# EDGAR Filing Document

**Accession Number:** 0001099219
**File Stem:** 0001099219-26-000008
**Filing Date:** 2026-2
**Character Count:** 427570
**Document Hash:** f0057ec0a8baa29ceae225a738255b69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099219-26-000008.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0001099219-26-000008

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20260204

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**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:** 26599273

**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-20260204

**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): February 4, 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 2.02 Results of Operations and Financial Condition.**

On February 4, 2026, MetLife, Inc. issued (i) a news release announcing its results for the quarter and full year ended December 31, 2025 (the "Earnings Release"), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, (ii) a Quarterly Financial Supplement for the quarter ended December 31, 2025 (the "Quarterly Financial Supplement"), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference and (iii) a fact sheet setting forth its total assets under management as of December 31, 2025 (the "Total AUM Fact Sheet"), a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

The Earnings Release and the Quarterly Financial Supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K. The foregoing description of the Total AUM Fact Sheet is not complete and is qualified in its entirety by reference to the Total AUM Fact Sheet.

**Item 7.01 Regulation FD Disclosure.**

On February 4, 2026, MetLife, Inc. issued an earnings call presentation for the quarter and full year ended December 31, 2025, as well as outlook information (the "Earnings Call Presentation"), a copy of which is attached hereto as Exhibit 99.4 and is incorporated herein by reference. The presentation highlights information in MetLife, Inc.'s Earnings Release and Quarterly Financial Supplement and provides outlook information, as well as other prior public disclosures. The Earnings Call Presentation is furnished and not filed pursuant to instruction B.2 of Form 8-K.

**Item 8.01 Other Events.**

The text of Item 2.02 above with respect to the Total AUM Fact Sheet is incorporated herein by reference.

***Consolidated Company Outlook***

*As used herein, "MetLife," "we," and "our" refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.*

Our outlook reflects continued uncertainty around inflation and unemployment in 2026. We expect the U.S. dollar to remain relatively stable in 2026 compared to 2025.

Based on the forward yield curve as of December 31, 2025, we expect long-term interest rates to moderately rise in 2026 with the yield curve steepening, as short-term interest rates decline. We believe that our investment portfolio is highly diversified and positioned to perform well in a variety of economic scenarios.

As of December 31, 2025, we had $3.6 billion of cash and liquid assets at the holding companies which is within our $3.0 billion to $4.0 billion holding company cash target. In 2026, we expect to maintain this holding company cash target. We also returned a total of approximately $4.4 billion to shareholders in 2025, and we remain on track to generate approximately $25.0 billion in free cash flow over the five-year period of 2025 to 2029.

Our continued capital stress testing and longstanding commitment to liquidity position us to withstand a variety of economic conditions. We do not expect any material liquidity deficiencies, and we expect to remain able to comply with the financial covenants of our credit agreements. We will continue reviewing accounting estimates, asset valuations and various financial scenarios for capital and liquidity implications.

Assuming (i) interest rates follow the observable forward yield curves as of December 31, 2025, including a 10-year U.S. Treasury rate of 4.40% at December 31, 2026, (ii) S&P 500 equity index annual return of 5%, and (iii) private equity annual returns of 9% in 2026 which would contribute to $1.6 billion (pre-tax) of total estimated variable investment income for full year 2026; we expect to maintain the two-year average annual ratio of free cash flow to adjusted earnings, excluding total notable items, at 65% to 75%.

Further, based on the aforementioned assumptions, we are maintaining our near-term annual targets for (i) adjusted return on equity, excluding total notable items, of 15%-17%, and (ii) double-digit adjusted earnings per share growth, excluding total notable items.

Based on our continued focus on expense discipline and our overall efficiency mindset, we are committed to achieving a direct expense ratio target, excluding total notable items related to direct expenses and pension risk transfers, of (i) 12.1% for 2026 and (ii) 11.3% in 2029.

Furthermore, we also remain fully committed to our New Frontier strategy, which was introduced at our December 2024 Investor Day.

Our outlook relies on the accuracy of our assumptions about future economic and business conditions, which can be affected by known and unknown risks, uncertainties and other factors. We continually review our assumptions, implement mitigation plans, and take precautions. We may revise our outlook as we obtain more information regarding economic conditions, regulatory changes, and other events, and the impact of these events on our business operations, investment portfolio, derivatives, financial results and financial condition.

------

***Forward-Looking Statements***

The forward-looking statements in this Item 8.01 of MetLife, Inc.'s Current Report on Form 8-K, which contain words such as "anticipate," "are confident," "assume," "believe," "continue," "could," "estimate," "expect," "if," "intend," "likely," "may," "plan," "potential," "project," "should," "target," "will," "would" and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms, are based on assumptions and expectations that involve risks and uncertainties, including the "Risk Factors" MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife, Inc.'s future results could differ, and it does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved.

We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.

------

**Item 9.01 Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| <u>[99.1](ex991earningsreleasetables.htm)</u> | <u>[News release of MetLife, Inc., dated February 4, 2026, announcing its results for the quarter and full year ended December 31, 2025](ex991earningsreleasetables.htm)</u> |

---

<u>[99.2](ex992qfsq425.htm)</u> <u>[Quarterly Financial Supplement for the quarter ended December 31, 2025](ex992qfsq425.htm)</u>

---

| | |
|:---|:---|
| <u>[99.3](ex993q42025totalaum.htm)</u> | <u>[Total AUM Fact Sheet as of December 31, 2025](ex993q42025totalaum.htm)</u> |

---

<u>[99.4](ex994q425earningscallpre.htm)</u> <u>[Earnings Call Presentation for the quarter and full year ended December 31, 2025 and Outlook](ex994q425earningscallpre.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: February 4, 2026

## Exhibit 99.1

Page 1 of 26

Exhibit 99.1

![metlife_logoxprimaryxrgbxd.jpg](metlife_logoxprimaryxrgbxd.jpg)

For Immediate Release \| Global Communications \| MetLife, Inc.

**MetLife Announces Full Year and 4Q 2025 Results**

**Full Year Results**

• Net income was $3.2 billion, or $4.71 per share.

• Adjusted earnings per share, excluding total

notable items, up 10%<sup>1</sup> to $8.89.

• Premiums, fees and other revenues (PFOs)

increased 10% to $57.6 billion.

• Adjusted PFOs, excluding pension risk transfers

(PRT), were up 5% to $49.8 billion.

• RIS record sales, including transactions of $14.2

billion in PRT and $11.1 billion of U.K. longevity

reinsurance.

• Beat free cash flow ratio and direct expense

ratio<sup>2</sup> targets.

• ROE was 12.9%. Adjusted ROE, excluding total

notable items, was 16%, at midpoint of target

range.

• Book value per share (BVPS) up 14% to $39.02.

Adjusted BVPS increased 4% to $57.07.

• Returned nearly $4.4 billion to shareholders.

• Holding company cash and liquid assets totaled

$3.6 billion at year end, within target range.

**Fourth Quarter Results**

• Net income was $778 million, or $1.17 per share.

• Adjusted earnings increased 13% to $1.6 billion,

driven by variable investment income, strong

volume growth and improved expense margins.

• Adjusted earnings per share, excluding total

notable items, increased 24% to $2.58.

• PFOs increased 29% to $18.7 billion. Adjusted

PFOs, excluding PRT, up 8% to $12.8 billion.

• Net investment income up 10% to $5.9 billion.

• Variable investment income was $497 million,

primarily reflecting higher private equity returns.

**Earnings**

**Per Share**

**4Q 2025**

Net

Income $1.17

Adjusted

Earnings $2.49

![shape-2eff11c7b004061.gif](shape-2eff11c7b004061.gif)

**Return**

**on Equity (ROE)**

**4Q 2025**

ROE 12.0%

Adjusted

ROE 17.6%

![shape-d2804913154b1973.gif](shape-d2804913154b1973.gif)

![shape-b6619c45e48660a3.gif](shape-b6619c45e48660a3.gif)

**Comment from Michel Khalaf, President** 

**and Chief Executive Officer:**

MetLife delivered record fourth quarter

results, underscoring the strength of our

diversified businesses and the disciplined

execution of our all-weather New Frontier

strategy.

For the full year, we achieved 10%

adjusted earnings per share growth, 16%

adjusted return on equity, and beat our

direct expense and free cash flow ratio

targets, while returning nearly $4.4 billion

to shareholders. We made significant

progress in advancing our New Frontier

priorities, completing key strategic

transactions and entering new

partnerships to extend our market

leadership, expand our global reach, and

enhance capital flexibility.

We are confident that the foundation built

in 2025 positions MetLife to accelerate

growth responsibly and deploy capital

prudently to deliver on our New Frontier

commitments.

<sup>1</sup>In this news release, all comparisons of results for the fourth quarter of 2025 are with the fourth quarter of 2024, unless otherwise noted. All comparisons of results for the full year

of 2025 are with the full year of 2024, unless otherwise noted. <sup>2</sup>Direct expense ratio, excluding total notable items related to direct expenses and PRT.

Page 2 of 26

**Fourth Quarter and Full Year 2025 Summary**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($ in millions, except per share data) | **Three Months Ended** <br>**December 31,** | **Three Months Ended** <br>**December 31,** | **Three Months Ended** <br>**December 31,** | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** |
|  | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Premiums, fees and other revenues | $18696 | $14475 | 29% | $57609 | $52520 | 10% |
| Net investment income | 5924 | 5405 | 10% | 22559 | 21273 | 6% |
| Net investment gains (losses) | (160) | (311) |  | (1145) | (1184) |  |
| Net derivative gains (losses) | (646) | (903) |  | (1939) | (1623) |  |
| Total revenues | $23814 | $18666 |  | $77084 | $70986 |  |
| Adjusted premiums, fees and other <br>revenues<br>| $18614 | $14437 | 29% | $57408 | $52379 | 10% |
| Adjusted premiums, fees and other <br>revenues, excluding pension risk <br>transfers (PRT)<br>| $12839 | $11844 | 8% | $49839 | $47530 | 5% |
| Market risk benefit remeasurement <br>gains (losses)<br>| $267 | $764 |  | $508 | $1109 |  |
| Net income (loss) | $778 | $1239 | (37)% | $3173 | $4226 | (25)% |
| Net income (loss) per share | $1.17 | $1.78 | (34)% | $4.71 | $5.94 | (21)% |
| Adjusted earnings | $1648 | $1459 | 13% | $5943 | $5796 | 3% |
| Adjusted earnings per share | $2.49 | $2.09 | 19% | $8.83 | $8.15 | 8% |
| Adjusted earnings, excluding total <br>notable items<br>| $1709 | $1449 | 18% | $5986 | $5770 | 4% |
| Adjusted earnings, excluding total <br>notable items per share <br>| $2.58 | $2.08 | 24% | $8.89 | $8.11 | 10% |
| Book value per share | $39.02 | $34.28 | 14% | $39.02 | $34.28 | 14% |
| Adjusted book value per share | $57.07 | $54.81 | 4% | $57.07 | $54.81 | 4% |
| Expense ratio | 15.4% | 17.8% |  | 18.5% | 19.0% |  |
| Direct expense ratio, excluding total <br>notable items related to direct <br>expenses and PRT<br>| 11.6% | 13.1% |  | 11.7% | 12.1% |  |
| Adjusted expense ratio, excluding <br>total notable items related to <br>adjusted other expenses and PRT<br>| 20.3% | 21.9% |  | 20.1% | 20.9% |  |
| ROE | 12.0% | 19.6% |  | 12.9% | 16.9% |  |
| Adjusted ROE | 17.6% | 15.4% |  | 15.9% | 15.2% |  |
| Adjusted ROE, excluding total <br>notable items<br>| 18.3% | 15.3% |  | 16.0% | 15.2% |  |

---

Information regarding the non-GAAP and other financial measures included in this news release

and reconciliation of the non-GAAP financial measures to GAAP measures are in "Non-GAAP

and Other Financial Disclosures" below and in the tables that accompany this news release.

Page 3 of 26

Supplemental slides for the fourth quarter of 2025, titled "4Q25 Earnings Call Presentation," are

available on the MetLife Investor Relations website at https://investor.metlife.com and in the

Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection

with this earnings release. Supplemental information about MetLife's diversified global

investment portfolio is contained in the "4Q25 - General Account Assets Under Management

Fact Sheet," available on the above-mentioned website. Additionally, further information is

available under the heading "Consolidated Company Outlook" in Item 8.01 of the Form 8-K.

**Total Company Discussion**

MetLife reported fourth quarter2025 premiums, fees and other revenues of $18.7 billion, up 29

percent compared with the prior-year quarter. Adjusted premiums, fees and other revenues,

excluding pension risk transfers, were $12.8 billion, up8 percent.

Net investment income was $5.9 billion, up10 percent, primarily due to higher variable

investment income and increases in the estimated fair value of certain securities that do not

qualify as separate accounts under GAAP. Adjusted net investment income was $5.6 billion, up

5 percent, mainly driven by higher variable investment income.

Net investment losses were $160 million, or $126 million after tax, reflecting normal trading

activity and a stable credit environment. Net derivative losses amounted to $646 million, or

$510 million after tax, due to higher long-term interest rates, stronger equity markets and

strengthening of the U.S. dollar.

Net income decreased 37 percent to $778 million. Net derivative losses and net investment

losses were the primary drivers, partially offset by market risk benefit remeasurement gains and

higher adjusted earnings. On a per-share basis, net incomedecreased34 percent to $1.17.

Adjusted earnings were $1.6 billion, up13 percent on a reported basis and 12 percent on a

constant currency basis. On a per-share basis, adjusted earnings were $2.49, up19 percent.

MetLife's direct expense ratio, excluding total notable items related to direct expenses and PRT,

was 11.6 percent in the fourth quarter and 11.7 percent for the full year, compared to 13.1

percent in the prior-year quarter and 12.1 percent for the full year 2024.

Page 4 of 26

**Adjusted Earnings by Segment Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** |
| **Segment** | **Change from**<br>**prior-year period** <br>**(on a reported** <br>**basis)**<br>| **Change from**<br>**prior-year period** <br>**(on a constant**<br>**currency basis)**<br>| **Change from**<br>**prior year** <br>**(on a reported** <br>**basis)**<br>| **Change from**<br>**prior year** <br>**(on a constant**<br>**currency basis)**<br>|
| Group Benefits | 12% |  | 5% |  |
| Retirement and Income <br>Solutions (RIS)<br>| 18% |  | —% |  |
| Asia | —% | 1% | 5% | 6% |
| Latin America  | (1)% | (9)% | (9)% | (6)% |
| Europe, the Middle East and <br>Africa (EMEA)<br>| 64% | 64% | 30% | 31% |
| MetLife Investment <br>Management (MIM)<br>| 275% |  | 264% |  |

---

**Business Discussions**

**GROUP BENEFITS**

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**December 31, 2025**<br>| **Three Months Ended**<br>**December 31, 2024**<br>| **Change** |
| Adjustedearnings | $465 | $416 | 12% |
| Notable item(s) | $0 | $0 |  |
| Adjusted earnings ex. notables | $465 | $416 | 12% |
| Adjusted PFOs | $6287 | $6184 | 2% |

---

• **Adjusted earnings** were $465 million, up 12 percent, largely reflecting favorable life

underwriting.

• **Adjusted PFOs** were $6.3 billion, up2 percent. Overall growth was partially offset by the

impact of favorable mortality on participating life contracts. PFOs from participating life

contracts can fluctuate with claims experience.

• **Sales** were up 4 percent for the full year, primarily driven by regional business growth.

**RIS**

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**December 31, 2025**<br>| **Three Months Ended**<br>**December 31, 2024**<br>| **Change** |
| Adjustedearnings | $454 | $386 | 18% |
| Notable item(s) | $0 | $0 |  |
| Adjusted earnings ex. notables | $454 | $386 | 18% |
| Adjusted PFOs | $7209 | $3620 | 99% |
| Adjusted PFOs, excluding PRT | $1434 | $1027 | 40% |

---

• **Adjusted earnings** were $454 million, up18 percent, largely driven by favorable variable

investment income.

• **Adjusted PFOs** were $7.2 billion, mainly reflecting record PRT sales.

• **Adjusted PFOs, excluding PRT,** were $1.4 billion, up40 percent, mainly due to U.K.

longevity reinsurance.

Page 5 of 26

• **Total liability exposure** grew 14 percent, including 13 percent in general account liabilities.

**ASIA**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**December 31, 2025**<br>| **Three Months Ended**<br>**December 31, 2024**<br>| **Change** | **Constant**<br>**currency**<br>**change**<br>|
| Adjusted earnings | $444 | $443 | —% | 1% |
| Notable item(s) | $0 | $0 |  |  |
| Adjusted earnings ex. notables | $444 | $443 | —% | 1% |
| Adjusted PFOs | $1671 | $1635 | 2% | 3% |
| Asia general account assets under <br>management (at amortized cost)<br>| $140168 | $129959 | 8% | 7% |

---

• **Adjusted earnings** were $444 million, essentially flat on a reported basis and up1 percent

on a constant currency basis. Volume growth and favorable expenses were offset by less

favorable underwriting.

• **Adjusted PFOs** were $1.7 billion, up 2 percent on a reported basis, and up3 percent on a

constant currency basis, reflecting strong growth across the region.

• **Asia general account assets under management (at amortized cost)** were

$140.2 billion, up7 percent on a constant currency basis.

• **Sales** were $598 million, up18 percent on a constant currency basis, primarily driven by

Japan and Korea.

**LATIN AMERICA**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**December 31, 2025**<br>| **Three Months Ended**<br>**December 31, 2024**<br>| **Change** | **Constant**<br>**currency**<br>**change**<br>|
| Adjusted earnings | $198 | $201 | (1)% | (9)% |
| Notable item(s) | $(29) | $0 |  |  |
| Adjusted earnings ex. notables | $227 | $201 | 13% | 4% |
| Adjusted PFOs | $1796 | $1438 | 25% | 16% |

---

• **Adjusted earnings** were $198 million, down1 percent on a reported basis and down9

percent on a constant currency basis, primarily reflecting a value-added tax adjustment in

Mexico.

• **Excluding notable items, adjusted earnings** were $227 million, up13 percent on a

reported basis and up4 percent on a constant currency basis, primarily driven by strong

volume growth across the region and favorable Chilean encaje returns.

• **Adjusted PFOs** were $1.8 billion, up 25 percent on a reported basis and up 16 percent on a

constant currency basis, due to strong growth across the region.

• **Sales** were $451 million, up26 percent on a constant currency basis, driven by growth

across the region.

Page 6 of 26

**EMEA**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**December 31, 2025**<br>| **Three Months Ended**<br>**December 31, 2024**<br>| **Change** | **Constant**<br>**currency**<br>**change**<br>|
| Adjusted earnings | $97 | $59 | 64% | 64% |
| Notable item(s) | $0 | $0 |  |  |
| Adjusted earnings ex. notables | $97 | $59 | 64% | 64% |
| Adjusted PFOs | $787 | $652 | 21% | 17% |

---

• **Adjusted earnings** were $97 million, up64 percent on a reported and constant currency

basis, primarily driven by strong volume growth across the region and favorable

underwriting.

• **Adjusted PFOs** were $787 million, up21 percent on a reported basis and up17 percent on

a constant currency basis, reflecting strong sales across the region.

• **Sales** were $310 million, up24 percent on a constant currency basis, reflecting strong

growth across most markets.

**METLIFE INVESTMENT MANAGEMENT**

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**December 31, 2025**<br>| **Three Months Ended**<br>**December 31, 2024**<br>| **Change** |
| Adjusted earnings | $60 | $16 | 275% |
| Notable item(s) | $0 | $0 |  |
| Adjusted earnings ex. notables | $60 | $16 | 275% |
| Other revenues | $239 | $181 | 32% |
| Total assets under management | $741674 | $585729 | 27% |
| Institutional net flows | $5612 | $5118 | 10% |

---

• **Adjusted** **earnings** were $60 million compared with $16 million.

• **Other revenues** were $239 million, up32 percent.

• **Total assets under management** were $741.7 billion, up27 percent, primarily reflecting the

acquisition of PineBridge Investments, which closed on December 30, 2025.

**CORPORATE & OTHER**

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**December 31, 2025**<br>| **Three Months Ended**<br>**December 31, 2024**<br>| **Change** |
| Adjusted earnings | $(70) | $(62) |  |
| Notable item(s) | $(32) | $10 |  |
| Adjusted earnings ex. notables | $(38) | $(72) |  |

---

• **Adjusted loss** of $70 million, compared to an adjusted loss of $62 million.

• **Adjusted loss, excluding notable items,** of $38 million, compared to an adjusted loss,

excluding notable items, of $72 million.

Page 7 of 26

**INVESTMENTS**

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**December 31, 2025**<br>| **Three Months Ended**<br>**December 31, 2024**<br>| **Change** |
| Adjusted net investment income | $5577 | $5301 | 5% |

---

• **Adjusted net investment income** was $5.6 billion, up5 percent. Variable investment

income increased 70 percent to $497 million, primarily driven by higher returns on private

equity assets.

**FOURTH QUARTER 2025 NOTABLE ITEMS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **($ in millions)** | **Adjusted Earnings** | **Adjusted Earnings** | **Adjusted Earnings** | **Adjusted Earnings** | **Adjusted Earnings** | **Adjusted Earnings** | **Adjusted Earnings** | **Adjusted Earnings** |  |  |  |
| **($ in millions)** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** |  |  |  |
| **Notable Items** | **Group** <br>**Benefits** | **RIS** | **Asia** | **Latin**<br>**America** | **EMEA** | **MIM** | **Corporate**<br>**&**<br>**Other** | **Total** | | | |
| **Notable Items** | **Group** <br>**Benefits** | **RIS** | **Asia** | **Latin**<br>**America** | **EMEA** | **MIM** | **Corporate**<br>**&**<br>**Other** | **Total** | Litigation reserves <br>and settlement <br>costs<br>| $0 | $(32) |
| Tax adjustments | $0 | $0 | $0 | $(29) | $0 | $0 | $0 | $(29) |  |  |  |
| Total notable items | $0 | $0 | $0 | $(29) | $0 | $0 | $(32) | $(61) |  |  |  |

---

Contacts: For Media: Jane Slusark (347) 989-5477, Jane.Slusark@metlife.com

For Investors: John Hall (212) 578-7888, John.A.Hall@metlife.com

<u>About MetLife</u>

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the

world's leading financial services companies, providing insurance, annuities, employee benefits

and asset management to help individual and institutional customers build a more confident

future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds

leading positions in the United States, Asia, Latin America, Europe and the Middle East. For

more information, visit www.metlife.com.

<u>Conference Call</u>

MetLife will hold its combined fourth quarter and full year 2025 earnings and outlook conference

call on Thursday, February 5, 2026, from 9-10 a.m. (ET). The conference call will be available

live via the internet. To listen to the conference call, click the following link to register (https://

events.q4inc.com/attendee/951205562).

The conference call will be available for replay via telephone and the internet beginning at 11:00

a.m. (ET) on Thursday, February 5, 2026, until Thursday, February 12, 2026, at 11:59 p.m. (ET).

To listen to a replay of the conference call via telephone, dial 800-770-2030 (U.S.) or

647-362-9199 (outside the U.S.). The Conference ID for the replay is 11336 followed by the #

key. To access the replay of the conference call via the internet, visit the MetLife Investor

Relations webpage (https://investor.metlife.com).

