,611  1,630  1,762  1,871  6,377 
Adjusted earnings before provision for income tax 258  291  317  208  1,209 
Provision for income tax expense (benefit) 57  72  84  60  328 
Adjusted earnings 201  219  233  148  881 
Preferred stock dividends —  —  —  —  — 
Adjusted earnings available to common shareholders $ 201  $ 219  $ 233  $ 148  $ 881 
Less: Total notable items
 —  —  —  (75) 4 
Adjusted earnings available to common shareholders, excluding total notable items
 $ 201  $ 219  $ 233  $ 223  $ 877 
Adjusted premiums, fees and other revenues $ 1,438  $ 1,513  $ 1,634  $ 1,663  $ 5,936 
18
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Direct and allocated expenses $ 146  $ 135  $ 143  $ 147 
Pension, postretirement and postemployment benefit costs 3  1  2  1 
Premium taxes, other taxes, and licenses & fees 24  23  22  123 
Commissions and other variable expenses 332  324  318  344 
Adjusted other expenses $ 505  $ 483  $ 485  $ 615 
Adjusted other expenses, net of adjusted capitalization of DAC $ 328  $ 311  $ 309  $ 412 
Adjusted other expenses, on a constant currency basis
 $ 534  $ 513  $ 499  $ 615 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis $ 346  $ 329  $ 318  $ 412 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Mexico $ 144  $ 219  $ 191  $ 213 
Chile 122  115  127  121 
All other 86  72  73  107 
Total sales $ 352  $ 406  $ 391  $ 441 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Adjusted premiums, fees and other revenues $ 1,438  $ 1,513  $ 1,634  $ 1,663 
Adjusted earnings available to common shareholders $ 201  $ 219  $ 233  $ 148 
Adjusted earnings available to common shareholders, excluding total notable items
 $ 201  $ 219  $ 233  $ 223 
Adjusted premiums, fees and other revenues, on a constant currency basis $ 1,515  $ 1,600  $ 1,672  $ 1,663 
Adjusted earnings available to common shareholders, on a constant currency basis $ 213  $ 234  $ 241  $ 148 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
 $ 213  $ 234  $ 241  $ 223 

19
EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Adjusted revenues
Premiums $ 568  $ 582  $ 626  $ 638  $ 2,202 
Universal life and investment-type product policy fees 76  78  84  82  314 
Net investment income 59  58  61  66  222 
Other revenues 8  8  9  7  32 
Total adjusted revenues 711  726  780  793  2,770 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 301  277  309  333  1,100 
Policyholder liability remeasurement (gains) losses (3) —  4  3  7 
Interest credited to policyholder account balances 17  17  20  21  70 
Capitalization of DAC (124) (126) (136) (151) (486)
Amortization of DAC, VOBA and negative VOBA 93  94  88  85  355 
Interest expense on debt —  —  —  —  — 
Other expenses 367  355  367  387  1,369 
Total adjusted expenses 651  617  652  678  2,415 
Adjusted earnings before provision for income tax 60  109  128  115  355 
Provision for income tax expense (benefit) 1  26  28  28  72 
Adjusted earnings 59  83  100  87  283 
Preferred stock dividends —  —  —  —  — 
Adjusted earnings available to common shareholders 59  83  100  87  283 
Less: Total notable items
 —  —  —  (1) (5)
Adjusted earnings available to common shareholders, excluding total notable items
 $ 59  $ 83  $ 100  $ 88  $ 288 
Adjusted premiums, fees and other revenues $ 652  $ 668  $ 719  $ 727  $ 2,548 
20
EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Direct and allocated expenses $ 112  $ 109  $ 111  $ 111 
Pension, postretirement and postemployment benefit costs 2  1  (3) 2 
Premium taxes, other taxes, and licenses & fees 7  6  6  7 
Commissions and other variable expenses 246  239  253  267 
Adjusted other expenses $ 367  $ 355  $ 367  $ 387 
Adjusted other expenses, net of adjusted capitalization of DAC $ 243  $ 229  $ 231  $ 236 
Adjusted other expenses, on a constant currency basis
$ 380  $ 370  $ 371  $ 387 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis $ 252  $ 238  $ 233  $ 236 
OTHER INFORMATION
   For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Adjusted premiums, fees and other revenues $ 652  $ 668  $ 719  $ 727 
