# EDGAR Filing Document

**Accession Number:** 0001099219
**File Stem:** 0001099219-26-000005
**Filing Date:** 2026-1
**Character Count:** 231520
**Document Hash:** d13091243e8a9a7f91906b7f70c7099a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099219-26-000005.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001099219-26-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260109

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** METLIFE INC
- **CENTRAL INDEX KEY:** 0001099219
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 134075851
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15787
- **FILM NUMBER:** 26521325

**BUSINESS ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166
- **BUSINESS PHONE:** 212-578-5500

**MAIL ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166

?xml version='1.0' encoding='ASCII'? met-20260109

**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** | **1-15787** | **1-15787** | **1-15787** | **13-4075851** |
| **(Commission File Number)** | **(Commission File Number)** | **(Commission File Number)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |
| | **200 Park Avenue,** | **New York,** | **NY** | **10166-0188** |
| **(Address of Principal Executive Offices)** | **(Address of Principal Executive Offices)** | **(Address of Principal Executive Offices)** | **(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:

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock, par value $0.01 | MET | New York Stock Exchange |
| Floating Rate Non-Cumulative Preferred Stock,<br>Series A, par value $0.01 | MET PRA | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th<br>interest in a share of 5.625% Non-Cumulative <br>Preferred Stock, Series E | MET PRE | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F | MET PRF | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

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.&nbsp;&nbsp;&nbsp;&nbsp;☐

------

**Item 7.01 Regulation FD Disclosure.**

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

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

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

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

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

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

------

**Item 9.01 Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| <u>[99.1](ex991preqfsq425.htm)</u> | <u>[Historical Results Financial Supplement for the quarters ended December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025 and the year ended December 31, 2024.](ex991preqfsq425.htm)</u> |

---

101 Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| METLIFE, INC. | METLIFE, INC. | METLIFE, INC. |
| By: | /s/ Adrienne O'Neill | /s/ Adrienne O'Neill |
|  | Name: | Adrienne O'Neill |
|  | Title: | Executive Vice President and<br>Chief Accounting Officer |

---

Date: January 9, 2026

## Exhibit 99.1

<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

Exhibit 99.1

![image0a45.jpg](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.***

------

<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

---

| | |
|:---|:---|
| **METLIFE<br>**TABLE OF CONTENTS**** | **METLIFE<br>**TABLE OF CONTENTS**** |
| **<u>[GAAP CONSOLIDATED STATEMENTS OF OPERATIONS](#ic3291610257a4855841539d4af78df21_7)</u>** | **<u>[2](#ic3291610257a4855841539d4af78df21_7)</u>** |
| **<u>[CORPORATE OVERVIEW](#ic3291610257a4855841539d4af78df21_10)</u>** | **<u>[3](#ic3291610257a4855841539d4af78df21_10)</u>** |
| **<u>[KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS](#ic3291610257a4855841539d4af78df21_16)</u>** | **<u>[5](#ic3291610257a4855841539d4af78df21_16)</u>** |
| **<u>[EXPENSE DETAIL AND RATIOS](#ic3291610257a4855841539d4af78df21_22)</u>** | **<u>[7](#ic3291610257a4855841539d4af78df21_22)</u>** |
| **<u>[GAAP CONSOLIDATED BALANCE SHEETS](#ic3291610257a4855841539d4af78df21_25)</u>** | **<u>[8](#ic3291610257a4855841539d4af78df21_25)</u>** |
| **<u>[SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS](#ic3291610257a4855841539d4af78df21_28)</u>** | **<u>[9](#ic3291610257a4855841539d4af78df21_28)</u>** |
| **<u>[Group Benefits](#ic3291610257a4855841539d4af78df21_31)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ic3291610257a4855841539d4af78df21_31)</u> | **<u>[10](#ic3291610257a4855841539d4af78df21_31)</u>** |
| &nbsp;&nbsp;<u>[Other Expenses by Major Category; and Other Information](#ic3291610257a4855841539d4af78df21_34)</u> | **<u>[11](#ic3291610257a4855841539d4af78df21_34)</u>** |
| **<u>[RIS](#ic3291610257a4855841539d4af78df21_37)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ic3291610257a4855841539d4af78df21_37)</u> | **<u>[12](#ic3291610257a4855841539d4af78df21_37)</u>** |
| &nbsp;&nbsp;<u>[Future Policy Benefits; Policyholder Account Balances; Separate Account Liabilities; Synthetic GICs; and Longevity Reinsurance](#ic3291610257a4855841539d4af78df21_40)</u> | **<u>[13](#ic3291610257a4855841539d4af78df21_40)</u>** |
| &nbsp;&nbsp;<u>[Other Expenses by Major Category; and Spread](#ic3291610257a4855841539d4af78df21_43)</u> | **<u>[14](#ic3291610257a4855841539d4af78df21_43)</u>** |
| **<u>[ASIA](#ic3291610257a4855841539d4af78df21_46)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ic3291610257a4855841539d4af78df21_46)</u> | **<u>[15](#ic3291610257a4855841539d4af78df21_46)</u>** |
| &nbsp;&nbsp;<u>[Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Information](#ic3291610257a4855841539d4af78df21_49)</u> | **<u>[16](#ic3291610257a4855841539d4af78df21_49)</u>** |
| &nbsp;&nbsp;<u>[Asia General Account Assets Under Management and Related Measures](#ic3291610257a4855841539d4af78df21_52)</u> | **<u>[17](#ic3291610257a4855841539d4af78df21_52)</u>** |
| **<u>[LATIN AMERICA](#ic3291610257a4855841539d4af78df21_55)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ic3291610257a4855841539d4af78df21_55)</u> | **<u>[18](#ic3291610257a4855841539d4af78df21_55)</u>** |
| &nbsp;&nbsp;<u>[Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Information](#ic3291610257a4855841539d4af78df21_58)</u> | **<u>[19](#ic3291610257a4855841539d4af78df21_58)</u>** |
| **<u>[EMEA](#ic3291610257a4855841539d4af78df21_61)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ic3291610257a4855841539d4af78df21_61)</u> | **<u>[20](#ic3291610257a4855841539d4af78df21_61)</u>** |
| &nbsp;&nbsp;<u>[Other Expenses by Major Category; and Other Information](#ic3291610257a4855841539d4af78df21_64)</u> | **<u>[21](#ic3291610257a4855841539d4af78df21_64)</u>** |
| **<u>[METLIFE INVESTMENT MANAGEMENT](#ic3291610257a4855841539d4af78df21_67)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ic3291610257a4855841539d4af78df21_67)</u> | **<u>[22](#ic3291610257a4855841539d4af78df21_67)</u>** |
| &nbsp;&nbsp;<u>[Assets Under Management Information; and Other Revenues by Client Segment](#ic3291610257a4855841539d4af78df21_133)</u> | **<u>[23](#ic3291610257a4855841539d4af78df21_133)</u>** |
| **<u>[CORPORATE & OTHER](#ic3291610257a4855841539d4af78df21_76)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ic3291610257a4855841539d4af78df21_76)</u> | **<u>[24](#ic3291610257a4855841539d4af78df21_76)</u>** |
| &nbsp;&nbsp;<u>[Future Policy Benefits; Policyholder Account Balances; Market Risk Benefits; and Separate Account Liabilities](#ic3291610257a4855841539d4af78df21_70)</u> | **<u>[25](#ic3291610257a4855841539d4af78df21_70)</u>** |
| **<u>[INVESTMENTS](#ic3291610257a4855841539d4af78df21_79)</u>** |  |
| &nbsp;&nbsp;<u>[Investment Portfolio Results by Asset Category and Annualized Yields](#ic3291610257a4855841539d4af78df21_79)</u> | **<u>[26](#ic3291610257a4855841539d4af78df21_79)</u>** |
| &nbsp;&nbsp;<u>[Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses: Fixed Maturity Securities Available-for-Sale](#ic3291610257a4855841539d4af78df21_82)</u> | **<u>[27](#ic3291610257a4855841539d4af78df21_82)</u>** |
| &nbsp;&nbsp;<u>[Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type](#ic3291610257a4855841539d4af78df21_85)</u> | **<u>[28](#ic3291610257a4855841539d4af78df21_85)</u>** |
| &nbsp;&nbsp;<u>[Footnotes](#ic3291610257a4855841539d4af78df21_88)</u> | **<u>[29](#ic3291610257a4855841539d4af78df21_88)</u>** |
| **<u>[APPENDIX](#ic3291610257a4855841539d4af78df21_91)</u>** |  |
| &nbsp;&nbsp;<u>[Reconciliation Detail](#ic3291610257a4855841539d4af78df21_94)</u> | **<u>[A-1](#ic3291610257a4855841539d4af78df21_94)</u>** |
| &nbsp;&nbsp;<u>[Notable Items](#ic3291610257a4855841539d4af78df21_97)</u> | **<u>[A-2](#ic3291610257a4855841539d4af78df21_97)</u>** |
| &nbsp;&nbsp;<u>[Equity Details, Book Value Details and Return on Equity](#ic3291610257a4855841539d4af78df21_103)</u> | **<u>[A-4](#ic3291610257a4855841539d4af78df21_103)</u>** |
| &nbsp;&nbsp;<u>[Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis](#ic3291610257a4855841539d4af78df21_106)</u> | **<u>[A-5](#ic3291610257a4855841539d4af78df21_106)</u>** |
| &nbsp;&nbsp;<u>[Non-GAAP and Other Financial Disclosures](#ic3291610257a4855841539d4af78df21_109)</u> | **<u>[A-6](#ic3291610257a4855841539d4af78df21_109)</u>** |
| &nbsp;&nbsp;<u>[Acronyms](#ic3291610257a4855841539d4af78df21_118)</u> | **<u>[A-10](#ic3291610257a4855841539d4af78df21_118)</u>** |