###

Page 8 of 26

<u>Non-GAAP and Other Financial Disclosures</u>

---

| | | | |
|:---|:---|:---|:---|
| **Any references in this news release (except in** <br>**this section and the tables that accompany this** <br>**release) to:** | **Any references in this news release (except in** <br>**this section and the tables that accompany this** <br>**release) to:** | **Should be read as, respectively:** | **Should be read as, respectively:** |
| (i) | net income (loss) | (i)  | net income (loss) available to MetLife, <br>Inc.'s common shareholders<br>|
| (ii) | net income (loss) per share | (ii) | net income (loss) available to MetLife, <br>Inc.'s common shareholders per diluted <br>common share<br>|
| (iii) | adjusted earnings | (iii) | adjusted earnings available to common <br>shareholders<br>|
| (iv) | adjusted earnings per share | (iv) | adjusted earnings available to common <br>shareholders per diluted common <br>share<br>|
| (v) | book value per share | (v) | book value per common share |
| (vi) | adjusted book value per share | (vi) | adjusted book value per common <br>share<br>|
| (vii) | return on equity | (vii) | return on MetLife, Inc.'s common <br>stockholders' equity<br>|
| (viii) | adjusted return on equity | (viii) | adjusted return on MetLife, Inc.'s <br>common stockholders' equity<br>|

---

In this news release, MetLife presents certain measures of its performance on a consolidated and

segment basis that are not calculated in accordance with accounting principles generally accepted in the

United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our

investors' understanding of MetLife's performance by highlighting the results of operations and the

underlying profitability drivers of the business. Segment-specific financial measures are calculated using

only the portion of consolidated results attributable to that specific segment.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly

comparable financial measures calculated in accordance with GAAP:

---

| | | | |
|:---|:---|:---|:---|
| **Non-GAAP financial measures:** | **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 <br>revenues<br>| (iii) | premiums, fees and other revenues |
| (iv) | adjusted premiums, fees and other <br>revenues, excluding PRT<br>| (iv) | premiums, fees and other revenues |
| (v) | adjusted net investment income | (v) | net investment income |
| (vi) | adjusted earnings available to common <br>shareholders<br>| (vi) | net income (loss) available to MetLife, <br>Inc.'s common shareholders<br>|
| (vii) | adjusted earnings available to common <br>shareholders, excluding total notable items<br>| (vii) | net income (loss) available to MetLife, <br>Inc.'s common shareholders<br>|
| (viii) | adjusted earnings available to common <br>shareholders per diluted common share<br>| (viii) | net income (loss) available to MetLife, <br>Inc.'s common shareholders per diluted <br>common share<br>|
| (ix) | adjusted earnings available to common <br>shareholders, excluding total notable <br>items, per diluted common share<br>| (ix) | net income (loss) available to MetLife, <br>Inc.'s common shareholders per diluted <br>common share<br>|
| (x) | adjusted return on equity | (x) | return on equity |

---

Page 9 of 26

(xi) adjusted return on equity, excluding total notable items (xi) return on equity

(xii) investment portfolio gains (losses) (xii) net investment gains (losses)

(xiii) derivative gains (losses) (xiii) net derivative gains (losses)

(xiv) adjusted capitalization of deferred policy acquisition costs (DAC) (xiv) capitalization of DAC

(xv) total MetLife, Inc.'s adjusted common stockholders' equity (xv) total MetLife, Inc.'s stockholders' equity

(xvi) total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (xvi) total MetLife, Inc.'s stockholders' equity

(xvii) adjusted book value per common share (xvii) book value per common share

(xviii) adjusted other expenses (xviii) other expenses

(xix) adjusted other expenses, net of adjusted capitalization of DAC (xix) other expenses, net of capitalization of DAC

(xx) adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (xx) other expenses, net of capitalization of DAC

(xxi) adjusted expense ratio (xxi) expense ratio

(xxii) adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (xxii) expense ratio

(xxiii) direct expenses (xxiii) other expenses

(xxiv) direct expenses, excluding total notable items related to direct expenses (xxiv) other expenses

(xxv) direct expense ratio (xxv) expense ratio

(xxvi) direct expense ratio, excluding total notable items related to direct expenses and PRT (xxvi) expense ratio

(xxvii) future policy benefits at original discount rate (xxvii) future policy benefits at balance sheet discount rate

(xxviii) free cash flow of all holding companies (xxviii) MetLife, Inc. (parent company only) net cash provided by (used in) operating activities

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not

accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to

provide other than a range of net investment gains and losses and net derivative gains and losses, which

can fluctuate significantly within or outside the range and from period to period and may have a material

impact on net income.

Any of these financial measures shown on a constant currency basis reflect the impact of changes in

foreign currency exchange rates and are calculated using the average foreign currency exchange rates

for the current period and applied to the comparable prior period ("constant currency basis").

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial

measures are included in this earnings news release and in this period's quarterly financial supplement,

which is available at MetLife's Investor Relations webpage (https://investor.metlife.com).

MetLife's definitions of non-GAAP and other financial measures discussed in this news release may differ

from those used by other companies:

***Adjusted earnings and related measures***

• adjusted earnings;

Page 10 of 26

• adjusted earnings available to common shareholders;

• adjusted earnings available to common shareholders, on a constant currency basis;

• adjusted earnings available to common shareholders, excluding total notable items;

• adjusted earnings available to common shareholders, excluding total notable items, on a constant

currency basis;

• adjusted earnings available to common shareholders per diluted common share;

• adjusted earnings available to common shareholders, on a constant currency basis per diluted

common share;

• adjusted earnings available to common shareholders, excluding total notable items per diluted

common share; and

• adjusted earnings available to common shareholders, excluding total notable items, on a constant

currency basis per diluted common share.

Adjusted earnings is used by MetLife's chief operating decision maker, its chief executive officer, to

evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting,

adjusted earnings is MetLife's GAAP measure of segment performance. Adjusted earnings and related

measures based on adjusted earnings are also the measures by which senior management's and many

other employees' performance is evaluated for the purposes of determining their compensation under

applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings

allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry

results.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted

earnings available to common shareholders is defined as adjusted earnings less preferred stock

dividends.

Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums,

fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market

volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and

costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related

measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on MetLife's financial results. Adjusted earnings excludes

net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains

(losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items

relating to joint ventures accounted for under the equity method ("Joint venture adjustments"), and

policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization

guarantees accounted for as additional liabilities and (ii) market value adjustments.

Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:

• Universal life and investment-type product policy fees exclude asymmetrical accounting associated

with in-force reinsurance.

• 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.

Page 11 of 26

• Interest credited to policyholder account balances excludes amounts associated with periodic

crediting rate adjustments based on the total return of a contractually referenced pool of assets and

other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.

"Divested businesses" are those that have been or will be sold or exited by MetLife but do not meet the

discontinued operations criteria under GAAP. Divested businesses also include the net impact of

transactions with exited businesses that have been eliminated in consolidation under GAAP and costs

relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to

be included in results of discontinued operations under GAAP.

Other adjustments are made in calculating adjusted earnings:

• Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-

owned real estate and real estate joint ventures.

• 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).

• Net investment income and interest expense on debt exclude amounts related to collateralized

financing entities that are consolidated variable interest entities.

• Other revenues include fee revenue on synthetic guaranteed interest contracts ("GICs") accounted

for as freestanding derivatives.

• Other expenses exclude (i) amortization and impairment of asset management intangible assets,

(ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition,

integration and other related costs. Other expenses include (i) deductions for net income

attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits

accrued on synthetic GICs accounted for as freestanding derivatives.

• "Reinsurance activity" relates to amounts subject to ceded reinsurance arrangements with third

parties and joint ventures, including (i) the related investment returns and expenses which are

passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash

equivalents.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not

be recognized at acquisition or adjusted for during the measurement period under GAAP business

combination accounting guidance.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax

rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax

(expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax

reforms.

In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock

redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.'s

common shareholders.

***Investment portfolio gains (losses) and derivative gains (losses)***

These are measures of investment and hedging activity. Investment portfolio gains (losses) principally

excludes amounts that are reported within net investment gains (losses) but do not relate to the

performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses,

as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally

excludes earned income on derivatives and amortization of premium on derivatives, where such

derivatives are either hedges of investments or are used to replicate certain investments, and where such

derivatives do not qualify for hedge accounting. This earned income and amortization of premium is

reported within adjusted earnings and not within derivative gains (losses).

Page 12 of 26

***Return on equity and related measures***

• <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 accumulated other comprehensive income (loss) ("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.

***Expense ratio, direct expense ratio, adjusted expense ratio and related measures***

• <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.

***Assets Under Management (*"*AUM*"*):***

• <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 MetLife Investment Management, LLC and certain of its affiliates ("MIM")

manages or advises.

Page 13 of 26

• <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 and real

estate joint ventures 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 and real estate joint

ventures included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have

been adjusted from carrying value to estimated fair value. At the segment level, intersegment

balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the

MetLife consolidated level) are excluded from Asia GA AUM.

Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on

investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair

value on mortgage loans and real estate and real estate joint ventures. Asia GA AUM (at amortized

cost) is presented net of related allowance for credit loss.

***Other items***

The following additional information is relevant to an understanding of MetLife's performance:

• Statistical sales information:

• Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-

year premiums and fees from recurring premium policy sales of all products.

Page 14 of 26

• RIS: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and

the contract value for new U.K. longevity reinsurance contracts, and 100% of annualized full-year

premiums and fees only from recurring premium policy sales of specialized benefit resources and

corporate-owned life insurance.

• Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from

retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium

deposits from credit insurance and 100% of annualized full-year premiums and fees from

recurring-premium policy sales of all products (mainly from risk and protection products such as

individual life, accident & health and group).

Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of

business activity.

• Volume growth, where cited, represents the change in certain measures of our segment results,

including adjusted earnings, attributable to business growth, applying a model in which certain

margins and factors are held constant, the most significant of which are underwriting margins,

investment margins, changes in equity market performance, expense margins and the impact of

changes in foreign currency exchange rates.

• PRT includes U.K. funded reinsurance.

• Institutional net flows reflect Institutional Client AUM total fund additions less withdrawals.

• "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.

• We refer to observable forward yield curves as of a particular date in connection with making our

estimates for future results. The observable forward yield curves at a given time are based on

implied future interest rates along a range of interest rate durations. This includes the 10-year U.S.

Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our

estimates for future results.

• Notable items reflect the unexpected impact of events that affect MetLife's results, but that were

unknown and that MetLife could not anticipate when it devised its business plan. Notable items also

include certain items regardless of the extent anticipated in the business plan, to help investors have

a better understanding of MetLife's results and to evaluate and forecast those results. Notable items

represent a positive (negative) impact to adjusted earnings available to common shareholders.

• Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife

holding companies and include cash and cash equivalents, short-term investments and publicly

traded securities excluding assets that are pledged or otherwise committed. Assets pledged or

otherwise committed include amounts received in connection with securities lending, repurchase

agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding

agreements and secured borrowings, as well as amounts held in the closed block.

• MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash

for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free

cash flow as the sum of cash available at MetLife's holding companies from dividends from operating

subsidiaries, expenses and other net flows of the holding companies (including capital contributions

to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This

measure of free cash flow is prior to capital actions, such as common stock dividends and

repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as

a substitute for net cash provided by (used in) operating activities calculated in accordance with

GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings

available to common shareholders.

Page 15 of 26

<u>Forward-Looking Statements</u>

This news release may contain or incorporate by reference information that includes or is based upon

forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements give expectations or forecasts of future events and do not relate strictly to

historical or current facts. They use words and terms such as "anticipate," "are confident," "assume,"

"believe," "continue," "could," "estimate," "expect," "if," "intend," "likely," "may," "plan," "potential," "project,"

"should," "target," "will," "would," and other words and terms of similar meaning or that are otherwise tied

to future periods or future performance, in each case in all derivative forms. They include statements

relating to strategy, goals and expectations concerning our market position, future operations, margins,

profitability, capital expenditures, liquidity and capital resources and other financial and operating

information. By their nature, forward-looking statements: speak only as of the date they are made; are not

statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties,

assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs

and projections are expressed in good faith and we believe there is a reasonable basis for them.

However, there can be no assurance that management's expectations, beliefs and projections will result

or be achieved and actual results may vary materially from what is expressed in or indicated by the

forward-looking statements.

Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve

unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our

expectations, and our understanding of the economic environment, but they may be inaccurate and may

change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from

those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other

factors identified in MetLife, Inc.'s filings with the U.S. Securities and Exchange Commission, and others,

may cause such differences. These factors include:

(1)economic condition difficulties, including risks relating to interest rates, the effects of announced or

future tariff increases on the global economy, credit spreads, declining equity or debt markets,

changes in the value of assets under management, real estate, obligors and counterparties,

government default or shutdown, currency exchange rates, derivatives, climate change, public

health, terrorism and security;

(2)global capital and credit market adversity;

(3)credit facility inaccessibility;

(4)financial strength or credit ratings downgrades;

(5)unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from

reinsurers' credit risk, and the potential shortfall or failure of risk mitigants to protect against such

risks;

(6)statutory life insurance reserve financing costs or limited market capacity;

(7)legal, regulatory, and supervisory and enforcement policy changes;

(8)changes in tax rates, tax laws or interpretations;

(9)litigation and regulatory investigations;

(10)unsuccessful efforts to meet all sustainability standards or to enhance our sustainability;

(11)MetLife, Inc.'s inability to pay dividends and repurchase common stock;

(12)MetLife, Inc.'s subsidiaries' inability to pay dividends to MetLife, Inc.;

(13)investment defaults, downgrades, or volatility;

(14)investment sales or lending difficulties;

(15)collateral or derivative-related payments;

(16)investment valuations, allowances, or impairments changes;

(17)claims or other results that differ from our estimates, assumptions, or models;

(18)global political, legal, or operational risks;

(19)business competition;

(20)technological changes;

(21)catastrophes;

(22)climate changes or responses to it;

(23)deficiencies in our closed block;

Page 16 of 26

(24)goodwill or other asset impairment, or deferred income tax asset allowance;

(25)impairment of VOBA, value of distribution agreements acquired or value of customer relationships

acquired;

(26)product guarantee volatility, costs, and counterparty risks;

(27)risk management failures;

(28)insufficient protection from operational risks;

(29)failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or

disaster recovery failures;

(30)accounting standards changes;

(31)excessive risk-taking;

(32)marketing and distribution difficulties;

(33)pension and other postretirement benefit assumption changes;

(34)inability to protect our intellectual property or avoid infringement claims;

(35)acquisition, integration, growth, disposition, or reorganization difficulties;

(36)Brighthouse Financial, Inc. separation risks;

(37)MetLife, Inc.'s Board of Directors influence over the outcome of stockholder votes through the

voting provisions of the MetLife Policyholder Trust; and

(38)legal- and corporate governance-related effects on business combinations.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking

statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please

consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S.

Securities and Exchange Commission.

Page 17 of 26

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **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** |
| **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| Premiums | $16691 | $12617 | $49779 | $44945 |
| Universal life and investment-type product policy fees | 1268 | 1217 | 5003 | 4974 |
| Net investment income | 5924 | 5405 | 22559 | 21273 |
| Other revenues | 737 | 641 | 2827 | 2601 |
| Net investment gains (losses) | (160) | (311) | (1145) | (1184) |
| Net derivative gains (losses) | (646) | (903) | (1939) | (1623) |
| Total revenues | 23814 | 18666 | 77084 | 70986 |
| **Expenses** |  |  |  |  |
| Policyholder benefits and claims | 16776 | 12572 | 49718 | 44728 |
| Policyholder liability remeasurement (gains) losses | 35 | (42) | (150) | (206) |
| Market risk benefit remeasurement (gains) losses | (267) | (764) | (508) | (1109) |
| Interest credited to policyholder account balances | 2342 | 2012 | 8950 | 8339 |
| Policyholder dividends | 129 | 150 | 553 | 595 |
| Amortization of DAC, VOBA and negative VOBA | 545 | 517 | 2114 | 2021 |
| Interest expense on debt | 263 | 259 | 1061 | 1037 |
| Other expenses, net of capitalization of DAC | 2874 | 2581 | 10685 | 9959 |
| Total expenses | 22697 | 17285 | 72423 | 65364 |
| Income (loss) before provision for income tax | 1117 | 1381 | 4661 | 5622 |
| Provision for income tax expense (benefit) | 301 | 106 | 1258 | 1178 |
| Net income (loss) | 816 | 1275 | 3403 | 4444 |
| Less: Net income (loss) attributable to noncontrolling interests <br>and redeemable noncontrolling interests<br>| 7 | 4 | 24 | 18 |
| Net income (loss) attributable to MetLife, Inc. | 809 | 1271 | 3379 | 4426 |
| Less: Preferred stock dividends | 31 | 32 | 194 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock redemption premium |  |  | 12 |  |
| Net income (loss) available to MetLife, Inc.'s common <br>shareholders<br>| $778 | $1239 | $3173 | $4226 |
| See footnotes on last page. |  |  |  |  |

---

Page 18 of 26

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| **Reconciliation to Adjusted Earnings Available to Common Shareholders** |  | **Earnings Per** <br>**Weighted** <br>**Average** <br>**Common Share** <br>**Diluted (1)**<br>|  | **Earnings Per** <br>**Weighted** <br>**Average** <br>**Common Share** <br>**Diluted (1)**<br>|  | **Earnings Per** <br>**Weighted** <br>**Average** <br>**Common Share** <br>**Diluted (1)**<br>|  | **Earnings Per** <br>**Weighted** <br>**Average** <br>**Common Share** <br>**Diluted (1)**<br>|
| Net income (loss) available to MetLife, Inc.'s common shareholders | $778 | $1.17 | $1239 | $1.78 | $3173 | $4.71 | $4226 | $5.94 |
| Adjustments from net income (loss) available to common shareholders to <br>adjusted earnings available to common shareholders:<br>|  |  |  |  |  |  |  |  |
| Less: Net investment gains (losses) | (160) | (0.24) | (311) | (0.45) | (1145) | (1.70) | (1184) | (1.67) |
| Net derivative gains (losses) | (646) | (0.98) | (903) | (1.29) | (1939) | (2.88) | (1623) | (2.28) |
| Market risk benefit remeasurement gains (losses) | 267 | 0.40 | 764 | 1.09 | 508 | 0.75 | 1109 | 1.56 |
| Goodwill impairment |  |  |  |  |  |  |  |  |
| Other adjustments to net income (loss) | (514) | (0.78) | (118) | (0.15) | (789) | (1.17) | (541) | (0.76) |
| Provision for income tax (expense) benefit | 190 | 0.29 | 352 | 0.50 | 631 | 0.94 | 687 | 0.97 |
| Add: Net income (loss) attributable to noncontrolling interests and redeemable <br>noncontrolling interests<br>| 7 | 0.01 | 4 | 0.01 | 24 | 0.04 | 18 | 0.03 |
| Preferred stock redemption premium |  |  |  |  | 12 | 0.02 |  |  |
| Adjusted earnings available to common shareholders | 1648 | 2.49 | 1459 | 2.09 | 5943 | 8.83 | 5796 | 8.15 |
| Less: Total notable items | (61) | (0.09) | 10 | 0.01 | (43) | (0.06) | 26 | 0.04 |
| Adjusted earnings available to common shareholders, excluding total notable <br>items<br>| $1709 | $2.58 | $1449 | $2.08 | $5986 | $8.89 | $5770 | $8.11 |
| Adjusted earnings available to common shareholders on a constant currency <br>basis<br>| $1648 | $2.49 | $1473 | $2.11 | $5943 | $8.83 | $5742 | $8.07 |
| Adjusted earnings available to common shareholders, excluding total notable <br>items, on a constant currency basis<br>| $1709 | $2.58 | $1463 | $2.10 | $5986 | $8.89 | $5716 | $8.04 |
| Weighted average common shares outstanding - diluted |  | 662.2 |  | 697.9 |  | 673.3 |  | 711.1 |
| See footnotes on last page. |  |  |  |  |  |  |  |  |

---

Page 19 of 26

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Premiums, Fees and Other Revenues** |  |  |  |  |
| Premiums, fees and other revenues | $18696 | $14475 | $57609 | $52520 |
| Less: Adjustments to premiums, fees and other revenues: |  |  |  |  |
| Asymmetrical and non-economic accounting | 100 | 34 | 256 | 158 |
| Other | (17) | (11) | (63) | (48) |
| Divested businesses | (1) | 15 | 8 | 31 |
| Adjusted premiums, fees and other revenues | $18614 | $14437 | $57408 | $52379 |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $18614 | $14545 | $57408 | $52178 |
| Less: PRT | 5775 | 2593 | 7569 | 4849 |
| Adjusted premiums, fees and other revenues, excluding PRT, on a constant <br>currency basis<br>| $12839 | $11952 | $49839 | $47329 |
| **Net Investment Income** |  |  |  |  |
| Net investment income | $5924 | $5405 | $22559 | $21273 |
| Less: Adjustments to net investment income: |  |  |  |  |
| Investment hedge adjustments | (105) | (127) | (410) | (604) |
| Depreciation of wholly-owned real estate and real estate joint ventures | (72) |  | (72) |  |
| Joint venture adjustments | (64) | 16 | (98) | 82 |
| Unit-linked contract income | 366 | 183 | 1217 | 1091 |
| Reinsurance activity | 222 | 31 | 489 | 31 |
| Divested businesses |  | 1 | 1 | 1 |
| Adjusted net investment income | $5577 | $5301 | $21432 | $20672 |
| **Revenues and Expenses** |  |  |  |  |
| Total revenues | $23814 | $18666 | $77084 | $70986 |
| Less: Adjustments to total revenues: |  |  |  |  |
| Net investment gains (losses) | (160) | (311) | (1145) | (1184) |
| Net derivative gains (losses) | (646) | (903) | (1939) | (1623) |
| Investment hedge adjustments | (105) | (127) | (410) | (604) |
| Depreciation of wholly-owned real estate and real estate joint ventures | (72) |  | (72) |  |
| Asymmetrical and non-economic accounting, excluding Investment hedge <br>adjustments<br>| 100 | 34 | 256 | 158 |
| Unit-linked contract costs | 366 | 183 | 1217 | 1091 |
| Reinsurance activity | 222 | 31 | 489 | 31 |
| Other | (81) | 5 | (161) | 34 |
| Divested businesses | (1) | 16 | 9 | 32 |
| Total adjusted revenues | $24191 | $19738 | $78840 | $73051 |
| Total expenses | $22697 | $17285 | $72423 | $65364 |
| Less: Adjustments to total expenses: |  |  |  |  |
| Market risk benefit remeasurement (gains) losses | (267) | (764) | (508) | (1109) |
| Goodwill impairment |  |  |  |  |
| Asymmetrical and non-economic accounting | 458 | 46 | 646 | 322 |
| Market volatility | (76) | (49) | (209) | (256) |
| Unit-linked contract costs | 366 | 185 | 1196 | 1081 |
| Reinsurance activity | 166 | 30 | 388 | 30 |
| Other | 15 | 25 | 57 | 49 |
| Divested businesses | 14 | 23 | 39 | 57 |
| Total adjusted expenses | $22021 | $17789 | $70814 | $65190 |
| See footnotes on last page. |  |  |  |  |

