# EDGAR Filing Document

**Accession Number:** 0001099219
**File Stem:** 0001099219-26-000032
**Filing Date:** 2026-5
**Character Count:** 378685
**Document Hash:** 376029a6ad845fd26d64b0e1bf553284
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099219-26-000032.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001099219-26-000032

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20260506

**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**: 20260506

**DATE AS OF CHANGE**: 20260506

**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:** 26949052

**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-20260506

**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): May 6, 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 May 6, 2025, MetLife, Inc. issued (i) a news release announcing its results for the quarter ended March 31, 2026 (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 March 31, 2026 (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 March 31, 2026 (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 May 6, 2026, MetLife, Inc. issued an earnings call presentation for the quarter ended March 31, 2026 (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, 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.

------

**Item 9.01 Financial Statements and Exhibits.**

<u>[99.1](ex991earningsreleasetables.htm)</u> <u>[Earnings Release dated May 6, 2026](ex991earningsreleasetables.htm)</u>

<u>[99.2](ex992qfsq126.htm)</u> <u>[Quarterly Financial Supplement for the quarter ended March 31, 2026](ex992qfsq126.htm)</u>

---

| | |
|:---|:---|
| <u>[99.3](ex993q12026totalaum.htm)</u> | <u>[Total AUM Fact Sheet as of March 31, 2026](ex993q12026totalaum.htm)</u> |

---

<u>[99.4](ex994q126earningscallpre.htm)</u> <u>[Earnings Call Presentation for the quarter ended March 31, 2026](ex994q126earningscallpre.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: May 6, 2026

## Exhibit 99.1

Page 1 of 25

Exhibit 99.1

![metlife_logoxprimaryxrgbxd.jpg](metlife_logoxprimaryxrgbxd.jpg)

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

**MetLife Announces 1Q 2026 Results**

**•**Net income increased 30%<sup>1</sup> to $1.1 billion, or

$1.74 per share.

• Adjusted earnings increased 18% to $1.6 billion,

driven by higher variable investment income,

volume growth and favorable underwriting.

• Adjusted earnings per share increased 23% to

$2.42.

• Premiums, fees and other revenues (PFOs)

increased 5% to $14.3 billion.

• Adjusted PFOs, excluding pension risk transfers

(PRT), increased 10% to $13.3 billion, with

growth in all segments.

• Net investment income up 10% to $5.4 billion.

• Variable investment income up 58% to $518

million, driven by higher private equity returns.

• Book value per share (BVPS) up 8% to $37.92,

adjusted BVPS up 4% to $57.41.

• Returned over $1.1 billion to shareholders via

share repurchases and common stock dividends.

• Holding company cash and liquid assets totaled

$3.9 billion at quarter end, at top of target range.

• Group Benefits adjusted earnings up 19% to

$439 million primarily due to favorable life

underwriting and volume growth.

• Retirement and Income Solutions adjusted

earnings up 11% to $451 million.

• Asia adjusted earnings up 31% to $487 million.

• Latin America adjusted earnings up 5% to

$229 million.

• EMEA adjusted earnings up 33% to $110 million.

• MetLife Investment Management adjusted

earnings up 68% to $47 million.

**Earnings**

**Per Share**

**1Q 2026**

Net

Income $1.74

Adjusted

Earnings $2.42

![shape-97247a8fb6a83100.gif](shape-97247a8fb6a83100.gif)

**Return**

**on Equity (ROE)**

**1Q 2026**

ROE 18.2%

Adjusted

ROE 17.0%

![shape-c80b2fc5b0fdd3d6.gif](shape-c80b2fc5b0fdd3d6.gif)

![shape-fd624c36f5300eda.gif](shape-fd624c36f5300eda.gif)

**Comment from Michel Khalaf, President** 

**and Chief Executive Officer:**

MetLife delivered exceptional performance

in the first quarter, with adjusted earnings

per share up 23 percent and widespread

top-line growth.

Our strong start to 2026 reflects how we're

accelerating progress in year two of New

Frontier, supported by disciplined

execution across the enterprise, and

deliberate capital deployment that

balances investment in our businesses

with returning capital to shareholders.

We remain confident in delivering against

the ambitious financial targets we laid out

under New Frontier. By keeping customers

at the center, we will continue to drive

responsible growth and create long-term

shareholder value that consistently

compounds over time.

<sup>1</sup>In this news release, all comparisons of results for the first quarter of 2026 are with the first quarter of 2025, unless otherwise noted.

Page 2 of 25

**First Quarter 2026 Summary**

---

| | | | |
|:---|:---|:---|:---|
| ($ in millions, except per share data) | **Three Months Ended**<br> **March 31,** | **Three Months Ended**<br> **March 31,** | **Three Months Ended**<br> **March 31,** |
|  | **2026** | **2025** | **Change** |
| Premiums, fees and other revenues | $14315 | $13639 | 5% |
| Net investment income | 5355 | 4885 | 10% |
| Net investment gains (losses) | (670) | (387) |  |
| Net derivative gains (losses) | 74 | 432 |  |
| Total revenues | $19074 | $18569 |  |
| Adjusted premiums, fees and other revenues | $14183 | $13614 | 4% |
| Adjusted premiums, fees and other revenues, excluding pension risk <br>transfers (PRT)<br>| $13340 | $12138 | 10% |
| Market risk benefit remeasurement gains (losses) | $(120) | $(299) |  |
| Net income (loss) | $1140 | $879 | 30% |
| Net income (loss) per share | $1.74 | $1.28 | 36% |
| Adjusted earnings | $1586 | $1349 | 18% |
| Adjusted earnings per share | $2.42 | $1.96 | 23% |
| Adjusted earnings, excluding total notable items | $1586 | $1349 | 18% |
| Adjusted earnings, excluding total notable items per share  | $2.42 | $1.96 | 23% |
| Book value per share | $37.92 | $35.16 | 8% |
| Adjusted book value per share | $57.41 | $55.01 | 4% |
| Expense ratio | 20.7% | 18.9% |  |
| Direct expense ratio, excluding total notable items related to direct <br>expenses and PRT<br>| 11.9% | 12.0% |  |
| Adjusted expense ratio, excluding total notable items related to <br>adjusted other expenses and PRT<br>| 20.3% | 20.6% |  |
| ROE | 18.2% | 14.9% |  |
| Adjusted ROE | 17.0% | 14.4% |  |
| Adjusted ROE, excluding total notable items | 17.0% | 14.4% |  |

---

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.

Supplemental slides for the first quarter of 2026, titled "1Q26 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 "1Q26 - General Account Assets Under Management

Fact Sheet," available on the above-mentioned website.

Page 3 of 25

**Total Company Discussion**

**Premiums, fees and other income** were $14.3 billion, up 5 percent compared with the prior-

year quarter. Adjusted premiums, fees and other revenues, excluding pension risk transfers,

were $13.3 billion, up 10 percent.

**Net investment income** was $5.4 billion, up 10 percent, primarily due to higher variable

investment income and asset growth. Adjusted net investment income was $5.5 billion, up 5

percent, mainly driven by higher variable investment income.

**Net investment losses** were $670 million, or $529 million after tax, reflecting normal trading

activity and a stable credit environment. Net derivative gains amounted to $74 million, or

$58 million after tax, driven by higher interest rates.

**Net income** was $1.1 billion reflecting higher adjusted earnings, partially offset by certain

investment-related items. On a per-share basis, net income increased 36 percent to $1.74.

**Adjusted earnings** were $1.6 billion, up 18 percent on a reported basis and 15 percent on a

constant currency basis. On a per-share basis, adjusted earnings were $2.42, up 23 percent.

**Direct expense ratio**, excluding total notable items related to direct expenses and PRT, was

11.9 percent, compared to 12.0 percent in the prior-year quarter.

Page 4 of 25

**Adjusted Earnings by Segment Summary**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended**<br>**March 31, 2026** | **Three Months Ended**<br>**March 31, 2026** |
| **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>|
| Group Benefits | 19% |  |
| Retirement and Income Solutions (RIS) | 11% |  |
| Asia | 31% | 31% |
| Latin America  | 5% | (9)% |
| Europe, the Middle East and Africa (EMEA) | 33% | 28% |
| MetLife Investment Management (MIM) | 68% |  |

---

**Business Discussions**

**GROUP BENEFITS**

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**March 31, 2026**<br>| **Three Months Ended**<br>**March 31, 2025**<br>| **Change** |
| Adjusted earnings | $439 | $370 | 19% |
| Adjusted PFOs | $6539 | $6430 | 2% |

---

• **Adjusted earnings** were $439 million, up 19 percent, primarily reflecting favorable life

underwriting and volume growth.

• **Adjusted PFOs** were $6.5 billion, up 2 percent. Overall growth was partially offset by the

impact of participating contracts. PFOs from participating contracts can fluctuate with claims

experience.

• **Sales** were up 15 percent, primarily driven by growth across both core and voluntary

products.

**RIS**

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**March 31, 2026**<br>| **Three Months Ended**<br>**March 31, 2025**<br>| **Change** |
| Adjusted earnings | $451 | $406 | 11% |
| Adjusted PFOs | $2390 | $2457 | (3)% |
| Adjusted PFOs, excluding PRT | $1547 | $981 | 58% |

---

• **Adjusted earnings** were $451 million, up 11 percent, primarily driven by higher variable

investment income and favorable underwriting.

• **Adjusted PFOs** were $2.4 billion.

• **Adjusted PFOs, excluding PRT,** were $1.5 billion, up 58 percent, reflecting growth across

most products, led by U.K. longevity reinsurance, post-retirement benefits and structured

settlements.

• **Total retained liability exposure** grew 3 percent, including 1 percent in retained general

account liabilities.

Page 5 of 25

**ASIA**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**March 31, 2026**<br>| **Three Months Ended**<br>**March 31, 2025**<br>| **Change** | **Constant**<br>**currency**<br>**change**<br>|
| Adjusted earnings | $487 | $372 | 31% | 31% |
| Adjusted PFOs | $1738 | $1681 | 3% | 5% |
| Asia general account assets under <br>management (at amortized cost)<br>| $140660 | $134352 | 5% | 7% |

---

• **Adjusted earnings** were $487 million, up 31 percent on both a reported basis and a

constant currency basis, driven by higher variable investment income and volume growth.

• **Adjusted PFOs** were $1.7 billion, up 3 percent on a reported basis, and up 5 percent on a

constant currency basis.

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

$140.7 billion, up 7 percent on a constant currency basis.

• **Sales** were $766 million, up 22 percent on a constant currency basis, primarily driven by

strong growth in Japan and Korea.

**LATIN AMERICA**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**March 31, 2026**<br>| **Three Months Ended**<br>**March 31, 2025**<br>| **Change** | **Constant**<br>**currency**<br>**change**<br>|
| Adjusted earnings | $229 | $219 | 5% | (9)% |
| Adjusted PFOs | $1897 | $1513 | 25% | 11% |

---

• **Adjusted earnings** were $229 million, up 5 percent on a reported basis and down 9 percent

on a constant currency basis, reflecting unfavorable tax-related items, including the impact

of the Mexico value-added tax change, partially offset by volume growth and favorable

underwriting.

• **Adjusted PFOs** were $1.9 billion, up 25 percent on a reported basis and up 11 percent on a

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

• **Sales** were $521 million, up 20 percent on a constant currency basis, driven by growth

across the region.

**EMEA**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**March 31, 2026**<br>| **Three Months Ended**<br>**March 31, 2025**<br>| **Change** | **Constant**<br>**currency**<br>**change**<br>|
| Adjusted earnings | $110 | $83 | 33% | 28% |
| Adjusted PFOs | $797 | $668 | 19% | 15% |

---

• **Adjusted earnings** were $110 million, up 33 percent on a reported basis and 28 percent on

a constant currency basis, primarily driven by strong volume growth.

• **Adjusted PFOs** were $797 million, up 19 percent on a reported basis and up 15 percent on

a constant currency basis, reflecting strong sales momentum and solid renewal activity

across the region.

• **Sales** were $370 million, up 17 percent on a constant currency basis.

Page 6 of 25

**METLIFE INVESTMENT MANAGEMENT**

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**March 31, 2026**<br>| **Three Months Ended**<br>**March 31, 2025**<br>| **Change** |
| Adjusted earnings | $47 | $28 | 68% |
| Other revenues | $314 | $218 | 44% |
| Total assets under management | $736291 | $603164 | 22% |

---

• **Adjusted earnings** were $47 million compared with $28 million, driven by business growth

and expense management.

• **Other revenues** were $314 million, up 44 percent reflecting the acquisition of PineBridge

Investments.

• **Total assets under management** were $736.3 billion, up 22 percent.

**CORPORATE & OTHER**

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**March 31, 2026**<br>| **Three Months Ended**<br>**March 31, 2025**<br>| **Change** |
| Adjusted earnings | $(177) | $(129) |  |

---

• **Adjusted loss** of $177 million, compared to an adjusted loss of $129 million.

**INVESTMENTS**

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three Months Ended**<br>**March 31, 2026**<br>| **Three Months Ended**<br>**March 31, 2025**<br>| **Change** |
| Adjusted net investment income | $5499 | $5213 | 5% |

---

• **Adjusted net investment income** was $5.5 billion, up 5 percent. Variable investment

income increased 58 percent to $518 million, primarily driven by higher returns on private

equity assets.

**FIRST QUARTER 2026 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 March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |  |  |
| **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** | Total notable items | $0 |

---

Page 7 of 25

Contacts: For Media: Steve LaMarca (646) 884-3840, Steve.LaMarca@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 first quarter 2026 earnings conference call on Thursday, May 7, 2026, from

9-10 a.m. (ET) via a live webcast. Please click on the following link to register: https://

events.q4inc.com/attendee/313008777. A replay of the webcast will be available at

investor.metlife.com for seven days following the call.

###

Page 8 of 25

<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 25

(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 (loss).

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 this period's earnings materials, which are

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 25

• 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 25

• 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 and other expenses exclude asset management distribution fees on funds that are

passed through to distribution partners.

• 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 (loss)

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

Page 12 of 25

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

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

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

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

• <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).

Page 13 of 25

• <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.

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:

Page 14 of 25

• Statistical sales information:

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

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

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

the contract value for new 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

Page 15 of 25

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

available to common shareholders.

<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;

Page 16 of 25

(20)technological changes;

(21)catastrophes;

(22)climate changes or responses to it;

(23)deficiencies in our closed block;

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

(25)impairment of value of business acquired ("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 25

---

| | | |
|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **GAAP Consolidated Statements of Operations** | **GAAP Consolidated Statements of Operations** | **GAAP Consolidated Statements of Operations** |
| **(In millions)** | **(In millions)** | **(In millions)** |
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| **Revenues** |  |  |
| Premiums | $12120 | $11723 |
| Universal life and investment-type product policy fees | 1343 | 1229 |
| Net investment income | 5355 | 4885 |
| Other revenues | 852 | 687 |
| Net investment gains (losses) | (670) | (387) |
| Net derivative gains (losses) | 74 | 432 |
| Total revenues | 19074 | 18569 |
| **Expenses** |  |  |
| Policyholder benefits and claims | 11864 | 11806 |
| Policyholder liability remeasurement (gains) losses | (13) | (31) |
| Market risk benefit remeasurement (gains) losses | 120 | 299 |
| Interest credited to policyholder account balances | 1674 | 1647 |
| Policyholder dividends | 124 | 144 |
| Amortization of DAC, VOBA and negative VOBA | 568 | 519 |
| Interest expense on debt | 265 | 258 |
| Other expenses, net of capitalization of DAC | 2965 | 2573 |
| Total expenses | 17567 | 17215 |
| Income (loss) before provision for income tax | 1507 | 1354 |
| Provision for income tax expense (benefit) | 345 | 404 |
| Net income (loss) | 1162 | 950 |
| Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | (23) | 5 |
| Net income (loss) attributable to MetLife, Inc. | 1185 | 945 |
| Less: Preferred stock dividends | 45 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock redemption premium |  |  |
| Net income (loss) available to MetLife, Inc.'s common shareholders | $1140 | $879 |
| See footnotes on last page. |  |  |

---

Page 18 of 25

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** | **March 31,** | **March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
| **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>|
| Net income (loss) available to MetLife, Inc.'s common shareholders | $1140 | $1.74 | $879 | $1.28 |
| Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders: |  |  |  |  |
| Less: Net investment gains (losses) | (670) | (1.02) | (387) | (0.56) |
| Net derivative gains (losses) | 74 | 0.11 | 432 | 0.63 |
| Market risk benefit remeasurement gains (losses) | (120) | (0.18) | (299) | (0.44) |
| Goodwill impairment |  |  |  |  |
| Other adjustments to net income (loss) | 77 | 0.11 | (234) | (0.33) |
| Provision for income tax (expense) benefit | 170 | 0.26 | 23 | 0.03 |
| Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | (23) | (0.04) | 5 | 0.01 |
| Preferred stock redemption premium |  |  |  |  |
| Adjusted earnings available to common shareholders | 1586 | 2.42 | 1349 | 1.96 |
| Less: Total notable items |  |  |  |  |
| Adjusted earnings available to common shareholders, excluding total notable items | $1586 | $2.42 | $1349 | $1.96 |
| Adjusted earnings available to common shareholders on a constant currency basis | $1586 | $2.42 | $1384 | $2.01 |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis | $1586 | $2.42 | $1384 | $2.01 |
| Weighted average common shares outstanding - diluted |  | 655.7 |  | 687.0 |
| See footnotes on last page. |  |  |  |  |

