Form 8-K
8-K — METLIFE INC
Accession: 0001099219-26-000032
Filed: 2026-05-06
Period: 2026-05-06
CIK: 0001099219
SIC: 6311 (LIFE INSURANCE)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — met-20260506.htm (Primary)
EX-99.1 (ex991earningsreleasetables.htm)
EX-99.2 (ex992qfsq126.htm)
EX-99.3 (ex993q12026totalaum.htm)
EX-99.4 (ex994q126earningscallpre.htm)
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8-K
8-K (Primary)
Filename: met-20260506.htm · Sequence: 1
met-20260506
0001099219false00010992192026-05-062026-05-060001099219us-gaap:CommonStockMember2026-05-062026-05-060001099219us-gaap:SeriesAPreferredStockMember2026-05-062026-05-060001099219us-gaap:SeriesEPreferredStockMember2026-05-062026-05-060001099219us-gaap:SeriesFPreferredStockMember2026-05-062026-05-06
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 13-4075851
(Commission File Number) (IRS Employer Identification No.)
200 Park Avenue, New York, NY 10166-0188
(Address of Principal Executive Offices) (Zip Code)
(212) 578-9500
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 MET New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock,
Series A, par value $0.01 MET PRA New York Stock Exchange
Depositary Shares, each representing a 1/1,000th
interest in a share of 5.625% Non-Cumulative
Preferred Stock, Series E MET PRE New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F MET PRF
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On 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.
2
Item 9.01 Financial Statements and Exhibits.
99.1
Earnings Release dated May 6, 2026
99.2
Quarterly Financial Supplement for the quarter ended March 31, 2026
99.3
Total AUM Fact Sheet as of March 31, 2026
99.4
Earnings Call Presentation for the quarter ended March 31, 2026
101 Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language)
104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
METLIFE, INC.
By: /s/ Adrienne O'Neill
Name: Adrienne O'Neill
Title: Executive Vice President and
Chief Accounting Officer
Date: May 6, 2026
4
EX-99.1
EX-99.1
Filename: ex991earningsreleasetables.htm · Sequence: 2
EX 99.1 Earnings Release & Tables Q1 26
Page 1 of 25
Exhibit 99.1
For Immediate Release | Global Communications | MetLife, Inc.
MetLife Announces 1Q 2026 Results
•Net income increased 30%1 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 $2.42
Return
on Equity (ROE)
1Q 2026
ROE 18.2%
Adjusted
ROE 17.0%
Comment from Michel Khalaf, President
and Chief Executive Officer:
MetLife delivered exceptional performance
in the first quarter, with adjusted earnings
per share up 23 percent and widespread
top-line growth.
Our strong start to 2026 reflects how we're
accelerating progress in year two of New
Frontier, supported by disciplined
execution across the enterprise, and
deliberate capital deployment that
balances investment in our businesses
with returning capital to shareholders.
We remain confident in delivering against
the ambitious financial targets we laid out
under New Frontier. By keeping customers
at the center, we will continue to drive
responsible growth and create long‑term
shareholder value that consistently
compounds over time.
1In this news release, all comparisons of results for the first quarter of 2026 are with the first quarter of 2025, unless otherwise noted.
Page 2 of 25
First Quarter 2026 Summary
($ in millions, except per share data)
Three Months Ended
March 31,
2026
2025
Change
Premiums, fees and other revenues
$14,315
$13,639
5%
Net investment income
5,355
4,885
10%
Net investment gains (losses)
(670)
(387)
Net derivative gains (losses)
74
432
Total revenues
$19,074
$18,569
Adjusted premiums, fees and other revenues
$14,183
$13,614
4%
Adjusted premiums, fees and other revenues, excluding pension risk
transfers (PRT)
$13,340
$12,138
10%
Market risk benefit remeasurement gains (losses)
$(120)
$(299)
Net income (loss)
$1,140
$879
30%
Net income (loss) per share
$1.74
$1.28
36%
Adjusted earnings
$1,586
$1,349
18%
Adjusted earnings per share
$2.42
$1.96
23%
Adjusted earnings, excluding total notable items
$1,586
$1,349
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
expenses and PRT
11.9%
12.0%
Adjusted expense ratio, excluding total notable items related to
adjusted other expenses and PRT
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 $2.42, up 23 percent.
Direct expense ratio, excluding total notable items related to direct expenses and PRT, was
11.9 percent, compared to 12.0 percent in the prior-year quarter.
Page 4 of 25
Adjusted Earnings by Segment Summary
Three Months Ended
March 31, 2026
Segment
Change from
prior-year period
(on a reported
basis)
Change from
prior-year period
(on a constant
currency basis)
Group Benefits
19%
Retirement and Income Solutions (RIS)
11%
Asia
31%
31%
Latin America
5%
(9)%
Europe, the Middle East and Africa (EMEA)
33%
28%
MetLife Investment Management (MIM)
68%
Business Discussions
GROUP BENEFITS
($ in millions)
Three Months Ended
March 31, 2026
Three Months Ended
March 31, 2025
Change
Adjusted earnings
$439
$370
19%
Adjusted PFOs
$6,539
$6,430
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
March 31, 2026
Three Months Ended
March 31, 2025
Change
Adjusted earnings
$451
$406
11%
Adjusted PFOs
$2,390
$2,457
(3)%
Adjusted PFOs, excluding PRT
$1,547
$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
March 31, 2026
Three Months Ended
March 31, 2025
Change
Constant
currency
change
Adjusted earnings
$487
$372
31%
31%
Adjusted PFOs
$1,738
$1,681
3%
5%
Asia general account assets under
management (at amortized cost)
$140,660
$134,352
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
March 31, 2026
Three Months Ended
March 31, 2025
Change
Constant
currency
change
Adjusted earnings
$229
$219
5%
(9)%
Adjusted PFOs
$1,897
$1,513
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
March 31, 2026
Three Months Ended
March 31, 2025
Change
Constant
currency
change
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
March 31, 2026
Three Months Ended
March 31, 2025
Change
Adjusted earnings
$47
$28
68%
Other revenues
$314
$218
44%
Total assets under management
$736,291
$603,164
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
March 31, 2026
Three Months Ended
March 31, 2025
Change
Adjusted earnings
$(177)
$(129)
•Adjusted loss of $177 million, compared to an adjusted loss of $129 million.
INVESTMENTS
($ in millions)
Three Months Ended
March 31, 2026
Three Months Ended
March 31, 2025
Change
Adjusted net investment income
$5,499
$5,213
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
Three Months Ended March 31, 2026
Notable Items
Group
Benefits
RIS
Asia
Latin
America
EMEA
MIM
Corporate
&
Other
Total
Total notable items
$0
$0
$0
$0
$0
$0
$0
$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
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the
world’s leading financial services companies, providing insurance, annuities, employee benefits
and asset management to help individual and institutional customers build a more confident
future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds
leading positions in the United States, Asia, Latin America, Europe and the Middle East. For
more information, visit www.metlife.com.
Conference Call
MetLife will hold its 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
Non-GAAP and Other Financial Disclosures
Any references in this news release (except in
this section and the tables that accompany this
release) to:
Should be read as, respectively:
(i)
net income (loss)
(i)
net income (loss) available to MetLife,
Inc.’s common shareholders
(ii)
net income (loss) per share
(ii)
net income (loss) available to MetLife,
Inc.’s common shareholders per diluted
common share
(iii)
adjusted earnings
(iii)
adjusted earnings available to common
shareholders
(iv)
adjusted earnings per share
(iv)
adjusted earnings available to common
shareholders per diluted common
share
(v)
book value per share
(v)
book value per common share
(vi)
adjusted book value per share
(vi)
adjusted book value per common
share
(vii)
return on equity
(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 news release, MetLife presents certain measures of its performance on a consolidated and
segment basis that are not calculated in accordance with accounting principles generally accepted in the
United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our
investors’ understanding of MetLife’s performance by highlighting the results of operations and the
underlying profitability drivers of the business. Segment-specific financial measures are calculated using
only the portion of consolidated results attributable to that specific segment.
The following non-GAAP financial measures should not be viewed as substitutes for the most directly
comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:
Comparable GAAP financial measures:
(i)
total adjusted revenues
(i)
total revenues
(ii)
total adjusted expenses
(ii)
total expenses
(iii)
adjusted premiums, fees and other
revenues
(iii)
premiums, fees and other revenues
(iv)
adjusted premiums, fees and other
revenues, excluding PRT
(iv)
premiums, fees and other revenues
(v)
adjusted net investment income
(v)
net investment income
(vi)
adjusted earnings available to common
shareholders
(vi)
net income (loss) available to MetLife,
Inc.’s common shareholders
(vii)
adjusted earnings available to common
shareholders, excluding total notable items
(vii)
net income (loss) available to MetLife,
Inc.’s common shareholders
(viii)
adjusted earnings available to common
shareholders per diluted common share
(viii)
net income (loss) available to MetLife,
Inc.’s common shareholders per diluted
common share
(ix)
adjusted earnings available to common
shareholders, excluding total notable
items, per diluted common share
(ix)
net income (loss) available to MetLife,
Inc.’s common shareholders per diluted
common share
(x)
adjusted return on equity
(x)
return on equity
Page 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
•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).
