MetLife 8K Announces Full Year and 4Q 2025 Results | MET 4 Feb 26

Exhibit 99.2

Fourth Quarter

Financial Supplement

December 31, 2025



			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; 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; and Other Information			16
			Asia General Account Assets Under Management and Related Measures			17

			LATIN AMERICA
			Statements of Adjusted Earnings Available to Common Shareholders			18
			Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Information			19

			EMEA
			Statements of Adjusted Earnings Available to Common Shareholders			20
			Other Expenses by Major Category; and Other Information			21

			METLIFE INVESTMENT MANAGEMENT
			Statements of Adjusted Earnings Available to Common Shareholders			22
			Assets Under Management Information; and Other Revenues by Client Segment			23

			CORPORATE & OTHER
			Statements of Adjusted Earnings Available to Common Shareholders			24
			Future Policy Benefits; Policyholder Account Balances; Market Risk Benefits; and Separate Account Liabilities			25

			INVESTMENTS
			Investment Portfolio Results by Asset Category and Annualized Yields			26
			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			27
			Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type			28
			Footnotes			29

			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, 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

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 Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025			December 31, 2025		December 31, 2024		December 31, 2025

Revenues
Premiums		$	12,617	$	11,723	$	10,810	$	10,555		$	16,691	$	44,945	$	49,779
Universal life and investment-type product policy fees		1,217		1,229		1,259		1,247			1,268		4,974		5,003
Net investment income		5,405		4,885		5,661		6,089			5,924		21,273		22,559
Other revenues		641		687		679		724			737		2,601		2,827
Net investment gains (losses)		(311)		(387)		(273)		(325)			(160)		(1,184)		(1,145)
Net derivative gains (losses)		(903)		432		(796)		(929)			(646)		(1,623)		(1,939)
Total revenues		18,666		18,569		17,340		17,361			23,814		70,986		77,084

Expenses
Policyholder benefits and claims		12,572		11,806		10,767		10,369			16,776		44,728		49,718
Policyholder liability remeasurement (gains) losses		(42)		(31)		5		(159)			35		(206)		(150)
Market risk benefit remeasurement (gains) losses		(764)		299		(277)		(263)			(267)		(1,109)		(508)
Interest credited to policyholder account balances		2,012		1,647		2,400		2,561			2,342		8,339		8,950
Policyholder dividends		150		144		146		134			129		595		553

Amortization of DAC, VOBA and negative VOBA		517		519		528		522			545		2,021		2,114

Interest expense on debt		259		258		269		271			263		1,037		1,061
Other expenses, net of capitalization of DAC		2,581		2,573		2,522		2,716			2,874		9,959		10,685
Total expenses		17,285		17,215		16,360		16,151			22,697		65,364		72,423
Income (loss) before provision for income tax		1,381		1,354		980		1,210			1,117		5,622		4,661
Provision for income tax expense (benefit)		106		404		245		308			301		1,178		1,258


Net income (loss)		1,275		950		735		902			816		4,444		3,403
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests		4		5		6		6			7		18		24
Net income (loss) attributable to MetLife, Inc.		1,271		945		729		896			809		4,426		3,379
Less: Preferred stock dividends		32		66		31		66			31		200		194
Preferred stock redemption premium		—		—		—		12			—		—		12
Net income (loss) available to MetLife, Inc.'s common shareholders		$	1,239	$	879	$	698	$	818		$	778	$	4,226	$	3,173

Premiums, fees and other revenues		$	14,475	$	13,639	$	12,748	$	12,526		$	18,696	$	52,520	$	57,609

Table of Contents



METLIFE CORPORATE OVERVIEW


	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,239	$	879	$	698	$	818	$	778
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(311)		(387)		(273)		(325)		(160)
Less: Net derivative gains (losses)	(903)		432		(796)		(929)		(646)
Less: Market risk benefit remeasurement gains (losses)	764		(299)		277		263		267
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss) (1)	(118)		(234)		(61)		20		(514)
Less: Provision for income tax (expense) benefit	352		23		195		223		190

Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	4		5		6		6		7
Add: Preferred stock redemption premium	—		—		—		12		—
Adjusted earnings available to common shareholders	1,459		1,349		1,362		1,584		1,648
Less: Total notable items (2)	10		—		—		18		(61)
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,449	$	1,349	$	1,362	$	1,566	$	1,709

Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	1.78	$	1.28	$	1.03	$	1.22	$	1.17

Less: Net investment gains (losses)	(0.45)		(0.56)		(0.40)		(0.49)		(0.24)
Less: Net derivative gains (losses)	(1.29)		0.63		(1.18)		(1.39)		(0.98)
Less: Market risk benefit remeasurement gains (losses)	1.09		(0.44)		0.41		0.39		0.40
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss)	(0.15)		(0.33)		(0.10)		0.04		(0.78)
Less: Provision for income tax (expense) benefit	0.50		0.03		0.29		0.33		0.29

Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	0.01		0.01		0.01		0.01		0.01
Add: Preferred stock redemption premium	—		—		—		0.02		—
Adjusted earnings available to common shareholders per diluted common share	2.09		1.96		2.02		2.37		2.49
Less: Total notable items per diluted common share (2)	0.01		—		—		0.03		(0.09)
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)	$	2.08	$	1.96	$	2.02	$	2.34	$	2.58

	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

Notable items impacting adjusted earnings available to common shareholders (2):


Actuarial assumption review and other insurance adjustments	$	—	$	—	$	—	$	89	$	—
Litigation reserves and settlement costs	(47)		—		—		—		(32)



Tax adjustments	57		—		—		(71)		(29)
Total notable items	$	10	$	—	$	—	$	18	$	(61)



Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):


Actuarial assumption review and other insurance adjustments	$	—	$	—	$	—	$	0.13	$	—
Litigation reserves and settlement costs	(0.07)		—		—		—		(0.05)



Tax adjustments	0.08		—		—		(0.11)		(0.04)
Total notable items	$	0.01	$	—	$	—	$	0.03	$	(0.09)



	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
Weighted average common shares outstanding - diluted	697.9		687.0		675.0		669.1		662.2

(1)See Pages A-1 and A-7 for further information.
(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.

Table of Contents



METLIFE CORPORATE OVERVIEW (CONTINUED)

Unaudited	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025

Book value per common share (1)	$	34.28		$	35.16		$	35.79		$	39.52		$	39.02
Adjusted book value per common share (1)	$	54.81		$	55.01		$	56.23		$	56.57		$	57.07


	For the Three Months Ended
Unaudited	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025

Return on MetLife, Inc.'s (2):
Common stockholders' equity	19.6		%	14.9		%	11.7		%	13.1		%	12.0		%

Adjusted return on MetLife, Inc.'s (2):
Adjusted common stockholders' equity	15.4		%	14.4		%	14.6		%	16.9		%	17.6		%
Adjusted common stockholders' equity, excluding total notable items (3)	15.3		%	14.4		%	14.6		%	16.7		%	18.3		%


	For the Three Months Ended
Unaudited (In millions)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025

Common shares outstanding, beginning of period	693.7			689.2			673.3			666.8			660.7
Share repurchases	(4.6)			(17.0)			(6.5)			(6.3)			(5.4)
Newly issued shares	0.1			1.1			—			0.2			—
Common shares outstanding, end of period	689.2			673.3			666.8			660.7			655.3

Weighted average common shares outstanding - basic	693.0			682.3			670.8			664.7			658.1
Dilutive effect of the exercise or issuance of stock-based awards	4.9			4.7			4.2			4.4			4.1
Weighted average common shares outstanding - diluted	697.9			687.0			675.0			669.1			662.2

MetLife Policyholder Trust Shares	111.6			110.1			108.6			107.4			105.9

(1) Calculated using common shares outstanding, end of period.

(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.

Table of Contents



METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS




	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Total revenues	$	18,666	$	18,569	$	17,340	$	17,361	$	23,814	$	70,986	$	77,084
Less: Adjustments to total revenues:
Net investment gains (losses)	(311)		(387)		(273)		(325)		(160)		(1,184)		(1,145)
Net derivative gains (losses)	(903)		432		(796)		(929)		(646)		(1,623)		(1,939)
Investment hedge adjustments	(127)		(103)		(102)		(100)		(105)		(604)		(410)
Depreciation of wholly-owned real estate and real estate joint ventures (1)									(72)				(72)
Asymmetrical and non-economic accounting, excluding Investment hedge adjustments	34		36		42		78		100		158		256

Unit-linked contract income	183		(227)		498		580		366		1,091		1,217
Reinsurance activity	31		43		47		177		222		31		489
Other	5		(57)		—		(23)		(81)		34		(161)
Divested businesses	16		5		3		2		(1)		32		9
Total adjusted revenues	$	19,738	$	18,827	$	17,921	$	17,901	$	24,191	$	73,051	$	78,840

	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Net investment income	$	5,405	$	4,885	$	5,661	$	6,089	$	5,924	$	21,273	$	22,559
Less: Adjustments to net investment income:
Investment hedge adjustments	(127)		(103)		(102)		(100)		(105)		(604)		(410)
Depreciation of wholly-owned real estate and real estate joint ventures (1)									(72)				(72)
Joint venture adjustments	16		(42)		16		(8)		(64)		82		(98)
Unit-linked contract income	183		(227)		498		580		366		1,091		1,217
Reinsurance activity	31		43		47		177		222		31		489

Divested businesses	1		1		—		—		—		1		1
Adjusted net investment income	$	5,301	$	5,213	$	5,202	$	5,440	$	5,577	$	20,672	$	21,432

	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Variable investment income (Included in net investment income above)	$	293	$	327	$	195	$	483	$	497	$	1,013	$	1,502

	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Premiums, fees and other revenues	$	14,475	$	13,639	$	12,748	$	12,526	$	18,696	$	52,520	$	57,609
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting	34		36		42		78		100		158		256
Other	(11)		(15)		(16)		(15)		(17)		(48)		(63)
Divested businesses	15		4		3		2		(1)		31		8
Adjusted premiums, fees and other revenues	$	14,437	$	13,614	$	12,719	$	12,461	$	18,614	$	52,379	$	57,408
Adjusted premiums, fees and other revenues, on a constant currency basis	$	14,545	$	13,757	$	12,729	$	12,438	$	18,614

(1)See Page A-7 for further information.

