Earnings surge for MetLife (NYSE: MET) as Q1 2026 EPS and ROE climb

Rhea-AI Filing Summary

MetLife, Inc. reported strong first quarter 2026 results with broad-based growth. Net income rose 30% to $1.14 billion, or $1.74 per share, while adjusted earnings increased 18% to $1.59 billion, or $2.42 per share, driven by higher variable investment income, volume growth and favorable underwriting.

Premiums, fees and other revenues grew 5% to $14.3 billion, and net investment income increased 10% to $5.36 billion. Segments delivered double‑digit adjusted earnings growth in Group Benefits, Retirement and Income Solutions, Asia, EMEA and MetLife Investment Management. Return on equity reached 18.2%, with adjusted ROE at 17.0%. MetLife returned over $1.1 billion to shareholders via dividends and buybacks, while book value per share rose to $37.92 and adjusted book value per share to $57.41.

Positive

• Strong earnings growth and profitability: Q1 2026 net income rose 30% to $1.14 billion and adjusted earnings climbed 18% to $1.59 billion, with adjusted EPS up 23% to $2.42 and adjusted ROE improving to 17.0%, indicating robust, broad-based profit expansion.
• Balanced segment performance and capital return: All major business segments reported double-digit adjusted earnings growth, while MetLife returned over $1.1 billion to shareholders and maintained $3.9 billion of holding company cash and liquid assets at the top of its target range.

Negative

• None.

Insights

Equity research analyst

MetLife delivered a clean, broad-based earnings beat with strong capital returns.

MetLife posted Q1 2026 net income of $1.14 billion, up 30%, and adjusted earnings of $1.59 billion, up 18%. Adjusted EPS rose 23% to $2.42, supported by a 10% increase in net investment income and 5% growth in premiums, fees and other revenues.

Performance was diversified: Group Benefits adjusted earnings grew 19% to $439 million, RIS rose 11% to $451 million, Asia climbed 31% to $487 million, EMEA increased 33% to $110 million, and MIM surged 68% to $47 million. Adjusted ROE improved to 17.0%, indicating strong profitability on an expanded equity base.

Capital management was active: the company returned over $1.1 billion via repurchases and dividends and ended the quarter with $3.9 billion of holding company cash and liquid assets, at the top of its target range. The 2025 combined U.S. RBC ratio of 379% exceeded the 360% target, and Japan’s economic solvency ratio is expected to be in the middle of its 170%–190% range, underscoring regulatory capital strength.

8-K Event Classification

5 items: 2.02, 7.01, 8.01, 9.01, 17.0

5 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Item 17.0 Item 17.0

Key Figures

Net income: $1.14 billion Adjusted earnings: $1.586 billion Adjusted EPS: $2.42 per share +5 more

8 metrics

Net income $1.14 billion Q1 2026, up 30% year-over-year

Adjusted earnings $1.586 billion Q1 2026, up 18% year-over-year

Adjusted EPS $2.42 per share Q1 2026, up 23% from $1.96

Premiums, fees and other revenues $14.315 billion Q1 2026, up 5% year-over-year

Net investment income $5.355 billion Q1 2026, up 10% year-over-year

Variable investment income $518 million Q1 2026, up 58% year-over-year

Book value per common share $37.92 March 31, 2026, up 8% year-over-year

Capital returned Over $1.1 billion Q1 2026 share repurchases and dividends

Key Terms

adjusted earnings, variable investment income, pension risk transfers (PRT), market risk benefit remeasurement, +2 more

6 terms

adjusted earnings financial

"Adjusted earnings were $1.6 billion, up 18 percent on a reported basis"

Adjusted earnings are a company’s profit figure that has been altered to remove one-time, unusual or non-operational items so it better reflects the business’s regular performance. Think of it like looking at a household budget but ignoring a big, unusual expense or windfall to see what normal monthly cash flow looks like; investors use adjusted earnings to compare companies and trends, but should watch what is excluded because choices can change the picture.

variable investment income financial

"Variable investment income up 58% to $518 million, driven by higher private equity returns"

Variable investment income is the portion of returns from assets—like dividends, interest, or portfolio gains—that can rise or fall over time instead of staying fixed. Investors care because it makes earnings less predictable and can change cash flow or reported profits; think of it like a farmer’s crop yield that varies year to year, affecting how much money is available for expenses, reinvestment, or payouts to shareholders.

pension risk transfers (PRT) financial

"Adjusted PFOs, excluding pension risk transfers (PRT), increased 10% to $13.3 billion"

Pension risk transfers are deals where a company moves the responsibility for paying a group of retirees’ promised pensions to an insurance firm, typically by buying annuities. Think of it like hiring a specialist to take over a long-term bill so the company no longer has to manage those payments directly; for investors this can shrink future liability risk and stabilize the balance sheet, but it can also use significant cash or change the company’s financial flexibility.

market risk benefit remeasurement financial

"Market risk benefit remeasurement gains (losses) were $(120) million"

direct expense ratio financial

"Direct expense ratio, excluding total notable items related to direct expenses and PRT, was 11.9 percent"

free cash flow of all holding companies financial

"free cash flow of all holding companies is defined as the sum of cash available at MetLife’s holding companies"

Earnings Snapshot

Total revenues: $19.074 billion

Q1 2026

Total revenues $19.074 billion

Premiums, fees and other revenues $14.315 billion up 5% year-over-year

Net income $1.140 billion up 30% year-over-year

Net income EPS $1.74 up 36% year-over-year

Adjusted earnings $1.586 billion up 18% year-over-year

Adjusted EPS $2.42 up 23% year-over-year

Adjusted ROE 17.0% up from 14.4% year-over-year

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549  

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May 6, 2026

METLIFE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-15787

13-4075851

(Commission File Number)

(IRS Employer Identification No.)

200 Park Avenue,

New York,

NY

10166-0188

(Address of Principal Executive Offices)

(Zip Code)

(212) 578-9500

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.01			MET			New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01			MET PRA			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E			MET PRE			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F			MET PRF			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Item 2.02 Results of Operations and Financial Condition.

On May 6, 2025, MetLife, Inc. issued (i) a news release announcing its results for the quarter ended March 31, 2026 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, (ii) a Quarterly Financial Supplement for the quarter ended March 31, 2026 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference and (iii) a fact sheet setting forth its total assets under management as of March 31, 2026 (the “Total AUM Fact Sheet”), a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

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

Item 7.01 Regulation FD Disclosure.

On May 6, 2026, MetLife, Inc. issued an earnings call presentation for the quarter ended March 31, 2026 (the “Earnings Call Presentation”), a copy of which is attached hereto as Exhibit 99.4 and is incorporated herein by reference. The presentation highlights information in MetLife, Inc.’s Earnings Release and Quarterly Financial Supplement, as well as other prior public disclosures. The Earnings Call Presentation is furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 8.01 Other Events.

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

2

Item 9.01 Financial Statements and Exhibits.

99.1 Earnings Release dated May 6, 2026

99.2 Quarterly Financial Supplement for the quarter ended March 31, 2026

99.3 Total AUM Fact Sheet as of March 31, 2026

99.4 Earnings Call Presentation for the quarter ended March 31, 2026

101 Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

METLIFE, INC.

By:

/s/ Adrienne O'Neill

Name:

Adrienne O'Neill

Title:

Executive Vice President and Chief Accounting Officer

Date: May 6, 2026

4

Page 1 of 25

Exhibit 99.1

For Immediate Release | Global Communications | MetLife, Inc.

MetLife Announces 1Q 2026 Results

•Net income increased 30%1 to $1.1 billion, or

$1.74 per share.

•Adjusted earnings increased 18% to $1.6 billion,

driven by higher variable investment income,

volume growth and favorable underwriting.

•Adjusted earnings per share increased 23% to

$2.42.

•Premiums, fees and other revenues (PFOs)

increased 5% to $14.3 billion.

•Adjusted PFOs, excluding pension risk transfers

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

growth in all segments.

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

•Variable investment income up 58% to $518

million, driven by higher private equity returns.

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

adjusted BVPS up 4% to $57.41.

•Returned over $1.1 billion to shareholders via

share repurchases and common stock dividends.

•Holding company cash and liquid assets totaled

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

•Group Benefits adjusted earnings up 19% to

$439 million primarily due to favorable life

underwriting and volume growth.

•Retirement and Income Solutions adjusted

earnings up 11% to $451 million.

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

•Latin America adjusted earnings up 5% to

$229 million.

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

•MetLife Investment Management adjusted

earnings up 68% to $47 million.

Earnings

Per Share

1Q 2026

Net

Income            $1.74

Adjusted

Earnings          $2.42

Return

on Equity (ROE)

1Q 2026

ROE              18.2%

Adjusted

ROE              17.0%

Comment from Michel Khalaf, President

and Chief Executive Officer:

MetLife delivered exceptional performance

in the first quarter, with adjusted earnings

per share up 23 percent and widespread

top-line growth.

Our strong start to 2026 reflects how we're

accelerating progress in year two of New

Frontier, supported by disciplined

execution across the enterprise, and

deliberate capital deployment that

balances investment in our businesses

with returning capital to shareholders.

We remain confident in delivering against

the ambitious financial targets we laid out

under New Frontier. By keeping customers

at the center, we will continue to drive

responsible growth and create long‑term

shareholder value that consistently

compounds over time.

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

Page 2 of 25

First Quarter 2026 Summary

($ in millions, except per share data)		Three Months Ended March 31,
		2026		2025		Change
Premiums, fees and other revenues		$ 14,315		$ 13,639		5%
Net investment income		5,355		4,885		10%
Net investment gains (losses)		(670)		(387)
Net derivative gains (losses)		74		432
Total revenues		$ 19,074		$ 18,569
Adjusted premiums, fees and other revenues		$ 14,183		$ 13,614		4%
Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)		$ 13,340		$ 12,138		10%
Market risk benefit remeasurement gains (losses)		$ (120)		$ (299)
Net income (loss)		$ 1,140		$ 879		30%
Net income (loss) per share		$ 1.74		$ 1.28		36%
Adjusted earnings		$ 1,586		$ 1,349		18%
Adjusted earnings per share		$ 2.42		$ 1.96		23%
Adjusted earnings, excluding total notable items		$ 1,586		$ 1,349		18%
Adjusted earnings, excluding total notable items per share		$ 2.42		$ 1.96		23%
Book value per share		$ 37.92		$ 35.16		8%
Adjusted book value per share		$ 57.41		$ 55.01		4%
Expense ratio		20.7%		18.9%
Direct expense ratio, excluding total notable items related to direct expenses and PRT		11.9%		12.0%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT		20.3%		20.6%
ROE		18.2%		14.9%
Adjusted ROE		17.0%		14.4%
Adjusted ROE, excluding total notable items		17.0%		14.4%

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

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

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

Supplemental slides for the first quarter of 2026, titled “1Q26 Earnings Call Presentation,” are

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

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

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

investment portfolio is contained in the "1Q26 - General Account Assets Under Management

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

Page 3 of 25

Total Company Discussion

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

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

were $13.3 billion, up 10 percent.

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

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

percent, mainly driven by higher variable investment income.

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

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

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

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

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

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

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

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

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

Page 4 of 25

Adjusted Earnings by Segment Summary

	Three Months Ended March 31, 2026
Segment	Change from prior-year period (on a reported basis)	Change from prior-year period (on a constant currency basis)
Group Benefits	19%
Retirement and Income Solutions (RIS)	11%
Asia	31%	31%
Latin America	5%	(9)%
Europe, the Middle East and Africa (EMEA)	33%	28%
MetLife Investment Management (MIM)	68%

Business Discussions

GROUP BENEFITS

($ in millions)	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025	Change
Adjusted earnings	$439	$370	19%
Adjusted PFOs	$6,539	$6,430	2%

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

underwriting and volume growth.

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

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

experience.

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

products.

RIS

($ in millions)	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025	Change
Adjusted earnings	$451	$406	11%
Adjusted PFOs	$2,390	$2,457	(3)%
Adjusted PFOs, excluding PRT	$1,547	$981	58%

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

investment income and favorable underwriting.

•Adjusted PFOs were $2.4 billion.

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

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

settlements.

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

account liabilities.

Page 5 of 25

ASIA

($ in millions)	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025	Change	Constant currency change
Adjusted earnings	$487	$372	31%	31%
Adjusted PFOs	$1,738	$1,681	3%	5%
Asia general account assets under management (at amortized cost)	$140,660	$134,352	5%	7%

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

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

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

constant currency basis.

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

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

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

strong growth in Japan and Korea.

LATIN AMERICA

($ in millions)	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025	Change	Constant currency change
Adjusted earnings	$229	$219	5%	(9)%
Adjusted PFOs	$1,897	$1,513	25%	11%

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

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

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

underwriting.

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

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

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

across the region.

EMEA

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

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

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

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

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

across the region.

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

Page 6 of 25

METLIFE INVESTMENT MANAGEMENT

($ in millions)	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025	Change
Adjusted earnings	$47	$28	68%
Other revenues	$314	$218	44%
Total assets under management	$736,291	$603,164	22%

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

and expense management.

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

Investments.

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

CORPORATE & OTHER

($ in millions)	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025	Change
Adjusted earnings	$(177)	$(129)

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

INVESTMENTS

($ in millions)	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025	Change
Adjusted net investment income	$5,499	$5,213	5%

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

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

equity assets.

FIRST QUARTER 2026 NOTABLE ITEMS

($ in millions)

Adjusted Earnings

Three Months Ended March 31, 2026

Notable Items

Group Benefits

RIS

Asia

Latin America

EMEA

MIM

Corporate & Other

Total

Total notable items

$0

$0

$0

$0

$0

$0

$0

$0

Page 7 of 25

Contacts:      For Media:   Steve LaMarca (646) 884-3840, Steve.LaMarca@metlife.com

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

About MetLife

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

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

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

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

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

more information, visit www.metlife.com.

Conference Call

MetLife will hold its first quarter 2026 earnings conference call on Thursday, May 7, 2026, from

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

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

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

###

Page 8 of 25

Non-GAAP and Other Financial Disclosures

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

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

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

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

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

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

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

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

comparable financial measures calculated in accordance with GAAP:

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

Page 9 of 25

(xi)	adjusted return on equity, excluding total notable items		(xi)	return on equity
(xii)	investment portfolio gains (losses)		(xii)	net investment gains (losses)
(xiii)	derivative gains (losses)		(xiii)	net derivative gains (losses)
(xiv)	adjusted capitalization of deferred policy acquisition costs (DAC)		(xiv)	capitalization of DAC
(xv)	total MetLife, Inc.’s adjusted common stockholders’ equity		(xv)	total MetLife, Inc.’s stockholders’ equity
(xvi)	total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items		(xvi)	total MetLife, Inc.’s stockholders’ equity
(xvii)	adjusted book value per common share		(xvii)	book value per common share
(xviii)	adjusted other expenses		(xviii)	other expenses
(xix)	adjusted other expenses, net of adjusted capitalization of DAC		(xix)	other expenses, net of capitalization of DAC
(xx)	adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses		(xx)	other expenses, net of capitalization of DAC
(xxi)	adjusted expense ratio		(xxi)	expense ratio
(xxii)	adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT		(xxii)	expense ratio
(xxiii)	direct expenses		(xxiii)	other expenses
(xxiv)	direct expenses, excluding total notable items related to direct expenses		(xxiv)	other expenses
(xxv)	direct expense ratio		(xxv)	expense ratio
(xxvi)	direct expense ratio, excluding total notable items related to direct expenses and PRT		(xxvi)	expense ratio
(xxvii)	future policy benefits at original discount rate		(xxvii)	future policy benefits at balance sheet discount rate
(xxviii)	free cash flow of all holding companies		(xxviii)	MetLife, Inc. (parent company only) net cash provided by (used in) operating activities

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

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

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

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

impact on net income (loss).

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

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

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

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

measures are included in this earnings news release and this period’s earnings materials, which are

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

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

from those used by other companies:

Adjusted earnings and related measures

•adjusted earnings;

Page 10 of 25

•adjusted earnings available to common shareholders;

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

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

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

currency basis;

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

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

common share;

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

common share; and

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

currency basis per diluted common share.

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

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

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

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

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

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

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

results.

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

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

dividends.

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

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

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

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

measures exclude results of discontinued operations under GAAP.

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

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

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

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

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

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

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

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

with in-force reinsurance.