---

Page 20 of 26

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **(In millions, except per share and ratio data)** | **(In millions, except per share and ratio data)** | **(In millions, except per share and ratio data)** | **(In millions, except per share and ratio data)** | **(In millions, except per share and ratio data)** |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Expense Detail and Ratios**  |  |  |  |  |
| **Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC** |  |  |  |  |
| Capitalization of DAC  | $(882) | $(719) | $(3219) | $(2833) |
| Less: Divested businesses |  |  |  |  |
| Adjusted capitalization of DAC | $(882) | $(719) | $(3219) | $(2833) |
| **Reconciliation of Other Expenses to Adjusted Other Expenses** |  |  |  |  |
| Other expenses  | $3756 | $3300 | $13904 | $12792 |
| Less: Reinsurance activity | 166 | 30 | 388 | 30 |
| Less: Other adjustments, excluding reinsurance activity | 15 | 25 | 57 | 49 |
| Less: Divested businesses | 12 | 13 | 36 | 38 |
| Adjusted other expenses | $3563 | $3232 | $13423 | $12675 |
| **Other Detail and Ratios** |  |  |  |  |
| Other expenses, net of capitalization of DAC | $2874 | $2581 | $10685 | $9959 |
| Premiums, fees and other revenues | $18696 | $14475 | $57609 | $52520 |
| Expense ratio | 15.4% | 17.8% | 18.5% | 19.0% |
| Direct expenses | $1528 | $1396 | $5875 | $5611 |
| Less: Total notable items related to direct expenses | 40 | (152) | 40 | (152) |
| Direct expenses, excluding total notable items related to direct expenses | $1488 | $1548 | $5835 | $5763 |
| Adjusted other expenses | $3563 | $3232 | $13423 | $12675 |
| Adjusted capitalization of DAC | (882) | (719) | (3219) | (2833) |
| Adjusted other expenses, net of adjusted capitalization of DAC | 2681 | 2513 | 10204 | 9842 |
| Less: Total notable items related to adjusted other expenses | 81 | (85) | 183 | (85) |
| Adjusted other expenses, net of adjusted capitalization of DAC, excluding total <br>notable items related to adjusted other expenses<br>| $2600 | $2598 | $10021 | $9927 |
| Adjusted premiums, fees and other revenues | $18614 | $14437 | $57408 | $52379 |
| Less: PRT | 5775 | 2593 | 7569 | 4849 |
| Adjusted premiums, fees and other revenues, excluding PRT | $12839 | $11844 | $49839 | $47530 |
| Direct expense ratio  | 8.2% | 9.7% | 10.2% | 10.7% |
| Direct expense ratio, excluding total notable items related to direct expenses and <br>PRT<br>| 11.6% | 13.1% | 11.7% | 12.1% |
| Adjusted expense ratio | 14.4% | 17.4% | 17.8% | 18.8% |
| Adjusted expense ratio, excluding total notable items related to adjusted other <br>expenses and PRT<br>| 20.3% | 21.9% | 20.1% | 20.9% |
| See footnotes on last page. | See footnotes on last page. | See footnotes on last page. |  |  |

---

Page 21 of 26

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| | | |
|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** |
|  | **December 31,** | **December 31,** |
| **Equity Details** | **2025** | **2024** |
| Total MetLife, Inc.'s stockholders' equity | $28398 | $27445 |
| Less: Preferred stock | 2830 | 3818 |
| MetLife, Inc.'s common stockholders' equity  | 25568 | 23627 |
| Less: Unrealized investment gains (losses), net of related offsets and income tax | (15614) | (19402) |
| Deferred gains (losses) on derivatives, net of income tax | (1588) | 370 |
| Future policy benefits discount rate remeasurement gain (losses), net of income tax | 6871 | 6529 |
| Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | (97) | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp;Defined benefit plans adjustment, net of income tax | (1393) | (1442) |
| Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax  | (8) | (129) |
| Total MetLife, Inc.'s adjusted common stockholders' equity | 37397 | 37772 |
| Less: Accumulated year-to-date total notable items, net of income tax | (43) | 26 |
| Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items | $37440 | $37746 |
|  | **December 31,** | **December 31,** |
| **Book Value (2)** | **2025** | **2024** |
| Book value per common share | 39.02 | 34.28 |
| Less: Unrealized investment gains (losses), net of related offsets and income tax | (23.83) | (28.15) |
| Deferred gains (losses) on derivatives, net of income tax | (2.42) | 0.54 |
| Future policy benefits discount rate remeasurement gain (losses), net of income tax | 10.49 | 9.46 |
| Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | (0.15) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Defined benefit plans adjustment, net of income tax | (2.13) | (2.09) |
| Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax | (0.01) | (0.19) |
| Adjusted book value per common share | $57.07 | $54.81 |
| Common shares outstanding, end of period (3) | 655.3 | 689.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31, (4)** | **December 31, (4)** | **December 31,**  | **December 31,**  |
| <br>**Return on Equity** | **2025** | **2024** | **2025** | **2024** |
| Return on MetLife, Inc.'s: |  |  |  |  |
| Common stockholders' equity | 12.0% | 19.6% | 12.9% | 16.9% |
| Adjusted return on MetLife, Inc.'s: |  |  |  |  |
| Adjusted common stockholders' equity | 17.6% | 15.4% | 15.9% | 15.2% |
| Adjusted common stockholders' equity, excluding total notable items | 18.3% | 15.3% | 16.0% | 15.2% |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Average Common Stockholders' Equity** | **2025** | **2024** | **2025** | **2024** |
| Average common stockholders' equity | $25841 | $25347 | $24570 | $25008 |
| Average adjusted common stockholders' equity | $37385 | $37867 | $37415 | $38084 |
| Average adjusted common stockholders' equity, excluding total notable items | $37398 | $37846 | $37420 | $38076 |
| See footnotes on last page. |  |  |  |  |

---

Page 22 of 26

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| | | | | |
|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **Adjusted Earnings Available to Common Shareholders** | **Adjusted Earnings Available to Common Shareholders** | **Adjusted Earnings Available to Common Shareholders** | **Adjusted Earnings Available to Common Shareholders** | **Adjusted Earnings Available to Common Shareholders** |
| **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Group Benefits (5): |  |  |  |  |
| Adjusted earnings available to common shareholders | $465 | $416 | $1692 | $1606 |
| Less: Total notable items |  |  | (2) | (58) |
| Adjusted earnings available to common shareholders, excluding total notable items | $465 | $416 | $1694 | $1664 |
| Adjusted premiums, fees and other revenues | $6287 | $6184 | $25469 | $24870 |
| RIS (5): |  |  |  |  |
| Adjusted earnings available to common shareholders | $454 | $386 | $1671 | $1667 |
| Less: Total notable items |  |  | 13 | 104 |
| Adjusted earnings available to common shareholders, excluding total notable items | $454 | $386 | $1658 | $1563 |
| Adjusted premiums, fees and other revenues | $7209 | $3620 | $12262 | $8594 |
| Less: PRT | 5775 | 2593 | 7569 | 4849 |
| Adjusted premiums, fees and other revenues, excluding PRT | $1434 | $1027 | $4693 | $3745 |
| Asia: |  |  |  |  |
| Adjusted earnings available to common shareholders | $444 | $443 | $1702 | $1621 |
| Less: Total notable items |  |  | 70 | (41) |
| Adjusted earnings available to common shareholders, excluding total notable items | $444 | $443 | $1632 | $1662 |
| Adjusted earnings available to common shareholders on a constant currency basis  | $444 | $440 | $1702 | $1605 |
| Adjusted earnings available to common shareholders, excluding total notable items, on <br>a constant currency basis<br>| $444 | $440 | $1632 | $1646 |
| Adjusted premiums, fees and other revenues | $1671 | $1635 | $6768 | $6757 |
| Adjusted premiums, fees and other revenues, on a constant currency basis  | $1671 | $1615 | $6768 | $6723 |
| Latin America: |  |  |  |  |
| Adjusted earnings available to common shareholders | $198 | $201 | $798 | $881 |
| Less: Total notable items | (29) |  | (104) | 4 |
| Adjusted earnings available to common shareholders, excluding total notable items | $227 | $201 | $902 | $877 |
| Adjusted earnings available to common shareholders on a constant currency basis  | $198 | $218 | $798 | $846 |
| Adjusted earnings available to common shareholders, excluding total notable items, on <br>a constant currency basis<br>| $227 | $218 | $902 | $842 |
| Adjusted premiums, fees and other revenues | $1796 | $1438 | $6606 | $5936 |
| Adjusted premiums, fees and other revenues, on a constant currency basis  | $1796 | $1545 | $6606 | $5751 |
| See footnotes on last page. |  |  |  |  |

---

Page 23 of 26

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| | | | | |
|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **Adjusted Earnings Available to Common Shareholders (Continued)** | **Adjusted Earnings Available to Common Shareholders (Continued)** | **Adjusted Earnings Available to Common Shareholders (Continued)** | **Adjusted Earnings Available to Common Shareholders (Continued)** | **Adjusted Earnings Available to Common Shareholders (Continued)** |
| **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| EMEA: |  |  |  |  |
| Adjusted earnings available to common shareholders | $97 | $59 | $367 | $283 |
| Less: Total notable items |  |  | (1) | (5) |
| Adjusted earnings available to common shareholders, excluding total notable items | $97 | $59 | $368 | $288 |
| Adjusted earnings available to common shareholders on a constant currency basis | $97 | $59 | $367 | $280 |
| Adjusted earnings available to common shareholders, excluding total notable items, on <br>a constant currency basis<br>| $97 | $59 | $368 | $285 |
| Adjusted premiums, fees and other revenues | $787 | $652 | $2901 | $2548 |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $787 | $673 | $2901 | $2566 |
| MIM (5): |  |  |  |  |
| Adjusted earnings available to common shareholders | $60 | $16 | $200 | $55 |
| Less: Total notable items |  |  |  |  |
| Adjusted earnings available to common shareholders, excluding total notable items | $60 | $16 | $200 | $55 |
| Corporate & Other (5): |  |  |  |  |
| Adjusted earnings available to common shareholders | $(70) | $(62) | $(487) | $(317) |
| Less: Total notable items | (32) | 10 | (19) | 22 |
| Adjusted earnings available to common shareholders, excluding total notable items | $(38) | $(72) | $(468) | $(339) |
| Adjusted premiums, fees and other revenues | $625 | $727 | $2470 | $2956 |
| See footnotes on last page. |  |  |  |  |

---

Page 24 of 26

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | |
|  | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **December 31, 2025** | <br>**December 31, 2025** |
| **Variable investment income**<br>**(post-tax, in millions) (6)**<br>| | | | | | **Assets ($ in billions)** |
| Group Benefits | $3 | $3 | $5 | $13 | $24 | $0.2 |
| RIS | 99 | 60 | 146 | 135 | 440 | 5.5 |
| Asia | 94 | 64 | 139 | 145 | 442 | 8.4 |
| Latin America | 3 | 7 | 2 | 6 | 18 | 0.3 |
| EMEA |  |  |  | 1 | 1 |  |
| MIM |  |  |  |  |  |  |
| Corporate & Other | 59 | 20 | 90 | 93 | 262 | 4.5 |
| Total | $258 | $154 | $382 | $393 | $1187 | $18.9 |
| See footnotes on last page. |  |  |  |  |  |  |

---

Page 25 of 26

---

| | | |
|:---|:---|:---|
| **Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc.** | **Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc.** | **Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc.** |
| **to Free Cash Flow of All Holding Companies** | **to Free Cash Flow of All Holding Companies** | **to Free Cash Flow of All Holding Companies** |
| **(In billions, except ratios)** | **(In billions, except ratios)** | **(In billions, except ratios)** |
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
| MetLife, Inc. (parent company only) net cash provided by operating activities | $2.8 | $4.7 |
| Adjustments from net cash provided by operating activities to free cash flow: |  |  |
| Add: Incremental debt to be at or below target leverage ratios | 0.4 |  |
| Add: Adjustments from net cash provided by operating activities to free cash flow (7) | 0.5 | (0.1) |
| MetLife, Inc. (parent company only) free cash flow | 3.7 | 4.6 |
| Other MetLife, Inc. holding companies free cash flow (8) | 1.2 |  |
| **Free cash flow of all holding companies** | $4.9 | $4.6 |
| **Ratio of net cash provided by operating activities to consolidated net income (loss) available to** <br>**MetLife, Inc.'s common shareholders:**<br>|  |  |
| MetLife, Inc. (parent company only) net cash provided by operating activities | $2.8 | $4.7 |
| Consolidated net income (loss) available to MetLife, Inc.'s common shareholders | $3.2 | $4.2 |
| Ratio of net cash provided by operating activities (parent company only) to consolidated net income <br>(loss) available to MetLife, Inc.'s common shareholders (9)<br>| 90% | 112% |
| **Ratio of free cash flow to adjusted earnings available to common shareholders:** |  |  |
| Free cash flow of all holding companies (10) | $4.9 | $4.6 |
| Consolidated adjusted earnings available to common shareholders (10) | $5.9 | $5.8 |
| Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common <br>shareholders (10)<br>| 82% | 79% |
| See footnotes on last page. |  |  |

---

Page 26 of 26

---

| | | |
|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
|  |  | **December 31, 2025** |
| **Cash & Capital (11), (12), (13) (in billions)** | **Cash & Capital (11), (12), (13) (in billions)** | |
| Holding Companies Cash & Liquid Assets | Holding Companies Cash & Liquid Assets | $3.6 |
| **Footnotes** | **Footnotes** |  |
| (1) | Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis<br>and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted<br>common share. | Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis<br>and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted<br>common share. |
| (2) | Book values exclude $2,830 million and $3,818 million of equity related to preferred stock at December 31, 2025 and December 31, 2024,<br>respectively. | Book values exclude $2,830 million and $3,818 million of equity related to preferred stock at December 31, 2025 and December 31, 2024,<br>respectively. |
| (3) | There were share repurchases of approximately $0.4 billion and $2.9 billion for the three months and year ended December 31, 2025, respectively.<br>There were share repurchases of approximately $200 million in January 2026. | There were share repurchases of approximately $0.4 billion and $2.9 billion for the three months and year ended December 31, 2025, respectively.<br>There were share repurchases of approximately $200 million in January 2026. |
| (4) | Annualized using quarter-to-date results. | Annualized using quarter-to-date results. |
| (5) | Results on a constant currency basis are not included as constant currency impact is not significant. | Results on a constant currency basis are not included as constant currency impact is not significant. |
| (6) | Assumes a 21% tax rate. | Assumes a 21% tax rate. |
| (7) | Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments (issuances) of loans to<br>subsidiaries, net; and (iv) investment portfolio and derivative changes and other, net. | Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments (issuances) of loans to<br>subsidiaries, net; and (iv) investment portfolio and derivative changes and other, net. |
| (8) | Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions to subsidiaries; (iii) repayments (issuances) of<br>loans to subsidiaries, net; (iv) other expenses; (v) dividends and returns of capital to MetLife, Inc. and (vi) investment portfolio and derivative<br>changes and other, net. | Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions to subsidiaries; (iii) repayments (issuances) of<br>loans to subsidiaries, net; (iv) other expenses; (v) dividends and returns of capital to MetLife, Inc. and (vi) investment portfolio and derivative<br>changes and other, net. |
| (9) | Including the free cash flow of other MetLife, Inc. holding companies of $1.2 billion and $0 for the years ended December 31, 2025 and 2024,<br>respectively, in the numerator of the ratio, this ratio, as adjusted, would be 126% and 112%, respectively. | Including the free cash flow of other MetLife, Inc. holding companies of $1.2 billion and $0 for the years ended December 31, 2025 and 2024,<br>respectively, in the numerator of the ratio, this ratio, as adjusted, would be 126% and 112%, respectively. |
| (10) | i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2025, was negatively impacted by notable<br>items, primarily related to tax adjustments of ($0.1) billion, net of income tax, and litigation reserves and settlement costs of ($0.03) billion, net of<br>income tax, offset by actuarial assumption review and other insurance adjustments of $0.09 billion, net of income tax. Excluding these notable<br>items from the denominator of the ratio, the adjusted free cash flow ratio for 2025, would be 82%.<br>ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2024, was positively impacted by notable<br>items, primarily related to tax adjustments of $0.1 billion, net of income tax, and actuarial assumption review and other insurance adjustments of<br>$0.02 billion, net of income tax, offset by litigation reserves and settlement costs of ($0.05) billion, net of income tax. Excluding these notable<br>items from the denominator of the ratio, the adjusted free cash flow ratio for 2024, would be 79%. | i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2025, was negatively impacted by notable<br>items, primarily related to tax adjustments of ($0.1) billion, net of income tax, and litigation reserves and settlement costs of ($0.03) billion, net of<br>income tax, offset by actuarial assumption review and other insurance adjustments of $0.09 billion, net of income tax. Excluding these notable<br>items from the denominator of the ratio, the adjusted free cash flow ratio for 2025, would be 82%.<br>ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2024, was positively impacted by notable<br>items, primarily related to tax adjustments of $0.1 billion, net of income tax, and actuarial assumption review and other insurance adjustments of<br>$0.02 billion, net of income tax, offset by litigation reserves and settlement costs of ($0.05) billion, net of income tax. Excluding these notable<br>items from the denominator of the ratio, the adjusted free cash flow ratio for 2024, would be 79%. |
| (11) | The 2025 combined U.S. risk based capital (RBC) ratio is estimated to be above MetLife's 360% target on an NAIC basis. This ratio includes<br>MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. MetLife calculates RBC annually as of<br>December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end. | The 2025 combined U.S. risk based capital (RBC) ratio is estimated to be above MetLife's 360% target on an NAIC basis. This ratio includes<br>MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. MetLife calculates RBC annually as of<br>December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end. |
| (12) | The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $17.2 billion<br>at December 31, 2025, up 1% from $17.1 billion at September 30, 2025. This balance includes MetLife, Inc.'s principal U.S. insurance<br>subsidiaries, excluding American Life Insurance Company. | The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $17.2 billion<br>at December 31, 2025, up 1% from $17.1 billion at September 30, 2025. This balance includes MetLife, Inc.'s principal U.S. insurance<br>subsidiaries, excluding American Life Insurance Company. |
| (13) | The expected Japan solvency margin ratio at December 31, 2025 is approximately 770%. | The expected Japan solvency margin ratio at December 31, 2025 is approximately 770%. |

---

## Exhibit 99.2

<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

Exhibit 99.2

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

**Fourth Quarter**

**Financial Supplement**

**December 31, 2025**

**4**

------

<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

---

| | |
|:---|:---|
| **METLIFE<br>**TABLE OF CONTENTS**** | **METLIFE<br>**TABLE OF CONTENTS**** |
| **<u>[GAAP CONSOLIDATED STATEMENTS OF OPERATIONS](#ia73ad52f85164e8387df8951bd3180a1_7)</u>** | **<u>[2](#ia73ad52f85164e8387df8951bd3180a1_7)</u>** |
| **<u>[CORPORATE OVERVIEW](#ia73ad52f85164e8387df8951bd3180a1_10)</u>** | **<u>[3](#ia73ad52f85164e8387df8951bd3180a1_10)</u>** |
| **<u>[KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS](#ia73ad52f85164e8387df8951bd3180a1_16)</u>** | **<u>[5](#ia73ad52f85164e8387df8951bd3180a1_16)</u>** |
| **<u>[EXPENSE DETAIL AND RATIOS](#ia73ad52f85164e8387df8951bd3180a1_22)</u>** | **<u>[7](#ia73ad52f85164e8387df8951bd3180a1_22)</u>** |
| **<u>[GAAP CONSOLIDATED BALANCE SHEETS](#ia73ad52f85164e8387df8951bd3180a1_25)</u>** | **<u>[8](#ia73ad52f85164e8387df8951bd3180a1_25)</u>** |
| **<u>[SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS](#ia73ad52f85164e8387df8951bd3180a1_28)</u>** | **<u>[9](#ia73ad52f85164e8387df8951bd3180a1_28)</u>** |
| **<u>[Group Benefits](#ia73ad52f85164e8387df8951bd3180a1_31)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ia73ad52f85164e8387df8951bd3180a1_31)</u> | **<u>[10](#ia73ad52f85164e8387df8951bd3180a1_31)</u>** |
| &nbsp;&nbsp;<u>[Other Expenses by Major Category; and Other Information](#ia73ad52f85164e8387df8951bd3180a1_34)</u> | **<u>[11](#ia73ad52f85164e8387df8951bd3180a1_34)</u>** |
| **<u>[RIS](#ia73ad52f85164e8387df8951bd3180a1_37)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ia73ad52f85164e8387df8951bd3180a1_37)</u> | **<u>[12](#ia73ad52f85164e8387df8951bd3180a1_37)</u>** |
| &nbsp;&nbsp;<u>[Future Policy Benefits; Policyholder Account Balances; General Account Retained Balances; Total Liabilities](#ia73ad52f85164e8387df8951bd3180a1_1296)</u> | **<u>[13](#ia73ad52f85164e8387df8951bd3180a1_1296)</u>** |
| &nbsp;&nbsp;<u>[Other Expenses by Major Category; and Spread](#ia73ad52f85164e8387df8951bd3180a1_43)</u> | **<u>[14](#ia73ad52f85164e8387df8951bd3180a1_43)</u>** |
| **<u>[ASIA](#ia73ad52f85164e8387df8951bd3180a1_46)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ia73ad52f85164e8387df8951bd3180a1_46)</u> | **<u>[15](#ia73ad52f85164e8387df8951bd3180a1_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](#ia73ad52f85164e8387df8951bd3180a1_49)</u> | **<u>[16](#ia73ad52f85164e8387df8951bd3180a1_49)</u>** |
| &nbsp;&nbsp;<u>[Asia General Account Assets Under Management and Related Measures](#ia73ad52f85164e8387df8951bd3180a1_52)</u> | **<u>[17](#ia73ad52f85164e8387df8951bd3180a1_52)</u>** |
| **<u>[LATIN AMERICA](#ia73ad52f85164e8387df8951bd3180a1_55)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ia73ad52f85164e8387df8951bd3180a1_55)</u> | **<u>[18](#ia73ad52f85164e8387df8951bd3180a1_55)</u>** |
| &nbsp;&nbsp;<u>[Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Information](#ia73ad52f85164e8387df8951bd3180a1_58)</u> | **<u>[19](#ia73ad52f85164e8387df8951bd3180a1_58)</u>** |
| **<u>[EMEA](#ia73ad52f85164e8387df8951bd3180a1_61)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ia73ad52f85164e8387df8951bd3180a1_61)</u> | **<u>[20](#ia73ad52f85164e8387df8951bd3180a1_61)</u>** |
| &nbsp;&nbsp;<u>[Other Expenses by Major Category; and Other Information](#ia73ad52f85164e8387df8951bd3180a1_64)</u> | **<u>[21](#ia73ad52f85164e8387df8951bd3180a1_64)</u>** |
| **<u>[METLIFE INVESTMENT MANAGEMENT](#ia73ad52f85164e8387df8951bd3180a1_67)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ia73ad52f85164e8387df8951bd3180a1_67)</u> | **<u>[22](#ia73ad52f85164e8387df8951bd3180a1_67)</u>** |
| &nbsp;&nbsp;<u>[Assets Under Management Information; and Other Revenues by Client Segment](#ia73ad52f85164e8387df8951bd3180a1_70)</u> | **<u>[23](#ia73ad52f85164e8387df8951bd3180a1_70)</u>** |
| **<u>[CORPORATE & OTHER](#ia73ad52f85164e8387df8951bd3180a1_73)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ia73ad52f85164e8387df8951bd3180a1_73)</u> | **<u>[24](#ia73ad52f85164e8387df8951bd3180a1_73)</u>** |
| &nbsp;&nbsp;<u>[Future Policy Benefits; Policyholder Account Balances; Market Risk Benefits; and Separate Account Liabilities](#ia73ad52f85164e8387df8951bd3180a1_76)</u> | **<u>[25](#ia73ad52f85164e8387df8951bd3180a1_76)</u>** |
| **<u>[INVESTMENTS](#ia73ad52f85164e8387df8951bd3180a1_79)</u>** |  |
| &nbsp;&nbsp;<u>[Investment Portfolio Results by Asset Category and Annualized Yields](#ia73ad52f85164e8387df8951bd3180a1_79)</u> | **<u>[26](#ia73ad52f85164e8387df8951bd3180a1_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](#ia73ad52f85164e8387df8951bd3180a1_82)</u> | **<u>[27](#ia73ad52f85164e8387df8951bd3180a1_82)</u>** |
| &nbsp;&nbsp;<u>[Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type](#ia73ad52f85164e8387df8951bd3180a1_85)</u> | **<u>[28](#ia73ad52f85164e8387df8951bd3180a1_85)</u>** |
| &nbsp;&nbsp;<u>[Footnotes](#ia73ad52f85164e8387df8951bd3180a1_88)</u> | **<u>[29](#ia73ad52f85164e8387df8951bd3180a1_88)</u>** |
| **<u>[APPENDIX](#ia73ad52f85164e8387df8951bd3180a1_91)</u>** |  |
| &nbsp;&nbsp;<u>[Reconciliation Detail](#ia73ad52f85164e8387df8951bd3180a1_94)</u> | **<u>[A-1](#ia73ad52f85164e8387df8951bd3180a1_94)</u>** |
| &nbsp;&nbsp;<u>[Notable Items](#ia73ad52f85164e8387df8951bd3180a1_97)</u> | **<u>[A-2](#ia73ad52f85164e8387df8951bd3180a1_97)</u>** |
| &nbsp;&nbsp;<u>[Equity Details, Book Value Details and Return on Equity](#ia73ad52f85164e8387df8951bd3180a1_103)</u> | **<u>[A-4](#ia73ad52f85164e8387df8951bd3180a1_103)</u>** |
| &nbsp;&nbsp;<u>[Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis](#ia73ad52f85164e8387df8951bd3180a1_106)</u> | **<u>[A-5](#ia73ad52f85164e8387df8951bd3180a1_106)</u>** |
| &nbsp;&nbsp;<u>[Non-GAAP and Other Financial Disclosures](#ia73ad52f85164e8387df8951bd3180a1_109)</u> | **<u>[A-6](#ia73ad52f85164e8387df8951bd3180a1_109)</u>** |
| &nbsp;&nbsp;<u>[Acronyms](#ia73ad52f85164e8387df8951bd3180a1_121)</u> | **<u>[A-10](#ia73ad52f85164e8387df8951bd3180a1_121)</u>** |