---

------

<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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.** | **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.** | **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.** | **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.** | **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.** | **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** | **GAAP CONSOLIDATED STATEMENTS OF OPERATIONS** | **GAAP CONSOLIDATED STATEMENTS OF OPERATIONS** | **GAAP CONSOLIDATED STATEMENTS OF OPERATIONS** | **GAAP CONSOLIDATED STATEMENTS OF OPERATIONS** | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 | $12617 | $11723 | $10810 | $10555 | $44945 |
| Universal life and investment-type product policy fees | 1217 | 1229 | 1259 | 1247 | 4974 |
| Net investment income | 5405 | 4885 | 5661 | 6089 | 21273 |
| Other revenues | 641 | 687 | 679 | 724 | 2601 |
| Net investment gains (losses) | (311) | (387) | (273) | (325) | (1184) |
| Net derivative gains (losses) | (903) | 432 | (796) | (929) | (1623) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 18666 | 18569 | 17340 | 17361 | 70986 |
| **Expenses** |  |  |  |  |  |
| Policyholder benefits and claims | 12572 | 11806 | 10767 | 10369 | 44728 |
| Policyholder liability remeasurement (gains) losses | (42) | (31) | 5 | (159) | (206) |
| Market risk benefit remeasurement (gains) losses | (764) | 299 | (277) | (263) | (1109) |
| Interest credited to policyholder account balances | 2012 | 1647 | 2400 | 2561 | 8339 |
| Policyholder dividends | 150 | 144 | 146 | 134 | 595 |
| Amortization of DAC, VOBA and negative VOBA | 517 | 519 | 528 | 522 | 2021 |
| Interest expense on debt | 259 | 258 | 269 | 271 | 1037 |
| Other expenses, net of capitalization of DAC | 2581 | 2573 | 2522 | 2716 | 9959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 17285 | 17215 | 16360 | 16151 | 65364 |
| Income (loss) before provision for income tax | 1381 | 1354 | 980 | 1210 | 5622 |
| Provision for income tax expense (benefit) | 106 | 404 | 245 | 308 | 1178 |
| Net income (loss) | 1275 | 950 | 735 | 902 | 4444 |
| Less: Net income (loss) attributable to noncontrolling interests | 4 | 5 | 6 | 6 | 18 |
| Net income (loss) attributable to MetLife, Inc. | 1271 | 945 | 729 | 896 | 4426 |
| Less: Preferred stock dividends | 32 | 66 | 31 | 66 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock redemption premium |  |  |  | 12 |  |
| **Net income (loss) available to MetLife, Inc.'s common shareholders** | $1239 | $879 | $698 | $818 | $4226 |
| Premiums, fees and other revenues | $14475 | $13639 | $12748 | $12526 | $52520 |