•Net investment income includes earned income on derivatives and amortization of premium on

derivatives that are hedges of investments or that are used to replicate certain investments, but do

not qualify for hedge accounting treatment (“Investment hedge adjustments”).

•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical

accounting associated with in-force reinsurance.

•Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with

contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-

force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single

premium annuity business. These losses are amortized into adjusted earnings within policyholder

benefits and claims over the estimated lives of the contracts.

•Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated

with in-force reinsurance.

Page 11 of 25

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

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

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

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

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

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

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

be included in results of discontinued operations under GAAP.

Other adjustments are made in calculating adjusted earnings:

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

owned real estate and real estate joint ventures.

•Net investment income and interest credited to policyholder account balances exclude certain

amounts related to contractholder-directed equity securities (“Unit-linked contract income” and

“Unit-linked contract costs”).

•Net investment income and other expenses exclude Reinsurance activity (as defined below).

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

financing entities that are consolidated variable interest entities.

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

passed through to distribution partners.

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

for as freestanding derivatives.

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

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

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

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

accrued on synthetic GICs accounted for as freestanding derivatives.

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

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

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

equivalents.

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

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

combination accounting guidance.

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

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

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

reforms.

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

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

common shareholders.

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

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

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

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

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

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

Page 12 of 25

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

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

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

Return on equity and related measures

•Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common

stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred

gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses),

market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit

plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and the

estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income

tax.

•Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total

MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of

related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate

remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement

gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of

certain ceded reinsurance-related embedded derivatives and total notable items, all net of income

tax.

•Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s

common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.

•Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to

common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity.

•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items:

adjusted earnings available to common shareholders, excluding total notable items, divided by

MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.

The above measures represent a level of equity that excludes most components of AOCI, such as

unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate

remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded

derivatives, as these amounts are primarily driven by market volatility.

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

•Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other

revenues.

•Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct

expenses are comprised of employee-related costs, third-party staffing costs, and general and

administrative expenses.

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

expenses, excluding total notable items related to direct expenses, divided by adjusted premiums,

fees and other revenues, excluding PRT.

•Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by

adjusted premiums, fees and other revenues.

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

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

to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

Assets Under Management (“AUM”):

•Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client

AUM (each, as defined below).

Page 13 of 25

•MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM

(as defined below) that MetLife Investment Management, LLC and certain of its affiliates (“MIM”)

manages or advises.

•General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account

(“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total

investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash

and cash equivalents, and accrued investment income on such assets, and excludes policy loans,

certain contractholder-directed equity securities, fair value option securities, mortgage loans

originated for third parties, assets subject to ceded reinsurance arrangements with third parties and

joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint

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

adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on

the nature and characteristics of the underlying investments which can vary from how they are

classified under GAAP. Accordingly, the underlying investments within certain real estate and real

estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of

deduction for encumbering debt) have been reclassified to exclude them from real estate and real

estate joint ventures and include them as commercial mortgage loans.

•Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as

defined below). MIM manages or advises Institutional Client AUM in accordance with client

guidelines contained in each investment advisory agreement.

◦Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which

are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements

at estimated fair value, as well as accrued investment income on such assets.

◦Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with

third parties and joint ventures, which are managed or advised by MIM and are generally included

in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued

investment income on such assets.

◦Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM

on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as

accrued investment income on such assets. Such non-proprietary assets are owned by

unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s

consolidated financial statements.

•Asia General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its Asia GA

investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total

investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale,

cash and cash equivalents, and accrued investment income on such assets, and excludes policy

loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans

originated for third parties, assets subject to ceded reinsurance arrangements with third parties and

joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint

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

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

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

MetLife consolidated level) are excluded from Asia GA AUM.

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

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

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

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

Other items

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

Page 14 of 25

•Statistical sales information:

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

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

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

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

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

corporate-owned life insurance.

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

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

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

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

individual life, accident & health and group).

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

business activity.

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

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

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

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

changes in foreign currency exchange rates.

•PRT includes U.K. funded reinsurance.

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

•“Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated

and acquired for third parties, including (i) the related investment returns and expenses which are

passed through to the third-party lenders and (ii) the corresponding mortgage loan assets.

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

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

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

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

estimates for future results.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Page 15 of 25

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

available to common shareholders.

Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

forward-looking statements.

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

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

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

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

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

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

may cause such differences. These factors include:

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

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

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

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

health, terrorism and security;

(2)global capital and credit market adversity;

(3)credit facility inaccessibility;

(4)financial strength or credit ratings downgrades;

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

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

risks;

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

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

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

(9)litigation and regulatory investigations;

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

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

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

(13)investment defaults, downgrades, or volatility;

(14)investment sales or lending difficulties;

(15)collateral or derivative-related payments;

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

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

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

(19)business competition;

Page 16 of 25

(20)technological changes;

(21)catastrophes;

(22)climate changes or responses to it;

(23)deficiencies in our closed block;

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

(25)impairment of value of business acquired ("VOBA"), value of distribution agreements acquired or

value of customer relationships acquired;

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

(27)risk management failures;

(28)insufficient protection from operational risks;

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

disaster recovery failures;

(30)accounting standards changes;

(31)excessive risk-taking;

(32)marketing and distribution difficulties;

(33)pension and other postretirement benefit assumption changes;

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

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

(36)Brighthouse Financial, Inc. separation risks;

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

voting provisions of the MetLife Policyholder Trust; and

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

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

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

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

Securities and Exchange Commission.

Page 17 of 25

MetLife, Inc.
GAAP Consolidated Statements of Operations
(In millions)
		For the Three Months Ended
		March 31,
		2026		2025
Revenues
Premiums		$ 12,120		$ 11,723
Universal life and investment-type product policy fees		1,343		1,229
Net investment income		5,355		4,885
Other revenues		852		687
Net investment gains (losses)		(670)		(387)
Net derivative gains (losses)		74		432
Total revenues		19,074		18,569
Expenses
Policyholder benefits and claims		11,864		11,806
Policyholder liability remeasurement (gains) losses		(13)		(31)
Market risk benefit remeasurement (gains) losses		120		299
Interest credited to policyholder account balances		1,674		1,647
Policyholder dividends		124		144
Amortization of DAC, VOBA and negative VOBA		568		519
Interest expense on debt		265		258
Other expenses, net of capitalization of DAC		2,965		2,573
Total expenses		17,567		17,215
Income (loss) before provision for income tax		1,507		1,354
Provision for income tax expense (benefit)		345		404
Net income (loss)		1,162		950
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests		(23)		5
Net income (loss) attributable to MetLife, Inc.		1,185		945
Less: Preferred stock dividends		45		66
Preferred stock redemption premium		—		—
Net income (loss) available to MetLife, Inc.'s common shareholders		$ 1,140		$ 879
See footnotes on last page.

Page 18 of 25

MetLife, Inc.
(In millions, except per share data)
		For the Three Months Ended
		March 31,
		2026				2025
Reconciliation to Adjusted Earnings Available to Common Shareholders				Earnings Per Weighted Average Common Share Diluted (1)				Earnings Per Weighted Average Common Share Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders		$ 1,140		$ 1.74		$ 879		$ 1.28
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)		(670)		(1.02)		(387)		(0.56)
Net derivative gains (losses)		74		0.11		432		0.63
Market risk benefit remeasurement gains (losses)		(120)		(0.18)		(299)		(0.44)
Goodwill impairment		—		—		—		—
Other adjustments to net income (loss)		77		0.11		(234)		(0.33)
Provision for income tax (expense) benefit		170		0.26		23		0.03
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests		(23)		(0.04)		5		0.01
Preferred stock redemption premium		—		—		—		—
Adjusted earnings available to common shareholders		1,586		2.42		1,349		1.96
Less: Total notable items		—		—		—		—
Adjusted earnings available to common shareholders, excluding total notable items		$ 1,586		$ 2.42		$ 1,349		$ 1.96
Adjusted earnings available to common shareholders on a constant currency basis		$ 1,586		$ 2.42		$ 1,384		$ 2.01
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis		$ 1,586		$ 2.42		$ 1,384		$ 2.01
Weighted average common shares outstanding - diluted				655.7				687.0
See footnotes on last page.

Page 19 of 25

MetLife, Inc.
(In millions)
	For the Three Months Ended
	March 31,
	2026		2025
Premiums, Fees and Other Revenues
Premiums, fees and other revenues	$ 14,315		$ 13,639
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting	132		36
Other	—		(15)
Divested businesses	—		4
Adjusted premiums, fees and other revenues	$ 14,183		$ 13,614
Adjusted premiums, fees and other revenues, on a constant currency basis	$ 14,183		$ 13,813
Less: PRT	843		1,476
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis	$ 13,340		$ 12,337
Net Investment Income
Net investment income	$ 5,355		$ 4,885
Less: Adjustments to net investment income:
Investment hedge adjustments	(84)		(103)
Depreciation of wholly-owned real estate and real estate joint ventures	(61)
Joint venture adjustments	18		(42)
Unit-linked contract income	(318)		(227)
Reinsurance activity	301		43
Divested businesses	—		1
Adjusted net investment income	$ 5,499		$ 5,213
Revenues and Expenses
Total revenues	$ 19,074		$ 18,569
Less: Adjustments to total revenues:
Net investment gains (losses)	(670)		(387)
Net derivative gains (losses)	74		432
Investment hedge adjustments	(84)		(103)
Depreciation of wholly-owned real estate and real estate joint ventures	(61)
Asymmetrical and non-economic accounting, excluding Investment hedge adjustments	132		36
Unit-linked contract costs	(318)		(227)
Reinsurance activity	301		43
Other	18		(57)
Divested businesses	—		5
Total adjusted revenues	$ 19,682		$ 18,827
Total expenses	$ 17,567		$ 17,215
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses	120		299
Goodwill impairment	—		—
Asymmetrical and non-economic accounting	24		139
Market volatility	(74)		(44)
Unit-linked contract costs	(302)		(234)
Reinsurance activity	205		42
Other	53		19
Divested businesses	5		9
Total adjusted expenses	$ 17,536		$ 16,985
See footnotes on last page.

Page 20 of 25

MetLife, Inc.
(In millions, except per share and ratio data)
		For the Three Months Ended
		March 31,
		2026		2025
Expense Detail and Ratios
Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC
Capitalization of DAC		$ (959)		$ (698)
Less: Divested businesses		—		—
Adjusted capitalization of DAC		$ (959)		$ (698)
Reconciliation of Other Expenses to Adjusted Other Expenses
Other expenses		$ 3,924		$ 3,271
Less: Reinsurance activity		205		42
Other		53		19
Divested businesses		5		8
Adjusted other expenses		$ 3,661		$ 3,202
Other Detail and Ratios
Other expenses, net of capitalization of DAC		$ 2,965		$ 2,573
Premiums, fees and other revenues		$ 14,315		$ 13,639
Expense ratio		20.7 %		18.9 %
Direct expenses		$ 1,583		$ 1,459
Less: Total notable items related to direct expenses		—		—
Direct expenses, excluding total notable items related to direct expenses		$ 1,583		$ 1,459
Adjusted other expenses		$ 3,661		$ 3,202
Adjusted capitalization of DAC		(959)		(698)
Adjusted other expenses, net of adjusted capitalization of DAC		2,702		2,504
Less: Total notable items related to adjusted other expenses		—		—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses		$ 2,702		$ 2,504
Adjusted premiums, fees and other revenues		$ 14,183		$ 13,614
Less: PRT		843		1,476
Adjusted premiums, fees and other revenues, excluding PRT		$ 13,340		$ 12,138
Direct expense ratio		11.2 %		10.7 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT		11.9 %		12.0 %
Adjusted expense ratio		19.1 %		18.4 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT		20.3 %		20.6 %
See footnotes on last page.

Page 21 of 25

MetLife, Inc.
(In millions, except per share data)
		March 31,
Equity Details		2026		2025
Total MetLife, Inc.'s stockholders' equity		$ 27,324		$ 27,493
Less: Preferred stock		2,830		3,818
MetLife, Inc.'s common stockholders' equity		24,494		23,675
Less: Unrealized investment gains (losses), net of related offsets and income tax		(19,380)		(17,329)
Deferred gains (losses) on derivatives, net of income tax		(1,015)		179
Future policy benefits discount rate remeasurement gains (losses), net of income tax		9,001		5,334
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax		(56)		(31)
Defined benefit plans adjustment, net of income tax		(1,374)		(1,416)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax		231		(100)
Total MetLife, Inc.'s adjusted common stockholders' equity		37,087		37,038
Less: Accumulated year-to-date total notable items, net of income tax		—		—
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items		$ 37,087		$ 37,038
		March 31,
Book Value (2)		2026		2025
Book value per common share		37.92		35.16
Less: Unrealized investment gains (losses), net of related offsets and income tax		(30.00)		(25.74)
Deferred gains (losses) on derivatives, net of income tax		(1.57)		0.27
Future policy benefits discount rate remeasurement gains (losses), net of income tax		13.94		7.92
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax		(0.09)		(0.05)
Defined benefit plans adjustment, net of income tax		(2.13)		(2.10)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax		0.36		(0.15)
Adjusted book value per common share		$ 57.41		$ 55.01
Common shares outstanding, end of period (3)		646.0		673.3

		For the Three Months Ended
		March 31,
Return on Equity (4)		2026		2025
Return on MetLife, Inc.'s:
Common stockholders' equity		18.2 %		14.9 %
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity		17.0 %		14.4 %
Adjusted common stockholders' equity, excluding total notable items		17.0 %		14.4 %
		For the Three Months Ended
		March 31,
Average Common Stockholders' Equity		2026		2025
Average common stockholders' equity		$ 25,031		$ 23,651
Average adjusted common stockholders' equity		$ 37,242		$ 37,405
Average adjusted common stockholders' equity, excluding total notable items		$ 37,242		$ 37,405
See footnotes on last page.

Page 22 of 25

MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(In millions)
			For the Three Months Ended
			March 31,
			2026		2025
Group Benefits (5):
	Adjusted earnings available to common shareholders		$ 439		$ 370
	Less: Total notable items		—		—
	Adjusted earnings available to common shareholders, excluding total notable items		$ 439		$ 370
	Adjusted premiums, fees and other revenues		$ 6,539		$ 6,430
	Less: Participating contracts		1,455		1,553
	Adjusted premiums, fees and other revenues, excluding participating contracts		$ 5,084		$ 4,877
RIS (5):
	Adjusted earnings available to common shareholders		$ 451		$ 406
	Less: Total notable items		—		—
	Adjusted earnings available to common shareholders, excluding total notable items		$ 451		$ 406
	Adjusted premiums, fees and other revenues		$ 2,390		$ 2,457
	Less: PRT		843		1,476
	Adjusted premiums, fees and other revenues, excluding PRT		$ 1,547		$ 981
Asia:
	Adjusted earnings available to common shareholders		$ 487		$ 372
	Less: Total notable items		—		—
	Adjusted earnings available to common shareholders, excluding total notable items		$ 487		$ 372
	Adjusted earnings available to common shareholders on a constant currency basis		$ 487		$ 372
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis		$ 487		$ 372
	Adjusted premiums, fees and other revenues		$ 1,738		$ 1,681
	Adjusted premiums, fees and other revenues, on a constant currency basis		$ 1,738		$ 1,662
Latin America:
	Adjusted earnings available to common shareholders		$ 229		$ 219
	Less: Total notable items		—		—
	Adjusted earnings available to common shareholders, excluding total notable items		$ 229		$ 219
	Adjusted earnings available to common shareholders on a constant currency basis		$ 229		$ 251
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis		$ 229		$ 251
	Adjusted premiums, fees and other revenues		$ 1,897		$ 1,513
	Adjusted premiums, fees and other revenues, on a constant currency basis		$ 1,897		$ 1,704
See footnotes on last page.