---

------

<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.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.** | **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** | **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 Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Revenues** |  |  |  |  |  |  |  |
| Premiums | $12617 | $11723 | $10810 | $10555 | $16691 | $44945 | $49779 |
| Universal life and investment-type product policy fees | 1217 | 1229 | 1259 | 1247 | 1268 | 4974 | 5003 |
| Net investment income | 5405 | 4885 | 5661 | 6089 | 5924 | 21273 | 22559 |
| Other revenues | 641 | 687 | 679 | 724 | 737 | 2601 | 2827 |
| Net investment gains (losses) | (311) | (387) | (273) | (325) | (160) | (1184) | (1145) |
| Net derivative gains (losses) | (903) | 432 | (796) | (929) | (646) | (1623) | (1939) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 18666 | 18569 | 17340 | 17361 | 23814 | 70986 | 77084 |
| **Expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims | 12572 | 11806 | 10767 | 10369 | 16776 | 44728 | 49718 |
| Policyholder liability remeasurement (gains) losses | (42) | (31) | 5 | (159) | 35 | (206) | (150) |
| Market risk benefit remeasurement (gains) losses | (764) | 299 | (277) | (263) | (267) | (1109) | (508) |
| Interest credited to policyholder account balances | 2012 | 1647 | 2400 | 2561 | 2342 | 8339 | 8950 |
| Policyholder dividends | 150 | 144 | 146 | 134 | 129 | 595 | 553 |
| Amortization of DAC, VOBA and negative VOBA | 517 | 519 | 528 | 522 | 545 | 2021 | 2114 |
| Interest expense on debt | 259 | 258 | 269 | 271 | 263 | 1037 | 1061 |
| Other expenses, net of capitalization of DAC | 2581 | 2573 | 2522 | 2716 | 2874 | 9959 | 10685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 17285 | 17215 | 16360 | 16151 | 22697 | 65364 | 72423 |
| Income (loss) before provision for income tax | 1381 | 1354 | 980 | 1210 | 1117 | 5622 | 4661 |
| Provision for income tax expense (benefit) | 106 | 404 | 245 | 308 | 301 | 1178 | 1258 |
| Net income (loss) | 1275 | 950 | 735 | 902 | 816 | 4444 | 3403 |
| Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 4 | 5 | 6 | 6 | 7 | 18 | 24 |
| Net income (loss) attributable to MetLife, Inc. | 1271 | 945 | 729 | 896 | 809 | 4426 | 3379 |
| Less: Preferred stock dividends | 32 | 66 | 31 | 66 | 31 | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock redemption premium |  |  |  | 12 |  |  | 12 |
| **Net income (loss) available to MetLife, Inc.'s common shareholders** | $1239 | $879 | $698 | $818 | $778 | $4226 | $3173 |
| Premiums, fees and other revenues | $14475 | $13639 | $12748 | $12526 | $18696 | $52520 | $57609 |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE<br>CORPORATE OVERVIEW** | **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* | *For the Three Months Ended* |
| *Unaudited (In millions, except per share data)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| Net income (loss) available to MetLife, Inc.'s common shareholders | $1239 | $879 | $698 | $818 | $778 |
| 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) | (160) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net derivative gains (losses) | (903) | 432 | (796) | (929) | (646) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Market risk benefit remeasurement gains (losses) | 764 | (299) | 277 | 263 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill impairment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other adjustments to net income (loss) (1) | (118) | (234) | (61) | 20 | (514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Provision for income tax (expense) benefit | 352 | 23 | 195 | 223 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 4 | 5 | 6 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Preferred stock redemption premium |  |  |  | 12 |  |
| Adjusted earnings available to common shareholders | 1459 | 1349 | 1362 | 1584 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items (2) | 10 |  |  | 18 | (61) |
| Adjusted earnings available to common shareholders, excluding total notable items (2) | $1449 | $1349 | $1362 | $1566 | $1709 |
| Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share | $1.78 | $1.28 | $1.03 | $1.22 | $1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net investment gains (losses) | (0.45) | (0.56) | (0.40) | (0.49) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net derivative gains (losses) | (1.29) | 0.63 | (1.18) | (1.39) | (0.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Market risk benefit remeasurement gains (losses) | 1.09 | (0.44) | 0.41 | 0.39 | 0.40 |
| &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 | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Provision for income tax (expense) benefit | 0.50 | 0.03 | 0.29 | 0.33 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 0.01 | 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 | 2.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items per diluted common share (2) | 0.01 |  |  | 0.03 | (0.09) |
| Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3) | $2.08 | $1.96 | $2.02 | $2.34 | $2.58 |
|  | *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, except per share data)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 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) |  |  |  | (32) |
| Tax adjustments | 57 |  |  | (71) | (29) |
| &nbsp;&nbsp;&nbsp;Total notable items | $10 | $— | $— | $18 | $(61) |
| *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) |  |  |  | (0.05) |
| Tax adjustments | 0.08 |  |  | (0.11) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total notable items | $0.01 | $— | $— | $0.03 | $(0.09) |
|  | *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* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| Weighted average common shares outstanding - diluted | 697.9 | 687.0 | 675.0 | 669.1 | 662.2 |
| (1)See Pages A-1 and A-7 for further information. | (1)See Pages A-1 and A-7 for further information. | (1)See Pages A-1 and A-7 for further information. | (1)See Pages A-1 and A-7 for further information. | (1)See Pages A-1 and A-7 for further information. | (1)See Pages A-1 and A-7 for further information. |
| (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 information.  | (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 information.  | (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 information.  | (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 information.  | (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 information.  | (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 information.  |
| (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.  | (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**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE<br>CORPORATE OVERVIEW (CONTINUED)** | | | | | |
| *Unaudited* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| Book value per common share (1) | $34.28 | $35.16 | $35.79 | $39.52 | $39.02 |
| Adjusted book value per common share (1) | $54.81 | $55.01 | $56.23 | $56.57 | $57.07 |
|  | *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* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| Return on MetLife, Inc.'s (2): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity | 19.6% | 14.9% | 11.7% | 13.1% | 12.0% |
| Adjusted return on MetLife, Inc.'s (2): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted common stockholders' equity | 15.4% | 14.4% | 14.6% | 16.9% | 17.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted common stockholders' equity, excluding total notable items (3) | 15.3% | 14.4% | 14.6% | 16.7% | 18.3% |
|  | *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* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| Common shares outstanding, beginning of period | 693.7 | 689.2 | 673.3 | 666.8 | 660.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share repurchases | (4.6) | (17.0) | (6.5) | (6.3) | (5.4) |
| &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 | 655.3 |
| Weighted average common shares outstanding - basic | 693.0 | 682.3 | 670.8 | 664.7 | 658.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of the exercise or issuance of stock-based awards | 4.9 | 4.7 | 4.2 | 4.4 | 4.1 |
| Weighted average common shares outstanding - diluted | 697.9 | 687.0 | 675.0 | 669.1 | 662.2 |
| MetLife Policyholder Trust Shares | 111.6 | 110.1 | 108.6 | 107.4 | 105.9 |
| (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. | (1) Calculated using common shares outstanding, end of period. |
| (2) Annualized using quarter-to-date results. See Page A-4 for further information. | (2) Annualized using quarter-to-date results. See Page A-4 for further information. | (2) Annualized using quarter-to-date results. See Page A-4 for further information. | (2) Annualized using quarter-to-date results. See Page A-4 for further information. | (2) Annualized using quarter-to-date results. See Page A-4 for further information. | (2) Annualized using quarter-to-date results. See Page A-4 for further information. |
| (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 information. | (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 information. | (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 information. | (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 information. | (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 information. | (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 information. |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.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** | **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 Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Total revenues** | $18666 | $18569 | $17340 | $17361 | $23814 | $70986 | $77084 |
| Less: Adjustments to total revenues: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses) | (311) | (387) | (273) | (325) | (160) | (1184) | (1145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | (903) | 432 | (796) | (929) | (646) | (1623) | (1939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment hedge adjustments | (127) | (103) | (102) | (100) | (105) | (604) | (410) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of wholly-owned real estate and real estate joint ventures (1) |  |  |  |  | (72) |  | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asymmetrical and non-economic accounting, excluding Investment hedge adjustments | 34 | 36 | 42 | 78 | 100 | 158 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-linked contract income | 183 | (227) | 498 | 580 | 366 | 1091 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance activity | 31 | 43 | 47 | 177 | 222 | 31 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | 5 | (57) |  | (23) | (81) | 34 | (161) |
| &nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 16 | 5 | 3 | 2 | (1) | 32 | 9 |
| **Total adjusted revenues** | $19738 | $18827 | $17921 | $17901 | $24191 | $73051 | $78840 |
|  | *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 Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Net investment income** | $5405 | $4885 | $5661 | $6089 | $5924 | $21273 | $22559 |
| Less: Adjustments to net investment income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment hedge adjustments | (127) | (103) | (102) | (100) | (105) | (604) | (410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of wholly-owned real estate and real estate joint ventures (1) |  |  |  |  | (72) |  | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint venture adjustments | 16 | (42) | 16 | (8) | (64) | 82 | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-linked contract income | 183 | (227) | 498 | 580 | 366 | 1091 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance activity | 31 | 43 | 47 | 177 | 222 | 31 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 1 | 1 |  |  |  | 1 | 1 |
| **Adjusted net investment income** | $5301 | $5213 | $5202 | $5440 | $5577 | $20672 | $21432 |
|  | *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 Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Variable investment income (Included in net investment income above)** | $293 | $327 | $195 | $483 | $497 | $1013 | $1502 |
|  | *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 Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Premiums, fees and other revenues** | $14475 | $13639 | $12748 | $12526 | $18696 | $52520 | $57609 |
| Less: Adjustments to premiums, fees and other revenues: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asymmetrical and non-economic accounting | 34 | 36 | 42 | 78 | 100 | 158 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | (11) | (15) | (16) | (15) | (17) | (48) | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 15 | 4 | 3 | 2 | (1) | 31 | 8 |
| **Adjusted premiums, fees and other revenues** | $14437 | $13614 | $12719 | $12461 | $18614 | $52379 | $57408 |
| **Adjusted premiums, fees and other revenues, on a constant currency basis** | $14545 | $13757 | $12729 | $12438 | $18614 |  |  |
| (1)See Page A-7 for further information. | (1)See Page A-7 for further information. | (1)See Page A-7 for further information. | (1)See Page A-7 for further information. | (1)See Page A-7 for further information. | (1)See Page A-7 for further information. | (1)See Page A-7 for further information. | (1)See Page A-7 for further information. |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.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)** | **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 Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Total expenses** | $17285 | $17215 | $16360 | $16151 | $22697 | $65364 | $72423 |
| Less: Adjustments to total expenses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market risk benefit remeasurement (gains) losses | (764) | 299 | (277) | (263) | (267) | (1109) | (508) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asymmetrical and non-economic accounting | 46 | 139 | 31 | 18 | 458 | 322 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market volatility | (49) | (44) | (40) | (49) | (76) | (256) | (209) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-linked contract costs | 185 | (234) | 486 | 578 | 366 | 1081 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance activity | 30 | 42 | 45 | 135 | 166 | 30 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | 25 | 19 | 21 | 2 | 15 | 49 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Divested businesses  | 23 | 9 | 6 | 10 | 14 | 57 | 39 |
| **Total adjusted expenses** | $17789 | $16985 | $16088 | $15720 | $22021 | $65190 | $70814 |
|  | *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 Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Capitalization of DAC** | $(719) | $(698) | $(787) | $(852) | $(882) | $(2833) | $(3219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Divested businesses |  |  |  |  |  |  |  |
| **Adjusted capitalization of DAC** | $(719) | $(698) | $(787) | $(852) | $(882) | $(2833) | $(3219) |
|  | *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 Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Other expenses** | $3300 | $3271 | $3309 | $3568 | $3756 | $12792 | $13904 |
| Less: Adjustments to other expenses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance activity | 30 | 42 | 45 | 135 | 166 | 30 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | 25 | 19 | 21 | 2 | 15 | 49 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 13 | 8 | 7 | 9 | 12 | 38 | 36 |
| **Adjusted other expenses** | $3232 | $3202 | $3236 | $3422 | $3563 | $12675 | $13423 |
| **Adjusted other expenses, on a constant currency basis** | $3273 | $3253 | $3223 | $3402 | $3563 |  |  |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.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** | **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 Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions, except ratios)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Other expenses, net of capitalization of DAC** | $2581 | $2573 | $2522 | $2716 | $2874 | $9959 | $10685 |
| **Premiums, fees and other revenues** | $14475 | $13639 | $12748 | $12526 | $18696 | $52520 | $57609 |
| **Expense ratio** | 17.8% | 18.9% | 19.8% | 21.7% | 15.4% | 19.0% | 18.5% |
|  | *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 Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Adjusted other expenses by major category** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct expenses | $1396 | $1459 | $1445 | $1443 | $1528 | $5611 | $5875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension, postretirement and postemployment benefit costs | 71 | 70 | 66 | 69 | 74 | 266 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium taxes, other taxes, and licenses & fees | 253 | 160 | 158 | 272 | 246 | 783 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and other variable expenses | 1512 | 1513 | 1567 | 1638 | 1715 | 6015 | 6433 |
| **Adjusted other expenses** | 3232 | 3202 | 3236 | 3422 | 3563 | 12675 | 13423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted capitalization of DAC | (719) | (698) | (787) | (852) | (882) | (2833) | (3219) |
| **Adjusted other expenses, net of adjusted capitalization of DAC** | $2513 | $2504 | $2449 | $2570 | $2681 | $9842 | $10204 |
|  | *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 Year Ended* | *For the Year Ended* |
| *Unaudited (In millions, except ratios)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee-related costs | $955 | $991 | $935 | $962 | $946 | $3696 | $3834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party staffing costs | 439 | 353 | 392 | 374 | 415 | 1491 | 1534 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 2 | 115 | 118 | 107 | 167 | 424 | 507 |
| **Direct expenses** | 1396 | 1459 | 1445 | 1443 | 1528 | 5611 | 5875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items related to direct expenses (1) | (152) |  |  |  | 40 | (152) | 40 |
| **Direct expenses, excluding total notable items related to direct expenses (1)** | $1548 | $1459 | $1445 | $1443 | $1488 | $5763 | $5835 |
| **Adjusted other expenses, net of adjusted capitalization of DAC** | $2513 | $2504 | $2449 | $2570 | $2681 | $9842 | $10204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items related to adjusted other expenses (1) | (85) |  |  | 102 | 81 | (85) | 183 |
| **Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)** | $2598 | $2504 | $2449 | $2468 | $2600 | $9927 | $10021 |
| **Adjusted premiums, fees and other revenues** | $14437 | $13614 | $12719 | $12461 | $18614 | $52379 | $57408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: PRT | 2593 | 1476 | 328 | (10) | 5775 | 4849 | 7569 |
| **Adjusted premiums, fees and other revenues, excluding PRT** | $11844 | $12138 | $12391 | $12471 | $12839 | $47530 | $49839 |
| **Direct expense ratio** | 9.7% | 10.7% | 11.4% | 11.6% | 8.2% | 10.7% | 10.2% |
| **Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)** | 13.1% | 12.0% | 11.7% | 11.6% | 11.6% | 12.1% | 11.7% |
| **Adjusted expense ratio** | 17.4% | 18.4% | 19.3% | 20.6% | 14.4% | 18.8% | 17.8% |
| **Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)** | 21.9% | 20.6% | 19.8% | 19.8% | 20.3% | 20.9% | 20.1% |
| (1)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Pages A-2 and A-3 for further information. | (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 information. | (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 information. | (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 information. | (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 information. | (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 information. | (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 information. | (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 information. |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.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* | *December 31, 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 | $315931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at estimated fair value | 712 | 747 | 790 | 788 | 858 |
| &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 | 13959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 89012 | 87908 | 86868 | 85843 | 84593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 8545 | 8663 | 8664 | 8589 | 8547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate and real estate joint ventures | 13342 | 13481 | 14007 | 13932 | 13440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other limited partnership interests | 14378 | 14137 | 14279 | 14741 | 14917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, principally at estimated fair value | 5156 | 5543 | 5300 | 5962 | 3601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 18504 | 17470 | 16352 | 16932 | 16332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 441364 | 450409 | 456691 | 463702 | 472178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, principally at estimated fair value | 20068 | 21326 | 22178 | 20233 | 22032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | 3489 | 3557 | 3532 | 3791 | 3719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums, reinsurance and other receivables | 29761 | 31251 | 31503 | 40329 | 49059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefits, at estimated fair value | 372 | 317 | 352 | 392 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred policy acquisition costs and value of business acquired | 19627 | 20162 | 20993 | 21175 | 21107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current income tax recoverable | 295 | 338 | 554 | 374 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets | 2994 | 2524 | 2925 | 2719 | 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 8901 | 9036 | 9142 | 9095 | 9613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 11082 | 11253 | 11425 | 11572 | 11822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | 139504 | 138143 | 143175 | 146344 | 151933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $677457 | $688316 | $702470 | $719726 | $745166 |
| **LIABILITIES AND EQUITY** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits | $193646 | $197667 | $198965 | $199169 | $208855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder account balances | 221445 | 225623 | 232433 | 235312 | 236857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefits, at estimated fair value | 2581 | 2844 | 2709 | 2585 | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other policy-related balances | 18899 | 19523 | 19899 | 20361 | 20070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder dividends payable | 385 | 356 | 367 | 369 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables for collateral under securities loaned and other transactions | 17128 | 17440 | 17147 | 17139 | 17115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 465 | 381 | 379 | 378 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 15086 | 14695 | 15374 | 15300 | 14467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateral financing arrangement | 476 | 463 | 438 | 398 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt securities | 3164 | 4153 | 4153 | 4154 | 4155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes issued by collateralized financing entities, under the fair value option relating to variable interest entities |  |  |  |  | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liability | 132 | 430 | 430 | 574 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 36843 | 38843 | 39074 | 48452 | 57582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | 139504 | 138143 | 143175 | 146344 | 151933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 649754 | 660561 | 674543 | 690535 | 716245 |
| &nbsp;&nbsp;&nbsp;**Contingencies, Commitments and Guarantees** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable noncontrolling interests |  |  |  |  | 241 |
| &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 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 33791 | 33820 | 33822 | 32855 | 32858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 42626 | 43131 | 43447 | 43887 | 44290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost | (27798) | (29222) | (29737) | (30244) | (30678) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (21186) | (20248) | (19859) | (17566) | (18084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total MetLife, Inc.'s stockholders' equity | 27445 | 27493 | 27685 | 28944 | 28398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 258 | 262 | 242 | 247 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 27703 | 27755 | 27927 | 29191 | 28680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $677457 | $688316 | $702470 | $719726 | $745166 |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.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** | **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* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| **Adjusted earnings before provision for income tax** |  |  |  |  |  |
| GROUP BENEFITS | $526 | $468 | $508 | $577 | $589 |
| RIS | 487 | 505 | 460 | 551 | 563 |
| ASIA | 613 | 534 | 489 | 752 | 625 |
| LATIN AMERICA | 258 | 291 | 317 | 208 | 270 |
| EMEA | 60 | 109 | 128 | 115 | 129 |
| MIM | 20 | 37 | 72 | 78 | 80 |
| CORPORATE & OTHER | (15) | (102) | (141) | (100) | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted earnings before provision for income tax | $1949 | $1842 | $1833 | $2181 | $2170 |
| **Provision for income tax expense (benefit)** |  |  |  |  |  |
| GROUP BENEFITS | $110 | $98 | $107 | $121 | $124 |
| RIS | 101 | 99 | 90 | 110 | 109 |
| ASIA | 170 | 162 | 143 | 212 | 181 |
| LATIN AMERICA | 57 | 72 | 84 | 60 | 72 |
| EMEA | 1 | 26 | 28 | 28 | 32 |
| MIM | 4 | 9 | 18 | 20 | 20 |
| CORPORATE & OTHER | 15 | (39) | (30) | (20) | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provision for income tax expense (benefit) | $458 | $427 | $440 | $531 | $491 |
| **Adjusted earnings available to common shareholders** |  |  |  |  |  |
| GROUP BENEFITS | $416 | $370 | $401 | $456 | $465 |
| RIS | 386 | 406 | 370 | 441 | 454 |
| ASIA | 443 | 372 | 346 | 540 | 444 |
| LATIN AMERICA | 201 | 219 | 233 | 148 | 198 |
| EMEA | 59 | 83 | 100 | 87 | 97 |
| MIM | 16 | 28 | 54 | 58 | 60 |
| CORPORATE & OTHER (1) | (62) | (129) | (142) | (146) | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted earnings available to common shareholders (1) | $1459 | $1349 | $1362 | $1584 | $1648 |
| (1)Includes impact of preferred stock dividends of $32 million, $66 million, $31 million, $66 million and $31 million for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. | (1)Includes impact of preferred stock dividends of $32 million, $66 million, $31 million, $66 million and $31 million for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. | (1)Includes impact of preferred stock dividends of $32 million, $66 million, $31 million, $66 million and $31 million for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. | (1)Includes impact of preferred stock dividends of $32 million, $66 million, $31 million, $66 million and $31 million for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. | (1)Includes impact of preferred stock dividends of $32 million, $66 million, $31 million, $66 million and $31 million for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. | (1)Includes impact of preferred stock dividends of $32 million, $66 million, $31 million, $66 million and $31 million for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.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** | **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 Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $5579 | $5763 | $5801 | $5662 | $5632 | $22427 | $22858 |
| Universal life and investment-type product policy fees | 227 | 233 | 240 | 227 | 236 | 909 | 936 |
| Net investment income | 313 | 353 | 345 | 356 | 358 | 1252 | 1412 |
| Other revenues | 378 | 434 | 405 | 417 | 419 | 1534 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 6497 | 6783 | 6791 | 6662 | 6645 | 26122 | 26881 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 4881 | 5183 | 5161 | 4982 | 4889 | 19824 | 20215 |
| Policyholder liability remeasurement (gains) losses |  | (18) | (4) | (9) | (3) | (1) | (34) |
| Interest credited to policyholder account balances | 46 | 72 | 73 | 73 | 71 | 191 | 289 |
| Capitalization of DAC | (5) | (5) | (7) | (7) | (7) | (18) | (26) |
| Amortization of DAC, VOBA and negative VOBA | 7 | 6 | 7 | 7 | 6 | 26 | 26 |
| Interest expense on debt | 1 | 1 | 1 | 1 |  | 2 | 3 |
| Other expenses | 1041 | 1076 | 1052 | 1038 | 1100 | 4067 | 4266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 5971 | 6315 | 6283 | 6085 | 6056 | 24091 | 24739 |
| Adjusted earnings before provision for income tax | 526 | 468 | 508 | 577 | 589 | 2031 | 2142 |
| Provision for income tax expense (benefit) | 110 | 98 | 107 | 121 | 124 | 425 | 450 |
| Adjusted earnings | 416 | 370 | 401 | 456 | 465 | 1606 | 1692 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | 416 | 370 | 401 | 456 | 465 | 1606 | 1692 |
| &nbsp;&nbsp;&nbsp;Less: Total notable items |  |  |  | (2) |  | (58) | (2) |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $416 | $370 | $401 | $458 | $465 | $1664 | $1694 |
| Adjusted premiums, fees and other revenues | $6184 | $6430 | $6446 | $6306 | $6287 | $24870 | $25469 |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **GROUP BENEFITS** | **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* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| Direct and allocated expenses | $519 | $529 | $507 | $502 | $534 |
| Pension, postretirement and postemployment benefit costs | 14 | 13 | 15 | 14 | 15 |
| Premium taxes, other taxes, and licenses & fees | 86 | 83 | 88 | 87 | 89 |
| Commissions and other variable expenses | 422 | 451 | 442 | 435 | 462 |
| &nbsp;&nbsp;&nbsp;**Adjusted other expenses** | $1041 | $1076 | $1052 | $1038 | $1100 |
| **OTHER INFORMATION (1)** | **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* | *For the Three Months Ended* |
| *Unaudited (In millions, except ratios)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| **Group Life (2)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues | $2289 | $2352 | $2371 | $2328 | $2321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality ratio | 83.2% | 84.8% | 83.0% | 83.4% | 81.1% |
| **Group Non-Medical Health (3)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues | $2771 | $2850 | $2876 | $2814 | $2866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest adjusted benefit ratio (4) | 71.8% | 74.1% | 74.8% | 72.5% | 72.2% |
| (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. | (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. | (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. | (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. | (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**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