Table of Contents



METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)



	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Total expenses	$	17,285	$	17,215	$	16,360	$	16,151	$	22,697	$	65,364	$	72,423
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses	(764)		299		(277)		(263)		(267)		(1,109)		(508)
Goodwill impairment	—		—		—		—		—		—		—
Asymmetrical and non-economic accounting	46		139		31		18		458		322		646
Market volatility	(49)		(44)		(40)		(49)		(76)		(256)		(209)
Unit-linked contract costs	185		(234)		486		578		366		1,081		1,196
Reinsurance activity	30		42		45		135		166		30		388
Other	25		19		21		2		15		49		57
Divested businesses	23		9		6		10		14		57		39
Total adjusted expenses	$	17,789	$	16,985	$	16,088	$	15,720	$	22,021	$	65,190	$	70,814

	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Capitalization of DAC	$	(719)	$	(698)	$	(787)	$	(852)	$	(882)	$	(2,833)	$	(3,219)
Less: Divested businesses	—		—		—		—		—		—		—
Adjusted capitalization of DAC	$	(719)	$	(698)	$	(787)	$	(852)	$	(882)	$	(2,833)	$	(3,219)

	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Other expenses	$	3,300	$	3,271	$	3,309	$	3,568	$	3,756	$	12,792	$	13,904
Less: Adjustments to other expenses:
Reinsurance activity	30		42		45		135		166		30		388
Other	25		19		21		2		15		49		57
Divested businesses	13		8		7		9		12		38		36
Adjusted other expenses	$	3,232	$	3,202	$	3,236	$	3,422	$	3,563	$	12,675	$	13,423
Adjusted other expenses, on a constant currency basis	$	3,273	$	3,253	$	3,223	$	3,402	$	3,563

Table of Contents



METLIFE EXPENSE DETAIL AND RATIOS





	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			December 31, 2024			December 31, 2025


Other expenses, net of capitalization of DAC	$	2,581		$	2,573		$	2,522		$	2,716		$	2,874		$	9,959		$	10,685

Premiums, fees and other revenues	$	14,475		$	13,639		$	12,748		$	12,526		$	18,696		$	52,520		$	57,609

Expense ratio	17.8		%	18.9		%	19.8		%	21.7		%	15.4		%	19.0		%	18.5		%

	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			December 31, 2024			December 31, 2025
Adjusted other expenses by major category
Direct expenses	$	1,396		$	1,459		$	1,445		$	1,443		$	1,528		$	5,611		$	5,875
Pension, postretirement and postemployment benefit costs	71			70			66			69			74			266			279
Premium taxes, other taxes, and licenses & fees	253			160			158			272			246			783			836
Commissions and other variable expenses	1,512			1,513			1,567			1,638			1,715			6,015			6,433
Adjusted other expenses	3,232			3,202			3,236			3,422			3,563			12,675			13,423
Adjusted capitalization of DAC	(719)			(698)			(787)			(852)			(882)			(2,833)			(3,219)
Adjusted other expenses, net of adjusted capitalization of DAC	$	2,513		$	2,504		$	2,449		$	2,570		$	2,681		$	9,842		$	10,204



	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			December 31, 2024			December 31, 2025
Employee-related costs	$	955		$	991		$	935		$	962		$	946		$	3,696		$	3,834
Third-party staffing costs	439			353			392			374			415			1,491			1,534
General and administrative expenses	2			115			118			107			167			424			507
Direct expenses	1,396			1,459			1,445			1,443			1,528			5,611			5,875
Less: Total notable items related to direct expenses (1)	(152)			—			—			—			40			(152)			40
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,548		$	1,459		$	1,445		$	1,443		$	1,488		$	5,763		$	5,835

Adjusted other expenses, net of adjusted capitalization of DAC	$	2,513		$	2,504		$	2,449		$	2,570		$	2,681		$	9,842		$	10,204
Less: Total notable items related to adjusted other expenses (1)	(85)			—			—			102			81			(85)			183
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,598		$	2,504		$	2,449		$	2,468		$	2,600		$	9,927		$	10,021

Adjusted premiums, fees and other revenues	$	14,437		$	13,614		$	12,719		$	12,461		$	18,614		$	52,379		$	57,408
Less: PRT	2,593			1,476			328			(10)			5,775			4,849			7,569
Adjusted premiums, fees and other revenues, excluding PRT	$	11,844		$	12,138		$	12,391		$	12,471		$	12,839		$	47,530		$	49,839

Direct expense ratio	9.7		%	10.7		%	11.4		%	11.6		%	8.2		%	10.7		%	10.2		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	13.1		%	12.0		%	11.7		%	11.6		%	11.6		%	12.1		%	11.7		%

Adjusted expense ratio	17.4		%	18.4		%	19.3		%	20.6		%	14.4		%	18.8		%	17.8		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)	21.9		%	20.6		%	19.8		%	19.8		%	20.3		%	20.9		%	20.1		%

(1)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further information.

Table of Contents



METLIFE GAAP CONSOLIDATED BALANCE SHEETS



Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	281,043	$	291,735	$	298,737	$	304,645	$	315,931
Equity securities, at estimated fair value	712		747		790		788		858
Contractholder-directed equity securities and fair value option securities, at estimated fair value	10,672		10,725		11,694		12,270		13,959
Mortgage loans	89,012		87,908		86,868		85,843		84,593
Policy loans	8,545		8,663		8,664		8,589		8,547
Real estate and real estate joint ventures	13,342		13,481		14,007		13,932		13,440
Other limited partnership interests	14,378		14,137		14,279		14,741		14,917
Short-term investments, principally at estimated fair value	5,156		5,543		5,300		5,962		3,601
Other invested assets	18,504		17,470		16,352		16,932		16,332
Total investments	441,364		450,409		456,691		463,702		472,178
Cash and cash equivalents, principally at estimated fair value	20,068		21,326		22,178		20,233		22,032
Accrued investment income	3,489		3,557		3,532		3,791		3,719
Premiums, reinsurance and other receivables	29,761		31,251		31,503		40,329		49,059
Market risk benefits, at estimated fair value	372		317		352		392		458
Deferred policy acquisition costs and value of business acquired	19,627		20,162		20,993		21,175		21,107
Current income tax recoverable	295		338		554		374		660
Deferred income tax assets	2,994		2,524		2,925		2,719		2,585
Goodwill	8,901		9,036		9,142		9,095		9,613

Other assets	11,082		11,253		11,425		11,572		11,822
Separate account assets	139,504		138,143		143,175		146,344		151,933
Total assets	$	677,457	$	688,316	$	702,470	$	719,726	$	745,166

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	193,646	$	197,667	$	198,965	$	199,169	$	208,855
Policyholder account balances	221,445		225,623		232,433		235,312		236,857
Market risk benefits, at estimated fair value	2,581		2,844		2,709		2,585		2,406
Other policy-related balances	18,899		19,523		19,899		20,361		20,070
Policyholder dividends payable	385		356		367		369		356
Payables for collateral under securities loaned and other transactions	17,128		17,440		17,147		17,139		17,115
Short-term debt	465		381		379		378		355
Long-term debt	15,086		14,695		15,374		15,300		14,467
Collateral financing arrangement	476		463		438		398		352
Subordinated debt securities	3,164		4,153		4,153		4,154		4,155
Notes issued by collateralized financing entities, under the fair value option relating to variable interest entities	—		—		—		—		1,206

Deferred income tax liability	132		430		430		574		536
Other liabilities	36,843		38,843		39,074		48,452		57,582
Separate account liabilities	139,504		138,143		143,175		146,344		151,933
Total liabilities	649,754		660,561		674,543		690,535		716,245

Contingencies, Commitments and Guarantees

Redeemable noncontrolling interests	—		—		—		—		241

Equity
Preferred stock, at par value	—		—		—		—		—

Common stock, at par value	12		12		12		12		12
Additional paid-in capital	33,791		33,820		33,822		32,855		32,858
Retained earnings	42,626		43,131		43,447		43,887		44,290
Treasury stock, at cost	(27,798)		(29,222)		(29,737)		(30,244)		(30,678)
Accumulated other comprehensive income (loss)	(21,186)		(20,248)		(19,859)		(17,566)		(18,084)
Total MetLife, Inc.'s stockholders' equity	27,445		27,493		27,685		28,944		28,398
Noncontrolling interests	258		262		242		247		282
Total equity	27,703		27,755		27,927		29,191		28,680
Total liabilities and equity	$	677,457	$	688,316	$	702,470	$	719,726	$	745,166