---

------

<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **METLIFE<br>CORPORATE OVERVIEW** | **METLIFE<br>CORPORATE OVERVIEW** | **METLIFE<br>CORPORATE OVERVIEW** | **METLIFE<br>CORPORATE OVERVIEW** | **METLIFE<br>CORPORATE OVERVIEW** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 | $1239 | $879 | $698 | $818 |
| Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net investment gains (losses) | (311) | (387) | (273) | (325) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net derivative gains (losses) | (903) | 432 | (796) | (929) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Market risk benefit remeasurement gains (losses) | 764 | (299) | 277 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill impairment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other adjustments to net income (loss) (1) | (118) | (234) | (61) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Provision for income tax (expense) benefit | 352 | 23 | 195 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Net income (loss) attributable to noncontrolling interests | 4 | 5 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Preferred stock redemption premium |  |  |  | 12 |
| Adjusted earnings available to common shareholders | 1459 | 1349 | 1362 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items (2) | 10 |  |  | 18 |
| Adjusted earnings available to common shareholders, excluding total notable items (2) | $1449 | $1349 | $1362 | $1566 |
| Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share | $1.78 | $1.28 | $1.03 | $1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net investment gains (losses) | (0.45) | (0.56) | (0.40) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net derivative gains (losses) | (1.29) | 0.63 | (1.18) | (1.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Market risk benefit remeasurement gains (losses) | 1.09 | (0.44) | 0.41 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill impairment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other adjustments to net income (loss) | (0.15) | (0.33) | (0.10) | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Provision for income tax (expense) benefit | 0.50 | 0.03 | 0.29 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Net income (loss) attributable to noncontrolling interests | 0.01 | 0.01 | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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* | *For the Three Months Ended* | *For the Three Months Ended* | *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) |
| &nbsp;&nbsp;&nbsp;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) |
| &nbsp;&nbsp;&nbsp;Total notable items | $0.01 | $— | $— | $0.03 |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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. | (1)See Pages A-1 and A-7 for further detail. | (1)See Pages A-1 and A-7 for further detail. | (1)See Pages A-1 and A-7 for further detail. | (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.  | (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.  | (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.  | (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.  | (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)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)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)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)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.  |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **METLIFE<br>CORPORATE OVERVIEW (CONTINUED)** | | | | |
| *Unaudited* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| Book value per common share (1) | $34.28 | $35.16 | $35.79 | $39.52 |
| Adjusted book value per common share (1) | $54.81 | $55.01 | $56.23 | $56.57 |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| Return on MetLife, Inc.'s (2): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity | 19.6% | 14.9% | 11.7% | 13.1% |
| Adjusted return on MetLife, Inc.'s (2): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted common stockholders' equity | 15.4% | 14.4% | 14.6% | 16.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted common stockholders' equity, excluding total notable items (3) | 15.3% | 14.4% | 14.6% | 16.7% |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share repurchases | (4.6) | (17.0) | (6.5) | (6.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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. | (1) Calculated using common shares outstanding, end of period. | (1) Calculated using common shares outstanding, end of period. | (1) Calculated using common shares outstanding, end of period. | (1) Calculated using common shares outstanding, end of period. |
| (2) Annualized using quarter-to-date results. See Page A-4 for further detail. | (2) Annualized using quarter-to-date results. See Page A-4 for further detail. | (2) Annualized using quarter-to-date results. See Page A-4 for further detail. | (2) Annualized using quarter-to-date results. See Page A-4 for further detail. | (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. | (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. | (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. | (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. | (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. |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS** | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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** | $18666 | $18569 | $17340 | $17361 | $70986 |
| Less: Adjustments to total revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses) | (311) | (387) | (273) | (325) | (1184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | (903) | 432 | (796) | (929) | (1623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment hedge adjustments | (127) | (103) | (102) | (100) | (604) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asymmetrical and non-economic accounting, excluding Investment hedge adjustments | 34 | 36 | 42 | 78 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-linked contract income | 183 | (227) | 498 | 580 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance activity | 31 | 43 | 47 | 177 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | 5 | (57) |  | (23) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 16 | 5 | 3 | 2 | 32 |
| **Total adjusted revenues** | $19738 | $18827 | $17921 | $17901 | $73051 |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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** | $5405 | $4885 | $5661 | $6089 | $21273 |
| Less: Adjustments to net investment income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment hedge adjustments | (127) | (103) | (102) | (100) | (604) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-linked contract income | 183 | (227) | 498 | 580 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance activity | 31 | 43 | 47 | 177 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 16 | (42) | 16 | (8) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 1 | 1 |  |  | 1 |
| **Adjusted net investment income** | $5301 | $5213 | $5202 | $5440 | $20672 |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 | $1013 |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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** | $14475 | $13639 | $12748 | $12526 | $52520 |
| Less: Adjustments to premiums, fees and other revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asymmetrical and non-economic accounting | 34 | 36 | 42 | 78 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | (11) | (15) | (16) | (15) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 15 | 4 | 3 | 2 | 31 |
| **Adjusted premiums, fees and other revenues** | $14437 | $13614 | $12719 | $12461 | $52379 |
| **Adjusted premiums, fees and other revenues, on a constant currency basis** | $14569 | $13779 | $12751 | $12461 |  |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)** | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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** | $17285 | $17215 | $16360 | $16151 | $65364 |
| Less: Adjustments to total expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market risk benefit remeasurement (gains) losses | (764) | 299 | (277) | (263) | (1109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asymmetrical and non-economic accounting | 46 | 139 | 31 | 18 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market volatility | (49) | (44) | (40) | (49) | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-linked contract costs | 185 | (234) | 486 | 578 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance activity | 30 | 42 | 45 | 135 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | 25 | 19 | 21 | 2 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Divested businesses  | 23 | 9 | 6 | 10 | 57 |
| **Total adjusted expenses** | $17789 | $16985 | $16088 | $15720 | $65190 |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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) | $(2833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Divested businesses |  |  |  |  |  |
| **Adjusted capitalization of DAC** | $(719) | $(698) | $(787) | $(852) | $(2833) |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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** | $3300 | $3271 | $3309 | $3568 | $12792 |
| Less: Adjustments to other expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance activity | 30 | 42 | 45 | 135 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | 25 | 19 | 21 | 2 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 13 | 8 | 7 | 9 | 38 |
| **Adjusted other expenses** | $3232 | $3202 | $3236 | $3422 | $12675 |
| **Adjusted other expenses, on a constant currency basis** | $3292 | $3271 | $3243 | $3422 |  |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE<br>EXPENSE DETAIL AND RATIOS** | **METLIFE<br>EXPENSE DETAIL AND RATIOS** | **METLIFE<br>EXPENSE DETAIL AND RATIOS** | **METLIFE<br>EXPENSE DETAIL AND RATIOS** | **METLIFE<br>EXPENSE DETAIL AND RATIOS** | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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** | $2581 | $2573 | $2522 | $2716 | $9959 |
| **Premiums, fees and other revenues** | $14475 | $13639 | $12748 | $12526 | $52520 |
| **Expense ratio** | 17.8% | 18.9% | 19.8% | 21.7% | 19.0% |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct expenses | $1396 | $1459 | $1445 | $1443 | $5611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension, postretirement and postemployment benefit costs | 71 | 70 | 66 | 69 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium taxes, other taxes, and licenses & fees | 253 | 160 | 158 | 272 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and other variable expenses | 1512 | 1513 | 1567 | 1638 | 6015 |
| **Adjusted other expenses** | 3232 | 3202 | 3236 | 3422 | 12675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted capitalization of DAC | (719) | (698) | (787) | (852) | (2833) |
| **Adjusted other expenses, net of adjusted capitalization of DAC** | $2513 | $2504 | $2449 | $2570 | $9842 |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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* |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee-related costs | $955 | $991 | $935 | $962 | $3696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party staffing costs | 439 | 353 | 392 | 374 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 2 | 115 | 118 | 107 | 424 |
| **Direct expenses** | 1396 | 1459 | 1445 | 1443 | 5611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items related to direct expenses (1) | (152) |  |  |  | (152) |
| **Direct expenses, excluding total notable items related to direct expenses (1)** | $1548 | $1459 | $1445 | $1443 | $5763 |
| **Adjusted other expenses, net of adjusted capitalization of DAC** | $2513 | $2504 | $2449 | $2570 | $9842 |
| &nbsp;&nbsp;&nbsp;&nbsp;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)** | $2598 | $2504 | $2449 | $2468 | $9927 |
| **Adjusted premiums, fees and other revenues** | $14437 | $13614 | $12719 | $12461 | $52379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: PRT | 2593 | 1476 | 328 | (10) | 4849 |
| **Adjusted premiums, fees and other revenues, excluding PRT** | $11844 | $12138 | $12391 | $12471 | $47530 |
| **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. | (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. | (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. | (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. | (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. | (1)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Pages A-2 and A-3 for further detail. |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **METLIFE**<br>**GAAP CONSOLIDATED BALANCE SHEETS** | | | | |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available-for-sale, at estimated fair value | $281043 | $291735 | $298737 | $304645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at estimated fair value | 712 | 747 | 790 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractholder-directed equity securities and fair value option securities, at estimated fair value | 10672 | 10725 | 11694 | 12270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 89012 | 87908 | 86868 | 85843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 8545 | 8663 | 8664 | 8589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate and real estate joint ventures | 13342 | 13481 | 14007 | 13932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other limited partnership interests | 14378 | 14137 | 14279 | 14741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, principally at estimated fair value | 5156 | 5543 | 5300 | 5962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 18504 | 17470 | 16352 | 16932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 441364 | 450409 | 456691 | 463702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, principally at estimated fair value | 20068 | 21326 | 22178 | 20233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | 3489 | 3557 | 3532 | 3791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums, reinsurance and other receivables | 29761 | 31251 | 31503 | 40329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefits, at estimated fair value | 372 | 317 | 352 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred policy acquisition costs and value of business acquired | 19627 | 20162 | 20993 | 21175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current income tax recoverable | 295 | 338 | 554 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets | 2994 | 2524 | 2925 | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 8901 | 9036 | 9142 | 9095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 11082 | 11253 | 11425 | 11572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | 139504 | 138143 | 143175 | 146344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $677457 | $688316 | $702470 | $719726 |
| **LIABILITIES AND EQUITY** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits | $193646 | $197667 | $198965 | $199169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder account balances | 221445 | 225623 | 232433 | 235312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefits, at estimated fair value | 2581 | 2844 | 2709 | 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other policy-related balances | 18899 | 19523 | 19899 | 20361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder dividends payable | 385 | 356 | 367 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables for collateral under securities loaned and other transactions | 17128 | 17440 | 17147 | 17139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 465 | 381 | 379 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 15086 | 14695 | 15374 | 15300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateral financing arrangement | 476 | 463 | 438 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt securities | 3164 | 4153 | 4153 | 4154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liability | 132 | 430 | 430 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 36843 | 38843 | 39074 | 48452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | 139504 | 138143 | 143175 | 146344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 649754 | 660561 | 674543 | 690535 |
| &nbsp;&nbsp;&nbsp;**Equity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, at par value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, at par value | 12 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 33791 | 33820 | 33822 | 32855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 42626 | 43131 | 43447 | 43887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost | (27798) | (29222) | (29737) | (30244) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (21186) | (20248) | (19859) | (17566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total MetLife, Inc.'s stockholders' equity | 27445 | 27493 | 27685 | 28944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 258 | 262 | 242 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 27703 | 27755 | 27927 | 29191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $677457 | $688316 | $702470 | $719726 |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **METLIFE<br>SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE<br>SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE<br>SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE<br>SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE<br>SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted earnings before provision for income tax | $1949 | $1842 | $1833 | $2181 |
| **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) |
| &nbsp;&nbsp;&nbsp;&nbsp;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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted earnings available to common shareholders (1) | $1459 | $1349 | $1362 | $1584 |
| (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. | (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. | (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. | (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. | (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. |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 | $5579 | $5763 | $5801 | $5662 | $22427 |
| Universal life and investment-type product policy fees | 227 | 233 | 240 | 227 | 909 |
| Net investment income | 313 | 353 | 345 | 356 | 1252 |
| Other revenues | 378 | 434 | 405 | 417 | 1534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 6497 | 6783 | 6791 | 6662 | 26122 |
| **Adjusted expenses** |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 4881 | 5183 | 5161 | 4982 | 19824 |
| 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 | 1041 | 1076 | 1052 | 1038 | 4067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 5971 | 6315 | 6283 | 6085 | 24091 |
| Adjusted earnings before provision for income tax | 526 | 468 | 508 | 577 | 2031 |
| Provision for income tax expense (benefit) | 110 | 98 | 107 | 121 | 425 |
| Adjusted earnings | 416 | 370 | 401 | 456 | 1606 |
| Preferred stock dividends |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | 416 | 370 | 401 | 456 | 1606 |
| &nbsp;&nbsp;&nbsp;Less: Total notable items |  |  |  | (2) | (58) |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $416 | $370 | $401 | $458 | $1664 |
| Adjusted premiums, fees and other revenues | $6184 | $6430 | $6446 | $6306 | $24870 |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **GROUP BENEFITS** | **GROUP BENEFITS** | **GROUP BENEFITS** | **GROUP BENEFITS** | **GROUP BENEFITS** |
| **OTHER EXPENSES BY MAJOR CATEGORY** | | | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 |
| &nbsp;&nbsp;&nbsp;**Adjusted other expenses** | $1041 | $1076 | $1052 | $1038 |
| **OTHER INFORMATION (1)** | **OTHER INFORMATION (1)** | **OTHER INFORMATION (1)** | **OTHER INFORMATION (1)** | **OTHER INFORMATION (1)** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues | $2289 | $2352 | $2371 | $2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality ratio | 83.2% | 84.8% | 83.0% | 83.4% |
| **Group Non-Medical Health (3)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues | $2771 | $2850 | $2876 | $2814 |
| &nbsp;&nbsp;&nbsp;&nbsp;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. | (1) Results are derived from insurance and non-administrative services-only contracts. | (1) Results are derived from insurance and non-administrative services-only contracts. | (1) Results are derived from insurance and non-administrative services-only contracts. | (1) Results are derived from insurance and non-administrative services-only contracts. |
| (2) Excludes certain experience-rated contracts and includes accidental death and dismemberment. | (2) Excludes certain experience-rated contracts and includes accidental death and dismemberment. | (2) Excludes certain experience-rated contracts and includes accidental death and dismemberment. | (2) Excludes certain experience-rated contracts and includes accidental death and dismemberment. | (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. | (3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision. | (3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision. | (3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision. | (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. | (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. | (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. | (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. | (4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability. |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **RIS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **RIS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **RIS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **RIS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **RIS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **RIS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 | $3460 | $2284 | $1210 | $1045 | $8034 |
| Universal life and investment-type product policy fees | 99 | 104 | 102 | 99 | 314 |
| Net investment income | 2143 | 2190 | 2166 | 2189 | 8482 |
| Other revenues | 61 | 69 | 70 | 70 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 5763 | 4647 | 3548 | 3403 | 17076 |
| **Adjusted expenses** |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 4280 | 3120 | 2045 | 1836 | 11246 |
| Policyholder liability remeasurement (gains) losses |  | (15) | 1 | (14) | (170) |
| Interest credited to policyholder account balances | 863 | 883 | 903 | 888 | 3371 |
| 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 5276 | 4142 | 3088 | 2852 | 14976 |
| Adjusted earnings before provision for income tax | 487 | 505 | 460 | 551 | 2100 |
| Provision for income tax expense (benefit) | 101 | 99 | 90 | 110 | 433 |
| Adjusted earnings | 386 | 406 | 370 | 441 | 1667 |
| Preferred stock dividends |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | 386 | 406 | 370 | 441 | 1667 |
| &nbsp;&nbsp;&nbsp;Less: Total notable items |  |  |  | 13 | 104 |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $386 | $406 | $370 | $428 | $1563 |
| Adjusted premiums, fees and other revenues | $3620 | $2457 | $1382 | $1214 | $8594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: PRT | 2593 | 1476 | 328 | (10) | 4849 |
| &nbsp;&nbsp;&nbsp;**Adjusted premiums, fees and other revenues, excluding PRT** | $1027 | $981 | $1054 | $1224 | $3745 |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **RIS** | **RIS** | **RIS** | **RIS** | **RIS** |
| **FUTURE POLICY BENEFITS (1)** | **FUTURE POLICY BENEFITS (1)** | **FUTURE POLICY BENEFITS (1)** | **FUTURE POLICY BENEFITS (1)** | **FUTURE POLICY BENEFITS (1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period (at balance sheet discount rate) (2) | $71510 | $73415 | $73506 | $74263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated other comprehensive (income) loss | (3134) | (2627) | (2366) | (1209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period (at original discount rate) | 74644 | 76042 | 75872 | 75472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future policyholder benefits subject to reinsurance (at balance sheet discount rate) | $1956 | $2287 | $2266 | $7750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Accumulated other comprehensive (income) loss | 13 | (16) | (27) | (149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period (at original discount rate) | $1969 | $2271 | $2239 | $7601 |
| **POLICYHOLDER ACCOUNT BALANCES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $84923 | $90243 | $92197 | $92291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policyholder account balances subject to reinsurance |  |  |  | $3327 |
| **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future policyholder benefits (at original discount rate) and Policyholder account balances, excluding amounts subject to reinsurance | $157598 | $164014 | $165830 | $156835 |
| **SEPARATE ACCOUNT LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $51420 | $55953 | $54864 | $55671 |
| **SYNTHETIC GICS (3), (4)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $49599 | $53796 | $53740 | $51920 |
| **LONGEVITY REINSURANCE (5)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $25121 | $27369 | $30087 | $29293 |
| (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. | (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. | (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. | (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. | (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. | (2)Represents the current discount rate at the respective balance sheet date. | (2)Represents the current discount rate at the respective balance sheet date. | (2)Represents the current discount rate at the respective balance sheet date. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 | $1206 | $1260 | $1278 | $1290 | $4991 |
| Universal life and investment-type product policy fees | 410 | 406 | 399 | 407 | 1690 |
| Net investment income | 1251 | 1204 | 1204 | 1374 | 4658 |
| Other revenues | 19 | 15 | 22 | 20 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 2886 | 2885 | 2903 | 3091 | 11415 |
| **Adjusted expenses** |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 993 | 1037 | 1051 | 1074 | 4083 |
| Policyholder liability remeasurement (gains) losses | (59) | (11) | (12) | (141) | (35) |
| Interest credited to policyholder account balances | 708 | 711 | 757 | 804 | 2695 |
| Capitalization of DAC | (348) | (351) | (418) | (435) | (1380) |
| Amortization of DAC, VOBA and negative VOBA | 214 | 216 | 223 | 207 | 832 |
| Interest expense on debt |  |  |  |  |  |
| Other expenses | 765 | 749 | 813 | 830 | 2969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 2273 | 2351 | 2414 | 2339 | 9164 |
| Adjusted earnings before provision for income tax | 613 | 534 | 489 | 752 | 2251 |
| Provision for income tax expense (benefit) | 170 | 162 | 143 | 212 | 630 |
| Adjusted earnings | 443 | 372 | 346 | 540 | 1621 |
| Preferred stock dividends |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | 443 | $372 | $346 | $540 | 1621 |
| &nbsp;&nbsp;&nbsp;Less: Total notable items |  |  |  | 70 | (41) |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $443 | $372 | $346 | $470 | $1662 |
| Adjusted premiums, fees and other revenues | $1635 | $1681 | $1699 | $1717 | $6757 |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **ASIA** | **ASIA** | **ASIA** | **ASIA** | **ASIA** |
| **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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** | $1635 | $1681 | $1699 | $1717 |
| **Adjusted premiums, fees and other revenues, on a constant currency basis** | $1666 | $1728 | $1685 | $1717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Operating joint ventures, on a constant currency basis (1) | 409 | 1031 | 737 | 831 |
| **Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis** | $2075 | $2759 | $2422 | $2548 |
| **OTHER EXPENSES BY MAJOR CATEGORY** | **OTHER EXPENSES BY MAJOR CATEGORY** | **OTHER EXPENSES BY MAJOR CATEGORY** | **OTHER EXPENSES BY MAJOR CATEGORY** | **OTHER EXPENSES BY MAJOR CATEGORY** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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** | **SALES ON A CONSTANT CURRENCY BASIS** | **SALES ON A CONSTANT CURRENCY BASIS** | **SALES ON A CONSTANT CURRENCY BASIS** | **SALES ON A CONSTANT CURRENCY BASIS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| Japan: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life | $108 | $113 | $159 | $216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accident & Health | 81 | 69 | 67 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuities | 113 | 145 | 226 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2 | 2 | 2 | 1 |
| Total Japan | 304 | 329 | 454 | 461 |
| Other Asia | 213 | 309 | 238 | 325 |
| &nbsp;&nbsp;&nbsp; **Total sales** | $517 | $638 | $692 | $786 |
| **OTHER INFORMATION** | **OTHER INFORMATION** | **OTHER INFORMATION** | **OTHER INFORMATION** | **OTHER INFORMATION** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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.  | (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.  | (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.  | (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.  | (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. | (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. | (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. | (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. | (2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP. |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **ASIA** | **ASIA** | **ASIA** | **ASIA** | **ASIA** |
| **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES** | **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES** | **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES** | **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES** | **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** | $120626 | $125119 | $129325 | $131751 |
| **GA AUM (at amortized cost)** | $129959 | $134352 | $139158 | $140892 |
| **GA AUM (at amortized cost), on a constant currency basis** | $132972 | $135452 | $137926 | $140892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Operating joint ventures, on a constant currency basis (1) | 10088 | 11658 | 12388 | 13043 |
| **GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis** | $143060 | $147110 | $150314 | $153935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes MetLife, Inc.'s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP. |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 | $1098 | $1164 | $1260 | $1288 | $4476 |
| Universal life and investment-type product policy fees | 330 | 340 | 371 | 377 | 1419 |
| Net investment income | 431 | 408 | 445 | 416 | 1650 |
| Other revenues | 10 | 9 | 3 | (2) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 1869 | 1921 | 2079 | 2079 | 7586 |
| **Adjusted expenses** |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 1035 | 1091 | 1216 | 1218 | 4127 |
| 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 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 1611 | 1630 | 1762 | 1871 | 6377 |
| Adjusted earnings before provision for income tax | 258 | 291 | 317 | 208 | 1209 |
| 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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 | $1438 | $1513 | $1634 | $1663 | $5936 |