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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** | **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 Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $3460 | $2284 | $1210 | $1045 | $7030 | $8034 | $11569 |
| Universal life and investment-type product policy fees | 99 | 104 | 102 | 99 | 104 | 314 | 409 |
| Net investment income | 2143 | 2190 | 2166 | 2189 | 2229 | 8482 | 8774 |
| Other revenues | 61 | 69 | 70 | 70 | 75 | 246 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 5763 | 4647 | 3548 | 3403 | 9438 | 17076 | 21036 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 4280 | 3120 | 2045 | 1836 | 7829 | 11246 | 14830 |
| Policyholder liability remeasurement (gains) losses |  | (15) | 1 | (14) | 26 | (170) | (2) |
| Interest credited to policyholder account balances | 863 | 883 | 903 | 888 | 878 | 3371 | 3552 |
| Capitalization of DAC | (58) | (37) | (46) | (50) | (80) | (218) | (213) |
| Amortization of DAC, VOBA and negative VOBA | 21 | 19 | 21 | 19 | 22 | 66 | 81 |
| Interest expense on debt | 4 | 3 | 4 | 3 | 4 | 15 | 14 |
| Other expenses | 166 | 169 | 160 | 170 | 196 | 666 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 5276 | 4142 | 3088 | 2852 | 8875 | 14976 | 18957 |
| Adjusted earnings before provision for income tax | 487 | 505 | 460 | 551 | 563 | 2100 | 2079 |
| Provision for income tax expense (benefit) | 101 | 99 | 90 | 110 | 109 | 433 | 408 |
| Adjusted earnings | 386 | 406 | 370 | 441 | 454 | 1667 | 1671 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | 386 | 406 | 370 | 441 | 454 | 1667 | 1671 |
| &nbsp;&nbsp;&nbsp;Less: Total notable items |  |  |  | 13 |  | 104 | 13 |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $386 | $406 | $370 | $428 | $454 | $1563 | $1658 |
| Adjusted premiums, fees and other revenues | $3620 | $2457 | $1382 | $1214 | $7209 | $8594 | $12262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: PRT | 2593 | 1476 | 328 | (10) | 5775 | 4849 | 7569 |
| &nbsp;&nbsp;&nbsp;**Adjusted premiums, fees and other revenues, excluding PRT** | $1027 | $981 | $1054 | $1224 | $1434 | $3745 | $4693 |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **RIS** | **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)** | **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* | *December 31, 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 | $84988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated other comprehensive (income) loss | (3134) | (2627) | (2366) | (1209) | (1732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period (at original discount rate) | $74644 | $76042 | $75872 | $75472 | $86720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future policyholder benefits subject to reinsurance (at balance sheet discount rate) (2) | $1956 | $2287 | $2266 | $7750 | $12786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Accumulated other comprehensive (income) loss | 13 | (16) | (27) | (149) | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period (at original discount rate) | $1969 | $2271 | $2239 | $7601 | $12723 |
| **POLICYHOLDER ACCOUNT BALANCES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $84923 | $90243 | $92197 | $92291 | $93549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policyholder account balances subject to reinsurance |  |  |  | $3327 | $4297 |
| **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES GENERAL ACCOUNT RETAINED BALANCES (3)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $157598 | $164014 | $165830 | $156835 | $163249 |
| **TOTAL LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General account retained balances (3) | $157598 | $164014 | $165830 | $156835 | $163249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | 51420 | 55953 | 54864 | 55671 | 57128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synthetic GICS (4), (5) | 49599 | 53796 | 53740 | 51920 | 52664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Longevity Reinsurance (6) | 25121 | 27369 | 30087 | 29293 | 37025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liability exposure retained, end of period | $283738 | $301132 | $304521 | $293719 | $310066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liability exposure, end of period | $285707 | $303403 | $306760 | $304647 | $327086 |
| (1)Includes $3,872 million, $3,899 million, $3,910 million, $3,964 million and $3,948 million of DPL at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. | (1)Includes $3,872 million, $3,899 million, $3,910 million, $3,964 million and $3,948 million of DPL at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. | (1)Includes $3,872 million, $3,899 million, $3,910 million, $3,964 million and $3,948 million of DPL at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. | (1)Includes $3,872 million, $3,899 million, $3,910 million, $3,964 million and $3,948 million of DPL at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. | (1)Includes $3,872 million, $3,899 million, $3,910 million, $3,964 million and $3,948 million of DPL at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. | (1)Includes $3,872 million, $3,899 million, $3,910 million, $3,964 million and $3,948 million of DPL at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 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. | (2)Represents the current discount rate at the respective balance sheet date. |
| (3) Includes future policyholder benefits (at original discount rate) and policyholder account balances, both excluding amounts subject to reinsurance. | (3) Includes future policyholder benefits (at original discount rate) and policyholder account balances, both excluding amounts subject to reinsurance. | (3) Includes future policyholder benefits (at original discount rate) and policyholder account balances, both excluding amounts subject to reinsurance. | (3) Includes future policyholder benefits (at original discount rate) and policyholder account balances, both excluding amounts subject to reinsurance. | (3) Includes future policyholder benefits (at original discount rate) and policyholder account balances, both excluding amounts subject to reinsurance. | (3) Includes future policyholder benefits (at original discount rate) and policyholder account balances, both excluding amounts subject to reinsurance. |
| (4)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above. | (4)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above. | (4)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above. | (4)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above. | (4)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above. | (4)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above. |
| (5)Includes $221 million, $1,242 million, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. | (5)Includes $221 million, $1,242 million, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. | (5)Includes $221 million, $1,242 million, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. | (5)Includes $221 million, $1,242 million, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. | (5)Includes $221 million, $1,242 million, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. | (5)Includes $221 million, $1,242 million, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively. |
| (6)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the U.K. PRT market. | (6)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the U.K. PRT market. | (6)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the U.K. PRT market. | (6)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the U.K. PRT market. | (6)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the U.K. PRT market. | (6)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the U.K. PRT market. |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **RIS** | **RIS** | **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* | *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* | *December 31, 2025* | *December 31, 2025* |
| Direct and allocated expenses | $| 80 | $| 98 | $| 89 | $| 88 | $| 90 |
| Pension, postretirement and postemployment benefit costs | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 |
| Premium taxes, other taxes, and licenses & fees | 18 | 18 | 5 | 5 | 3 | 3 | 7 | 7 | 32 | 32 |
| Commissions and other variable expenses | 65 | 65 | 62 | 62 | 64 | 64 | 71 | 71 | 69 | 69 |
| &nbsp;&nbsp;&nbsp;**Adjusted other expenses** | $| 166 | $| 169 | $| 160 | $| 170 | $| 196 |
| **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* | *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* | *December 31, 2025* | *December 31, 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% | 5.10 | 5.10% |
| Variable investment income yield | 6.46 | 6.46% | 9.03 | 9.03% | 5.45 | 5.45% | 13.46 | 13.46% | 12.37 | 12.37% |
| Total investment income yield | 5.26 | 5.26% | 5.19 | 5.19% | 5.08 | 5.08% | 5.36 | 5.36% | 5.35 | 5.35% |
| Average crediting rate | 4.35 | 4.35% | 4.28 | 4.28% | 4.31 | 4.31% | 4.33 | 4.33% | 4.34 | 4.34% |
| Amortization of DPL and losses at inception (1) | (0.21) | (0.21)% | (0.20) | (0.20)% | (0.21) | (0.21)% | (0.24) | (0.24)% | (0.23) | (0.23)% |
| &nbsp;&nbsp;**Total average crediting rate** | 4.14 | 4.14% | 4.08 | 4.08% | 4.10 | 4.10% | 4.09 | 4.09% | 4.11 | 4.11% |
| &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% | 1.24 | 1.24% |
| &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% | 0.99 | 0.99% |
| (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 each of the three months ended September 30, 2025 and December 31, 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 each of the three months ended September 30, 2025 and December 31, 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 each of the three months ended September 30, 2025 and December 31, 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 each of the three months ended September 30, 2025 and December 31, 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 each of the three months ended September 30, 2025 and December 31, 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 each of the three months ended September 30, 2025 and December 31, 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 each of the three months ended September 30, 2025 and December 31, 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 each of the three months ended September 30, 2025 and December 31, 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 each of the three months ended September 30, 2025 and December 31, 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 each of the three months ended September 30, 2025 and December 31, 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 each of the three months ended September 30, 2025 and December 31, 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**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.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** | **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 Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $1206 | $1260 | $1278 | $1290 | $1222 | $4991 | $5050 |
| Universal life and investment-type product policy fees | 410 | 406 | 399 | 407 | 428 | 1690 | 1640 |
| Net investment income | 1251 | 1204 | 1204 | 1374 | 1405 | 4658 | 5187 |
| Other revenues | 19 | 15 | 22 | 20 | 21 | 76 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 2886 | 2885 | 2903 | 3091 | 3076 | 11415 | 11955 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 993 | 1037 | 1051 | 1074 | 1010 | 4083 | 4172 |
| Policyholder liability remeasurement (gains) losses | (59) | (11) | (12) | (141) | 6 | (35) | (158) |
| Interest credited to policyholder account balances | 708 | 711 | 757 | 804 | 825 | 2695 | 3097 |
| Capitalization of DAC | (348) | (351) | (418) | (435) | (413) | (1380) | (1617) |
| Amortization of DAC, VOBA and negative VOBA | 214 | 216 | 223 | 207 | 208 | 832 | 854 |
| Interest expense on debt |  |  |  |  |  |  |  |
| Other expenses | 765 | 749 | 813 | 830 | 815 | 2969 | 3207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 2273 | 2351 | 2414 | 2339 | 2451 | 9164 | 9555 |
| Adjusted earnings before provision for income tax | 613 | 534 | 489 | 752 | 625 | 2251 | 2400 |
| Provision for income tax expense (benefit) | 170 | 162 | 143 | 212 | 181 | 630 | 698 |
| Adjusted earnings | 443 | 372 | 346 | 540 | 444 | 1621 | 1702 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | 443 | $372 | $346 | $540 | 444 | 1621 | 1702 |
| &nbsp;&nbsp;&nbsp;Less: Total notable items |  |  |  | 70 |  | (41) | 70 |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $443 | $372 | $346 | $470 | $444 | $1662 | $1632 |
| Adjusted premiums, fees and other revenues | $1635 | $1681 | $1699 | $1717 | $1671 | $6757 | $6768 |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ASIA** | **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** | **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* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| **Adjusted premiums, fees and other revenues** | $1635 | $1681 | $1699 | $1717 | $1671 |
| **Adjusted premiums, fees and other revenues, on a constant currency basis** | $1615 | $1675 | $1632 | $1664 | $1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Operating joint ventures, on a constant currency basis (1) | 409 | 1036 | 741 | 835 | 420 |
| **Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis** | $2024 | $2711 | $2373 | $2499 | $2091 |
| **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** | **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* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| Direct and allocated expenses | $319 | $306 | $304 | $303 | $303 |
| Pension, postretirement and postemployment benefit costs | 19 | 13 | 14 | 13 | 17 |
| Premium taxes, other taxes, and licenses & fees | 26 | 29 | 33 | 33 | 38 |
| Commissions and other variable expenses | 401 | 401 | 462 | 481 | 457 |
| **Adjusted other expenses** | $765 | $749 | $813 | $830 | $815 |
| **Adjusted other expenses, net of adjusted capitalization of DAC** | $417 | $398 | $395 | $395 | $402 |
| **Adjusted other expenses, on a constant currency basis** | $755 | $746 | $774 | $803 | $815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Operating joint ventures, on a constant currency basis (2) | 93 | 127 | 113 | 135 | 104 |
| **Adjusted other expenses, including operating joint ventures, on a constant currency basis** | $848 | $873 | $887 | $938 | $919 |
| **Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis** | $477 | $466 | $453 | $472 | $479 |
| **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** | **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* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| Japan: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life | $106 | $110 | $157 | $213 | $170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accident & Health | 78 | 66 | 64 | 63 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuities | 112 | 145 | 226 | 178 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2 | 2 | 2 | 1 | 1 |
| Total Japan | 298 | 323 | 449 | 455 | 348 |
| Other Asia | 207 | 304 | 233 | 319 | 250 |
| &nbsp;&nbsp;&nbsp; **Total sales** | $505 | $627 | $682 | $774 | $598 |
| **OTHER INFORMATION** | **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* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| **Adjusted earnings available to common shareholders** | $443 | $372 | $346 | $540 | $444 |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $443 | $372 | $346 | $470 | $444 |
| **Adjusted earnings available to common shareholders, on a constant currency basis** | $440 | $372 | $338 | $527 | $444 |
| **Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis** | $440 | $372 | $338 | $457 | $444 |
| (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.  | (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. | (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**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ASIA** | **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** | **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES** |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| **Asia GA AUM** | $120626 | $125119 | $129325 | $131751 | $130514 |
| **Asia GA AUM (at amortized cost)** | $129959 | $134352 | $139158 | $140892 | $140168 |
| **Asia GA AUM (at amortized cost), on a constant currency basis** | $130435 | $132918 | $135409 | $138375 | $140168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Operating joint ventures, on a constant currency basis (1) | 10207 | 11815 | 12554 | 13220 | 13651 |
| **Asia GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis** | $140642 | $144733 | $147963 | $151595 | $153819 |
| (1)Includes MetLife, Inc.'s share of GA AUM (at amortized cost) 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 GA AUM (at amortized cost) 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 GA AUM (at amortized cost) 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 GA AUM (at amortized cost) 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 GA AUM (at amortized cost) 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 GA AUM (at amortized cost) 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**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.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** | **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 Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $1098 | $1164 | $1260 | $1288 | $1443 | $4476 | $5155 |
| Universal life and investment-type product policy fees | 330 | 340 | 371 | 377 | 359 | 1419 | 1447 |
| Net investment income | 431 | 408 | 445 | 416 | 429 | 1650 | 1698 |
| Other revenues | 10 | 9 | 3 | (2) | (6) | 41 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 1869 | 1921 | 2079 | 2079 | 2225 | 7586 | 8304 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 1035 | 1091 | 1216 | 1218 | 1320 | 4127 | 4845 |
| Policyholder liability remeasurement (gains) losses | 20 | (3) |  | (4) |  | (9) | (7) |
| Interest credited to policyholder account balances | 101 | 98 | 96 | 92 | 87 | 438 | 373 |
| Capitalization of DAC | (177) | (172) | (176) | (203) | (219) | (704) | (770) |
| Amortization of DAC, VOBA and negative VOBA | 123 | 129 | 137 | 149 | 156 | 503 | 571 |
| Interest expense on debt | 4 | 4 | 4 | 4 | 3 | 15 | 15 |
| Other expenses | 505 | 483 | 485 | 615 | 608 | 2007 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 1611 | 1630 | 1762 | 1871 | 1955 | 6377 | 7218 |
| Adjusted earnings before provision for income tax | 258 | 291 | 317 | 208 | 270 | 1209 | 1086 |
| Provision for income tax expense (benefit) | 57 | 72 | 84 | 60 | 72 | 328 | 288 |
| Adjusted earnings | 201 | 219 | 233 | 148 | 198 | 881 | 798 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | $201 | $219 | $233 | $148 | $198 | $881 | $798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items |  |  |  | (75) | (29) | 4 | (104) |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $201 | $219 | $233 | $223 | $227 | $877 | $902 |
| Adjusted premiums, fees and other revenues | $1438 | $1513 | $1634 | $1663 | $1796 | $5936 | $6606 |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LATIN AMERICA** | **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* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| Direct and allocated expenses | $146 | $135 | $143 | $147 | $151 |
| Pension, postretirement and postemployment benefit costs | 3 | 1 | 2 | 1 | 3 |
| Premium taxes, other taxes, and licenses & fees | 24 | 23 | 22 | 123 | 66 |
| Commissions and other variable expenses | 332 | 324 | 318 | 344 | 388 |
| &nbsp;&nbsp;&nbsp;**Adjusted other expenses** | $505 | $483 | $485 | $615 | $608 |
| **Adjusted other expenses, net of adjusted capitalization of DAC** | $328 | $311 | $309 | $412 | $389 |
| **Adjusted other expenses, on a constant currency basis** | $544 | $523 | $508 | $625 | $608 |
| **Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis** | $352 | $336 | $323 | $418 | $389 |
| **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* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| Mexico | $146 | $223 | $195 | $216 | $218 |
| Chile | 125 | 118 | 130 | 124 | 127 |
| All other | 88 | 74 | 74 | 110 | 106 |
| &nbsp;&nbsp;&nbsp;**Total sales** | $359 | $415 | $399 | $450 | $451 |
| **OTHER INFORMATION** | **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* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| **Adjusted premiums, fees and other revenues** | $1438 | $1513 | $1634 | $1663 | $1796 |
| **Adjusted earnings available to common shareholders** | $201 | $219 | $233 | $148 | $198 |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $201 | $219 | $233 | $223 | $227 |
| **Adjusted premiums, fees and other revenues, on a constant currency basis** | $1545 | $1635 | $1707 | $1697 | $1796 |
| **Adjusted earnings available to common shareholders, on a constant currency basis** | $218 | $240 | $246 | $153 | $198 |
| **Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis** | $218 | $240 | $246 | $228 | $227 |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **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 Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $568 | $582 | $626 | $638 | $679 | $2202 | $2525 |
| Universal life and investment-type product policy fees | 76 | 78 | 84 | 82 | 98 | 314 | 342 |
| Net investment income | 59 | 58 | 61 | 66 | 68 | 222 | 253 |
| Other revenues | 8 | 8 | 9 | 7 | 10 | 32 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 711 | 726 | 780 | 793 | 855 | 2770 | 3154 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 301 | 277 | 309 | 333 | 334 | 1100 | 1253 |
| Policyholder liability remeasurement (gains) losses | (3) |  | 4 | 3 | (1) | 7 | 6 |
| Interest credited to policyholder account balances | 17 | 17 | 20 | 21 | 25 | 70 | 83 |
| Capitalization of DAC | (124) | (126) | (136) | (151) | (155) | (486) | (568) |
| Amortization of DAC, VOBA and negative VOBA | 93 | 94 | 88 | 85 | 100 | 355 | 367 |
| Interest expense on debt |  |  |  |  |  |  |  |
| Other expenses | 367 | 355 | 367 | 387 | 423 | 1369 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 651 | 617 | 652 | 678 | 726 | 2415 | 2673 |
| Adjusted earnings before provision for income tax | 60 | 109 | 128 | 115 | 129 | 355 | 481 |
| Provision for income tax expense (benefit) | 1 | 26 | 28 | 28 | 32 | 72 | 114 |
| Adjusted earnings | 59 | 83 | 100 | 87 | 97 | 283 | 367 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | 59 | 83 | 100 | 87 | 97 | 283 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items |  |  |  | (1) |  | (5) | (1) |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $59 | $83 | $100 | $88 | $97 | $288 | $368 |
| Adjusted premiums, fees and other revenues | $652 | $668 | $719 | $727 | $787 | $2548 | $2901 |

---

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **EMEA** | **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* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| Direct and allocated expenses | $112 | $109 | $111 | $111 | $120 |
| Pension, postretirement and postemployment benefit costs | 2 | 1 | (3) | 2 | 1 |
| Premium taxes, other taxes, and licenses & fees | 7 | 6 | 6 | 7 | 9 |
| Commissions and other variable expenses | 246 | 239 | 253 | 267 | 293 |
| &nbsp;&nbsp;&nbsp;**Adjusted other expenses** | $367 | $355 | $367 | $387 | $423 |
| **Adjusted other expenses, net of adjusted capitalization of DAC** | $243 | $229 | $231 | $236 | $268 |
| **Adjusted other expenses, on a constant currency basis**  | $379 | $369 | $370 | $384 | $423 |
| **Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis** | $252 | $238 | $234 | $234 | $268 |
| **OTHER INFORMATION** | **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* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| **Adjusted premiums, fees and other revenues** | $652 | $668 | $719 | $727 | $787 |
| **Adjusted earnings available to common shareholders** | $59 | $83 | $100 | $87 | $97 |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $59 | $83 | $100 | $88 | $97 |
| **Adjusted premiums, fees and other revenues, on a constant currency basis** | $673 | $695 | $723 | $723 | $787 |
| **Adjusted earnings available to common shareholders, on a constant currency basis** | $59 | $86 | $100 | $86 | $97 |
| **Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis** | $59 | $86 | $100 | $87 | $97 |
| **Total sales, on a constant currency basis** | $249 | $318 | $307 | $298 | $310 |