Adjusted earnings available to common shareholders $ 59  $ 83  $ 100  $ 87 
Adjusted earnings available to common shareholders, excluding total notable items
 $ 59  $ 83  $ 100  $ 88 
Adjusted premiums, fees and other revenues, on a constant currency basis $ 676  $ 699  $ 727  $ 727 
Adjusted earnings available to common shareholders, on a constant currency basis $ 60  $ 87  $ 101  $ 87 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
 $ 60  $ 87  $ 101  $ 88 
Total sales, on a constant currency basis $ 251  $ 320  $ 310  $ 301 
21
METLIFE INVESTMENT MANAGEMENT
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Adjusted revenues
Premiums $ —  $ —  $ —  $ —  $ — 
Universal life and investment-type product policy fees —  —  —  —  — 
Net investment income 1  1  2  1  7 
Other revenues (1) 181  218  237  238  718 
Total adjusted revenues 182  219  239  239  725 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends —  —  —  —  — 
Policyholder liability remeasurement (gains) losses —  —  —  —  — 
Interest credited to policyholder account balances —  —  —  —  — 
Capitalization of DAC —  —  —  —  — 
Amortization of DAC, VOBA and negative VOBA —  —  —  —  — 
Interest expense on debt —  —  —  —  — 
Other expenses 162  182  167  161  652 
Total adjusted expenses 162  182  167  161  652 
Adjusted earnings before provision for income tax 20  37  72  78  73 
Provision for income tax expense (benefit) 4  9  18  20  18 
Adjusted earnings 16  28  54  58  55 
Preferred stock dividends —  —  —  —  — 
Adjusted earnings available to common shareholders 16  28  54  58  55 
Less: Total notable items
 —  —  —  —  — 
Adjusted earnings available to common shareholders, excluding total notable items
 $ 16  $ 28  $ 54  $ 58  $ 55 
Operating margin (2) 11.0  % 16.9  % 30.1  % 32.6  % 10.1  %
(1)Beginning January 1, 2025 revenues earned on MIM GA AUM were determined based on market rates.
(2)Calculated as adjusted earnings before provision for income tax as percentage of total adjusted revenues.
22
METLIFE INVESTMENT MANAGEMENT
ASSETS UNDER MANAGEMENT INFORMATION
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Institutional Client AUM
Beginning Institutional Client AUM $ 178,703  $ 178,666  $ 185,970  $ 200,616 
Additions 14,687  5,945  17,118  19,078 
Withdrawals (9,569) (7,460) (9,103) (9,366)
Change in market value (5,155) 2,217  6,631  2,062 
Acquisitions, dispositions and other
 —  6,602  —  — 
Ending Institutional Client AUM
 $ 178,666  $ 185,970  $ 200,616  $ 212,390 
MIM GA AUM $ 407,063  $ 417,194  $ 423,671  $ 420,204 
Total AUM $ 585,729  $ 603,164  $ 624,287  $ 632,594 
OTHER REVENUES BY CLIENT SEGMENT
For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Institutional client
 $ 76  $ 77  $ 95  $ 98 
General account (1)
 105  141  142  140 
Other revenues $ 181  $ 218  $ 237  $ 238 
(1)Beginning January 1, 2025 revenues earned on MIM GA AUM were determined based on market rates.
23
CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Adjusted revenues
Premiums $ 691  $ 666  $ 632  $ 632  $ 2,784 
Universal life and investment-type product policy fees 75  68  63  55  328 
Net investment income 1,103  999  979  1,038  4,401 
Other revenues (39) (87) (93) (91) (156)
Total adjusted revenues 1,830  1,646  1,581  1,634  7,357 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 1,220  1,210  1,171  1,160  4,961 
Policyholder liability remeasurement (gains) losses —  16  16  4  2 
Interest credited to policyholder account balances 97  36  35  37  390 
Capitalization of DAC (7) (7) (4) (6) (27)
Amortization of DAC, VOBA and negative VOBA 59  55  52  55  239 
Interest expense on debt 250  250  260  263  1,005 
Other expenses 226  188  192  221  945 
Total adjusted expenses 1,845  1,748  1,722  1,734  7,515 
Adjusted earnings before provision for income tax (15) (102) (141) (100) (158)
Provision for income tax expense (benefit) 15  (39) (30) (20) (41)
Adjusted earnings (30) (63) (111) (80) (117)
Preferred stock dividends 32  66  31  66  200 
Adjusted earnings available to common shareholders (62) (129) (142) (146) (317)
Less: Total notable items
 10  —  —  13  22 