Table of Contents



METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

Adjusted earnings before provision for income tax
GROUP BENEFITS		$	526	$	468	$	508	$	577	$	589
RIS		487		505		460		551		563
ASIA		613		534		489		752		625
LATIN AMERICA		258		291		317		208		270
EMEA		60		109		128		115		129
MIM		20		37		72		78		80
CORPORATE & OTHER		(15)		(102)		(141)		(100)		(86)
Total adjusted earnings before provision for income tax		$	1,949	$	1,842	$	1,833	$	2,181	$	2,170

Provision for income tax expense (benefit)
GROUP BENEFITS		$	110	$	98	$	107	$	121	$	124
RIS		101		99		90		110		109
ASIA		170		162		143		212		181
LATIN AMERICA		57		72		84		60		72
EMEA		1		26		28		28		32
MIM		4		9		18		20		20
CORPORATE & OTHER		15		(39)		(30)		(20)		(47)
Total provision for income tax expense (benefit)		$	458	$	427	$	440	$	531	$	491

Adjusted earnings available to common shareholders
GROUP BENEFITS		$	416	$	370	$	401	$	456	$	465
RIS		386		406		370		441		454
ASIA		443		372		346		540		444
LATIN AMERICA		201		219		233		148		198
EMEA		59		83		100		87		97
MIM		16		28		54		58		60
CORPORATE & OTHER (1)		(62)		(129)		(142)		(146)		(70)
Total adjusted earnings available to common shareholders (1)		$	1,459	$	1,349	$	1,362	$	1,584	$	1,648

(1)Includes impact of preferred stock dividends of $32 million, $66 million, $31 million, $66 million and $31 million for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively.

Table of Contents



GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Adjusted revenues
Premiums		$	5,579	$	5,763	$	5,801	$	5,662	$	5,632	$	22,427	$	22,858
Universal life and investment-type product policy fees		227		233		240		227		236		909		936
Net investment income		313		353		345		356		358		1,252		1,412
Other revenues		378		434		405		417		419		1,534		1,675
Total adjusted revenues		6,497		6,783		6,791		6,662		6,645		26,122		26,881

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		4,881		5,183		5,161		4,982		4,889		19,824		20,215
Policyholder liability remeasurement (gains) losses		—		(18)		(4)		(9)		(3)		(1)		(34)
Interest credited to policyholder account balances		46		72		73		73		71		191		289
Capitalization of DAC		(5)		(5)		(7)		(7)		(7)		(18)		(26)
Amortization of DAC, VOBA and negative VOBA		7		6		7		7		6		26		26
Interest expense on debt		1		1		1		1		—		2		3
Other expenses		1,041		1,076		1,052		1,038		1,100		4,067		4,266
Total adjusted expenses		5,971		6,315		6,283		6,085		6,056		24,091		24,739
Adjusted earnings before provision for income tax		526		468		508		577		589		2,031		2,142
Provision for income tax expense (benefit)		110		98		107		121		124		425		450
Adjusted earnings		416		370		401		456		465		1,606		1,692
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		416		370		401		456		465		1,606		1,692
Less: Total notable items		—		—		—		(2)		—		(58)		(2)
Adjusted earnings available to common shareholders, excluding total notable items		$	416	$	370	$	401	$	458	$	465	$	1,664	$	1,694

Adjusted premiums, fees and other revenues		$	6,184	$	6,430	$	6,446	$	6,306	$	6,287	$	24,870	$	25,469

Table of Contents



GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025

Direct and allocated expenses	$	519		$	529		$	507		$	502		$	534
Pension, postretirement and postemployment benefit costs	14			13			15			14			15
Premium taxes, other taxes, and licenses & fees	86			83			88			87			89
Commissions and other variable expenses	422			451			442			435			462
Adjusted other expenses	$	1,041		$	1,076		$	1,052		$	1,038		$	1,100

OTHER INFORMATION (1)

	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025

Group Life (2)
Adjusted premiums, fees and other revenues	$	2,289		$	2,352		$	2,371		$	2,328		$	2,321
Mortality ratio	83.2		%	84.8		%	83.0		%	83.4		%	81.1		%
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues	$	2,771		$	2,850		$	2,876		$	2,814		$	2,866
Interest adjusted benefit ratio (4)	71.8		%	74.1		%	74.8		%	72.5		%	72.2		%

(1) Results are derived from insurance and non-administrative services-only contracts.
(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.

Table of Contents



RIS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Adjusted revenues
Premiums		$	3,460	$	2,284	$	1,210	$	1,045	$	7,030	$	8,034	$	11,569
Universal life and investment-type product policy fees		99		104		102		99		104		314		409
Net investment income		2,143		2,190		2,166		2,189		2,229		8,482		8,774
Other revenues		61		69		70		70		75		246		284
Total adjusted revenues		5,763		4,647		3,548		3,403		9,438		17,076		21,036

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		4,280		3,120		2,045		1,836		7,829		11,246		14,830
Policyholder liability remeasurement (gains) losses		—		(15)		1		(14)		26		(170)		(2)
Interest credited to policyholder account balances		863		883		903		888		878		3,371		3,552
Capitalization of DAC		(58)		(37)		(46)		(50)		(80)		(218)		(213)
Amortization of DAC, VOBA and negative VOBA		21		19		21		19		22		66		81
Interest expense on debt		4		3		4		3		4		15		14
Other expenses		166		169		160		170		196		666		695
Total adjusted expenses		5,276		4,142		3,088		2,852		8,875		14,976		18,957
Adjusted earnings before provision for income tax		487		505		460		551		563		2,100		2,079
Provision for income tax expense (benefit)		101		99		90		110		109		433		408
Adjusted earnings		386		406		370		441		454		1,667		1,671
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		386		406		370		441		454		1,667		1,671
Less: Total notable items		—		—		—		13		—		104		13
Adjusted earnings available to common shareholders, excluding total notable items		$	386	$	406	$	370	$	428	$	454	$	1,563	$	1,658

Adjusted premiums, fees and other revenues		$	3,620	$	2,457	$	1,382	$	1,214	$	7,209	$	8,594	$	12,262
Less: PRT		2,593		1,476		328		(10)		5,775		4,849		7,569
Adjusted premiums, fees and other revenues, excluding PRT		$	1,027	$	981	$	1,054	$	1,224	$	1,434	$	3,745	$	4,693

Table of Contents



RIS
FUTURE POLICY BENEFITS (1)

Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
Balance, end of period (at balance sheet discount rate) (2)	$	71,510	$	73,415	$	73,506	$	74,263	$	84,988
Less: Accumulated other comprehensive (income) loss	(3,134)		(2,627)		(2,366)		(1,209)		(1,732)
Balance, end of period (at original discount rate)	$	74,644	$	76,042	$	75,872	$	75,472	$	86,720

Future policyholder benefits subject to reinsurance (at balance sheet discount rate) (2)	$	1,956	$	2,287	$	2,266	$	7,750	$	12,786
Add: Accumulated other comprehensive (income) loss	13		(16)		(27)		(149)		(63)
Balance, end of period (at original discount rate)	$	1,969	$	2,271	$	2,239	$	7,601	$	12,723

POLICYHOLDER ACCOUNT BALANCES

Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
Balance, end of period	$	84,923	$	90,243	$	92,197	$	92,291	$	93,549

Policyholder account balances subject to reinsurance							$	3,327	$	4,297

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES GENERAL ACCOUNT RETAINED BALANCES (3)

Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
Balance, end of period	$	157,598	$	164,014	$	165,830	$	156,835	$	163,249

TOTAL LIABILITIES

Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
General account retained balances (3)	$	157,598	$	164,014	$	165,830	$	156,835	$	163,249
Separate account liabilities	51,420		55,953		54,864		55,671		57,128
Synthetic GICS (4), (5)	49,599		53,796		53,740		51,920		52,664
Longevity Reinsurance (6)	25,121		27,369		30,087		29,293		37,025
Total liability exposure retained, end of period	$	283,738	$	301,132	$	304,521	$	293,719	$	310,066

Total liability exposure, end of period	$	285,707	$	303,403	$	306,760	$	304,647	$	327,086


(1)Includes $3,872 million, $3,899 million, $3,910 million, $3,964 million and $3,948 million of DPL at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(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 $221 million, $1,242 million, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively.
(6)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the U.K. PRT market.

Table of Contents



RIS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025

Direct and allocated expenses	$	80		$	98		$	89		$	88		$	90
Pension, postretirement and postemployment benefit costs	3			4			4			4			5
Premium taxes, other taxes, and licenses & fees	18			5			3			7			32
Commissions and other variable expenses	65			62			64			71			69
Adjusted other expenses	$	166		$	169		$	160		$	170		$	196

SPREAD

	For the Three Months Ended
Unaudited	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025

Investment income yield, excluding variable investment income yield	5.22		%	5.05		%	5.07		%	5.07		%	5.10		%
Variable investment income yield	6.46		%	9.03		%	5.45		%	13.46		%	12.37		%
Total investment income yield	5.26		%	5.19		%	5.08		%	5.36		%	5.35		%

Average crediting rate	4.35		%	4.28		%	4.31		%	4.33		%	4.34		%
Amortization of DPL and losses at inception (1)	(0.21)		%	(0.20)		%	(0.21)		%	(0.24)		%	(0.23)		%
Total average crediting rate	4.14		%	4.08		%	4.10		%	4.09		%	4.11		%

Annualized general account spread (2)	1.12		%	1.11		%	0.98		%	1.27		%	1.24		%
Annualized general account spread, excluding variable investment income yield	1.08		%	0.97		%	0.97		%	0.98		%	0.99		%

(1)Includes the amortization of DPL of (0.23)% for the three months ended December 31, 2024, (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, and (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025.
(2)The general account is comprised of invested assets supporting future policy benefits and policyholder account balances.