Page 13 of 25
•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.
•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:
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.
Forward-Looking Statements
This news release may contain or incorporate by reference information that includes or is based upon
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements give expectations or forecasts of future events and do not relate strictly to
historical or current facts. They use words and terms such as “anticipate,” “are confident,” “assume,”
“believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,”
“should,” “target,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied
to future periods or future performance, in each case in all derivative forms. They include statements
relating to strategy, goals and expectations concerning our market position, future operations, margins,
profitability, capital expenditures, liquidity and capital resources and other financial and operating
information. By their nature, forward-looking statements: speak only as of the date they are made; are not
statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties,
assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs
and projections are expressed in good faith and we believe there is a reasonable basis for them.
However, there can be no assurance that management’s expectations, beliefs and projections will result
or be achieved and actual results may vary materially from what is expressed in or indicated by the
forward-looking statements.
Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve
unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our
expectations, and our understanding of the economic environment, but they may be inaccurate and may
change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from
those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other
factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others,
may cause such differences. These factors include:
(1)economic condition difficulties, including risks relating to interest rates, the effects of announced or
future tariff increases on the global economy, credit spreads, declining equity or debt markets,
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.
GAAP Consolidated Statements of Operations
(In millions)
For the Three Months Ended
March 31,
2026
2025
Revenues
Premiums
$12,120
$11,723
Universal life and investment-type product policy fees
1,343
1,229
Net investment income
5,355
4,885
Other revenues
852
687
Net investment gains (losses)
(670)
(387)
Net derivative gains (losses)
74
432
Total revenues
19,074
18,569
Expenses
Policyholder benefits and claims
11,864
11,806
Policyholder liability remeasurement (gains) losses
(13)
(31)
Market risk benefit remeasurement (gains) losses
120
299
Interest credited to policyholder account balances
1,674
1,647
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
2,965
2,573
Total expenses
17,567
17,215
Income (loss) before provision for income tax
1,507
1,354
Provision for income tax expense (benefit)
345
404
Net income (loss)
1,162
950
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
(23)
5
Net income (loss) attributable to MetLife, Inc.
1,185
945
Less: Preferred stock dividends
45
66
Preferred stock redemption premium
—
—
Net income (loss) available to MetLife, Inc.'s common shareholders
$1,140
$879
See footnotes on last page.
Page 18 of 25
MetLife, Inc.
(In millions, except per share data)
For the Three Months Ended
March 31,
2026
2025
Reconciliation to Adjusted Earnings Available to Common Shareholders
Earnings Per
Weighted
Average
Common Share
Diluted (1)
Earnings Per
Weighted
Average
Common Share
Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders
$1,140
$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
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 constant currency basis
$1,586
$2.42
$1,384
$2.01
Weighted average common shares outstanding - diluted
655.7
687.0
See footnotes on last page.
Page 19 of 25
MetLife, Inc.
(In millions)
For the Three Months Ended
March 31,
2026
2025
Premiums, Fees and Other Revenues
Premiums, fees and other revenues
$14,315
$13,639
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
$14,183
$13,614
Adjusted premiums, fees and other revenues, on a constant currency basis
$14,183
$13,813
Less: PRT
843
1,476
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis
$13,340
$12,337
Net Investment Income
Net investment income
$5,355
$4,885
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
$5,499
$5,213
Revenues and Expenses
Total revenues
$19,074
$18,569
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
$19,682
$18,827
Total expenses
$17,567
$17,215
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
$17,536
$16,985
See footnotes on last page.
Page 20 of 25
MetLife, Inc.
(In millions, except per share and ratio data)
For the Three Months Ended
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
$3,924
$3,271
Less: Reinsurance activity
205
42
Other
53
19
Divested businesses
5
8
Adjusted other expenses
$3,661
$3,202
Other Detail and Ratios
Other expenses, net of capitalization of DAC
$2,965
$2,573
Premiums, fees and other revenues
$14,315
$13,639
Expense ratio
20.7%
18.9%
Direct expenses
$1,583
$1,459
Less: Total notable items related to direct expenses
—
—
Direct expenses, excluding total notable items related to direct expenses
$1,583
$1,459
Adjusted other expenses
$3,661
$3,202
Adjusted capitalization of DAC
(959)
(698)
Adjusted other expenses, net of adjusted capitalization of DAC
2,702
2,504
Less: Total notable items related to adjusted other expenses
—
—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to
adjusted other expenses
$2,702
$2,504
Adjusted premiums, fees and other revenues
$14,183
$13,614
Less: PRT
843
1,476
Adjusted premiums, fees and other revenues, excluding PRT
$13,340
$12,138
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.
Page 21 of 25
MetLife, Inc.
(In millions, except per share data)
March 31,
Equity Details
2026
2025
Total MetLife, Inc.'s stockholders' equity
$27,324
$27,493
Less: Preferred stock
2,830
3,818
MetLife, Inc.'s common stockholders' equity
24,494
23,675
Less: Unrealized investment gains (losses), net of related offsets and income tax
(19,380)
(17,329)
Deferred gains (losses) on derivatives, net of income tax
(1,015)
179
Future policy benefits discount rate remeasurement gains (losses), net of income tax
9,001
5,334
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax
(56)
(31)
Defined benefit plans adjustment, net of income tax
(1,374)
(1,416)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax
231
(100)
Total MetLife, Inc.'s adjusted common stockholders' equity
37,087
37,038
Less: Accumulated year-to-date total notable items, net of income tax
—
—
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items
$37,087
$37,038
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)
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
March 31,
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
March 31,
Average Common Stockholders' Equity
2026
2025
Average common stockholders' equity
$25,031
$23,651
Average adjusted common stockholders' equity
$37,242
$37,405
Average adjusted common stockholders' equity, excluding total notable items
$37,242
$37,405
See footnotes on last page.
Page 22 of 25
MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(In millions)
For the Three Months Ended
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
$6,539
$6,430
Less: Participating contracts
1,455
1,553
Adjusted premiums, fees and other revenues, excluding participating contracts
$5,084
$4,877
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
$2,390
$2,457
Less: PRT
843
1,476
Adjusted premiums, fees and other revenues, excluding PRT
$1,547
$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
$1,738
$1,681
Adjusted premiums, fees and other revenues, on a constant currency basis
$1,738
$1,662
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
$1,897
$1,513
Adjusted premiums, fees and other revenues, on a constant currency basis
$1,897
$1,704
See footnotes on last page.
Page 23 of 25
MetLife, Inc.
Adjusted Earnings Available to Common Shareholders (Continued)
(In millions)
For the Three Months Ended
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.
Variable Investment Income
For the Three
Months Ended
March 31, 2026
March 31, 2026
Variable
Investment Income
(post-tax, in
millions) (6)
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
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.
Footnotes
(1)
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not
equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.
(2)
Book values exclude $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
$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
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.
(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
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
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.