---

Page 19 of 25

---

| | | |
|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **(In millions)** | **(In millions)** | **(In millions)** |
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| **Premiums, Fees and Other Revenues** |  |  |
| Premiums, fees and other revenues | $14315 | $13639 |
| Less: Adjustments to premiums, fees and other revenues: |  |  |
| Asymmetrical and non-economic accounting | 132 | 36 |
| Other |  | (15) |
| Divested businesses |  | 4 |
| Adjusted premiums, fees and other revenues | $14183 | $13614 |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $14183 | $13813 |
| Less: PRT | 843 | 1476 |
| Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis | $13340 | $12337 |
| **Net Investment Income** |  |  |
| Net investment income | $5355 | $4885 |
| Less: Adjustments to net investment income: |  |  |
| Investment hedge adjustments | (84) | (103) |
| Depreciation of wholly-owned real estate and real estate joint ventures | (61) |  |
| Joint venture adjustments | 18 | (42) |
| Unit-linked contract income | (318) | (227) |
| Reinsurance activity | 301 | 43 |
| Divested businesses |  | 1 |
| Adjusted net investment income | $5499 | $5213 |
| **Revenues and Expenses** |  |  |
| Total revenues | $19074 | $18569 |
| Less: Adjustments to total revenues: |  |  |
| Net investment gains (losses) | (670) | (387) |
| Net derivative gains (losses) | 74 | 432 |
| Investment hedge adjustments | (84) | (103) |
| Depreciation of wholly-owned real estate and real estate joint ventures | (61) |  |
| Asymmetrical and non-economic accounting, excluding Investment hedge adjustments | 132 | 36 |
| Unit-linked contract costs | (318) | (227) |
| Reinsurance activity | 301 | 43 |
| Other | 18 | (57) |
| Divested businesses |  | 5 |
| Total adjusted revenues | $19682 | $18827 |
| Total expenses | $17567 | $17215 |
| Less: Adjustments to total expenses: |  |  |
| Market risk benefit remeasurement (gains) losses | 120 | 299 |
| Goodwill impairment |  |  |
| Asymmetrical and non-economic accounting | 24 | 139 |
| Market volatility | (74) | (44) |
| Unit-linked contract costs | (302) | (234) |
| Reinsurance activity | 205 | 42 |
| Other | 53 | 19 |
| Divested businesses | 5 | 9 |
| Total adjusted expenses | $17536 | $16985 |
| See footnotes on last page. |  |  |

---

Page 20 of 25

---

| | | |
|:---|:---|:---|
| **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)** |
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| **Expense Detail and Ratios**  |  |  |
| **Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC** |  |  |
| Capitalization of DAC  | $(959) | $(698) |
| Less: Divested businesses |  |  |
| Adjusted capitalization of DAC | $(959) | $(698) |
| **Reconciliation of Other Expenses to Adjusted Other Expenses** |  |  |
| Other expenses  | $3924 | $3271 |
| Less: Reinsurance activity | 205 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 53 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 5 | 8 |
| Adjusted other expenses | $3661 | $3202 |
| **Other Detail and Ratios** |  |  |
| Other expenses, net of capitalization of DAC | $2965 | $2573 |
| Premiums, fees and other revenues | $14315 | $13639 |
| Expense ratio | 20.7% | 18.9% |
| Direct expenses | $1583 | $1459 |
| Less: Total notable items related to direct expenses |  |  |
| Direct expenses, excluding total notable items related to direct expenses | $1583 | $1459 |
| Adjusted other expenses | $3661 | $3202 |
| Adjusted capitalization of DAC | (959) | (698) |
| Adjusted other expenses, net of adjusted capitalization of DAC | 2702 | 2504 |
| Less: Total notable items related to adjusted other expenses |  |  |
| Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to <br>adjusted other expenses<br>| $2702 | $2504 |
| Adjusted premiums, fees and other revenues | $14183 | $13614 |
| Less: PRT | 843 | 1476 |
| Adjusted premiums, fees and other revenues, excluding PRT | $13340 | $12138 |
| Direct expense ratio  | 11.2% | 10.7% |
| Direct expense ratio, excluding total notable items related to direct expenses and PRT | 11.9% | 12.0% |
| Adjusted expense ratio | 19.1% | 18.4% |
| Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT | 20.3% | 20.6% |
| See footnotes on last page. | See footnotes on last page. | See footnotes on last page. |

---

Page 21 of 25

---

| | | |
|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** |
|  | **March 31,** | **March 31,** |
| **Equity Details** | **2026** | **2025** |
| Total MetLife, Inc.'s stockholders' equity | $27324 | $27493 |
| Less: Preferred stock | 2830 | 3818 |
| MetLife, Inc.'s common stockholders' equity  | 24494 | 23675 |
| Less: Unrealized investment gains (losses), net of related offsets and income tax | (19380) | (17329) |
| Deferred gains (losses) on derivatives, net of income tax | (1015) | 179 |
| Future policy benefits discount rate remeasurement gains (losses), net of income tax | 9001 | 5334 |
| Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | (56) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Defined benefit plans adjustment, net of income tax | (1374) | (1416) |
| Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax  | 231 | (100) |
| Total MetLife, Inc.'s adjusted common stockholders' equity | 37087 | 37038 |
| Less: Accumulated year-to-date total notable items, net of income tax |  |  |
| Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items | $37087 | $37038 |
|  | **March 31,** | **March 31,** |
| **Book Value (2)** | **2026** | **2025** |
| Book value per common share | 37.92 | 35.16 |
| Less: Unrealized investment gains (losses), net of related offsets and income tax | (30.00) | (25.74) |
| Deferred gains (losses) on derivatives, net of income tax | (1.57) | 0.27 |
| Future policy benefits discount rate remeasurement gains (losses), net of income tax | 13.94 | 7.92 |
| Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | (0.09) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Defined benefit plans adjustment, net of income tax | (2.13) | (2.10) |
| Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax | 0.36 | (0.15) |
| Adjusted book value per common share | $57.41 | $55.01 |
| Common shares outstanding, end of period (3) | 646.0 | 673.3 |

---

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31,** | **March 31,** |
| <br>**Return on Equity (4)** | **2026** | **2025** |
| Return on MetLife, Inc.'s: |  |  |
| Common stockholders' equity | 18.2% | 14.9% |
| Adjusted return on MetLife, Inc.'s: |  |  |
| Adjusted common stockholders' equity | 17.0% | 14.4% |
| Adjusted common stockholders' equity, excluding total notable items | 17.0% | 14.4% |
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
| **Average Common Stockholders' Equity** | **2026** | **2025** |
| Average common stockholders' equity | $25031 | $23651 |
| Average adjusted common stockholders' equity | $37242 | $37405 |
| Average adjusted common stockholders' equity, excluding total notable items | $37242 | $37405 |
| See footnotes on last page. |  |  |

---

Page 22 of 25

---

| | | |
|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **Adjusted Earnings Available to Common Shareholders** | **Adjusted Earnings Available to Common Shareholders** | **Adjusted Earnings Available to Common Shareholders** |
| **(In millions)** | **(In millions)** | **(In millions)** |
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Group Benefits (5): |  |  |
| Adjusted earnings available to common shareholders | $439 | $370 |
| Less: Total notable items |  |  |
| Adjusted earnings available to common shareholders, excluding total notable items | $439 | $370 |
| Adjusted premiums, fees and other revenues | $6539 | $6430 |
| Less: Participating contracts | 1455 | 1553 |
| Adjusted premiums, fees and other revenues, excluding participating contracts | $5084 | $4877 |
| RIS (5): |  |  |
| Adjusted earnings available to common shareholders | $451 | $406 |
| Less: Total notable items |  |  |
| Adjusted earnings available to common shareholders, excluding total notable items | $451 | $406 |
| Adjusted premiums, fees and other revenues | $2390 | $2457 |
| Less: PRT | 843 | 1476 |
| Adjusted premiums, fees and other revenues, excluding PRT | $1547 | $981 |
| Asia: |  |  |
| Adjusted earnings available to common shareholders | $487 | $372 |
| Less: Total notable items |  |  |
| Adjusted earnings available to common shareholders, excluding total notable items | $487 | $372 |
| Adjusted earnings available to common shareholders on a constant currency basis  | $487 | $372 |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis | $487 | $372 |
| Adjusted premiums, fees and other revenues | $1738 | $1681 |
| Adjusted premiums, fees and other revenues, on a constant currency basis  | $1738 | $1662 |
| Latin America: |  |  |
| Adjusted earnings available to common shareholders | $229 | $219 |
| Less: Total notable items |  |  |
| Adjusted earnings available to common shareholders, excluding total notable items | $229 | $219 |
| Adjusted earnings available to common shareholders on a constant currency basis  | $229 | $251 |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis | $229 | $251 |
| Adjusted premiums, fees and other revenues | $1897 | $1513 |
| Adjusted premiums, fees and other revenues, on a constant currency basis  | $1897 | $1704 |
| See footnotes on last page. |  |  |

---

Page 23 of 25

---

| | | |
|:---|:---|:---|
| **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)** |
| **(In millions)** | **(In millions)** | **(In millions)** |
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| EMEA: |  |  |
| Adjusted earnings available to common shareholders | $110 | $83 |
| Less: Total notable items |  |  |
| Adjusted earnings available to common shareholders, excluding total notable items | $110 | $83 |
| Adjusted earnings available to common shareholders on a constant currency basis | $110 | $86 |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis | $110 | $86 |
| Adjusted premiums, fees and other revenues | $797 | $668 |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $797 | $695 |
| MIM (5): |  |  |
| Adjusted earnings available to common shareholders | $47 | $28 |
| Less: Total notable items |  |  |
| Adjusted earnings available to common shareholders, excluding total notable items | $47 | $28 |
| Corporate & Other (5): |  |  |
| Adjusted earnings available to common shareholders | $(177) | $(129) |
| Less: Total notable items |  |  |
| Adjusted earnings available to common shareholders, excluding total notable items | $(177) | $(129) |
| Adjusted premiums, fees and other revenues | $508 | $647 |
| See footnotes on last page. |  |  |

---

Page 24 of 25

---

| | | | |
|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **Variable Investment Income** | **Variable Investment Income** | **Variable Investment Income** | **Variable Investment Income** |
|  | **For the Three** <br>**Months Ended**<br>|  |  |
|  |  | **March 31, 2026** | **March 31, 2026** |
| |  | **Variable** <br>**Investment Income** <br>**(post-tax, in** <br>**millions) (6)**<br>| **Assets (in billions)** |
| Group Benefits |  | $5 | $0.2 |
| RIS |  | 131 | 5.1 |
| Asia |  | 183 | 8.6 |
| Latin America |  | 10 | 0.3 |
| EMEA |  | 1 |  |
| MIM |  |  |  |
| Corporate & Other |  | 79 | 4.0 |
| Total |  | $409 | $18.2 |

---

---

| | |
|:---|:---|
| **Cash & Capital** | **Cash & Capital** |
|  | **March 31, 2026** |
| | **(in billions) (7), (8), (9)** |
| Holding Companies Cash & Liquid Assets | $3.9 |
| See footnotes on last page. |  |

---

Page 25 of 25

---

| | |
|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** |
| **Footnotes** | **Footnotes** |
| (1) | Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not <br>equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.  |
| (2) | Book values exclude $2,830 million and $3,818 million of equity related to preferred stock at March 31, 2026 and March 31, 2025, respectively. |
| (3) | There were share repurchases of approximately $750 million for the three months ended March 31, 2026. There were share repurchases of approximately <br>$200 million in April 2026.  |
| (4) | Annualized using quarter-to-date results. |
| (5) | Results on a constant currency basis are not included as constant currency impact is not significant. |
| (6) | Assumes a 21% tax rate. |
| (7) | The 2025 combined U.S. risk-based capital (RBC) ratio was 379%, which is above MetLife's 360% target on an NAIC basis. This ratio includes MetLife, Inc.'s <br>principal U.S. insurance subsidiaries, excluding American Life Insurance Company. MetLife calculates RBC annually as of December 31 and, accordingly, the <br>calculation does not reflect conditions and factors occurring after the year end. |
| (8) | The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $16.2 billion at <br>March 31, 2026, down 5% from $17.1 billion at December 31, 2025. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding <br>American Life Insurance Company. |
| (9) | The Japan Economic Solvency Ratio is expected to be at middle of the target range of 170% to 190% for the fiscal year ending March 31, 2026. |

---

## Exhibit 99.2

<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

Exhibit 99.2

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.jpg)

**First Quarter**

**Financial Supplement**

**March 31, 2026**

**1**

------

<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.jpg)

---

| | |
|:---|:---|
| **METLIFE<br>**TABLE OF CONTENTS**** | **METLIFE<br>**TABLE OF CONTENTS**** |
| **<u>[GAAP CONSOLIDATED STATEMENTS OF OPERATIONS](#ida159316fd9f4263ba1d734835a2676b_7)</u>** | **<u>[2](#ida159316fd9f4263ba1d734835a2676b_7)</u>** |
| **<u>[CORPORATE OVERVIEW](#ida159316fd9f4263ba1d734835a2676b_10)</u>** | **<u>[3](#ida159316fd9f4263ba1d734835a2676b_10)</u>** |
| **<u>[KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS](#ida159316fd9f4263ba1d734835a2676b_16)</u>** | **<u>[5](#ida159316fd9f4263ba1d734835a2676b_16)</u>** |
| **<u>[EXPENSE DETAIL AND RATIOS](#ida159316fd9f4263ba1d734835a2676b_22)</u>** | **<u>[7](#ida159316fd9f4263ba1d734835a2676b_22)</u>** |
| **<u>[GAAP CONSOLIDATED BALANCE SHEETS](#ida159316fd9f4263ba1d734835a2676b_25)</u>** | **<u>[8](#ida159316fd9f4263ba1d734835a2676b_25)</u>** |
| **<u>[SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS](#ida159316fd9f4263ba1d734835a2676b_28)</u>** | **<u>[9](#ida159316fd9f4263ba1d734835a2676b_28)</u>** |
| **<u>[Group Benefits](#ida159316fd9f4263ba1d734835a2676b_31)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ida159316fd9f4263ba1d734835a2676b_31)</u> | **<u>[10](#ida159316fd9f4263ba1d734835a2676b_31)</u>** |
| &nbsp;&nbsp;<u>[Other Expenses by Major Category; and Other Information](#ida159316fd9f4263ba1d734835a2676b_34)</u> | **<u>[11](#ida159316fd9f4263ba1d734835a2676b_34)</u>** |
| **<u>[RIS](#ida159316fd9f4263ba1d734835a2676b_37)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ida159316fd9f4263ba1d734835a2676b_37)</u> | **<u>[12](#ida159316fd9f4263ba1d734835a2676b_37)</u>** |
| &nbsp;&nbsp;<u>[Future Policy Benefits; Policyholder Account Balances; General Account Retained Balances;](#ida159316fd9f4263ba1d734835a2676b_43)[and](#ida159316fd9f4263ba1d734835a2676b_43)[Total Liabilities](#ida159316fd9f4263ba1d734835a2676b_43)</u> | **<u>[13](#ida159316fd9f4263ba1d734835a2676b_43)</u>** |
| &nbsp;&nbsp;<u>[Other Expenses by Major Category; and Spread](#ida159316fd9f4263ba1d734835a2676b_46)</u> | **<u>[14](#ida159316fd9f4263ba1d734835a2676b_46)</u>** |
| **<u>[ASIA](#ida159316fd9f4263ba1d734835a2676b_49)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ida159316fd9f4263ba1d734835a2676b_49)</u> | **<u>[15](#ida159316fd9f4263ba1d734835a2676b_49)</u>** |
| &nbsp;&nbsp; <u>[Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; Other Information; and Asia General Account Assets Under Management](#ida159316fd9f4263ba1d734835a2676b_52)</u> | **<u>[16](#ida159316fd9f4263ba1d734835a2676b_52)</u>** |
| **<u>[LATIN AMERICA](#ida159316fd9f4263ba1d734835a2676b_58)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ida159316fd9f4263ba1d734835a2676b_58)</u> | **<u>[17](#ida159316fd9f4263ba1d734835a2676b_58)</u>** |
| &nbsp;&nbsp;<u>[Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Information](#ida159316fd9f4263ba1d734835a2676b_61)</u> | **<u>[18](#ida159316fd9f4263ba1d734835a2676b_61)</u>** |
| **<u>[EMEA](#ida159316fd9f4263ba1d734835a2676b_64)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ida159316fd9f4263ba1d734835a2676b_64)</u> | **<u>[19](#ida159316fd9f4263ba1d734835a2676b_64)</u>** |
| &nbsp;&nbsp;<u>[Other Expenses by Major Category; and Other Information](#ida159316fd9f4263ba1d734835a2676b_67)</u> | **<u>[20](#ida159316fd9f4263ba1d734835a2676b_67)</u>** |
| **<u>[MIM](#ida159316fd9f4263ba1d734835a2676b_70)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ida159316fd9f4263ba1d734835a2676b_70)</u> | **<u>[21](#ida159316fd9f4263ba1d734835a2676b_70)</u>** |
| &nbsp;&nbsp;<u>[Assets Under Management](#ida159316fd9f4263ba1d734835a2676b_73)[; and Other Revenues by Client Segment](#ida159316fd9f4263ba1d734835a2676b_73)</u> | **<u>[22](#ida159316fd9f4263ba1d734835a2676b_73)</u>** |
| **<u>[CORPORATE & OTHER](#ida159316fd9f4263ba1d734835a2676b_76)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#ida159316fd9f4263ba1d734835a2676b_76)</u> | **<u>[23](#ida159316fd9f4263ba1d734835a2676b_76)</u>** |
| &nbsp;&nbsp;<u>[Future Policy Benefits; Policyholder Account Balances; Market Risk Benefits; and Separate Account Liabilities](#ida159316fd9f4263ba1d734835a2676b_79)</u> | **<u>[24](#ida159316fd9f4263ba1d734835a2676b_79)</u>** |
| **<u>[INVESTMENTS](#ida159316fd9f4263ba1d734835a2676b_82)</u>** |  |
| &nbsp;&nbsp;<u>[Investment Portfolio Results by Asset Category and Annualized Yields](#ida159316fd9f4263ba1d734835a2676b_82)</u> | **<u>[25](#ida159316fd9f4263ba1d734835a2676b_82)</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](#ida159316fd9f4263ba1d734835a2676b_85)</u> | **<u>[26](#ida159316fd9f4263ba1d734835a2676b_85)</u>** |
| &nbsp;&nbsp;<u>[Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type](#ida159316fd9f4263ba1d734835a2676b_88)</u> | **<u>[27](#ida159316fd9f4263ba1d734835a2676b_88)</u>** |
| &nbsp;&nbsp;<u>[Footnotes](#ida159316fd9f4263ba1d734835a2676b_91)</u> | **<u>[28](#ida159316fd9f4263ba1d734835a2676b_91)</u>** |
| **<u>[APPENDIX](#ida159316fd9f4263ba1d734835a2676b_94)</u>** |  |
| &nbsp;&nbsp;<u>[Reconciliation Detail](#ida159316fd9f4263ba1d734835a2676b_97)</u> | **<u>[A-1](#ida159316fd9f4263ba1d734835a2676b_97)</u>** |
| &nbsp;&nbsp;<u>[Notable Items](#ida159316fd9f4263ba1d734835a2676b_100)</u> | **<u>[A-2](#ida159316fd9f4263ba1d734835a2676b_100)</u>** |
| &nbsp;&nbsp;<u>[Equity Details, Book Value Details and Return on Equity](#ida159316fd9f4263ba1d734835a2676b_106)</u> | **<u>[A-4](#ida159316fd9f4263ba1d734835a2676b_106)</u>** |
| &nbsp;&nbsp;<u>[Adjusted Premiums, Fees and Other Revenues;](#ida159316fd9f4263ba1d734835a2676b_109)[Adjusted](#ida159316fd9f4263ba1d734835a2676b_109)[Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis](#ida159316fd9f4263ba1d734835a2676b_109)</u> | **<u>[A-5](#ida159316fd9f4263ba1d734835a2676b_109)</u>** |
| &nbsp;&nbsp;<u>[Non-GAAP and Other Financial Disclosures](#ida159316fd9f4263ba1d734835a2676b_112)</u> | **<u>[A-6](#ida159316fd9f4263ba1d734835a2676b_112)</u>** |
| &nbsp;&nbsp;<u>[Acronyms](#ida159316fd9f4263ba1d734835a2676b_124)</u> | **<u>[A-10](#ida159316fd9f4263ba1d734835a2676b_124)</u>** |