Page 23 of 25

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

Page 24 of 25

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

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

Page 25 of 25

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

Table of Contents

Exhibit 99.2

First Quarter

Financial Supplement

March 31, 2026

1

Table of Contents

			METLIFE TABLE OF CONTENTS
			GAAP CONSOLIDATED STATEMENTS OF OPERATIONS			2
			CORPORATE OVERVIEW			3
			KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS			5
			EXPENSE DETAIL AND RATIOS			7
			GAAP CONSOLIDATED BALANCE SHEETS			8
			SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			9
			Group Benefits
			Statements of Adjusted Earnings Available to Common Shareholders			10
			Other Expenses by Major Category; and Other Information			11
			RIS
			Statements of Adjusted Earnings Available to Common Shareholders			12
			Future Policy Benefits; Policyholder Account Balances; General Account Retained Balances; and Total Liabilities			13
			Other Expenses by Major Category; and Spread			14
			ASIA
			Statements of Adjusted Earnings Available to Common Shareholders			15
			Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; Other Information; and Asia General Account Assets Under Management			16
			LATIN AMERICA
			Statements of Adjusted Earnings Available to Common Shareholders			17
			Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Information			18
			EMEA
			Statements of Adjusted Earnings Available to Common Shareholders			19
			Other Expenses by Major Category; and Other Information			20
			MIM
			Statements of Adjusted Earnings Available to Common Shareholders			21
			Assets Under Management; and Other Revenues by Client Segment			22
			CORPORATE & OTHER
			Statements of Adjusted Earnings Available to Common Shareholders			23
			Future Policy Benefits; Policyholder Account Balances; Market Risk Benefits; and Separate Account Liabilities			24
			INVESTMENTS
			Investment Portfolio Results by Asset Category and Annualized Yields			25
			Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses: Fixed Maturity Securities Available-for-Sale			26
			Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type			27
			Footnotes			28
			APPENDIX
			Reconciliation Detail			A-1
			Notable Items			A-2
			Equity Details, Book Value Details and Return on Equity			A-4
			Adjusted Premiums, Fees and Other Revenues; Adjusted Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis			A-5
			Non-GAAP and Other Financial Disclosures			A-6
			Acronyms			A-10

1

Table of Contents

			METLIFE
			As used in this QFS, “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
			GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
						For the Three Months Ended																																							For the Year-to-Date Period Ended
			Unaudited (In millions)									March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026												March 31, 2025									March 31, 2026
			Revenues
			Premiums									$	11,723								$	10,810								$	10,555								$	16,691								$	12,120											$	11,723								$	12,120
			Universal life and investment-type product policy fees									1,229									1,259									1,247									1,268									1,343												1,229									1,343
			Net investment income									4,885									5,661									6,089									5,924									5,355												4,885									5,355
			Other revenues									687									679									724									737									852												687									852
			Net investment gains (losses)									(387)									(273)									(325)									(160)									(670)												(387)									(670)
			Net derivative gains (losses)									432									(796)									(929)									(646)									74												432									74
			Total revenues									18,569									17,340									17,361									23,814									19,074												18,569									19,074
			Expenses
			Policyholder benefits and claims									11,806									10,767									10,369									16,776									11,864												11,806									11,864
			Policyholder liability remeasurement (gains) losses									(31)									5									(159)									35									(13)												(31)									(13)
			Market risk benefit remeasurement (gains) losses									299									(277)									(263)									(267)									120												299									120
			Interest credited to policyholder account balances									1,647									2,400									2,561									2,342									1,674												1,647									1,674
			Policyholder dividends									144									146									134									129									124												144									124
			Amortization of DAC, VOBA and negative VOBA									519									528									522									545									568												519									568
			Interest expense on debt									258									269									271									263									265												258									265
			Other expenses, net of capitalization of DAC									2,573									2,522									2,716									2,874									2,965												2,573									2,965
			Total expenses									17,215									16,360									16,151									22,697									17,567												17,215									17,567
			Income (loss) before provision for income tax									1,354									980									1,210									1,117									1,507												1,354									1,507
			Provision for income tax expense (benefit)									404									245									308									301									345												404									345
			Net income (loss)									950									735									902									816									1,162												950									1,162
			Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests									5									6									6									7									(23)												5									(23)
			Net income (loss) attributable to MetLife, Inc.									945									729									896									809									1,185												945									1,185
			Less: Preferred stock dividends									66									31									66									31									45												66									45
			Preferred stock redemption premium									—									—									12									—									—												—									—
			Net income (loss) available to MetLife, Inc.'s common shareholders									$	879								$	698								$	818								$	778								$	1,140											$	879								$	1,140
			Premiums, fees and other revenues									$	13,639								$	12,748								$	12,526								$	18,696								$	14,315											$	13,639								$	14,315

2

Table of Contents

			METLIFE CORPORATE OVERVIEW
									For the Three Months Ended
			Unaudited (In millions, except per share data)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Net income (loss) available to MetLife, Inc.'s common shareholders						$	879								$	698								$	818								$	778								$	1,140
			Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
			Less: Net investment gains (losses)						(387)									(273)									(325)									(160)									(670)
			Less: Net derivative gains (losses)						432									(796)									(929)									(646)									74
			Less: Market risk benefit remeasurement gains (losses)						(299)									277									263									267									(120)
			Less: Goodwill impairment						—									—									—									—									—
			Less: Other adjustments to net income (loss) (1)						(234)									(61)									20									(514)									77
			Less: Provision for income tax (expense) benefit						23									195									223									190									170
			Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests						5									6									6									7									(23)
			Add: Preferred stock redemption premium						—									—									12									—									—
			Adjusted earnings available to common shareholders						1,349									1,362									1,584									1,648									1,586
			Less: Total notable items (2)						—									—									18									(61)									—
			Adjusted earnings available to common shareholders, excluding total notable items (2)						$	1,349								$	1,362								$	1,566								$	1,709								$	1,586
			Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share						$	1.28								$	1.03								$	1.22								$	1.17								$	1.74
			Less: Net investment gains (losses)						(0.56)									(0.40)									(0.49)									(0.24)									(1.02)
			Less: Net derivative gains (losses)						0.63									(1.18)									(1.39)									(0.98)									0.11
			Less: Market risk benefit remeasurement gains (losses)						(0.44)									0.41									0.39									0.40									(0.18)
			Less: Goodwill impairment						—									—									—									—									—
			Less: Other adjustments to net income (loss)						(0.33)									(0.10)									0.04									(0.78)									0.11
			Less: Provision for income tax (expense) benefit						0.03									0.29									0.33									0.29									0.26
			Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests						0.01									0.01									0.01									0.01									(0.04)
			Add: Preferred stock redemption premium						—									—									0.02									—									—
			Adjusted earnings available to common shareholders per diluted common share						1.96									2.02									2.37									2.49									2.42
			Less: Total notable items per diluted common share (2)						—									—									0.03									(0.09)									—
			Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)						$	1.96								$	2.02								$	2.34								$	2.58								$	2.42
									For the Three Months Ended
			Unaudited (In millions, except per share data)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Notable items impacting adjusted earnings available to common shareholders (2):
			Actuarial assumption review and other insurance adjustments						$	—								$	—								$	89								$	—								$	—
			Litigation reserves and settlement costs						—									—									—									(32)									—
			Tax adjustments						—									—									(71)									(29)									—
			Total notable items						$	—								$	—								$	18								$	(61)								$	—
			Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
			Actuarial assumption review and other insurance adjustments						$	—								$	—								$	0.13								$	—								$	—
			Litigation reserves and settlement costs						—									—									—									(0.05)									—
			Tax adjustments						—									—									(0.11)									(0.04)									—
			Total notable items per diluted common share						$	—								$	—								$	0.03								$	(0.09)								$	—
									For the Three Months Ended
			Unaudited (In millions)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Weighted average common shares outstanding - diluted						687.0									675.0									669.1									662.2									655.7
			(1)See Pages A-1 and A-7 for further information.
			(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Pages A-2 and A-3 for further information.
			(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

3

Table of Contents

			METLIFE CORPORATE OVERVIEW (CONTINUED)
			Unaudited						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Book value per common share (1)						$	35.16								$	35.79								$	39.52								$	39.02								$	37.92
			Adjusted book value per common share (1)						$	55.01								$	56.23								$	56.57								$	57.07								$	57.41
									For the Three Months Ended
			Unaudited						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Return on MetLife, Inc.'s (2):
			Common stockholders' equity						14.9		%							11.7		%							13.1		%							12.0		%							18.2		%
			Adjusted return on MetLife, Inc.'s (2):
			Adjusted common stockholders' equity						14.4		%							14.6		%							16.9		%							17.6		%							17.0		%
			Adjusted common stockholders' equity, excluding total notable items (3)						14.4		%							14.6		%							16.7		%							18.3		%							17.0		%
									For the Three Months Ended
			Unaudited (In millions)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Common shares outstanding, beginning of period						689.2									673.3									666.8									660.7									655.3
			Share repurchases						(17.0)									(6.5)									(6.3)									(5.4)									(10.1)
			Newly issued shares						1.1									—									0.2									—									0.8
			Common shares outstanding, end of period						673.3									666.8									660.7									655.3									646.0
			Weighted average common shares outstanding - basic						682.3									670.8									664.7									658.1									652.0
			Dilutive effect of the exercise or issuance of stock-based awards						4.7									4.2									4.4									4.1									3.7
			Weighted average common shares outstanding - diluted						687.0									675.0									669.1									662.2									655.7
			MetLife Policyholder Trust Shares						110.1									108.6									107.4									105.9									104.6
			(1) Calculated using common shares outstanding, end of period.
			(2) Annualized using quarter-to-date results. See Page A-4 for further information.
			(3)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further information.

4

Table of Contents

			METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
									For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 2026									March 31, 2025						March 31, 2026
			Total revenues						$	18,569					$	17,340					$	17,361					$	23,814					$	19,074								$	18,569					$	19,074
			Less: Adjustments to total revenues:
			Net investment gains (losses)						(387)						(273)						(325)						(160)						(670)									(387)						(670)
			Net derivative gains (losses)						432						(796)						(929)						(646)						74									432						74
			Investment hedge adjustments						(103)						(102)						(100)						(105)						(84)									(103)						(84)
			Depreciation of wholly-owned real estate and real estate joint ventures (1)																								(72)						(61)															(61)
			Asymmetrical and non-economic accounting, excluding Investment hedge adjustments						36						42						78						100						132									36						132
			Unit-linked contract income						(227)						498						580						366						(318)									(227)						(318)
			Reinsurance activity						43						47						177						222						301									43						301
			Other						(57)						—						(23)						(81)						18									(57)						18
			Divested businesses						5						3						2						(1)						—									5						—
			Total adjusted revenues						$	18,827					$	17,921					$	17,901					$	24,191					$	19,682								$	18,827					$	19,682
									For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 2026									March 31, 2025						March 31, 2026
			Net investment income						$	4,885					$	5,661					$	6,089					$	5,924					$	5,355								$	4,885					$	5,355
			Less: Adjustments to net investment income:
			Investment hedge adjustments						(103)						(102)						(100)						(105)						(84)									(103)						(84)
			Depreciation of wholly-owned real estate and real estate joint ventures (1)																								(72)						(61)															(61)
			Joint venture adjustments						(42)						16						(8)						(64)						18									(42)						18
			Unit-linked contract income						(227)						498						580						366						(318)									(227)						(318)
			Reinsurance activity						43						47						177						222						301									43						301
			Divested businesses						1						—						—						—						—									1						—
			Adjusted net investment income						$	5,213					$	5,202					$	5,440					$	5,577					$	5,499								$	5,213					$	5,499
									For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 2026									March 31, 2025						March 31, 2026
			Variable investment income (Included in net investment income above)						$	327					$	195					$	483					$	497					$	518								$	327					$	518
									For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 2026									March 31, 2025						March 31, 2026
			Premiums, fees and other revenues						$	13,639					$	12,748					$	12,526					$	18,696					$	14,315								$	13,639					$	14,315
			Less: Adjustments to premiums, fees and other revenues:
			Asymmetrical and non-economic accounting						36						42						78						100						132									36						132
			Other						(15)						(16)						(15)						(17)						—									(15)						—
			Divested businesses						4						3						2						(1)						—									4						—
			Adjusted premiums, fees and other revenues						$	13,614					$	12,719					$	12,461					$	18,614					$	14,183								$	13,614					$	14,183
			Adjusted premiums, fees and other revenues, on a constant currency basis						$	13,813					$	12,796					$	12,504					$	18,681					$	14,183
			(1)See Page A-7 for further information.

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			METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
						For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)			March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 2026									March 31, 2025						March 31, 2026
			Total expenses			$	17,215					$	16,360					$	16,151					$	22,697					$	17,567								$	17,215					$	17,567
			Less: Adjustments to total expenses:
			Market risk benefit remeasurement (gains) losses			299						(277)						(263)						(267)						120									299						120
			Goodwill impairment			—						—						—						—						—									—						—
			Asymmetrical and non-economic accounting			139						31						18						458						24									139						24
			Market volatility			(44)						(40)						(49)						(76)						(74)									(44)						(74)
			Unit-linked contract costs			(234)						486						578						366						(302)									(234)						(302)
			Reinsurance activity			42						45						135						166						205									42						205
			Other			19						21						2						15						53									19						53
			Divested businesses			9						6						10						14						5									9						5
			Total adjusted expenses			$	16,985					$	16,088					$	15,720					$	22,021					$	17,536								$	16,985					$	17,536
						For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)			March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 2026									March 31, 2025						March 31, 2026
			Capitalization of DAC			$	(698)					$	(787)					$	(852)					$	(882)					$	(959)								$	(698)					$	(959)
			Less: Divested businesses			—						—						—						—						—									—						—
			Adjusted capitalization of DAC			$	(698)					$	(787)					$	(852)					$	(882)					$	(959)								$	(698)					$	(959)
						For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)			March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 2026									March 31, 2025						March 31, 2026
			Other expenses			$	3,271					$	3,309					$	3,568					$	3,756					$	3,924								$	3,271					$	3,924
			Less: Adjustments to other expenses:
			Reinsurance activity			42						45						135						166						205									42						205
			Other			19						21						2						15						53									19						53
			Divested businesses			8						7						9						12						5									8						5
			Adjusted other expenses			$	3,202					$	3,236					$	3,422					$	3,563					$	3,661								$	3,202					$	3,661
			Adjusted other expenses, on a constant currency basis			$	3,265					$	3,235					$	3,414					$	3,579					$	3,661

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			METLIFE EXPENSE DETAIL AND RATIOS
						For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions, except ratios)			March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 2026									March 31, 2025						March 31, 2026
			Other expenses, net of capitalization of DAC			$	2,573					$	2,522					$	2,716					$	2,874					$	2,965								$	2,573					$	2,965
			Premiums, fees and other revenues			$	13,639					$	12,748					$	12,526					$	18,696					$	14,315								$	13,639					$	14,315
			Expense ratio			18.9		%				19.8		%				21.7		%				15.4		%				20.7		%							18.9		%				20.7		%
						For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)			March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 2026									March 31, 2025						March 31, 2026
			Adjusted other expenses by major category
			Direct expenses			$	1,459					$	1,445					$	1,443					$	1,528					$	1,583								$	1,459					$	1,583
			Pension, postretirement and postemployment benefit costs			70						66						69						74						70									70						70
			Premium taxes, other taxes, and licenses & fees			160						158						272						246						199									160						199
			Commissions and other variable expenses			1,513						1,567						1,638						1,715						1,809									1,513						1,809
			Adjusted other expenses			3,202						3,236						3,422						3,563						3,661									3,202						3,661
			Adjusted capitalization of DAC			(698)						(787)						(852)						(882)						(959)									(698)						(959)
			Adjusted other expenses, net of adjusted capitalization of DAC			$	2,504					$	2,449					$	2,570					$	2,681					$	2,702								$	2,504					$	2,702
						For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions, except ratios)			March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 2026									March 31, 2025						March 31, 2026
			Employee-related costs			$	991					$	935					$	962					$	946					$	1,094								$	991					$	1,094
			Third-party staffing costs			353						392						374						415						368									353						368
			General and administrative expenses			115						118						107						167						121									115						121
			Direct expenses			1,459						1,445						1,443						1,528						1,583									1,459						1,583
			Less: Total notable items related to direct expenses (1)			—						—						—						40						—									—						—
			Direct expenses, excluding total notable items related to direct expenses (1)			$	1,459					$	1,445					$	1,443					$	1,488					$	1,583								$	1,459					$	1,583
			Adjusted other expenses, net of adjusted capitalization of DAC			$	2,504					$	2,449					$	2,570					$	2,681					$	2,702								$	2,504					$	2,702
			Less: Total notable items related to adjusted other expenses (1)			—						—						102						81						—									—						—
			Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)			$	2,504					$	2,449					$	2,468					$	2,600					$	2,702								$	2,504					$	2,702
			Adjusted premiums, fees and other revenues			$	13,614					$	12,719					$	12,461					$	18,614					$	14,183								$	13,614					$	14,183
			Less: PRT			1,476						328						(10)						5,775						843									1,476						843
			Adjusted premiums, fees and other revenues, excluding PRT			$	12,138					$	12,391					$	12,471					$	12,839					$	13,340								$	12,138					$	13,340
			Direct expense ratio			10.7		%				11.4		%				11.6		%				8.2		%				11.2		%							10.7		%				11.2		%
			Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)			12.0		%				11.7		%				11.6		%				11.6		%				11.9		%							12.0		%				11.9		%
			Adjusted expense ratio			18.4		%				19.3		%				20.6		%				14.4		%				19.1		%							18.4		%				19.1		%
			Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)			20.6		%				19.8		%				19.8		%				20.3		%				20.3		%							20.6		%				20.3		%
			(1)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further information.