EX-99.2
EX-99.2
Filename: ex992qfsq126.htm · Sequence: 3
Document
Table of Contents
Exhibit 99.2
First Quarter
Financial Supplement
March 31, 2026
1
Table of Contents
METLIFE
TABLE OF CONTENTS
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
2
CORPORATE OVERVIEW
3
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
5
EXPENSE DETAIL AND RATIOS
7
GAAP CONSOLIDATED BALANCE SHEETS
8
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
9
Group Benefits
Statements of Adjusted Earnings Available to Common Shareholders
10
Other Expenses by Major Category; and Other Information
11
RIS
Statements of Adjusted Earnings Available to Common Shareholders
12
Future Policy Benefits; Policyholder Account Balances; General Account Retained Balances; and Total Liabilities
13
Other Expenses by Major Category; and Spread
14
ASIA
Statements of Adjusted Earnings Available to Common Shareholders
15
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
16
LATIN AMERICA
Statements of Adjusted Earnings Available to Common Shareholders
17
Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Information
18
EMEA
Statements of Adjusted Earnings Available to Common Shareholders
19
Other Expenses by Major Category; and Other Information
20
MIM
Statements of Adjusted Earnings Available to Common Shareholders
21
Assets Under Management; and Other Revenues by Client Segment
22
CORPORATE & OTHER
Statements of Adjusted Earnings Available to Common Shareholders
23
Future Policy Benefits; Policyholder Account Balances; Market Risk Benefits; and Separate Account Liabilities
24
INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields
25
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
26
Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type
27
Footnotes
28
APPENDIX
Reconciliation Detail
A-1
Notable Items
A-2
Equity Details, Book Value Details and Return on Equity
A-4
Adjusted Premiums, Fees and Other Revenues; Adjusted Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis
A-5
Non-GAAP and Other Financial Disclosures
A-6
Acronyms
A-10
1
Table of Contents
METLIFE
As used in this QFS, “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026
Revenues
Premiums $ 11,723 $ 10,810 $ 10,555 $ 16,691 $ 12,120 $ 11,723 $ 12,120
Universal life and investment-type product policy fees 1,229 1,259 1,247 1,268 1,343 1,229 1,343
Net investment income 4,885 5,661 6,089 5,924 5,355 4,885 5,355
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
Total revenues 18,569 17,340 17,361 23,814 19,074 18,569 19,074
Expenses
Policyholder benefits and claims 11,806 10,767 10,369 16,776 11,864 11,806 11,864
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 1,647 2,400 2,561 2,342 1,674 1,647 1,674
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 2,573 2,522 2,716 2,874 2,965 2,573 2,965
Total expenses 17,215 16,360 16,151 22,697 17,567 17,215 17,567
Income (loss) before provision for income tax 1,354 980 1,210 1,117 1,507 1,354 1,507
Provision for income tax expense (benefit) 404 245 308 301 345 404 345
Net income (loss) 950 735 902 816 1,162 950 1,162
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 1,185 945 1,185
Less: Preferred stock dividends 66 31 66 31 45 66 45
Preferred stock redemption premium — — 12 — — — —
Net income (loss) available to MetLife, Inc.'s common shareholders $ 879 $ 698 $ 818 $ 778 $ 1,140 $ 879 $ 1,140
Premiums, fees and other revenues $ 13,639 $ 12,748 $ 12,526 $ 18,696 $ 14,315 $ 13,639 $ 14,315
2
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METLIFE
CORPORATE OVERVIEW
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 $ 1,140
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (387) (273) (325) (160) (670)
Less: Net derivative gains (losses) 432 (796) (929) (646) 74
Less: Market risk benefit remeasurement gains (losses) (299) 277 263 267 (120)
Less: Goodwill impairment — — — — —
Less: Other adjustments to net income (loss) (1) (234) (61) 20 (514) 77
Less: Provision for income tax (expense) benefit 23 195 223 190 170
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
5 6 6 7 (23)
Add: Preferred stock redemption premium — — 12 — —
Adjusted earnings available to common shareholders 1,349 1,362 1,584 1,648 1,586
Less: Total notable items (2) — — 18 (61) —
Adjusted earnings available to common shareholders, excluding total notable items (2) $ 1,349 $ 1,362 $ 1,566 $ 1,709 $ 1,586
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share $ 1.28 $ 1.03 $ 1.22 $ 1.17 $ 1.74
Less: Net investment gains (losses) (0.56) (0.40) (0.49) (0.24) (1.02)
Less: Net derivative gains (losses) 0.63 (1.18) (1.39) (0.98) 0.11
Less: Market risk benefit remeasurement gains (losses) (0.44) 0.41 0.39 0.40 (0.18)
Less: Goodwill impairment — — — — —
Less: Other adjustments to net income (loss) (0.33) (0.10) 0.04 (0.78) 0.11
Less: Provision for income tax (expense) benefit 0.03 0.29 0.33 0.29 0.26
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 0.01 0.01 0.01 0.01 (0.04)
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
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
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) —
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) —
Total notable items per diluted common share
$ — $ — $ 0.03 $ (0.09) $ —
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.
(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
Table of Contents
METLIFE
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
Unaudited March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Return on MetLife, Inc.'s (2):
Common stockholders' equity 14.9 % 11.7 % 13.1 % 12.0 % 18.2 %
Adjusted return on MetLife, Inc.'s (2):
Adjusted common stockholders' equity 14.4 % 14.6 % 16.9 % 17.6 % 17.0 %
Adjusted common stockholders' equity, excluding total notable items (3)
14.4 % 14.6 % 16.7 % 18.3 % 17.0 %
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
Share repurchases (17.0) (6.5) (6.3) (5.4) (10.1)
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
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.
(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.
4
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METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months 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 $ 18,569 $ 17,340 $ 17,361 $ 23,814 $ 19,074 $ 18,569 $ 19,074
Less: Adjustments to total revenues:
Net investment gains (losses) (387) (273) (325) (160) (670) (387) (670)
Net derivative gains (losses) 432 (796) (929) (646) 74 432 74
Investment hedge adjustments (103) (102) (100) (105) (84) (103) (84)
Depreciation of wholly-owned real estate and real estate joint ventures (1)
(72) (61) (61)
Asymmetrical and non-economic accounting, excluding Investment hedge adjustments
36 42 78 100 132 36 132
Unit-linked contract income
(227) 498 580 366 (318) (227) (318)
Reinsurance activity
43 47 177 222 301 43 301
Other
(57) — (23) (81) 18 (57) 18
Divested businesses
5 3 2 (1) — 5 —
Total adjusted revenues $ 18,827 $ 17,921 $ 17,901 $ 24,191 $ 19,682 $ 18,827 $ 19,682
For the Three Months 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 $ 4,885 $ 5,661 $ 6,089 $ 5,924 $ 5,355 $ 4,885 $ 5,355
Less: Adjustments to net investment income:
Investment hedge adjustments (103) (102) (100) (105) (84) (103) (84)
Depreciation of wholly-owned real estate and real estate joint ventures (1) (72) (61) (61)
Joint venture adjustments (42) 16 (8) (64) 18 (42) 18
Unit-linked contract income
(227) 498 580 366 (318) (227) (318)
Reinsurance activity
43 47 177 222 301 43 301
Divested businesses 1 — — — — 1 —
Adjusted net investment income $ 5,213 $ 5,202 $ 5,440 $ 5,577 $ 5,499 $ 5,213 $ 5,499
For the Three Months 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 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 $ 13,639 $ 12,748 $ 12,526 $ 18,696 $ 14,315 $ 13,639 $ 14,315
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting 36 42 78 100 132 36 132
Other
(15) (16) (15) (17) — (15) —
Divested businesses
4 3 2 (1) — 4 —
Adjusted premiums, fees and other revenues $ 13,614 $ 12,719 $ 12,461 $ 18,614 $ 14,183 $ 13,614 $ 14,183
Adjusted premiums, fees and other revenues, on a constant currency basis $ 13,813 $ 12,796 $ 12,504 $ 18,681 $ 14,183
(1)See Page A-7 for further information.
5
Table of Contents
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months 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 $ 17,215 $ 16,360 $ 16,151 $ 22,697 $ 17,567 $ 17,215 $ 17,567
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses 299 (277) (263) (267) 120 299 120
Goodwill impairment — — — — — — —
Asymmetrical and non-economic accounting 139 31 18 458 24 139 24
Market volatility (44) (40) (49) (76) (74) (44) (74)
Unit-linked contract costs
(234) 486 578 366 (302) (234) (302)
Reinsurance activity
42 45 135 166 205 42 205
Other
19 21 2 15 53 19 53
Divested businesses
9 6 10 14 5 9 5
Total adjusted expenses $ 16,985 $ 16,088 $ 15,720 $ 22,021 $ 17,536 $ 16,985 $ 17,536
For the Three Months 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)
Less: Divested businesses — — — — — — —
Adjusted capitalization of DAC $ (698) $ (787) $ (852) $ (882) $ (959) $ (698) $ (959)
For the Three Months 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 $ 3,271 $ 3,309 $ 3,568 $ 3,756 $ 3,924 $ 3,271 $ 3,924
Less: Adjustments to other expenses:
Reinsurance activity
42 45 135 166 205 42 205
Other
19 21 2 15 53 19 53
Divested businesses 8 7 9 12 5 8 5
Adjusted other expenses $ 3,202 $ 3,236 $ 3,422 $ 3,563 $ 3,661 $ 3,202 $ 3,661
Adjusted other expenses, on a constant currency basis
$ 3,265 $ 3,235 $ 3,414 $ 3,579 $ 3,661
6
Table of Contents
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months 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 $ 2,573 $ 2,522 $ 2,716 $ 2,874 $ 2,965 $ 2,573 $ 2,965
Premiums, fees and other revenues $ 13,639 $ 12,748 $ 12,526 $ 18,696 $ 14,315 $ 13,639 $ 14,315
Expense ratio 18.9 % 19.8 % 21.7 % 15.4 % 20.7 % 18.9 % 20.7 %
For the Three Months 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
Direct expenses $ 1,459 $ 1,445 $ 1,443 $ 1,528 $ 1,583 $ 1,459 $ 1,583
Pension, postretirement and postemployment benefit costs 70 66 69 74 70 70 70
Premium taxes, other taxes, and licenses & fees 160 158 272 246 199 160 199
Commissions and other variable expenses 1,513 1,567 1,638 1,715 1,809 1,513 1,809
Adjusted other expenses
3,202 3,236 3,422 3,563 3,661 3,202 3,661
Adjusted capitalization of DAC (698) (787) (852) (882) (959) (698) (959)
Adjusted other expenses, net of adjusted capitalization of DAC
$ 2,504 $ 2,449 $ 2,570 $ 2,681 $ 2,702 $ 2,504 $ 2,702
For the Three Months 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
Employee-related costs $ 991 $ 935 $ 962 $ 946 $ 1,094 $ 991 $ 1,094
Third-party staffing costs 353 392 374 415 368 353 368
General and administrative expenses 115 118 107 167 121 115 121
Direct expenses 1,459 1,445 1,443 1,528 1,583 1,459 1,583
Less: Total notable items related to direct expenses (1) — — — 40 — — —
Direct expenses, excluding total notable items related to direct expenses (1) $ 1,459 $ 1,445 $ 1,443 $ 1,488 $ 1,583 $ 1,459 $ 1,583
Adjusted other expenses, net of adjusted capitalization of DAC
$ 2,504 $ 2,449 $ 2,570 $ 2,681 $ 2,702 $ 2,504 $ 2,702
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)
$ 2,504 $ 2,449 $ 2,468 $ 2,600 $ 2,702 $ 2,504 $ 2,702
Adjusted premiums, fees and other revenues $ 13,614 $ 12,719 $ 12,461 $ 18,614 $ 14,183 $ 13,614 $ 14,183
Less: PRT 1,476 328 (10) 5,775 843 1,476 843
Adjusted premiums, fees and other revenues, excluding PRT $ 12,138 $ 12,391 $ 12,471 $ 12,839 $ 13,340 $ 12,138 $ 13,340
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.