---

------

<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LATIN AMERICA** | **LATIN AMERICA** | **LATIN AMERICA** | **LATIN AMERICA** | **LATIN AMERICA** |
| **OTHER EXPENSES BY MAJOR CATEGORY** | | | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 |
| &nbsp;&nbsp;&nbsp;**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* | *For the Three Months Ended* | *For the Three Months Ended* | *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 |
| &nbsp;&nbsp;&nbsp;**Total sales** | $352 | $406 | $391 | $441 |
| **OTHER INFORMATION** | **OTHER INFORMATION** | **OTHER INFORMATION** | **OTHER INFORMATION** | **OTHER INFORMATION** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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** | $1438 | $1513 | $1634 | $1663 |
| **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** | $1515 | $1600 | $1672 | $1663 |
| **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 |

---

------

<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 | $2202 |
| 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 711 | 726 | 780 | 793 | 2770 |
| **Adjusted expenses** |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 301 | 277 | 309 | 333 | 1100 |
| 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 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 651 | 617 | 652 | 678 | 2415 |
| 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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 | $2548 |

---

------

<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EMEA** | **EMEA** | **EMEA** | **EMEA** | **EMEA** |
| **OTHER EXPENSES BY MAJOR CATEGORY** | | | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 |
| &nbsp;&nbsp;&nbsp;**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** | **OTHER INFORMATION** | **OTHER INFORMATION** | **OTHER INFORMATION** | **OTHER INFORMATION** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 |

---

------

<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE INVESTMENT MANAGEMENT<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE INVESTMENT MANAGEMENT<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE INVESTMENT MANAGEMENT<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE INVESTMENT MANAGEMENT<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE INVESTMENT MANAGEMENT<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE INVESTMENT MANAGEMENT<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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. | (1)Beginning January 1, 2025 revenues earned on MIM GA AUM were determined based on market rates. | (1)Beginning January 1, 2025 revenues earned on MIM GA AUM were determined based on market rates. | (1)Beginning January 1, 2025 revenues earned on MIM GA AUM were determined based on market rates. | (1)Beginning January 1, 2025 revenues earned on MIM GA AUM were determined based on market rates. | (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. | (2)Calculated as adjusted earnings before provision for income tax as percentage of total adjusted revenues. | (2)Calculated as adjusted earnings before provision for income tax as percentage of total adjusted revenues. | (2)Calculated as adjusted earnings before provision for income tax as percentage of total adjusted revenues. | (2)Calculated as adjusted earnings before provision for income tax as percentage of total adjusted revenues. | (2)Calculated as adjusted earnings before provision for income tax as percentage of total adjusted revenues. |