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			METLIFE GAAP CONSOLIDATED BALANCE SHEETS
			Unaudited (In millions)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			ASSETS
			Investments:
			Fixed maturity securities available-for-sale, at estimated fair value						$	291,735								$	298,737								$	304,645								$	315,931								$	316,110
			Equity securities, at estimated fair value						747									790									788									858									927
			Contractholder-directed equity securities and fair value option securities, at estimated fair value						10,725									11,694									12,270									13,959									13,435
			Mortgage loans						87,908									86,868									85,843									84,593									83,726
			Policy loans						8,663									8,664									8,589									8,547									8,455
			Real estate and real estate joint ventures						13,481									14,007									13,932									13,440									13,356
			Other limited partnership interests						14,137									14,279									14,741									14,917									14,531
			Short-term investments, principally at estimated fair value						5,543									5,300									5,962									3,601									4,948
			Other invested assets						17,470									16,352									16,932									16,332									17,624
			Total investments						450,409									456,691									463,702									472,178									473,112
			Cash and cash equivalents, principally at estimated fair value						21,326									22,178									20,233									22,032									22,687
			Accrued investment income						3,557									3,532									3,791									3,719									3,796
			Premiums, reinsurance and other receivables						31,251									31,503									40,329									49,059									50,335
			Market risk benefits, at estimated fair value						317									352									392									458									392
			Deferred policy acquisition costs and value of business acquired						20,162									20,993									21,175									21,107									21,269
			Current income tax recoverable						338									554									374									660									455
			Deferred income tax assets						2,524									2,925									2,719									2,585									2,901
			Goodwill						9,036									9,142									9,095									9,613									9,565
			Other assets						11,253									11,425									11,572									11,822									11,013
			Separate account assets						138,143									143,175									146,344									151,933									147,686
			Total assets						$	688,316								$	702,470								$	719,726								$	745,166								$	743,211
			LIABILITIES, MEZZANINE EQUITY AND EQUITY
			Liabilities
			Future policy benefits						$	197,667								$	198,965								$	199,169								$	208,855								$	206,628
			Policyholder account balances						225,623									232,433									235,312									236,857									239,836
			Market risk benefits, at estimated fair value						2,844									2,709									2,585									2,406									2,522
			Other policy-related balances						19,523									19,899									20,361									20,070									20,444
			Policyholder dividends payable						356									367									369									356									337
			Payables for collateral under securities loaned and other transactions						17,440									17,147									17,139									17,115									18,157
			Short-term debt						381									379									378									355									404
			Long-term debt						14,695									15,374									15,300									14,467									14,445
			Collateral financing arrangement						463									438									398									352									299
			Subordinated debt securities						4,153									4,153									4,154									4,155									5,143
			Notes issued by collateralized financing entities						—									—									—									1,206									1,138
			Deferred income tax liability						430									430									574									536									382
			Other liabilities						38,843									39,074									48,452									57,582									57,989
			Separate account liabilities						138,143									143,175									146,344									151,933									147,686
			Total liabilities						660,561									674,543									690,535									716,245									715,410
			Contingencies, Commitments and Guarantees
			Mezzanine Equity
			Redeemable noncontrolling interests						—									—									—									241									206
			Equity
			Preferred stock, at par value						—									—									—									—									—
			Common stock, at par value						12									12									12									12									12
			Additional paid-in capital						33,820									33,822									32,855									32,858									32,921
			Retained earnings						43,131									43,447									43,887									44,290									45,058
			Treasury stock, at cost						(29,222)									(29,737)									(30,244)									(30,678)									(31,440)
			Accumulated other comprehensive income (loss)						(20,248)									(19,859)									(17,566)									(18,084)									(19,227)
			Total MetLife, Inc.'s stockholders' equity						27,493									27,685									28,944									28,398									27,324
			Noncontrolling interests						262									242									247									282									271
			Total equity						27,755									27,927									29,191									28,680									27,595
			Total liabilities, mezzanine equity and equity						$	688,316								$	702,470								$	719,726								$	745,166								$	743,211

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			METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
									For the Three Months Ended
			Unaudited (In millions)									March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Adjusted earnings before provision for income tax
			GROUP BENEFITS									$	468								$	508								$	577								$	589								$	555
			RIS									505									460									551									563									558
			ASIA									534									489									752									625									689
			LATIN AMERICA									291									317									208									270									330
			EMEA									109									128									115									129									143
			MIM									37									72									78									80									63
			CORPORATE & OTHER									(102)									(141)									(100)									(86)									(192)
			Total adjusted earnings before provision for income tax									$	1,842								$	1,833								$	2,181								$	2,170								$	2,146
			Provision for income tax expense (benefit)
			GROUP BENEFITS									$	98								$	107								$	121								$	124								$	116
			RIS									99									90									110									109									107
			ASIA									162									143									212									181									202
			LATIN AMERICA									72									84									60									72									101
			EMEA									26									28									28									32									33
			MIM									9									18									20									20									16
			CORPORATE & OTHER									(39)									(30)									(20)									(47)									(60)
			Total provision for income tax expense (benefit)									$	427								$	440								$	531								$	491								$	515
			Adjusted earnings available to common shareholders
			GROUP BENEFITS									$	370								$	401								$	456								$	465								$	439
			RIS									406									370									441									454									451
			ASIA									372									346									540									444									487
			LATIN AMERICA									219									233									148									198									229
			EMEA									83									100									87									97									110
			MIM									28									54									58									60									47
			CORPORATE & OTHER (1)									(129)									(142)									(146)									(70)									(177)
			Total adjusted earnings available to common shareholders (1)									$	1,349								$	1,362								$	1,584								$	1,648								$	1,586
			(1)Includes impact of preferred stock dividends of $66 million, $31 million, $66 million, $31 million and $45 million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively.

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			GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
						For the Three Months Ended																																				For the Year-to-Date Period Ended
			Unaudited (In millions)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025						March 31, 2026									March 31, 2025									March 31, 2026
			Adjusted revenues
			Premiums						$	5,763								$	5,801								$	5,662								$	5,632					$	5,848								$	5,763								$	5,848
			Universal life and investment-type product policy fees						233									240									227									236						230									233									230
			Net investment income						353									345									356									358						352									353									352
			Other revenues						434									405									417									419						461									434									461
			Total adjusted revenues						6,783									6,791									6,662									6,645						6,891									6,783									6,891
			Adjusted expenses
			Policyholder benefits and claims and policyholder dividends						5,183									5,161									4,982									4,889						5,147									5,183									5,147
			Policyholder liability remeasurement (gains) losses						(18)									(4)									(9)									(3)						(2)									(18)									(2)
			Interest credited to policyholder account balances						72									73									73									71						70									72									70
			Capitalization of DAC						(5)									(7)									(7)									(7)						(6)									(5)									(6)
			Amortization of DAC, VOBA and negative VOBA						6									7									7									6						12									6									12
			Interest expense on debt						1									1									1									—						1									1									1
			Other expenses						1,076									1,052									1,038									1,100						1,114									1,076									1,114
			Total adjusted expenses						6,315									6,283									6,085									6,056						6,336									6,315									6,336
			Adjusted earnings before provision for income tax						468									508									577									589						555									468									555
			Provision for income tax expense (benefit)						98									107									121									124						116									98									116
			Adjusted earnings						370									401									456									465						439									370									439
			Preferred stock dividends						—									—									—									—						—									—									—
			Adjusted earnings available to common shareholders						370									401									456									465						439									370									439
			Less: Total notable items						—									—									(2)									—						—									—									—
			Adjusted earnings available to common shareholders, excluding total notable items						$	370								$	401								$	458								$	465					$	439								$	370								$	439
			Adjusted premiums, fees and other revenues						$	6,430								$	6,446								$	6,306								$	6,287					$	6,539								$	6,430								$	6,539

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			GROUP BENEFITS
			OTHER EXPENSES BY MAJOR CATEGORY
									For the Three Months Ended
			Unaudited (In millions)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Direct and allocated expenses						$	529								$	507								$	502								$	534								$	540
			Pension, postretirement and postemployment benefit costs						13									15									14									15									15
			Premium taxes, other taxes, and licenses & fees						83									88									87									89									94
			Commissions and other variable expenses						451									442									435									462									465
			Adjusted other expenses						$	1,076								$	1,052								$	1,038								$	1,100								$	1,114
			Adjusted capitalization of DAC						(5)									(7)									(7)									(7)									(6)
			Adjusted other expenses, net of adjusted capitalization of DAC						$	1,071								$	1,045								$	1,031								$	1,093								$	1,108
			OTHER INFORMATION (1)
									For the Three Months Ended
			Unaudited (In millions, except ratios)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Group Life (2)
			Adjusted premiums, fees and other revenues						$	2,352								$	2,371								$	2,328								$	2,321								$	2,379
			Mortality ratio						84.8		%							83.0		%							83.4		%							81.1		%							80.1		%
			Group Non-Medical Health (3)
			Adjusted premiums, fees and other revenues						$	2,850								$	2,876								$	2,814								$	2,866								$	3,019
			Interest adjusted benefit ratio (4)						74.1		%							74.8		%							72.5		%							72.2		%							75.8		%
			(1) Results are derived from insurance and non-administrative services-only contracts.
			(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
			(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
			(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

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			RIS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
						For the Three Months Ended																																													For the Year-to-Date Period Ended
			Unaudited (In millions)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025						March 31, 2026									March 31, 2025									March 31, 2026
			Adjusted revenues
			Premiums						$	2,284								$	1,210								$	1,045								$	7,030					$	2,212								$	2,284								$	2,212
			Universal life and investment-type product policy fees						104									102									99									104						109									104									109
			Net investment income						2,190									2,166									2,189									2,229						2,252									2,190									2,252
			Other revenues						69									70									70									75						69									69									69
			Total adjusted revenues						4,647									3,548									3,403									9,438						4,642									4,647									4,642
			Adjusted expenses
			Policyholder benefits and claims and policyholder dividends						3,120									2,045									1,836									7,829						3,066									3,120									3,066
			Policyholder liability remeasurement (gains) losses						(15)									1									(14)									26						(20)									(15)									(20)
			Interest credited to policyholder account balances						883									903									888									878						883									883									883
			Capitalization of DAC						(37)									(46)									(50)									(80)						(87)									(37)									(87)
			Amortization of DAC, VOBA and negative VOBA						19									21									19									22						23									19									23
			Interest expense on debt						3									4									3									4						3									3									3
			Other expenses						169									160									170									196						216									169									216
			Total adjusted expenses						4,142									3,088									2,852									8,875						4,084									4,142									4,084
			Adjusted earnings before provision for income tax						505									460									551									563						558									505									558
			Provision for income tax expense (benefit)						99									90									110									109						107									99									107
			Adjusted earnings						406									370									441									454						451									406									451
			Preferred stock dividends						—									—									—									—						—									—									—
			Adjusted earnings available to common shareholders						406									370									441									454						451									406									451
			Less: Total notable items						—									—									13									—						—									—									—
			Adjusted earnings available to common shareholders, excluding total notable items						$	406								$	370								$	428								$	454					$	451								$	406								$	451
			Adjusted premiums, fees and other revenues						$	2,457								$	1,382								$	1,214								$	7,209					$	2,390								$	2,457								$	2,390
			Less: PRT						1,476									328									(10)									5,775						843									1,476									843
			Adjusted premiums, fees and other revenues, excluding PRT						$	981								$	1,054								$	1,224								$	1,434					$	1,547								$	981								$	1,547

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			RIS
			FUTURE POLICY BENEFITS (1)
			Unaudited (In millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026
			Balance, end of period (at balance sheet discount rate) (2)						$	73,415					$	73,506					$	74,263					$	84,988								$	84,300
			Less: Accumulated other comprehensive (income) loss						(2,627)						(2,366)						(1,209)						(1,732)									(2,968)
			Balance, end of period (at original discount rate)						$	76,042					$	75,872					$	75,472					$	86,720								$	87,268
			Future policyholder benefits subject to reinsurance (at balance sheet discount rate) (2)						$	2,287					$	2,266					$	7,750					$	12,786								$	12,503
			Add: Accumulated other comprehensive (income) loss						(16)						(27)						(149)						(63)									116
			Balance, end of period (at original discount rate)						$	2,271					$	2,239					$	7,601					$	12,723								$	12,619
			POLICYHOLDER ACCOUNT BALANCES
			Unaudited (In millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026
			Balance, end of period						$	90,243					$	92,197					$	92,291					$	93,549								$	96,115
			Policyholder account balances subject to reinsurance																		$	3,327					$	4,297								$	4,571
			FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES GENERAL ACCOUNT RETAINED BALANCES (3)
			Unaudited (In millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026
			Balance, end of period						$	164,014					$	165,830					$	156,835					$	163,249								$	166,193
			TOTAL LIABILITIES
			Unaudited (In millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026
			General account retained balances (3)						$	164,014					$	165,830					$	156,835					$	163,249								$	166,193
			Separate account liabilities						55,953						54,864						55,671						57,128									56,089
			Synthetic GICS (4), (5)						53,796						53,740						51,920						52,664									52,257
			Longevity Reinsurance (6)						27,369						30,087						29,293						37,025									36,440
			Total liability exposure retained, end of period						$	301,132					$	304,521					$	293,719					$	310,066								$	310,979
			Total liability exposure, end of period						$	303,403					$	306,760					$	304,647					$	327,086								$	328,169
			(1)Includes $3,899 million, $3,910 million, $3,964 million, $3,948 million and $3,973 million of DPL at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively.
			(2)Represents the current discount rate at the respective balance sheet date.
			(3) Includes future policyholder benefits (at original discount rate) and policyholder account balances, both excluding amounts subject to reinsurance.
			(4)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
			(5)Includes $1,242 million, $0, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively.
			(6)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the U.K. PRT market.

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			RIS
			OTHER EXPENSES BY MAJOR CATEGORY
									For the Three Months Ended
			Unaudited (In millions)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Direct and allocated expenses						$	98								$	89								$	88								$	90								$	93
			Pension, postretirement and postemployment benefit costs						4									4									4									5									5
			Premium taxes, other taxes, and licenses & fees						5									3									7									32									15
			Commissions and other variable expenses						62									64									71									69									103
			Adjusted other expenses						$	169								$	160								$	170								$	196								$	216
			Adjusted capitalization of DAC						(37)									(46)									(50)									(80)									(87)
			Adjusted other expenses, net of adjusted capitalization of DAC						$	132								$	114								$	120								$	116								$	129
			SPREAD
									For the Three Months Ended
			Unaudited						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Investment income yield, excluding variable investment income yield						5.05		%							5.07		%							5.07		%							5.10		%							5.02		%
			Variable investment income yield						9.03		%							5.45		%							13.46		%							12.37		%							12.15		%
			Total investment income yield						5.19		%							5.08		%							5.36		%							5.35		%							5.26		%
			Average crediting rate						4.28		%							4.31		%							4.33		%							4.34		%							4.28		%
			Amortization of DPL and losses at inception (1)						(0.20)		%							(0.21)		%							(0.24)		%							(0.23)		%							(0.21)		%
			Total average crediting rate						4.08		%							4.10		%							4.09		%							4.11		%							4.07		%
			Annualized general account spread (2)						1.11		%							0.98		%							1.27		%							1.24		%							1.19		%
			Annualized general account spread, excluding variable investment income yield						0.97		%							0.97		%							0.98		%							0.99		%							0.95		%
			(1)Includes the amortization of DPL of (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025, and (0.22%) for the three months ended March 31, 2026.
			(2)The general account is comprised of invested assets supporting future policy benefits and policyholder account balances.