Table of Contents



ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Adjusted revenues
Premiums		$	1,206	$	1,260	$	1,278	$	1,290	$	1,222	$	4,991	$	5,050
Universal life and investment-type product policy fees		410		406		399		407		428		1,690		1,640
Net investment income		1,251		1,204		1,204		1,374		1,405		4,658		5,187
Other revenues		19		15		22		20		21		76		78
Total adjusted revenues		2,886		2,885		2,903		3,091		3,076		11,415		11,955

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		993		1,037		1,051		1,074		1,010		4,083		4,172
Policyholder liability remeasurement (gains) losses		(59)		(11)		(12)		(141)		6		(35)		(158)
Interest credited to policyholder account balances		708		711		757		804		825		2,695		3,097
Capitalization of DAC		(348)		(351)		(418)		(435)		(413)		(1,380)		(1,617)
Amortization of DAC, VOBA and negative VOBA		214		216		223		207		208		832		854
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		765		749		813		830		815		2,969		3,207
Total adjusted expenses		2,273		2,351		2,414		2,339		2,451		9,164		9,555
Adjusted earnings before provision for income tax		613		534		489		752		625		2,251		2,400
Provision for income tax expense (benefit)		170		162		143		212		181		630		698
Adjusted earnings		443		372		346		540		444		1,621		1,702
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		443		$	372	$	346	$	540	444		1,621		1,702
Less: Total notable items		—		—		—		70		—		(41)		70
Adjusted earnings available to common shareholders, excluding total notable items		$	443	$	372	$	346	$	470	$	444	$	1,662	$	1,632

Adjusted premiums, fees and other revenues		$	1,635	$	1,681	$	1,699	$	1,717	$	1,671	$	6,757	$	6,768

Table of Contents



ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

Adjusted premiums, fees and other revenues	$	1,635	$	1,681	$	1,699	$	1,717	$	1,671

Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,615	$	1,675	$	1,632	$	1,664	$	1,671
Add: Operating joint ventures, on a constant currency basis (1)	409		1,036		741		835		420
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,024	$	2,711	$	2,373	$	2,499	$	2,091

OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

Direct and allocated expenses	$	319	$	306	$	304	$	303	$	303
Pension, postretirement and postemployment benefit costs	19		13		14		13		17
Premium taxes, other taxes, and licenses & fees	26		29		33		33		38
Commissions and other variable expenses	401		401		462		481		457
Adjusted other expenses	$	765	$	749	$	813	$	830	$	815
Adjusted other expenses, net of adjusted capitalization of DAC	$	417	$	398	$	395	$	395	$	402

Adjusted other expenses, on a constant currency basis	$	755	$	746	$	774	$	803	$	815
Add: Operating joint ventures, on a constant currency basis (2)	93		127		113		135		104
Adjusted other expenses, including operating joint ventures, on a constant currency basis	$	848	$	873	$	887	$	938	$	919
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis	$	477	$	466	$	453	$	472	$	479

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

Japan:
Life	$	106	$	110	$	157	$	213	$	170
Accident & Health	78		66		64		63		58
Annuities	112		145		226		178		119
Other	2		2		2		1		1
Total Japan	298		323		449		455		348
Other Asia	207		304		233		319		250
Total sales	$	505	$	627	$	682	$	774	$	598

OTHER INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

Adjusted earnings available to common shareholders	$	443	$	372	$	346	$	540	$	444
Adjusted earnings available to common shareholders, excluding total notable items	$	443	$	372	$	346	$	470	$	444
Adjusted earnings available to common shareholders, on a constant currency basis	$	440	$	372	$	338	$	527	$	444
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis	$	440	$	372	$	338	$	457	$	444

(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

Table of Contents



ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES

Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

Asia GA AUM	$	120,626	$	125,119	$	129,325	$	131,751	$	130,514
Asia GA AUM (at amortized cost)	$	129,959	$	134,352	$	139,158	$	140,892	$	140,168

Asia GA AUM (at amortized cost), on a constant currency basis	$	130,435	$	132,918	$	135,409	$	138,375	$	140,168
Add: Operating joint ventures, on a constant currency basis (1)	10,207		11,815		12,554		13,220		13,651
Asia GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis	$	140,642	$	144,733	$	147,963	$	151,595	$	153,819

(1)Includes MetLife, Inc.’s share of GA AUM (at amortized cost) for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

Table of Contents



LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Adjusted revenues
Premiums		$	1,098	$	1,164	$	1,260	$	1,288	$	1,443	$	4,476	$	5,155
Universal life and investment-type product policy fees		330		340		371		377		359		1,419		1,447
Net investment income		431		408		445		416		429		1,650		1,698
Other revenues		10		9		3		(2)		(6)		41		4
Total adjusted revenues		1,869		1,921		2,079		2,079		2,225		7,586		8,304

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,035		1,091		1,216		1,218		1,320		4,127		4,845
Policyholder liability remeasurement (gains) losses		20		(3)		—		(4)		—		(9)		(7)
Interest credited to policyholder account balances		101		98		96		92		87		438		373
Capitalization of DAC		(177)		(172)		(176)		(203)		(219)		(704)		(770)
Amortization of DAC, VOBA and negative VOBA		123		129		137		149		156		503		571
Interest expense on debt		4		4		4		4		3		15		15
Other expenses		505		483		485		615		608		2,007		2,191
Total adjusted expenses		1,611		1,630		1,762		1,871		1,955		6,377		7,218
Adjusted earnings before provision for income tax		258		291		317		208		270		1,209		1,086
Provision for income tax expense (benefit)		57		72		84		60		72		328		288
Adjusted earnings		201		219		233		148		198		881		798
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	201	$	219	$	233	$	148	$	198	$	881	$	798
Less: Total notable items		—		—		—		(75)		(29)		4		(104)
Adjusted earnings available to common shareholders, excluding total notable items		$	201	$	219	$	233	$	223	$	227	$	877	$	902

Adjusted premiums, fees and other revenues		$	1,438	$	1,513	$	1,634	$	1,663	$	1,796	$	5,936	$	6,606

Table of Contents



LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

Direct and allocated expenses	$	146	$	135	$	143	$	147	$	151
Pension, postretirement and postemployment benefit costs	3		1		2		1		3
Premium taxes, other taxes, and licenses & fees	24		23		22		123		66
Commissions and other variable expenses	332		324		318		344		388
Adjusted other expenses	$	505	$	483	$	485	$	615	$	608
Adjusted other expenses, net of adjusted capitalization of DAC	$	328	$	311	$	309	$	412	$	389
Adjusted other expenses, on a constant currency basis	$	544	$	523	$	508	$	625	$	608
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	352	$	336	$	323	$	418	$	389

SALES ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

Mexico	$	146	$	223	$	195	$	216	$	218
Chile	125		118		130		124		127
All other	88		74		74		110		106
Total sales	$	359	$	415	$	399	$	450	$	451

OTHER INFORMATION

	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

Adjusted premiums, fees and other revenues	$	1,438	$	1,513	$	1,634	$	1,663	$	1,796
Adjusted earnings available to common shareholders	$	201	$	219	$	233	$	148	$	198
Adjusted earnings available to common shareholders, excluding total notable items	$	201	$	219	$	233	$	223	$	227

Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,545	$	1,635	$	1,707	$	1,697	$	1,796
Adjusted earnings available to common shareholders, on a constant currency basis	$	218	$	240	$	246	$	153	$	198
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis	$	218	$	240	$	246	$	228	$	227

Table of Contents



EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Adjusted revenues
Premiums		$	568	$	582	$	626	$	638	$	679	$	2,202	$	2,525
Universal life and investment-type product policy fees		76		78		84		82		98		314		342
Net investment income		59		58		61		66		68		222		253
Other revenues		8		8		9		7		10		32		34
Total adjusted revenues		711		726		780		793		855		2,770		3,154

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		301		277		309		333		334		1,100		1,253
Policyholder liability remeasurement (gains) losses		(3)		—		4		3		(1)		7		6
Interest credited to policyholder account balances		17		17		20		21		25		70		83
Capitalization of DAC		(124)		(126)		(136)		(151)		(155)		(486)		(568)
Amortization of DAC, VOBA and negative VOBA		93		94		88		85		100		355		367
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		367		355		367		387		423		1,369		1,532
Total adjusted expenses		651		617		652		678		726		2,415		2,673
Adjusted earnings before provision for income tax		60		109		128		115		129		355		481
Provision for income tax expense (benefit)		1		26		28		28		32		72		114
Adjusted earnings		59		83		100		87		97		283		367
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		59		83		100		87		97		283		367
Less: Total notable items		—		—		—		(1)		—		(5)		(1)
Adjusted earnings available to common shareholders, excluding total notable items		$	59	$	83	$	100	$	88	$	97	$	288	$	368

Adjusted premiums, fees and other revenues		$	652	$	668	$	719	$	727	$	787	$	2,548	$	2,901

Table of Contents



EMEA
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

Direct and allocated expenses	$	112	$	109	$	111	$	111	$	120
Pension, postretirement and postemployment benefit costs	2		1		(3)		2		1
Premium taxes, other taxes, and licenses & fees	7		6		6		7		9
Commissions and other variable expenses	246		239		253		267		293
Adjusted other expenses	$	367	$	355	$	367	$	387	$	423
Adjusted other expenses, net of adjusted capitalization of DAC	$	243	$	229	$	231	$	236	$	268
Adjusted other expenses, on a constant currency basis	$	379	$	369	$	370	$	384	$	423
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	252	$	238	$	234	$	234	$	268

