MetLife Announces 3Q 2025 Results

NEW YORK--( BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) today announced its third quarter 2025 results.

Return

on Equity (ROE)

3Q 2025

Net Income

$1.22

ROE

13.1%

Adjusted Earnings

$2.37

Adjusted ROE

16.9%

Comment from Michel Khalaf, President and Chief Executive Officer:

MetLife delivered an excellent third quarter that reinforces the strength of our diversified business model and disciplined execution of our New Frontier strategy.

Adjusted earnings per share, excluding total notable items, grew 21% year-over-year, driven by strong variable investment income, broad-based volume growth, and diligent expense management.

Momentum continues to build as we head into year-end. We've secured $12 billion in PRT mandates in the fourth quarter to-date and launched strategic partnerships that will expand our reach and enhance access to our insurance and retirement solutions.

These results demonstrate MetLife's earnings power and our ability to deliver all-weather performance – driving responsible growth and high returns for shareholders today and in the future.

1In this news release, all comparisons of results for the third quarter of 2025 are with the third quarter of 2024, unless otherwise noted.

Third Quarter 2025 Summary

($ in millions, except per share data)

Three Months Ended

September 30,

2025

2024

Change

Premiums, fees and other revenues

12,526

12,523

Net investment income

6,089

5,227

16%

Net investment gains (losses)

(325)

(77)

Net derivative gains (losses)

(929)

767

Total revenues

17,361

18,440

Adjusted premiums, fees and other revenues

12,461

12,471

Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)

12,471

11,942

Market risk benefit remeasurement gains (losses)

263

(531)

Net income (loss)

818

1,275

(36)%

Net income (loss) per share

1.22

1.81

(33)%

Adjusted earnings

1,584

1,375

15%

Adjusted earnings per share

2.37

1.95

22%

Adjusted earnings, excluding total notable items

1,566

1,359

15%

Adjusted earnings, excluding total notable items per share

2.34

1.93

21%

Book value per share

39.52

39.02

Adjusted book value per share

56.57

54.72

Expense ratio

21.7%

19.9%

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

11.6%

11.7%

Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT

19.8%

20.7%

ROE

13.1%

20.2%

Adjusted ROE

16.9%

14.6%

Adjusted ROE, excluding total notable items

16.7%

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.

In this news release, all comparisons of results for the third quarter of 2025 are with the third quarter of 2024, unless otherwise noted.

Supplemental slides for the third quarter of 2025, titled “3Q25 Supplemental Slides” 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 "3Q25 - General Account Assets Under Management Fact Sheet," available on the above-mentioned website.

Total Company Discussion

MetLife reported third quarter 2025 premiums, fees and other revenues of $12.5 billion, flat compared with the prior year quarter. Adjusted premiums, fees and other revenues, excluding pension risk transfers, were $12.5 billion, up 4 percent.

Net investment income was $6.1 billion, up 16 percent, primarily due to increases in the estimated fair value of certain securities that do not qualify as separate accounts under GAAP. Adjusted net investment income was $5.4 billion, up 6 percent, primarily reflecting higher returns on private equity assets.

Net investment losses were $325 million, or $257 million after tax, reflecting normal trading activity and a stable credit environment. Net derivative losses amounted to $929 million, or $734 million after tax, due to stronger equity markets, higher long-term interest rates, and strengthening of the U.S. dollar.

Net income decreased 36 percent to $818 million. Higher net derivative losses and net investment losses were the primary drivers, partially offset by market risk benefit remeasurement gains and higher adjusted earnings. On a per-share basis, net income decreased 33 percent to $1.22.

Adjusted earnings were $1.6 billion, up 15 percent on both a reported basis and a constant currency basis. On a per-share basis, adjusted earnings were $2.37, up 22 percent.

THIRD QUARTER 2025 NOTABLE ITEMS

($ in millions)

Adjusted Earnings

Three Months Ended September 30, 2025

Notable Items

Group

Benefits

RIS

Asia

Latin

America

EMEA

MetLife

Holdings

Corporate

Other

Total

Actuarial assumption review and other insurance adjustments

$(2)

$13

$70

$(4)

$(1)

$13

$89

Tax adjustments

—

(71)

—

(71)

Total notable items

$(2)

$13

$70

$(75)

$(1)

$13

$18

Annual Actuarial Assumption Review and Other Insurance Adjustments

In the third quarter of 2025, MetLife performed its annual global actuarial assumption review. The actuarial assumption review and other insurance adjustments during the quarter positively impacted net income by $102 million and adjusted earnings by $89 million.