---

------

<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Revenues** |  |  |  |  |  |  |  |
| Premiums | $11723 | $10810 | $10555 | $16691 | $12120 | $11723 | $12120 |
| Universal life and investment-type product policy fees | 1229 | 1259 | 1247 | 1268 | 1343 | 1229 | 1343 |
| Net investment income | 4885 | 5661 | 6089 | 5924 | 5355 | 4885 | 5355 |
| Other revenues | 687 | 679 | 724 | 737 | 852 | 687 | 852 |
| Net investment gains (losses) | (387) | (273) | (325) | (160) | (670) | (387) | (670) |
| Net derivative gains (losses) | 432 | (796) | (929) | (646) | 74 | 432 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 18569 | 17340 | 17361 | 23814 | 19074 | 18569 | 19074 |
| **Expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims | 11806 | 10767 | 10369 | 16776 | 11864 | 11806 | 11864 |
| Policyholder liability remeasurement (gains) losses | (31) | 5 | (159) | 35 | (13) | (31) | (13) |
| Market risk benefit remeasurement (gains) losses | 299 | (277) | (263) | (267) | 120 | 299 | 120 |
| Interest credited to policyholder account balances | 1647 | 2400 | 2561 | 2342 | 1674 | 1647 | 1674 |
| Policyholder dividends | 144 | 146 | 134 | 129 | 124 | 144 | 124 |
| Amortization of DAC, VOBA and negative VOBA | 519 | 528 | 522 | 545 | 568 | 519 | 568 |
| Interest expense on debt | 258 | 269 | 271 | 263 | 265 | 258 | 265 |
| Other expenses, net of capitalization of DAC | 2573 | 2522 | 2716 | 2874 | 2965 | 2573 | 2965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 17215 | 16360 | 16151 | 22697 | 17567 | 17215 | 17567 |
| Income (loss) before provision for income tax | 1354 | 980 | 1210 | 1117 | 1507 | 1354 | 1507 |
| Provision for income tax expense (benefit) | 404 | 245 | 308 | 301 | 345 | 404 | 345 |
| Net income (loss) | 950 | 735 | 902 | 816 | 1162 | 950 | 1162 |
| Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 5 | 6 | 6 | 7 | (23) | 5 | (23) |
| Net income (loss) attributable to MetLife, Inc. | 945 | 729 | 896 | 809 | 1185 | 945 | 1185 |
| Less: Preferred stock dividends | 66 | 31 | 66 | 31 | 45 | 66 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock redemption premium |  |  | 12 |  |  |  |  |
| **Net income (loss) available to MetLife, Inc.'s common shareholders** | $879 | $698 | $818 | $778 | $1140 | $879 | $1140 |
| Premiums, fees and other revenues | $13639 | $12748 | $12526 | $18696 | $14315 | $13639 | $14315 |

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<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

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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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| Net income (loss) available to MetLife, Inc.'s common shareholders | $879 | $698 | $818 | $778 | $1140 |
| 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) | (387) | (273) | (325) | (160) | (670) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net derivative gains (losses) | 432 | (796) | (929) | (646) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Market risk benefit remeasurement gains (losses) | (299) | 277 | 263 | 267 | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill impairment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other adjustments to net income (loss) (1) | (234) | (61) | 20 | (514) | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Provision for income tax (expense) benefit | 23 | 195 | 223 | 190 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 5 | 6 | 6 | 7 | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Preferred stock redemption premium |  |  | 12 |  |  |
| Adjusted earnings available to common shareholders | 1349 | 1362 | 1584 | 1648 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items (2) |  |  | 18 | (61) |  |
| Adjusted earnings available to common shareholders, excluding total notable items (2) | $1349 | $1362 | $1566 | $1709 | $1586 |
| Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share | $1.28 | $1.03 | $1.22 | $1.17 | $1.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net investment gains (losses) | (0.56) | (0.40) | (0.49) | (0.24) | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net derivative gains (losses) | 0.63 | (1.18) | (1.39) | (0.98) | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Market risk benefit remeasurement gains (losses) | (0.44) | 0.41 | 0.39 | 0.40 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill impairment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other adjustments to net income (loss) | (0.33) | (0.10) | 0.04 | (0.78) | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Provision for income tax (expense) benefit | 0.03 | 0.29 | 0.33 | 0.29 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 0.01 | 0.01 | 0.01 | 0.01 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Preferred stock redemption premium |  |  | 0.02 |  |  |
| Adjusted earnings available to common shareholders per diluted common share | 1.96 | 2.02 | 2.37 | 2.49 | 2.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items per diluted common share (2) |  |  | 0.03 | (0.09) |  |
| Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3) | $1.96 | $2.02 | $2.34 | $2.58 | $2.42 |
|  | *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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| *Notable items impacting adjusted earnings available to common shareholders (2):* |  |  |  |  |  |
| Actuarial assumption review and other insurance adjustments | $— | $— | $89 | $— | $— |
| Litigation reserves and settlement costs |  |  |  | (32) |  |
| Tax adjustments |  |  | (71) | (29) |  |
| &nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $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 |  |  |  | (0.05) |  |
| Tax adjustments |  |  | (0.11) | (0.04) |  |
| &nbsp;&nbsp;Total notable items per diluted common share | $— | $— | $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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| Weighted average common shares outstanding - diluted | 687.0 | 675.0 | 669.1 | 662.2 | 655.7 |
| (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**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE<br>CORPORATE OVERVIEW (CONTINUED)** | | | | | |
| *Unaudited* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| Book value per common share (1) | $35.16 | $35.79 | $39.52 | $39.02 | $37.92 |
| Adjusted book value per common share (1) | $55.01 | $56.23 | $56.57 | $57.07 | $57.41 |
|  | *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* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| Return on MetLife, Inc.'s (2): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity | 14.9% | 11.7% | 13.1% | 12.0% | 18.2% |
| Adjusted return on MetLife, Inc.'s (2): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted common stockholders' equity | 14.4% | 14.6% | 16.9% | 17.6% | 17.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted common stockholders' equity, excluding total notable items (3) | 14.4% | 14.6% | 16.7% | 18.3% | 17.0% |
|  | *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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| Common shares outstanding, beginning of period | 689.2 | 673.3 | 666.8 | 660.7 | 655.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share repurchases | (17.0) | (6.5) | (6.3) | (5.4) | (10.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Newly issued shares | 1.1 |  | 0.2 |  | 0.8 |
| Common shares outstanding, end of period | 673.3 | 666.8 | 660.7 | 655.3 | 646.0 |
| Weighted average common shares outstanding - basic | 682.3 | 670.8 | 664.7 | 658.1 | 652.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of the exercise or issuance of stock-based awards | 4.7 | 4.2 | 4.4 | 4.1 | 3.7 |
| Weighted average common shares outstanding - diluted | 687.0 | 675.0 | 669.1 | 662.2 | 655.7 |
| MetLife Policyholder Trust Shares | 110.1 | 108.6 | 107.4 | 105.9 | 104.6 |
| (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**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

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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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Total revenues** | $18569 | $17340 | $17361 | $23814 | $19074 | $18569 | $19074 |
| Less: Adjustments to total revenues: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses) | (387) | (273) | (325) | (160) | (670) | (387) | (670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | 432 | (796) | (929) | (646) | 74 | 432 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment hedge adjustments | (103) | (102) | (100) | (105) | (84) | (103) | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of wholly-owned real estate and real estate joint ventures (1) |  |  |  | (72) | (61) |  | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asymmetrical and non-economic accounting, excluding Investment hedge adjustments | 36 | 42 | 78 | 100 | 132 | 36 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-linked contract income | (227) | 498 | 580 | 366 | (318) | (227) | (318) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance activity | 43 | 47 | 177 | 222 | 301 | 43 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | (57) |  | (23) | (81) | 18 | (57) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 5 | 3 | 2 | (1) |  | 5 |  |
| **Total adjusted revenues** | $18827 | $17921 | $17901 | $24191 | $19682 | $18827 | $19682 |
|  | *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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Net investment income** | $4885 | $5661 | $6089 | $5924 | $5355 | $4885 | $5355 |
| Less: Adjustments to net investment income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment hedge adjustments | (103) | (102) | (100) | (105) | (84) | (103) | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of wholly-owned real estate and real estate joint ventures (1) |  |  |  | (72) | (61) |  | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint venture adjustments | (42) | 16 | (8) | (64) | 18 | (42) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-linked contract income | (227) | 498 | 580 | 366 | (318) | (227) | (318) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance activity | 43 | 47 | 177 | 222 | 301 | 43 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 1 |  |  |  |  | 1 |  |
| **Adjusted net investment income** | $5213 | $5202 | $5440 | $5577 | $5499 | $5213 | $5499 |
|  | *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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Variable investment income (Included in net investment income above)** | $327 | $195 | $483 | $497 | $518 | $327 | $518 |
|  | *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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Premiums, fees and other revenues** | $13639 | $12748 | $12526 | $18696 | $14315 | $13639 | $14315 |
| Less: Adjustments to premiums, fees and other revenues: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asymmetrical and non-economic accounting | 36 | 42 | 78 | 100 | 132 | 36 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | (15) | (16) | (15) | (17) |  | (15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 4 | 3 | 2 | (1) |  | 4 |  |
| **Adjusted premiums, fees and other revenues** | $13614 | $12719 | $12461 | $18614 | $14183 | $13614 | $14183 |
| **Adjusted premiums, fees and other revenues, on a constant currency basis** | $13813 | $12796 | $12504 | $18681 | $14183 |  |  |
| (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. |

---

------

<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Total expenses** | $17215 | $16360 | $16151 | $22697 | $17567 | $17215 | $17567 |
| Less: Adjustments to total expenses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market risk benefit remeasurement (gains) losses | 299 | (277) | (263) | (267) | 120 | 299 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asymmetrical and non-economic accounting | 139 | 31 | 18 | 458 | 24 | 139 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market volatility | (44) | (40) | (49) | (76) | (74) | (44) | (74) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-linked contract costs | (234) | 486 | 578 | 366 | (302) | (234) | (302) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance activity | 42 | 45 | 135 | 166 | 205 | 42 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | 19 | 21 | 2 | 15 | 53 | 19 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Divested businesses  | 9 | 6 | 10 | 14 | 5 | 9 | 5 |
| **Total adjusted expenses** | $16985 | $16088 | $15720 | $22021 | $17536 | $16985 | $17536 |
|  | *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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Capitalization of DAC** | $(698) | $(787) | $(852) | $(882) | $(959) | $(698) | $(959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Divested businesses |  |  |  |  |  |  |  |
| **Adjusted capitalization of DAC** | $(698) | $(787) | $(852) | $(882) | $(959) | $(698) | $(959) |
|  | *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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Other expenses** | $3271 | $3309 | $3568 | $3756 | $3924 | $3271 | $3924 |
| Less: Adjustments to other expenses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance activity | 42 | 45 | 135 | 166 | 205 | 42 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | 19 | 21 | 2 | 15 | 53 | 19 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 8 | 7 | 9 | 12 | 5 | 8 | 5 |
| **Adjusted other expenses** | $3202 | $3236 | $3422 | $3563 | $3661 | $3202 | $3661 |
| **Adjusted other expenses, on a constant currency basis** | $3265 | $3235 | $3414 | $3579 | $3661 |  |  |

---

------

<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions, except ratios)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Other expenses, net of capitalization of DAC** | $2573 | $2522 | $2716 | $2874 | $2965 | $2573 | $2965 |
| **Premiums, fees and other revenues** | $13639 | $12748 | $12526 | $18696 | $14315 | $13639 | $14315 |
| **Expense ratio** | 18.9% | 19.8% | 21.7% | 15.4% | 20.7% | 18.9% | 20.7% |
|  | *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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Adjusted other expenses by major category** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct expenses | $1459 | $1445 | $1443 | $1528 | $1583 | $1459 | $1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension, postretirement and postemployment benefit costs | 70 | 66 | 69 | 74 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium taxes, other taxes, and licenses & fees | 160 | 158 | 272 | 246 | 199 | 160 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and other variable expenses | 1513 | 1567 | 1638 | 1715 | 1809 | 1513 | 1809 |
| **Adjusted other expenses** | 3202 | 3236 | 3422 | 3563 | 3661 | 3202 | 3661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted capitalization of DAC | (698) | (787) | (852) | (882) | (959) | (698) | (959) |
| **Adjusted other expenses, net of adjusted capitalization of DAC** | $2504 | $2449 | $2570 | $2681 | $2702 | $2504 | $2702 |
|  | *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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions, except ratios)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee-related costs | $991 | $935 | $962 | $946 | $1094 | $991 | $1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party staffing costs | 353 | 392 | 374 | 415 | 368 | 353 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 115 | 118 | 107 | 167 | 121 | 115 | 121 |
| **Direct expenses** | 1459 | 1445 | 1443 | 1528 | 1583 | 1459 | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items related to direct expenses (1) |  |  |  | 40 |  |  |  |
| **Direct expenses, excluding total notable items related to direct expenses (1)** | $1459 | $1445 | $1443 | $1488 | $1583 | $1459 | $1583 |
| **Adjusted other expenses, net of adjusted capitalization of DAC** | $2504 | $2449 | $2570 | $2681 | $2702 | $2504 | $2702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items related to adjusted other expenses (1) |  |  | 102 | 81 |  |  |  |
| **Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)** | $2504 | $2449 | $2468 | $2600 | $2702 | $2504 | $2702 |
| **Adjusted premiums, fees and other revenues** | $13614 | $12719 | $12461 | $18614 | $14183 | $13614 | $14183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: PRT | 1476 | 328 | (10) | 5775 | 843 | 1476 | 843 |
| **Adjusted premiums, fees and other revenues, excluding PRT** | $12138 | $12391 | $12471 | $12839 | $13340 | $12138 | $13340 |
| **Direct expense ratio** | 10.7% | 11.4% | 11.6% | 8.2% | 11.2% | 10.7% | 11.2% |
| **Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)** | 12.0% | 11.7% | 11.6% | 11.6% | 11.9% | 12.0% | 11.9% |
| **Adjusted expense ratio** | 18.4% | 19.3% | 20.6% | 14.4% | 19.1% | 18.4% | 19.1% |
| **Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)** | 20.6% | 19.8% | 19.8% | 20.3% | 20.3% | 20.6% | 20.3% |
| (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**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE**<br>**GAAP CONSOLIDATED BALANCE SHEETS** | | | | | |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| **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 | $291735 | $298737 | $304645 | $315931 | $316110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at estimated fair value | 747 | 790 | 788 | 858 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractholder-directed equity securities and fair value option securities, at estimated fair value | 10725 | 11694 | 12270 | 13959 | 13435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 87908 | 86868 | 85843 | 84593 | 83726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 8663 | 8664 | 8589 | 8547 | 8455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate and real estate joint ventures | 13481 | 14007 | 13932 | 13440 | 13356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other limited partnership interests | 14137 | 14279 | 14741 | 14917 | 14531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, principally at estimated fair value | 5543 | 5300 | 5962 | 3601 | 4948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 17470 | 16352 | 16932 | 16332 | 17624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 450409 | 456691 | 463702 | 472178 | 473112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, principally at estimated fair value | 21326 | 22178 | 20233 | 22032 | 22687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | 3557 | 3532 | 3791 | 3719 | 3796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums, reinsurance and other receivables | 31251 | 31503 | 40329 | 49059 | 50335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefits, at estimated fair value | 317 | 352 | 392 | 458 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred policy acquisition costs and value of business acquired | 20162 | 20993 | 21175 | 21107 | 21269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current income tax recoverable | 338 | 554 | 374 | 660 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets | 2524 | 2925 | 2719 | 2585 | 2901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 9036 | 9142 | 9095 | 9613 | 9565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 11253 | 11425 | 11572 | 11822 | 11013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | 138143 | 143175 | 146344 | 151933 | 147686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $688316 | $702470 | $719726 | $745166 | $743211 |
| **LIABILITIES, MEZZANINE EQUITY AND EQUITY** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits | $197667 | $198965 | $199169 | $208855 | $206628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder account balances | 225623 | 232433 | 235312 | 236857 | 239836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefits, at estimated fair value | 2844 | 2709 | 2585 | 2406 | 2522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other policy-related balances | 19523 | 19899 | 20361 | 20070 | 20444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder dividends payable | 356 | 367 | 369 | 356 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables for collateral under securities loaned and other transactions | 17440 | 17147 | 17139 | 17115 | 18157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 381 | 379 | 378 | 355 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 14695 | 15374 | 15300 | 14467 | 14445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateral financing arrangement | 463 | 438 | 398 | 352 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt securities | 4153 | 4153 | 4154 | 4155 | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes issued by collateralized financing entities |  |  |  | 1206 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liability | 430 | 430 | 574 | 536 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 38843 | 39074 | 48452 | 57582 | 57989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | 138143 | 143175 | 146344 | 151933 | 147686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 660561 | 674543 | 690535 | 716245 | 715410 |
| &nbsp;&nbsp;&nbsp;**Contingencies, Commitments and Guarantees** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Mezzanine Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable noncontrolling interests |  |  |  | 241 | 206 |
| &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 | 33820 | 33822 | 32855 | 32858 | 32921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 43131 | 43447 | 43887 | 44290 | 45058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost | (29222) | (29737) | (30244) | (30678) | (31440) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (20248) | (19859) | (17566) | (18084) | (19227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total MetLife, Inc.'s stockholders' equity | 27493 | 27685 | 28944 | 28398 | 27324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 262 | 242 | 247 | 282 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 27755 | 27927 | 29191 | 28680 | 27595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, mezzanine equity and equity | $688316 | $702470 | $719726 | $745166 | $743211 |