OTHER INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

Adjusted premiums, fees and other revenues	$	652	$	668	$	719	$	727	$	787
Adjusted earnings available to common shareholders	$	59	$	83	$	100	$	87	$	97
Adjusted earnings available to common shareholders, excluding total notable items	$	59	$	83	$	100	$	88	$	97

Adjusted premiums, fees and other revenues, on a constant currency basis	$	673	$	695	$	723	$	723	$	787
Adjusted earnings available to common shareholders, on a constant currency basis	$	59	$	86	$	100	$	86	$	97
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis	$	59	$	86	$	100	$	87	$	97
Total sales, on a constant currency basis	$	249	$	318	$	307	$	298	$	310

Table of Contents



METLIFE INVESTMENT MANAGEMENT STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended													For the Year Ended
Unaudited (In millions, except ratios)		December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			December 31, 2024			December 31, 2025

Adjusted revenues
Premiums		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		1			1			2			1			2			7			6
Other revenues (1)		181			218			237			238			239			718			932
Total adjusted revenues		182			219			239			239			241			725			938

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		—			—			—			—			—			—			—
Policyholder liability remeasurement (gains) losses		—			—			—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC, VOBA and negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		162			182			167			161			161			652			671
Total adjusted expenses		162			182			167			161			161			652			671
Adjusted earnings before provision for income tax		20			37			72			78			80			73			267
Provision for income tax expense (benefit)		4			9			18			20			20			18			67
Adjusted earnings		16			28			54			58			60			55			200
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		16			28			54			58			60			55			200
Less: Total notable items		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders, excluding total notable items		$	16		$	28		$	54		$	58		$	60		$	55		$	200


Operating margin (2)		11.0		%	16.9		%	30.1		%	32.6		%	33.2		%	10.1		%	28.5		%

(1)Beginning January 1, 2025, revenues earned on MIM GA AUM were determined based on market rates.
(2)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues.

Table of Contents



METLIFE INVESTMENT MANAGEMENT
ASSETS UNDER MANAGEMENT INFORMATION

Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

Institutional Client AUM
Beginning Institutional Client AUM	$	178,703	$	178,666	$	185,970	$	200,616	$	212,390
Additions	14,687		5,945		17,118		19,078		19,806
Withdrawals	(9,569)		(7,460)		(9,103)		(9,366)		(14,194)
Change in market value	(5,155)		2,217		6,631		2,062		1,770
Acquisitions, dispositions and other	—		6,602		—		—		99,510
Ending Institutional Client AUM (1)	$	178,666	$	185,970	$	200,616	$	212,390	$	319,282

MIM GA AUM	$	407,063	$	417,194	$	423,671	$	420,204	$	422,392

Total AUM	$	585,729	$	603,164	$	624,287	$	632,594	$	741,674

OTHER REVENUES BY CLIENT SEGMENT
	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025

Institutional Client	$	76	$	77	$	95	$	98	$	99
General Account (2)	105		141		142		140		140
Other revenues	$	181	$	218	$	237	$	238	$	239

(1)Ending Institutional Client AUM includes Separate Account AUM, Reinsurance AUM and Third‑Party AUM, with balances at December 31, 2025 of $15.8 billion, $20.1 billion and $283.4 billion, respectively.
(2)Beginning January 1, 2025, revenues earned on MIM GA AUM were determined based on market rates.

Table of Contents



CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Adjusted revenues
Premiums		$	691	$	666	$	632	$	632	$	684	$	2,784	$	2,614
Universal life and investment-type product policy fees		75		68		63		55		37		328		223
Net investment income		1,103		999		979		1,038		1,086		4,401		4,102
Other revenues		(39)		(87)		(93)		(91)		(96)		(156)		(367)
Total adjusted revenues		1,830		1,646		1,581		1,634		1,711		7,357		6,572

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,220		1,210		1,171		1,160		1,202		4,961		4,743
Policyholder liability remeasurement (gains) losses		—		16		16		4		6		2		42
Interest credited to policyholder account balances		97		36		35		37		29		390		137
Capitalization of DAC		(7)		(7)		(4)		(6)		(8)		(27)		(25)
Amortization of DAC, VOBA and negative VOBA		59		55		52		55		52		239		214
Interest expense on debt		250		250		260		263		256		1,005		1,029
Other expenses		226		188		192		221		260		945		861
Total adjusted expenses		1,845		1,748		1,722		1,734		1,797		7,515		7,001

Adjusted earnings before provision for income tax		(15)		(102)		(141)		(100)		(86)		(158)		(429)
Provision for income tax expense (benefit)		15		(39)		(30)		(20)		(47)		(41)		(136)
Adjusted earnings		(30)		(63)		(111)		(80)		(39)		(117)		(293)
Preferred stock dividends		32		66		31		66		31		200		194
Adjusted earnings available to common shareholders		(62)		(129)		(142)		(146)		(70)		(317)		(487)
Less: Total notable items		10		—		—		13		(32)		22		(19)
Adjusted earnings available to common shareholders, excluding total notable items		$	(72)	$	(129)	$	(142)	$	(159)	$	(38)	$	(339)	$	(468)

Adjusted premiums, fees and other revenues		$	727	$	647	$	602	$	596	$	625	$	2,956	$	2,470

Adjusted earnings available to common shareholders attributed to business activities		$	153	$	120	$	115	$	173	$	146	$	647	$	554

Table of Contents



CORPORATE & OTHER
FUTURE POLICY BENEFITS (1)

Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
Annuities	$	1,515	$	1,493	$	1,466	$	1,457	$	1,442
Long-Term Care	14,537		14,716		14,803		15,309		15,224
Life and Other	53,298		52,962		52,748		52,480		52,285
Balance, end of period (at balance sheet discount rate)	$	69,350	$	69,171	$	69,017	$	69,246	$	68,951

Less:
Annuities	$	(63)	$	(51)	$	(43)	$	(26)	$	(32)
Long-Term Care	(919)		(872)		(922)		(547)		(751)
Life and Other	(34)		(26)		(26)		(10)		(20)
Accumulated other comprehensive (income) loss	$	(1,016)	$	(949)	$	(991)	$	(583)	$	(803)

Annuities	$	1,578	$	1,544	$	1,509	$	1,483	$	1,474
Long-Term Care	15,456		15,588		15,725		15,856		15,975
Life and Other	53,332		52,988		52,774		52,490		52,305
Balance, end of period (at original discount rate)	$	70,366	$	70,120	$	70,008	$	69,829	$	69,754

Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
Annuities	$	1,393	$	1,370	$	1,345	$	1,326	$	1,294
Long-Term Care	—		—		—		—		—
Life and Other	$	2,410	$	2,421	$	2,455	$	2,474	$	3,934

POLICYHOLDER ACCOUNT BALANCES

Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
Annuities	$	10,142	$	6,807	$	6,633	$	6,545	$	6,383
Life and Other	11,117		7,278		7,226		7,164		7,093
Balance, end of period	$	21,259	$	14,085	$	13,859	$	13,709	$	13,476

Policyholder account balances subject to reinsurance (2)
Annuities	$	3,027	$	2,930	$	2,848	$	2,761	$	4,258
Life and Other	$	6,357	$	6,301	$	6,240	$	6,178	$	6,119

MARKET RISK BENEFITS

Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
Annuities	$	2,073	$	2,188	$	2,056	$	1,957	$	1,788
Balance, end of period	$	2,073	$	2,188	$	2,056	$	1,957	$	1,788

Market risk benefits subject to reinsurance (2)	$	—	$	—	$	—	$	—	$	285

SEPARATE ACCOUNT LIABILITIES

Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
Annuities	$	27,829	$	19,795	$	20,317	$	20,252	$	19,621
Life and Other	7,065		6,393		7,022		7,317		7,302
Balance, end of period	$	34,894	$	26,188	$	27,339	$	27,569	$	26,923

Separate account liabilities subject to reinsurance (3)
Annuities	$	79	$	73	$	77	$	77	$	8,354
Life and Other	$	6,244	$	5,852	$	6,429	$	6,688	$	6,666

(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 retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.