---

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.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** | **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 Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions, except ratios)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $— | $— | $— | $— | $— | $— | $— |
| Universal life and investment-type product policy fees |  |  |  |  |  |  |  |
| Net investment income | 1 | 1 | 2 | 1 | 2 | 7 | 6 |
| Other revenues (1) | 181 | 218 | 237 | 238 | 239 | 718 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 182 | 219 | 239 | 239 | 241 | 725 | 938 |
| **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 | 161 | 652 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 162 | 182 | 167 | 161 | 161 | 652 | 671 |
| Adjusted earnings before provision for income tax | 20 | 37 | 72 | 78 | 80 | 73 | 267 |
| Provision for income tax expense (benefit) | 4 | 9 | 18 | 20 | 20 | 18 | 67 |
| Adjusted earnings | 16 | 28 | 54 | 58 | 60 | 55 | 200 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | 16 | 28 | 54 | 58 | 60 | 55 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $16 | $28 | $54 | $58 | $60 | $55 | $200 |
| Operating margin (2) | 11.0% | 16.9% | 30.1% | 32.6% | 33.2% | 10.1% | 28.5% |
| (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. | (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 a percentage of net investment income plus other revenues. | (2)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues. | (2)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues. | (2)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues. | (2)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues. | (2)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues. | (2)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues. | (2)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues. |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE INVESTMENT MANAGEMENT** | **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**  | **ASSETS UNDER MANAGEMENT INFORMATION**  |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| **Institutional Client AUM** |  |  |  |  |  |
| Beginning Institutional Client AUM | $178703 | $178666 | $185970 | $200616 | $212390 |
| Additions | 14687 | 5945 | 17118 | 19078 | 19806 |
| Withdrawals | (9569) | (7460) | (9103) | (9366) | (14194) |
| Change in market value | (5155) | 2217 | 6631 | 2062 | 1770 |
| Acquisitions, dispositions and other |  | 6602 |  |  | 99510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending Institutional Client AUM (1) | $178666 | $185970 | $200616 | $212390 | $319282 |
| **MIM GA AUM** | $407063 | $417194 | $423671 | $420204 | $422392 |
| &nbsp;&nbsp;&nbsp;**Total AUM** | $585729 | $603164 | $624287 | $632594 | $741674 |
| **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** | **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* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| Institutional Client | $76 | $77 | $95 | $98 | $99 |
| General Account (2) | 105 | 141 | 142 | 140 | 140 |
| &nbsp;&nbsp;&nbsp;**Other revenues** | $181 | $218 | $237 | $238 | $239 |
| (1)Ending Institutional Client AUM includes Separate Account AUM, Reinsurance AUM and Third-Party AUM, with balances at December 31, 2025 of $15.8 billion, $20.1 billion and $283.4 billion, respectively. | (1)Ending Institutional Client AUM includes Separate Account AUM, Reinsurance AUM and Third-Party AUM, with balances at December 31, 2025 of $15.8 billion, $20.1 billion and $283.4 billion, respectively. | (1)Ending Institutional Client AUM includes Separate Account AUM, Reinsurance AUM and Third-Party AUM, with balances at December 31, 2025 of $15.8 billion, $20.1 billion and $283.4 billion, respectively. | (1)Ending Institutional Client AUM includes Separate Account AUM, Reinsurance AUM and Third-Party AUM, with balances at December 31, 2025 of $15.8 billion, $20.1 billion and $283.4 billion, respectively. | (1)Ending Institutional Client AUM includes Separate Account AUM, Reinsurance AUM and Third-Party AUM, with balances at December 31, 2025 of $15.8 billion, $20.1 billion and $283.4 billion, respectively. | (1)Ending Institutional Client AUM includes Separate Account AUM, Reinsurance AUM and Third-Party AUM, with balances at December 31, 2025 of $15.8 billion, $20.1 billion and $283.4 billion, respectively. |
| (2)Beginning January 1, 2025, revenues earned on MIM GA AUM were determined based on market rates. | (2)Beginning January 1, 2025, revenues earned on MIM GA AUM were determined based on market rates. | (2)Beginning January 1, 2025, revenues earned on MIM GA AUM were determined based on market rates. | (2)Beginning January 1, 2025, revenues earned on MIM GA AUM were determined based on market rates. | (2)Beginning January 1, 2025, revenues earned on MIM GA AUM were determined based on market rates. | (2)Beginning January 1, 2025, revenues earned on MIM GA AUM were determined based on market rates. |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **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 Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $691 | $666 | $632 | $632 | $684 | $2784 | $2614 |
| Universal life and investment-type product policy fees | 75 | 68 | 63 | 55 | 37 | 328 | 223 |
| Net investment income | 1103 | 999 | 979 | 1038 | 1086 | 4401 | 4102 |
| Other revenues | (39) | (87) | (93) | (91) | (96) | (156) | (367) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 1830 | 1646 | 1581 | 1634 | 1711 | 7357 | 6572 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 1220 | 1210 | 1171 | 1160 | 1202 | 4961 | 4743 |
| Policyholder liability remeasurement (gains) losses |  | 16 | 16 | 4 | 6 | 2 | 42 |
| Interest credited to policyholder account balances | 97 | 36 | 35 | 37 | 29 | 390 | 137 |
| Capitalization of DAC | (7) | (7) | (4) | (6) | (8) | (27) | (25) |
| Amortization of DAC, VOBA and negative VOBA | 59 | 55 | 52 | 55 | 52 | 239 | 214 |
| Interest expense on debt | 250 | 250 | 260 | 263 | 256 | 1005 | 1029 |
| Other expenses | 226 | 188 | 192 | 221 | 260 | 945 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 1845 | 1748 | 1722 | 1734 | 1797 | 7515 | 7001 |
| Adjusted earnings before provision for income tax | (15) | (102) | (141) | (100) | (86) | (158) | (429) |
| Provision for income tax expense (benefit) | 15 | (39) | (30) | (20) | (47) | (41) | (136) |
| Adjusted earnings | (30) | (63) | (111) | (80) | (39) | (117) | (293) |
| Preferred stock dividends | 32 | 66 | 31 | 66 | 31 | 200 | 194 |
| **Adjusted earnings available to common shareholders** | (62) | (129) | (142) | (146) | (70) | (317) | (487) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items | 10 |  |  | 13 | (32) | 22 | (19) |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $(72) | $(129) | $(142) | $(159) | $(38) | $(339) | $(468) |
| Adjusted premiums, fees and other revenues | $727 | $647 | $602 | $596 | $625 | $2956 | $2470 |
| Adjusted earnings available to common shareholders attributed to business activities | $153 | $120 | $115 | $173 | $146 | $647 | $554 |

---

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CORPORATE & OTHER** | **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* | *December 31, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $1515 | $1493 | $1466 | $1457 | $1442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Care | 14537 | 14716 | 14803 | 15309 | 15224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | 53298 | 52962 | 52748 | 52480 | 52285 |
| &nbsp;&nbsp;&nbsp;Balance, end of period (at balance sheet discount rate) | $69350 | $69171 | $69017 | $69246 | $68951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $(63) | $(51) | $(43) | $(26) | $(32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Care | (919) | (872) | (922) | (547) | (751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | (34) | (26) | (26) | (10) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (income) loss | $(1016) | $(949) | $(991) | $(583) | $(803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $1578 | $1544 | $1509 | $1483 | $1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Care | 15456 | 15588 | 15725 | 15856 | 15975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | 53332 | 52988 | 52774 | 52490 | 52305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period (at original discount rate) | $70366 | $70120 | $70008 | $69829 | $69754 |
| &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 | $1294 |
| &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 | $3934 |
| **POLICYHOLDER ACCOUNT BALANCES** |  |  |  |  |  |
| &nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $10142 | $6807 | $6633 | $6545 | $6383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | 11117 | 7278 | 7226 | 7164 | 7093 |
| &nbsp;&nbsp;&nbsp;Balance, end of period | $21259 | $14085 | $13859 | $13709 | $13476 |
| &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 | $4258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | $6357 | $6301 | $6240 | $6178 | $6119 |
| **MARKET RISK BENEFITS** |  |  |  |  |  |
| &nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $2073 | $2188 | $2056 | $1957 | $1788 |
| &nbsp;&nbsp;&nbsp;Balance, end of period | $2073 | $2188 | $2056 | $1957 | $1788 |
| &nbsp;&nbsp;&nbsp;Market risk benefits subject to reinsurance (2) | $— | $— | $— | $— | $285 |
| **SEPARATE ACCOUNT LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $27829 | $19795 | $20317 | $20252 | $19621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | 7065 | 6393 | 7022 | 7317 | 7302 |
| &nbsp;&nbsp;&nbsp;Balance, end of period | $34894 | $26188 | $27339 | $27569 | $26923 |
| &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 | $8354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | $6244 | $5852 | $6429 | $6688 | $6666 |
| (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. | (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. | (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. | (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**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.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** | **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. | 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 Three Months Ended* | *At or For the Year 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, 2025* | *December 31, 2024* | *December 31, 2025* |
| **Fixed Maturity Securities** |  |  |  |  |  |  |  |
| Yield (1) | 4.47% | 4.36% | 4.61% | 4.61% | 4.57% | 4.44% | 4.54% |
| Investment income (2), (3) | $3326 | $3259 | $3517 | $3485 | $3504 | $13089 | $13765 |
| Investment gains (losses) | (245) | (244) | (124) | (150) | (105) | (733) | (623) |
| Ending carrying value (4) | 280227 | 290416 | 297565 | 296663 | 299659 | 280227 | 299659 |
| **Mortgage Loans** |  |  |  |  |  |  |  |
| Yield (1) | 5.28% | 5.21% | 5.12% | 5.22% | 5.26% | 5.29% | 5.20% |
| Investment income (3) | 1085 | 1056 | 1026 | 1009 | 1005 | 4378 | 4096 |
| Investment gains (losses) | (53) | (159) | (288) | (65) | (93) | (285) | (605) |
| Ending carrying value (5) | 81460 | 80581 | 79848 | 76896 | 75767 | 81460 | 75767 |
| **Real Estate and Real Estate Joint Ventures** |  |  |  |  |  |  |  |
| Yield (1) | 1.47% | 4.01% | 3.47% | 1.83% | 4.64% | (0.12)% | 3.48% |
| Investment income | 50 | 134 | 120 | 63 | 158 | (15) | 475 |
| Investment gains (losses) | 70 | (40) | 3 | 47 | 9 | 245 | 19 |
| Ending carrying value (6) | 13342 | 13481 | 14007 | 13932 | 13431 | 13342 | 13431 |
| **Policy Loans** |  |  |  |  |  |  |  |
| Yield (1) | 5.67% | 5.38% | 5.64% | 5.76% | 5.74% | 5.60% | 5.63% |
| Investment income | 114 | 107 | 113 | 115 | 114 | 453 | 449 |
| Ending carrying value | 8545 | 8663 | 8664 | 8589 | 8547 | 8545 | 8547 |
| **Equity Securities** |  |  |  |  |  |  |  |
| Yield (1) | 3.23% | 6.16% | 2.30% | 3.46% | 5.16% | 4.38% | 4.26% |
| Investment income | 5 | 9 | 3 | 4 | 7 | 23 | 23 |
| Investment gains (losses) | 4 | (12) | 45 | 17 | 15 | (18) | 65 |
| Ending carrying value (7) | 712 | 747 | 790 | 788 | 753 | 712 | 753 |
| **Other Limited Partnership Interests** |  |  |  |  |  |  |  |
| Yield (1) | 7.05% | 6.22% | 3.46% | 11.89% | 11.37% | 6.73% | 8.28% |
| Investment income | 252 | 222 | 122 | 431 | 419 | 965 | 1194 |
| Investment gains (losses) | 1 | (1) | 21 | 4 |  | (55) | 24 |
| Ending carrying value (8) | 14367 | 14125 | 14265 | 14726 | 14712 | 14367 | 14712 |
| **Cash and Cash Equivalents and Short-term Investments** |  |  |  |  |  |  |  |
| Yield (1) | 4.97% | 4.42% | 4.19% | 4.36% | 4.07% | 5.04% | 4.26% |
| Investment income | 249 | 224 | 232 | 239 | 208 | 961 | 903 |
| Investment gains (losses) | 18 | (9) | (38) | 13 | 35 | 34 | 1 |
| Ending carrying value (9) | 25018 | 26862 | 27432 | 25853 | 24319 | 25018 | 24319 |
| **Other Invested Assets** |  |  |  |  |  |  |  |
| Investment income | 368 | 365 | 218 | 241 | 318 | 1414 | 1142 |
| Investment gains (losses) | 23 | 4 | 25 | (76) | (104) | 46 | (151) |
| Ending carrying value (10) | 18504 | 17470 | 16350 | 16871 | 16193 | 18504 | 16193 |
| **Total Investments** |  |  |  |  |  |  |  |
| Investment income yield (1) | 4.87% | 4.82% | 4.73% | 4.99% | 5.10% | 4.80% | 4.91% |
| Investment fees and expenses yield (1) | (0.13)% | (0.15)% | (0.13)% | (0.13)% | (0.14)% | (0.13)% | (0.14)% |
| **Net Investment Income Yield (1)** | 4.74% | 4.67% | 4.60% | 4.86% | 4.96% | 4.67% | 4.77% |
| Investment income | $5449 | $5376 | $5351 | $5587 | $5733 | $21268 | $22047 |
| Investment fees and expenses | (147) | (162) | (149) | (147) | (156) | (595) | (614) |
| Net investment income including divested businesses | 5302 | 5214 | 5202 | 5440 | 5577 | 20673 | 21433 |
| Less: Net investment income from divested businesses | 1 | 1 |  |  |  | 1 | 1 |
| **Adjusted Net Investment Income (11)** | $5301 | $5213 | $5202 | $5440 | $5577 | $20672 | $21432 |
| **Ending Carrying Value** | $442175 | $452345 | $458921 | $454318 | $453381 | $442175 | $453381 |
| **Investment Portfolio Gains (Losses) (12)** | $(182) | $(461) | $(356) | $(210) | $(243) | $(766) | $(1270) |
| Gross investment gains | 316 | 142 | 204 | 373 | 418 | 1260 | 1137 |
| Gross investment losses | (386) | (423) | (264) | (269) | (471) | (1696) | (1427) |
| Net credit loss (provision) release and (impairments) | (112) | (180) | (296) | (314) | (190) | (330) | (980) |
| **Investment Portfolio Gains (Losses) (12)** | (182) | (461) | (356) | (210) | (243) | (766) | (1270) |
| Investment portfolio gains (losses) income tax (expense) benefit | 59 | 116 | 94 | 41 | 75 | 213 | 326 |
| **Investment Portfolio Gains (Losses), Net of Income Tax** | $(123) | $(345) | $(262) | $(169) | $(168) | $(553) | $(944) |
| **Derivative Gains (Losses) (12)** | (1159) | 344 | (892) | (746) | (844) | (2413) | (2138) |
| Derivative gains (losses) income tax (expense) benefit | 314 | (99) | 181 | 193 | 192 | 605 | 467 |
| **Derivative Gains (Losses), Net of Income Tax** | $(845) | $245 | $(711) | $(553) | $(652) | $(1808) | $(1671) |
| 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**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **INVESTMENTS** | **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* | *December 31, 2025* | *December 31, 2025* |
| *Unaudited (In millions, except ratios)* | *Unaudited (In millions, except ratios)* | *Amount* | *% of Total* | *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% | $83048 | 27.8% |
| Foreign corporate | Foreign corporate | 53354 | 19.1% | 55083 | 19.1% | 58792 | 19.9% | 57798 | 19.6% | 58260 | 19.6% |
| Foreign government | Foreign government | 39895 | 14.3% | 40892 | 14.2% | 42097 | 14.2% | 41610 | 14.1% | 42431 | 14.3% |
| Residential mortgage-backed | Residential mortgage-backed | 34135 | 12.3% | 39083 | 13.5% | 40764 | 13.8% | 41292 | 14.0% | 40028 | 13.4% |
| U.S. government and agency | U.S. government and agency | 33350 | 12.0% | 33535 | 11.6% | 32463 | 11.0% | 32315 | 11.0% | 33706 | 11.3% |
| 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% | 20757 | 7.0% |
| Municipals | Municipals | 9762 | 3.5% | 9764 | 3.4% | 9802 | 3.3% | 10486 | 3.6% | 10579 | 3.6% |
| Commercial mortgage-backed | Commercial mortgage-backed | 9182 | 3.3% | 9388 | 3.3% | 9428 | 3.2% | 9245 | 3.1% | 8922 | 3.0% |
| &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% | $297731 | 100.0% |
| Reinsurance activity | Reinsurance activity | 2391 |  | 2926 |  | 2900 |  | 9866 |  | 18200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale | &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale | $281043 |  | $291735 |  | $298737 |  | $304645 |  | $315931 |  |
| NRSRO | NAIC |  |  |  |  |  |  |  |  |  |  |
| RATING | DESIGNATION |  |  |  |  |  |  |  |  |  |  |
| Aaa / Aa / A | 1 | $192099 | 68.9% | $199468 | 69.1% | $203465 | 68.8% | $202215 | 68.7% | $203858 | 68.5% |
| Baa | 2 | 74345 | 26.7% | 77112 | 26.7% | 80262 | 27.1% | 80465 | 27.3% | 81877 | 27.5% |
| Ba | 3 | 8680 | 3.1% | 8674 | 3.0% | 8566 | 2.9% | 8364 | 2.8% | 8273 | 2.8% |
| B | 4 | 3035 | 1.1% | 3198 | 1.1% | 3260 | 1.1% | 3379 | 1.1% | 3379 | 1.1% |
| Caa and lower | 5 | 425 | 0.2% | 291 | 0.1% | 204 | 0.1% | 258 | 0.1% | 249 | 0.1% |
| In or near default | 6 | 68 | —% | 66 | —% | 80 | —% | 98 | —% | 95 | —% |
| &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% | $297731 | 100.0% |
| Reinsurance activity | Reinsurance activity | 2391 |  | 2926 |  | 2900 |  | 9866 |  | 18200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale (13) | &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale (13) | $281043 |  | $291735 |  | $298737 |  | $304645 |  | $315931 |  |
| **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:** | **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** | **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* | *December 31, 2025* | *December 31, 2025* |
| Gross unrealized gains | Gross unrealized gains | $4965 | 4965 | $5398 | 5398 | $6192 | 6192 | $7130 | 7130 | $6910 | 6910 |
| Gross unrealized losses | Gross unrealized losses | 31041 | 31041 | 28891 | 28891 | 28951 | 28951 | 26495 | 26495 | 27287 | 27287 |
| &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) | $(20377) | (20377) |
| Reinsurance activity | Reinsurance activity | (142) | (142) | (109) | (109) | (88) | (88) | (575) | (575) | (644) | (644) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Gains (Losses) | $(26218) | (26218) | $(23602) | (23602) | $(22847) | (22847) | $(19940) | (19940) | $(21021) | (21021) |
| 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. | See footnotes on Page 29. | See footnotes on Page 29. |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **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** | **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* | *December 31, 2025* | *December 31, 2025* |
| Commercial mortgage loans | $48967 | 48967 | $47890 | 47890 | $46674 | 46674 | $44953 | 44953 | $42406 | 42406 |
| Agricultural mortgage loans | 19030 | 19030 | 18779 | 18779 | 18993 | 18993 | 18045 | 18045 | 18284 | 18284 |
| Residential mortgage loans | 14186 | 14186 | 14783 | 14783 | 15286 | 15286 | 14968 | 14968 | 16060 | 16060 |
| Mortgage loans held-for-sale |  |  |  |  |  |  |  |  | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 82183 | 82183 | 81452 | 81452 | 80953 | 80953 | 77966 | 77966 | 76785 | 76785 |
| Allowance for credit loss | (723) | (723) | (871) | (871) | (1105) | (1105) | (1070) | (1070) | (1018) | (1018) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity | 81460 | 81460 | 80581 | 80581 | 79848 | 79848 | 76896 | 76896 | 75767 | 75767 |
| Reinsurance activity | 85 | 85 | 82 | 82 | 78 | 78 | 2270 | 2270 | 2459 | 2459 |
| Third-party mortgage loan activity | 7467 | 7467 | 7245 | 7245 | 6942 | 6942 | 6677 | 6677 | 6367 | 6367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | $89012 | 89012 | $87908 | 87908 | $86868 | 86868 | $85843 | 85843 | $84593 | 84593 |
| **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** | **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* | *December 31, 2025* | *December 31, 2025* |
| *Unaudited (In millions, except ratios)* | *Amount* | *% of Total* | *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% | $8395 | 19.8% |
| Non-U.S. | 7901 | 16.1% | 7802 | 16.3% | 7839 | 16.8% | 7555 | 16.8% | 7076 | 16.7% |
| Middle Atlantic | 6938 | 14.2% | 6877 | 14.4% | 6561 | 14.1% | 6369 | 14.2% | 5699 | 13.4% |
| South Atlantic | 5890 | 12.0% | 5796 | 12.1% | 5630 | 12.1% | 5321 | 11.8% | 5205 | 12.3% |
| West South Central | 3228 | 6.6% | 3214 | 6.7% | 3274 | 7.0% | 3195 | 7.1% | 3260 | 7.7% |
| Mountain | 2317 | 4.7% | 2455 | 5.1% | 2470 | 5.3% | 2369 | 5.3% | 2348 | 5.5% |
| New England | 2680 | 5.5% | 2501 | 5.2% | 2386 | 5.1% | 2340 | 5.2% | 2249 | 5.3% |
| East North Central | 1453 | 3.0% | 1453 | 3.0% | 1460 | 3.1% | 1398 | 3.1% | 1185 | 2.8% |
| East South Central | 481 | 1.0% | 481 | 1.0% | 476 | 1.0% | 453 | 1.0% | 451 | 1.1% |
| West North Central | 410 | 0.8% | 408 | 0.9% | 407 | 0.9% | 405 | 0.9% | 401 | 0.9% |
| Multi-Region and Other | 8931 | 18.3% | 8226 | 17.2% | 7560 | 16.2% | 6931 | 15.4% | 6137 | 14.5% |
| &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% | 42406 | 100.0% |
| Reinsurance activity | 82 |  | 82 |  | 78 |  | 735 |  | 832 |  |
| Third-party mortgage loan activity | 7260 |  | 7047 |  | 6703 |  | 6503 |  | 6162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $56309 |  | $55019 |  | $53455 |  | $52191 |  | $49400 |  |
| Office | $18269 | 37.3% | $18134 | 37.9% | $17912 | 38.4% | $17253 | 38.4% | $16480 | 38.9% |
| Apartment | 10472 | 21.4% | 10549 | 22.0% | 9899 | 21.2% | 9713 | 21.6% | 8748 | 20.6% |
| Retail | 6612 | 13.5% | 6502 | 13.6% | 6768 | 14.5% | 6505 | 14.5% | 6013 | 14.2% |
| Single Family Rental | 5355 | 10.9% | 4844 | 10.1% | 4780 | 10.2% | 4481 | 9.9% | 4221 | 9.9% |
| Industrial | 4999 | 10.2% | 4506 | 9.4% | 3942 | 8.5% | 3764 | 8.4% | 3718 | 8.8% |
| Hotel | 3178 | 6.5% | 3268 | 6.8% | 3285 | 7.0% | 3151 | 7.0% | 3134 | 7.4% |
| Other | 82 | 0.2% | 87 | 0.2% | 88 | 0.2% | 86 | 0.2% | 92 | 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% | 42406 | 100.0% |
| Reinsurance activity | 82 |  | 82 |  | 78 |  | 735 |  | 832 |  |
| Third-party mortgage loan activity | 7260 |  | 7047 |  | 6703 |  | 6503 |  | 6162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $56309 |  | $55019 |  | $53455 |  | $52191 |  | $49400 |  |
| 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. | See footnotes on Page 29. |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