Adjusted earnings available to common shareholders, excluding total notable items
 $ (72) $ (129) $ (142) $ (159) $ (339)
Adjusted premiums, fees and other revenues $ 727  $ 647  $ 602  $ 596  $ 2,956 
Adjusted earnings available to common shareholders attributed to business activities $ 153  $ 120  $ 115  $ 173  $ 647 
24
CORPORATE & OTHER
FUTURE POLICY BENEFITS (1)
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Annuities $ 1,515  $ 1,493  $ 1,466  $ 1,457 
Long-Term Care
 14,537  14,716  14,803  15,309 
Life and Other 53,298  52,962  52,748  52,480 
Balance, end of period (at balance sheet discount rate)
 $ 69,350  $ 69,171  $ 69,017  $ 69,246 
Less:
Annuities $ (63) $ (51) $ (43) $ (26)
Long-Term Care
 (919) (872) (922) (547)
Life and Other (34) (26) (26) (10)
Accumulated other comprehensive (income) loss $ (1,016) $ (949) $ (991) $ (583)
Annuities $ 1,578  $ 1,544  $ 1,509  $ 1,483 
Long-Term Care
 15,456  15,588  15,725  15,856 
Life and Other 53,332  52,988  52,774  52,490 
Balance, end of period (at original discount rate) $ 70,366  $ 70,120  $ 70,008  $ 69,829 
Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
Annuities $ 1,393  $ 1,370  $ 1,345  $ 1,326 
Long-Term Care
 —  —  —  — 
Life and Other $ 2,410  $ 2,421  $ 2,455  $ 2,474 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Annuities $ 10,142  $ 6,807  $ 6,633  $ 6,545 
Life and Other 11,117  7,278  7,226  7,164 
Balance, end of period $ 21,259  $ 14,085  $ 13,859  $ 13,709 
Policyholder account balances subject to reinsurance (2)
Annuities $ 3,027  $ 2,930  $ 2,848  $ 2,761 
Life and Other $ 6,357  $ 6,301  $ 6,240  $ 6,178 
MARKET RISK BENEFITS
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Annuities $ 2,073  $ 2,188  $ 2,056  $ 1,957 
Balance, end of period $ 2,073  $ 2,188  $ 2,056  $ 1,957 
Market risk benefits subject to reinsurance (2)
 $ —  $ —  $ —  $ — 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Annuities $ 27,829  $ 19,795  $ 20,317  $ 20,252 
Life and Other 7,065  6,393  7,022  7,317 
Balance, end of period $ 34,894  $ 26,188  $ 27,339  $ 27,569 
Separate account liabilities subject to reinsurance (3)
Annuities $ 79  $ 73  $ 77  $ 77 
Life and Other $ 6,244  $ 5,852  $ 6,429  $ 6,688 
(1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
(3) Separate account assets retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
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 activity and Third-party mortgage loan activity have been excluded from the amounts within this table.
At or For the Three Months Ended
At or For the Year Ended
Unaudited (In millions, except yields) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Fixed Maturity Securities
Yield (1) 4.47  % 4.36  % 4.61  % 4.61  % 4.44  %
Investment income (2), (3) $ 3,326  $ 3,259  $ 3,517  $ 3,485  $ 13,089 
Investment gains (losses) (245) (244) (124) (150) (733)
Ending carrying value (4) 280,227  290,416  297,565  296,663  280,227 
Mortgage Loans
Yield (1) 5.28  % 5.21  % 5.12  % 5.22  % 5.29  %
Investment income (3) 1,085  1,056  1,026  1,009  4,378 
Investment gains (losses) (53) (159) (288) (65) (285)
Ending carrying value (5) 81,460  80,581  79,848  76,896  81,460 
Real Estate and Real Estate Joint Ventures
Yield (1) 1.47  % 4.01  % 3.47  % 1.83  % (0.12) %
Investment income 50  134  120  63  (15)
Investment gains (losses) 70  (40) 3  47  245 
Ending carrying value 13,342  13,481  14,007  13,932  13,342 
Policy Loans
Yield (1) 5.67  % 5.38  % 5.64  % 5.76  % 5.60  %
Investment income 114  107  113  115  453 
Ending carrying value 8,545  8,663  8,664  8,589  8,545 
Equity Securities
Yield (1) 3.23  % 6.16  % 2.30  % 3.46  % 4.38  %
Investment income 5  9  3  4  23 
Investment gains (losses) 4  (12) 45  17  (18)
Ending carrying value 712  747  790  788  712 
Other Limited Partnership Interests
Yield (1) 7.05  % 6.22  % 3.46  % 11.89  % 6.73  %
Investment income 252  222  122  431  965 
Investment gains (losses) 1  (1) 21  4  (55)
Ending carrying value (6) 14,367  14,125  14,265  14,726  14,367 
Cash and Cash Equivalents and Short-term Investments