Table of Contents



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															At or For the Year Ended
Unaudited (In millions, except yields)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			December 31, 2024			December 31, 2025
Fixed Maturity Securities
Yield (1)	4.47		%	4.36		%	4.61		%	4.61		%	4.57		%	4.44		%	4.54		%
Investment income (2), (3)	$	3,326		$	3,259		$	3,517		$	3,485		$	3,504		$	13,089		$	13,765
Investment gains (losses)	(245)			(244)			(124)			(150)			(105)			(733)			(623)
Ending carrying value (4)	280,227			290,416			297,565			296,663			299,659			280,227			299,659
Mortgage Loans
Yield (1)	5.28		%	5.21		%	5.12		%	5.22		%	5.26		%	5.29		%	5.20		%
Investment income (3)	1,085			1,056			1,026			1,009			1,005			4,378			4,096
Investment gains (losses)	(53)			(159)			(288)			(65)			(93)			(285)			(605)
Ending carrying value (5)	81,460			80,581			79,848			76,896			75,767			81,460			75,767
Real Estate and Real Estate Joint Ventures
Yield (1)	1.47		%	4.01		%	3.47		%	1.83		%	4.64		%	(0.12)		%	3.48		%
Investment income	50			134			120			63			158			(15)			475
Investment gains (losses)	70			(40)			3			47			9			245			19
Ending carrying value (6)	13,342			13,481			14,007			13,932			13,431			13,342			13,431
Policy Loans
Yield (1)	5.67		%	5.38		%	5.64		%	5.76		%	5.74		%	5.60		%	5.63		%
Investment income	114			107			113			115			114			453			449
Ending carrying value	8,545			8,663			8,664			8,589			8,547			8,545			8,547
Equity Securities
Yield (1)	3.23		%	6.16		%	2.30		%	3.46		%	5.16		%	4.38		%	4.26		%
Investment income	5			9			3			4			7			23			23
Investment gains (losses)	4			(12)			45			17			15			(18)			65
Ending carrying value (7)	712			747			790			788			753			712			753
Other Limited Partnership Interests
Yield (1)	7.05		%	6.22		%	3.46		%	11.89		%	11.37		%	6.73		%	8.28		%
Investment income	252			222			122			431			419			965			1,194
Investment gains (losses)	1			(1)			21			4			—			(55)			24
Ending carrying value (8)	14,367			14,125			14,265			14,726			14,712			14,367			14,712
Cash and Cash Equivalents and Short-term Investments
Yield (1)	4.97		%	4.42		%	4.19		%	4.36		%	4.07		%	5.04		%	4.26		%
Investment income	249			224			232			239			208			961			903
Investment gains (losses)	18			(9)			(38)			13			35			34			1
Ending carrying value (9)	25,018			26,862			27,432			25,853			24,319			25,018			24,319
Other Invested Assets
Investment income	368			365			218			241			318			1,414			1,142
Investment gains (losses)	23			4			25			(76)			(104)			46			(151)
Ending carrying value (10)	18,504			17,470			16,350			16,871			16,193			18,504			16,193
Total Investments
Investment income yield (1)	4.87		%	4.82		%	4.73		%	4.99		%	5.10		%	4.80		%	4.91		%
Investment fees and expenses yield (1)	(0.13)		%	(0.15)		%	(0.13)		%	(0.13)		%	(0.14)		%	(0.13)		%	(0.14)		%
Net Investment Income Yield (1)	4.74		%	4.67		%	4.60		%	4.86		%	4.96		%	4.67		%	4.77		%
Investment income	$	5,449		$	5,376		$	5,351		$	5,587		$	5,733		$	21,268		$	22,047
Investment fees and expenses	(147)			(162)			(149)			(147)			(156)			(595)			(614)
Net investment income including divested businesses	5,302			5,214			5,202			5,440			5,577			20,673			21,433
Less: Net investment income from divested businesses	1			1			—			—			—			1			1
Adjusted Net Investment Income (11)	$	5,301		$	5,213		$	5,202		$	5,440		$	5,577		$	20,672		$	21,432
Ending Carrying Value	$	442,175		$	452,345		$	458,921		$	454,318		$	453,381		$	442,175		$	453,381


Investment Portfolio Gains (Losses) (12)	$	(182)		$	(461)		$	(356)		$	(210)		$	(243)		$	(766)		$	(1,270)
Gross investment gains	316			142			204			373			418			1,260			1,137
Gross investment losses	(386)			(423)			(264)			(269)			(471)			(1,696)			(1,427)
Net credit loss (provision) release and (impairments)	(112)			(180)			(296)			(314)			(190)			(330)			(980)
Investment Portfolio Gains (Losses) (12)	(182)			(461)			(356)			(210)			(243)			(766)			(1,270)
Investment portfolio gains (losses) income tax (expense) benefit	59			116			94			41			75			213			326
Investment Portfolio Gains (Losses), Net of Income Tax	$	(123)		$	(345)		$	(262)		$	(169)		$	(168)		$	(553)		$	(944)



Derivative Gains (Losses) (12)	(1,159)			344			(892)			(746)			(844)			(2,413)			(2,138)
Derivative gains (losses) income tax (expense) benefit	314			(99)			181			193			192			605			467
Derivative Gains (Losses), Net of Income Tax	$	(845)		$	245		$	(711)		$	(553)		$	(652)		$	(1,808)		$	(1,671)

See footnotes on Page 29.

Table of Contents



INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION

		December 31, 2024				March 31, 2025				June 30, 2025				September 30, 2025				December 31, 2025
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate		$	78,584	28.2	%	$	80,316	27.7	%	$	81,562	27.5	%	$	81,720	27.7	%	$	83,048	27.8	%
Foreign corporate		53,354		19.1	%	55,083		19.1	%	58,792		19.9	%	57,798		19.6	%	58,260		19.6	%
Foreign government		39,895		14.3	%	40,892		14.2	%	42,097		14.2	%	41,610		14.1	%	42,431		14.3	%
Residential mortgage-backed		34,135		12.3	%	39,083		13.5	%	40,764		13.8	%	41,292		14.0	%	40,028		13.4	%
U.S. government and agency		33,350		12.0	%	33,535		11.6	%	32,463		11.0	%	32,315		11.0	%	33,706		11.3	%
Asset-backed securities and collateralized loan obligations		20,390		7.3	%	20,748		7.2	%	20,929		7.1	%	20,313		6.9	%	20,757		7.0	%
Municipals		9,762		3.5	%	9,764		3.4	%	9,802		3.3	%	10,486		3.6	%	10,579		3.6	%
Commercial mortgage-backed		9,182		3.3	%	9,388		3.3	%	9,428		3.2	%	9,245		3.1	%	8,922		3.0	%
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity		$	278,652	100.0	%	$	288,809	100.0	%	$	295,837	100.0	%	$	294,779	100.0	%	$	297,731	100.0	%
Reinsurance activity		2,391				2,926				2,900				9,866				18,200
Fixed Maturity Securities Available-For-Sale		$	281,043			$	291,735			$	298,737			$	304,645			$	315,931

NRSRO	NAIC
RATING	DESIGNATION
Aaa / Aa / A	1	$	192,099	68.9	%	$	199,468	69.1	%	$	203,465	68.8	%	$	202,215	68.7	%	$	203,858	68.5	%
Baa	2	74,345		26.7	%	77,112		26.7	%	80,262		27.1	%	80,465		27.3	%	81,877		27.5	%
Ba	3	8,680		3.1	%	8,674		3.0	%	8,566		2.9	%	8,364		2.8	%	8,273		2.8	%
B	4	3,035		1.1	%	3,198		1.1	%	3,260		1.1	%	3,379		1.1	%	3,379		1.1	%
Caa and lower	5	425		0.2	%	291		0.1	%	204		0.1	%	258		0.1	%	249		0.1	%
In or near default	6	68		—	%	66		—	%	80		—	%	98		—	%	95		—	%
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity		$	278,652	100.0	%	$	288,809	100.0	%	$	295,837	100.0	%	$	294,779	100.0	%	$	297,731	100.0	%
Reinsurance activity		2,391				2,926				2,900				9,866				18,200
Fixed Maturity Securities Available-For-Sale (13)		$	281,043			$	291,735			$	298,737			$	304,645			$	315,931


GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE

Unaudited (In millions)		December 31, 2024				March 31, 2025				June 30, 2025				September 30, 2025				December 31, 2025





Gross unrealized gains		$	4,965			$	5,398			$	6,192			$	7,130			$	6,910
Gross unrealized losses		31,041				28,891				28,951				26,495				27,287
Net Unrealized Gains (Losses), excluding Reinsurance activity		$	(26,076)			$	(23,493)			$	(22,759)			$	(19,365)			$	(20,377)
Reinsurance activity		(142)				(109)				(88)				(575)				(644)
Net Unrealized Gains (Losses)		$	(26,218)			$	(23,602)			$	(22,847)			$	(19,940)			$	(21,021)

See footnotes on Page 29.

Table of Contents


INVESTMENTS
SUMMARY OF MORTGAGE LOANS

Unaudited (In millions)	December 31, 2024				March 31, 2025				June 30, 2025				September 30, 2025				December 31, 2025

Commercial mortgage loans	$	48,967			$	47,890			$	46,674			$	44,953			$	42,406
Agricultural mortgage loans	19,030				18,779				18,993				18,045				18,284
Residential mortgage loans	14,186				14,783				15,286				14,968				16,060
Mortgage loans held-for-sale	—				—				—				—				35
Total	82,183				81,452				80,953				77,966				76,785
Allowance for credit loss	(723)				(871)				(1,105)				(1,070)				(1,018)
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity	81,460				80,581				79,848				76,896				75,767
Reinsurance activity	85				82				78				2,270				2,459
Third-party mortgage loan activity	7,467				7,245				6,942				6,677				6,367
Mortgage loans	$	89,012			$	87,908			$	86,868			$	85,843			$	84,593


SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE

	December 31, 2024				March 31, 2025				June 30, 2025				September 30, 2025				December 31, 2025
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	8,738	17.8	%	$	8,677	18.1	%	$	8,611	18.4	%	$	8,617	19.2	%	$	8,395	19.8	%
Non-U.S.	7,901		16.1	%	7,802		16.3	%	7,839		16.8	%	7,555		16.8	%	7,076		16.7	%
Middle Atlantic	6,938		14.2	%	6,877		14.4	%	6,561		14.1	%	6,369		14.2	%	5,699		13.4	%
South Atlantic	5,890		12.0	%	5,796		12.1	%	5,630		12.1	%	5,321		11.8	%	5,205		12.3	%
West South Central	3,228		6.6	%	3,214		6.7	%	3,274		7.0	%	3,195		7.1	%	3,260		7.7	%
Mountain	2,317		4.7	%	2,455		5.1	%	2,470		5.3	%	2,369		5.3	%	2,348		5.5	%
New England	2,680		5.5	%	2,501		5.2	%	2,386		5.1	%	2,340		5.2	%	2,249		5.3	%
East North Central	1,453		3.0	%	1,453		3.0	%	1,460		3.1	%	1,398		3.1	%	1,185		2.8	%
East South Central	481		1.0	%	481		1.0	%	476		1.0	%	453		1.0	%	451		1.1	%
West North Central	410		0.8	%	408		0.9	%	407		0.9	%	405		0.9	%	401		0.9	%
Multi-Region and Other	8,931		18.3	%	8,226		17.2	%	7,560		16.2	%	6,931		15.4	%	6,137		14.5	%
Total, excluding Reinsurance activity and Third-party mortgage loan activity	48,967		100.0	%	47,890		100.0	%	46,674		100.0	%	44,953		100.0	%	42,406		100.0	%
Reinsurance activity	82				82				78				735				832
Third-party mortgage loan activity	7,260				7,047				6,703				6,503				6,162
Total	$	56,309			$	55,019			$	53,455			$	52,191			$	49,400


Office	$	18,269	37.3	%	$	18,134	37.9	%	$	17,912	38.4	%	$	17,253	38.4	%	$	16,480	38.9	%
Apartment	10,472		21.4	%	10,549		22.0	%	9,899		21.2	%	9,713		21.6	%	8,748		20.6	%
Retail	6,612		13.5	%	6,502		13.6	%	6,768		14.5	%	6,505		14.5	%	6,013		14.2	%
Single Family Rental	5,355		10.9	%	4,844		10.1	%	4,780		10.2	%	4,481		9.9	%	4,221		9.9	%
Industrial	4,999		10.2	%	4,506		9.4	%	3,942		8.5	%	3,764		8.4	%	3,718		8.8	%
Hotel	3,178		6.5	%	3,268		6.8	%	3,285		7.0	%	3,151		7.0	%	3,134		7.4	%
Other	82		0.2	%	87		0.2	%	88		0.2	%	86		0.2	%	92		0.2	%
Total, excluding Reinsurance activity and Third-party mortgage loan activity	48,967		100.0	%	47,890		100.0	%	46,674		100.0	%	44,953		100.0	%	42,406		100.0	%
Reinsurance activity	82				82				78				735				832
Third-party mortgage loan activity	7,260				7,047				6,703				6,503				6,162
Total	$	56,309			$	55,019			$	53,455			$	52,191			$	49,400

See footnotes on Page 29.

Table of Contents



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 $22 million, ($20) million, $107 million, $99 million and $39 for the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively, and $205 million and $225 for the year ended December 31, 2024 and December 31, 2025, respectively.
(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities.
	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
Fixed maturity securities available-for-sale	$	281,043	$	291,735	$	298,737	$	304,645	$	315,931
Less: Reinsurance activity	2,391		2,926		2,900		9,866		18,200
Fixed maturity securities available-for-sale, excluding Reinsurance activity	$	278,652	$	288,809	$	295,837	$	294,779	$	297,731
Add: Fair value option general account and other securities	1,575		1,607		1,728		1,884		1,928

Fixed maturity securities, excluding Reinsurance activity	$	280,227	$	290,416	$	297,565	$	296,663	$	299,659

(5)The following table presents a reconciliation to ending carrying value presented for mortgage loans.
	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
Mortgage Loans	$	89,012	$	87,908	$	86,868	$	85,843	$	84,593
Less: Reinsurance activity	85		82		78		2,270		2,459
Less: Third-party mortgage loan activity	7,467		7,245		6,942		6,677		6,367
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity	$	81,460	$	80,581	$	79,848	$	76,896	$	75,767

(6)The following table presents a reconciliation to ending carrying value presented for real estate and real estate joint ventures.
	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
Real estate and real estate joint ventures	$	13,342	$	13,481	$	14,007	$	13,932	$	13,440
Less: Reinsurance activity	—		—		—		—		9
Real estate and real estate joint ventures, excluding Reinsurance activity	$	13,342	$	13,481	$	14,007	$	13,932	$	13,431

(7)The following table presents a reconciliation to ending carrying value presented for equity securities.
	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
Equity securities	$	712	$	747	$	790	$	788	$	858
Less: Reinsurance activity	—		—		—		—		105
Equity securities, excluding Reinsurance activity	$	712	$	747	$	790	$	788	$	753

(8)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests.
	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025


Other limited partnership interests	$	14,378	$	14,137	$	14,279	$	14,741	$	14,917
Less: Reinsurance activity	11		12		14		15		205
Other limited partnership interests, excluding Reinsurance activity	$	14,367	$	14,125	$	14,265	$	14,726	$	14,712

(9)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments.
	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
Cash and cash equivalents and short-term investments	$	25,224	$	26,869	$	27,478	$	26,195	$	25,633
Less: Reinsurance activity	206		7		46		342		1,314
Cash and cash equivalents and short-term investments, excluding Reinsurance activity	$	25,018	$	26,862	$	27,432	$	25,853	$	24,319

(10)The following table presents a reconciliation to ending carrying value presented for other invested assets.

	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
Other invested assets	$	18,504	$	17,470	$	16,352	$	16,932	$	16,332
Less: Reinsurance activity	—		—		2		61		139
Other invested assets, excluding Reinsurance activity	$	18,504	$	17,470	$	16,350	$	16,871	$	16,193

(11)Adjusted net investment income reflects the adjustments as presented on Page 5.
(12)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
	For the Three Months Ended										For the Year Ended
	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025
Net investment gains (losses)	$	(311)	$	(387)	$	(273)	$	(325)	$	(160)	$	(1,184)	$	(1,145)
Less: Non-investment portfolio gains (losses)	(122)		65		86		(88)		(39)		(336)		24
Less: Third-party mortgage loan activity	11		(34)		20		(75)		19		(4)		(70)
Add: Depreciation of wholly-owned real estate and real estate joint ventures									(72)				(72)
Add: Joint venture adjustments	16		(42)		16		(53)		(39)		82		(118)
Less: Reinsurance activity	—		—		—		(1)		(7)		—		(8)
Less: Other	(2)		1		(7)		(4)		(1)		4		(11)
Investment portfolio gains (losses)	$	(182)	$	(461)	$	(356)	$	(210)	$	(243)	$	(766)	$	(1,270)

	For the Three Months Ended										For the Year Ended
	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025
Net derivative gains (losses)	$	(903)	$	432	$	(796)	$	(929)	$	(646)	$	(1,623)	$	(1,939)
Less: Investment hedge adjustments	127		103		102		100		105		604		410

Add: Joint venture adjustments	—		—		—		45		(25)		—		20
Less: Reinsurance activity	110		(35)		(22)		(247)		63		110		(241)
Less: Other	19		20		16		9		5		76		50

Derivative gains (losses)	$	(1,159)	$	344	$	(892)	$	(746)	$	(844)	$	(2,413)	$	(2,138)

(13)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.

Table of Contents

Appendix

Table of Contents



APPENDIX METLIFE RECONCILIATION DETAIL

	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,239	$	879	$	698	$	818	$	778	$	4,226	$	3,173
Add: Preferred stock dividends	32		66		31		66		31		200		194
Add: Preferred stock redemption premium	—		—		—		12		—		—		12
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	4		5		6		6		7		18		24

Net income (loss)	1,275		950		735		902		816		4,444		3,403
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)	(311)		(387)		(273)		(325)		(160)		(1,184)		(1,145)
Net derivative gains (losses)	(903)		432		(796)		(929)		(646)		(1,623)		(1,939)


Market risk benefit remeasurement gains (losses)	764		(299)		277		263		267		1,109		508
Premiums - Divested businesses	15		4		3		—		1		31		8
Universal life and investment-type product policy fees
Asymmetrical and non-economic accounting	—		—		—		—		6		—		6
Divested businesses	—		—		—		—		—		—		—
Net investment income
Investment hedge adjustments	(127)		(103)		(102)		(100)		(105)		(604)		(410)
Joint venture adjustments	16		(42)		16		(8)		(64)		82		(98)
Depreciation of wholly-owned real estate and real estate joint ventures (1)									(72)				(72)
Unit-linked contract income	183		(227)		498		580		366		1,091		1,217
Reinsurance activity	31		43		47		177		222		31		489
Collateralized financing entities	—		—		—		—		—		—		—
Divested businesses	1		1		—		—		—		1		1
Other revenues
Asymmetrical and non-economic accounting	34		36		42		78		94		158		250
Other adjustments	(11)		(15)		(16)		(15)		(17)		(48)		(63)

Divested businesses	—		—		—		2		(2)		—		—
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting	(51)		(75)		(1)		52		(395)		(219)		(419)
Market volatility	49		44		40		49		76		256		209
Divested businesses	(10)		(1)		1		(1)		(2)		(19)		(3)
Policyholder liability remeasurement (gains) losses
Asymmetrical and non-economic accounting	—		—		—		(2)		(1)		—		(3)
Divested businesses	—		—		—		—		—		—		—
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting	5		(64)		(30)		(68)		(61)		(103)		(223)
Unit-linked contract costs	(185)		234		(486)		(578)		(366)		(1,081)		(1,196)
Divested businesses	—		—		—		—		—		—		—
Capitalization of DAC - Divested businesses	—		—		—		—		—		—		—
Amortization of DAC, VOBA and negative VOBA
Asymmetrical and non-economic accounting	—		—		—		—		(1)		—		(1)
Divested businesses	—		—		—		—		—		—		—
Interest expense on debt
Collateralized financing entities	—		—		—		—		—		—		—
Divested businesses	—		—		—		—		—		—		—
Other expenses
Reinsurance activity	(30)		(42)		(45)		(135)		(166)		(30)		(388)
Other adjustments, excluding Reinsurance activity	(25)		(19)		(21)		(2)		(15)		(49)		(57)
Divested businesses	(13)		(8)		(7)		(9)		(12)		(38)		(36)
Goodwill impairment	—		—		—		—		—		—		—
Provision for income tax (expense) benefit	352		23		195		223		190		687		631
Adjusted earnings	1,491		1,415		1,393		1,650		1,679		5,996		6,137
Less: Preferred stock dividends	32		66		31		66		31		200		194
Adjusted earnings available to common shareholders	$	1,459	$	1,349	$	1,362	$	1,584	$	1,648	$	5,796	$	5,943

(1)See Page A-7 for further information.