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			ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
						For the Three Months Ended																																				For the Year-to-Date Period Ended
			Unaudited (In millions)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025						March 31, 2026									March 31, 2025									March 31, 2026
			Adjusted revenues
			Premiums						$	1,260								$	1,278								$	1,290								$	1,222					$	1,294								$	1,260								$	1,294
			Universal life and investment-type product policy fees						406									399									407									428						427									406									427
			Net investment income						1,204									1,204									1,374									1,405						1,461									1,204									1,461
			Other revenues						15									22									20									21						17									15									17
			Total adjusted revenues						2,885									2,903									3,091									3,076						3,199									2,885									3,199
			Adjusted expenses
			Policyholder benefits and claims and policyholder dividends						1,037									1,051									1,074									1,010						1,088									1,037									1,088
			Policyholder liability remeasurement (gains) losses						(11)									(12)									(141)									6						(15)									(11)									(15)
			Interest credited to policyholder account balances						711									757									804									825						833									711									833
			Capitalization of DAC						(351)									(418)									(435)									(413)						(465)									(351)									(465)
			Amortization of DAC, VOBA and negative VOBA						216									223									207									208						211									216									211
			Interest expense on debt						—									—									—									—						—									—									—
			Other expenses						749									813									830									815						858									749									858
			Total adjusted expenses						2,351									2,414									2,339									2,451						2,510									2,351									2,510
			Adjusted earnings before provision for income tax						534									489									752									625						689									534									689
			Provision for income tax expense (benefit)						162									143									212									181						202									162									202
			Adjusted earnings						372									346									540									444						487									372									487
			Preferred stock dividends						—									—									—									—						—									—									—
			Adjusted earnings available to common shareholders						$	372								$	346								$	540								$	444					$	487								$	372								$	487
			Less: Total notable items						—									—									70									—						—									—									—
			Adjusted earnings available to common shareholders, excluding total notable items						$	372								$	346								$	470								$	444					$	487								$	372								$	487
			Adjusted premiums, fees and other revenues						$	1,681								$	1,699								$	1,717								$	1,671					$	1,738								$	1,681								$	1,738

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			ASIA
			ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
												For the Three Months Ended
			Unaudited (In millions)									March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Adjusted premiums, fees and other revenues									$	1,681								$	1,699								$	1,717								$	1,671								$	1,738
			Adjusted premiums, fees and other revenues, on a constant currency basis									$	1,662								$	1,622								$	1,653								$	1,660								$	1,738
			OTHER EXPENSES BY MAJOR CATEGORY
												For the Three Months Ended
			Unaudited (In millions)									March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Direct and allocated expenses									$	306								$	304								$	303								$	303								$	298
			Pension, postretirement and postemployment benefit costs									13									14									13									17									11
			Premium taxes, other taxes, and licenses & fees									29									33									33									38									37
			Commissions and other variable expenses									401									462									481									457									512
			Adjusted other expenses									$	749								$	813								$	830								$	815								$	858
			Adjusted capitalization of DAC									(351)									(418)									(435)									(413)									(465)
			Adjusted other expenses, net of adjusted capitalization of DAC									$	398								$	395								$	395								$	402								$	393
			Adjusted other expenses, on a constant currency basis									$	738								$	766								$	794								$	805								$	858
			SALES ON A CONSTANT CURRENCY BASIS
												For the Three Months Ended
			Unaudited (In millions)									March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Japan:
			Life									$	110								$	156								$	212								$	168								$	164
			Accident & Health									65									63									62									58									115
			Annuities									145									226									178									119									127
			Other									2									2									1									1									1
			Total Japan									322									447									453									346									407
			Other Asia									304									234									320									249									359
			Total sales									$	626								$	681								$	773								$	595								$	766
			OTHER INFORMATION
												For the Three Months Ended
			Unaudited (In millions)									March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Adjusted earnings available to common shareholders									$	372								$	346								$	540								$	444								$	487
			Adjusted earnings available to common shareholders, excluding total notable items									$	372								$	346								$	470								$	444								$	487
			Adjusted earnings available to common shareholders, on a constant currency basis									$	372								$	338								$	523								$	444								$	487
			Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis									$	372								$	338								$	453								$	444								$	487
			ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT
			Unaudited (In millions)									March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Asia GA AUM									$	125,119								$	129,325								$	131,751								$	130,514								$	128,978
			Asia GA AUM (at amortized cost)									$	134,352								$	139,158								$	140,892								$	140,168								$	140,660
			Asia GA AUM (at amortized cost), on a constant currency basis									$	131,864								$	134,331								$	137,312								$	139,084								$	140,660

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			LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
						For the Three Months Ended																																				For the Year-to-Date Period Ended
			Unaudited (In millions)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025						March 31, 2026									March 31, 2025									March 31, 2026
			Adjusted revenues
			Premiums						$	1,164								$	1,260								$	1,288								$	1,443					$	1,485								$	1,164								$	1,485
			Universal life and investment-type product policy fees						340									371									377									359						419									340									419
			Net investment income						408									445									416									429						409									408									409
			Other revenues						9									3									(2)									(6)						(7)									9									(7)
			Total adjusted revenues						1,921									2,079									2,079									2,225						2,306									1,921									2,306
			Adjusted expenses
			Policyholder benefits and claims and policyholder dividends						1,091									1,216									1,218									1,320						1,349									1,091									1,349
			Policyholder liability remeasurement (gains) losses						(3)									—									(4)									—						—									(3)									—
			Interest credited to policyholder account balances						98									96									92									87						85									98									85
			Capitalization of DAC						(172)									(176)									(203)									(219)						(240)									(172)									(240)
			Amortization of DAC, VOBA and negative VOBA						129									137									149									156						173									129									173
			Interest expense on debt						4									4									4									3						5									4									5
			Other expenses						483									485									615									608						604									483									604
			Total adjusted expenses						1,630									1,762									1,871									1,955						1,976									1,630									1,976
			Adjusted earnings before provision for income tax						291									317									208									270						330									291									330
			Provision for income tax expense (benefit)						72									84									60									72						101									72									101
			Adjusted earnings						219									233									148									198						229									219									229
			Preferred stock dividends						—									—									—									—						—									—									—
			Adjusted earnings available to common shareholders						$	219								$	233								$	148								$	198					$	229								$	219								$	229
			Less: Total notable items						—									—									(75)									(29)						—									—									—
			Adjusted earnings available to common shareholders, excluding total notable items						$	219								$	233								$	223								$	227					$	229								$	219								$	229
			Adjusted premiums, fees and other revenues						$	1,513								$	1,634								$	1,663								$	1,796					$	1,897								$	1,513								$	1,897

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			LATIN AMERICA
			OTHER EXPENSES BY MAJOR CATEGORY
									For the Three Months Ended
			Unaudited (In millions)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Direct and allocated expenses						$	135								$	143								$	147								$	151								$	158
			Pension, postretirement and postemployment benefit costs						1									2									1									3									2
			Premium taxes, other taxes, and licenses & fees						23									22									123									66									32
			Commissions and other variable expenses						324									318									344									388									412
			Adjusted other expenses						$	483								$	485								$	615								$	608								$	604
			Adjusted capitalization of DAC						(172)									(176)									(203)									(219)									(240)
			Adjusted other expenses, net of adjusted capitalization of DAC						$	311								$	309								$	412								$	389								$	364
			Adjusted other expenses, on a constant currency basis						$	544								$	529								$	646								$	634								$	604
			Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis						$	349								$	337								$	431								$	407								$	364
			SALES ON A CONSTANT CURRENCY BASIS
									For the Three Months Ended
			Unaudited (In millions)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Mexico						$	233								$	203								$	226								$	227								$	268
			Chile						125									138									132									133									137
			All other						75									75									112									109									116
			Total sales						$	433								$	416								$	470								$	469								$	521
			OTHER INFORMATION
									For the Three Months Ended
			Unaudited (In millions)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			Adjusted premiums, fees and other revenues						$	1,513								$	1,634								$	1,663								$	1,796								$	1,897
			Adjusted earnings available to common shareholders						$	219								$	233								$	148								$	198								$	229
			Adjusted earnings available to common shareholders, excluding total notable items						$	219								$	233								$	223								$	227								$	229
			Adjusted premiums, fees and other revenues, on a constant currency basis						$	1,704								$	1,783								$	1,774								$	1,874								$	1,897
			Adjusted earnings available to common shareholders, on a constant currency basis						$	251								$	258								$	165								$	207								$	229
			Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis						$	251								$	258								$	240								$	236								$	229

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

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

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			MIM STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
						For the Three Months Ended																																				For the Year-to-Date Period Ended
			Unaudited (In millions, except ratios)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025						March 31, 2026									March 31, 2025						March 31, 2026
			Adjusted revenues
			Premiums						$	—								$	—								$	—								$	—					$	—								$	—					$	—
			Universal life and investment-type product policy fees						—									—									—									—						—									—						—
			Net investment income						1									2									1									2						5									1						5
			Other revenues						218									237									238									239						314									218						314
			Total adjusted revenues						219									239									239									241						319									219						319
			Adjusted expenses
			Policyholder benefits and claims and policyholder dividends						—									—									—									—						—									—						—
			Policyholder liability remeasurement (gains) losses						—									—									—									—						—									—						—
			Interest credited to policyholder account balances						—									—									—									—						—									—						—
			Capitalization of DAC						—									—									—									—						—									—						—
			Amortization of DAC, VOBA and negative VOBA						—									—									—									—						—									—						—
			Interest expense on debt						—									—									—									—						1									—						1
			Other expenses						182									167									161									161						255									182						255
			Total adjusted expenses						182									167									161									161						256									182						256
			Adjusted earnings before provision for income tax						37									72									78									80						63									37						63
			Provision for income tax expense (benefit)						9									18									20									20						16									9						16
			Adjusted earnings						28									54									58									60						47									28						47
			Preferred stock dividends						—									—									—									—						—									—						—
			Adjusted earnings available to common shareholders						28									54									58									60						47									28						47
			Less: Total notable items						—									—									—									—						—									—						—
			Adjusted earnings available to common shareholders, excluding total notable items						$	28								$	54								$	58								$	60					$	47								$	28					$	47
			Operating margin (1)						16.9		%							30.1		%							32.6		%							33.2		%				19.7		%							16.9		%				19.7		%
			(1)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues.

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			MIM
			ASSETS UNDER MANAGEMENT
			Unaudited (In millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026
			Institutional Client AUM
			Beginning Institutional Client AUM						$	178,666					$	185,970					$	200,616					$	212,390								$	319,282
			Additions						5,945						17,118						19,078						19,806									16,264
			Withdrawals						(7,460)						(9,103)						(9,366)						(14,194)									(18,297)
			Change in market value						2,217						6,631						2,062						1,770									(4,092)
			Acquisitions, dispositions and other						6,602						—						—						99,510									—
			Ending Institutional Client AUM (1)						$	185,970					$	200,616					$	212,390					$	319,282								$	313,157
			MIM GA AUM						$	417,194					$	423,671					$	420,204					$	422,392								$	423,134
			Total AUM						$	603,164					$	624,287					$	632,594					$	741,674								$	736,291
			OTHER REVENUES BY CLIENT SEGMENT
									For the Three Months Ended
			Unaudited (In millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026
			Institutional Client						$	77					$	95					$	98					$	99								$	172
			General Account						141						142						140						140									142
			Other revenues						$	218					$	237					$	238					$	239								$	314
			(1)Ending Institutional Client AUM includes Separate Account AUM, Reinsurance AUM and Third‑Party AUM, with balances at March 31, 2026 of $14.5 billion, $19.6 billion, and $279.1 billion, respectively, and at December 31, 2025 of $15.8 billion, $20.1 billion and $283.4 billion, respectively.

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			CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
						For the Three Months Ended																																				For the Year-to-Date Period Ended
			Unaudited (In millions)						March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025						March 31, 2026									March 31, 2025						March 31, 2026
			Adjusted revenues
			Premiums						$	666								$	632								$	632								$	684					$	592								$	666					$	592
			Universal life and investment-type product policy fees						68									63									55									37						34									68						34
			Net investment income						999									979									1,038									1,086						953									999						953
			Other revenues						(87)									(93)									(91)									(96)						(118)									(87)						(118)
			Total adjusted revenues						1,646									1,581									1,634									1,711						1,461									1,646						1,461
			Adjusted expenses
			Policyholder benefits and claims and policyholder dividends						1,210									1,171									1,160									1,202						1,110									1,210						1,110
			Policyholder liability remeasurement (gains) losses						16									16									4									6						22									16						22
			Interest credited to policyholder account balances						36									35									37									29						27									36						27
			Capitalization of DAC						(7)									(4)									(6)									(8)						(6)									(7)						(6)
			Amortization of DAC, VOBA and negative VOBA						55									52									55									52						49									55						49
			Interest expense on debt						250									260									263									256						255									250						255
			Other expenses						188									192									221									260						196									188						196
			Total adjusted expenses						1,748									1,722									1,734									1,797						1,653									1,748						1,653
			Adjusted earnings before provision for income tax						(102)									(141)									(100)									(86)						(192)									(102)						(192)
			Provision for income tax expense (benefit)						(39)									(30)									(20)									(47)						(60)									(39)						(60)
			Adjusted earnings						(63)									(111)									(80)									(39)						(132)									(63)						(132)
			Preferred stock dividends						66									31									66									31						45									66						45
			Adjusted earnings available to common shareholders						(129)									(142)									(146)									(70)						(177)									(129)						(177)
			Less: Total notable items						—									—									13									(32)						—									—						—
			Adjusted earnings available to common shareholders, excluding total notable items						$	(129)								$	(142)								$	(159)								$	(38)					$	(177)								$	(129)					$	(177)
			Adjusted premiums, fees and other revenues						$	647								$	602								$	596								$	625					$	508								$	647					$	508
			Adjusted earnings available to common shareholders attributed to business activities						$	120								$	115								$	173								$	146					$	109								$	120					$	109

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			CORPORATE & OTHER
			FUTURE POLICY BENEFITS (1)
			Unaudited (In millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026
			Annuities						$	1,493					$	1,466					$	1,457					$	1,442								$	1,408
			Long-term care						14,716						14,803						15,309						15,224									14,978
			Life and Other						52,962						52,748						52,480						52,285									51,954
			Balance, end of period (at balance sheet discount rate)						$	69,171					$	69,017					$	69,246					$	68,951								$	68,340
			Less:
			Annuities						$	(51)					$	(43)					$	(26)					$	(32)								$	(49)
			Long-term care						(872)						(922)						(547)						(751)									(1,124)
			Life and Other						(26)						(26)						(10)						(20)									(39)
			Accumulated other comprehensive (income) loss						$	(949)					$	(991)					$	(583)					$	(803)								$	(1,212)
			Annuities						$	1,544					$	1,509					$	1,483					$	1,474								$	1,457
			Long-term care						15,588						15,725						15,856						15,975									16,102
			Life and Other						52,988						52,774						52,490						52,305									51,993
			Balance, end of period (at original discount rate)						$	70,120					$	70,008					$	69,829					$	69,754								$	69,552
			Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
			Annuities						$	1,370					$	1,345					$	1,326					$	1,294								$	1,255
			Long-term care						—						—						—						—									—
			Life and Other						2,421						2,455						2,474						3,934									3,920
			Balance, end of period (at balance sheet discount rate)						$	3,791					$	3,800					$	3,800					$	5,228								$	5,175
			POLICYHOLDER ACCOUNT BALANCES
			Unaudited (In millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026
			Annuities						$	6,807					$	6,633					$	6,545					$	6,383								$	6,184
			Life and Other						7,278						7,226						7,164						7,093									7,020
			Balance, end of period						$	14,085					$	13,859					$	13,709					$	13,476								$	13,204
			Policyholder account balances subject to reinsurance (2)
			Annuities						$	2,930					$	2,848					$	2,761					$	4,258								$	4,133
			Life and Other						6,301						6,240						6,178						6,119									6,104
			Balance, end of period						$	9,231					$	9,088					$	8,939					$	10,377								$	10,237
			MARKET RISK BENEFITS
			Unaudited (In millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026
			Annuities						$	2,188					$	2,056					$	1,957					$	1,788								$	1,948
			Market risk benefits subject to reinsurance (2)						$	—					$	—					$	—					$	285								$	373
			SEPARATE ACCOUNT LIABILITIES
			Unaudited (In millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026
			Annuities						$	19,795					$	20,317					$	20,252					$	19,621								$	18,347
			Life and Other						6,393						7,022						7,317						7,302									6,888
			Balance, end of period						$	26,188					$	27,339					$	27,569					$	26,923								$	25,235
			Separate account liabilities subject to reinsurance (3)
			Annuities						$	73					$	77					$	77					$	8,354								$	7,767
			Life and Other						5,852						6,429						6,688						6,666									6,284
			Balance, end of period						$	5,925					$	6,506					$	6,765					$	15,020								$	14,051
			(1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
			(2) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
			(3) Separate account assets are retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.