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<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| **Adjusted earnings before provision for income tax** |  |  |  |  |  |
| GROUP BENEFITS | $468 | $508 | $577 | $589 | $555 |
| RIS | 505 | 460 | 551 | 563 | 558 |
| ASIA | 534 | 489 | 752 | 625 | 689 |
| LATIN AMERICA | 291 | 317 | 208 | 270 | 330 |
| EMEA | 109 | 128 | 115 | 129 | 143 |
| MIM | 37 | 72 | 78 | 80 | 63 |
| CORPORATE & OTHER | (102) | (141) | (100) | (86) | (192) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted earnings before provision for income tax | $1842 | $1833 | $2181 | $2170 | $2146 |
| **Provision for income tax expense (benefit)** |  |  |  |  |  |
| GROUP BENEFITS | $98 | $107 | $121 | $124 | $116 |
| RIS | 99 | 90 | 110 | 109 | 107 |
| ASIA | 162 | 143 | 212 | 181 | 202 |
| LATIN AMERICA | 72 | 84 | 60 | 72 | 101 |
| EMEA | 26 | 28 | 28 | 32 | 33 |
| MIM | 9 | 18 | 20 | 20 | 16 |
| CORPORATE & OTHER | (39) | (30) | (20) | (47) | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provision for income tax expense (benefit) | $427 | $440 | $531 | $491 | $515 |
| **Adjusted earnings available to common shareholders** |  |  |  |  |  |
| GROUP BENEFITS | $370 | $401 | $456 | $465 | $439 |
| RIS | 406 | 370 | 441 | 454 | 451 |
| ASIA | 372 | 346 | 540 | 444 | 487 |
| LATIN AMERICA | 219 | 233 | 148 | 198 | 229 |
| EMEA | 83 | 100 | 87 | 97 | 110 |
| MIM | 28 | 54 | 58 | 60 | 47 |
| CORPORATE & OTHER (1) | (129) | (142) | (146) | (70) | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted earnings available to common shareholders (1) | $1349 | $1362 | $1584 | $1648 | $1586 |
| (1)Includes impact of preferred stock dividends of $66 million, $31 million, $66 million, $31 million and $45 million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. | (1)Includes impact of preferred stock dividends of $66 million, $31 million, $66 million, $31 million and $45 million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. | (1)Includes impact of preferred stock dividends of $66 million, $31 million, $66 million, $31 million and $45 million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. | (1)Includes impact of preferred stock dividends of $66 million, $31 million, $66 million, $31 million and $45 million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. | (1)Includes impact of preferred stock dividends of $66 million, $31 million, $66 million, $31 million and $45 million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. | (1)Includes impact of preferred stock dividends of $66 million, $31 million, $66 million, $31 million and $45 million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. |

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<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

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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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $5763 | $5801 | $5662 | $5632 | $5848 | $5763 | $5848 |
| Universal life and investment-type product policy fees | 233 | 240 | 227 | 236 | 230 | 233 | 230 |
| Net investment income | 353 | 345 | 356 | 358 | 352 | 353 | 352 |
| Other revenues | 434 | 405 | 417 | 419 | 461 | 434 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 6783 | 6791 | 6662 | 6645 | 6891 | 6783 | 6891 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 5183 | 5161 | 4982 | 4889 | 5147 | 5183 | 5147 |
| Policyholder liability remeasurement (gains) losses | (18) | (4) | (9) | (3) | (2) | (18) | (2) |
| Interest credited to policyholder account balances | 72 | 73 | 73 | 71 | 70 | 72 | 70 |
| Capitalization of DAC | (5) | (7) | (7) | (7) | (6) | (5) | (6) |
| Amortization of DAC, VOBA and negative VOBA | 6 | 7 | 7 | 6 | 12 | 6 | 12 |
| Interest expense on debt | 1 | 1 | 1 |  | 1 | 1 | 1 |
| Other expenses | 1076 | 1052 | 1038 | 1100 | 1114 | 1076 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 6315 | 6283 | 6085 | 6056 | 6336 | 6315 | 6336 |
| Adjusted earnings before provision for income tax | 468 | 508 | 577 | 589 | 555 | 468 | 555 |
| Provision for income tax expense (benefit) | 98 | 107 | 121 | 124 | 116 | 98 | 116 |
| Adjusted earnings | 370 | 401 | 456 | 465 | 439 | 370 | 439 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | 370 | 401 | 456 | 465 | 439 | 370 | 439 |
| &nbsp;&nbsp;&nbsp;Less: Total notable items |  |  | (2) |  |  |  |  |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $370 | $401 | $458 | $465 | $439 | $370 | $439 |
| Adjusted premiums, fees and other revenues | $6430 | $6446 | $6306 | $6287 | $6539 | $6430 | $6539 |

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<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| Direct and allocated expenses | $529 | $507 | $502 | $534 | $540 |
| Pension, postretirement and postemployment benefit costs | 13 | 15 | 14 | 15 | 15 |
| Premium taxes, other taxes, and licenses & fees | 83 | 88 | 87 | 89 | 94 |
| Commissions and other variable expenses | 451 | 442 | 435 | 462 | 465 |
| &nbsp;&nbsp;&nbsp;**Adjusted other expenses** | $1076 | $1052 | $1038 | $1100 | $1114 |
| Adjusted capitalization of DAC | (5) | (7) | (7) | (7) | (6) |
| &nbsp;&nbsp;&nbsp;**Adjusted other expenses, net of adjusted capitalization of DAC** | $1071 | $1045 | $1031 | $1093 | $1108 |
| **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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| **Group Life (2)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues | $2352 | $2371 | $2328 | $2321 | $2379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality ratio | 84.8% | 83.0% | 83.4% | 81.1% | 80.1% |
| **Group Non-Medical Health (3)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues | $2850 | $2876 | $2814 | $2866 | $3019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest adjusted benefit ratio (4) | 74.1% | 74.8% | 72.5% | 72.2% | 75.8% |
| (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**](#ida159316fd9f4263ba1d734835a2676b_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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $2284 | $1210 | $1045 | $7030 | $2212 | $2284 | $2212 |
| Universal life and investment-type product policy fees | 104 | 102 | 99 | 104 | 109 | 104 | 109 |
| Net investment income | 2190 | 2166 | 2189 | 2229 | 2252 | 2190 | 2252 |
| Other revenues | 69 | 70 | 70 | 75 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 4647 | 3548 | 3403 | 9438 | 4642 | 4647 | 4642 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 3120 | 2045 | 1836 | 7829 | 3066 | 3120 | 3066 |
| Policyholder liability remeasurement (gains) losses | (15) | 1 | (14) | 26 | (20) | (15) | (20) |
| Interest credited to policyholder account balances | 883 | 903 | 888 | 878 | 883 | 883 | 883 |
| Capitalization of DAC | (37) | (46) | (50) | (80) | (87) | (37) | (87) |
| Amortization of DAC, VOBA and negative VOBA | 19 | 21 | 19 | 22 | 23 | 19 | 23 |
| Interest expense on debt | 3 | 4 | 3 | 4 | 3 | 3 | 3 |
| Other expenses | 169 | 160 | 170 | 196 | 216 | 169 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 4142 | 3088 | 2852 | 8875 | 4084 | 4142 | 4084 |
| Adjusted earnings before provision for income tax | 505 | 460 | 551 | 563 | 558 | 505 | 558 |
| Provision for income tax expense (benefit) | 99 | 90 | 110 | 109 | 107 | 99 | 107 |
| Adjusted earnings | 406 | 370 | 441 | 454 | 451 | 406 | 451 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | 406 | 370 | 441 | 454 | 451 | 406 | 451 |
| &nbsp;&nbsp;&nbsp;Less: Total notable items |  |  | 13 |  |  |  |  |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $406 | $370 | $428 | $454 | $451 | $406 | $451 |
| Adjusted premiums, fees and other revenues | $2457 | $1382 | $1214 | $7209 | $2390 | $2457 | $2390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: PRT | 1476 | 328 | (10) | 5775 | 843 | 1476 | 843 |
| Adjusted premiums, fees and other revenues, excluding PRT | $981 | $1054 | $1224 | $1434 | $1547 | $981 | $1547 |

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<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.jpg)

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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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period (at balance sheet discount rate) (2) | $73415 | $73506 | $74263 | $84988 | $84300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated other comprehensive (income) loss | (2627) | (2366) | (1209) | (1732) | (2968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period (at original discount rate) | $76042 | $75872 | $75472 | $86720 | $87268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future policyholder benefits subject to reinsurance (at balance sheet discount rate) (2) | $2287 | $2266 | $7750 | $12786 | $12503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Accumulated other comprehensive (income) loss | (16) | (27) | (149) | (63) | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period (at original discount rate) | $2271 | $2239 | $7601 | $12723 | $12619 |
| **POLICYHOLDER ACCOUNT BALANCES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $90243 | $92197 | $92291 | $93549 | $96115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policyholder account balances subject to reinsurance |  |  | $3327 | $4297 | $4571 |
| **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES GENERAL ACCOUNT RETAINED BALANCES (3)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $164014 | $165830 | $156835 | $163249 | $166193 |
| **TOTAL LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General account retained balances (3) | $164014 | $165830 | $156835 | $163249 | $166193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | 55953 | 54864 | 55671 | 57128 | 56089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synthetic GICS (4), (5) | 53796 | 53740 | 51920 | 52664 | 52257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Longevity Reinsurance (6) | 27369 | 30087 | 29293 | 37025 | 36440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liability exposure retained, end of period | $301132 | $304521 | $293719 | $310066 | $310979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liability exposure, end of period | $303403 | $306760 | $304647 | $327086 | $328169 |
| (1)Includes $3,899 million, $3,910 million, $3,964 million, $3,948 million and $3,973 million of DPL at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. | (1)Includes $3,899 million, $3,910 million, $3,964 million, $3,948 million and $3,973 million of DPL at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. | (1)Includes $3,899 million, $3,910 million, $3,964 million, $3,948 million and $3,973 million of DPL at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. | (1)Includes $3,899 million, $3,910 million, $3,964 million, $3,948 million and $3,973 million of DPL at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. | (1)Includes $3,899 million, $3,910 million, $3,964 million, $3,948 million and $3,973 million of DPL at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. | (1)Includes $3,899 million, $3,910 million, $3,964 million, $3,948 million and $3,973 million of DPL at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, 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 $1,242 million, $0, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. | (5)Includes $1,242 million, $0, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. | (5)Includes $1,242 million, $0, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. | (5)Includes $1,242 million, $0, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. | (5)Includes $1,242 million, $0, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively. | (5)Includes $1,242 million, $0, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, 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**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.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)* | *March 31, 2025* | *March 31, 2025* | *June 30, 2025* | *June 30, 2025* | *September 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2026* |
| Direct and allocated expenses | $| 98 | $| 89 | $| 88 | $| 90 | $| 93 |
| Pension, postretirement and postemployment benefit costs | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 |
| Premium taxes, other taxes, and licenses & fees | 5 | 5 | 3 | 3 | 7 | 7 | 32 | 32 | 15 | 15 |
| Commissions and other variable expenses | 62 | 62 | 64 | 64 | 71 | 71 | 69 | 69 | 103 | 103 |
| &nbsp;&nbsp;&nbsp;**Adjusted other expenses** | $| 169 | $| 160 | $| 170 | $| 196 | $| 216 |
| Adjusted capitalization of DAC | (37) | (37) | (46) | (46) | (50) | (50) | (80) | (80) | (87) | (87) |
| &nbsp;&nbsp;**Adjusted other expenses, net of adjusted capitalization of DAC** | $| 132 | $| 114 | $| 120 | $| 116 | $| 129 |
| **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* | *March 31, 2025* | *March 31, 2025* | *June 30, 2025* | *June 30, 2025* | *September 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2026* |
| Investment income yield, excluding variable investment income yield | 5.05 | 5.05% | 5.07 | 5.07% | 5.07 | 5.07% | 5.10 | 5.10% | 5.02 | 5.02% |
| Variable investment income yield | 9.03 | 9.03% | 5.45 | 5.45% | 13.46 | 13.46% | 12.37 | 12.37% | 12.15 | 12.15% |
| Total investment income yield | 5.19 | 5.19% | 5.08 | 5.08% | 5.36 | 5.36% | 5.35 | 5.35% | 5.26 | 5.26% |
| Average crediting rate | 4.28 | 4.28% | 4.31 | 4.31% | 4.33 | 4.33% | 4.34 | 4.34% | 4.28 | 4.28% |
| Amortization of DPL and losses at inception (1) | (0.20) | (0.20)% | (0.21) | (0.21)% | (0.24) | (0.24)% | (0.23) | (0.23)% | (0.21) | (0.21)% |
| &nbsp;&nbsp;**Total average crediting rate** | 4.08 | 4.08% | 4.10 | 4.10% | 4.09 | 4.09% | 4.11 | 4.11% | 4.07 | 4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Annualized general account spread (2)** | 1.11 | 1.11% | 0.98 | 0.98% | 1.27 | 1.27% | 1.24 | 1.24% | 1.19 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Annualized general account spread, excluding variable investment income yield** | 0.97 | 0.97% | 0.97 | 0.97% | 0.98 | 0.98% | 0.99 | 0.99% | 0.95 | 0.95% |
| (1)Includes the amortization of DPL of (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025, and (0.22%) for the three months ended March 31, 2026. | (1)Includes the amortization of DPL of (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025, and (0.22%) for the three months ended March 31, 2026. | (1)Includes the amortization of DPL of (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025, and (0.22%) for the three months ended March 31, 2026. | (1)Includes the amortization of DPL of (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025, and (0.22%) for the three months ended March 31, 2026. | (1)Includes the amortization of DPL of (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025, and (0.22%) for the three months ended March 31, 2026. | (1)Includes the amortization of DPL of (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025, and (0.22%) for the three months ended March 31, 2026. | (1)Includes the amortization of DPL of (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025, and (0.22%) for the three months ended March 31, 2026. | (1)Includes the amortization of DPL of (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025, and (0.22%) for the three months ended March 31, 2026. | (1)Includes the amortization of DPL of (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025, and (0.22%) for the three months ended March 31, 2026. | (1)Includes the amortization of DPL of (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025, and (0.22%) for the three months ended March 31, 2026. | (1)Includes the amortization of DPL of (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025, and (0.22%) for the three months ended March 31, 2026. |
| (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**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $1260 | $1278 | $1290 | $1222 | $1294 | $1260 | $1294 |
| Universal life and investment-type product policy fees | 406 | 399 | 407 | 428 | 427 | 406 | 427 |
| Net investment income | 1204 | 1204 | 1374 | 1405 | 1461 | 1204 | 1461 |
| Other revenues | 15 | 22 | 20 | 21 | 17 | 15 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 2885 | 2903 | 3091 | 3076 | 3199 | 2885 | 3199 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 1037 | 1051 | 1074 | 1010 | 1088 | 1037 | 1088 |
| Policyholder liability remeasurement (gains) losses | (11) | (12) | (141) | 6 | (15) | (11) | (15) |
| Interest credited to policyholder account balances | 711 | 757 | 804 | 825 | 833 | 711 | 833 |
| Capitalization of DAC | (351) | (418) | (435) | (413) | (465) | (351) | (465) |
| Amortization of DAC, VOBA and negative VOBA | 216 | 223 | 207 | 208 | 211 | 216 | 211 |
| Interest expense on debt |  |  |  |  |  |  |  |
| Other expenses | 749 | 813 | 830 | 815 | 858 | 749 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 2351 | 2414 | 2339 | 2451 | 2510 | 2351 | 2510 |
| Adjusted earnings before provision for income tax | 534 | 489 | 752 | 625 | 689 | 534 | 689 |
| Provision for income tax expense (benefit) | 162 | 143 | 212 | 181 | 202 | 162 | 202 |
| Adjusted earnings | 372 | 346 | 540 | 444 | 487 | 372 | 487 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | $372 | $346 | $540 | $444 | $487 | $372 | $487 |
| &nbsp;&nbsp;&nbsp;Less: Total notable items |  |  | 70 |  |  |  |  |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $372 | $346 | $470 | $444 | $487 | $372 | $487 |
| Adjusted premiums, fees and other revenues | $1681 | $1699 | $1717 | $1671 | $1738 | $1681 | $1738 |