---

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **METLIFE INVESTMENT MANAGEMENT** | **METLIFE INVESTMENT MANAGEMENT** | **METLIFE INVESTMENT MANAGEMENT** | **METLIFE INVESTMENT MANAGEMENT** | **METLIFE INVESTMENT MANAGEMENT** |
| **ASSETS UNDER MANAGEMENT INFORMATION**  | **ASSETS UNDER MANAGEMENT INFORMATION**  | **ASSETS UNDER MANAGEMENT INFORMATION**  | **ASSETS UNDER MANAGEMENT INFORMATION**  | **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 | $178703 | $178666 | $185970 | $200616 |
| Additions | 14687 | 5945 | 17118 | 19078 |
| Withdrawals | (9569) | (7460) | (9103) | (9366) |
| Change in market value | (5155) | 2217 | 6631 | 2062 |
| Acquisitions, dispositions and other |  | 6602 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending Institutional Client AUM | $178666 | $185970 | $200616 | $212390 |
| **MIM GA AUM** | $407063 | $417194 | $423671 | $420204 |
| &nbsp;&nbsp;&nbsp;**Total AUM** | $585729 | $603164 | $624287 | $632594 |
| **OTHER REVENUES BY CLIENT SEGMENT** | **OTHER REVENUES BY CLIENT SEGMENT** | **OTHER REVENUES BY CLIENT SEGMENT** | **OTHER REVENUES BY CLIENT SEGMENT** | **OTHER REVENUES BY CLIENT SEGMENT** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 |
| &nbsp;&nbsp;&nbsp;**Other revenues** | $181 | $218 | $237 | $238 |
| (1)Beginning January 1, 2025 revenues earned on MIM GA AUM were determined based on market rates. | (1)Beginning January 1, 2025 revenues earned on MIM GA AUM were determined based on market rates. | (1)Beginning January 1, 2025 revenues earned on MIM GA AUM were determined based on market rates. | (1)Beginning January 1, 2025 revenues earned on MIM GA AUM were determined based on market rates. | (1)Beginning January 1, 2025 revenues earned on MIM GA AUM were determined based on market rates. |

---

------

<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 | $2784 |
| Universal life and investment-type product policy fees | 75 | 68 | 63 | 55 | 328 |
| Net investment income | 1103 | 999 | 979 | 1038 | 4401 |
| Other revenues | (39) | (87) | (93) | (91) | (156) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 1830 | 1646 | 1581 | 1634 | 7357 |
| **Adjusted expenses** |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 1220 | 1210 | 1171 | 1160 | 4961 |
| 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 | 1005 |
| Other expenses | 226 | 188 | 192 | 221 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 1845 | 1748 | 1722 | 1734 | 7515 |
| 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) |
| &nbsp;&nbsp;&nbsp;&nbsp;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 | $2956 |
| Adjusted earnings available to common shareholders attributed to business activities | $153 | $120 | $115 | $173 | $647 |