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			INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
			This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. Reinsurance activity and Third-party mortgage loan activity have been excluded from the amounts within this table.
									At or For the Three Months Ended																																							For the Year-to-Date Period Ended
			Unaudited (In millions, except yields)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026												March 31, 2025						March 31, 2026
			Fixed Maturity Securities
			Yield (1)						4.36		%				4.61		%				4.61		%				4.57		%							4.50		%										4.36		%				4.50		%
			Investment income (2), (3)						$	3,259					$	3,517					$	3,485					$	3,504								$	3,491											$	3,259					$	3,491
			Investment gains (losses)						(244)						(124)						(150)						(105)									(213)												(244)						(213)
			Ending carrying value (4)						290,416						297,565						296,663						299,659									300,040												290,416						300,040
			Mortgage Loans
			Yield (1)						5.21		%				5.12		%				5.22		%				5.26		%							5.19		%										5.21		%				5.19		%
			Investment income (3)						1,056						1,026						1,009						1,005									979												1,056						979
			Investment gains (losses)						(159)						(288)						(65)						(93)									(119)												(159)						(119)
			Ending carrying value (5)						80,581						79,848						76,896						75,767									75,290												80,581						75,290
			Real Estate and Real Estate Joint Ventures
			Yield (1)						4.01		%				3.47		%				1.83		%				4.64		%							3.64		%										4.01		%				3.64		%
			Investment income						134						120						63						158									120												134						120
			Investment gains (losses)						(40)						3						47						9									(125)												(40)						(125)
			Ending carrying value (6)						13,481						14,007						13,932						13,431									13,276												13,481						13,276
			Policy Loans
			Yield (1)						5.38		%				5.64		%				5.76		%				5.74		%							5.67		%										5.38		%				5.67		%
			Investment income						107						113						115						114									109												107						109
			Ending carrying value (7)						8,663						8,664						8,589						8,547									8,097												8,663						8,097
			Equity Securities
			Yield (1)						6.16		%				2.30		%				3.46		%				5.16		%							4.36		%										6.16		%				4.36		%
			Investment income						9						3						4						7									6												9						6
			Investment gains (losses)						(12)						45						17						15									(16)												(12)						(16)
			Ending carrying value (8)						747						790						788						753									804												747						804
			Other Limited Partnership Interests
			Yield (1)						6.22		%				3.46		%				11.89		%				11.37		%							11.75		%										6.22		%				11.75		%
			Investment income						222						122						431						419									436												222						436
			Investment gains (losses)						(1)						21						4						—									(43)												(1)						(43)
			Ending carrying value (9)						14,125						14,265						14,726						14,712									14,222												14,125						14,222
			Cash and Cash Equivalents and Short-term Investments
			Yield (1)						4.42		%				4.19		%				4.36		%				4.07		%							4.04		%										4.42		%				4.04		%
			Investment income						224						232						239						208									206												224						206
			Investment gains (losses)						(9)						(38)						13						35									(3)												(9)						(3)
			Ending carrying value (10)						26,862						27,432						25,853						24,319									26,606												26,862						26,606
			Other Invested Assets
			Investment income						365						218						241						318									341												365						341
			Investment gains (losses)						4						25						(76)						(104)									(31)												4						(31)
			Ending carrying value (11)						17,470						16,350						16,871						16,193									17,391												17,470						17,391
			Total Investments
			Investment income yield (1)						4.82		%				4.73		%				4.99		%				5.10		%							5.03		%										4.82		%				5.03		%
			Investment fees and expenses yield (1)						(0.15)		%				(0.13)		%				(0.13)		%				(0.14)		%							(0.17)		%										(0.15)		%				(0.17)		%
			Net Investment Income Yield (1)						4.67		%				4.60		%				4.86		%				4.96		%							4.86		%										4.67		%				4.86		%
			Investment income						$	5,376					$	5,351					$	5,587					$	5,733								$	5,688											$	5,376					$	5,688
			Investment fees and expenses						(162)						(149)						(147)						(156)									(189)												(162)						(189)
			Net investment income including divested businesses						5,214						5,202						5,440						5,577									5,499												5,214						5,499
			Less: Net investment income from divested businesses						1						—						—						—									—												1						—
			Adjusted Net Investment Income (12)						$	5,213					$	5,202					$	5,440					$	5,577								$	5,499											$	5,213					$	5,499
			Ending Carrying Value						$	452,345					$	458,921					$	454,318					$	453,381								$	455,726											$	452,345					$	455,726
			Investment Portfolio Gains (Losses) (13)						$	(461)					$	(356)					$	(210)					$	(243)								$	(549)											$	(461)					$	(549)
			Gross investment gains						142						204						373						418									247												142						247
			Gross investment losses						(423)						(264)						(269)						(471)									(513)												(423)						(513)
			Net credit loss (provision) release and (impairments)						(180)						(296)						(314)						(190)									(283)												(180)						(283)
			Investment Portfolio Gains (Losses) (13)						(461)						(356)						(210)						(243)									(549)												(461)						(549)
			Investment portfolio gains (losses) income tax (expense) benefit						116						94						41						75									125												116						125
			Investment Portfolio Gains (Losses), Net of Income Tax						$	(345)					$	(262)					$	(169)					$	(168)								$	(424)											$	(345)					$	(424)
			Derivative Gains (Losses) (13)						$	344					$	(892)					$	(746)					$	(844)								$	(256)											$	344					$	(256)
			Derivative gains (losses) income tax (expense) benefit						(99)						181						193						192									81												(99)						81
			Derivative Gains (Losses), Net of Income Tax						$	245					$	(711)					$	(553)					$	(652)								$	(175)											$	245					$	(175)
			See footnotes on Pages 28 and 29.

25

Table of Contents

			INVESTMENTS
			SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
															March 31, 2025												June 30, 2025												September 30, 2025												December 31, 2025 (15)															March 31, 2026
			Unaudited (In millions, except ratios)												Amount						% of Total						Amount						% of Total						Amount						% of Total						Amount						% of Total									Amount						% of Total
			U.S. corporate												$	80,316					27.7		%				$	81,562					27.5		%				$	81,720					27.7		%				$	83,048					27.8		%							$	83,279					27.8		%
			Foreign corporate												55,083						19.1		%				58,792						19.9		%				57,798						19.6		%				58,260						19.6		%							57,727						19.4		%
			Residential mortgage-backed												39,083						13.5		%				40,764						13.8		%				41,292						14.0		%				42,431						14.3		%							43,115						14.5		%
			Foreign government												40,892						14.2		%				42,097						14.2		%				41,610						14.1		%				40,028						13.4		%							39,249						13.2		%
			U.S. government and agency												33,535						11.6		%				32,463						11.0		%				32,315						11.0		%				33,706						11.3		%							33,204						11.1		%
			Asset-backed securities and collateralized loan obligations												20,748						7.2		%				20,929						7.1		%				20,313						6.9		%				20,757						7.0		%							22,241						7.5		%
			Municipals												9,764						3.4		%				9,802						3.3		%				10,486						3.6		%				10,579						3.6		%							10,363						3.5		%
			Commercial mortgage-backed												9,388						3.3		%				9,428						3.2		%				9,245						3.1		%				8,922						3.0		%							8,925						3.0		%
			Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity												$	288,809					100.0		%				$	295,837					100.0		%				$	294,779					100.0		%				$	297,731					100.0		%							$	298,103					100.0		%
			Reinsurance activity												2,926												2,900												9,866												18,200															18,007
			Fixed Maturity Securities Available-For-Sale												$	291,735											$	298,737											$	304,645											$	315,931														$	316,110
			NRSRO						NAIC
			RATING						DESIGNATION
			Aaa / Aa / A						1						$	199,468					69.1		%				$	203,465					68.8		%				$	202,215					68.7		%				$	203,858					68.5		%							$	204,363					68.6		%
			Baa						2						77,112						26.7		%				80,262						27.1		%				80,465						27.3		%				81,877						27.5		%							81,961						27.5		%
			Ba						3						8,674						3.0		%				8,566						2.9		%				8,364						2.8		%				8,273						2.8		%							8,103						2.7		%
			B						4						3,198						1.1		%				3,260						1.1		%				3,379						1.1		%				3,379						1.1		%							3,251						1.1		%
			Caa and lower						5						291						0.1		%				204						0.1		%				258						0.1		%				249						0.1		%							299						0.1		%
			In or near default						6						66						—		%				80						—		%				98						—		%				95						—		%							126						—		%
			Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity												$	288,809					100.0		%				$	295,837					100.0		%				$	294,779					100.0		%				$	297,731					100.0		%							$	298,103					100.0		%
			Reinsurance activity												2,926												2,900												9,866												18,200															18,007
			Fixed Maturity Securities Available-For-Sale (14)												$	291,735											$	298,737											$	304,645											$	315,931														$	316,110
			GROSS UNREALIZED GAINS AND LOSSES:
			FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
			Unaudited (In millions)												March 31, 2025												June 30, 2025												September 30, 2025												December 31, 2025															March 31, 2026
			Gross unrealized gains												$	5,398											$	6,192											$	7,130											$	6,910														$	5,436
			Gross unrealized losses												28,891												28,951												26,495												27,287															30,319
			Net Unrealized Gains (Losses), excluding Reinsurance activity												$	(23,493)											$	(22,759)											$	(19,365)											$	(20,377)														$	(24,883)
			Reinsurance activity												(109)												(88)												(575)												(644)															(925)
			Net Unrealized Gains (Losses)												$	(23,602)											$	(22,847)											$	(19,940)											$	(21,021)														$	(25,808)
			See footnotes on Pages 28 and 29.

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			INVESTMENTS
			SUMMARY OF MORTGAGE LOANS
			Unaudited (In millions)						March 31, 2025												June 30, 2025												September 30, 2025												December 31, 2025															March 31, 2026
			Commercial mortgage loans						$	47,890											$	46,674											$	44,953											$	42,406														$	41,509
			Agricultural mortgage loans						18,779												18,993												18,045												18,284															18,095
			Residential mortgage loans						14,783												15,286												14,968												16,060															16,682
			Mortgage loans held-for-sale						—												—												—												35															35
			Total						81,452												80,953												77,966												76,785															76,321
			Allowance for credit loss						(871)												(1,105)												(1,070)												(1,018)															(1,031)
			Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity						80,581												79,848												76,896												75,767															75,290
			Reinsurance activity						82												78												2,270												2,459															2,510
			Third-party mortgage loan activity						7,245												6,942												6,677												6,367															5,926
			Mortgage loans						$	87,908											$	86,868											$	85,843											$	84,593														$	83,726
			SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
									March 31, 2025												June 30, 2025												September 30, 2025												December 31, 2025															March 31, 2026
			Unaudited (In millions, except ratios)						Amount						% of Total						Amount						% of Total						Amount						% of Total						Amount						% of Total									Amount						% of Total
			Pacific						$	8,677					18.1		%				$	8,611					18.4		%				$	8,617					19.2		%				$	8,395					19.8		%							$	8,466					20.4		%
			Non-U.S.						7,802						16.3		%				7,839						16.8		%				7,555						16.8		%				7,076						16.7		%							6,824						16.5		%
			Middle Atlantic						6,877						14.4		%				6,561						14.1		%				6,369						14.2		%				5,699						13.4		%							5,385						13.0		%
			South Atlantic						5,796						12.1		%				5,630						12.1		%				5,321						11.8		%				5,205						12.3		%							4,988						12.0		%
			West South Central						3,214						6.7		%				3,274						7.0		%				3,195						7.1		%				3,260						7.7		%							3,122						7.5		%
			Mountain						2,455						5.1		%				2,470						5.3		%				2,369						5.3		%				2,348						5.5		%							2,341						5.6		%
			New England						2,501						5.2		%				2,386						5.1		%				2,340						5.2		%				2,249						5.3		%							2,248						5.4		%
			East North Central						1,453						3.0		%				1,460						3.1		%				1,398						3.1		%				1,185						2.8		%							1,148						2.8		%
			East South Central						481						1.0		%				476						1.0		%				453						1.0		%				451						1.1		%							430						1.0		%
			West North Central						408						0.9		%				407						0.9		%				405						0.9		%				401						0.9		%							399						1.0		%
			Multi-Region and Other						8,226						17.2		%				7,560						16.2		%				6,931						15.4		%				6,137						14.5		%							6,158						14.8		%
			Total, excluding Reinsurance activity and Third-party mortgage loan activity						47,890						100.0		%				46,674						100.0		%				44,953						100.0		%				42,406						100.0		%							41,509						100.0		%
			Reinsurance activity						82												78												735												832															795
			Third-party mortgage loan activity						7,047												6,703												6,503												6,162															5,725
			Total						$	55,019											$	53,455											$	52,191											$	49,400														$	48,029
			Office (15)						$	17,594					36.7		%				$	17,437					37.3		%				$	16,820					37.4		%				$	16,088					38.0		%							$	15,474					37.3		%
			Apartment (15)						8,770						18.3		%				8,156						17.5		%				8,035						17.9		%				7,669						18.1		%							7,895						19.0		%
			Retail						6,502						13.6		%				6,768						14.5		%				6,505						14.5		%				6,013						14.2		%							5,975						14.4		%
			Single Family Rental						4,844						10.1		%				4,780						10.2		%				4,481						9.9		%				4,221						9.9		%							4,160						10.0		%
			Industrial (15)						4,506						9.4		%				3,942						8.5		%				3,764						8.4		%				3,611						8.5		%							3,353						8.1		%
			Hotel						3,268						6.8		%				3,285						7.0		%				3,151						7.0		%				3,134						7.4		%							2,851						6.9		%
			Warehouse Revolvers (15)						2,319						4.9		%				2,218						4.8		%				2,111						4.7		%				1,578						3.7		%							1,712						4.1		%
			Other						87						0.2		%				88						0.2		%				86						0.2		%				92						0.2		%							89						0.2		%
			Total, excluding Reinsurance activity and Third-party mortgage loan activity						47,890						100.0		%				46,674						100.0		%				44,953						100.0		%				42,406						100.0		%							41,509						100.0		%
			Reinsurance activity						82												78												735												832															795
			Third-party mortgage loan activity						7,047												6,703												6,503												6,162															5,725
			Total						$	55,019											$	53,455											$	52,191											$	49,400														$	48,029
			See footnotes on Pages 28 and 29.