Yield (1) 4.97  % 4.42  % 4.19  % 4.36  % 5.04  %
Investment income 249  224  232  239  961 
Investment gains (losses) 18  (9) (38) 13  34 
Ending carrying value (7) 25,018  26,862  27,432  25,853  25,018 
Other Invested Assets
Investment income 368  365  218  241  1,414 
Investment gains (losses) 23  4  25  (76) 46 
Ending carrying value (8) 18,504  17,470  16,350  16,871  18,504 
Total Investments
Investment income yield (1) 4.87  % 4.82  % 4.73  % 4.99  % 4.80  %
Investment fees and expenses yield (1) (0.13) % (0.15) % (0.13) % (0.13) % (0.13) %
Net Investment Income Yield (1) 4.74  % 4.67  % 4.60  % 4.86  % 4.67  %
Investment income $ 5,449  $ 5,376  $ 5,351  $ 5,587  $ 21,268 
Investment fees and expenses (147) (162) (149) (147) (595)
Net investment income including divested businesses 5,302  5,214  5,202  5,440  20,673 
Less: Net investment income from divested businesses 1  1  —  —  1 
Adjusted Net Investment Income (9) $ 5,301  $ 5,213  $ 5,202  $ 5,440  $ 20,672 
Ending Carrying Value $ 442,175  $ 452,345  $ 458,921  $ 454,318  $ 442,175 
Investment Portfolio Gains (Losses) (10) $ (182) $ (461) $ (356) $ (210) $ (766)
Gross investment gains 316  142  204  373  1,260 
Gross investment losses (386) (423) (264) (269) (1,696)
Net credit loss (provision) release and (impairments) (112) (180) (296) (314) (330)
Investment Portfolio Gains (Losses) (10) (182) (461) (356) (210) (766)
Investment portfolio gains (losses) income tax (expense) benefit 59  116  94  41  213 
Investment Portfolio Gains (Losses), Net of Income Tax $ (123) $ (345) $ (262) $ (169) $ (553)
Derivative Gains (Losses) (10) (1,159) 344  (892) (746) (2,413)
Derivative gains (losses) income tax (expense) benefit 314  (99) 181  193  605 
Derivative Gains (Losses), Net of Income Tax $ (845) $ 245  $ (711) $ (553) $ (1,808)
See footnotes on Page 29.

26
INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Unaudited (In millions, except ratios) Amount % of Total Amount % of Total Amount % of Total Amount % of Total
U.S. corporate $ 78,584  28.2  % $ 80,316  27.7  % $ 81,562  27.5  % $ 81,720  27.7  %
Foreign corporate 53,354  19.1  % 55,083  19.1  % 58,792  19.9  % 57,798  19.6  %
Foreign government 39,895  14.3  % 40,892  14.2  % 42,097  14.2  % 41,610  14.1  %
Residential mortgage-backed 34,135  12.3  % 39,083  13.5  % 40,764  13.8  % 41,292  14.0  %
U.S. government and agency 33,350  12.0  % 33,535  11.6  % 32,463  11.0  % 32,315  11.0  %
Asset-backed securities and collateralized loan obligations 20,390  7.3  % 20,748  7.2  % 20,929  7.1  % 20,313  6.9  %
Municipals 9,762  3.5  % 9,764  3.4  % 9,802  3.3  % 10,486  3.6  %
Commercial mortgage-backed 9,182  3.3  % 9,388  3.3  % 9,428  3.2  % 9,245  3.1  %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity
 $ 278,652  100.0  % $ 288,809  100.0  % $ 295,837  100.0  % $ 294,779  100.0  %
Reinsurance activity
 2,391  2,926  2,900  9,866 
Fixed Maturity Securities Available-For-Sale $ 281,043  $ 291,735  $ 298,737  $ 304,645 
NRSRO NAIC
RATING DESIGNATION
Aaa / Aa / A 1 $ 192,099  68.9  % $ 199,468  69.1  % $ 203,465  68.8  % $ 202,215  68.7  %
Baa 2 74,345  26.7  % 77,112  26.7  % 80,262  27.1  % 80,465  27.3  %
Ba 3 8,680  3.1  % 8,674  3.0  % 8,566  2.9  % 8,364  2.8  %
B 4 3,035  1.1  % 3,198  1.1  % 3,260  1.1  % 3,379  1.1  %
Caa and lower 5 425  0.2  % 291  0.1  % 204  0.1  % 258  0.1  %
In or near default 6 68  —  % 66  —  % 80  —  % 98  —  %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity
 $ 278,652  100.0  % $ 288,809  100.0  % $ 295,837  100.0  % $ 294,779  100.0  %
Reinsurance activity
 2,391  2,926  2,900  9,866 
Fixed Maturity Securities Available-For-Sale (11)
 $ 281,043  $ 291,735  $ 298,737  $ 304,645 
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Gross unrealized gains $ 4,965  $ 5,398  $ 6,192  $ 7,130 
Gross unrealized losses 31,041  28,891  28,951  26,495 
Net Unrealized Gains (Losses), excluding Reinsurance activity
 $ (26,076) $ (23,493) $ (22,759) $ (19,365)
Reinsurance activity
 (142) (109) (88) (575)
Net Unrealized Gains (Losses) $ (26,218) $ (23,602) $ (22,847) $ (19,940)
See footnotes on Page 29.