---

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE & OTHER** | **CORPORATE & OTHER** | **CORPORATE & OTHER** | **CORPORATE & OTHER** | **CORPORATE & OTHER** |
| **FUTURE POLICY BENEFITS (1)** | | | | |
| &nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $1515 | $1493 | $1466 | $1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Care | 14537 | 14716 | 14803 | 15309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | 53298 | 52962 | 52748 | 52480 |
| &nbsp;&nbsp;&nbsp;Balance, end of period (at balance sheet discount rate) | $69350 | $69171 | $69017 | $69246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $(63) | $(51) | $(43) | $(26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Care | (919) | (872) | (922) | (547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | (34) | (26) | (26) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (income) loss | $(1016) | $(949) | $(991) | $(583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $1578 | $1544 | $1509 | $1483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Care | 15456 | 15588 | 15725 | 15856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | 53332 | 52988 | 52774 | 52490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period (at original discount rate) | $70366 | $70120 | $70008 | $69829 |
| &nbsp;&nbsp;&nbsp;Future policy benefits subject to reinsurance (at balance sheet discount rate) (2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $1393 | $1370 | $1345 | $1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Care |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | $2410 | $2421 | $2455 | $2474 |
| **POLICYHOLDER ACCOUNT BALANCES** |  |  |  |  |
| &nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $10142 | $6807 | $6633 | $6545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | 11117 | 7278 | 7226 | 7164 |
| &nbsp;&nbsp;&nbsp;Balance, end of period | $21259 | $14085 | $13859 | $13709 |
| &nbsp;&nbsp;&nbsp;Policyholder account balances subject to reinsurance (2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $3027 | $2930 | $2848 | $2761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | $6357 | $6301 | $6240 | $6178 |
| **MARKET RISK BENEFITS** |  |  |  |  |
| &nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $2073 | $2188 | $2056 | $1957 |
| &nbsp;&nbsp;&nbsp;Balance, end of period | $2073 | $2188 | $2056 | $1957 |
| &nbsp;&nbsp;&nbsp;Market risk benefits subject to reinsurance (2) | $— | $— | $— | $— |
| **SEPARATE ACCOUNT LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $27829 | $19795 | $20317 | $20252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | 7065 | 6393 | 7022 | 7317 |
| &nbsp;&nbsp;&nbsp;Balance, end of period | $34894 | $26188 | $27339 | $27569 |
| &nbsp;&nbsp;&nbsp;Separate account liabilities subject to reinsurance (3) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $79 | $73 | $77 | $77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | $6244 | $5852 | $6429 | $6688 |
| (1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL. | (1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL. | (1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL. | (1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL. | (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. | (2) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets. | (2) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets. | (2) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets. | (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. | (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. | (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. | (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. | (3) Separate account assets retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets. |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS** | **INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS** | **INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS** | **INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS** | **INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS** | **INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS** |
| This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. Reinsurance activity and Third-party mortgage loan activity have been excluded from the amounts within this table. | 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. | 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. | 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. | 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. | 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 Three Months Ended* | *At or For the Three Months Ended* | *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) | $3326 | $3259 | $3517 | $3485 | $13089 |
| Investment gains (losses) | (245) | (244) | (124) | (150) | (733) |
| Ending carrying value (4) | 280227 | 290416 | 297565 | 296663 | 280227 |
| **Mortgage Loans** |  |  |  |  |  |
| Yield (1) | 5.28% | 5.21% | 5.12% | 5.22% | 5.29% |
| Investment income (3) | 1085 | 1056 | 1026 | 1009 | 4378 |
| Investment gains (losses) | (53) | (159) | (288) | (65) | (285) |
| Ending carrying value (5) | 81460 | 80581 | 79848 | 76896 | 81460 |
| **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 | 13342 | 13481 | 14007 | 13932 | 13342 |
| **Policy Loans** |  |  |  |  |  |
| Yield (1) | 5.67% | 5.38% | 5.64% | 5.76% | 5.60% |
| Investment income | 114 | 107 | 113 | 115 | 453 |
| Ending carrying value | 8545 | 8663 | 8664 | 8589 | 8545 |
| **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) | 14367 | 14125 | 14265 | 14726 | 14367 |
| **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) | 25018 | 26862 | 27432 | 25853 | 25018 |
| **Other Invested Assets** |  |  |  |  |  |
| Investment income | 368 | 365 | 218 | 241 | 1414 |
| Investment gains (losses) | 23 | 4 | 25 | (76) | 46 |
| Ending carrying value (8) | 18504 | 17470 | 16350 | 16871 | 18504 |
| **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 | $5449 | $5376 | $5351 | $5587 | $21268 |
| Investment fees and expenses | (147) | (162) | (149) | (147) | (595) |
| Net investment income including divested businesses | 5302 | 5214 | 5202 | 5440 | 20673 |
| Less: Net investment income from divested businesses | 1 | 1 |  |  | 1 |
| **Adjusted Net Investment Income (9)** | $5301 | $5213 | $5202 | $5440 | $20672 |
| **Ending Carrying Value** | $442175 | $452345 | $458921 | $454318 | $442175 |
| **Investment Portfolio Gains (Losses) (10)** | $(182) | $(461) | $(356) | $(210) | $(766) |
| Gross investment gains | 316 | 142 | 204 | 373 | 1260 |
| Gross investment losses | (386) | (423) | (264) | (269) | (1696) |
| 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)** | (1159) | 344 | (892) | (746) | (2413) |
| Derivative gains (losses) income tax (expense) benefit | 314 | (99) | 181 | 193 | 605 |
| **Derivative Gains (Losses), Net of Income Tax** | $(845) | $245 | $(711) | $(553) | $(1808) |
| See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. |  |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** |
| **SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE<br>BY SECTOR AND QUALITY DISTRIBUTION** | **SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE<br>BY SECTOR AND QUALITY DISTRIBUTION** | **SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE<br>BY SECTOR AND QUALITY DISTRIBUTION** | **SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE<br>BY SECTOR AND QUALITY DISTRIBUTION** | | | | | | |
|  |  | *December 31, 2024* | *December 31, 2024* | *March 31, 2025* | *March 31, 2025* | *June 30, 2025* | *June 30, 2025* | *September 30, 2025* | *September 30, 2025* |
| *Unaudited (In millions, except ratios)* | *Unaudited (In millions, except ratios)* | *Amount* | *% of Total* | *Amount* | *% of Total* | *Amount* | *% of Total* | *Amount* | *% of Total* |
| U.S. corporate | U.S. corporate | $78584 | 28.2% | $80316 | 27.7% | $81562 | 27.5% | $81720 | 27.7% |
| Foreign corporate | Foreign corporate | 53354 | 19.1% | 55083 | 19.1% | 58792 | 19.9% | 57798 | 19.6% |
| Foreign government | Foreign government | 39895 | 14.3% | 40892 | 14.2% | 42097 | 14.2% | 41610 | 14.1% |
| Residential mortgage-backed | Residential mortgage-backed | 34135 | 12.3% | 39083 | 13.5% | 40764 | 13.8% | 41292 | 14.0% |
| U.S. government and agency | U.S. government and agency | 33350 | 12.0% | 33535 | 11.6% | 32463 | 11.0% | 32315 | 11.0% |
| Asset-backed securities and collateralized loan obligations | Asset-backed securities and collateralized loan obligations | 20390 | 7.3% | 20748 | 7.2% | 20929 | 7.1% | 20313 | 6.9% |
| Municipals | Municipals | 9762 | 3.5% | 9764 | 3.4% | 9802 | 3.3% | 10486 | 3.6% |
| Commercial mortgage-backed | Commercial mortgage-backed | 9182 | 3.3% | 9388 | 3.3% | 9428 | 3.2% | 9245 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity | &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity | $278652 | 100.0% | $288809 | 100.0% | $295837 | 100.0% | $294779 | 100.0% |
| Reinsurance activity | Reinsurance activity | 2391 |  | 2926 |  | 2900 |  | 9866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale | &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale | $281043 |  | $291735 |  | $298737 |  | $304645 |  |
| NRSRO | NAIC |  |  |  |  |  |  |  |  |
| RATING | DESIGNATION |  |  |  |  |  |  |  |  |
| Aaa / Aa / A | 1 | $192099 | 68.9% | $199468 | 69.1% | $203465 | 68.8% | $202215 | 68.7% |
| Baa | 2 | 74345 | 26.7% | 77112 | 26.7% | 80262 | 27.1% | 80465 | 27.3% |
| Ba | 3 | 8680 | 3.1% | 8674 | 3.0% | 8566 | 2.9% | 8364 | 2.8% |
| B | 4 | 3035 | 1.1% | 3198 | 1.1% | 3260 | 1.1% | 3379 | 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 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity | &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity | $278652 | 100.0% | $288809 | 100.0% | $295837 | 100.0% | $294779 | 100.0% |
| Reinsurance activity | Reinsurance activity | 2391 |  | 2926 |  | 2900 |  | 9866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale (11) | &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale (11) | $281043 |  | $291735 |  | $298737 |  | $304645 |  |
| **GROSS UNREALIZED GAINS AND LOSSES:** | **GROSS UNREALIZED GAINS AND LOSSES:** | **GROSS UNREALIZED GAINS AND LOSSES:** | **GROSS UNREALIZED GAINS AND LOSSES:** | **GROSS UNREALIZED GAINS AND LOSSES:** | **GROSS UNREALIZED GAINS AND LOSSES:** | **GROSS UNREALIZED GAINS AND LOSSES:** | **GROSS UNREALIZED GAINS AND LOSSES:** | **GROSS UNREALIZED GAINS AND LOSSES:** | **GROSS UNREALIZED GAINS AND LOSSES:** |
| **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** |
| *Unaudited (In millions)* | *Unaudited (In millions)* | *December 31, 2024* | *December 31, 2024* | *March 31, 2025* | *March 31, 2025* | *June 30, 2025* | *June 30, 2025* | *September 30, 2025* | *September 30, 2025* |
| Gross unrealized gains | Gross unrealized gains | $4965 | 4965 | $5398 | 5398 | $6192 | 6192 | $7130 | 7130 |
| Gross unrealized losses | Gross unrealized losses | 31041 | 31041 | 28891 | 28891 | 28951 | 28951 | 26495 | 26495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Gains (Losses), excluding Reinsurance activity | &nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Gains (Losses), excluding Reinsurance activity | $(26076) | (26076) | $(23493) | (23493) | $(22759) | (22759) | $(19365) | (19365) |
| Reinsurance activity | Reinsurance activity | (142) | (142) | (109) | (109) | (88) | (88) | (575) | (575) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Gains (Losses) | $(26218) | (26218) | $(23602) | (23602) | $(22847) | (22847) | $(19940) | (19940) |
| See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** |
| **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** |
| *Unaudited (In millions)* | *December 31, 2024* | *December 31, 2024* | *March 31, 2025* | *March 31, 2025* | *June 30, 2025* | *June 30, 2025* | *September 30, 2025* | *September 30, 2025* |
| Commercial mortgage loans | $48967 | 48967 | $47890 | 47890 | $46674 | 46674 | $44953 | 44953 |
| Agricultural mortgage loans | 19030 | 19030 | 18779 | 18779 | 18993 | 18993 | 18045 | 18045 |
| Residential mortgage loans | 14186 | 14186 | 14783 | 14783 | 15286 | 15286 | 14968 | 14968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 82183 | 82183 | 81452 | 81452 | 80953 | 80953 | 77966 | 77966 |
| Allowance for credit loss | (723) | (723) | (871) | (871) | (1105) | (1105) | (1070) | (1070) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity | 81460 | 81460 | 80581 | 80581 | 79848 | 79848 | 76896 | 76896 |
| Reinsurance activity | 85 | 85 | 82 | 82 | 78 | 78 | 2270 | 2270 |
| Third-party mortgage loan activity | 7467 | 7467 | 7245 | 7245 | 6942 | 6942 | 6677 | 6677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | $89012 | 89012 | $87908 | 87908 | $86868 | 86868 | $85843 | 85843 |
| **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** |
|  | *December 31, 2024* | *December 31, 2024* | *March 31, 2025* | *March 31, 2025* | *June 30, 2025* | *June 30, 2025* | *September 30, 2025* | *September 30, 2025* |
| *Unaudited (In millions, except ratios)* | *Amount* | *% of Total* | *Amount* | *% of Total* | *Amount* | *% of Total* | *Amount* | *% of Total* |
| Pacific | $8738 | 17.8% | $8677 | 18.1% | $8611 | 18.4% | $8617 | 19.2% |
| Non-U.S. | 7901 | 16.1% | 7802 | 16.3% | 7839 | 16.8% | 7555 | 16.8% |
| Middle Atlantic | 6938 | 14.2% | 6877 | 14.4% | 6561 | 14.1% | 6369 | 14.2% |
| South Atlantic | 5890 | 12.0% | 5796 | 12.1% | 5630 | 12.1% | 5321 | 11.8% |
| West South Central | 3228 | 6.6% | 3214 | 6.7% | 3274 | 7.0% | 3195 | 7.1% |
| Mountain | 2317 | 4.7% | 2455 | 5.1% | 2470 | 5.3% | 2369 | 5.3% |
| New England | 2680 | 5.5% | 2501 | 5.2% | 2386 | 5.1% | 2340 | 5.2% |
| East North Central | 1453 | 3.0% | 1453 | 3.0% | 1460 | 3.1% | 1398 | 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 | 8931 | 18.3% | 8226 | 17.2% | 7560 | 16.2% | 6931 | 15.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total, excluding Reinsurance activity and Third-party mortgage loan activity | 48967 | 100.0% | 47890 | 100.0% | 46674 | 100.0% | 44953 | 100.0% |
| Reinsurance activity | 82 |  | 82 |  | 78 |  | 735 |  |
| Third-party mortgage loan activity | 7260 |  | 7047 |  | 6703 |  | 6503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $56309 |  | $55019 |  | $53455 |  | $52191 |  |
| Office | $18269 | 37.3% | $18134 | 37.9% | $17912 | 38.4% | $17253 | 38.4% |
| Apartment | 10472 | 21.4% | 10549 | 22.0% | 9899 | 21.2% | 9713 | 21.6% |
| Retail | 6612 | 13.5% | 6502 | 13.6% | 6768 | 14.5% | 6505 | 14.5% |
| Single Family Rental | 5355 | 10.9% | 4844 | 10.1% | 4780 | 10.2% | 4481 | 9.9% |
| Industrial | 4999 | 10.2% | 4506 | 9.4% | 3942 | 8.5% | 3764 | 8.4% |
| Hotel | 3178 | 6.5% | 3268 | 6.8% | 3285 | 7.0% | 3151 | 7.0% |
| Other | 82 | 0.2% | 87 | 0.2% | 88 | 0.2% | 86 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total, excluding Reinsurance activity and Third-party mortgage loan activity | 48967 | 100.0% | 47890 | 100.0% | 46674 | 100.0% | 44953 | 100.0% |
| Reinsurance activity | 82 |  | 82 |  | 78 |  | 735 |  |
| Third-party mortgage loan activity | 7260 |  | 7047 |  | 6703 |  | 6503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $56309 |  | $55019 |  | $53455 |  | $52191 |  |
| See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. | See footnotes on Page 29. |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **INVESTMENTS<br>FOOTNOTES** | **INVESTMENTS<br>FOOTNOTES** | **INVESTMENTS<br>FOOTNOTES** | **INVESTMENTS<br>FOOTNOTES** | **INVESTMENTS<br>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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees. | (3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees. | (3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees. | (3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees. | (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. | (4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities. | (4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities. | (4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities. | (4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities. | (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* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available-for-sale | $281043 | $291735 | $298737 | $304645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity | 2391 | 2926 | 2900 | 9866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available-for-sale, excluding Reinsurance activity | $278652 | $288809 | $295837 | $294779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Fair value option securities | 1575 | 1607 | 1728 | 1884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities, excluding Reinsurance activity | $280227 | $290416 | $297565 | $296663 |  |
| (5)The following table presents a reconciliation to ending carrying value presented for mortgage loans. | (5)The following table presents a reconciliation to ending carrying value presented for mortgage loans. | (5)The following table presents a reconciliation to ending carrying value presented for mortgage loans. | (5)The following table presents a reconciliation to ending carrying value presented for mortgage loans. | (5)The following table presents a reconciliation to ending carrying value presented for mortgage loans. | (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* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loans | $89012 | $87908 | $86868 | $85843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity | 85 | 82 | 78 | 2270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Third-party mortgage loan activity | 7467 | 7245 | 6942 | 6677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity | $81460 | $80581 | $79848 | $76896 |  |
| (6)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (6)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (6)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (6)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (6)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (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* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other limited partnership interests | $14378 | $14137 | $14279 | $14741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity | 11 | 12 | 14 | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other limited partnership interests, excluding Reinsurance activity | $14367 | $14125 | $14265 | $14726 |  |
| (7)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (7)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (7)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (7)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (7)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (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* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents and short-term investments | $25224 | $26869 | $27478 | $26195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity | 206 | 7 | 46 | 342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents and short-term investments, excluding Reinsurance activity | $25018 | $26862 | $27432 | $25853 |  |
| (8)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (8)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (8)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (8)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (8)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (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* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | $18504 | $17470 | $16352 | $16932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity |  |  | 2 | 61 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets, excluding Reinsurance activity | $18504 | $17470 | $16350 | $16871 |  |
| (9)Adjusted net investment income reflects the adjustments as presented on Page 5. | (9)Adjusted net investment income reflects the adjustments as presented on Page 5. | (9)Adjusted net investment income reflects the adjustments as presented on Page 5. | (9)Adjusted net investment income reflects the adjustments as presented on Page 5. | (9)Adjusted net investment income reflects the adjustments as presented on Page 5. | (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: | (10)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (10)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (10)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (10)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (10)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* |
|  | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2024* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses) | $(311) | $(387) | $(273) | $(325) | $(1184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Non-investment portfolio gains (losses) | (122) | 65 | 86 | (88) | (336) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Third-party mortgage loan activity | 11 | (34) | 20 | (75) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Joint venture adjustments (12) | 16 | (42) | 16 | (53) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity |  |  |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Other (12) | (2) | 1 | (7) | (4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment portfolio gains (losses) | $(182) | $(461) | $(356) | $(210) | $(766) |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* |
|  | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2024* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | $(903) | $432 | $(796) | $(929) | $(1623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Investment hedge adjustments | 127 | 103 | 102 | 100 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Joint venture adjustments (12) |  |  |  | 45 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity | 110 | (35) | (22) | (247) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Other (12) | 19 | 20 | 16 | 9 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative gains (losses) | $(1159) | $344 | $(892) | $(746) | $(2413) |
| (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. | (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. | (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. | (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. | (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. | (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. | (12)Certain amounts in prior periods are reclassified to conform to current period presentation. | (12)Certain amounts in prior periods are reclassified to conform to current period presentation. | (12)Certain amounts in prior periods are reclassified to conform to current period presentation. | (12)Certain amounts in prior periods are reclassified to conform to current period presentation. | (12)Certain amounts in prior periods are reclassified to conform to current period presentation. |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

