MetLife Announces 3Q 2026 Results

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For Immediate Release | Global Communications | MetLife, Inc.

Record company performance, and top-line growth in every business segment.

Earnings

Per Share

3Q 2026

Net

Income $3.67

Adjusted

Earnings $2.78

Return

on Equity (ROE)

3Q 2026

ROE 42.7%

Adjusted

ROE 19.2%

• Net income increased 187%1 to $2.4 billion, or

$3.67 per share.

• Adjusted earnings increased 12% to $1.8 billion,

driven by higher variable investment income,

broad-based volume growth and favorable

underwriting.

• Adjusted earnings per share up 22% to $2.85,

excluding total notable items — highest-ever

quarter for MetLife.

• Adjusted return on equity of 19.6%, excluding

total notable items.

• Premiums, fees and other revenues (PFOs)

increased 12% to $14.1 billion.

• Adjusted PFOs, excluding pension risk transfers

(PRT), increased 8% to $13.5 billion — with

growth in all six business segments.

• Book value per share (BVPS) down 22% to

$30.73. Adjusted BVPS up 5% to $59.41.

• Returned approximately $1 billion to shareholders

via share repurchases and common stock

dividends.

• Holding company cash and liquid assets totaled

$3.4 billion at quarter end, within our target range.

• On track to deliver against free cash flow ratio and

direct expense ratio2 targets for the year.

Comment from Michel Khalaf, President

and Chief Executive Officer:

We delivered the highest quarterly

adjusted earnings per share in MetLife’s

history in the third quarter, demonstrating

the strength of our New Frontier strategy

and discipline of our execution.

Revenue rose in every business segment,

and solid underwriting, volume growth and

higher investment returns lifted earnings.

We’re turning that into strong free cash

flow, reinvesting for responsible growth

and returning capital to shareholders.

We are firing on all cylinders in year two of

New Frontier, and we remain confident in

our strategy and its ability to drive

repeatable results.

1In this news release, all comparisons of results for the third quarter of 2026 are with the third quarter of 2025, unless

otherwise noted. All year-to-date comparisons are to the first three quarters of 2025. 2Direct expense ratio, excluding

total notable items related to direct expenses and PRT.

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Third Quarter 2026 Summary

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 third quarter of 2026, titled “3Q26 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 "3Q26 - General Account Assets Under Management

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

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Total Company Discussion

Premiums, fees and other revenues were $14.1 billion, up 12 percent compared with the

prior-year quarter. Adjusted premiums, fees and other revenues, excluding PRT, were

$13.5 billion, up 8 percent.

Net investment income was $6.2 billion, up 2 percent, due to higher variable investment

income (VII) and asset growth, partially offset by declines in the estimated fair value of certain

securities that do not qualify as separate accounts under GAAP. Adjusted net investment

income was $6.0 billion, up 10 percent, reflecting higher VII, asset growth, and investing in a

higher-rate environment.

Net investment losses were $340 million after tax, reflecting normal trading activity and a

stable credit environment.

Net derivative gains amounted to $551 million after tax, driven by gains on embedded

derivatives associated with ceded reinsurance, as a result of higher U.S. interest rates.

Net income was $2.4 billion, driven by net derivative gains and higher adjusted earnings. On a

per-share basis, net income increased 201 percent to $3.67.

Adjusted earnings were $1.8 billion, up 12 percent on a reported basis and 13 percent on a

constant currency basis, driven by higher VII, broad-based volume growth, and favorable

underwriting. On a per-share basis, adjusted earnings were $2.78, up 17 percent.

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

11.9 percent, compared to 11.6 percent in the prior-year quarter, and on track for our yearly

target.

THIRD QUARTER 2026 NOTABLE ITEMS

Annual Actuarial Assumption Review and Other Insurance Adjustments

In the third quarter of 2026, MetLife performed its annual global actuarial assumption review.

The actuarial assumption review and other insurance adjustments during the quarter reduced

net income by $56 million and adjusted earnings by $46 million.

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Adjusted Earnings by Segment Summary

Business Discussions

GROUP BENEFITS

• Adjusted earnings were $523 million, up 15 percent.
• Excluding notable items, adjusted earnings were $523 million, up 14 percent, primarily

driven by favorable underwriting.

• Adjusted PFOs were $6.5 billion.
• Adjusted PFOs, excluding participating contracts, were $5.1 billion, up 5 percent,

reflecting growth in core and voluntary products.

• Sales were up 12 percent year-to-date, with strong performance in both National Accounts

and Regional Business.