27
INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
           
Commercial mortgage loans $ 48,967  $ 47,890  $ 46,674  $ 44,953 
Agricultural mortgage loans 19,030  18,779  18,993  18,045 
Residential mortgage loans 14,186  14,783  15,286  14,968 
Total 82,183  81,452  80,953  77,966 
Allowance for credit loss (723) (871) (1,105) (1,070)
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity
 81,460  80,581  79,848  76,896 
Reinsurance activity
 85  82  78  2,270 
Third-party mortgage loan activity
 7,467  7,245  6,942  6,677 
Mortgage loans
 $ 89,012  $ 87,908  $ 86,868  $ 85,843 
SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE
 
December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Unaudited (In millions, except ratios) Amount % of Total Amount % of Total Amount % of Total Amount % of Total
Pacific $ 8,738  17.8  % $ 8,677  18.1  % $ 8,611  18.4  % $ 8,617  19.2  %
Non-U.S. 7,901  16.1  % 7,802  16.3  % 7,839  16.8  % 7,555  16.8  %
Middle Atlantic 6,938  14.2  % 6,877  14.4  % 6,561  14.1  % 6,369  14.2  %
South Atlantic 5,890  12.0  % 5,796  12.1  % 5,630  12.1  % 5,321  11.8  %
West South Central 3,228  6.6  % 3,214  6.7  % 3,274  7.0  % 3,195  7.1  %
Mountain 2,317  4.7  % 2,455  5.1  % 2,470  5.3  % 2,369  5.3  %
New England 2,680  5.5  % 2,501  5.2  % 2,386  5.1  % 2,340  5.2  %
East North Central 1,453  3.0  % 1,453  3.0  % 1,460  3.1  % 1,398  3.1  %
East South Central 481  1.0  % 481  1.0  % 476  1.0  % 453  1.0  %
West North Central 410  0.8  % 408  0.9  % 407  0.9  % 405  0.9  %
Multi-Region and Other 8,931  18.3  % 8,226  17.2  % 7,560  16.2  % 6,931  15.4  %
Total, excluding Reinsurance activity and Third-party mortgage loan activity
 48,967  100.0  % 47,890  100.0  % 46,674  100.0  % 44,953  100.0  %
Reinsurance activity
 82  82  78  735 
Third-party mortgage loan activity
 7,260  7,047  6,703  6,503 
Total
 $ 56,309  $ 55,019  $ 53,455  $ 52,191 
Office $ 18,269  37.3  % $ 18,134  37.9  % $ 17,912  38.4  % $ 17,253  38.4  %
Apartment 10,472  21.4  % 10,549  22.0  % 9,899  21.2  % 9,713  21.6  %
Retail 6,612  13.5  % 6,502  13.6  % 6,768  14.5  % 6,505  14.5  %
Single Family Rental 5,355  10.9  % 4,844  10.1  % 4,780  10.2  % 4,481  9.9  %
Industrial 4,999  10.2  % 4,506  9.4  % 3,942  8.5  % 3,764  8.4  %
Hotel 3,178  6.5  % 3,268  6.8  % 3,285  7.0  % 3,151  7.0  %
Other 82  0.2  % 87  0.2  % 88  0.2  % 86  0.2  %
Total, excluding Reinsurance activity and Third-party mortgage loan activity
 48,967  100.0  % 47,890  100.0  % 46,674  100.0  % 44,953  100.0  %
Reinsurance activity
 82  82  78  735 
Third-party mortgage loan activity
 7,260  7,047  6,703  6,503 
Total
 $ 56,309  $ 55,019  $ 53,455  $ 52,191 
See footnotes on Page 29.