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METLIFE
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value $ 291,735 $ 298,737 $ 304,645 $ 315,931 $ 316,110
Equity securities, at estimated fair value 747 790 788 858 927
Contractholder-directed equity securities and fair value option securities, at estimated fair value 10,725 11,694 12,270 13,959 13,435
Mortgage loans 87,908 86,868 85,843 84,593 83,726
Policy loans 8,663 8,664 8,589 8,547 8,455
Real estate and real estate joint ventures 13,481 14,007 13,932 13,440 13,356
Other limited partnership interests 14,137 14,279 14,741 14,917 14,531
Short-term investments, principally at estimated fair value 5,543 5,300 5,962 3,601 4,948
Other invested assets 17,470 16,352 16,932 16,332 17,624
Total investments 450,409 456,691 463,702 472,178 473,112
Cash and cash equivalents, principally at estimated fair value 21,326 22,178 20,233 22,032 22,687
Accrued investment income 3,557 3,532 3,791 3,719 3,796
Premiums, reinsurance and other receivables 31,251 31,503 40,329 49,059 50,335
Market risk benefits, at estimated fair value 317 352 392 458 392
Deferred policy acquisition costs and value of business acquired 20,162 20,993 21,175 21,107 21,269
Current income tax recoverable 338 554 374 660 455
Deferred income tax assets 2,524 2,925 2,719 2,585 2,901
Goodwill 9,036 9,142 9,095 9,613 9,565
Other assets 11,253 11,425 11,572 11,822 11,013
Separate account assets 138,143 143,175 146,344 151,933 147,686
Total assets $ 688,316 $ 702,470 $ 719,726 $ 745,166 $ 743,211
LIABILITIES, MEZZANINE EQUITY AND EQUITY
Liabilities
Future policy benefits $ 197,667 $ 198,965 $ 199,169 $ 208,855 $ 206,628
Policyholder account balances 225,623 232,433 235,312 236,857 239,836
Market risk benefits, at estimated fair value 2,844 2,709 2,585 2,406 2,522
Other policy-related balances 19,523 19,899 20,361 20,070 20,444
Policyholder dividends payable 356 367 369 356 337
Payables for collateral under securities loaned and other transactions 17,440 17,147 17,139 17,115 18,157
Short-term debt 381 379 378 355 404
Long-term debt 14,695 15,374 15,300 14,467 14,445
Collateral financing arrangement 463 438 398 352 299
Subordinated debt securities 4,153 4,153 4,154 4,155 5,143
Notes issued by collateralized financing entities — — — 1,206 1,138
Deferred income tax liability 430 430 574 536 382
Other liabilities 38,843 39,074 48,452 57,582 57,989
Separate account liabilities 138,143 143,175 146,344 151,933 147,686
Total liabilities 660,561 674,543 690,535 716,245 715,410
Contingencies, Commitments and Guarantees
Mezzanine Equity
Redeemable noncontrolling interests — — — 241 206
Equity
Preferred stock, at par value — — — — —
Common stock, at par value 12 12 12 12 12
Additional paid-in capital 33,820 33,822 32,855 32,858 32,921
Retained earnings 43,131 43,447 43,887 44,290 45,058
Treasury stock, at cost (29,222) (29,737) (30,244) (30,678) (31,440)
Accumulated other comprehensive income (loss) (20,248) (19,859) (17,566) (18,084) (19,227)
Total MetLife, Inc.'s stockholders' equity 27,493 27,685 28,944 28,398 27,324
Noncontrolling interests 262 242 247 282 271
Total equity 27,755 27,927 29,191 28,680 27,595
Total liabilities, mezzanine equity and equity $ 688,316 $ 702,470 $ 719,726 $ 745,166 $ 743,211
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METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
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)
Total adjusted earnings before provision for income tax
$ 1,842 $ 1,833 $ 2,181 $ 2,170 $ 2,146
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)
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)
Total adjusted earnings available to common shareholders (1) $ 1,349 $ 1,362 $ 1,584 $ 1,648 $ 1,586
(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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GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026
Adjusted revenues
Premiums $ 5,763 $ 5,801 $ 5,662 $ 5,632 $ 5,848 $ 5,763 $ 5,848
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
Total adjusted revenues 6,783 6,791 6,662 6,645 6,891 6,783 6,891
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 5,183 5,161 4,982 4,889 5,147 5,183 5,147
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 1,076 1,052 1,038 1,100 1,114 1,076 1,114
Total adjusted expenses 6,315 6,283 6,085 6,056 6,336 6,315 6,336
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
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 $ 6,430 $ 6,446 $ 6,306 $ 6,287 $ 6,539 $ 6,430 $ 6,539
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GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
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
Adjusted other expenses $ 1,076 $ 1,052 $ 1,038 $ 1,100 $ 1,114
Adjusted capitalization of DAC
(5) (7) (7) (7) (6)
Adjusted other expenses, net of adjusted capitalization of DAC $ 1,071 $ 1,045 $ 1,031 $ 1,093 $ 1,108
OTHER INFORMATION (1)
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)
Adjusted premiums, fees and other revenues $ 2,352 $ 2,371 $ 2,328 $ 2,321 $ 2,379
Mortality ratio 84.8 % 83.0 % 83.4 % 81.1 % 80.1 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues $ 2,850 $ 2,876 $ 2,814 $ 2,866 $ 3,019
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.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.
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RIS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months 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 $ 2,284 $ 1,210 $ 1,045 $ 7,030 $ 2,212 $ 2,284 $ 2,212
Universal life and investment-type product policy fees 104 102 99 104 109 104 109
Net investment income 2,190 2,166 2,189 2,229 2,252 2,190 2,252
Other revenues 69 70 70 75 69 69 69
Total adjusted revenues 4,647 3,548 3,403 9,438 4,642 4,647 4,642
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 3,120 2,045 1,836 7,829 3,066 3,120 3,066
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
Total adjusted expenses 4,142 3,088 2,852 8,875 4,084 4,142 4,084
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
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 $ 2,457 $ 1,382 $ 1,214 $ 7,209 $ 2,390 $ 2,457 $ 2,390
Less: PRT
1,476 328 (10) 5,775 843 1,476 843
Adjusted premiums, fees and other revenues, excluding PRT $ 981 $ 1,054 $ 1,224 $ 1,434 $ 1,547 $ 981 $ 1,547
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RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Balance, end of period (at balance sheet discount rate) (2)
$ 73,415 $ 73,506 $ 74,263 $ 84,988 $ 84,300
Less: Accumulated other comprehensive (income) loss (2,627) (2,366) (1,209) (1,732) (2,968)
Balance, end of period (at original discount rate) $ 76,042 $ 75,872 $ 75,472 $ 86,720 $ 87,268
Future policyholder benefits subject to reinsurance (at balance sheet discount rate) (2)
$ 2,287 $ 2,266 $ 7,750 $ 12,786 $ 12,503
Add: Accumulated other comprehensive (income) loss
(16) (27) (149) (63) 116
Balance, end of period (at original discount rate)
$ 2,271 $ 2,239 $ 7,601 $ 12,723 $ 12,619
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Balance, end of period
$ 90,243 $ 92,197 $ 92,291 $ 93,549 $ 96,115
Policyholder account balances subject to reinsurance
$ 3,327 $ 4,297 $ 4,571
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES GENERAL ACCOUNT RETAINED BALANCES (3)
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Balance, end of period
$ 164,014 $ 165,830 $ 156,835 $ 163,249 $ 166,193
TOTAL LIABILITIES
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
General account retained balances (3)
$ 164,014 $ 165,830 $ 156,835 $ 163,249 $ 166,193
Separate account liabilities
55,953 54,864 55,671 57,128 56,089
Synthetic GICS (4), (5)
53,796 53,740 51,920 52,664 52,257
Longevity Reinsurance (6)
27,369 30,087 29,293 37,025 36,440
Total liability exposure retained, end of period
$ 301,132 $ 304,521 $ 293,719 $ 310,066 $ 310,979
Total liability exposure, end of period
$ 303,403 $ 306,760 $ 304,647 $ 327,086 $ 328,169
(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.