---

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<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| **Adjusted premiums, fees and other revenues** | $1681 | $1699 | $1717 | $1671 | $1738 |
| **Adjusted premiums, fees and other revenues, on a constant currency basis** | $1662 | $1622 | $1653 | $1660 | $1738 |
| **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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| Direct and allocated expenses | $306 | $304 | $303 | $303 | $298 |
| Pension, postretirement and postemployment benefit costs | 13 | 14 | 13 | 17 | 11 |
| Premium taxes, other taxes, and licenses & fees | 29 | 33 | 33 | 38 | 37 |
| Commissions and other variable expenses | 401 | 462 | 481 | 457 | 512 |
| &nbsp;&nbsp;**Adjusted other expenses** | $749 | $813 | $830 | $815 | $858 |
| Adjusted capitalization of DAC | (351) | (418) | (435) | (413) | (465) |
| &nbsp;&nbsp;**Adjusted other expenses, net of adjusted capitalization of DAC** | $398 | $395 | $395 | $402 | $393 |
| **Adjusted other expenses, on a constant currency basis** | $738 | $766 | $794 | $805 | $858 |
| **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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| Japan: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life | $110 | $156 | $212 | $168 | $164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accident & Health | 65 | 63 | 62 | 58 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuities | 145 | 226 | 178 | 119 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2 | 2 | 1 | 1 | 1 |
| Total Japan | 322 | 447 | 453 | 346 | 407 |
| Other Asia | 304 | 234 | 320 | 249 | 359 |
| &nbsp;&nbsp;&nbsp; **Total sales** | $626 | $681 | $773 | $595 | $766 |
| **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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| **Adjusted earnings available to common shareholders** | $372 | $346 | $540 | $444 | $487 |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $372 | $346 | $470 | $444 | $487 |
| **Adjusted earnings available to common shareholders, on a constant currency basis** | $372 | $338 | $523 | $444 | $487 |
| **Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis** | $372 | $338 | $453 | $444 | $487 |
| **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT** | **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT** | **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT** | **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT** | **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT** | **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT** |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| **Asia GA AUM** | $125119 | $129325 | $131751 | $130514 | $128978 |
| **Asia GA AUM (at amortized cost)** | $134352 | $139158 | $140892 | $140168 | $140660 |
| **Asia GA AUM (at amortized cost), on a constant currency basis** | $131864 | $134331 | $137312 | $139084 | $140660 |

---

------

<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $1164 | $1260 | $1288 | $1443 | $1485 | $1164 | $1485 |
| Universal life and investment-type product policy fees | 340 | 371 | 377 | 359 | 419 | 340 | 419 |
| Net investment income | 408 | 445 | 416 | 429 | 409 | 408 | 409 |
| Other revenues | 9 | 3 | (2) | (6) | (7) | 9 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 1921 | 2079 | 2079 | 2225 | 2306 | 1921 | 2306 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 1091 | 1216 | 1218 | 1320 | 1349 | 1091 | 1349 |
| Policyholder liability remeasurement (gains) losses | (3) |  | (4) |  |  | (3) |  |
| Interest credited to policyholder account balances | 98 | 96 | 92 | 87 | 85 | 98 | 85 |
| Capitalization of DAC | (172) | (176) | (203) | (219) | (240) | (172) | (240) |
| Amortization of DAC, VOBA and negative VOBA | 129 | 137 | 149 | 156 | 173 | 129 | 173 |
| Interest expense on debt | 4 | 4 | 4 | 3 | 5 | 4 | 5 |
| Other expenses | 483 | 485 | 615 | 608 | 604 | 483 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 1630 | 1762 | 1871 | 1955 | 1976 | 1630 | 1976 |
| Adjusted earnings before provision for income tax | 291 | 317 | 208 | 270 | 330 | 291 | 330 |
| Provision for income tax expense (benefit) | 72 | 84 | 60 | 72 | 101 | 72 | 101 |
| Adjusted earnings | 219 | 233 | 148 | 198 | 229 | 219 | 229 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | $219 | $233 | $148 | $198 | $229 | $219 | $229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items |  |  | (75) | (29) |  |  |  |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $219 | $233 | $223 | $227 | $229 | $219 | $229 |
| Adjusted premiums, fees and other revenues | $1513 | $1634 | $1663 | $1796 | $1897 | $1513 | $1897 |

---

------

<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| Direct and allocated expenses | $135 | $143 | $147 | $151 | $158 |
| Pension, postretirement and postemployment benefit costs | 1 | 2 | 1 | 3 | 2 |
| Premium taxes, other taxes, and licenses & fees | 23 | 22 | 123 | 66 | 32 |
| Commissions and other variable expenses | 324 | 318 | 344 | 388 | 412 |
| &nbsp;&nbsp;&nbsp;**Adjusted other expenses** | $483 | $485 | $615 | $608 | $604 |
| Adjusted capitalization of DAC | (172) | (176) | (203) | (219) | (240) |
| &nbsp;&nbsp;**Adjusted other expenses, net of adjusted capitalization of DAC** | $311 | $309 | $412 | $389 | $364 |
| **Adjusted other expenses, on a constant currency basis** | $544 | $529 | $646 | $634 | $604 |
| **Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis** | $349 | $337 | $431 | $407 | $364 |
| **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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| Mexico | $233 | $203 | $226 | $227 | $268 |
| Chile | 125 | 138 | 132 | 133 | 137 |
| All other | 75 | 75 | 112 | 109 | 116 |
| &nbsp;&nbsp;&nbsp;**Total sales** | $433 | $416 | $470 | $469 | $521 |
| **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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| **Adjusted premiums, fees and other revenues** | $1513 | $1634 | $1663 | $1796 | $1897 |
| **Adjusted earnings available to common shareholders** | $219 | $233 | $148 | $198 | $229 |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $219 | $233 | $223 | $227 | $229 |
| **Adjusted premiums, fees and other revenues, on a constant currency basis** | $1704 | $1783 | $1774 | $1874 | $1897 |
| **Adjusted earnings available to common shareholders, on a constant currency basis** | $251 | $258 | $165 | $207 | $229 |
| **Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis** | $251 | $258 | $240 | $236 | $229 |

---

------

<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $582 | $626 | $638 | $679 | $689 | $582 | $689 |
| Universal life and investment-type product policy fees | 78 | 84 | 82 | 98 | 99 | 78 | 99 |
| Net investment income | 58 | 61 | 66 | 68 | 67 | 58 | 67 |
| Other revenues | 8 | 9 | 7 | 10 | 9 | 8 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 726 | 780 | 793 | 855 | 864 | 726 | 864 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 277 | 309 | 333 | 334 | 337 | 277 | 337 |
| Policyholder liability remeasurement (gains) losses |  | 4 | 3 | (1) | 3 |  | 3 |
| Interest credited to policyholder account balances | 17 | 20 | 21 | 25 | 21 | 17 | 21 |
| Capitalization of DAC | (126) | (136) | (151) | (155) | (155) | (126) | (155) |
| Amortization of DAC, VOBA and negative VOBA | 94 | 88 | 85 | 100 | 97 | 94 | 97 |
| Interest expense on debt |  |  |  |  |  |  |  |
| Other expenses | 355 | 367 | 387 | 423 | 418 | 355 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 617 | 652 | 678 | 726 | 721 | 617 | 721 |
| Adjusted earnings before provision for income tax | 109 | 128 | 115 | 129 | 143 | 109 | 143 |
| Provision for income tax expense (benefit) | 26 | 28 | 28 | 32 | 33 | 26 | 33 |
| Adjusted earnings | 83 | 100 | 87 | 97 | 110 | 83 | 110 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | 83 | 100 | 87 | 97 | 110 | 83 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items |  |  | (1) |  |  |  |  |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $83 | $100 | $88 | $97 | $110 | $83 | $110 |
| Adjusted premiums, fees and other revenues | $668 | $719 | $727 | $787 | $797 | $668 | $797 |

---

------

<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| Direct and allocated expenses | $109 | $111 | $111 | $120 | $122 |
| Pension, postretirement and postemployment benefit costs | 1 | (3) | 2 | 1 | 1 |
| Premium taxes, other taxes, and licenses & fees | 6 | 6 | 7 | 9 | 7 |
| Commissions and other variable expenses | 239 | 253 | 267 | 293 | 288 |
| **Adjusted other expenses** | $355 | $367 | $387 | $423 | $418 |
| &nbsp;&nbsp;&nbsp;Adjusted capitalization of DAC | (126) | (136) | (151) | (155) | (155) |
| **Adjusted other expenses, net of adjusted capitalization of DAC** | $229 | $231 | $236 | $268 | $263 |
| **Adjusted other expenses, on a constant currency basis**  | $368 | $369 | $384 | $423 | $418 |
| **Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis** | $238 | $233 | $235 | $268 | $263 |
| **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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| **Adjusted premiums, fees and other revenues** | $668 | $719 | $727 | $787 | $797 |
| **Adjusted earnings available to common shareholders** | $83 | $100 | $87 | $97 | $110 |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $83 | $100 | $88 | $97 | $110 |
| **Adjusted premiums, fees and other revenues, on a constant currency basis** | $695 | $724 | $723 | $787 | $797 |
| **Adjusted earnings available to common shareholders, on a constant currency basis** | $86 | $98 | $86 | $97 | $110 |
| **Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis** | $86 | $98 | $87 | $97 | $110 |
| **Total sales, on a constant currency basis** | $316 | $306 | $296 | $308 | $370 |

---

------

<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **MIM<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **MIM<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **MIM<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **MIM<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **MIM<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **MIM<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **MIM<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **MIM<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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions, except ratios)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $— | $— | $— | $— | $— | $— | $— |
| Universal life and investment-type product policy fees |  |  |  |  |  |  |  |
| Net investment income | 1 | 2 | 1 | 2 | 5 | 1 | 5 |
| Other revenues | 218 | 237 | 238 | 239 | 314 | 218 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 219 | 239 | 239 | 241 | 319 | 219 | 319 |
| **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 |  |  |  |  | 1 |  | 1 |
| Other expenses | 182 | 167 | 161 | 161 | 255 | 182 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 182 | 167 | 161 | 161 | 256 | 182 | 256 |
| Adjusted earnings before provision for income tax | 37 | 72 | 78 | 80 | 63 | 37 | 63 |
| Provision for income tax expense (benefit) | 9 | 18 | 20 | 20 | 16 | 9 | 16 |
| Adjusted earnings | 28 | 54 | 58 | 60 | 47 | 28 | 47 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | 28 | 54 | 58 | 60 | 47 | 28 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $28 | $54 | $58 | $60 | $47 | $28 | $47 |
| Operating margin (1) | 16.9% | 30.1% | 32.6% | 33.2% | 19.7% | 16.9% | 19.7% |
| (1)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues. | (1)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues. | (1)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues. | (1)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues. | (1)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues. | (1)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues. | (1)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues. | (1)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**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MIM** | **MIM** | **MIM** | **MIM** | **MIM** | **MIM** |
| **ASSETS UNDER MANAGEMENT** | **ASSETS UNDER MANAGEMENT** | **ASSETS UNDER MANAGEMENT** | **ASSETS UNDER MANAGEMENT** | **ASSETS UNDER MANAGEMENT** | **ASSETS UNDER MANAGEMENT** |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| **Institutional Client AUM** |  |  |  |  |  |
| Beginning Institutional Client AUM | $178666 | $185970 | $200616 | $212390 | $319282 |
| Additions | 5945 | 17118 | 19078 | 19806 | 16264 |
| Withdrawals | (7460) | (9103) | (9366) | (14194) | (18297) |
| Change in market value | 2217 | 6631 | 2062 | 1770 | (4092) |
| Acquisitions, dispositions and other | 6602 |  |  | 99510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending Institutional Client AUM (1) | $185970 | $200616 | $212390 | $319282 | $313157 |
| **MIM GA AUM** | $417194 | $423671 | $420204 | $422392 | $423134 |
| &nbsp;&nbsp;**Total AUM** | $603164 | $624287 | $632594 | $741674 | $736291 |
| **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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| Institutional Client | $77 | $95 | $98 | $99 | $172 |
| General Account | 141 | 142 | 140 | 140 | 142 |
| &nbsp;&nbsp;**Other revenues** | $218 | $237 | $238 | $239 | $314 |
| (1)Ending Institutional Client AUM includes Separate Account AUM, Reinsurance AUM and Third-Party AUM, with balances at March 31, 2026 of $14.5 billion, $19.6 billion, and $279.1 billion, respectively, and 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 March 31, 2026 of $14.5 billion, $19.6 billion, and $279.1 billion, respectively, and 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 March 31, 2026 of $14.5 billion, $19.6 billion, and $279.1 billion, respectively, and 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 March 31, 2026 of $14.5 billion, $19.6 billion, and $279.1 billion, respectively, and 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 March 31, 2026 of $14.5 billion, $19.6 billion, and $279.1 billion, respectively, and 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 March 31, 2026 of $14.5 billion, $19.6 billion, and $279.1 billion, respectively, and at December 31, 2025 of $15.8 billion, $20.1 billion and $283.4 billion, respectively. |

---

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<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $666 | $632 | $632 | $684 | $592 | $666 | $592 |
| Universal life and investment-type product policy fees | 68 | 63 | 55 | 37 | 34 | 68 | 34 |
| Net investment income | 999 | 979 | 1038 | 1086 | 953 | 999 | 953 |
| Other revenues | (87) | (93) | (91) | (96) | (118) | (87) | (118) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 1646 | 1581 | 1634 | 1711 | 1461 | 1646 | 1461 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 1210 | 1171 | 1160 | 1202 | 1110 | 1210 | 1110 |
| Policyholder liability remeasurement (gains) losses | 16 | 16 | 4 | 6 | 22 | 16 | 22 |
| Interest credited to policyholder account balances | 36 | 35 | 37 | 29 | 27 | 36 | 27 |
| Capitalization of DAC | (7) | (4) | (6) | (8) | (6) | (7) | (6) |
| Amortization of DAC, VOBA and negative VOBA | 55 | 52 | 55 | 52 | 49 | 55 | 49 |
| Interest expense on debt | 250 | 260 | 263 | 256 | 255 | 250 | 255 |
| Other expenses | 188 | 192 | 221 | 260 | 196 | 188 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 1748 | 1722 | 1734 | 1797 | 1653 | 1748 | 1653 |
| Adjusted earnings before provision for income tax | (102) | (141) | (100) | (86) | (192) | (102) | (192) |
| Provision for income tax expense (benefit) | (39) | (30) | (20) | (47) | (60) | (39) | (60) |
| Adjusted earnings | (63) | (111) | (80) | (39) | (132) | (63) | (132) |
| Preferred stock dividends | 66 | 31 | 66 | 31 | 45 | 66 | 45 |
| **Adjusted earnings available to common shareholders** | (129) | (142) | (146) | (70) | (177) | (129) | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items |  |  | 13 | (32) |  |  |  |
| **Adjusted earnings available to common shareholders, excluding total notable items** | $(129) | $(142) | $(159) | $(38) | $(177) | $(129) | $(177) |
| Adjusted premiums, fees and other revenues | $647 | $602 | $596 | $625 | $508 | $647 | $508 |
| Adjusted earnings available to common shareholders attributed to business activities | $120 | $115 | $173 | $146 | $109 | $120 | $109 |