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), Reinsurance activity, Third-party mortgage loan activity, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of $22 million, ($20) million, $107 million and $99 million for the three months ended December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively, and $205 million for the year ended December 31, 2024.
(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities.
December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Fixed maturity securities available-for-sale $ 281,043  $ 291,735  $ 298,737  $ 304,645 
Less: Reinsurance activity 2,391  2,926  2,900  9,866 
Fixed maturity securities available-for-sale, excluding Reinsurance activity $ 278,652  $ 288,809  $ 295,837  $ 294,779 
Add: Fair value option securities 1,575  1,607  1,728  1,884 
Fixed maturity securities, excluding Reinsurance activity $ 280,227  $ 290,416  $ 297,565  $ 296,663 
(5)The following table presents a reconciliation to ending carrying value presented for mortgage loans.
December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Mortgage Loans $ 89,012  $ 87,908  $ 86,868  $ 85,843 
Less: Reinsurance activity 85  82  78  2,270 
Less: Third-party mortgage loan activity 7,467  7,245  6,942  6,677 
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity $ 81,460  $ 80,581  $ 79,848  $ 76,896 
(6)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests.
December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Other limited partnership interests $ 14,378  $ 14,137  $ 14,279  $ 14,741 
Less: Reinsurance activity 11  12  14  15 
Other limited partnership interests, excluding Reinsurance activity $ 14,367  $ 14,125  $ 14,265  $ 14,726 
(7)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments.
December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Cash and cash equivalents and short-term investments $ 25,224  $ 26,869  $ 27,478  $ 26,195 
Less: Reinsurance activity 206  7  46  342 
Cash and cash equivalents and short-term investments, excluding Reinsurance activity $ 25,018  $ 26,862  $ 27,432  $ 25,853 
(8)The following table presents a reconciliation to ending carrying value presented for other invested assets.
December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Other invested assets $ 18,504  $ 17,470  $ 16,352  $ 16,932 
Less: Reinsurance activity
 —  —  2  61 
Other invested assets, excluding Reinsurance activity
 $ 18,504  $ 17,470  $ 16,350  $ 16,871 
(9)Adjusted net investment income reflects the adjustments as presented on Page 5.
(10)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
For the Three Months Ended For the Year Ended
December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Net investment gains (losses) $ (311) $ (387) $ (273) $ (325) $ (1,184)
Less: Non-investment portfolio gains (losses) (122) 65  86  (88) (336)
Less: Third-party mortgage loan activity 11  (34) 20  (75) (4)
Add: Joint venture adjustments (12) 16  (42) 16  (53) 82 
Less: Reinsurance activity —  —  —  (1) — 
Less: Other (12) (2) 1  (7) (4) 4 
Investment portfolio gains (losses) $ (182) $ (461) $ (356) $ (210) $ (766)
For the Three Months Ended For the Year Ended
December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Net derivative gains (losses) $ (903) $ 432  $ (796) $ (929) $ (1,623)
Less: Investment hedge adjustments 127  103  102  100  604 
Add: Joint venture adjustments (12) —  —  —  45  — 
Less: Reinsurance activity 110  (35) (22) (247) 110 
Less: Other (12) 19  20  16  9  76 
Derivative gains (losses) $ (1,159) $ 344  $ (892) $ (746) $ (2,413)
(11)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
(12)Certain amounts in prior periods are reclassified to conform to current period presentation.