(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.
(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.
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RIS
OTHER EXPENSES BY MAJOR CATEGORY
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 $ 98 $ 89 $ 88 $ 90 $ 93
Pension, postretirement and postemployment benefit costs 4 4 4 5 5
Premium taxes, other taxes, and licenses & fees 5 3 7 32 15
Commissions and other variable expenses 62 64 71 69 103
Adjusted other expenses $ 169 $ 160 $ 170 $ 196 $ 216
Adjusted capitalization of DAC
(37) (46) (50) (80) (87)
Adjusted other expenses, net of adjusted capitalization of DAC
$ 132 $ 114 $ 120 $ 116 $ 129
SPREAD
For the Three Months Ended
Unaudited March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Investment income yield, excluding variable investment income yield
5.05 % 5.07 % 5.07 % 5.10 % 5.02 %
Variable investment income yield 9.03 % 5.45 % 13.46 % 12.37 % 12.15 %
Total investment income yield 5.19 % 5.08 % 5.36 % 5.35 % 5.26 %
Average crediting rate 4.28 % 4.31 % 4.33 % 4.34 % 4.28 %
Amortization of DPL and losses at inception (1) (0.20) % (0.21) % (0.24) % (0.23) % (0.21) %
Total average crediting rate 4.08 % 4.10 % 4.09 % 4.11 % 4.07 %
Annualized general account spread (2)
1.11 % 0.98 % 1.27 % 1.24 % 1.19 %
Annualized general account spread, excluding variable investment income yield
0.97 % 0.97 % 0.98 % 0.99 % 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.
(2)The general account is comprised of invested assets supporting future policy benefits and policyholder account balances.
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ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months 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 $ 1,260 $ 1,278 $ 1,290 $ 1,222 $ 1,294 $ 1,260 $ 1,294
Universal life and investment-type product policy fees 406 399 407 428 427 406 427
Net investment income 1,204 1,204 1,374 1,405 1,461 1,204 1,461
Other revenues 15 22 20 21 17 15 17
Total adjusted revenues 2,885 2,903 3,091 3,076 3,199 2,885 3,199
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 1,037 1,051 1,074 1,010 1,088 1,037 1,088
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
Total adjusted expenses 2,351 2,414 2,339 2,451 2,510 2,351 2,510
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
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 $ 1,681 $ 1,699 $ 1,717 $ 1,671 $ 1,738 $ 1,681 $ 1,738
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ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
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 $ 1,681 $ 1,699 $ 1,717 $ 1,671 $ 1,738
Adjusted premiums, fees and other revenues, on a constant currency basis $ 1,662 $ 1,622 $ 1,653 $ 1,660 $ 1,738
OTHER EXPENSES BY MAJOR CATEGORY
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
Adjusted other expenses $ 749 $ 813 $ 830 $ 815 $ 858
Adjusted capitalization of DAC
(351) (418) (435) (413) (465)
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
For the Three Months Ended
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Japan:
Life $ 110 $ 156 $ 212 $ 168 $ 164
Accident & Health 65 63 62 58 115
Annuities 145 226 178 119 127
Other 2 2 1 1 1
Total Japan 322 447 453 346 407
Other Asia 304 234 320 249 359
Total sales $ 626 $ 681 $ 773 $ 595 $ 766
OTHER INFORMATION
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
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Asia GA AUM $ 125,119 $ 129,325 $ 131,751 $ 130,514 $ 128,978
Asia GA AUM (at amortized cost) $ 134,352 $ 139,158 $ 140,892 $ 140,168 $ 140,660
Asia GA AUM (at amortized cost), on a constant currency basis $ 131,864 $ 134,331 $ 137,312 $ 139,084 $ 140,660
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LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026
Adjusted revenues
Premiums $ 1,164 $ 1,260 $ 1,288 $ 1,443 $ 1,485 $ 1,164 $ 1,485
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)
Total adjusted revenues 1,921 2,079 2,079 2,225 2,306 1,921 2,306
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 1,091 1,216 1,218 1,320 1,349 1,091 1,349
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
Total adjusted expenses 1,630 1,762 1,871 1,955 1,976 1,630 1,976
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
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 $ 1,513 $ 1,634 $ 1,663 $ 1,796 $ 1,897 $ 1,513 $ 1,897
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Table of Contents
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
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
Adjusted other expenses $ 483 $ 485 $ 615 $ 608 $ 604
Adjusted capitalization of DAC
(172) (176) (203) (219) (240)
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
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
Total sales $ 433 $ 416 $ 470 $ 469 $ 521
OTHER INFORMATION
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 $ 1,513 $ 1,634 $ 1,663 $ 1,796 $ 1,897
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 $ 1,704 $ 1,783 $ 1,774 $ 1,874 $ 1,897
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
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EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months 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
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
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
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
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EMEA
OTHER EXPENSES BY MAJOR CATEGORY
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
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
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
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MIM
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months 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
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
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
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.
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MIM
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 $ 178,666 $ 185,970 $ 200,616 $ 212,390 $ 319,282
Additions 5,945 17,118 19,078 19,806 16,264
Withdrawals (7,460) (9,103) (9,366) (14,194) (18,297)
Change in market value 2,217 6,631 2,062 1,770 (4,092)
Acquisitions, dispositions and other 6,602 — — 99,510 —
Ending Institutional Client AUM (1) $ 185,970 $ 200,616 $ 212,390 $ 319,282 $ 313,157
MIM GA AUM $ 417,194 $ 423,671 $ 420,204 $ 422,392 $ 423,134
Total AUM $ 603,164 $ 624,287 $ 632,594 $ 741,674 $ 736,291
OTHER REVENUES BY CLIENT SEGMENT
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
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.
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CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) 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 1,038 1,086 953 999 953
Other revenues (87) (93) (91) (96) (118) (87) (118)
Total adjusted revenues 1,646 1,581 1,634 1,711 1,461 1,646 1,461
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 1,210 1,171 1,160 1,202 1,110 1,210 1,110
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
Total adjusted expenses 1,748 1,722 1,734 1,797 1,653 1,748 1,653
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)
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
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CORPORATE & OTHER
FUTURE POLICY BENEFITS (1)
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Annuities $ 1,493 $ 1,466 $ 1,457 $ 1,442 $ 1,408
Long-term care
14,716 14,803 15,309 15,224 14,978
Life and Other 52,962 52,748 52,480 52,285 51,954
Balance, end of period (at balance sheet discount rate)
$ 69,171 $ 69,017 $ 69,246 $ 68,951 $ 68,340
Less:
Annuities $ (51) $ (43) $ (26) $ (32) $ (49)
Long-term care
(872) (922) (547) (751) (1,124)
Life and Other (26) (26) (10) (20) (39)
Accumulated other comprehensive (income) loss $ (949) $ (991) $ (583) $ (803) $ (1,212)
Annuities $ 1,544 $ 1,509 $ 1,483 $ 1,474 $ 1,457
Long-term care
15,588 15,725 15,856 15,975 16,102
Life and Other 52,988 52,774 52,490 52,305 51,993
Balance, end of period (at original discount rate) $ 70,120 $ 70,008 $ 69,829 $ 69,754 $ 69,552
Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
Annuities $ 1,370 $ 1,345 $ 1,326 $ 1,294 $ 1,255
Long-term care
— — — — —
Life and Other 2,421 2,455 2,474 3,934 3,920
Balance, end of period (at balance sheet discount rate)
$ 3,791 $ 3,800 $ 3,800 $ 5,228 $ 5,175
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Annuities $ 6,807 $ 6,633 $ 6,545 $ 6,383 $ 6,184
Life and Other 7,278 7,226 7,164 7,093 7,020
Balance, end of period $ 14,085 $ 13,859 $ 13,709 $ 13,476 $ 13,204
Policyholder account balances subject to reinsurance (2)
Annuities $ 2,930 $ 2,848 $ 2,761 $ 4,258 $ 4,133
Life and Other 6,301 6,240 6,178 6,119 6,104
Balance, end of period
$ 9,231 $ 9,088 $ 8,939 $ 10,377 $ 10,237
MARKET RISK BENEFITS
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Annuities $ 2,188 $ 2,056 $ 1,957 $ 1,788 $ 1,948
Market risk benefits subject to reinsurance (2)
$ — $ — $ — $ 285 $ 373
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Annuities $ 19,795 $ 20,317 $ 20,252 $ 19,621 $ 18,347
Life and Other 6,393 7,022 7,317 7,302 6,888
Balance, end of period $ 26,188 $ 27,339 $ 27,569 $ 26,923 $ 25,235
Separate account liabilities subject to reinsurance (3)
Annuities $ 73 $ 77 $ 77 $ 8,354 $ 7,767
Life and Other 5,852 6,429 6,688 6,666 6,284
Balance, end of period
$ 5,925 $ 6,506 $ 6,765 $ 15,020 $ 14,051
(1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
(3) Separate account assets 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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INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. Reinsurance activity and Third-party mortgage loan activity have been excluded from the amounts within this table.