![image0a45.jpg](image0a45.jpg)

**Appendix**

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

![image2a32.jpg](image2a32.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL** | **APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL** | **APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL** | **APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL** | **APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL** | **APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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* |
| **<u>Reconciliation to Adjusted Earnings Available to Common Shareholders</u>** |  |  |  |  |  |
| Net income (loss) available to MetLife, Inc.'s common shareholders | $1239 | $879 | $698 | $818 | $4226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Preferred stock dividends | 32 | 66 | 31 | 66 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Preferred stock redemption premium |  |  |  | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Net income (loss) attributable to noncontrolling interests | 4 | 5 | 6 | 6 | 18 |
| Net income (loss) | 1275 | 950 | 735 | 902 | 4444 |
| Less: adjustments from net income (loss) to adjusted earnings: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses) | (311) | (387) | (273) | (325) | (1184) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | (903) | 432 | (796) | (929) | (1623) |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefit remeasurement gains (losses) | 764 | (299) | 277 | 263 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums - *Divested businesses* | 15 | 4 | 3 |  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life and investment-type product policy fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asymmetrical and non-economic accounting* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Investment hedge adjustments* | (127) | (103) | (102) | (100) | (604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Joint venture adjustments* | 16 | (42) | 16 | (8) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unit-linked contract income* | 183 | (227) | 498 | 580 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Reinsurance activity* | 31 | 43 | 47 | 177 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | 1 | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asymmetrical and non-economic accounting* | 34 | 36 | 42 | 78 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Other adjustments* | (11) | (15) | (16) | (15) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* |  |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits and claims and policyholder dividends |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asymmetrical and non-economic accounting* | (51) | (75) | (1) | 52 | (219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Market volatility* | 49 | 44 | 40 | 49 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | (10) | (1) | 1 | (1) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder liability remeasurement (gains) losses |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asymmetrical and non-economic accounting* |  |  |  | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholder account balances |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asymmetrical and non-economic accounting* | 5 | (64) | (30) | (68) | (103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unit-linked contract costs* | (185) | 234 | (486) | (578) | (1081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization of DAC - *Divested businesses* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of DAC, VOBA and negative VOBA - *Divested businesses* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense on debt |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Reinsurance activity* | (30) | (42) | (45) | (135) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Other adjustments, excluding Reinsurance activity* | (25) | (19) | (21) | (2) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | (13) | (8) | (7) | (9) | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income tax (expense) benefit | 352 | 23 | 195 | 223 | 687 |
| Adjusted earnings | 1491 | 1415 | 1393 | 1650 | 5996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | 32 | 66 | 31 | 66 | 200 |
| Adjusted earnings available to common shareholders | $1459 | $1349 | $1362 | $1584 | $5796 |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)** |
| **METLIFE TOTAL** | | | | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $10 | $— | $— | $18 | $26 |
| **GROUP BENEFITS** |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $— | $(2) | $(58) |
| **RIS** |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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. | (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. | (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. | (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. | (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. | (1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

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|:---|:---|:---|:---|:---|:---|
| **APPENDIX**<br>**METLIFE**<br>**NOTABLE ITEMS (CONTINUED)** | **APPENDIX**<br>**METLIFE**<br>**NOTABLE ITEMS (CONTINUED)** | **APPENDIX**<br>**METLIFE**<br>**NOTABLE ITEMS (CONTINUED)** | **APPENDIX**<br>**METLIFE**<br>**NOTABLE ITEMS (CONTINUED)** | **APPENDIX**<br>**METLIFE**<br>**NOTABLE ITEMS (CONTINUED)** | **APPENDIX**<br>**METLIFE**<br>**NOTABLE ITEMS (CONTINUED)** |
| **ASIA** | | | | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $— | $70 | $(41) |
| **LATIN AMERICA** |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $— | $(75) | $4 |
| **EMEA** |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items  | $— | $— | $— | $(1) | $(5) |
| **CORPORATE & OTHER (2)** |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $10 | $— | $— | $13 | $22 |
| (2) Certain amounts in prior periods have been reclassified to conform to current period presentation. | (2) Certain amounts in prior periods have been reclassified to conform to current period presentation. | (2) Certain amounts in prior periods have been reclassified to conform to current period presentation. | (2) Certain amounts in prior periods have been reclassified to conform to current period presentation. | (2) Certain amounts in prior periods have been reclassified to conform to current period presentation. | (2) Certain amounts in prior periods have been reclassified to conform to current period presentation. |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