29
image0a45.jpg
Appendix





APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders $ 1,239  $ 879  $ 698  $ 818  $ 4,226 
Add: Preferred stock dividends 32  66  31  66  200 
Add: Preferred stock redemption premium —  —  —  12  — 
Add: Net income (loss) attributable to noncontrolling interests 4  5  6  6  18 
Net income (loss) 1,275  950  735  902  4,444 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses) (311) (387) (273) (325) (1,184)
Net derivative gains (losses) (903) 432  (796) (929) (1,623)
Market risk benefit remeasurement gains (losses) 764  (299) 277  263  1,109 
Premiums - Divested businesses
 15  4  3  —  31 
Universal life and investment-type product policy fees
Asymmetrical and non-economic accounting
 —  —  —  —  — 
Divested businesses
 —  —  —  —  — 
Net investment income
Investment hedge adjustments (127) (103) (102) (100) (604)
Joint venture adjustments 16  (42) 16  (8) 82 
Unit-linked contract income 183  (227) 498  580  1,091 
Reinsurance activity
 31  43  47  177  31 
Divested businesses 1  1  —  —  1 
Other revenues
Asymmetrical and non-economic accounting 34  36  42  78  158 
Other adjustments (11) (15) (16) (15) (48)
Divested businesses —  —  —  2  — 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting (51) (75) (1) 52  (219)
Market volatility 49  44  40  49  256 
Divested businesses (10) (1) 1  (1) (19)
Policyholder liability remeasurement (gains) losses
Asymmetrical and non-economic accounting —  —  —  (2) — 
Divested businesses —  —  —  —  — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting 5  (64) (30) (68) (103)
Unit-linked contract costs (185) 234  (486) (578) (1,081)
Divested businesses —  —  —  —  — 
Capitalization of DAC - Divested businesses
 —  —  —  —  — 
Amortization of DAC, VOBA and negative VOBA - Divested businesses
 —  —  —  —  — 
Interest expense on debt
Divested businesses —  —  —  —  — 
Other expenses
Reinsurance activity
 (30) (42) (45) (135) (30)
Other adjustments, excluding Reinsurance activity (25) (19) (21) (2) (49)
Divested businesses (13) (8) (7) (9) (38)
Goodwill impairment —  —  —  —  — 
Provision for income tax (expense) benefit 352  23  195  223  687 
Adjusted earnings 1,491  1,415  1,393  1,650  5,996 
Less: Preferred stock dividends 32  66  31  66  200 
Adjusted earnings available to common shareholders $ 1,459  $ 1,349  $ 1,362  $ 1,584  $ 5,796 
A-1
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Actuarial assumption review and other insurance adjustments $ —  $ —  $ —  $ 89  $ 16 
Litigation reserves and settlement costs (47) —  —  —  (47)
Tax adjustments 57  —  —  (71) 57 
Total notable items $ 10  $ —  $ —  $ 18  $ 26 
GROUP BENEFITS
For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Actuarial assumption review and other insurance adjustments $ —  $ —  $ —  $ (2) $ (58)
Total notable items $ —  $ —  $ —  $ (2) $ (58)
RIS
   For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Actuarial assumption review and other insurance adjustments $ —  $ —  $ —  $ 13  $ 104 
Total notable items $ —  $ —  $ —  $ 13  $ 104 
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.
A-2
APPENDIX
METLIFE
NOTABLE ITEMS (CONTINUED)
ASIA
   For the Three Months Ended For the Year Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Actuarial assumption review and other insurance adjustments
$ —  $ —  $ —  $ 70  $ (41)
Total notable items
 $ —  $ —  $ —  $ 70  $ (41)
LATIN AMERICA
  
 For the Three Months Ended For the Year Ended
Unaudited (In millions)
 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Actuarial assumption review and other insurance adjustments
 $ —  $ —  $ —  $ (4) $ 4 
Tax adjustments
 —  —  —  (71) — 
Total notable items
 $ —  $ —  $ —  $ (75) $ 4 
EMEA
  
 For the Three Months Ended For the Year Ended
Unaudited (In millions)
 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Actuarial assumption review and other insurance adjustments
$ —  $ —  $ —  $ (1) $ (5)
Total notable items
$ —  $ —  $ —  $ (1) $ (5)
CORPORATE & OTHER (2)
  
 For the Three Months Ended For the Year Ended
Unaudited (In millions)
 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2024
Actuarial assumption review and other insurance adjustments
$ —  $ —  $ —  $ 13  $ 12 
Litigation reserves and settlement costs (47) —  —  —  (47)
Tax adjustments 57  —  —  —  57 
Total notable items $ 10  $ —  $ —  $ 13  $ 22 
(2) Certain amounts in prior periods have been reclassified to conform to current period presentation.