---

------

<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CORPORATE & OTHER** | **CORPORATE & OTHER** | **CORPORATE & OTHER** | **CORPORATE & OTHER** | **CORPORATE & OTHER** | **CORPORATE & OTHER** |
| **FUTURE POLICY BENEFITS (1)** | | | | | |
| &nbsp;&nbsp;*Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $1493 | $1466 | $1457 | $1442 | $1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term care | 14716 | 14803 | 15309 | 15224 | 14978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | 52962 | 52748 | 52480 | 52285 | 51954 |
| &nbsp;&nbsp;&nbsp;Balance, end of period (at balance sheet discount rate) | $69171 | $69017 | $69246 | $68951 | $68340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $(51) | $(43) | $(26) | $(32) | $(49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term care | (872) | (922) | (547) | (751) | (1124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | (26) | (26) | (10) | (20) | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (income) loss | $(949) | $(991) | $(583) | $(803) | $(1212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $1544 | $1509 | $1483 | $1474 | $1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term care | 15588 | 15725 | 15856 | 15975 | 16102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | 52988 | 52774 | 52490 | 52305 | 51993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period (at original discount rate) | $70120 | $70008 | $69829 | $69754 | $69552 |
| &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 | $1370 | $1345 | $1326 | $1294 | $1255 |
| &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 | 2421 | 2455 | 2474 | 3934 | 3920 |
| &nbsp;&nbsp;&nbsp;Balance, end of period (at balance sheet discount rate) | $3791 | $3800 | $3800 | $5228 | $5175 |
| **POLICYHOLDER ACCOUNT BALANCES** |  |  |  |  |  |
| &nbsp;&nbsp;*Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $6807 | $6633 | $6545 | $6383 | $6184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | 7278 | 7226 | 7164 | 7093 | 7020 |
| &nbsp;&nbsp;&nbsp;Balance, end of period | $14085 | $13859 | $13709 | $13476 | $13204 |
| &nbsp;&nbsp;&nbsp;Policyholder account balances subject to reinsurance (2) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $2930 | $2848 | $2761 | $4258 | $4133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | 6301 | 6240 | 6178 | 6119 | 6104 |
| &nbsp;&nbsp;&nbsp;Balance, end of period | $9231 | $9088 | $8939 | $10377 | $10237 |
| **MARKET RISK BENEFITS** |  |  |  |  |  |
| &nbsp;&nbsp;*Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuities | $2188 | $2056 | $1957 | $1788 | $1948 |
| &nbsp;&nbsp;&nbsp;Market risk benefits subject to reinsurance (2) | $— | $— | $— | $285 | $373 |
| **SEPARATE ACCOUNT LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;*Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $19795 | $20317 | $20252 | $19621 | $18347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | 6393 | 7022 | 7317 | 7302 | 6888 |
| &nbsp;&nbsp;&nbsp;Balance, end of period | $26188 | $27339 | $27569 | $26923 | $25235 |
| &nbsp;&nbsp;&nbsp;Separate account liabilities subject to reinsurance (3) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | $73 | $77 | $77 | $8354 | $7767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Other | 5852 | 6429 | 6688 | 6666 | 6284 |
| &nbsp;&nbsp;&nbsp;Balance, end of period | $5925 | $6506 | $6765 | $15020 | $14051 |
| (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 are 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 are 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 are 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 are 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 are 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 are 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**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.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* | *For the Year-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions, except yields)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **Fixed Maturity Securities** |  |  |  |  |  |  |  |
| Yield (1) | 4.36% | 4.61% | 4.61% | 4.57% | 4.50% | 4.36% | 4.50% |
| Investment income (2), (3) | $3259 | $3517 | $3485 | $3504 | $3491 | $3259 | $3491 |
| Investment gains (losses) | (244) | (124) | (150) | (105) | (213) | (244) | (213) |
| Ending carrying value (4) | 290416 | 297565 | 296663 | 299659 | 300040 | 290416 | 300040 |
| **Mortgage Loans** |  |  |  |  |  |  |  |
| Yield (1) | 5.21% | 5.12% | 5.22% | 5.26% | 5.19% | 5.21% | 5.19% |
| Investment income (3) | 1056 | 1026 | 1009 | 1005 | 979 | 1056 | 979 |
| Investment gains (losses) | (159) | (288) | (65) | (93) | (119) | (159) | (119) |
| Ending carrying value (5) | 80581 | 79848 | 76896 | 75767 | 75290 | 80581 | 75290 |
| **Real Estate and Real Estate Joint Ventures** |  |  |  |  |  |  |  |
| Yield (1) | 4.01% | 3.47% | 1.83% | 4.64% | 3.64% | 4.01% | 3.64% |
| Investment income | 134 | 120 | 63 | 158 | 120 | 134 | 120 |
| Investment gains (losses) | (40) | 3 | 47 | 9 | (125) | (40) | (125) |
| Ending carrying value (6) | 13481 | 14007 | 13932 | 13431 | 13276 | 13481 | 13276 |
| **Policy Loans** |  |  |  |  |  |  |  |
| Yield (1) | 5.38% | 5.64% | 5.76% | 5.74% | 5.67% | 5.38% | 5.67% |
| Investment income | 107 | 113 | 115 | 114 | 109 | 107 | 109 |
| Ending carrying value (7) | 8663 | 8664 | 8589 | 8547 | 8097 | 8663 | 8097 |
| **Equity Securities** |  |  |  |  |  |  |  |
| Yield (1) | 6.16% | 2.30% | 3.46% | 5.16% | 4.36% | 6.16% | 4.36% |
| Investment income | 9 | 3 | 4 | 7 | 6 | 9 | 6 |
| Investment gains (losses) | (12) | 45 | 17 | 15 | (16) | (12) | (16) |
| Ending carrying value (8) | 747 | 790 | 788 | 753 | 804 | 747 | 804 |
| **Other Limited Partnership Interests** |  |  |  |  |  |  |  |
| Yield (1) | 6.22% | 3.46% | 11.89% | 11.37% | 11.75% | 6.22% | 11.75% |
| Investment income | 222 | 122 | 431 | 419 | 436 | 222 | 436 |
| Investment gains (losses) | (1) | 21 | 4 |  | (43) | (1) | (43) |
| Ending carrying value (9) | 14125 | 14265 | 14726 | 14712 | 14222 | 14125 | 14222 |
| **Cash and Cash Equivalents and Short-term Investments** |  |  |  |  |  |  |  |
| Yield (1) | 4.42% | 4.19% | 4.36% | 4.07% | 4.04% | 4.42% | 4.04% |
| Investment income | 224 | 232 | 239 | 208 | 206 | 224 | 206 |
| Investment gains (losses) | (9) | (38) | 13 | 35 | (3) | (9) | (3) |
| Ending carrying value (10) | 26862 | 27432 | 25853 | 24319 | 26606 | 26862 | 26606 |
| **Other Invested Assets** |  |  |  |  |  |  |  |
| Investment income | 365 | 218 | 241 | 318 | 341 | 365 | 341 |
| Investment gains (losses) | 4 | 25 | (76) | (104) | (31) | 4 | (31) |
| Ending carrying value (11) | 17470 | 16350 | 16871 | 16193 | 17391 | 17470 | 17391 |
| **Total Investments** |  |  |  |  |  |  |  |
| Investment income yield (1) | 4.82% | 4.73% | 4.99% | 5.10% | 5.03% | 4.82% | 5.03% |
| Investment fees and expenses yield (1) | (0.15)% | (0.13)% | (0.13)% | (0.14)% | (0.17)% | (0.15)% | (0.17)% |
| **Net Investment Income Yield (1)** | 4.67% | 4.60% | 4.86% | 4.96% | 4.86% | 4.67% | 4.86% |
| Investment income | $5376 | $5351 | $5587 | $5733 | $5688 | $5376 | $5688 |
| Investment fees and expenses | (162) | (149) | (147) | (156) | (189) | (162) | (189) |
| Net investment income including divested businesses | 5214 | 5202 | 5440 | 5577 | 5499 | 5214 | 5499 |
| Less: Net investment income from divested businesses | 1 |  |  |  |  | 1 |  |
| **Adjusted Net Investment Income (12)** | $5213 | $5202 | $5440 | $5577 | $5499 | $5213 | $5499 |
| **Ending Carrying Value** | $452345 | $458921 | $454318 | $453381 | $455726 | $452345 | $455726 |
| **Investment Portfolio Gains (Losses) (13)** | $(461) | $(356) | $(210) | $(243) | $(549) | $(461) | $(549) |
| Gross investment gains | 142 | 204 | 373 | 418 | 247 | 142 | 247 |
| Gross investment losses | (423) | (264) | (269) | (471) | (513) | (423) | (513) |
| Net credit loss (provision) release and (impairments) | (180) | (296) | (314) | (190) | (283) | (180) | (283) |
| **Investment Portfolio Gains (Losses) (13)** | (461) | (356) | (210) | (243) | (549) | (461) | (549) |
| Investment portfolio gains (losses) income tax (expense) benefit | 116 | 94 | 41 | 75 | 125 | 116 | 125 |
| **Investment Portfolio Gains (Losses), Net of Income Tax** | $(345) | $(262) | $(169) | $(168) | $(424) | $(345) | $(424) |
| **Derivative Gains (Losses) (13)** | $344 | $(892) | $(746) | $(844) | $(256) | $344 | $(256) |
| Derivative gains (losses) income tax (expense) benefit | (99) | 181 | 193 | 192 | 81 | (99) | 81 |
| **Derivative Gains (Losses), Net of Income Tax** | $245 | $(711) | $(553) | $(652) | $(175) | $245 | $(175) |
| See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. |  |  |

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------

<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.jpg)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | | | | | | | | |
|  |  | *March 31, 2025* | *March 31, 2025* | *June 30, 2025* | *June 30, 2025* | *September 30, 2025* | *September 30, 2025* | *December 31, 2025 (15)* | *December 31, 2025 (15)* | *March 31, 2026* | *March 31, 2026* |
| *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 | $80316 | 27.7% | $81562 | 27.5% | $81720 | 27.7% | $83048 | 27.8% | $83279 | 27.8% |
| Foreign corporate | Foreign corporate | 55083 | 19.1% | 58792 | 19.9% | 57798 | 19.6% | 58260 | 19.6% | 57727 | 19.4% |
| Residential mortgage-backed | Residential mortgage-backed | 39083 | 13.5% | 40764 | 13.8% | 41292 | 14.0% | 42431 | 14.3% | 43115 | 14.5% |
| Foreign government | Foreign government | 40892 | 14.2% | 42097 | 14.2% | 41610 | 14.1% | 40028 | 13.4% | 39249 | 13.2% |
| U.S. government and agency | U.S. government and agency | 33535 | 11.6% | 32463 | 11.0% | 32315 | 11.0% | 33706 | 11.3% | 33204 | 11.1% |
| Asset-backed securities and collateralized loan obligations | Asset-backed securities and collateralized loan obligations | 20748 | 7.2% | 20929 | 7.1% | 20313 | 6.9% | 20757 | 7.0% | 22241 | 7.5% |
| Municipals | Municipals | 9764 | 3.4% | 9802 | 3.3% | 10486 | 3.6% | 10579 | 3.6% | 10363 | 3.5% |
| Commercial mortgage-backed | Commercial mortgage-backed | 9388 | 3.3% | 9428 | 3.2% | 9245 | 3.1% | 8922 | 3.0% | 8925 | 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 | $288809 | 100.0% | $295837 | 100.0% | $294779 | 100.0% | $297731 | 100.0% | $298103 | 100.0% |
| Reinsurance activity | Reinsurance activity | 2926 |  | 2900 |  | 9866 |  | 18200 |  | 18007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale | &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale | $291735 |  | $298737 |  | $304645 |  | $315931 |  | $316110 |  |
| NRSRO | NAIC |  |  |  |  |  |  |  |  |  |  |
| RATING | DESIGNATION |  |  |  |  |  |  |  |  |  |  |
| Aaa / Aa / A | 1 | $199468 | 69.1% | $203465 | 68.8% | $202215 | 68.7% | $203858 | 68.5% | $204363 | 68.6% |
| Baa | 2 | 77112 | 26.7% | 80262 | 27.1% | 80465 | 27.3% | 81877 | 27.5% | 81961 | 27.5% |
| Ba | 3 | 8674 | 3.0% | 8566 | 2.9% | 8364 | 2.8% | 8273 | 2.8% | 8103 | 2.7% |
| B | 4 | 3198 | 1.1% | 3260 | 1.1% | 3379 | 1.1% | 3379 | 1.1% | 3251 | 1.1% |
| Caa and lower | 5 | 291 | 0.1% | 204 | 0.1% | 258 | 0.1% | 249 | 0.1% | 299 | 0.1% |
| In or near default | 6 | 66 | —% | 80 | —% | 98 | —% | 95 | —% | 126 | —% |
| &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 | $288809 | 100.0% | $295837 | 100.0% | $294779 | 100.0% | $297731 | 100.0% | $298103 | 100.0% |
| Reinsurance activity | Reinsurance activity | 2926 |  | 2900 |  | 9866 |  | 18200 |  | 18007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale (14) | &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale (14) | $291735 |  | $298737 |  | $304645 |  | $315931 |  | $316110 |  |
| **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)* | *March 31, 2025* | *March 31, 2025* | *June 30, 2025* | *June 30, 2025* | *September 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2026* |
| Gross unrealized gains | Gross unrealized gains | $5398 | 5398 | $6192 | 6192 | $7130 | 7130 | $6910 | 6910 | $5436 | 5436 |
| Gross unrealized losses | Gross unrealized losses | 28891 | 28891 | 28951 | 28951 | 26495 | 26495 | 27287 | 27287 | 30319 | 30319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Gains (Losses), excluding Reinsurance activity | &nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Gains (Losses), excluding Reinsurance activity | $(23493) | (23493) | $(22759) | (22759) | $(19365) | (19365) | $(20377) | (20377) | $(24883) | (24883) |
| Reinsurance activity | Reinsurance activity | (109) | (109) | (88) | (88) | (575) | (575) | (644) | (644) | (925) | (925) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Gains (Losses) | $(23602) | (23602) | $(22847) | (22847) | $(19940) | (19940) | $(21021) | (21021) | $(25808) | (25808) |
| See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. |

---

------

<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.jpg)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)* | *March 31, 2025* | *March 31, 2025* | *June 30, 2025* | *June 30, 2025* | *September 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2026* |
| Commercial mortgage loans | $47890 | 47890 | $46674 | 46674 | $44953 | 44953 | $42406 | 42406 | $41509 | 41509 |
| Agricultural mortgage loans | 18779 | 18779 | 18993 | 18993 | 18045 | 18045 | 18284 | 18284 | 18095 | 18095 |
| Residential mortgage loans | 14783 | 14783 | 15286 | 15286 | 14968 | 14968 | 16060 | 16060 | 16682 | 16682 |
| Mortgage loans held-for-sale |  |  |  |  |  |  | 35 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 81452 | 81452 | 80953 | 80953 | 77966 | 77966 | 76785 | 76785 | 76321 | 76321 |
| Allowance for credit loss | (871) | (871) | (1105) | (1105) | (1070) | (1070) | (1018) | (1018) | (1031) | (1031) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity | 80581 | 80581 | 79848 | 79848 | 76896 | 76896 | 75767 | 75767 | 75290 | 75290 |
| Reinsurance activity | 82 | 82 | 78 | 78 | 2270 | 2270 | 2459 | 2459 | 2510 | 2510 |
| Third-party mortgage loan activity | 7245 | 7245 | 6942 | 6942 | 6677 | 6677 | 6367 | 6367 | 5926 | 5926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | $87908 | 87908 | $86868 | 86868 | $85843 | 85843 | $84593 | 84593 | $83726 | 83726 |
| **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** |  |
|  | *March 31, 2025* | *March 31, 2025* | *June 30, 2025* | *June 30, 2025* | *September 30, 2025* | *September 30, 2025* | *December 31, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2026* |
| *Unaudited (In millions, except ratios)* | *Amount* | *% of Total* | *Amount* | *% of Total* | *Amount* | *% of Total* | *Amount* | *% of Total* | *Amount* | *% of Total* |
| Pacific | $8677 | 18.1% | $8611 | 18.4% | $8617 | 19.2% | $8395 | 19.8% | $8466 | 20.4% |
| Non-U.S. | 7802 | 16.3% | 7839 | 16.8% | 7555 | 16.8% | 7076 | 16.7% | 6824 | 16.5% |
| Middle Atlantic | 6877 | 14.4% | 6561 | 14.1% | 6369 | 14.2% | 5699 | 13.4% | 5385 | 13.0% |
| South Atlantic | 5796 | 12.1% | 5630 | 12.1% | 5321 | 11.8% | 5205 | 12.3% | 4988 | 12.0% |
| West South Central | 3214 | 6.7% | 3274 | 7.0% | 3195 | 7.1% | 3260 | 7.7% | 3122 | 7.5% |
| Mountain | 2455 | 5.1% | 2470 | 5.3% | 2369 | 5.3% | 2348 | 5.5% | 2341 | 5.6% |
| New England | 2501 | 5.2% | 2386 | 5.1% | 2340 | 5.2% | 2249 | 5.3% | 2248 | 5.4% |
| East North Central | 1453 | 3.0% | 1460 | 3.1% | 1398 | 3.1% | 1185 | 2.8% | 1148 | 2.8% |
| East South Central | 481 | 1.0% | 476 | 1.0% | 453 | 1.0% | 451 | 1.1% | 430 | 1.0% |
| West North Central | 408 | 0.9% | 407 | 0.9% | 405 | 0.9% | 401 | 0.9% | 399 | 1.0% |
| Multi-Region and Other | 8226 | 17.2% | 7560 | 16.2% | 6931 | 15.4% | 6137 | 14.5% | 6158 | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total, excluding Reinsurance activity and Third-party mortgage loan activity | 47890 | 100.0% | 46674 | 100.0% | 44953 | 100.0% | 42406 | 100.0% | 41509 | 100.0% |
| Reinsurance activity | 82 |  | 78 |  | 735 |  | 832 |  | 795 |  |
| Third-party mortgage loan activity | 7047 |  | 6703 |  | 6503 |  | 6162 |  | 5725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $55019 |  | $53455 |  | $52191 |  | $49400 |  | $48029 |  |
| Office (15) | $17594 | 36.7% | $17437 | 37.3% | $16820 | 37.4% | $16088 | 38.0% | $15474 | 37.3% |
| Apartment (15) | 8770 | 18.3% | 8156 | 17.5% | 8035 | 17.9% | 7669 | 18.1% | 7895 | 19.0% |
| Retail | 6502 | 13.6% | 6768 | 14.5% | 6505 | 14.5% | 6013 | 14.2% | 5975 | 14.4% |
| Single Family Rental | 4844 | 10.1% | 4780 | 10.2% | 4481 | 9.9% | 4221 | 9.9% | 4160 | 10.0% |
| Industrial (15) | 4506 | 9.4% | 3942 | 8.5% | 3764 | 8.4% | 3611 | 8.5% | 3353 | 8.1% |
| Hotel | 3268 | 6.8% | 3285 | 7.0% | 3151 | 7.0% | 3134 | 7.4% | 2851 | 6.9% |
| Warehouse Revolvers (15) | 2319 | 4.9% | 2218 | 4.8% | 2111 | 4.7% | 1578 | 3.7% | 1712 | 4.1% |
| Other | 87 | 0.2% | 88 | 0.2% | 86 | 0.2% | 92 | 0.2% | 89 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total, excluding Reinsurance activity and Third-party mortgage loan activity | 47890 | 100.0% | 46674 | 100.0% | 44953 | 100.0% | 42406 | 100.0% | 41509 | 100.0% |
| Reinsurance activity | 82 |  | 78 |  | 735 |  | 832 |  | 795 |  |
| Third-party mortgage loan activity | 7047 |  | 6703 |  | 6503 |  | 6162 |  | 5725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $55019 |  | $53455 |  | $52191 |  | $49400 |  | $48029 |  |
| See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. | See footnotes on Pages 28 and 29. |