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			INVESTMENTS FOOTNOTES
			(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Reinsurance activity, Third-party mortgage loan activity, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and fair value option securities held by collateralized financing entities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
			(2)Fixed maturity securities includes investment income related to fair value option securities of ($20) million, $107 million, $99 million, $39 million and ($30) million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively, and ($20) million and ($30) million for the year-to-date period ended March 31, 2025 and March 31, 2026, respectively.
			(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
			(4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities.
						March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			March 31, 2026
			Fixed maturity securities available-for-sale			$	291,735		$	298,737		$	304,645		$	315,931		$	316,110
			Less: Reinsurance activity			2,926			2,900			9,866			18,200			18,007
			Fixed maturity securities available-for-sale, excluding Reinsurance activity			$	288,809		$	295,837		$	294,779		$	297,731		$	298,103
			Add: Fair value option general account and other securities			1,607			1,728			1,884			1,928			1,937
			Fixed maturity securities, excluding Reinsurance activity			$	290,416		$	297,565		$	296,663		$	299,659		$	300,040
			(5)The following table presents a reconciliation to ending carrying value presented for mortgage loans.
						March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			March 31, 2026
			Mortgage Loans			$	87,908		$	86,868		$	85,843		$	84,593		$	83,726
			Less: Reinsurance activity			82			78			2,270			2,459			2,510
			Less: Third-party mortgage loan activity			7,245			6,942			6,677			6,367			5,926
			Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity			$	80,581		$	79,848		$	76,896		$	75,767		$	75,290
			(6)The following table presents a reconciliation to ending carrying value presented for real estate and real estate joint ventures.
						March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			March 31, 2026
			Real estate and real estate joint ventures			$	13,481		$	14,007		$	13,932		$	13,440		$	13,356
			Less: Reinsurance activity			—			—			—			9			80
			Real estate and real estate joint ventures, excluding Reinsurance activity			$	13,481		$	14,007		$	13,932		$	13,431		$	13,276
			(7)The following table presents a reconciliation to ending carrying value presented for policy loans.
						March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			March 31, 2026
			Policy loans			$	8,663		$	8,664		$	8,589		$	8,547		$	8,455
			Less: Reinsurance activity			—			—			—			—			358
			Policy loans, excluding Reinsurance activity			$	8,663		$	8,664		$	8,589		$	8,547		$	8,097
			(8)The following table presents a reconciliation to ending carrying value presented for equity securities.
						March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			March 31, 2026
			Equity securities			$	747		$	790		$	788		$	858		$	927
			Less: Reinsurance activity			—			—			—			105			123
			Equity securities, excluding Reinsurance activity			$	747		$	790		$	788		$	753		$	804
			(9)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests.
						March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			March 31, 2026
			Other limited partnership interests			$	14,137		$	14,279		$	14,741		$	14,917		$	14,531
			Less: Reinsurance activity			12			14			15			205			309
			Other limited partnership interests, excluding Reinsurance activity			$	14,125		$	14,265		$	14,726		$	14,712		$	14,222
			(10)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments.
						March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			March 31, 2026
			Cash and cash equivalents and short-term investments			$	26,869		$	27,478		$	26,195		$	25,633		$	27,635
			Less: Reinsurance activity			7			46			342			1,314			1,029
			Cash and cash equivalents and short-term investments, excluding Reinsurance activity			$	26,862		$	27,432		$	25,853		$	24,319		$	26,606
			(11)The following table presents a reconciliation to ending carrying value presented for other invested assets.
						March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			March 31, 2026
			Other invested assets			$	17,470		$	16,352		$	16,932		$	16,332		$	17,624
			Less: Reinsurance activity			—			2			61			139			233
			Other invested assets, excluding Reinsurance activity			$	17,470		$	16,350		$	16,871		$	16,193		$	17,391

28

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			INVESTMENTS FOOTNOTES (CONTINUED)
			(12)Adjusted net investment income reflects the adjustments as presented on Page 5.
			(13)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
						For the Three Months Ended																		For the Year-to-Date Period Ended
						March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			March 31, 2026						March 31, 2025			March 31, 2026
			Net investment gains (losses)			$	(387)		$	(273)		$	(325)		$	(160)		$	(670)					$	(387)		$	(670)
			Less: Non-investment portfolio gains (losses)			65			86			(88)			(39)			(123)						65			(123)
			Less: Third-party mortgage loan activity			(34)			20			(75)			19			(10)						(34)			(10)
			Add: Depreciation of wholly-owned real estate and real estate joint ventures												(72)			(61)									(61)
			Add: Joint venture adjustments			(42)			16			(53)			(39)			47						(42)			47
			Less: Reinsurance activity			—			—			(1)			(7)			(4)						—			(4)
			Less: Other			1			(7)			(4)			(1)			2						1			2
			Investment portfolio gains (losses)			$	(461)		$	(356)		$	(210)		$	(243)		$	(549)					$	(461)		$	(549)
						For the Three Months Ended																		For the Year-to-Date Period Ended
						March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			March 31, 2026						March 31, 2025			March 31, 2026
			Net derivative gains (losses)			$	432		$	(796)		$	(929)		$	(646)		$	74					$	432		$	74
			Less: Investment hedge adjustments			103			102			100			105			84						103			84
			Add: Joint venture adjustments			—			—			45			(25)			(29)						—			(29)
			Less: Reinsurance activity			(35)			(22)			(247)			63			218						(35)			218
			Less: Other			20			16			9			5			(1)						20			(1)
			Derivative gains (losses)			$	344		$	(892)		$	(746)		$	(844)		$	(256)					$	344		$	(256)
			(14)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
			(15)Certain amounts in prior periods are reclassified to conform to current period presentation.

29

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Appendix

Table of Contents

			APPENDIX METLIFE RECONCILIATION DETAIL
									For the Three Months Ended																																				For the Year-to-Date Period Ended
			Unaudited (In millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026									March 31, 2025						March 31, 2026
			Reconciliation to Adjusted Earnings Available to Common Shareholders
			Net income (loss) available to MetLife, Inc.'s common shareholders						$	879					$	698					$	818					$	778								$	1,140								$	879					$	1,140
			Add: Preferred stock dividends						66						31						66						31									45									66						45
			Add: Preferred stock redemption premium						—						—						12						—									—									—						—
			Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests						5						6						6						7									(23)									5						(23)
			Net income (loss)						950						735						902						816									1,162									950						1,162
			Less: adjustments from net income (loss) to adjusted earnings:
			Net investment gains (losses)						(387)						(273)						(325)						(160)									(670)									(387)						(670)
			Net derivative gains (losses)						432						(796)						(929)						(646)									74									432						74
			Market risk benefit remeasurement gains (losses)						(299)						277						263						267									(120)									(299)						(120)
			Premiums - Divested businesses						4						3						—						1									—									4						—
			Universal life and investment-type product policy fees
			Asymmetrical and non-economic accounting						—						—						—						6									25									—						25
			Divested businesses						—						—						—						—									—									—						—
			Net investment income
			Investment hedge adjustments						(103)						(102)						(100)						(105)									(84)									(103)						(84)
			Joint venture adjustments						(42)						16						(8)						(64)									18									(42)						18
			Depreciation of wholly-owned real estate and real estate joint ventures (1)																								(72)									(61)															(61)
			Unit-linked contract income						(227)						498						580						366									(318)									(227)						(318)
			Reinsurance activity						43						47						177						222									301									43						301
			Collateralized financing entities						—						—						—						—									—									—						—
			Divested businesses						1						—						—						—									—									1						—
			Other revenues
			Asymmetrical and non-economic accounting						36						42						78						94									107									36						107
			Other adjustments						(15)						(16)						(15)						(17)									—									(15)						—
			Divested businesses						—						—						2						(2)									—									—						—
			Policyholder benefits and claims and policyholder dividends
			Asymmetrical and non-economic accounting						(75)						(1)						52						(395)									35									(75)						35
			Market volatility						44						40						49						76									74									44						74
			Divested businesses						(1)						1						(1)						(2)									—									(1)						—
			Policyholder liability remeasurement (gains) losses
			Asymmetrical and non-economic accounting						—						—						(2)						(1)									1									—						1
			Divested businesses						—						—						—						—									—									—						—
			Interest credited to policyholder account balances
			Asymmetrical and non-economic accounting						(64)						(30)						(68)						(61)									(57)									(64)						(57)
			Unit-linked contract costs						234						(486)						(578)						(366)									302									234						302
			Divested businesses						—						—						—						—									—									—						—
			Capitalization of DAC - Divested businesses						—						—						—						—									—									—						—
			Amortization of DAC, VOBA and negative VOBA
			Asymmetrical and non-economic accounting						—						—						—						(1)									(3)									—						(3)
			Divested businesses						—						—						—						—									—									—						—
			Interest expense on debt
			Collateralized financing entities						—						—						—						—									—									—						—
			Divested businesses						—						—						—						—									—									—						—
			Other expenses
			Reinsurance activity						(42)						(45)						(135)						(166)									(205)									(42)						(205)
			Other adjustments, excluding Reinsurance activity						(19)						(21)						(2)						(15)									(53)									(19)						(53)
			Divested businesses						(8)						(7)						(9)						(12)									(5)									(8)						(5)
			Goodwill impairment						—						—						—						—									—									—						—
			Provision for income tax (expense) benefit						23						195						223						190									170									23						170
			Adjusted earnings						1,415						1,393						1,650						1,679									1,631									1,415						1,631
			Less: Preferred stock dividends						66						31						66						31									45									66						45
			Adjusted earnings available to common shareholders						$	1,349					$	1,362					$	1,584					$	1,648								$	1,586								$	1,349					$	1,586
			(1)See Page A-7 for further information.

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Table of Contents

			APPENDIX METLIFE NOTABLE ITEMS (1)
			METLIFE TOTAL
									For the Three Months Ended																																										For the Year-to-Date Period Ended
			Unaudited (In millions)									March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026												March 31, 2025						March 31, 2026
			Actuarial assumption review and other insurance adjustments									$	—					$	—					$	89					$	—								$	—											$	—					$	—
			Litigation reserves and settlement costs									—						—						—						(32)									—												—						—
			Tax adjustments									—						—						(71)						(29)									—												—						—
			Total notable items									$	—					$	—					$	18					$	(61)								$	—											$	—					$	—
			GROUP BENEFITS
									For the Three Months Ended																																										For the Year-to-Date Period Ended
			Unaudited (In millions)									March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026												March 31, 2025						March 31, 2026
			Actuarial assumption review and other insurance adjustments									$	—					$	—					$	(2)					$	—								$	—											$	—					$	—
			Total notable items									$	—					$	—					$	(2)					$	—								$	—											$	—					$	—
			RIS
									For the Three Months Ended																																										For the Year-to-Date Period Ended
			Unaudited (In millions)									March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026												March 31, 2025						March 31, 2026
			Actuarial assumption review and other insurance adjustments									$	—					$	—					$	13					$	—								$	—											$	—					$	—
			Total notable items									$	—					$	—					$	13					$	—								$	—											$	—					$	—
			(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

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Table of Contents

			APPENDIX METLIFE NOTABLE ITEMS (CONTINUED)
			ASIA
									For the Three Months Ended																																										For the Year-to-Date Period Ended
			Unaudited (In millions)									March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026												March 31, 2025									March 31, 2026
			Actuarial assumption review and other insurance adjustments									$	—					$	—					$	70					$	—								$	—											$	—								$	—
			Total notable items									$	—					$	—					$	70					$	—								$	—											$	—								$	—
			LATIN AMERICA
									For the Three Months Ended																																										For the Year-to-Date Period Ended
			Unaudited (In millions)									March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026												March 31, 2025									March 31, 2026
			Actuarial assumption review and other insurance adjustments									$	—					$	—					$	(4)					$	—								$	—											$	—								$	—
			Tax adjustments									—						—						(71)						(29)									—												—									—
			Total notable items									$	—					$	—					$	(75)					$	(29)								$	—											$	—								$	—
			EMEA
									For the Three Months Ended																																										For the Year-to-Date Period Ended
			Unaudited (In millions)									March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026												March 31, 2025									March 31, 2026
			Actuarial assumption review and other insurance adjustments									$	—					$	—					$	(1)					$	—								$	—											$	—								$	—
			Total notable items									$	—					$	—					$	(1)					$	—								$	—											$	—								$	—
			CORPORATE & OTHER
									For the Three Months Ended																																										For the Year-to-Date Period Ended
			Unaudited (In millions)									March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025									March 31, 2026												March 31, 2025									March 31, 2026
			Actuarial assumption review and other insurance adjustments									$	—					$	—					$	13					$	—								$	—											$	—								$	—
			Litigation reserves and settlement costs									—						—						—						(32)									—												—									—
			Total notable items									$	—					$	—					$	13					$	(32)								$	—											$	—								$	—

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Table of Contents

			APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
			Unaudited (In millions)			March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 2026
			Total MetLife, Inc.'s stockholders' equity			$	27,493					$	27,685					$	28,944					$	28,398					$	27,324
			Less: Preferred stock			3,818						3,818						2,830						2,830						2,830
			MetLife, Inc.'s common stockholders' equity			23,675						23,867						26,114						25,568						24,494
			Less: Unrealized investment gains (losses), net of related offsets and income tax			(17,329)						(16,484)						(14,667)						(15,614)						(19,380)
			Deferred gains (losses) on derivatives, net of income tax			179						(1,466)						(1,239)						(1,588)						(1,015)
			Future policy benefits discount rate remeasurement gains (losses), net of income tax			5,334						5,876						6,028						6,871						9,001
			Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax			(31)						(64)						(83)						(97)						(56)
			Defined benefit plans adjustment, net of income tax			(1,416)						(1,407)						(1,390)						(1,393)						(1,374)
			Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)			(100)						(83)						92						(8)						231
			Total MetLife, Inc.'s adjusted common stockholders' equity			37,038						37,495						37,373						37,397						37,087
			Less: Accumulated year-to-date total notable items, net of income tax (2)			—						—						18						(43)						—
			Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2)			$	37,038					$	37,495					$	37,355					$	37,440					$	37,087
			Unaudited (In millions, except per share data)			March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 2026
			Book value per common share			$	35.16					$	35.79					$	39.52					$	39.02					$	37.92
			Less: Unrealized investment gains (losses), net of related offsets and income tax			(25.74)						(24.72)						(22.20)						(23.83)						(30.00)
			Deferred gains (losses) on derivatives, net of income tax			0.27						(2.20)						(1.88)						(2.42)						(1.57)
			Future policy benefits discount rate remeasurement gains (losses), net of income tax			7.92						8.81						9.12						10.49						13.94
			Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax			(0.05)						(0.10)						(0.13)						(0.15)						(0.09)
			Defined benefit plans adjustment, net of income tax			(2.10)						(2.11)						(2.10)						(2.13)						(2.13)
			Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)			(0.15)						(0.12)						0.14						(0.01)						0.36
			Adjusted book value per common share			$	55.01					$	56.23					$	56.57					$	57.07					$	57.41
			Common shares outstanding, end of period			673.3						666.8						660.7						655.3						646.0
						For the Three Months Ended (3)
			Unaudited (In millions, except ratios)			March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 2026
			Return on MetLife, Inc.'s:
			Common stockholders' equity			14.9		%				11.7		%				13.1		%				12.0		%				18.2		%
			Adjusted return on MetLife, Inc.'s:
			Adjusted common stockholders' equity			14.4		%				14.6		%				16.9		%				17.6		%				17.0		%
			Adjusted common stockholders' equity, excluding total notable items (2)			14.4		%				14.6		%				16.7		%				18.3		%				17.0		%
			Average common stockholders' equity			$	23,651					$	23,771					$	24,991					$	25,841					$	25,031
			Average adjusted common stockholders' equity			$	37,405					$	37,267					$	37,434					$	37,385					$	37,242
			Average adjusted common stockholders' equity, excluding total notable items (2)			$	37,405					$	37,267					$	37,425					$	37,398					$	37,242
			(1)Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to the reinsurers.
			(2)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further information.
			(3) Annualized using quarter-to-date results.

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Table of Contents

			APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ADJUSTED OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
			ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
												For the Three Months Ended
			Unaudited (In millions)									March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			GROUP BENEFITS (1)									$	6,430								$	6,446								$	6,306								$	6,287								$	6,539
			RIS (1)									2,457									1,382									1,214									7,209									2,390
			ASIA									1,662									1,622									1,653									1,660									1,738
			LATIN AMERICA									1,704									1,783									1,774									1,874									1,897
			EMEA									695									724									723									787									797
			MIM (1)									218									237									238									239									314
			CORPORATE & OTHER (1)									647									602									596									625									508
			Adjusted premiums, fees and other revenues, on a constant currency basis									$	13,813								$	12,796								$	12,504								$	18,681								$	14,183
			Adjusted premiums, fees and other revenues									$	13,614								$	12,719								$	12,461								$	18,614								$	14,183
			ADJUSTED OTHER EXPENSES, ON A CONSTANT CURRENCY BASIS
												For the Three Months Ended
			Unaudited (In millions)									March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			GROUP BENEFITS (1)									$	1,076								$	1,052								$	1,038								$	1,100								$	1,114
			RIS (1)									169									160									170									196									216
			ASIA									738									766									794									805									858
			LATIN AMERICA									544									529									646									634									604
			EMEA									368									369									384									423									418
			MIM (1)									182									167									161									161									255
			CORPORATE & OTHER (1)									188									192									221									260									196
			Adjusted other expenses, on a constant currency basis									$	3,265								$	3,235								$	3,414								$	3,579								$	3,661
			Adjusted other expenses									$	3,202								$	3,236								$	3,422								$	3,563								$	3,661
			ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, ON A CONSTANT CURRENCY BASIS
												For the Three Months Ended
			Unaudited (In millions)									March 31, 2025									June 30, 2025									September 30, 2025									December 31, 2025									March 31, 2026
			GROUP BENEFITS (1)									$	370								$	401								$	456								$	465								$	439
			RIS (1)									406									370									441									454									451
			ASIA									372									338									523									444									487
			LATIN AMERICA									251									258									165									207									229
			EMEA									86									98									86									97									110
			MIM (1)									28									54									58									60									47
			CORPORATE & OTHER (1)									(129)									(142)									(146)									(70)									(177)
			Adjusted earnings available to common shareholders, on a constant currency basis									$	1,384								$	1,377								$	1,583								$	1,657								$	1,586
			Adjusted earnings available to common shareholders									$	1,349								$	1,362								$	1,584								$	1,648								$	1,586
			(1) Amounts on a reported basis, as constant currency impact is not significant.