RIS

• Adjusted earnings were $413 million, down 6 percent, reflecting the impact of notable

items from the annual actuarial assumption review.

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• Excluding notable items, adjusted earnings were $478 million, up 12 percent, driven by

higher VII and volume growth.

• Adjusted PFOs were $2.0 billion.
• Adjusted PFOs, excluding PRT, were $1.6 billion, up 33 percent, mainly driven by higher

sales of post-retirement benefits and U.K. longevity reinsurance.

• Total retained liability exposure grew 7 percent.

ASIA

• Adjusted earnings were $602 million, up 11 percent on a reported basis and up 14 percent

on a constant currency basis, reflecting the impact of the annual actuarial assumption review

and other insurance adjustments.

• Excluding notable items, adjusted earnings were $550 million, up 17 percent on a

reported basis and up 21 percent on a constant currency basis, driven by higher VII, strong

equity markets and volume growth, partially offset by less favorable underwriting.

• Adjusted PFOs were $1.7 billion, up 1 percent on a reported basis and up 5 percent on a

constant currency basis.

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

$145.0 billion, up 4 percent on a constant currency basis.

• Sales were $728 million, down 6 percent on a constant currency basis against a strong

prior-year quarter. Year-to-date sales were up 10 percent on a constant currency basis, led

by Japan and Korea.

LATIN AMERICA

• Adjusted earnings were $215 million, up 45 percent on a reported basis and up 30 percent

on a constant currency basis, reflecting the impact of the annual actuarial assumption review

and other insurance adjustments, and the value-added tax charge in Mexico from the prior-

year period.

• Excluding notable items, adjusted earnings were $229 million, up 3 percent on a

reported basis and down 5 percent on a constant currency basis, as volume growth was

largely offset by lower encaje returns.

• Adjusted PFOs were $2.0 billion, up 22 percent on a reported basis and up 14 percent on a

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

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• Sales were $501 million, up 6 percent on a constant currency basis, driven by solid

performance in the region.

EMEA

• Adjusted earnings were $108 million, up 24 percent on a reported basis and up 32 percent

on a constant currency basis.

• Excluding notable items, adjusted earnings were $114 million, up 30 percent on a

reported basis and up 37 percent on a constant currency basis, driven by broad-based

volume growth.

• Adjusted PFOs were $832 million, up 14 percent on a reported basis and up 17 percent on

a constant currency basis, with strong sales momentum and solid renewal activity across the

region.

• Sales were $331 million, up 16 percent on a constant currency basis.

METLIFE INVESTMENT MANAGEMENT

• Adjustedearnings were $63 million, up 9 percent, reflecting business growth, including the

addition of PineBridge Investments.

• Other revenues were $319 million, up 34 percent.
• Total assets under management were $723.4 billion, up 14 percent.

CORPORATE & OTHER

• Adjusted loss of $144 million, compared to an adjusted loss of $146 million.

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INVESTMENTS

• Adjusted net investment income was $6.0 billion, up 10 percent. VII increased 49 percent

to $720 million.

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 third quarter 2026 earnings conference call on Thursday, November 5, 2026,

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

events.q4inc.com/attendee/435085807. A replay of the webcast will be available at

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

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Non-GAAP and Other Financial Disclosures

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:

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

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

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

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

measures are included in this earnings news release and in this period’s 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:

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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.

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.

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• 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 (“Consolidated collateralized

financing 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 is 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

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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), defined benefit

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

embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized

investment gains (losses) passed through to reinsurers), 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), defined benefit plans adjustment components of AOCI, the embedded derivatives

related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses)

passed through to reinsurers) 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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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.

• 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

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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.

• 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

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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.

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;

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(15)collateral or derivative-related payments;

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

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

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

(19)business competition;

(20)technological changes;

(21)catastrophes;

(22)climate changes or responses to it;

(23)deficiencies in our closed block;

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

(25)impairment of 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.

Corporate Information

MetLife, Inc. encourages investors and others to frequently visit its website (www.metlife.com), including

its Investor Relations web pages (https://investor.metlife.com). MetLife announces significant financial and

other information to its investors and the public on the Investor Relations web pages, as well as in U.S.

Securities and Exchange Commission filings, news releases, public conference calls and webcasts, fact

sheets, social media posts, including of its senior executives, and other documents and media. The

information found on MetLife’s website, including MetLife’s Sustainability Report, is not incorporated by

reference into this earnings release or in any other report or document MetLife submits to the U.S.

Securities and Exchange Commission, and any references to its website are intended to be inactive

textual references only.

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