A-1

Table of Contents



APPENDIX METLIFE NOTABLE ITEMS (1)

METLIFE TOTAL
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025


Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	89	$	—	$	16	$	89
Litigation reserves and settlement costs		(47)		—		—		—		(32)		(47)		(32)



Tax adjustments		57		—		—		(71)		(29)		57		(100)
Total notable items		$	10	$	—	$	—	$	18	$	(61)	$	26	$	(43)


GROUP BENEFITS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025


Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(2)	$	—	$	(58)	$	(2)


Total notable items		$	—	$	—	$	—	$	(2)	$	—	$	(58)	$	(2)

RIS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	13	$	—	$	104	$	13

Total notable items		$	—	$	—	$	—	$	13	$	—	$	104	$	13










(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-2

Table of Contents



APPENDIX METLIFE NOTABLE ITEMS (CONTINUED)














ASIA
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	70	$	—	$	(41)	$	70

Total notable items		$	—	$	—	$	—	$	70	$	—	$	(41)	$	70

LATIN AMERICA
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025


Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(4)	$	—	$	4	$	(4)
Tax adjustments		—		—		—		(71)		(29)		—		(100)
Total notable items		$	—	$	—	$	—	$	(75)	$	(29)	$	4	$	(104)

EMEA
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(1)	$	—	$	(5)	$	(1)

Total notable items		$	—	$	—	$	—	$	(1)	$	—	$	(5)	$	(1)










CORPORATE & OTHER
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024		December 31, 2025

Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	13	$	—	$	12	$	13
Litigation reserves and settlement costs		(47)		—		—		—		(32)		(47)		(32)



Tax adjustments		57		—		—		—		—		57		—
Total notable items		$	10	$	—	$	—	$	13	$	(32)	$	22	$	(19)

A-3

Table of Contents



APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY

Unaudited (In millions)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025

Total MetLife, Inc.'s stockholders' equity	$	27,445		$	27,493		$	27,685		$	28,944		$	28,398
Less: Preferred stock	3,818			3,818			3,818			2,830			2,830
MetLife, Inc.'s common stockholders' equity	23,627			23,675			23,867			26,114			25,568
Less: Unrealized investment gains (losses), net of related offsets and income tax	(19,402)			(17,329)			(16,484)			(14,667)			(15,614)
Deferred gains (losses) on derivatives, net of income tax	370			179			(1,466)			(1,239)			(1,588)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	6,529			5,334			5,876			6,028			6,871
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	(71)			(31)			(64)			(83)			(97)
Defined benefit plans adjustment, net of income tax	(1,442)			(1,416)			(1,407)			(1,390)			(1,393)

Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)	(129)			(100)			(83)			92			(8)
Total MetLife, Inc.'s adjusted common stockholders' equity	37,772			37,038			37,495			37,373			37,397
Less: Accumulated year-to-date total notable items, net of income tax (2)	26			—			—			18			(43)
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2)	$	37,746		$	37,038		$	37,495		$	37,355		$	37,440

Unaudited (In millions, except per share data)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025

Book value per common share	$	34.28		$	35.16		$	35.79		$	39.52		$	39.02
Less: Unrealized investment gains (losses), net of related offsets and income tax	(28.15)			(25.74)			(24.72)			(22.20)			(23.83)
Deferred gains (losses) on derivatives, net of income tax	0.54			0.27			(2.20)			(1.88)			(2.42)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	9.46			7.92			8.81			9.12			10.49
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	(0.10)			(0.05)			(0.10)			(0.13)			(0.15)
Defined benefit plans adjustment, net of income tax	(2.09)			(2.10)			(2.11)			(2.10)			(2.13)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)	(0.19)			(0.15)			(0.12)			0.14			(0.01)
Adjusted book value per common share	$	54.81		$	55.01		$	56.23		$	56.57		$	57.07

Common shares outstanding, end of period	689.2			673.3			666.8			660.7			655.3

	For the Three Months Ended (3)															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			December 31, 2024			December 31, 2025

Return on MetLife, Inc.'s:
Common stockholders' equity	19.6		%	14.9		%	11.7		%	13.1		%	12.0		%	16.9		%	12.9		%

Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity	15.4		%	14.4		%	14.6		%	16.9		%	17.6		%	15.2		%	15.9		%
Adjusted common stockholders' equity, excluding total notable items (2)	15.3		%	14.4		%	14.6		%	16.7		%	18.3		%	15.2		%	16.0		%

Average common stockholders' equity	$	25,347		$	23,651		$	23.771		$	24,991		$	25,841		$	25,008		$	24,570
Average adjusted common stockholders' equity	$	37,867		$	37,405		$	37,267		$	37,434		$	37,385		$	38,084		$	37,415
Average adjusted common stockholders' equity, excluding total notable items (2)	$	37,846		$	37,405		$	37,267		$	37,425		$	37,398		$	38,076		$	37,420

(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, 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)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
GROUP BENEFITS (1)	$	6,184	$	6,430	$	6,446	$	6,306	$	6,287
RIS (1)	3,620		2,457		1,382		1,214		7,209
ASIA	1,615		1,675		1,632		1,664		1,671
LATIN AMERICA	1,545		1,635		1,707		1,697		1,796
EMEA	673		695		723		723		787
MIM (1)	181		218		237		238		239
CORPORATE & OTHER (1)	727		647		602		596		625
Adjusted premiums, fees and other revenues, on a constant currency basis	$	14,545	$	13,757	$	12,729	$	12,438	$	18,614
Adjusted premiums, fees and other revenues	$	14,437	$	13,614	$	12,719	$	12,461	$	18,614

ASIA (including operating joint ventures) (2), (3)	$	2,024	$	2,711	$	2,373	$	2,499	$	2,091

OTHER EXPENSES ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
GROUP BENEFITS (1)	$	1,041	$	1,076	$	1,052	$	1,038	$	1,100
RIS (1)	166		169		160		170		196
ASIA	755		746		774		803		815
LATIN AMERICA	544		523		508		625		608
EMEA	379		369		370		384		423
MIM (1)	162		182		167		161		161
CORPORATE & OTHER (1)	226		188		192		221		260
Adjusted other expenses, on a constant currency basis	$	3,273	$	3,253	$	3,223	$	3,402	$	3,563
Adjusted other expenses	$	3,232	$	3,202	$	3,236	$	3,422	$	3,563

ASIA (including operating joint ventures) (2), (4)	$	848	$	873	$	887	$	938	$	919

ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
GROUP BENEFITS (1)	$	416	$	370	$	401	$	456	$	465
RIS (1)	386		406		370		441		454
ASIA	440		372		338		527		444
LATIN AMERICA	218		240		246		153		198
EMEA	59		86		100		86		97
MIM (1)	16		28		54		58		60
CORPORATE & OTHER (1)	(62)		(129)		(142)		(146)		(70)
Adjusted earnings available to common shareholders, on a constant currency basis	$	1,473	$	1,373	$	1,367	$	1,575	$	1,648
Adjusted earnings available to common shareholders	$	1,459	$	1,349	$	1,362	$	1,584	$	1,648

(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses for operating joint ventures are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 15.
(3) Includes MetLife, Inc.’s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.’s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife’s percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

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 news release, which is 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 include fee revenue on synthetic GICs accounted for as freestanding derivatives.

•

Other expenses exclude (i) amortization and impairment of asset management intangible assets, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.

•

“Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

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.

A-7

Table of Contents

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.

A-8

Table of Contents

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.

A-9

Table of Contents



			APPENDIX METLIFE ACRONYMS

			AOCI			Accumulated other comprehensive income (loss)

			DAC			Deferred policy acquisition costs
			AUM			Assets under management
			DPL			Deferred profit liabilities
			EMEA			Europe, the Middle East and Africa

			FCTA			Foreign currency translation adjustments

			GA			General account
			GA AUM			General account assets under management
			GAAP			Accounting principles generally accepted in the United States of America
			GICs			Guaranteed interest contracts
			MIM			MetLife Investment Management
			MIM GA AUM			MetLife Investment Management general account assets under management
			NAIC			National Association of Insurance Commissioners


			NRSRO			Nationally Recognized Statistical Rating Organization



			PRT			Pension risk transfers
			QFS			Quarterly financial supplement


			RIS			Retirement and Income Solutions
			U.K.			United Kingdom
			VOBA			Value of business acquired

A-10

Table of Contents

MetLife (MET) 8-KMetLife Announces Full Year and 4Q 2025 Results