Tax Adjustments

The company recorded a $71 million after-tax charge in the third quarter related to the resolution of an industry-wide tax matter in Mexico regarding the Value-Added Tax deduction of certain health insurance claims expenses.

Adjusted Earnings by Segment Summary

Three Months Ended

September 30, 2025

Segment

Change from

prior-year period

(on a reported

basis)

Change from

prior-year period

(on a constant

currency basis)

Group Benefits

22%

Retirement and Income Solutions (RIS)

(8)%

Asia

77%

78%

Latin America

(33)%

(34)%

Europe, the Middle East and Africa (EMEA)

26%

24%

MetLife Holdings

12%

Business Discussions

GROUP BENEFITS

($ in millions)

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

Change

Adjusted earnings

$455

$373

22%

Notable item(s)

$(2)

$(58)

Adjusted earnings ex. notables

$457

$431

Adjusted PFOs

$6,306

$6,146

RIS

($ in millions)

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

Change

Adjusted earnings

$436

$472

(8)%

Notable item(s)

$13

$104

Adjusted earnings ex. notables

$423

$368

15%

Adjusted PFOs

$1,186

$1,579

(25)%

Adjusted PFOs, excluding PRT

$1,196

$1,050

14%

ASIA

($ in millions)

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

Change

Constant

currency

change

Adjusted earnings

$543

$306

77%

78%

Notable item(s)

$70

$(41)

Adjusted earnings ex. notables

$473

$347

36%

37%

Adjusted PFOs

$1,717

$1,710

—%

Asia general account assets under management (at amortized cost)

$140,892

$135,107

LATIN AMERICA

($ in millions)

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

Change

Constant

currency

change

Adjusted earnings

$147

$221

(33)%

(34)%

Notable item(s)

$(75)

Adjusted earnings ex. notables

$222

$217

Adjusted PFOs

$1,663

$1,496

11%

EMEA

($ in millions)

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

Change

Constant

currency

change

Adjusted earnings

$88

$70

26%

24%

Notable item(s)

$(1)

$(5)

Adjusted earnings ex. notables

$89

$75

19%

17%

Adjusted PFOs

$727

$655

11%

METLIFE HOLDINGS

($ in millions)

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

Change

Adjusted earnings

$203

$182

12%

Notable item(s)

$13

$12

Adjusted earnings ex. notables

$190

$170

12%

Adjusted PFOs

$729

$793

(8)%

CORPORATE & OTHER

($ in millions)

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

Change

Adjusted earnings

$(288)

$(249)

INVESTMENTS

($ in millions)

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

Change

Adjusted net investment income

$5,440

$5,143

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 third quarter 2025 earnings conference call and audio webcast on Thursday, November 6, 2025, from 9-10 a.m. (ET). The conference call will be available live via the internet. To listen to the conference call, click the following link to register ( https://events.q4inc.com/attendee/817838289).

The conference call will be available for replay via telephone and the internet beginning at 11:00 a.m. (ET) on Thursday, November 6, 2025, until Thursday, November 13, 2025, at 11:59 p.m. (ET). To listen to a replay of the conference call via telephone, dial 800-770-2030 (U.S.) or 647-362-9199 (outside the U.S.). The Conference ID for the replay is 17886 followed by the # key. To access the replay of the conference call via the internet, visit the MetLife Investor Relations webpage ( https://investor.metlife.com).

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; and

(vii)

return on MetLife, Inc.’s common

stockholders’ equity; and

(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;

(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; and

(xxvii)

future policy benefits at balance sheet discount rate; and

(xxviii)

free cash flow of all holding companies.

(xxviii)

MetLife, Inc. (parent company only) net cash provided by (used in) operating activities.

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income.

Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period (“constant currency basis”).

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this earnings news release and in this period’s quarterly financial supplement, which is available at MetLife’s Investor Relations webpage ( https://investor.metlife.com).

MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ from those used by other companies:

Adjusted earnings and related measures

Adjusted earnings 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:

"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:

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).

Return on equity and related measures

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

Asia general account (GA) assets under management (GA AUM) and related measures

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, 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, net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.

Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and residential 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.