At or For the Three Months Ended 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) $ 3,259 $ 3,517 $ 3,485 $ 3,504 $ 3,491 $ 3,259 $ 3,491
Investment gains (losses) (244) (124) (150) (105) (213) (244) (213)
Ending carrying value (4) 290,416 297,565 296,663 299,659 300,040 290,416 300,040
Mortgage Loans
Yield (1) 5.21 % 5.12 % 5.22 % 5.26 % 5.19 % 5.21 % 5.19 %
Investment income (3) 1,056 1,026 1,009 1,005 979 1,056 979
Investment gains (losses) (159) (288) (65) (93) (119) (159) (119)
Ending carrying value (5) 80,581 79,848 76,896 75,767 75,290 80,581 75,290
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) 13,481 14,007 13,932 13,431 13,276 13,481 13,276
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) 8,663 8,664 8,589 8,547 8,097 8,663 8,097
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) 14,125 14,265 14,726 14,712 14,222 14,125 14,222
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) 26,862 27,432 25,853 24,319 26,606 26,862 26,606
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) 17,470 16,350 16,871 16,193 17,391 17,470 17,391
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 $ 5,376 $ 5,351 $ 5,587 $ 5,733 $ 5,688 $ 5,376 $ 5,688
Investment fees and expenses (162) (149) (147) (156) (189) (162) (189)
Net investment income including divested businesses 5,214 5,202 5,440 5,577 5,499 5,214 5,499
Less: Net investment income from divested businesses 1 — — — — 1 —
Adjusted Net Investment Income (12) $ 5,213 $ 5,202 $ 5,440 $ 5,577 $ 5,499 $ 5,213 $ 5,499
Ending Carrying Value $ 452,345 $ 458,921 $ 454,318 $ 453,381 $ 455,726 $ 452,345 $ 455,726
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.
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INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
March 31, 2025 June 30, 2025 September 30, 2025
December 31, 2025 (15)
March 31, 2026
Unaudited (In millions, except ratios) Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total
U.S. corporate $ 80,316 27.7 % $ 81,562 27.5 % $ 81,720 27.7 % $ 83,048 27.8 % $ 83,279 27.8 %
Foreign corporate 55,083 19.1 % 58,792 19.9 % 57,798 19.6 % 58,260 19.6 % 57,727 19.4 %
Residential mortgage-backed 39,083 13.5 % 40,764 13.8 % 41,292 14.0 % 42,431 14.3 % 43,115 14.5 %
Foreign government 40,892 14.2 % 42,097 14.2 % 41,610 14.1 % 40,028 13.4 % 39,249 13.2 %
U.S. government and agency 33,535 11.6 % 32,463 11.0 % 32,315 11.0 % 33,706 11.3 % 33,204 11.1 %
Asset-backed securities and collateralized loan obligations 20,748 7.2 % 20,929 7.1 % 20,313 6.9 % 20,757 7.0 % 22,241 7.5 %
Municipals 9,764 3.4 % 9,802 3.3 % 10,486 3.6 % 10,579 3.6 % 10,363 3.5 %
Commercial mortgage-backed 9,388 3.3 % 9,428 3.2 % 9,245 3.1 % 8,922 3.0 % 8,925 3.0 %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity
$ 288,809 100.0 % $ 295,837 100.0 % $ 294,779 100.0 % $ 297,731 100.0 % $ 298,103 100.0 %
Reinsurance activity
2,926 2,900 9,866 18,200 18,007
Fixed Maturity Securities Available-For-Sale $ 291,735 $ 298,737 $ 304,645 $ 315,931 $ 316,110
NRSRO NAIC
RATING DESIGNATION
Aaa / Aa / A 1 $ 199,468 69.1 % $ 203,465 68.8 % $ 202,215 68.7 % $ 203,858 68.5 % $ 204,363 68.6 %
Baa 2 77,112 26.7 % 80,262 27.1 % 80,465 27.3 % 81,877 27.5 % 81,961 27.5 %
Ba 3 8,674 3.0 % 8,566 2.9 % 8,364 2.8 % 8,273 2.8 % 8,103 2.7 %
B 4 3,198 1.1 % 3,260 1.1 % 3,379 1.1 % 3,379 1.1 % 3,251 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 — %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity
$ 288,809 100.0 % $ 295,837 100.0 % $ 294,779 100.0 % $ 297,731 100.0 % $ 298,103 100.0 %
Reinsurance activity
2,926 2,900 9,866 18,200 18,007
Fixed Maturity Securities Available-For-Sale (14)
$ 291,735 $ 298,737 $ 304,645 $ 315,931 $ 316,110
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Gross unrealized gains $ 5,398 $ 6,192 $ 7,130 $ 6,910 $ 5,436
Gross unrealized losses 28,891 28,951 26,495 27,287 30,319
Net Unrealized Gains (Losses), excluding Reinsurance activity
$ (23,493) $ (22,759) $ (19,365) $ (20,377) $ (24,883)
Reinsurance activity
(109) (88) (575) (644) (925)
Net Unrealized Gains (Losses) $ (23,602) $ (22,847) $ (19,940) $ (21,021) $ (25,808)
See footnotes on Pages 28 and 29.
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INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Commercial mortgage loans $ 47,890 $ 46,674 $ 44,953 $ 42,406 $ 41,509
Agricultural mortgage loans 18,779 18,993 18,045 18,284 18,095
Residential mortgage loans 14,783 15,286 14,968 16,060 16,682
Mortgage loans held-for-sale — — — 35 35
Total 81,452 80,953 77,966 76,785 76,321
Allowance for credit loss (871) (1,105) (1,070) (1,018) (1,031)
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity
80,581 79,848 76,896 75,767 75,290
Reinsurance activity
82 78 2,270 2,459 2,510
Third-party mortgage loan activity
7,245 6,942 6,677 6,367 5,926
Mortgage loans
$ 87,908 $ 86,868 $ 85,843 $ 84,593 $ 83,726
SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE
March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Unaudited (In millions, except ratios) Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total
Pacific $ 8,677 18.1 % $ 8,611 18.4 % $ 8,617 19.2 % $ 8,395 19.8 % $ 8,466 20.4 %
Non-U.S. 7,802 16.3 % 7,839 16.8 % 7,555 16.8 % 7,076 16.7 % 6,824 16.5 %
Middle Atlantic 6,877 14.4 % 6,561 14.1 % 6,369 14.2 % 5,699 13.4 % 5,385 13.0 %
South Atlantic 5,796 12.1 % 5,630 12.1 % 5,321 11.8 % 5,205 12.3 % 4,988 12.0 %
West South Central 3,214 6.7 % 3,274 7.0 % 3,195 7.1 % 3,260 7.7 % 3,122 7.5 %
Mountain 2,455 5.1 % 2,470 5.3 % 2,369 5.3 % 2,348 5.5 % 2,341 5.6 %
New England 2,501 5.2 % 2,386 5.1 % 2,340 5.2 % 2,249 5.3 % 2,248 5.4 %
East North Central 1,453 3.0 % 1,460 3.1 % 1,398 3.1 % 1,185 2.8 % 1,148 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 8,226 17.2 % 7,560 16.2 % 6,931 15.4 % 6,137 14.5 % 6,158 14.8 %
Total, excluding Reinsurance activity and Third-party mortgage loan activity
47,890 100.0 % 46,674 100.0 % 44,953 100.0 % 42,406 100.0 % 41,509 100.0 %
Reinsurance activity
82 78 735 832 795
Third-party mortgage loan activity
7,047 6,703 6,503 6,162 5,725
Total
$ 55,019 $ 53,455 $ 52,191 $ 49,400 $ 48,029
Office (15) $ 17,594 36.7 % $ 17,437 37.3 % $ 16,820 37.4 % $ 16,088 38.0 % $ 15,474 37.3 %
Apartment (15) 8,770 18.3 % 8,156 17.5 % 8,035 17.9 % 7,669 18.1 % 7,895 19.0 %
Retail 6,502 13.6 % 6,768 14.5 % 6,505 14.5 % 6,013 14.2 % 5,975 14.4 %
Single Family Rental 4,844 10.1 % 4,780 10.2 % 4,481 9.9 % 4,221 9.9 % 4,160 10.0 %
Industrial (15) 4,506 9.4 % 3,942 8.5 % 3,764 8.4 % 3,611 8.5 % 3,353 8.1 %
Hotel 3,268 6.8 % 3,285 7.0 % 3,151 7.0 % 3,134 7.4 % 2,851 6.9 %
Warehouse Revolvers (15) 2,319 4.9 % 2,218 4.8 % 2,111 4.7 % 1,578 3.7 % 1,712 4.1 %
Other 87 0.2 % 88 0.2 % 86 0.2 % 92 0.2 % 89 0.2 %
Total, excluding Reinsurance activity and Third-party mortgage loan activity
47,890 100.0 % 46,674 100.0 % 44,953 100.0 % 42,406 100.0 % 41,509 100.0 %
Reinsurance activity
82 78 735 832 795
Third-party mortgage loan activity
7,047 6,703 6,503 6,162 5,725
Total
$ 55,019 $ 53,455 $ 52,191 $ 49,400 $ 48,029
See footnotes on Pages 28 and 29.