A-3
APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Total MetLife, Inc.'s stockholders' equity $ 27,445  $ 27,493  $ 27,685  $ 28,944 
Less: Preferred stock 3,818  3,818  3,818  2,830 
MetLife, Inc.'s common stockholders' equity 23,627  23,675  23,867  26,114 
Less: Unrealized investment gains (losses), net of related offsets and income tax (19,402) (17,329) (16,484) (14,667)
Deferred gains (losses) on derivatives, net of income tax
 370  179  (1,466) (1,239)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax 6,529  5,334  5,876  6,028 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax (71) (31) (64) (83)
  Defined benefit plans adjustment, net of income tax (1,442) (1,416) (1,407) (1,390)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
 (129) (100) (83) 92 
Total MetLife, Inc.'s adjusted common stockholders' equity
 37,772  37,038  37,495  37,373 
Less: Accumulated year-to-date total notable items, net of income tax (2)
 26  —  —  18 
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2)
 $ 37,746  $ 37,038  $ 37,495  $ 37,355 
Unaudited (In millions, except per share data) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Book value per common share $ 34.28  $ 35.16  $ 35.79  $ 39.52 
Less: Unrealized investment gains (losses), net of related offsets and income tax (28.15) (25.74) (24.72) (22.20)
  Deferred gains (losses) on derivatives, net of income tax
 0.54  0.27  (2.20) (1.88)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax 9.46  7.92  8.81  9.12 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax (0.10) (0.05) (0.10) (0.13)
  Defined benefit plans adjustment, net of income tax (2.09) (2.10) (2.11) (2.10)
  Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
 (0.19) (0.15) (0.12) 0.14 
Adjusted book value per common share
 $ 54.81  $ 55.01  $ 56.23  $ 56.57 
Common shares outstanding, end of period 689.2  673.3  666.8  660.7 
For the Three Months Ended (3)
Unaudited (In millions, except ratios) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Return on MetLife, Inc.'s:
Common stockholders' equity 19.6  % 14.9  % 11.7  % 13.1  %
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity
 15.4  % 14.4  % 14.6  % 16.9  %
Adjusted common stockholders' equity, excluding total notable items (2)
 15.3  % 14.4  % 14.6  % 16.7  %
Average common stockholders' equity $ 25,347  $ 23,651  $ 23.771  $ 24,991 
Average adjusted common stockholders' equity
 $ 37,867  $ 37,405  $ 37,267  $ 37,434 
Average adjusted common stockholders' equity, excluding total notable items (2)
 $ 37,846  $ 37,405  $ 37,267  $ 37,425 
(1)Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to the reinsurers.
(2)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.
(3) Annualized using quarter-to-date results.
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) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
GROUP BENEFITS (1) $ 6,184  $ 6,430  $ 6,446  $ 6,306 
RIS (1) 3,620  2,457  1,382  1,214 
ASIA 1,666  1,728  1,685  1,717 
LATIN AMERICA 1,515  1,600  1,672  1,663 
EMEA 676  699  727  727 
MIM (1) 181  218  237  238 
CORPORATE & OTHER (1) 727  647  602  596 
Adjusted premiums, fees and other revenues, on a constant currency basis $ 14,569  $ 13,779  $ 12,751  $ 12,461 
Adjusted premiums, fees and other revenues $ 14,437  $ 13,614  $ 12,719  $ 12,461 
ASIA (including operating joint ventures) (2), (3) $ 2,075  $ 2,759  $ 2,422  $ 2,548 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
GROUP BENEFITS (1) $ 1,041  $ 1,076  $ 1,052  $ 1,038 
RIS (1) 166  169  160  170 
ASIA 783  773  802  830 
LATIN AMERICA 534  513  499  615 
EMEA 380  370  371  387 
MIM (1) 162  182  167  161 
CORPORATE & OTHER (1) 226  188  192  221 
Adjusted other expenses, on a constant currency basis
 $ 3,292  $ 3,271  $ 3,243  $ 3,422 
Adjusted other expenses $ 3,232  $ 3,202  $ 3,236  $ 3,422 
ASIA (including operating joint ventures) (2), (4) $ 876  $ 899  $ 915  $ 965 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
GROUP BENEFITS (1) $ 416  $ 370  $ 401  $ 456 
RIS (1) 386  406  370  441 
ASIA 446  378  345  540 
LATIN AMERICA 213  234  241  148 
EMEA 60  87  101  87 
MIM (1) 16  28  54  58 
CORPORATE & OTHER (1) (62) (129) (142) (146)
Adjusted earnings available to common shareholders, on a constant currency basis $ 1,475  $ 1,374  $ 1,370  $ 1,584 
Adjusted earnings available to common shareholders $ 1,459  $ 1,349  $ 1,362  $ 1,584 
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses for operating joint ventures are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 15.
(3) Includes MetLife, Inc.’s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.’s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife’s percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
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) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•
Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.
•
Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
“Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.
Other adjustments are made in calculating adjusted earnings:
•
Net investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities (“Unit-linked contract income” and “Unit-linked contract costs”).
•
Net investment income and other expenses exclude Reinsurance activity (as defined below).
•
Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•
Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
•
“Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

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: direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.
•
Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
•
Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
•
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
A-8
APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Assets Under Management
•
Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below).
•
MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that MIM manages or advises.
•
General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account (“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate equity and include them as commercial mortgage loans.
•
Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement.
◦
Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
◦
Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.'s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
◦
Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements.
•
Asia General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.

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