Statistical sales information

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

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

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, 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 environmental, social, and governance standards or to enhance our sustainability;

(11)

MetLife, Inc.’s inability to pay dividends and repurchase common stock;

(12)

MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;

(13)

investment defaults, downgrades, or volatility;

(14)

investment sales or lending difficulties;

(15)

collateral or derivative-related payments;

(16)

investment valuations, allowances, or impairments changes;

(17)

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

(18)

global political, legal, or operational risks;

(19)

business competition;

(20)

technological changes;

(21)

catastrophes;

(22)

climate changes or responses to it;

(23)

deficiencies in our closed block;

(24)

goodwill or other asset impairment, or deferred income tax asset allowance;

(25)

impairment of VOBA, value of distribution agreements acquired or value of customer relationships acquired;

(26)

product guarantee volatility, costs, and counterparty risks;

(27)

risk management failures;

(28)

insufficient protection from operational risks;

(29)

failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or disaster recovery failures;

(30)

accounting standards changes;

(31)

excessive risk-taking;

(32)

marketing and distribution difficulties;

(33)

pension and other postretirement benefit assumption changes;

(34)

inability to protect our intellectual property or avoid infringement claims;

(35)

acquisition, integration, growth, disposition, or reorganization difficulties;

(36)

Brighthouse Financial, Inc. separation risks;

(37)

MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and

(38)

legal- and corporate governance-related effects on business combinations.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.

MetLife, Inc.

GAAP Interim Condensed Consolidated Statements of Operations

(In millions)

For the Three Months Ended

September 30,

2025

2024

Revenues

Premiums

10,555

10,647

Universal life and investment-type product policy fees

1,247

1,228

Net investment income

6,089

5,227

Other revenues

724

648

Net investment gains (losses)

(325

)

(77

)

Net derivative gains (losses)

(929

)

767

Total revenues

17,361

18,440

Expenses

Policyholder benefits and claims

10,369

10,597

Policyholder liability remeasurement (gains) losses

(159

)

(132

)

Market risk benefit remeasurement (gains) losses

(263

)

531

Interest credited to policyholder account balances

2,561

2,037

Policyholder dividends

134

150

Amortization of DAC, VOBA and negative VOBA

522

509

Interest expense on debt

271

257

Other expenses, net of capitalization of DAC

2,716

2,497

Total expenses

16,151

16,446

Income (loss) before provision for income tax

1,210

1,994

Provision for income tax expense (benefit)

308

653

Net income (loss)

902

1,341

Less: Net income (loss) attributable to noncontrolling interests

)

Net income (loss) attributable to MetLife, Inc.

896

1,342

Less: Preferred stock dividends

Preferred stock redemption premium

—

Net income (loss) available to MetLife, Inc.'s common shareholders

818

1,275

See footnotes on last page.

MetLife, Inc.

(In millions, except per share data)

For the Three Months Ended

September 30,

2025

2024

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

818

1.22

1,275

1.81

Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:

Less: Net investment gains (losses)

(325

)

(0.49

)

(77

)

(0.11

)

Net derivative gains (losses)

(929

)

(1.39

)

767

1.09

Market risk benefit remeasurement gains (losses)

263

0.39

(531

)

(0.75

)

Goodwill impairment

—

Other adjustments to net income (loss)

0.04

(65

)

(0.09

)

Provision for income tax (expense) benefit

223

0.33

(195

)

(0.28

)

Add: Net income (loss) attributable to noncontrolling interests

0.01

)

—

Preferred stock redemption premium

0.02

—

Adjusted earnings available to common shareholders

1,584

2.37

1,375

1.95

Less: Total notable items

0.03

0.02

Adjusted earnings available to common shareholders, excluding total notable items

1,566

2.34

1,359

1.93

Adjusted earnings available to common shareholders on a constant currency basis

1,584

2.37

1,376

1.96

Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis

1,566

2.34

1,360

1.93

Weighted average common shares outstanding - diluted

669.1

703.7

See footnotes on last page.

MetLife, Inc.

(In millions)

For the Three Months Ended

September 30,

2025

2024

Premiums, Fees and Other Revenues

Premiums, fees and other revenues

12,526

12,523

Less: Adjustments to premiums, fees and other revenues:

Asymmetrical and non-economic accounting

Other adjustments

(15

)

(14

)

Divested businesses

Adjusted premiums, fees and other revenues

12,461

12,471

Adjusted premiums, fees and other revenues, on a constant currency basis

12,461

12,480

Less: PRT

(10

)

529

Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis

12,471

11,951

Net Investment Income

Net investment income

6,089

5,227

Less: Adjustments to net investment income

Investment hedge adjustments

(100

)

(129

)

Joint venture adjustments

)