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| **INVESTMENTS<br>FOOTNOTES** | **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, contractholder-directed equity securities and fair value option securities held by collateralized financing entities. 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, contractholder-directed equity securities and fair value option securities held by collateralized financing entities. 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, contractholder-directed equity securities and fair value option securities held by collateralized financing entities. 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, contractholder-directed equity securities and fair value option securities held by collateralized financing entities. 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, contractholder-directed equity securities and fair value option securities held by collateralized financing entities. 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, contractholder-directed equity securities and fair value option securities held by collateralized financing entities. 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, contractholder-directed equity securities and fair value option securities held by collateralized financing entities. 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, contractholder-directed equity securities and fair value option securities held by collateralized financing entities. 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, $99 million and $39 for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively, and $205 million and $225 for the year ended December 31, 2024 and December 31, 2025, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of $22 million, ($20) million, $107 million, $99 million and $39 for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively, and $205 million and $225 for the year ended December 31, 2024 and December 31, 2025, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of $22 million, ($20) million, $107 million, $99 million and $39 for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively, and $205 million and $225 for the year ended December 31, 2024 and December 31, 2025, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of $22 million, ($20) million, $107 million, $99 million and $39 for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively, and $205 million and $225 for the year ended December 31, 2024 and December 31, 2025, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of $22 million, ($20) million, $107 million, $99 million and $39 for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively, and $205 million and $225 for the year ended December 31, 2024 and December 31, 2025, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of $22 million, ($20) million, $107 million, $99 million and $39 for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively, and $205 million and $225 for the year ended December 31, 2024 and December 31, 2025, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of $22 million, ($20) million, $107 million, $99 million and $39 for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively, and $205 million and $225 for the year ended December 31, 2024 and December 31, 2025, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of $22 million, ($20) million, $107 million, $99 million and $39 for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively, and $205 million and $225 for the year ended December 31, 2024 and December 31, 2025, respectively. |
| (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. | (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. | (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* | *December 31, 2025* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available-for-sale | $281043 | $291735 | $298737 | $304645 | $315931 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity | 2391 | 2926 | 2900 | 9866 | 18200 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available-for-sale, excluding Reinsurance activity | $278652 | $288809 | $295837 | $294779 | $297731 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Fair value option general account and other securities | 1575 | 1607 | 1728 | 1884 | 1928 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities, excluding Reinsurance activity | $280227 | $290416 | $297565 | $296663 | $299659 |  |  |
| (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. | (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* | *December 31, 2025* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loans | $89012 | $87908 | $86868 | $85843 | $84593 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity | 85 | 82 | 78 | 2270 | 2459 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Third-party mortgage loan activity | 7467 | 7245 | 6942 | 6677 | 6367 |  |  |
| &nbsp;&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 | $75767 |  |  |
| (6)The following table presents a reconciliation to ending carrying value presented for real estate and real estate joint ventures. | (6)The following table presents a reconciliation to ending carrying value presented for real estate and real estate joint ventures. | (6)The following table presents a reconciliation to ending carrying value presented for real estate and real estate joint ventures. | (6)The following table presents a reconciliation to ending carrying value presented for real estate and real estate joint ventures. | (6)The following table presents a reconciliation to ending carrying value presented for real estate and real estate joint ventures. | (6)The following table presents a reconciliation to ending carrying value presented for real estate and real estate joint ventures. | (6)The following table presents a reconciliation to ending carrying value presented for real estate and real estate joint ventures. | (6)The following table presents a reconciliation to ending carrying value presented for real estate and real estate joint ventures. |
|  | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate and real estate joint ventures | $13342 | $13481 | $14007 | $13932 | $13440 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity |  |  |  |  | 9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate and real estate joint ventures, excluding Reinsurance activity | $13342 | $13481 | $14007 | $13932 | $13431 |  |  |
| (7)The following table presents a reconciliation to ending carrying value presented for equity securities. | (7)The following table presents a reconciliation to ending carrying value presented for equity securities. | (7)The following table presents a reconciliation to ending carrying value presented for equity securities. | (7)The following table presents a reconciliation to ending carrying value presented for equity securities. | (7)The following table presents a reconciliation to ending carrying value presented for equity securities. | (7)The following table presents a reconciliation to ending carrying value presented for equity securities. | (7)The following table presents a reconciliation to ending carrying value presented for equity securities. | (7)The following table presents a reconciliation to ending carrying value presented for equity securities. |
|  | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | $712 | $747 | $790 | $788 | $858 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity |  |  |  |  | 105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities, excluding Reinsurance activity | $712 | $747 | $790 | $788 | $753 |  |  |
| (8)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (8)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (8)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (8)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (8)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (8)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (8)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (8)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* | *December 31, 2025* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other limited partnership interests | $14378 | $14137 | $14279 | $14741 | $14917 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity | 11 | 12 | 14 | 15 | 205 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other limited partnership interests, excluding Reinsurance activity | $14367 | $14125 | $14265 | $14726 | $14712 |  |  |
| (9)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (9)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (9)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (9)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (9)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (9)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (9)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (9)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* | *December 31, 2025* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents and short-term investments | $25224 | $26869 | $27478 | $26195 | $25633 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity | 206 | 7 | 46 | 342 | 1314 |  |  |
| &nbsp;&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 | $24319 |  |  |
| (10)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (10)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (10)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (10)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (10)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (10)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (10)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (10)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* | *December 31, 2025* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | $18504 | $17470 | $16352 | $16932 | $16332 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity |  |  | 2 | 61 | 139 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets, excluding Reinsurance activity | $18504 | $17470 | $16350 | $16871 | $16193 |  |  |
| (11)Adjusted net investment income reflects the adjustments as presented on Page 5. | (11)Adjusted net investment income reflects the adjustments as presented on Page 5. | (11)Adjusted net investment income reflects the adjustments as presented on Page 5. | (11)Adjusted net investment income reflects the adjustments as presented on Page 5. | (11)Adjusted net investment income reflects the adjustments as presented on Page 5. | (11)Adjusted net investment income reflects the adjustments as presented on Page 5. | (11)Adjusted net investment income reflects the adjustments as presented on Page 5. | (11)Adjusted net investment income reflects the adjustments as presented on Page 5. |
| (12)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (12)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (12)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (12)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (12)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (12)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (12)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (12)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 Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
|  | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses) | $(311) | $(387) | $(273) | $(325) | $(160) | $(1184) | $(1145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Non-investment portfolio gains (losses) | (122) | 65 | 86 | (88) | (39) | (336) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Third-party mortgage loan activity | 11 | (34) | 20 | (75) | 19 | (4) | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Depreciation of wholly-owned real estate and real estate joint ventures |  |  |  |  | (72) |  | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Joint venture adjustments | 16 | (42) | 16 | (53) | (39) | 82 | (118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity |  |  |  | (1) | (7) |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Other | (2) | 1 | (7) | (4) | (1) | 4 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment portfolio gains (losses) | $(182) | $(461) | $(356) | $(210) | $(243) | $(766) | $(1270) |
|  | *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 Year Ended* | *For the Year Ended* |
|  | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | $(903) | $432 | $(796) | $(929) | $(646) | $(1623) | $(1939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Investment hedge adjustments | 127 | 103 | 102 | 100 | 105 | 604 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Joint venture adjustments |  |  |  | 45 | (25) |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity | 110 | (35) | (22) | (247) | 63 | 110 | (241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Other | 19 | 20 | 16 | 9 | 5 | 76 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative gains (losses) | $(1159) | $344 | $(892) | $(746) | $(844) | $(2413) | $(2138) |
| (13)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. | (13)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. | (13)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. | (13)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. | (13)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. | (13)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. | (13)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. | (13)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. |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

**Appendix**

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.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** | **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 Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| **<u>Reconciliation to Adjusted Earnings Available to Common Shareholders</u>** |  |  |  |  |  |  |  |
| Net income (loss) available to MetLife, Inc.'s common shareholders | $1239 | $879 | $698 | $818 | $778 | $4226 | $3173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Preferred stock dividends | 32 | 66 | 31 | 66 | 31 | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Preferred stock redemption premium |  |  |  | 12 |  |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 4 | 5 | 6 | 6 | 7 | 18 | 24 |
| Net income (loss) | 1275 | 950 | 735 | 902 | 816 | 4444 | 3403 |
| Less: adjustments from net income (loss) to adjusted earnings: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses) | (311) | (387) | (273) | (325) | (160) | (1184) | (1145) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | (903) | 432 | (796) | (929) | (646) | (1623) | (1939) |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefit remeasurement gains (losses) | 764 | (299) | 277 | 263 | 267 | 1109 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums - *Divested businesses* | 15 | 4 | 3 |  | 1 | 31 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life and investment-type product policy fees |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asymmetrical and non-economic accounting* |  |  |  |  | 6 |  | 6 |
| &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) | (105) | (604) | (410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Joint venture adjustments* | 16 | (42) | 16 | (8) | (64) | 82 | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Depreciation of wholly-owned real estate and real estate joint ventures* (1) |  |  |  |  | (72) |  | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unit-linked contract income* | 183 | (227) | 498 | 580 | 366 | 1091 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Reinsurance activity* | 31 | 43 | 47 | 177 | 222 | 31 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Collateralized financing entities* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | 1 | 1 |  |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asymmetrical and non-economic accounting* | 34 | 36 | 42 | 78 | 94 | 158 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Other adjustments* | (11) | (15) | (16) | (15) | (17) | (48) | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* |  |  |  | 2 | (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 | (395) | (219) | (419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Market volatility* | 49 | 44 | 40 | 49 | 76 | 256 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | (10) | (1) | 1 | (1) | (2) | (19) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder liability remeasurement (gains) losses |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asymmetrical and non-economic accounting* |  |  |  | (2) | (1) |  | (3) |
| &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) | (61) | (103) | (223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unit-linked contract costs* | (185) | 234 | (486) | (578) | (366) | (1081) | (1196) |
| &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 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asymmetrical and non-economic accounting* |  |  |  |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense on debt |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Collateralized financing entities* |  |  |  |  |  |  |  |
| &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) | (166) | (30) | (388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Other adjustments, excluding Reinsurance activity* | (25) | (19) | (21) | (2) | (15) | (49) | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | (13) | (8) | (7) | (9) | (12) | (38) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income tax (expense) benefit | 352 | 23 | 195 | 223 | 190 | 687 | 631 |
| Adjusted earnings | 1491 | 1415 | 1393 | 1650 | 1679 | 5996 | 6137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | 32 | 66 | 31 | 66 | 31 | 200 | 194 |
| Adjusted earnings available to common shareholders | $1459 | $1349 | $1362 | $1584 | $1648 | $5796 | $5943 |
| (1)See Page A-7 for further information. | (1)See Page A-7 for further information. | (1)See Page A-7 for further information. | (1)See Page A-7 for further information. | (1)See Page A-7 for further information. | (1)See Page A-7 for further information. | (1)See Page A-7 for further information. | (1)See Page A-7 for further information. |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

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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)** | **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 Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| Actuarial assumption review and other insurance adjustments | $— | $— | $— | $89 | $— | $16 | $89 |
| Litigation reserves and settlement costs | (47) |  |  |  | (32) | (47) | (32) |
| Tax adjustments | 57 |  |  | (71) | (29) | 57 | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $10 | $— | $— | $18 | $(61) | $26 | $(43) |
| **GROUP BENEFITS** |  |  |  |  |  |  |  |
|  | *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 Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| Actuarial assumption review and other insurance adjustments | $— | $— | $— | $(2) | $— | $(58) | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $— | $(2) | $— | $(58) | $(2) |
| **RIS** |  |  |  |  |  |  |  |
|  | *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 Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| Actuarial assumption review and other insurance adjustments | $— | $— | $— | $13 | $— | $104 | $13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $— | $13 | $— | $104 | $13 |
| (1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. | (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. | (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**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

![metlife_logoxprimaryxrgbxdc.jpg](metlife_logoxprimaryxrgbxdc.jpg)

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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)** | **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 Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| Actuarial assumption review and other insurance adjustments  | $— | $— | $— | $70 | $— | $(41) | $70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $— | $70 | $— | $(41) | $70 |
| **LATIN AMERICA** |  |  |  |  |  |  |  |
|  | *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 Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| Actuarial assumption review and other insurance adjustments | $— | $— | $— | $(4) | $— | $4 | $(4) |
| Tax adjustments |  |  |  | (71) | (29) |  | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $— | $(75) | $(29) | $4 | $(104) |
| **EMEA** |  |  |  |  |  |  |  |
|  | *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 Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| Actuarial assumption review and other insurance adjustments  | $— | $— | $— | $(1) | $— | $(5) | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items  | $— | $— | $— | $(1) | $— | $(5) | $(1) |
| **CORPORATE & OTHER** |  |  |  |  |  |  |  |
|  | *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 Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| Actuarial assumption review and other insurance adjustments  | $— | $— | $— | $13 | $— | $12 | $13 |
| Litigation reserves and settlement costs | (47) |  |  |  | (32) | (47) | (32) |
| Tax adjustments | 57 |  |  |  |  | 57 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $10 | $— | $— | $13 | $(32) | $22 | $(19) |

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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_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* | *December 31, 2025* |  |  |
| Total MetLife, Inc.'s stockholders' equity | $27445 | $27493 | $27685 | $28944 | $28398 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock | 3818 | 3818 | 3818 | 2830 | 2830 |  |  |
| MetLife, Inc.'s common stockholders' equity | 23627 | 23675 | 23867 | 26114 | 25568 |  |  |
| &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) | (15614) |  |  |
| &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) | (1588) |  |  |
| &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 | 6871 |  |  |
| &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) | (97) |  |  |
| &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) | (1393) |  |  |
| &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 | (8) |  |  |
| Total MetLife, Inc.'s adjusted common stockholders' equity | 37772 | 37038 | 37495 | 37373 | 37397 |  |  |
| &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 | (43) |  |  |
| Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2) | $37746 | $37038 | $37495 | $37355 | $37440 |  |  |
| *Unaudited (In millions, except per share data)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |  |  |
| Book value per common share | $34.28 | $35.16 | $35.79 | $39.52 | $39.02 |  |  |
| &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) | (23.83) |  |  |
| &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) | (2.42) |  |  |
| &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 | 10.49 |  |  |
| &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) | (0.15) |  |  |
| &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) | (2.13) |  |  |
| &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 | (0.01) |  |  |
| Adjusted book value per common share | $54.81 | $55.01 | $56.23 | $56.57 | $57.07 |  |  |
| Common shares outstanding, end of period | 689.2 | 673.3 | 666.8 | 660.7 | 655.3 |  |  |
|  | *For the Three Months Ended (3)* | *For the Three Months Ended (3)* | *For the Three Months Ended (3)* | *For the Three Months Ended (3)* | *For the Three Months Ended (3)* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions, except ratios)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2025* |
| Return on MetLife, Inc.'s: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity | 19.6% | 14.9% | 11.7% | 13.1% | 12.0% | 16.9% | 12.9% |
| Adjusted return on MetLife, Inc.'s: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted common stockholders' equity | 15.4% | 14.4% | 14.6% | 16.9% | 17.6% | 15.2% | 15.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted common stockholders' equity, excluding total notable items (2) | 15.3% | 14.4% | 14.6% | 16.7% | 18.3% | 15.2% | 16.0% |
| Average common stockholders' equity | $25347 | $23651 | $23.771 | $24991 | $25841 | $25008 | $24570 |
| Average adjusted common stockholders' equity | $37867 | $37405 | $37267 | $37434 | $37385 | $38084 | $37415 |
| Average adjusted common stockholders' equity, excluding total notable items (2) | $37846 | $37405 | $37267 | $37425 | $37398 | $38076 | $37420 |
| (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. | (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 information. | (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 information. | (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 information. | (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 information. | (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 information. | (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 information. | (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 information. | (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 information. |
| (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. | (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**](#ia73ad52f85164e8387df8951bd3180a1_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** | **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** | **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* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| GROUP BENEFITS (1) | $6184 | $6430 | $6446 | $6306 | $6287 |
| RIS (1) | 3620 | 2457 | 1382 | 1214 | 7209 |
| ASIA | 1615 | 1675 | 1632 | 1664 | 1671 |
| LATIN AMERICA | 1545 | 1635 | 1707 | 1697 | 1796 |
| EMEA | 673 | 695 | 723 | 723 | 787 |
| MIM (1) | 181 | 218 | 237 | 238 | 239 |
| CORPORATE & OTHER (1) | 727 | 647 | 602 | 596 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues, on a constant currency basis | $14545 | $13757 | $12729 | $12438 | $18614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues | $14437 | $13614 | $12719 | $12461 | $18614 |
| ASIA (including operating joint ventures) (2), (3) | $2024 | $2711 | $2373 | $2499 | $2091 |
| **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** | **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* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| GROUP BENEFITS (1) | $1041 | $1076 | $1052 | $1038 | $1100 |
| RIS (1) | 166 | 169 | 160 | 170 | 196 |
| ASIA | 755 | 746 | 774 | 803 | 815 |
| LATIN AMERICA | 544 | 523 | 508 | 625 | 608 |
| EMEA | 379 | 369 | 370 | 384 | 423 |
| MIM (1) | 162 | 182 | 167 | 161 | 161 |
| CORPORATE & OTHER (1) | 226 | 188 | 192 | 221 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted other expenses, on a constant currency basis | $3273 | $3253 | $3223 | $3402 | $3563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted other expenses | $3232 | $3202 | $3236 | $3422 | $3563 |
| ASIA (including operating joint ventures) (2), (4) | $848 | $873 | $887 | $938 | $919 |
| **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** | **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* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2024* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* |
| GROUP BENEFITS (1) | $416 | $370 | $401 | $456 | $465 |
| RIS (1) | 386 | 406 | 370 | 441 | 454 |
| ASIA | 440 | 372 | 338 | 527 | 444 |
| LATIN AMERICA | 218 | 240 | 246 | 153 | 198 |
| EMEA | 59 | 86 | 100 | 86 | 97 |
| MIM (1) | 16 | 28 | 54 | 58 | 60 |
| CORPORATE & OTHER (1) | (62) | (129) | (142) | (146) | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings available to common shareholders, on a constant currency basis | $1473 | $1373 | $1367 | $1575 | $1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings available to common shareholders | $1459 | $1349 | $1362 | $1584 | $1648 |
| (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. | (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. | (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.  | (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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<u>[**Table of Contents**](#ia73ad52f85164e8387df8951bd3180a1_4)</u>

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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: |
| • | Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance.  |
| • | 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: |
| • | Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-owned real estate and real estate joint ventures.  |
| • | 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). |
| • | Net investment income and interest expense on debt exclude amounts related to collateralized financing entities that are consolidated variable interest entities. |
| • | Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives. |
| • | Other expenses exclude (i) amortization and impairment of asset management intangible assets, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests and redeemable 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 MetLife Investment Management, LLC and certain of its affiliates ("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 and real estate joint ventures 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 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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## Exhibit 99.3

![](ex993q42025totalaum001.jpg)

Investors turn to MetLife Investment Management for our client-centric approach and long-established expertise in Public Fixed Income, Private Fixed Income, Real Estate, Equity, Alternatives, Multi-Asset Solutions and Insurance Solutions. We aim to meet a range of long-term investment objectives and risk-adjusted returns over time by building sustainable, tailored investment solutions. Our hallmark is approachable expertise - a commitment to being accountable and collaborative in helping clients realize their objectives. By Client Segment $ in Billions Insurance $122.1 Pension $92.2 Intermediary (including Sub-Advisory) $65.0 Sovereign Wealth Fund $11.9 Other4 $28.1 1As of December 31, 2025. At estimated fair value. Excludes $13.8 billion of General Account AUM that are not managed or advised by MetLife Investment Management, LLC and certain of its affiliates. See Explanatory Note. 2Represents advisory services which are not reflected in Total Assets Under Management. 3As of December 31, 2025. At estimated fair value. Includes $15.8 billion, $20.1 billion and $283.4 billion of Separate Account AUM, Reinsurance AUM and Third-Party AUM, respectively. See Explanatory Note. 4Includes health service organizations, endowments, foundations, non-profits, family office, high net worth, fund of funds, funds, retail, supranationals and central authorities. Representative Capabilities Public Fixed Income Equity Core Based Asia ex-Japan (All Cap & Small Cap) Core Insurance China Corporate Europe Emerging Market Debt Europe Research Enhanced Global Credit Global Emerging Market Focus Inflation Protected Securities Global Focus Index Strategies Hong Kong Japan Credit Index Strategies Leveraged Finance India Long Duration & Liability Driven Japan (All Cap & Small Cap) Investment Strategies Latin America Multi-Sector Taiwan Preferred Securities U.S. Research Enhanced Core Securitized Products U.S. Research Enhanced Plus Short & Intermediate Duration U.S. Research Enhanced Value Stable Value U.S. Small Cap Core Sustainable & Transition Finance U.S. Small Cap Value U.S. Small-Mid Cap Value Private Fixed Income Corporate Private Credit Alternatives Infrastructure Debt Middle Market Direct Lending Private Asset Based Finance Private Equity Residential Whole Loans Single Family Rental Financing Multi-Asset Solutions Sustainable & Transition Finance Absolute Return Relative Return Real Estate Total Return Agricultural Mortgage Loans European Value-Add Opportunistic Equity Insurance Solutions2 U.S. Core Debt & Equity ALM/Asset Modeling U.S. Core Plus Debt & Equity Customized Portfolio Solutions U.S. Value-Add Opportunistic Debt & Equity Derivatives Solutions Portfolio Optimization Portfolio Construction Strategic & Tactical Asset Allocation Institutional Client Assets Under Management3 - $319.3 Billion $741.7B 56% 20% 15% 5% 3% Total Assets Under Management1 By Core Capability MetLife Investment Management Assets Under Management December 31, 2025 Exhibit 99.3 Public Fixed Income Private Fixed Income Real Estate Equity Alternatives Multi-Asset Solutions 1%

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Explanatory Note The following information is relevant to an understanding of our assets under management ("AUM") managed or advised by MetLife Investment Management, LLC and certain of its affiliates ("MIM"). MIM is MetLife, Inc.'s institutional asset management business. Our definitions may differ from those used by other companies. Total Assets Under Management ("Total AUM") is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below). MIM General Account AUM ("MIM GA AUM") is used by MetLife to describe the portion of GA AUM (as defined below) that MIM manages or advises. General Account AUM ("GA AUM") is used by MetLife to describe assets in its general account ("GA") investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate and real estate joint ventures and include them as commercial mortgage loans. Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement. Separate Account AUM ("SA AUM") is comprised of separate account investment portfolios, which are managed or advised by MIM and included in MetLife, Inc.'s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets. Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.'s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets. Third-Party AUM ("TP AUM") is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.'s consolidated financial statements. Additional information about MetLife's general account investment portfolio is available in MetLife, Inc.'s quarterly financial materials for the quarter ended December 31, 2025, which may be accessed through MetLife's Investor Relations web page at https://investor.metlife.com. Neither MetLife, Inc.'s quarterly financial materials, nor any other information from the MetLife website, is a part of or incorporated by reference into this Total AUM Fact Sheet. Cautionary Statement on Forward-Looking Statements The forward-looking statements in this fact sheet, using words such as "aim," are based on assumptions and expectations that involve risks and uncertainties, including the "Risk Factors" MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife's future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements. 10-27 4948020-[MIM, LLC (US)]© 2026 MetLife Investment Management

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## Exhibit 99.4

![](ex994q425earningscallpre001.jpg)

1 4Q25 Earnings Call Presentation1 John McCallion Chief Financial Officer and Head of MetLife Investment Management 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures. Exhibit 99.4 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.