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|:---|:---|:---|:---|:---|
| **APPENDIX<br>METLIFE<br>EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY** | | | | |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| Total MetLife, Inc.'s stockholders' equity | $27445 | $27493 | $27685 | $28944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock | 3818 | 3818 | 3818 | 2830 |
| MetLife, Inc.'s common stockholders' equity | 23627 | 23675 | 23867 | 26114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Unrealized investment gains (losses), net of related offsets and income tax | (19402) | (17329) | (16484) | (14667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred gains (losses) on derivatives, net of income tax | 370 | 179 | (1466) | (1239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future policy benefits discount rate remeasurement gains (losses), net of income tax | 6529 | 5334 | 5876 | 6028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | (71) | (31) | (64) | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit plans adjustment, net of income tax | (1442) | (1416) | (1407) | (1390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | 37772 | 37038 | 37495 | 37373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | $37746 | $37038 | $37495 | $37355 |
| *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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Unrealized investment gains (losses), net of related offsets and income tax | (28.15) | (25.74) | (24.72) | (22.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred gains (losses) on derivatives, net of income tax | 0.54 | 0.27 | (2.20) | (1.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future policy benefits discount rate remeasurement gains (losses), net of income tax | 9.46 | 7.92 | 8.81 | 9.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | (0.10) | (0.05) | (0.10) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit plans adjustment, net of income tax | (2.09) | (2.10) | (2.11) | (2.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)* | *For the Three Months Ended (3)* | *For the Three Months Ended (3)* | *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: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity | 19.6% | 14.9% | 11.7% | 13.1% |
| Adjusted return on MetLife, Inc.'s: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted common stockholders' equity | 15.4% | 14.4% | 14.6% | 16.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted common stockholders' equity, excluding total notable items (2) | 15.3% | 14.4% | 14.6% | 16.7% |
| Average common stockholders' equity | $25347 | $23651 | $23.771 | $24991 |
| Average adjusted common stockholders' equity | $37867 | $37405 | $37267 | $37434 |
| Average adjusted common stockholders' equity, excluding total notable items (2) | $37846 | $37405 | $37267 | $37425 |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (3) Annualized using quarter-to-date results. | (3) Annualized using quarter-to-date results. | (3) Annualized using quarter-to-date results. | (3) Annualized using quarter-to-date results. |

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<u>[**Table of Contents**](#ic3291610257a4855841539d4af78df21_4)</u>

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| **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** | **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** | **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** | **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** | **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** |
| **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| GROUP BENEFITS (1) | $6184 | $6430 | $6446 | $6306 |
| RIS (1) | 3620 | 2457 | 1382 | 1214 |
| ASIA | 1666 | 1728 | 1685 | 1717 |
| LATIN AMERICA | 1515 | 1600 | 1672 | 1663 |
| EMEA | 676 | 699 | 727 | 727 |
| MIM (1) | 181 | 218 | 237 | 238 |
| CORPORATE & OTHER (1) | 727 | 647 | 602 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues, on a constant currency basis | $14569 | $13779 | $12751 | $12461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues | $14437 | $13614 | $12719 | $12461 |
| ASIA (including operating joint ventures) (2), (3) | $2075 | $2759 | $2422 | $2548 |
| **OTHER EXPENSES ON A CONSTANT CURRENCY BASIS** | **OTHER EXPENSES ON A CONSTANT CURRENCY BASIS** | **OTHER EXPENSES ON A CONSTANT CURRENCY BASIS** | **OTHER EXPENSES ON A CONSTANT CURRENCY BASIS** | **OTHER EXPENSES ON A CONSTANT CURRENCY BASIS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* |
| GROUP BENEFITS (1) | $1041 | $1076 | $1052 | $1038 |
| 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted other expenses, on a constant currency basis | $3292 | $3271 | $3243 | $3422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted other expenses | $3232 | $3202 | $3236 | $3422 |
| ASIA (including operating joint ventures) (2), (4) | $876 | $899 | $915 | $965 |
| **ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS** | **ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS** | **ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS** | **ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS** | **ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *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) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings available to common shareholders, on a constant currency basis | $1475 | $1374 | $1370 | $1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings available to common shareholders | $1459 | $1349 | $1362 | $1584 |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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.  | (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.  | (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.  | (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.  | (4) Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.  |

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| **APPENDIX**<br>**METLIFE**<br>**NON-GAAP AND OTHER FINANCIAL DISCLOSURES**<br>In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. <br>The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: | **APPENDIX**<br>**METLIFE**<br>**NON-GAAP AND OTHER FINANCIAL DISCLOSURES**<br>In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. <br>The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: | **APPENDIX**<br>**METLIFE**<br>**NON-GAAP AND OTHER FINANCIAL DISCLOSURES**<br>In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. <br>The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: | **APPENDIX**<br>**METLIFE**<br>**NON-GAAP AND OTHER FINANCIAL DISCLOSURES**<br>In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. <br>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:** | **Non-GAAP financial measures:** | **Comparable 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"). | 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"). | 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"). | 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). | 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). | 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). | Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period's earnings news release, which is available at MetLife's Investor Relations webpage (https://investor.metlife.com). |

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| **APPENDIX<br>METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)** | **APPENDIX<br>METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)** |
| MetLife's definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:<br>***<u>Adjusted earnings and related measures</u>*** | MetLife's definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:<br>***<u>Adjusted earnings and related measures</u>*** |
| • | adjusted earnings; |
| • | adjusted earnings available to common shareholders; |
| • | adjusted earnings available to common shareholders, excluding total notable items; |
| • | adjusted earnings available to common shareholders per diluted common share; |
| • | adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and |
| • | adjusted earnings available to common shareholders, on a constant currency basis. |
| Adjusted earnings is used by MetLife's chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife's GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management's and many other employees' performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.<br>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 is used by MetLife's chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife's GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management's and many other employees' performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.<br>Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. |
| Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP.<br>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. | Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP.<br>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: | 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.  | "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: | Other adjustments are made in calculating adjusted earnings: |
| • | Net investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities ("Unit-linked contract income" and "Unit-linked contract costs").  |
| • | Net investment income and other expenses exclude Reinsurance activity (as defined below). |
| • | Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives. |
| • | Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives. |
| • | "Reinsurance activity" relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents. |
| Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.<br>The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.<br>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. | Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.<br>The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.<br>In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.'s common shareholders. |

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| **APPENDIX<br>METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)** | **APPENDIX<br>METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)** |
| ***<u>Investment portfolio gains (losses) and derivative gains (losses)</u>*** | ***<u>Investment portfolio gains (losses) and derivative gains (losses)</u>*** |
| 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). | 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). |
| ***<u>Return on equity and related measures</u>*** | ***<u>Return on equity and related measures</u>*** |
| • | <u>Total MetLife, Inc.'s adjusted common stockholders' equity:</u> 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. |
| • | <u>Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items:</u> 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. |
| • | <u>Return on MetLife, Inc.'s common stockholders' equity:</u> net income (loss) available to MetLife, Inc.'s common shareholders divided by MetLife, Inc.'s average common stockholders' equity. |
| • | <u>Adjusted return on MetLife, Inc.'s common stockholders' equity:</u> adjusted earnings available to common shareholders divided by MetLife, Inc.'s average adjusted common stockholders' equity. |
| • | <u>Adjusted return on MetLife, Inc.'s common stockholders' equity, excluding total notable items:</u> 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.  |
| ***<u>Expense ratio, direct expense ratio, adjusted expense ratio and related measures</u>*** | ***<u>Expense ratio, direct expense ratio, adjusted expense ratio and related measures</u>*** |
| • | <u>Expense ratio:</u> other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. |
| • | <u>Direct expense ratio:</u> 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. |
| • | <u>Direct expense ratio, excluding total notable items related to direct expenses and PRT:</u> direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. |
| • | <u>Adjusted expense ratio:</u> adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues. |
| • | <u>Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT:</u> adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. |

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| **APPENDIX<br>METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)** | **APPENDIX<br>METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)** |
| ***<u>Assets Under Management</u>*** | ***<u>Assets Under Management</u>*** |
| • | <u>Total Assets Under Management ("Total AUM")</u> is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below).  |
| • | <u>MIM General Account AUM ("MIM GA AUM")</u> is used by MetLife to describe the portion of GA AUM (as defined below) that MIM manages or advises. |
| • | <u>General Account AUM ("GA AUM")</u> 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. |
| • | <u>Institutional Client AUM</u> 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. |
|  | <u>Separate Account AUM ("SA AUM")</u> 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. |
|  | <u>Reinsurance AUM</u> 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. |
|  | <u>Third-Party AUM ("TP AUM")</u> 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. |
| • | <u>Asia General Account AUM ("Asia GA AUM")</u> is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.<br>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. |
| ***<u>Other items</u>*** | ***<u>Other items</u>*** |
| The following additional information is relevant to an understanding of our performance: | The following additional information is relevant to an understanding of our performance: |
| • | Statistical sales information for Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.  |
| • | PRT includes U.K. funded reinsurance. |
| • | "Third-party mortgage loan activity" relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets. |

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| **APPENDIX<br>METLIFE<br>ACRONYMS** | **APPENDIX<br>METLIFE<br>ACRONYMS** |
| **AOCI** | Accumulated other comprehensive income (loss) |
| **DAC** | Deferred policy acquisition costs |
| **AUM** | Assets under management |
| **DPL** | Deferred profit liabilities |
| **EMEA** | Europe, the Middle East and Africa |
| **FCTA** | Foreign currency translation adjustments |
| **GA** | General account |
| **GA AUM** | General account assets under management |
| **GAAP** | Accounting principles generally accepted in the United States of America |
| **GICs** | Guaranteed interest contracts |
| **MIM** | MetLife Investment Management |
| **MIM GA AUM** | MetLife Investment Management general account assets under management |
| **NAIC** | National Association of Insurance Commissioners |
| **NRSRO** | Nationally Recognized Statistical Rating Organization |
| **PRT** | Pension risk transfers |
| **QFS** | Quarterly financial supplement |
| **RIS** | Retirement and Income Solutions |
| **U.K.** | United Kingdom |
| **VOBA** | Value of business acquired |

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