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<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_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. |
| (2)Fixed maturity securities includes investment income related to fair value option securities of ($20) million, $107 million, $99 million, $39 million and ($30) million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively, and ($20) million and ($30) million for the year-to-date period ended March 31, 2025 and March 31, 2026, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of ($20) million, $107 million, $99 million, $39 million and ($30) million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively, and ($20) million and ($30) million for the year-to-date period ended March 31, 2025 and March 31, 2026, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of ($20) million, $107 million, $99 million, $39 million and ($30) million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively, and ($20) million and ($30) million for the year-to-date period ended March 31, 2025 and March 31, 2026, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of ($20) million, $107 million, $99 million, $39 million and ($30) million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively, and ($20) million and ($30) million for the year-to-date period ended March 31, 2025 and March 31, 2026, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of ($20) million, $107 million, $99 million, $39 million and ($30) million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively, and ($20) million and ($30) million for the year-to-date period ended March 31, 2025 and March 31, 2026, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of ($20) million, $107 million, $99 million, $39 million and ($30) million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively, and ($20) million and ($30) million for the year-to-date period ended March 31, 2025 and March 31, 2026, 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. |
| (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. |
|  | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available-for-sale | $291735 | $298737 | $304645 | $315931 | $316110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity | 2926 | 2900 | 9866 | 18200 | 18007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available-for-sale, excluding Reinsurance activity | $288809 | $295837 | $294779 | $297731 | $298103 |
| &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 | 1607 | 1728 | 1884 | 1928 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities, excluding Reinsurance activity | $290416 | $297565 | $296663 | $299659 | $300040 |
| (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. |
|  | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loans | $87908 | $86868 | $85843 | $84593 | $83726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity | 82 | 78 | 2270 | 2459 | 2510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Third-party mortgage loan activity | 7245 | 6942 | 6677 | 6367 | 5926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity | $80581 | $79848 | $76896 | $75767 | $75290 |
| (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. |
|  | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate and real estate joint ventures | $13481 | $14007 | $13932 | $13440 | $13356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity |  |  |  | 9 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate and real estate joint ventures, excluding Reinsurance activity | $13481 | $14007 | $13932 | $13431 | $13276 |
| (7)The following table presents a reconciliation to ending carrying value presented for policy loans. | (7)The following table presents a reconciliation to ending carrying value presented for policy loans. | (7)The following table presents a reconciliation to ending carrying value presented for policy loans. | (7)The following table presents a reconciliation to ending carrying value presented for policy loans. | (7)The following table presents a reconciliation to ending carrying value presented for policy loans. | (7)The following table presents a reconciliation to ending carrying value presented for policy loans. |
|  | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy loans | $8663 | $8664 | $8589 | $8547 | $8455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity |  |  |  |  | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy loans, excluding Reinsurance activity | $8663 | $8664 | $8589 | $8547 | $8097 |
| (8)The following table presents a reconciliation to ending carrying value presented for equity securities. | (8)The following table presents a reconciliation to ending carrying value presented for equity securities. | (8)The following table presents a reconciliation to ending carrying value presented for equity securities. | (8)The following table presents a reconciliation to ending carrying value presented for equity securities. | (8)The following table presents a reconciliation to ending carrying value presented for equity securities. | (8)The following table presents a reconciliation to ending carrying value presented for equity securities. |
|  | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | $747 | $790 | $788 | $858 | $927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity |  |  |  | 105 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities, excluding Reinsurance activity | $747 | $790 | $788 | $753 | $804 |
| (9)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (9)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (9)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (9)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (9)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. | (9)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. |
|  | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other limited partnership interests | $14137 | $14279 | $14741 | $14917 | $14531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity | 12 | 14 | 15 | 205 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other limited partnership interests, excluding Reinsurance activity | $14125 | $14265 | $14726 | $14712 | $14222 |
| (10)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (10)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (10)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (10)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (10)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. | (10)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. |
|  | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents and short-term investments | $26869 | $27478 | $26195 | $25633 | $27635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity | 7 | 46 | 342 | 1314 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents and short-term investments, excluding Reinsurance activity | $26862 | $27432 | $25853 | $24319 | $26606 |
| (11)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (11)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (11)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (11)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (11)The following table presents a reconciliation to ending carrying value presented for other invested assets. | (11)The following table presents a reconciliation to ending carrying value presented for other invested assets. |
|  | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | $17470 | $16352 | $16932 | $16332 | $17624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity |  | 2 | 61 | 139 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets, excluding Reinsurance activity | $17470 | $16350 | $16871 | $16193 | $17391 |

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<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

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| **INVESTMENTS**<br>**FOOTNOTES (CONTINUED)** | **INVESTMENTS**<br>**FOOTNOTES (CONTINUED)** | **INVESTMENTS**<br>**FOOTNOTES (CONTINUED)** | **INVESTMENTS**<br>**FOOTNOTES (CONTINUED)** | **INVESTMENTS**<br>**FOOTNOTES (CONTINUED)** | **INVESTMENTS**<br>**FOOTNOTES (CONTINUED)** | | |
| (12)Adjusted net investment income reflects the adjustments as presented on Page 5. | (12)Adjusted net investment income reflects the adjustments as presented on Page 5. | (12)Adjusted net investment income reflects the adjustments as presented on Page 5. | (12)Adjusted net investment income reflects the adjustments as presented on Page 5. | (12)Adjusted net investment income reflects the adjustments as presented on Page 5. | (12)Adjusted net investment income reflects the adjustments as presented on Page 5. | (12)Adjusted net investment income reflects the adjustments as presented on Page 5. | (12)Adjusted net investment income reflects the adjustments as presented on Page 5. |
| (13)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (13)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (13)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (13)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (13)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (13)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (13)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (13)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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
|  | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses) | $(387) | $(273) | $(325) | $(160) | $(670) | $(387) | $(670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Non-investment portfolio gains (losses) | 65 | 86 | (88) | (39) | (123) | 65 | (123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Third-party mortgage loan activity | (34) | 20 | (75) | 19 | (10) | (34) | (10) |
| &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) | (61) |  | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Joint venture adjustments | (42) | 16 | (53) | (39) | 47 | (42) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity |  |  | (1) | (7) | (4) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Other | 1 | (7) | (4) | (1) | 2 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment portfolio gains (losses) | $(461) | $(356) | $(210) | $(243) | $(549) | $(461) | $(549) |
|  | *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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
|  | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | $432 | $(796) | $(929) | $(646) | $74 | $432 | $74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Investment hedge adjustments | 103 | 102 | 100 | 105 | 84 | 103 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Joint venture adjustments |  |  | 45 | (25) | (29) |  | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance activity | (35) | (22) | (247) | 63 | 218 | (35) | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Other | 20 | 16 | 9 | 5 | (1) | 20 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative gains (losses) | $344 | $(892) | $(746) | $(844) | $(256) | $344 | $(256) |
| (14)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 RMBS and 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. | (14)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 RMBS and 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. | (14)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 RMBS and 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. | (14)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 RMBS and 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. | (14)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 RMBS and 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. | (14)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 RMBS and 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. | (14)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 RMBS and 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. | (14)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 RMBS and 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. |
| (15)Certain amounts in prior periods are reclassified to conform to current period presentation. | (15)Certain amounts in prior periods are reclassified to conform to current period presentation. | (15)Certain amounts in prior periods are reclassified to conform to current period presentation. | (15)Certain amounts in prior periods are reclassified to conform to current period presentation. | (15)Certain amounts in prior periods are reclassified to conform to current period presentation. | (15)Certain amounts in prior periods are reclassified to conform to current period presentation. | (15)Certain amounts in prior periods are reclassified to conform to current period presentation. | (15)Certain amounts in prior periods are reclassified to conform to current period presentation. |

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<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.jpg)

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.jpg)

**Appendix**

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<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| **<u>Reconciliation to Adjusted Earnings Available to Common Shareholders</u>** |  |  |  |  |  |  |  |
| Net income (loss) available to MetLife, Inc.'s common shareholders | $879 | $698 | $818 | $778 | $1140 | $879 | $1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Preferred stock dividends | 66 | 31 | 66 | 31 | 45 | 66 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Preferred stock redemption premium |  |  | 12 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 5 | 6 | 6 | 7 | (23) | 5 | (23) |
| Net income (loss) | 950 | 735 | 902 | 816 | 1162 | 950 | 1162 |
| Less: adjustments from net income (loss) to adjusted earnings: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses) | (387) | (273) | (325) | (160) | (670) | (387) | (670) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | 432 | (796) | (929) | (646) | 74 | 432 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefit remeasurement gains (losses) | (299) | 277 | 263 | 267 | (120) | (299) | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums - *Divested businesses* | 4 | 3 |  | 1 |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life and investment-type product policy fees |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asymmetrical and non-economic accounting* |  |  |  | 6 | 25 |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Investment hedge adjustments* | (103) | (102) | (100) | (105) | (84) | (103) | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Joint venture adjustments* | (42) | 16 | (8) | (64) | 18 | (42) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Depreciation of wholly-owned real estate and real estate joint ventures* (1) |  |  |  | (72) | (61) |  | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unit-linked contract income* | (227) | 498 | 580 | 366 | (318) | (227) | (318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Reinsurance activity* | 43 | 47 | 177 | 222 | 301 | 43 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Collateralized financing entities* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | 1 |  |  |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asymmetrical and non-economic accounting* | 36 | 42 | 78 | 94 | 107 | 36 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Other adjustments* | (15) | (16) | (15) | (17) |  | (15) |  |
| &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* | (75) | (1) | 52 | (395) | 35 | (75) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Market volatility* | 44 | 40 | 49 | 76 | 74 | 44 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | (1) | 1 | (1) | (2) |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder liability remeasurement (gains) losses |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asymmetrical and non-economic accounting* |  |  | (2) | (1) | 1 |  | 1 |
| &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* | (64) | (30) | (68) | (61) | (57) | (64) | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unit-linked contract costs* | 234 | (486) | (578) | (366) | 302 | 234 | 302 |
| &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) | (3) |  | (3) |
| &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* | (42) | (45) | (135) | (166) | (205) | (42) | (205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Other adjustments, excluding Reinsurance activity* | (19) | (21) | (2) | (15) | (53) | (19) | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | (8) | (7) | (9) | (12) | (5) | (8) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income tax (expense) benefit | 23 | 195 | 223 | 190 | 170 | 23 | 170 |
| Adjusted earnings | 1415 | 1393 | 1650 | 1679 | 1631 | 1415 | 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | 66 | 31 | 66 | 31 | 45 | 66 | 45 |
| Adjusted earnings available to common shareholders | $1349 | $1362 | $1584 | $1648 | $1586 | $1349 | $1586 |
| (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**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| Actuarial assumption review and other insurance adjustments | $— | $— | $89 | $— | $— | $— | $— |
| Litigation reserves and settlement costs |  |  |  | (32) |  |  |  |
| Tax adjustments |  |  | (71) | (29) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $18 | $(61) | $— | $— | $— |
| **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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| Actuarial assumption review and other insurance adjustments | $— | $— | $(2) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $(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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| Actuarial assumption review and other insurance adjustments | $— | $— | $13 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $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**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| Actuarial assumption review and other insurance adjustments  | $— | $— | $70 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| Actuarial assumption review and other insurance adjustments | $— | $— | $(4) | $— | $— | $— | $— |
| Tax adjustments |  |  | (71) | (29) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $(75) | $(29) | $— | $— | $— |
| **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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| Actuarial assumption review and other insurance adjustments  | $— | $— | $(1) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items  | $— | $— | $(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-to-Date Period Ended* | *For the Year-to-Date Period Ended* |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* | *March 31, 2025* | *March 31, 2026* |
| Actuarial assumption review and other insurance adjustments  | $— | $— | $13 | $— | $— | $— | $— |
| Litigation reserves and settlement costs |  |  |  | (32) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $13 | $(32) | $— | $— | $— |

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<u>[**Table of Contents**](#ida159316fd9f4263ba1d734835a2676b_4)</u>

![metlife_logoxprimaryxrgbxda.jpg](metlife_logoxprimaryxrgbxda.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **APPENDIX<br>METLIFE<br>EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY** | | | | | |
| *Unaudited (In millions)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| Total MetLife, Inc.'s stockholders' equity | $27493 | $27685 | $28944 | $28398 | $27324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock | 3818 | 3818 | 2830 | 2830 | 2830 |
| MetLife, Inc.'s common stockholders' equity | 23675 | 23867 | 26114 | 25568 | 24494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Unrealized investment gains (losses), net of related offsets and income tax | (17329) | (16484) | (14667) | (15614) | (19380) |
| &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 | 179 | (1466) | (1239) | (1588) | (1015) |
| &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 | 5334 | 5876 | 6028 | 6871 | 9001 |
| &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 | (31) | (64) | (83) | (97) | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit plans adjustment, net of income tax | (1416) | (1407) | (1390) | (1393) | (1374) |
| &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) | (100) | (83) | 92 | (8) | 231 |
| Total MetLife, Inc.'s adjusted common stockholders' equity | 37038 | 37495 | 37373 | 37397 | 37087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated year-to-date total notable items, net of income tax (2) |  |  | 18 | (43) |  |
| Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2) | $37038 | $37495 | $37355 | $37440 | $37087 |
| *Unaudited (In millions, except per share data)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| Book value per common share | $35.16 | $35.79 | $39.52 | $39.02 | $37.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Unrealized investment gains (losses), net of related offsets and income tax | (25.74) | (24.72) | (22.20) | (23.83) | (30.00) |
| &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 | 0.27 | (2.20) | (1.88) | (2.42) | (1.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future policy benefits discount rate remeasurement gains (losses), net of income tax | 7.92 | 8.81 | 9.12 | 10.49 | 13.94 |
| &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 | (0.05) | (0.10) | (0.13) | (0.15) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit plans adjustment, net of income tax | (2.10) | (2.11) | (2.10) | (2.13) | (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) | (0.15) | (0.12) | 0.14 | (0.01) | 0.36 |
| Adjusted book value per common share | $55.01 | $56.23 | $56.57 | $57.07 | $57.41 |
| Common shares outstanding, end of period | 673.3 | 666.8 | 660.7 | 655.3 | 646.0 |
|  | *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)* |
| *Unaudited (In millions, except ratios)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| Return on MetLife, Inc.'s: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity | 14.9% | 11.7% | 13.1% | 12.0% | 18.2% |
| Adjusted return on MetLife, Inc.'s: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted common stockholders' equity | 14.4% | 14.6% | 16.9% | 17.6% | 17.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted common stockholders' equity, excluding total notable items (2) | 14.4% | 14.6% | 16.7% | 18.3% | 17.0% |
| Average common stockholders' equity | $23651 | $23771 | $24991 | $25841 | $25031 |
| Average adjusted common stockholders' equity | $37405 | $37267 | $37434 | $37385 | $37242 |
| Average adjusted common stockholders' equity, excluding total notable items (2) | $37405 | $37267 | $37425 | $37398 | $37242 |
| (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. |
| (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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| **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ADJUSTED OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** | **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ADJUSTED OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** | **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ADJUSTED OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** | **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ADJUSTED OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** | **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ADJUSTED OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** | **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ADJUSTED 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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| GROUP BENEFITS (1) | $6430 | $6446 | $6306 | $6287 | $6539 |
| RIS (1) | 2457 | 1382 | 1214 | 7209 | 2390 |
| ASIA | 1662 | 1622 | 1653 | 1660 | 1738 |
| LATIN AMERICA | 1704 | 1783 | 1774 | 1874 | 1897 |
| EMEA | 695 | 724 | 723 | 787 | 797 |
| MIM (1) | 218 | 237 | 238 | 239 | 314 |
| CORPORATE & OTHER (1) | 647 | 602 | 596 | 625 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues, on a constant currency basis | $13813 | $12796 | $12504 | $18681 | $14183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues | $13614 | $12719 | $12461 | $18614 | $14183 |
| **ADJUSTED OTHER EXPENSES, ON A CONSTANT CURRENCY BASIS** | **ADJUSTED OTHER EXPENSES, ON A CONSTANT CURRENCY BASIS** | **ADJUSTED OTHER EXPENSES, ON A CONSTANT CURRENCY BASIS** | **ADJUSTED OTHER EXPENSES, ON A CONSTANT CURRENCY BASIS** | **ADJUSTED OTHER EXPENSES, ON A CONSTANT CURRENCY BASIS** | **ADJUSTED 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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| GROUP BENEFITS (1) | $1076 | $1052 | $1038 | $1100 | $1114 |
| RIS (1) | 169 | 160 | 170 | 196 | 216 |
| ASIA | 738 | 766 | 794 | 805 | 858 |
| LATIN AMERICA | 544 | 529 | 646 | 634 | 604 |
| EMEA | 368 | 369 | 384 | 423 | 418 |
| MIM (1) | 182 | 167 | 161 | 161 | 255 |
| CORPORATE & OTHER (1) | 188 | 192 | 221 | 260 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted other expenses, on a constant currency basis | $3265 | $3235 | $3414 | $3579 | $3661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted other expenses | $3202 | $3236 | $3422 | $3563 | $3661 |
| **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)* | *March 31, 2025* | *June 30, 2025* | *September 30, 2025* | *December 31, 2025* | *March 31, 2026* |
| GROUP BENEFITS (1) | $370 | $401 | $456 | $465 | $439 |
| RIS (1) | 406 | 370 | 441 | 454 | 451 |
| ASIA | 372 | 338 | 523 | 444 | 487 |
| LATIN AMERICA | 251 | 258 | 165 | 207 | 229 |
| EMEA | 86 | 98 | 86 | 97 | 110 |
| MIM (1) | 28 | 54 | 58 | 60 | 47 |
| CORPORATE & OTHER (1) | (129) | (142) | (146) | (70) | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings available to common shareholders, on a constant currency basis | $1384 | $1377 | $1583 | $1657 | $1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings available to common shareholders | $1349 | $1362 | $1584 | $1648 | $1586 |
| (1) Amounts on a reported basis, as constant currency impact is not significant. |  |  |  |  |  |