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22 Page No. Key 2025 highlights 3 Adjusted earnings by segment and Corporate & Other (C&O) 4 Variable investment income (VII) 5 Direct expense ratio 7 Cash & capital 8 Outlook 9 Appendix 18 Table of contents

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33 Delivering on our financial commitments 10%1 16.0%1 81%3 Adjusted EPS growth (Achieved double-digit EPS target) Adjusted ROE2 (In-line with 15-17% target) FCF Ratio4 (Exceeded 65-75% target) Key 2025 highlights 4Q25 FY25 (post-tax) $ in millions $ per share6 $ in millions $ per share6 Net Income (Loss) $778 $1.17 $3,173 $4.71 Adjusted Earnings $1,648 $2.49 $5,943 $8.83 Less: Total Notable Items (61) (0.09) (43) (0.06) Adjusted Earnings ex. Total Notable Items $1,709 $2.58 $5,986 $8.89 1 Excluding total notable items. 2 Adjusted return on equity. 3 Free cash flow 2-year average ratio excluding total notable items. 4 Represents free cash flow of all holding companies. 5 Excluding total notable items related to direct expenses and pension risk transfers (PRT). 6 The per share data for each item is calculated on a standalone basis and may not sum to the total. 11.7% Direct Expense Ratio5 (Beat 12.1% target)

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4 Adjusted earnings, ex. total notable items, by segment and C&O ($ in millions - except per share data) 4Q25 4Q24 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $465 $416 12% Underwriting Margins Retirement & Income Solutions 454 386 18% Investment Margins Asia 444 443 —% 1% Volume Growth; Expense Margins Underwriting Margins Latin America 227 201 13% 4% Volume Growth EMEA 97 59 64% 64% Volume Growth; Underwriting Margins MetLife Investment Management 60 16 275% Operating Margins Corporate & Other (38) (72) Investment Margins; Expense Margins Underwriting Margins Adjusted Earnings ex. Total Notable Items $1,709 $1,449 18% 17% Adjusted EPS ex. Total Notable Items 2.58 2.08 24% 23% 1 To be discussed on MetLife, Inc.'s fourth quarter and full year 2025 earnings conference call.

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5 4Q25 VII above guidance1 due to higher private equity returns ($ in millions - pre-tax) Private Equity Other2 1 Quarterly target VII of $425 million, based on full year 2025 guidance of ~ $1.7 billion (pre-tax). 2 Other includes Real Estate and Other Funds and Prepayment Fees. $0

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66 VII by segment and C&O Variable investment income 1Q25 2Q25 3Q25 4Q25 FY25 Assets2 December 31, 2025 % of Total Assets3 ($ in millions - post-tax1) ($ in billions) Group Benefits $3 $3 $5 $13 $24 $0.2 1% RIS 99 60 146 135 440 5.5 29% Asia 94 64 139 145 442 8.4 44% Latin America 3 7 2 6 18 0.3 2% EMEA — — — 1 1 — —% MIM — — — — — — —% Corporate & Other 59 20 90 93 262 4.5 24% Total $258 $154 $382 $393 $1,187 $18.9 100% 1 Assumes a 21% U.S. statutory tax rate. 2 Related to VII. 3 Each item is calculated on a standalone basis and may not sum to the total.

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71 Direct expense ratio, excluding total notable items related to direct expenses and PRT. 12.1% 2025 Target Direct expense ratio1 of 11.7% beats 12.1% 2025 target

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8 Holding Company Cash1 Cash & Capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 Excludes total notable items. 3 National Association of Insurance Commissioners. 4 Based on estimate and includes MetLife, Inc's principal U.S. insurance subsidiaries, excluding American Life Insurance Company. MetLife calculates RBC annually as of December 31 and accordingly, the calculation does not include conditions and factors occurring after the year end. 5 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both periods. $3.0 to $4.0 Cash Buffer Capital ($ in billions) • Total cash return to shareholders of ~$800 million in 4Q25 – Share repurchases of ~$430 million in 4Q25, FY25 of ~$2.9 billion; ~$200 million in January 2026 – Common stock dividends of ~$370 million in 4Q25 • Average 2024-2025 free cash flow ratio2 of 81% • 2025 Combined NAIC3 Risk-Based Capital (RBC) ratio4 above 360% target • Expected total U.S. Statutory Adjusted Capital5 on an NAIC basis of ~$17.2 billion at 12/31/25, up 1% from ~$17.1 billion at 9/30/25 • Expected Japan Solvency Margin ratio of ~770% at 12/31/25 • Estimated Economic Solvency Ratio of 170% to 190% for the fiscal year ending March 2026 MetLife remains strongly capitalized, maintaining robust liquidity

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Outlook

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10 1 One to three years. 2 Excluding total notable items. 3 2-year average excluding total notable items. 4 Excluding total notable items related to direct expenses and PRT. 5 Pre-tax. 6 Post-tax. Includes MetLife Holdings. 7 See pages 20 and 21 in the Appendix for more information. 8 Increase/decrease of 10 basis points from base for interest rates shorter than 1 year; no change in longer-term interest rates. Overview • U.S. Dollar relatively stable 2026 vs 2025 • Long-term interest rates moderately rise with yield curve steepening • S&P 500 annual return of 5% Macro Assumptions Near-Term1 Targets and Corporate Guidance Key Sensitivities Adjusted Earnings Impact from Rates $ in millions 2026 2027 2028 50 bps declining interest rate scenario7 $(38) $(97) $(138) 50 bps rising interest rate scenario7 $44 $108 $146 10 bps increase in SOFR8 $4 $2 $— 10 bps decrease in SOFR8 $(3) $(2) $(1) Near-term1 annual targets: • Double-digit adjusted EPS growth • Adjusted return on equity2 of 15-17% • Free cash flow ratio of 65-75% of adjusted earnings3 Corporate guidance for 2026: • Direct expense ratio target of 12.1%4 • Variable investment income of ~$1.6 billion5 • Corporate & Other adjusted loss of $500-$700 million6 • Effective tax rate to be between 24-26% • 2026 share repurchases expected to be in line with 2025

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11 VII average asset balances and key drivers ($ in billions) Private Equity Real Estate and Other Funds Average Asset Balance • Near-term annual return assumptions: – Private equity: 9% – Real estate and other funds: 7% • VII includes prepayment fees on fixed maturity securities and mortgage loans $18.9 $18.3$18.7 $14.0 $4.3 $14.4 $4.3 $14.3 $4.6 Key Drivers

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1212 Group Benefits • Adjusted premiums, fees and other revenues (PFOs) expected to grow 4-7% • Group Life mortality ratio of 83.1% in 2025; target of 83-88%1 • Group Non-Medical Health interest adjusted benefit ratio of 73.4% in 2025; target of 70-75%1 • Adjusted earnings excluding total notable items expected to grow 7-9% in 2026 Near-term Guidance Key Sensitivities • 1% change in Group Life mortality ratio translates to ~$75 million in adjusted earnings2 • 1% change in Group Non-Medical Health interest adjusted benefit ratio translates to ~$95 million of adjusted earnings2 1 Full year ratios reflect simple quarterly average. 2 Annual Impact.

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1313 RIS Near-term Guidance Key Sensitivities • $1 billion of PRT premium translates to $8-10 million of annual adjusted earnings3 Impact on $ in millions Change Adjusted Earnings3 SOFR4, 5 +10 bps -$2 -10 bps +$2 U.S. Treasury6 +10 bps +$3 -10 bps -$3 1 Includes future policy benefits, policyholder account liabilities,and separate account liabilities, as well as notional amounts not recorded on MetLife's balance sheet. 2 Average annualized general account spread. 3 Annual impact. 4 SOFR is used as a proxy for all short-term funding rates 3 months or less; change from base rates, no change in other interest rates. 5 This sensitivity holds for a rate change of +/- 50 basis points. 6 Parallel shift in base scenario U.S. Treasury rates from 1 to 30 years. No change in other interest rates. • Shifting focus to average retained liability exposures1 expected to grow 3-5% • Adjusted earnings expected to be $1.6B-$1.8B in 2026 • General account investment spread2 of 115 bps in 2025; expected to be 100-120 bps in 2026

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1414 Asia • Sales growth of mid-to-high single digits • General account assets under management2 to grow mid single-digits • Adjusted earnings excluding total notable items to grow mid single-digits3 Near-term Guidance1 Key Sensitivities . Annual Impact on $ in millions Change Adjusted Earnings Parallel shift in yield curve: Japan – UST4 +/- 10 bps $2-3 Japan – JPY4 +/- 10 bps $0-1 1 Sales and AUM growth rates on a constant currency basis; adjusted earnings growth rates on a reported basis, unless otherwise noted. 2 Excludes fair value adjustments and operating joint ventures. 3 On both a constant currency and reported basis. 4 Higher yields increase adjusted earnings. • ESR expected to remain within the 170-190% target range assuming +/- 100 bps in both the 10-year U.S. Treasury and 30-year JGB rates.

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1515 Latin America • Adjusted PFOs expected to grow high single digits2 • Adjusted earnings excluding total notable items to grow 6-8% in 2026 and high-single digits thereafter • Mexico value-added tax expected to reduce adjusted earnings by ~$50 million in 2026, mostly in the first half of the year Near-term Guidance1 Key Sensitivities Annual Impact on $ in millions Change Adjusted Earnings Mexican peso to U.S. dollar +/- 1% $6 Chilean peso to U.S. dollar +/- 1% $3 Annual return on the ProVida encaje3 +/- 1% $3 1 Adjusted earnings and PFOs growth rates on a reported basis, unless otherwise noted. 2 On both a constant currency and reported basis. 3 The ProVida encaje is capital required by Superintendencia de Pensiones. The encaje is invested in the same manner as the total pension fund, and the investment income is included in adjusted earnings.

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1616 EMEA • Adjusted PFOs expected to grow high single digits • Adjusted earnings run rate of $90M-$100M per quarter in 2026 • Adjusted earnings expected to grow mid-to-high single digits in 2027 and 2028 Near-term Guidance1 Key Sensitivities Annual Impact on $ in millions Change Adjusted Earnings Euro to U.S. Dollar +/- 1% $1.6 British Pound to U.S. Dollar +/- 1% $0.6 Turkish Lira to U.S. Dollar +/- 1% $0.7 1 Adjusted earnings and PFOs growth rates on a reported basis, unless otherwise noted.

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1717 MIM • Revenues expected to grow ~30% in 2026 and mid-single digits thereafter • Adjusted earnings expected to be between $240 million-$280 million in 2026 • Adjusted earnings expected to grow 15-20% in 2027 and 2028 • Projected operating margin1 of ~32% in 2028 Near-term Guidance Key Sensitivities • Expect 1Q26 adjusted earnings to be ~$50 million due to higher seasonal expenses 1 Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues.

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Appendix

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19 1At December 31, 2025. All references to commercial mortgage loans in this earnings presentation are to net commercial mortgage loans, consisting of commercial mortgage loans, excluding commercial mortgage loans originated for third parties and related allowance for credit loss. High quality commercial mortgage loans (CML) portfolio1 • Concentrated in high-quality assets and in larger, primary markets • 68% average Loan-to-Value (LTV) Ratio and 2.1x average Debt Service Coverage Ratio (DSCR) • 77% of CML portfolio with LTVs less than or equal to 80% • 93% of CML portfolio with DSCRs greater than or equal to 1x • 80% average office LTV ratio and 1.9x average DSCR LTV and DSCR Matrix $42.4 Billion DSCR LTV >1.2x 1.0-1.2x <1.0x Total <65% 53.7% 0.7% 1.6% 56.0% 65-75% 12.2% 1.8% 1.5% 15.5% 76-80% 4.8% 0.2% 0.4% 5.4% >80% 13.3% 5.8% 4.0% 23.1% Total 84.0% 8.5% 7.5% 100.0%

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201 Base rates based on forward curve as of December 31, 2025. Interest Rates: Base vs. Declining Rate Scenario 12/31/2025 12/31/2026 12/31/2027 12/31/2028 Base Declining Rate Base Declining Rate Base Declining Rate Base Declining Rate SOFR1 3.87% 3.87% 3.11% 2.61% 3.19% 2.69% 3.31% 2.81% 10-Year U.S. Treasury1 4.17% 4.17% 4.40% 3.90% 4.63% 4.13% 4.84% 4.34% 30-Year U.S. Treasury1 4.85% 4.85% 4.93% 4.43% 5.03% 4.53% 5.12% 4.62%

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21 Interest Rates: Base vs. Rising Rate Scenario 12/31/2025 12/31/2026 12/31/2027 12/31/2028 Base Rising Rate Base Rising Rate Base Rising Rate Base Rising Rate SOFR1 3.87% 3.87% 3.11% 3.61% 3.19% 3.69% 3.31% 3.81% 10-Year U.S. Treasury1 4.17% 4.17% 4.40% 4.90% 4.63% 5.13% 4.84% 5.34% 30-Year U.S. Treasury1 4.85% 4.85% 4.93% 5.43% 5.03% 5.33% 5.12% 5.62% 1 Base rates based on forward curve as of December 31, 2025.

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

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

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

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25 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings: • Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance. • Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments"). • Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance. • Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts. • Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance. • Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance. "Divested businesses" are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Other adjustments are made in calculating adjusted earnings: • Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-owned real estate and real estate joint ventures. • 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). • Net investment income and interest expense on debt exclude amounts related to collateralized financing entities that are consolidated variable interest entities. • Other revenues include fee revenue on synthetic guaranteed interest contracts ("GICs") accounted for as freestanding derivatives. • Other expenses exclude (i) amortization and impairment of asset management intangible assets, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives. • "Reinsurance activity" relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents. Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms. In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.'s common shareholders. Investment portfolio gains (losses) and derivative gains (losses) These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).

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26 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Return on equity and related measures • Total MetLife, Inc.'s adjusted common stockholders' equity: total MetLife, Inc.'s common stockholders' equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of accumulated other comprehensive income (loss) ("AOCI") and the estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income tax. • Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items: total MetLife, Inc.'s common stockholders' equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of certain ceded reinsurance-related embedded derivatives and total notable items, all net of income tax. • Return on MetLife, Inc.'s common stockholders' equity: net income (loss) available to MetLife, Inc.'s common shareholders divided by MetLife, Inc.'s average common stockholders' equity. • Adjusted return on MetLife, Inc.'s common stockholders' equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average adjusted common stockholders' equity. • Adjusted return on MetLife, Inc.'s common stockholders' equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average adjusted common stockholders' equity, excluding total notable items. The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility. Expense ratio, direct expense ratio, adjusted expense ratio and related measures • Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. • Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses. • Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues. • Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. Assets Under Management ("AUM") • Total Assets Under Management ("Total AUM") is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below). • MIM General Account AUM ("MIM GA AUM") is used by MetLife to describe the portion of GA AUM (as defined below) that MetLife Investment Management, LLC and certain of its affiliates ("MIM") manages or advises. • General Account AUM ("GA AUM") is used by MetLife to describe assets in its general account ("GA") investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate and real estate joint ventures and include them as commercial mortgage loans. • Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement. ◦ Separate Account AUM ("SA AUM") is comprised of separate account investment portfolios, which are managed or advised by MIM and included in MetLife, Inc.'s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets. ◦ Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.'s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets. ◦ Third-Party AUM ("TP AUM") is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.'s consolidated financial statements.

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

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28 Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 4Q25 4Q24 FY25 FY24 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $778 $1.17 $1,239 $1.78 $3,173 $4.71 $4,226 $5.94 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (160) (0.24) (311) (0.45) (1,145) (1.70) (1,184) (1.67) Less: Net derivative gains (losses) (646) (0.98) (903) (1.29) (1,939) (2.88) (1,623) (2.28) Less: Market risk benefit remeasurement gains (losses) 267 0.40 764 1.09 508 0.75 1,109 1.56 Less: Other adjustments to net income (loss) (514) (0.78) (118) (0.15) (789) (1.17) (541) (0.76) Less: Provision for income tax (expense) benefit 190 0.29 352 0.50 631 0.94 687 0.97 Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 7 0.01 4 0.01 24 0.04 18 0.03 Add: Preferred stock redemption premium — — — — 12 0.02 — — Adjusted earnings available to common shareholders 1,648 2.49 1,459 2.09 5,943 8.83 5,796 8.15 Less: Total notable items (61) (0.09) 10 0.01 (43) (0.06) 26 0.04 Adjusted earnings available to common shareholders, excluding total notable items $1,709 $2.58 $1,449 $2.08 $5,986 $8.89 $5,770 $8.11 Adjusted earnings available to common shareholders, on a constant currency basis $1,648 $2.49 $1,473 $2.11 $5,943 $8.83 $5,742 $8.07 Adjusted earnings available to common shareholders, excluding total notable items, on a $1,709 $2.58 $1,463 $2.10 $5,986 $8.89 $5,716 $8.04 constant currency basis Weighted average common shares outstanding - diluted 662.2 697.9 673.3 711.1 1Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

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29 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 4Q25 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Investment Management1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $465 $454 $444 $198 $97 $60 $(70) Less: Total notable items — — — (29) — — (32) Adjusted earnings available to common shareholders, excluding total notable items $465 $454 $444 $227 $97 $60 $(38) Adjusted earnings available to common shareholders, on a constant currency basis $444 $198 $97 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $444 $227 $97 4Q24 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Investment Management1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $416 $386 $443 $201 $59 $16 $(62) Less: Total notable items — — — — — — 10 Adjusted earnings available to common shareholders, excluding total notable items $416 $386 $443 $201 $59 $16 $(72) Adjusted earnings available to common shareholders, on a constant currency basis $440 $218 $59 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $440 $218 $59 1Results on a constant currency basis are not included as constant currency impact is not significant.

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30 Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues 4Q24 FY24 4Q25 FY25 (In millions) Premiums, fees and other revenues $14,475 $52,520 $18,696 $57,609 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accounting 34 158 100 256 Other (11) (48) (17) (63) Divested businesses 15 31 (1) 8 Adjusted premiums, fees and other revenues $14,437 $52,379 $18,614 $57,408

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31 Expense Detail and Ratios 4Q25 FY25 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $(882) $(3,219) Less: Divested businesses — — Adjusted capitalization of DAC $(882) $(3,219) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $3,756 $13,904 Less Adjustments to other expenses: Reinsurance activity 166 388 Other 15 57 Divested businesses 12 36 Adjusted other expenses $3,563 $13,423 Other Detail and Ratios Other expenses, net of capitalization of DAC $2,874 $10,685 Premiums, fees and other revenues $18,696 $57,609 Expense ratio 15.4 % 18.5 % Direct expenses $1,528 $5,875 Less: Total notable items related to direct expenses 40 40 Direct expenses, excluding total notable items related to direct expenses $1,488 $5,835 Adjusted other expenses $3,563 $13,423 Adjusted capitalization of DAC (882) (3,219) Adjusted other expenses, net of adjusted capitalization of DAC $2,681 $10,204 Less: Total notable items related to adjusted other expenses 81 183 Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $2,600 $10,021 Adjusted premiums, fees and other revenues $18,614 $57,408 Less: PRT 5,775 7,569 Adjusted premiums, fees and other revenues, excluding PRT $12,839 $49,839 Direct expense ratio 8.2 % 10.2 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 11.6 % 11.7 % Adjusted expense ratio 14.4 % 17.8 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 20.3 % 20.1 %

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32 Expense Detail and Ratios 4Q24 FY24 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $(719) $(2,833) Less: Divested businesses — — Adjusted capitalization of DAC $(719) $(2,833) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $3,300 $12,792 Less Adjustments to other expenses: Reinsurance activity 30 30 Other 25 49 Divested businesses 13 38 Adjusted other expenses $3,232 $12,675 Other Detail and Ratios Other expenses, net of capitalization of DAC $2,581 $9,959 Premiums, fees and other revenues $14,475 $52,520 Expense ratio 17.8 % 19.0 % Direct expenses $1,396 $5,611 Less: Total notable items related to direct expenses (152) (152) Direct expenses, excluding total notable items related to direct expenses $1,548 $5,763 Adjusted other expenses $3,232 $12,675 Adjusted capitalization of DAC (719) (2,833) Adjusted other expenses, net of adjusted capitalization of DAC $2,513 $9,842 Less: Total notable items related to adjusted other expenses (85) (85) Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $2,598 $9,927 Adjusted premiums, fees and other revenues $14,437 $52,379 Less: PRT 2,593 4,849 Adjusted premiums, fees and other revenues, excluding PRT $11,844 $47,530 Direct expense ratio 9.7 % 10.7 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 13.1 % 12.1 % Adjusted expense ratio 17.4 % 18.8 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 21.9 % 20.9 %

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33 Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. to Free Cash Flow of All Holding Companies FY25 FY24 (In billions, except ratios) MetLife, Inc. (parent company only) net cash provided by operating activities $2.8 $4.7 Adjustments from net cash provided by operating activities to free cash flow: Add: Incremental debt to be at or below target leverage ratios 0.4 — Add: Adjustments from net cash provided by operating activities to free cash flow1 0.5 (0.1) MetLife, Inc. (parent company only) free cash flow 3.7 4.6 Other MetLife, Inc. holding companies free cash flow2 1.2 — Free cash flow of all holding companies $4.9 $4.6 Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders: MetLife, Inc. (parent company only) net cash provided by operating activities $2.8 $4.7 Consolidated net income (loss) available to MetLife, Inc.'s common shareholders $3.2 $4.2 Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders3 90 % 112 % Ratio of free cash flow to adjusted earnings available to common shareholders: Free cash flow of all holding companies4 $4.9 $4.6 Consolidated adjusted earnings available to common shareholders4 $5.9 $5.8 Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders4 82 % 79 % 1Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments (issuances) of loans to subsidiaries, net; and (iv) investment portfolio and derivative changes and other, net. 2Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions to subsidiaries; (iii) repayments (issuances) of loans to subsidiaries, net; (iv) other expenses; (v) dividends and returns of capital to MetLife, Inc. and (vi) investment portfolio and derivative changes and other, net. 3Including the free cash flow of other MetLife, Inc. holding companies of $1.2 billion and $0 for the years ended December 31, 2025 and 2024, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 126% and 112%, respectively. 4i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2025, was negatively impacted by notable items, primarily related to tax adjustments of ($0.1) billion, net of income tax, and litigation reserves and settlement costs of ($0.03) billion, net of income tax, offset by actuarial assumption review and other insurance adjustments of $0.09 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2025, would be 82%. ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2024, was positively impacted by notable items, primarily related to tax adjustments of $0.1 billion, net of income tax, and actuarial assumption review and other insurance adjustments of $0.02 billion, net of income tax, offset by litigation reserves and settlement costs of ($0.05) billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2024, would be 79%.

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