Unit-linked contract income

580

147

Reinsurance adjustments

177

—

Divested businesses

—

Adjusted net investment income

5,440

5,143

Revenues and Expenses

Total revenues

17,361

18,440

Less: Adjustments to total revenues:

Net investment gains (losses)

(325

)

(77

)

Net derivative gains (losses)

(929

)

767

Investment hedge adjustments

(100

)

(129

)

Asymmetrical and non-economic accounting

Joint venture adjustments

)

Unit-linked contract income

580

147

Reinsurance adjustments

177

—

Other adjustments, excluding Unit-linked contract income and Reinsurance adjustments

(15

)

(14

)

Divested businesses

Total adjusted revenues

17,901

17,614

Total expenses

16,151

16,446

Less: Adjustments to total expenses:

Market risk benefit remeasurement (gains) losses

(263

)

531

Goodwill impairment

—

Asymmetrical and non-economic accounting

Market volatility

(49

)

(52

)

Unit-linked contract costs

578

143

Reinsurance adjustments

135

—

Other adjustments, excluding Unit-linked contract costs and Reinsurance adjustments

Divested businesses

Total adjusted expenses

15,720

15,714

See footnotes on last page.

MetLife, Inc.

(In millions, except per share and ratio data)

For the Three Months Ended

September 30,

2025

2024

Expense Detail and Ratios

Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC

Capitalization of DAC

(852

)

(691

)

Less: Divested businesses

—

Adjusted capitalization of DAC

(852

)

(691

)

Reconciliation of Other Expenses to Adjusted Other Expenses

Other expenses

3,568

3,188

Less: Reinsurance adjustments

135

—

Less: Other adjustments, excluding Reinsurance adjustments

Less: Divested businesses

Adjusted other expenses

3,422

3,159

Other Detail and Ratios

Other expenses, net of capitalization of DAC

2,716

2,497

Premiums, fees and other revenues

12,526

12,523

Expense ratio

21.7

19.9

Direct expenses

1,443

1,392

Less: Total notable items related to direct expenses

—

Direct expenses, excluding total notable items related to direct expenses

1,443

1,392

Adjusted other expenses

3,422

3,159

Adjusted capitalization of DAC

(852

)

(691

)

Adjusted other expenses, net of adjusted capitalization of DAC

2,570

2,468

Less: Total notable items related to adjusted other expenses

102

—

Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses

2,468

Adjusted premiums, fees and other revenues

12,461

12,471

Less: PRT

(10

)

529

Adjusted premiums, fees and other revenues, excluding PRT

12,471

11,942

Direct expense ratio

11.6

11.2

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

11.6

11.7

Adjusted expense ratio

20.6

19.8

Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT

19.8

20.7

See footnotes on last page.

MetLife, Inc.

(In millions, except per share data)

September 30,

Equity Details

2025

2024

Total MetLife, Inc.'s stockholders' equity

28,944

30,885

Less: Preferred stock

2,830

3,818

MetLife, Inc.'s common stockholders' equity

26,114

27,067

Less: Unrealized investment gains (losses), net of related offsets and income tax

(14,667

)

(11,239

)

Deferred gains (losses) on derivatives, net of income tax

(1,239

)

(292

)

Future policy benefits discount rate remeasurement gain (losses), net of income tax

6,028

2,004

Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax

(83

)

Defined benefit plans adjustment, net of income tax

(1,390

)

(1,371

)

Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax

—

Total MetLife, Inc.'s adjusted common stockholders' equity

37,373

37,961

Less: Accumulated year-to-date total notable items, net of income tax

Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items

37,355

37,945

September 30,

Book Value (2)

2025

2024

Book value per common share

39.52

39.02

Less: Unrealized investment gains (losses), net of related offsets and income tax

(22.20

)

(16.20

)

Deferred gains (losses) on derivatives, net of income tax

(1.88

)

(0.42

)

Future policy benefits discount rate remeasurement gain (losses), net of income tax

9.12

2.89

Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax

(0.13

)

0.01

Defined benefit plans adjustment, net of income tax

(2.10

)

(1.98

)

Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax

0.14

—

Adjusted book value per common share

56.57

54.72

Common shares outstanding, end of period (3)

660.7

693.7

For the Three Months Ended

September 30, (4)

Return on Equity

2025

2024

Return on MetLife, Inc.'s:

Common stockholders' equity

13.1

20.2

Adjusted return on MetLife, Inc.'s:

Adjusted common stockholders' equity

16.9

14.6

Adjusted common stockholders' equity, excluding total notable items

16.7

14.4

For the Three Months Ended

September 30,

Average Common Stockholders' Equity

2025

2024

Average common stockholders' equity

24,991

25,251

Average adjusted common stockholders' equity

37,434

37,673

Average adjusted common stockholders' equity, excluding total notable items

37,425

37,665

See footnotes on last page.