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INVESTMENTS
FOOTNOTES
(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Reinsurance activity, Third-party mortgage loan activity, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, 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.
(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.
March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Fixed maturity securities available-for-sale $ 291,735 $ 298,737 $ 304,645 $ 315,931 $ 316,110
Less: Reinsurance activity 2,926 2,900 9,866 18,200 18,007
Fixed maturity securities available-for-sale, excluding Reinsurance activity $ 288,809 $ 295,837 $ 294,779 $ 297,731 $ 298,103
Add: Fair value option general account and other securities 1,607 1,728 1,884 1,928 1,937
Fixed maturity securities, excluding Reinsurance activity $ 290,416 $ 297,565 $ 296,663 $ 299,659 $ 300,040
(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
Mortgage Loans $ 87,908 $ 86,868 $ 85,843 $ 84,593 $ 83,726
Less: Reinsurance activity 82 78 2,270 2,459 2,510
Less: Third-party mortgage loan activity 7,245 6,942 6,677 6,367 5,926
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity $ 80,581 $ 79,848 $ 76,896 $ 75,767 $ 75,290
(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
Real estate and real estate joint ventures $ 13,481 $ 14,007 $ 13,932 $ 13,440 $ 13,356
Less: Reinsurance activity — — — 9 80
Real estate and real estate joint ventures, excluding Reinsurance activity $ 13,481 $ 14,007 $ 13,932 $ 13,431 $ 13,276
(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
Policy loans $ 8,663 $ 8,664 $ 8,589 $ 8,547 $ 8,455
Less: Reinsurance activity — — — — 358
Policy loans, excluding Reinsurance activity $ 8,663 $ 8,664 $ 8,589 $ 8,547 $ 8,097
(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
Equity securities $ 747 $ 790 $ 788 $ 858 $ 927
Less: Reinsurance activity — — — 105 123
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.
March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Other limited partnership interests $ 14,137 $ 14,279 $ 14,741 $ 14,917 $ 14,531
Less: Reinsurance activity 12 14 15 205 309
Other limited partnership interests, excluding Reinsurance activity $ 14,125 $ 14,265 $ 14,726 $ 14,712 $ 14,222
(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
Cash and cash equivalents and short-term investments $ 26,869 $ 27,478 $ 26,195 $ 25,633 $ 27,635
Less: Reinsurance activity 7 46 342 1,314 1,029
Cash and cash equivalents and short-term investments, excluding Reinsurance activity $ 26,862 $ 27,432 $ 25,853 $ 24,319 $ 26,606
(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
Other invested assets $ 17,470 $ 16,352 $ 16,932 $ 16,332 $ 17,624
Less: Reinsurance activity
— 2 61 139 233
Other invested assets, excluding Reinsurance activity
$ 17,470 $ 16,350 $ 16,871 $ 16,193 $ 17,391
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INVESTMENTS
FOOTNOTES (CONTINUED)
(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:
For the Three Months 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
Net investment gains (losses) $ (387) $ (273) $ (325) $ (160) $ (670) $ (387) $ (670)
Less: Non-investment portfolio gains (losses) 65 86 (88) (39) (123) 65 (123)
Less: Third-party mortgage loan activity (34) 20 (75) 19 (10) (34) (10)
Add: Depreciation of wholly-owned real estate and real estate joint ventures (72) (61) (61)
Add: Joint venture adjustments (42) 16 (53) (39) 47 (42) 47
Less: Reinsurance activity — — (1) (7) (4) — (4)
Less: Other 1 (7) (4) (1) 2 1 2
Investment portfolio gains (losses) $ (461) $ (356) $ (210) $ (243) $ (549) $ (461) $ (549)
For the Three Months 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
Net derivative gains (losses) $ 432 $ (796) $ (929) $ (646) $ 74 $ 432 $ 74
Less: Investment hedge adjustments 103 102 100 105 84 103 84
Add: Joint venture adjustments — — 45 (25) (29) — (29)
Less: Reinsurance activity (35) (22) (247) 63 218 (35) 218
Less: Other 20 16 9 5 (1) 20 (1)
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.
(15)Certain amounts in prior periods are reclassified to conform to current period presentation.
29
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Appendix
Table of Contents
APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months 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
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders $ 879 $ 698 $ 818 $ 778 $ 1,140 $ 879 $ 1,140
Add: Preferred stock dividends 66 31 66 31 45 66 45
Add: Preferred stock redemption premium — — 12 — — — —
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 1,162 950 1,162
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses) (387) (273) (325) (160) (670) (387) (670)
Net derivative gains (losses) 432 (796) (929) (646) 74 432 74
Market risk benefit remeasurement gains (losses) (299) 277 263 267 (120) (299) (120)
Premiums - Divested businesses
4 3 — 1 — 4 —
Universal life and investment-type product policy fees
Asymmetrical and non-economic accounting
— — — 6 25 — 25
Divested businesses
— — — — — — —
Net investment income
Investment hedge adjustments (103) (102) (100) (105) (84) (103) (84)
Joint venture adjustments (42) 16 (8) (64) 18 (42) 18
Depreciation of wholly-owned real estate and real estate joint ventures (1)
(72) (61) (61)
Unit-linked contract income (227) 498 580 366 (318) (227) (318)
Reinsurance activity
43 47 177 222 301 43 301
Collateralized financing entities — — — — — — —
Divested businesses 1 — — — — 1 —
Other revenues
Asymmetrical and non-economic accounting 36 42 78 94 107 36 107
Other adjustments (15) (16) (15) (17) — (15) —
Divested businesses — — 2 (2) — — —
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting (75) (1) 52 (395) 35 (75) 35
Market volatility 44 40 49 76 74 44 74
Divested businesses (1) 1 (1) (2) — (1) —
Policyholder liability remeasurement (gains) losses
Asymmetrical and non-economic accounting — — (2) (1) 1 — 1
Divested businesses — — — — — — —
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting (64) (30) (68) (61) (57) (64) (57)
Unit-linked contract costs 234 (486) (578) (366) 302 234 302
Divested businesses — — — — — — —
Capitalization of DAC - Divested businesses
— — — — — — —
Amortization of DAC, VOBA and negative VOBA
Asymmetrical and non-economic accounting
— — — (1) (3) — (3)
Divested businesses
— — — — — — —
Interest expense on debt
Collateralized financing entities — — — — — — —
Divested businesses — — — — — — —
Other expenses
Reinsurance activity
(42) (45) (135) (166) (205) (42) (205)
Other adjustments, excluding Reinsurance activity (19) (21) (2) (15) (53) (19) (53)
Divested businesses (8) (7) (9) (12) (5) (8) (5)
Goodwill impairment — — — — — — —
Provision for income tax (expense) benefit 23 195 223 190 170 23 170
Adjusted earnings 1,415 1,393 1,650 1,679 1,631 1,415 1,631
Less: Preferred stock dividends 66 31 66 31 45 66 45
Adjusted earnings available to common shareholders $ 1,349 $ 1,362 $ 1,584 $ 1,648 $ 1,586 $ 1,349 $ 1,586
(1)See Page A-7 for further information.
A-1
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APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months 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) — — —
Total notable items $ — $ — $ 18 $ (61) $ — $ — $ —
GROUP BENEFITS
For the Three Months 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) $ — $ — $ — $ —
Total notable items $ — $ — $ (2) $ — $ — $ — $ —
RIS
For the Three Months 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 $ — $ — $ — $ —
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.