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Table of Contents

APPENDIX METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

Non-GAAP financial measures:

Comparable GAAP financial measures:

(i)

total adjusted revenues

(i)

total revenues

(ii)

total adjusted expenses

(ii)

total expenses

(iii)

adjusted premiums, fees and other revenues

(iii)

premiums, fees and other revenues

(iv)

adjusted premiums, fees and other revenues, excluding PRT

(iv)

premiums, fees and other revenues

(v)

adjusted net investment income

(v)

net investment income

(vi)

adjusted earnings

(vi)

net income (loss)

(vii)

adjusted earnings available to common shareholders

(vii)

net income (loss) available to MetLife, Inc.’s common shareholders

(viii)

adjusted earnings available to common shareholders, excluding total notable items

(viii)

net income (loss) available to MetLife, Inc.’s common shareholders

(ix)

adjusted earnings available to common shareholders per diluted common share

(ix)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share

(x)

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

(x)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share

(xi)

adjusted return on equity

(xi)

return on equity

(xii)

adjusted return on equity, excluding total notable items

(xii)

return on equity

(xiii)

investment portfolio gains (losses)

(xiii)

net investment gains (losses)

(xiv)

derivative gains (losses)

(xiv)

net derivative gains (losses)

(xv)

adjusted capitalization of DAC

(xv)

capitalization of DAC

(xvi)

total MetLife, Inc.’s adjusted common stockholders’ equity

(xvi)

total MetLife, Inc.’s stockholders’ equity

(xvii)

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

(xvii)

total MetLife, Inc.’s stockholders’ equity

(xviii)

adjusted book value per common share

(xviii)

book value per common share

(xix)

adjusted other expenses

(xix)

other expenses

(xx)

adjusted other expenses, net of adjusted capitalization of DAC

(xx)

other expenses, net of capitalization of DAC

(xxi)

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

(xxi)

other expenses, net of capitalization of DAC

(xxii)

adjusted expense ratio

(xxii)

expense ratio

(xxiii)

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

(xxiii)

expense ratio

(xxiv)

direct expenses

(xxiv)

other expenses

(xxv)

direct expenses, excluding total notable items related to direct expenses

(xxv)

other expenses

(xxvi)

direct expense ratio

(xxvi)

expense ratio

(xxvii)

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

(xxvii)

expense ratio

(xxviii)

future policy benefits at original discount rate

(xxviii)

future policy benefits at balance sheet discount rate

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

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

A-6

Table of Contents

			APPENDIX METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
			MetLife’s definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies: Adjusted earnings and related measures
			•			adjusted earnings;
			•			adjusted earnings available to common shareholders;
			•			adjusted earnings available to common shareholders, excluding total notable items;
			•			adjusted earnings available to common shareholders per diluted common share;
			•			adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and
			•			adjusted earnings available to common shareholders, on a constant currency basis.
			Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.
			Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP. Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method (“Joint venture adjustments”), and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.
			Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:
			•			Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance.
			•			Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (“Investment hedge adjustments”).
			•			Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
			•			Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
			•			Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.
			•			Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
			“Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.
			Other adjustments are made in calculating adjusted earnings:
			•			Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-owned real estate and real estate joint ventures.
			•			Net investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities (“Unit-linked contract income” and “Unit-linked contract costs”).
			•			Net investment income and other expenses exclude Reinsurance activity (as defined below).
			•			Net investment income and interest expense on debt exclude amounts related to collateralized financing entities that are consolidated variable interest entities.
			•			Other revenues and other expenses exclude asset management distribution fees on funds that are passed through to distribution partners.
			•			Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
			•			Other expenses exclude (i) amortization and impairment of asset management intangible assets, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
			•			“Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.
			Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms. In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.

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			APPENDIX METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
			Investment portfolio gains (losses) and derivative gains (losses)
			These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
			Return on equity and related measures
			•			Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI and the estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income tax.
			•			Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of certain ceded reinsurance-related embedded derivatives and total notable items, all net of income tax.
			•			Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
			•			Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity.
			•			Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.
						The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility.
			Expense ratio, direct expense ratio, adjusted expense ratio and related measures
			•			Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
			•			Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.
			•			Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
			•			Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
			•			Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

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			APPENDIX METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
			Assets Under Management
			•			Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below).
			•			MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that MetLife Investment Management, LLC and certain of its affiliates (“MIM”) manages or advises.
			•			General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account (“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate and real estate joint ventures and include them as commercial mortgage loans.
			•			Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement.
						◦			Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
						◦			Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
						◦			Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements.
			•			Asia General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM. Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.
			Other items
			The following additional information is relevant to an understanding of our performance:
			•			Statistical sales information for Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
			•			PRT includes U.K. funded reinsurance.
			•			“Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets.

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			APPENDIX METLIFE ACRONYMS
			AOCI			Accumulated other comprehensive income (loss)
			CMBS			Commercial mortgage-backed securities
			DAC			Deferred policy acquisition costs
			AUM			Assets under management
			DPL			Deferred profit liabilities
			EMEA			Europe, the Middle East and Africa
			FCTA			Foreign currency translation adjustments
			GA			General account
			GA AUM			General account assets under management
			GAAP			Accounting principles generally accepted in the United States of America
			GICs			Guaranteed interest contracts
			MIM			MetLife Investment Management
			MIM GA AUM			MetLife Investment Management general account assets under management
			NAIC			National Association of Insurance Commissioners
			NRSRO			Nationally Recognized Statistical Rating Organization
			PRT			Pension risk transfers
			QFS			Quarterly financial supplement
			RMBS			Residential mortgage-backed securities
			RIS			Retirement and Income Solutions
			U.K.			United Kingdom
			VOBA			Value of business acquired

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

Explanatory Note The following information is relevant to an understanding of our assets under management ("AUM") managed or advised by MetLife Investment Management, LLC and certain of its affiliates ("MIM"). MIM is MetLife, Inc.'s institutional asset management business. Our definitions may differ from those used by other companies. Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below). MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that MIM manages or advises. General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account ("GA") investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate and real estate joint ventures and include them as commercial mortgage loans. Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement. Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets. Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.'s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets. Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements. Additional information about MetLife’s general account investment portfolio is available in MetLife, Inc.’s quarterly financial materials for the quarter ended March 31, 2026, which may be accessed through MetLife’s Investor Relations web page at https://investor.metlife.com. Neither MetLife, Inc.’s quarterly financial materials, nor any other information from the MetLife website, is a part of or incorporated by reference into this Total AUM Fact Sheet. Cautionary Statement on Forward-Looking Statements The forward-looking statements in this fact sheet, using words such as "will," are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife's future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements. 10-27 4948020-[MIM, LLC (US)] © 2026 MetLife Investment Management End Notes 1See Explanatory Note. 2MIM acquired PineBridge Investments on December 30, 2025. 3As of March 31, 2026. At estimated fair value. Excludes $14.3 billion of General Account AUM that are not managed or advised by MIM. See Explanatory Note. 4These Representative Capabilities are available from MIM and PineBridge Investments. Further information on them will be posted to the MIM website (https://investments.metlife.com). 5Represents advisory services which are not reflected in Total Assets Under Management. 6As of March 31, 2026. At estimated fair value. Includes $14.5 billion, $19.6 billion and $279.1 billion of Separate Account AUM, Reinsurance AUM and Third-Party AUM, respectively. See Explanatory Note. 7Includes health service organizations, endowments, foundations, non-profits, family office, high net worth, fund of funds, funds, retail, supranationals and central authorities.

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

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

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

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

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

6 6 VII by segment and C&O Variable investment income 1Q25 2Q25 3Q25 4Q25 1Q26 Assets2 March 31, 2026 % of Total Assets3 ($ in millions - post-tax1) ($ in billions) Group Benefits $3 $3 $5 $13 $5 $0.2 1% RIS 99 60 146 135 131 5.1 28% Asia 94 64 139 145 183 8.6 47% Latin America 3 7 2 6 10 0.3 2% EMEA — — — 1 1 — —% MIM — — — — — — —% Corporate & Other 59 20 90 93 79 4.0 22% Total $258 $154 $382 $393 $409 $18.2 100% 1 Assumes a 21% U.S. statutory tax rate. 2 Related to VII. 3 Each item is calculated on a standalone basis and may not sum to the total.

7 7 7 High quality private fixed income portfolio1 1 As of March 31, 2026. At estimated fair value.2 $437 billion as of March 31, 2026. At estimated fair value. 3 Business Development Company. ~$85B Private Placements and Infrastructure $77B Asset Based Finance $7B Middle Market Lending $1B • Proven long-term track record • Private fixed income portfolio ~95% investment grade • Middle market lending <1% of the General Account2 • No exposure to BDCs3 • Less liquid assets well-suited to match illiquid liabilities

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

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

10 Holding Company Cash1 1Q25 2Q25 3Q25 4Q25 1Q26 Cash & Capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 National Association of Insurance Commissioners. 3 Includes MetLife, Inc.’s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end. 4 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both periods. $3.0 to $4.0 Cash Buffer Capital ($ in billions) MetLife remains strongly capitalized, maintaining robust liquidity • Total cash return to shareholders of ~$1.1 billion in 1Q26 – Share repurchases of ~$750 million in 1Q26, year-to- date of ~$950 million, including ~$200 million in April 2026 – Common stock dividends of ~$370 million in 1Q26 • 2025 Combined NAIC2 Risk-Based Capital (RBC) ratio3 of 379% above 360% target • Expected total U.S. Statutory Adjusted Capital4 on an NAIC basis of ~$16.2 billion at 3/31/26, down 5% from 12/31/25 • Japan Economic Solvency Ratio (ESR) expected to be at middle of target range of 170% to 190% for fiscal year ending March 31, 2026 $4.5 $5.2 $4.9 $3.6 $3.9

Appendix

12 1 As of March 31, 2026. All references to commercial mortgage loans in this earnings presentation exclude (i) commercial mortgage loans originated for third parties and (ii) commercial mortgage loans that are subject to ceded reinsurance arrangements with third parties and joint ventures. 2 As of March 31, 2026, at amortized cost. • CML has decreased 20% from $52.1B at year end 2023 to $41.5B2 • Office has decreased 21% from $19.7B at year end 2023 to $15.5B2 High quality commercial mortgage loans (CML) portfolio1 • Concentrated in high-quality assets and in larger, primary markets • 68% average Loan-to-Value (LTV) Ratio and 2.1x average Debt Service Coverage Ratio (DSCR) • 77% of CML portfolio with LTVs less than or equal to 80% • 81% average office LTV ratio and 1.9x average DSCR • 92% of CML portfolio with DSCRs greater than or equal to 1x LTV and DSCR Matrix $41.5 Billion DSCR LTV >1.2x 1.0-1.2x <1.0x Total <65% 54.0% 0.7% 1.6% 56.3% 65-75% 11.9% 2.1% 1.5% 15.5% 76-80% 4.8% 0.2% 0.4% 5.4% >80% 11.6% 6.7% 4.5% 22.8% Total 82.3% 9.7% 8.0% 100.0%

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

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

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

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

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

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

19 Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Adjusted Earnings Available to Common Shareholders 1Q26 1Q25 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $ 1,140 $ 1.74 $ 879 $ 1.28 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (670) (1.02) (387) (0.56) Less: Net derivative gains (losses) 74 0.11 432 0.63 Less: Market risk benefit remeasurement gains (losses) (120) (0.18) (299) (0.44) Less: Other adjustments to net income (loss) 77 0.11 (234) (0.33) Less: Provision for income tax (expense) benefit 170 0.26 23 0.03 Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests (23) (0.04) 5 0.01 Add: Preferred stock redemption premium — — — — Adjusted earnings available to common shareholders 1,586 2.42 1,349 1.96 Less: Total notable items — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 1,586 $ 2.42 $ 1,349 $ 1.96 Adjusted earnings available to common shareholders, on a constant currency basis $ 1,586 $ 2.42 $ 1,384 $ 2.01 Adjusted earnings available to common shareholders, excluding total notable items, on a $ 1,586 $ 2.42 $ 1,384 $ 2.01 constant currency basis Weighted average common shares outstanding - diluted 655.7 687.0 1Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

20 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 1Q26 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Investment Management1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 439 $ 451 $ 487 $ 229 $ 110 $ 47 $ (177) Less: Total notable items — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 439 $ 451 $ 487 $ 229 $ 110 $ 47 $ (177) Adjusted earnings available to common shareholders, on a constant currency basis $ 487 $ 229 $ 110 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 487 $ 229 $ 110 1Q25 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Investment Management1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 370 $ 406 $ 372 $ 219 $ 83 $ 28 $ (129) Less: Total notable items — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 370 $ 406 $ 372 $ 219 $ 83 $ 28 $ (129) Adjusted earnings available to common shareholders, on a constant currency basis $ 372 $ 251 $ 86 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 372 $ 251 $ 86 1Results on a constant currency basis are not included as constant currency impact is not significant.

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

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

23 Equity Details 1Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to reinsurers. 2Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. 1Q26 (In millions, except ratio data) Equity Details Total MetLife, Inc.'s stockholders' equity $ 27,324 Less: Preferred stock 2,830 MetLife, Inc.'s common stockholders' equity 24,494 Less: Unrealized investment gains (losses), net of related offsets and income tax (19,380) Deferred gains (losses) on derivatives, net of income tax (1,015) Future policy benefits discount rate remeasurement gains (losses), net of income tax 9,001 Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax (56) Defined benefit plans adjustment, net of income tax (1,374) Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1) 231 Total MetLife, Inc.'s adjusted common stockholders' equity 37,087 Less: Accumulated year-to-date total notable items, net of income tax (2) — Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2) $ 37,087 Average Common Stockholders' Equity Average common stockholders' equity $ 25,031 Average adjusted common stockholders' equity $ 37,242 Average adjusted common stockholders' equity, excluding total notable items (2) $ 37,242 Return on Equity Return on MetLife, Inc.'s: Common stockholders' equity 18.2 % Adjusted return on MetLife, Inc.'s: Adjusted common stockholders' equity 17.0 % Adjusted common stockholders' equity, excluding total notable items (2) 17.0 %

24

FAQ

How did MetLife (MET) perform financially in Q1 2026?

MetLife delivered significantly higher profits in Q1 2026. Net income rose 30% to $1.14 billion, while adjusted earnings increased 18% to $1.59 billion. This growth was driven by higher investment income, volume growth and favorable underwriting across multiple segments.

What were MetLife (MET) earnings per share for the first quarter of 2026?

In Q1 2026, MetLife reported net income of $1.74 per share and adjusted earnings of $2.42 per share. Adjusted EPS grew 23% from $1.96 a year earlier, reflecting stronger underlying performance and the impact of share repurchases on the share count.

How did MetLife’s revenues and investment income change in Q1 2026?

MetLife’s Q1 2026 premiums, fees and other revenues increased 5% to $14.3 billion, while net investment income rose 10% to $5.36 billion. Variable investment income was particularly strong, increasing 58% to $518 million, mainly from higher private equity returns.

Which MetLife (MET) business segments drove earnings growth in Q1 2026?

Growth was broad-based. Group Benefits earnings rose 19% to $439 million, RIS increased 11% to $451 million, Asia grew 31% to $487 million, Latin America rose 5% to $229 million, EMEA jumped 33% to $110 million, and MIM climbed 68% to $47 million.

What were MetLife’s return on equity metrics in the first quarter of 2026?

For Q1 2026, MetLife reported return on equity of 18.2% and adjusted return on equity of 17.0%. These figures improved from 14.9% and 14.4% a year earlier, showing stronger profitability relative to the company’s average common equity base.

How much capital did MetLife (MET) return to shareholders in Q1 2026?

MetLife returned substantial capital in Q1 2026, providing over $1.1 billion to shareholders through share repurchases and common stock dividends. The company also reported holding company cash and liquid assets of $3.9 billion at quarter end, at the top of its target range.

What happened to MetLife’s book value per share in Q1 2026?

MetLife’s book value per common share increased to $37.92, up 8% from $35.16 a year earlier, while adjusted book value per common share rose to $57.41 from $55.01. These measures reflect growth in equity after excluding certain accumulated other comprehensive income items.

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• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 16.9 KB