MetLife, Inc.

Adjusted Earnings Available to Common Shareholders

(In millions)

For the Three Months Ended

September 30,

2025

2024

Group Benefits (5):

Adjusted earnings available to common shareholders

455

373

Less: Total notable items

)

(58

)

Adjusted earnings available to common shareholders, excluding total notable items

457

431

Adjusted premiums, fees and other revenues

6,306

6,146

Retirement & Income Solutions (5):

Adjusted earnings available to common shareholders

436

472

Less: Total notable items

104

Adjusted earnings available to common shareholders, excluding total notable items

423

368

Adjusted premiums, fees and other revenues

1,186

1,579

Less: PRT

(10

)

529

Adjusted premiums, fees and other revenues, excluding PRT

1,196

1,050

Asia:

Adjusted earnings available to common shareholders

543

306

Less: Total notable items

(41

)

Adjusted earnings available to common shareholders, excluding total notable items

473

347

Adjusted earnings available to common shareholders on a constant currency basis

543

305

Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis

473

346

Adjusted premiums, fees and other revenues

1,717

1,710

Adjusted premiums, fees and other revenues, on a constant currency basis

1,717

1,704

Latin America:

Adjusted earnings available to common shareholders

147

221

Less: Total notable items

(75

)

Adjusted earnings available to common shareholders, excluding total notable items

222

217

Adjusted earnings available to common shareholders on a constant currency basis

147

222

Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis

222

218

Adjusted premiums, fees and other revenues

1,663

1,496

Adjusted premiums, fees and other revenues, on a constant currency basis

1,663

1,498

See footnotes on last page.

MetLife, Inc.

Adjusted Earnings Available to Common Shareholders (Continued)

(In millions)

For the Three Months Ended

September 30,

2025

2024

EMEA:

Adjusted earnings available to common shareholders

Less: Total notable items

)

Adjusted earnings available to common shareholders, excluding total notable items

Adjusted earnings available to common shareholders on a constant currency basis

Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis

Adjusted premiums, fees and other revenues

727

655

Adjusted premiums, fees and other revenues, on a constant currency basis

727

668

MetLife Holdings (5):

Adjusted earnings available to common shareholders

203

182

Less: Total notable items

Adjusted earnings available to common shareholders, excluding total notable items

190

170

Adjusted premiums, fees and other revenues

729

793

Corporate & Other (5):

Adjusted earnings available to common shareholders

(288

)

(249

)

Less: Total notable items

—

Adjusted earnings available to common shareholders, excluding total notable items

(288

)

(249

)

Adjusted premiums, fees and other revenues

133

See footnotes on last page.

MetLife, Inc.

For the Three

Months Ended

September 30, 2025

Variable

Investment Income

(post-tax, $ in

millions) (6)

Assets ($ in billions)

Group Benefits

0.2

RIS

146

5.6

Asia

139

8.3

Latin America

0.3

EMEA

—

MetLife Holdings

3.4

Corporate & Other

1.1

Total

382

18.9

Segments: Group Benefits, RIS, Asia, Latin America and EMEA (7)

Capital

Deployed

Value of New

Business

Internal Rate of

Return

Payback (Years)

Value of new business ($ in billions)

2024

3.4

2.6

19 %

2023

3.6

2.6

19 %

2022

3.7

2.3

17 %

2021

2.8

1.9

17 %

2020

3.2

1.9

17 %

See footnotes on last page.

MetLife, Inc.

September 30, 2025

Cash & Capital (8), (9), (in billions)

Holding Companies Cash & Liquid Assets

4.9

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 September 30, 2025 and September 30, 2024, respectively.

(3)

There were share repurchases of $502 million for the three months ended September 30, 2025. Year-to-date, there were share repurchases of approximately $2.6 billion, including approximately $150 million of share repurchases in October 2025. Common stock dividends totaling $378 million were paid for the three months ended September 30, 2025.

(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)

Excludes MetLife Holdings; Value of New Business is the present value of future profits net of the cost of capital and time value of guarantees from new sales.

(8)

The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $17.1 billion at September 30, 2025, flat from $17.1 billion at June 30, 2025. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company.

(9)

The expected Japan solvency margin ratio as of September 30, 2025 is approximately 740%.