A-2
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APPENDIX
METLIFE
NOTABLE ITEMS (CONTINUED)
ASIA
For the Three Months 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 $ — $ — $ — $ —
Total notable items
$ — $ — $ 70 $ — $ — $ — $ —
LATIN AMERICA
For the Three Months 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) — — —
Total notable items
$ — $ — $ (75) $ (29) $ — $ — $ —
EMEA
For the Three Months 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) $ — $ — $ — $ —
Total notable items
$ — $ — $ (1) $ — $ — $ — $ —
CORPORATE & OTHER
For the Three Months 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) — — —
Total notable items $ — $ — $ 13 $ (32) $ — $ — $ —
A-3
Table of Contents
APPENDIX
METLIFE
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 $ 27,493 $ 27,685 $ 28,944 $ 28,398 $ 27,324
Less: Preferred stock 3,818 3,818 2,830 2,830 2,830
MetLife, Inc.'s common stockholders' equity 23,675 23,867 26,114 25,568 24,494
Less: Unrealized investment gains (losses), net of related offsets and income tax (17,329) (16,484) (14,667) (15,614) (19,380)
Deferred gains (losses) on derivatives, net of income tax
179 (1,466) (1,239) (1,588) (1,015)
Future policy benefits discount rate remeasurement gains (losses), net of income tax 5,334 5,876 6,028 6,871 9,001
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax (31) (64) (83) (97) (56)
Defined benefit plans adjustment, net of income tax (1,416) (1,407) (1,390) (1,393) (1,374)
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
37,038 37,495 37,373 37,397 37,087
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)
$ 37,038 $ 37,495 $ 37,355 $ 37,440 $ 37,087
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
Less: Unrealized investment gains (losses), net of related offsets and income tax (25.74) (24.72) (22.20) (23.83) (30.00)
Deferred gains (losses) on derivatives, net of income tax
0.27 (2.20) (1.88) (2.42) (1.57)
Future policy benefits discount rate remeasurement gains (losses), net of income tax 7.92 8.81 9.12 10.49 13.94
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax (0.05) (0.10) (0.13) (0.15) (0.09)
Defined benefit plans adjustment, net of income tax (2.10) (2.11) (2.10) (2.13) (2.13)
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)
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:
Common stockholders' equity 14.9 % 11.7 % 13.1 % 12.0 % 18.2 %
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity
14.4 % 14.6 % 16.9 % 17.6 % 17.0 %
Adjusted common stockholders' equity, excluding total notable items (2)
14.4 % 14.6 % 16.7 % 18.3 % 17.0 %
Average common stockholders' equity $ 23,651 $ 23,771 $ 24,991 $ 25,841 $ 25,031
Average adjusted common stockholders' equity
$ 37,405 $ 37,267 $ 37,434 $ 37,385 $ 37,242
Average adjusted common stockholders' equity, excluding total notable items (2)
$ 37,405 $ 37,267 $ 37,425 $ 37,398 $ 37,242
(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.
(3) Annualized using quarter-to-date results.
A-4
Table of Contents
APPENDIX
METLIFE
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
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) $ 6,430 $ 6,446 $ 6,306 $ 6,287 $ 6,539
RIS (1) 2,457 1,382 1,214 7,209 2,390
ASIA 1,662 1,622 1,653 1,660 1,738
LATIN AMERICA 1,704 1,783 1,774 1,874 1,897
EMEA 695 724 723 787 797
MIM (1) 218 237 238 239 314
CORPORATE & OTHER (1) 647 602 596 625 508
Adjusted premiums, fees and other revenues, on a constant currency basis $ 13,813 $ 12,796 $ 12,504 $ 18,681 $ 14,183
Adjusted premiums, fees and other revenues $ 13,614 $ 12,719 $ 12,461 $ 18,614 $ 14,183
ADJUSTED OTHER EXPENSES, ON A CONSTANT CURRENCY BASIS
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) $ 1,076 $ 1,052 $ 1,038 $ 1,100 $ 1,114
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
Adjusted other expenses, on a constant currency basis
$ 3,265 $ 3,235 $ 3,414 $ 3,579 $ 3,661
Adjusted other expenses $ 3,202 $ 3,236 $ 3,422 $ 3,563 $ 3,661
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, ON A CONSTANT CURRENCY BASIS
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)
Adjusted earnings available to common shareholders, on a constant currency basis $ 1,384 $ 1,377 $ 1,583 $ 1,657 $ 1,586
Adjusted earnings available to common shareholders $ 1,349 $ 1,362 $ 1,584 $ 1,648 $ 1,586
(1) Amounts on a reported basis, as constant currency impact is not significant.
A-5
Table of Contents
APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES
In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.
The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures: Comparable GAAP financial measures:
(i) total adjusted revenues (i) total revenues
(ii) total adjusted expenses (ii) total expenses
(iii) adjusted premiums, fees and other revenues (iii) premiums, fees and other revenues
(iv) adjusted premiums, fees and other revenues, excluding PRT (iv) premiums, fees and other revenues
(v) adjusted net investment income (v) net investment income
(vi) adjusted earnings (vi) net income (loss)
(vii) adjusted earnings available to common shareholders (vii) net income (loss) available to MetLife, Inc.’s common shareholders
(viii) adjusted earnings available to common shareholders, excluding total notable items (viii) net income (loss) available to MetLife, Inc.’s common shareholders
(ix) adjusted earnings available to common shareholders per diluted common share (ix) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(x) adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (x) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(xi) adjusted return on equity (xi) return on equity
(xii)
adjusted return on equity, excluding total notable items
(xii)
return on equity
(xiii)
investment portfolio gains (losses)
(xiii)
net investment gains (losses)
(xiv)
derivative gains (losses)
(xiv)
net derivative gains (losses)
(xv)
adjusted capitalization of DAC
(xv)
capitalization of DAC
(xvi)
total MetLife, Inc.’s adjusted common stockholders’ equity
(xvi)
total MetLife, Inc.’s stockholders’ equity
(xvii)
total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items
(xvii)
total MetLife, Inc.’s stockholders’ equity
(xviii)
adjusted book value per common share
(xviii)
book value per common share
(xix)
adjusted other expenses
(xix)
other expenses
(xx)
adjusted other expenses, net of adjusted capitalization of DAC
(xx)
other expenses, net of capitalization of DAC
(xxi)
adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses
(xxi)
other expenses, net of capitalization of DAC
(xxii)
adjusted expense ratio
(xxii)
expense ratio
(xxiii)
adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT
(xxiii)
expense ratio
(xxiv)
direct expenses
(xxiv)
other expenses
(xxv)
direct expenses, excluding total notable items related to direct expenses
(xxv)
other expenses
(xxvi)
direct expense ratio
(xxvi)
expense ratio
(xxvii)
direct expense ratio, excluding total notable items related to direct expenses and PRT
(xxvii)
expense ratio
(xxviii)
future policy benefits at original discount rate
(xxviii)
future policy benefits at balance sheet discount rate
Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period (“constant currency basis”).
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings materials, which are available at MetLife’s Investor Relations webpage (https://investor.metlife.com).
A-6
Table of Contents
APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
MetLife’s definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:
Adjusted earnings and related measures
• adjusted earnings;
• adjusted earnings available to common shareholders;
• adjusted earnings available to common shareholders, excluding total notable items;
• adjusted earnings available to common shareholders per diluted common share;
• adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and
•
adjusted earnings available to common shareholders, on a constant currency basis.
Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.
Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.
Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP.
Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method (“Joint venture adjustments”), and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:
•
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 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.
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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Investment portfolio gains (losses) and derivative gains (losses)
These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
Return on equity and related measures
•
Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI and the estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income tax.
•
Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of certain ceded reinsurance-related embedded derivatives and total notable items, all net of income tax.
•
Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
•
Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity.
•
Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.
The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•
Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
•
Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.
•
Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
•
Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
•
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Assets Under Management
•
Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below).
•
MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that 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.
•
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 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
METLIFE
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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ex993q12026totalaum
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%
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.
EX-99.4
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ex994q126earningscallpre
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.
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
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 $2.42 1 Versus 1Q25. 2 Adjusted return on equity. 3 Excluding total notable items related to direct expenses and pension risk transfers (PRT). 4 The per share data for each item is calculated on a standalone basis and may not sum to the total. Key 1Q'26 highlights 11.9% Direct Expense Ratio3 17.0% Adjusted ROE2 23% Adjusted EPS growth1 Beat 12.1% targetTop end of 15-17% targetWell above double-digit EPS target
4 Adjusted earnings, by segment and C&O ($ 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.
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. $0 Strong private equity returns fuel 1Q26 VII1
6 6 VII by segment and C&O Variable investment income 1Q25 2Q25 3Q25 4Q25 1Q26 Assets2 March 31, 2026 % of Total Assets3 ($ 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.
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
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
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
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
Appendix
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%
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.
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
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).
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).
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.
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.
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.
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.
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
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 %
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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v3.26.1
Document and Entity Information Document
May 06, 2026
Entity Information [Line Items]
Document Type
8-K
Document Period End Date
May 06, 2026
Entity Registrant Name
METLIFE, INC.
Entity Central Index Key
0001099219
Amendment Flag
false
Entity Incorporation, State or Country Code
DE
Entity File Number
1-15787
Entity Tax Identification Number
13-4075851
Entity Address, Address Line One
200 Park Avenue,
Entity Address, City or Town
New York,
Entity Address, State or Province
NY
Entity Address, Postal Zip Code
10166-0188
City Area Code
212
Local Phone Number
578-9500
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Common Stock
Entity Information [Line Items]
Title of 12(b) Security
Common Stock, par value $0.01
Trading Symbol
MET
Security Exchange Name
NYSE
Series A Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security
Floating Rate Non-Cumulative Preferred Stock,Series A, par value $0.01
Trading Symbol
MET PRA
Security Exchange Name
NYSE
Series E Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security
Depositary Shares, each representing a 1/1,000thinterest in a share of 5.625% Non-Cumulative Preferred Stock, Series E
Trading Symbol
MET PRE
Security Exchange Name
NYSE
Series F Preferred Stock
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