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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 materials, which are 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 materials, which are 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 materials, which are 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 materials, which are 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 and other expenses exclude asset management distribution fees on funds that are passed through to distribution partners.  |
| • | 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 (loss) 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) |
| **CMBS** | Commercial mortgage-backed securities |
| **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 |
| **RMBS** | Residential mortgage-backed securities |
| **RIS** | Retirement and Income Solutions |
| **U.K.** | United Kingdom |
| **VOBA** | Value of business acquired |

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## Exhibit 99.3

![](ex993q12026totalaum001.jpg)

MetLife Investment Management1 and PineBridge Investments2 offer broad reach, deep insights and specialized capabilities— forming a top-tier global investment platform. We offer public and private fixed income, real estate, equity, alternatives and multi- asset and insurance solutions. What sets us apart isn't just the breadth of our platform and capabilities—it's how we partner. Our clients benefit from direct access to decision makers and actionable insights that inform and enable customized solutions. By Client Segment $ in Billions Insurance $125.2 Pension $87.8 Intermediary (including Sub-Advisory) $61.0 Sovereign Wealth Fund $11.9 Other7 $27.3 Representative Capabilities4 Public Fixed Income Private Fixed Income Equity Alternatives Core Based Corporate Private Credit Global Middle Market Direct Lending Core Insurance Infrastructure Debt Emerging Markets Private Equity Corporate Private Asset-Based Finance Global Focus Emerging Market Debt Residential Whole Loans Global Index Multi-Asset Solutions Global Credit Single Family Rental Financing U.S. Absolute Return Inflation Protected Securities Sustainable & Transition Finance U.S. Index Relative Return Index Strategies U.S. Small Cap Total Return Japan Credit Real Estate U.S. Small-Mid Cap Leveraged Finance Agricultural Mortgage Loans U.S. Research Enhanced Insurance Solutions5 Long Duration & Liability Driven European Value-Add Opportunistic Asia ALM/Asset Modeling Investment Strategies Equity Asia ex Japan (All Cap & Small Cap) Customized Portfolio Solutions Multi-Sector U.S. Core Debt & Equity Country Specific (China, Hong Kong, Derivatives Solutions Preferred Securities U.S. Core Plus Debt & Equity India, Malaysia, Singapore, Taiwan) Portfolio Optimization Securitized Products U.S. Value-Add Opportunistic Debt & Japan (All Cap & Small Cap) Portfolio Construction Short & Intermediate Duration Equity Strategic & Tactical Asset Allocation Stable Value Sustainable & Transition Finance Institutional Client Assets Under Management6 - $313.2 Billion $736.3B 56% 20% 15% 5% Total Assets Under Management3 MetLife Investment Management Assets Under Management March 31, 2026 Exhibit 99.3 Public Fixed Income Private Fixed Income Real Estate Equity Alternatives Multi-Asset Solutions 1% 72% 22% 6% By Region Americas Asia Pacific Europe, Middle East & Africa$736.3B By Core Capability 3%

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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 March 31, 2026, 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 "will," 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 End Notes 1See Explanatory Note. 2MIM acquired PineBridge Investments on December 30, 2025. 3As of March 31, 2026. At estimated fair value. Excludes $14.3 billion of General Account AUM that are not managed or advised by MIM. See Explanatory Note. 4These Representative Capabilities are available from MIM and PineBridge Investments. Further information on them will be posted to the MIM website (https://investments.metlife.com). 5Represents advisory services which are not reflected in Total Assets Under Management. 6As of March 31, 2026. At estimated fair value. Includes $14.5 billion, $19.6 billion and $279.1 billion of Separate Account AUM, Reinsurance AUM and Third-Party AUM, respectively. See Explanatory Note. 7Includes health service organizations, endowments, foundations, non-profits, family office, high net worth, fund of funds, funds, retail, supranationals and central authorities.

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## Exhibit 99.4

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1 1Q26 Earnings Call Presentation1 John McCallion Chief Financial Officer and Head of MetLife Investment Management Exhibit 99.4 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.

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2 2 Page No. Key 1Q26 highlights 3 Adjusted earnings by segment and Corporate & Other (C&O) 4 Variable investment income (VII) 5 Investments 7 Direct expense ratio 9 Cash & Capital 10 Appendix 11 Table of contents

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3 3 A strong start to the year, delivering on our financial commitments 1Q26 (post-tax) $ in millions $ per share4 Net Income (Loss) $1,140 $1.74 Adjusted Earnings $1,586 $2.42 1 Versus 1Q25. 2 Adjusted return on equity. 3 Excluding total notable items related to direct expenses and pension risk transfers (PRT). 4 The per share data for each item is calculated on a standalone basis and may not sum to the total. Key 1Q'26 highlights 11.9% Direct Expense Ratio3 17.0% Adjusted ROE2 23% Adjusted EPS growth1 Beat 12.1% targetTop end of 15-17% targetWell above double-digit EPS target

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4 Adjusted earnings, by segment and C&O ($ in millions - except per share data) 1Q26 1Q25 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $439 $370 19% Underwriting Margins; Volume Growth Retirement & Income Solutions 451 406 11% Investment Margins; Underwriting Margins Asia 487 372 31% 31% Investment Margins; Volume Growth Latin America 229 219 5% (9%) Volume Growth; Underwriting Margins Mexico VAT; Taxes EMEA 110 83 33% 28% Volume Growth MetLife Investment Management 47 28 68% Expense Margins; Volume Growth Corporate & Other (177) (129) Foregone Earnings; Investment Margins; Expense Margins Adjusted Earnings $1,586 $1,349 18% 15% Adjusted EPS $2.42 $1.96 23% 20% 1 To be discussed on MetLife, Inc.'s first quarter earnings conference call.

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5 $327 $195 $483 $497 $518 1Q25 2Q25 3Q25 4Q25 1Q26 ($ in millions - pre-tax) Private Equity Other2 1 $518 million generated towards our full year 2026 guidance of ~ $1.6 billion (pre-tax). 2 Other includes Real Estate and Other Funds and Prepayment Fees. $0 Strong private equity returns fuel 1Q26 VII1

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6 6 VII by segment and C&O Variable investment income 1Q25 2Q25 3Q25 4Q25 1Q26 Assets2 March 31, 2026 % of Total Assets3 ($ in millions - post-tax1) ($ in billions) Group Benefits $3 $3 $5 $13 $5 $0.2 1% RIS 99 60 146 135 131 5.1 28% Asia 94 64 139 145 183 8.6 47% Latin America 3 7 2 6 10 0.3 2% EMEA — — — 1 1 — —% MIM — — — — — — —% Corporate & Other 59 20 90 93 79 4.0 22% Total $258 $154 $382 $393 $409 $18.2 100% 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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7 7 7 High quality private fixed income portfolio1 1 As of March 31, 2026. At estimated fair value.2 $437 billion as of March 31, 2026. At estimated fair value. 3 Business Development Company. ~$85B Private Placements and Infrastructure $77B Asset Based Finance $7B Middle Market Lending $1B • Proven long-term track record • Private fixed income portfolio ~95% investment grade • Middle market lending <1% of the General Account2 • No exposure to BDCs3 • Less liquid assets well-suited to match illiquid liabilities

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8 8 8 1 As of March 31, 2026. 2 Venture Capital. Total portfolio of $3.5 billion as of March 31, 2026. At estimated fair value. High quality software and software-related investments Sector Carrying Value1 Commentary ($ in billions) D ire ct Investment grade corporates $2.3 • High-quality tech companies Below investment grade corporates 0.2 • Up in quality strategy, mostly BB Total $2.5 0.6% of General Account Balance In di re ct Structured products $3.3 • Investment grade Investment grade corporates 0.9 • Data center projects • Largest tenants are high-quality names Mortgage loans 0.8 • Tech company-heavy tenanted buildings • Largest tenants are high-quality names Private equity 1.3 • Highly diversified: across ~1k companies • VC2 investments are weighted towards AI Total $6.3 1.4% of General Account Balance

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9 11.7% 12.0% 11.9% FY25 1Q25 1Q26 1 Direct expense ratio, excluding total notable items related to direct expenses and PRT. 12.1% 2026 Target 1Q26 direct expense ratio1 of 11.9%, ahead of 12.1% annual target

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10 Holding Company Cash1 1Q25 2Q25 3Q25 4Q25 1Q26 Cash & Capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 National Association of Insurance Commissioners. 3 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 reflect conditions and factors occurring after the year end. 4 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) MetLife remains strongly capitalized, maintaining robust liquidity • Total cash return to shareholders of ~$1.1 billion in 1Q26 – Share repurchases of ~$750 million in 1Q26, year-to- date of ~$950 million, including ~$200 million in April 2026 – Common stock dividends of ~$370 million in 1Q26 • 2025 Combined NAIC2 Risk-Based Capital (RBC) ratio3 of 379% above 360% target • Expected total U.S. Statutory Adjusted Capital4 on an NAIC basis of ~$16.2 billion at 3/31/26, down 5% from 12/31/25 • Japan Economic Solvency Ratio (ESR) expected to be at middle of target range of 170% to 190% for fiscal year ending March 31, 2026 $4.5 $5.2 $4.9 $3.6 $3.9

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Appendix

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12 1 As of March 31, 2026. All references to commercial mortgage loans in this earnings presentation exclude (i) commercial mortgage loans originated for third parties and (ii) commercial mortgage loans that are subject to ceded reinsurance arrangements with third parties and joint ventures. 2 As of March 31, 2026, at amortized cost. • CML has decreased 20% from $52.1B at year end 2023 to $41.5B2 • Office has decreased 21% from $19.7B at year end 2023 to $15.5B2 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% • 81% average office LTV ratio and 1.9x average DSCR • 92% of CML portfolio with DSCRs greater than or equal to 1x LTV and DSCR Matrix $41.5 Billion DSCR LTV >1.2x 1.0-1.2x <1.0x Total <65% 54.0% 0.7% 1.6% 56.3% 65-75% 11.9% 2.1% 1.5% 15.5% 76-80% 4.8% 0.2% 0.4% 5.4% >80% 11.6% 6.7% 4.5% 22.8% Total 82.3% 9.7% 8.0% 100.0%

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13 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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14 Explanatory Note on Non-GAAP and Other Financial Information Any references in this presentation (except in this Explanatory Note on Non-GAAP and Other 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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15 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 (loss). 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 materials, which are available at MetLife's Investor Relations webpage (https://investor.metlife.com).

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16 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 and other expenses exclude asset management distribution fees on funds that are passed through to distribution partners. • 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 (loss) 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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17 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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18 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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19 Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 1Q26 1Q25 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 $1,140 $1.74 $879 $1.28 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (670) (1.02) (387) (0.56) Less: Net derivative gains (losses) 74 0.11 432 0.63 Less: Market risk benefit remeasurement gains (losses) (120) (0.18) (299) (0.44) Less: Other adjustments to net income (loss) 77 0.11 (234) (0.33) Less: Provision for income tax (expense) benefit 170 0.26 23 0.03 Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests (23) (0.04) 5 0.01 Add: Preferred stock redemption premium — — — — Adjusted earnings available to common shareholders 1,586 2.42 1,349 1.96 Less: Total notable items — — — — Adjusted earnings available to common shareholders, excluding total notable items $1,586 $2.42 $1,349 $1.96 Adjusted earnings available to common shareholders, on a constant currency basis $1,586 $2.42 $1,384 $2.01 Adjusted earnings available to common shareholders, excluding total notable items, on a $1,586 $2.42 $1,384 $2.01 constant currency basis Weighted average common shares outstanding - diluted 655.7 687.0 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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20 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 1Q26 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Investment Management1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $439 $451 $487 $229 $110 $47 $(177) Less: Total notable items — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $439 $451 $487 $229 $110 $47 $(177) Adjusted earnings available to common shareholders, on a constant currency basis $487 $229 $110 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $487 $229 $110 1Q25 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Investment Management1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $370 $406 $372 $219 $83 $28 $(129) Less: Total notable items — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $370 $406 $372 $219 $83 $28 $(129) Adjusted earnings available to common shareholders, on a constant currency basis $372 $251 $86 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $372 $251 $86 1Results on a constant currency basis are not included as constant currency impact is not significant.

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21 Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues FY25 1Q25 1Q26 (In millions) Premiums, fees and other revenues $57,609 $13,639 $14,315 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accounting 256 36 132 Other (63) (15) — Divested businesses 8 4 — Adjusted premiums, fees and other revenues $57,408 $13,614 $14,183

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22 Expense Detail and Ratios FY25 1Q25 1Q26 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $(3,219) $(698) $(959) Less: Divested businesses — — — Adjusted capitalization of DAC $(3,219) $(698) $(959) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $13,904 $3,271 $3,924 Less Adjustments to other expenses: Reinsurance activity 388 42 205 Other 57 19 53 Divested businesses 36 8 5 Adjusted other expenses $13,423 $3,202 $3,661 Other Detail and Ratios Other expenses, net of capitalization of DAC $10,685 $2,573 $2,965 Premiums, fees and other revenues $57,609 $13,639 $14,315 Expense ratio 18.5 % 18.9 % 20.7 % Direct expenses $5,875 $1,459 $1,583 Less: Total notable items related to direct expenses 40 — — Direct expenses, excluding total notable items related to direct expenses $5,835 $1,459 $1,583 Adjusted other expenses $13,423 $3,202 $3,661 Adjusted capitalization of DAC (3,219) (698) (959) Adjusted other expenses, net of adjusted capitalization of DAC $10,204 $2,504 $2,702 Less: Total notable items related to adjusted other expenses 183 — — Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $10,021 $2,504 $2,702 Adjusted premiums, fees and other revenues $57,408 $13,614 $14,183 Less: PRT 7,569 1,476 843 Adjusted premiums, fees and other revenues, excluding PRT $49,839 $12,138 $13,340 Direct expense ratio 10.2 % 10.7 % 11.2 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 11.7 % 12.0 % 11.9 % Adjusted expense ratio 17.8 % 18.4 % 19.1 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 20.1 % 20.6 % 20.3 %

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23 Equity Details 1Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to reinsurers. 2Notable 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. 1Q26 (In millions, except ratio data) Equity Details Total MetLife, Inc.'s stockholders' equity $27,324 Less: Preferred stock 2,830 MetLife, Inc.'s common stockholders' equity 24,494 Less: Unrealized investment gains (losses), net of related offsets and income tax (19,380) Deferred gains (losses) on derivatives, net of income tax (1,015) Future policy benefits discount rate remeasurement gains (losses), net of income tax 9,001 Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax (56) Defined benefit plans adjustment, net of income tax (1,374) Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1) 231 Total MetLife, Inc.'s adjusted common stockholders' equity 37,087 Less: Accumulated year-to-date total notable items, net of income tax (2) — Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2) $37,087 Average Common Stockholders' Equity Average common stockholders' equity $25,031 Average adjusted common stockholders' equity $37,242 Average adjusted common stockholders' equity, excluding total notable items (2) $37,242 Return on Equity Return on MetLife, Inc.'s: Common stockholders' equity 18.2 % Adjusted return on MetLife, Inc.'s: Adjusted common stockholders' equity 17.0 % Adjusted common stockholders' equity, excluding total notable items (2) 17.0 %

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